Internal Audit & Risk Management

Service

Risk Management, Internal Control, Compliance, and Internal Audit

Regardless of the size or industry of your organisation, effective risk management and strict compliance are essential for success. They enable you to achieve both your strategic and operational objectives while ensuring the long-term sustainability of your organisation.

Risks are an inherent part of entrepreneurship. The goal is not to eliminate them but to recognise, assess, and manage them effectively by defining your risk tolerance and identifying appropriate management strategies.

Our Approach: The Three Lines of Defence Model

At RSM Belgium, we offer comprehensive services in risk management, internal control, compliance, and internal audit, all based on the Three Lines of Defence model. This approach ensures strong governance and effective risk management.

First Line of Defence: Operational Management

Operational teams are primarily responsible for identifying and managing risks.
They oversee daily control processes and ensure the implementation of risk management policies and procedures.

Second Line of Defence: Risk Management and Compliance

This function monitors the activities of the first line to ensure proper application of policies and procedures.
Our experts provide guidance on risk assessment, develop compliance policies, and closely monitor relevant regulations.

Third Line of Defence: Internal Audit

Internal audit provides an independent assessment of the effectiveness of the first two lines of defence.
Our auditors review and evaluate internal controls and risk management processes to ensure they are adequate and functioning properly.

Our Risk Management and Internal Control Services

The true value of risk management lies in integrating risk-based thinking into decision-making at every level—operational, financial, and strategic. To be truly effective, risk management must be embedded in your corporate culture, making it a shared responsibility across your organisation.

RSM Belgium assists you in evaluating and building your risk management policies in line with your strategic decisions and regulatory obligations. Our approach is focused on:

Understanding Your Organisation: We familiarise ourselves with your business environment and specific risks.
Comprehensive Risk Analysis: We develop a framework to identify, assess, and prioritise risks effectively.
Expert Support and Advice: From risk register creation to control implementation, we provide actionable insights.
Training and Communication: We enhance risk awareness through clear communication and targeted training.
Continuous Improvement: We monitor control measures to support ongoing optimisation.

Flexible Service Models

We offer three flexible service models to suit your needs:

Outsourcing: Entrust us with your entire risk management process.

Collaboration: We support your internal control department.

Ad-hoc Services: Specific support on a project-by-project basis.

This flexibility allows us to adapt our services precisely to your requirements—whether that means managing your entire risk strategy or providing targeted support.

Our Risk Management Approach

Risk management is a continuous improvement process that balances technology, processes, and skills. Our approach is designed to identify, assess, and prioritise all risks—regardless of their nature or origin—to systematically manage and mitigate potential impacts.

Our methodology follows the standards set by the Institute of Internal Auditors (IIA) and the Information Systems Audit and Control Association (ISACA), based on the well-established COSO model.

How We Support Your Risk Management System

RSM Belgium offers comprehensive support to build, advise, and enhance your risk management system through the following steps:

1. Understanding Your Environment

Familiarising ourselves with your organisation's industry, culture, and unique risk landscape.

2. Inventory of Existing Systems

Conducting interviews and reviews to assess your current internal control and risk management systems.

3. Risk Analysis Framework

Developing a risk analysis framework that includes support tools and recommendations for policies and procedures.

4. Risk Identification and Assessment

Identifying and evaluating risks based on their potential impact and likelihood and prioritising them accordingly.

5. Risk Register and Control Actions

Assisting in the creation and management of a risk register, along with recommending control measures to mitigate risks effectively.

6. Communication and Training

Ensuring effective communication of your risk management strategy within the organisation.
Providing training to enhance risk awareness and compliance across teams.

7. Continuous Improvement

Monitoring control measures and suggesting adjustments to support ongoing optimisation and improvement.

Schematically, our intervention can be organised as follows

Our Compliance Services

Compliance with regulations—whether general, sector-specific, prudential, international, or national—is essential to minimise financial, legal, and reputational risks.

Our compliance experts at RSM Belgium help you build, advise, and support your compliance function by:

Understanding Your Regulatory Obligations: We familiarise ourselves with the specific requirements of your industry.
Compliance Risk Assessment: We develop risk and control matrices to identify compliance risks.
Policy Development: We help you implement or update internal policies to ensure ongoing compliance.
Compliance Audits: We conduct audits to identify deviations and propose corrective action plans.
Training and Awareness: We offer training for your management teams and employees on relevant regulations and best practices.

Our Internal Audit Services

Internal audit is an independent and objective process that aims to assess and improve the efficiency of operations, risk management, and internal control within your organisation.

At RSM Belgium, our internal audit specialists provide expert advice and support, focusing on:

Establishing or Restructuring: Assistance with setting up or reorganising your internal audit function.
Outsourcing and Co-sourcing: Full management of internal audit or support for specific audits requiring specialised expertise.
Training and Methodology: Training your internal auditors and developing customised audit methodologies.
Risk-based Audit Plans: Designing and reviewing audit plans based on a thorough risk analysis.
Financial and Operational Audits: Assessing financial procedures and operational processes to identify risks and recommend improvements.
IT Audits: Evaluating information security and IT controls, including data backup and recovery systems.
Governance Assessments: Reviewing governance structures and decision-making processes to enhance transparency and accountability.

The Expertise of RSM Belgium

With RSM Belgium, you gain a reliable partner dedicated to strengthening your organisation's risk management capabilities, ensuring resilience, compliance, and sustainable growth.

Certified Professionals: Our team consists of certified experts in Internal Audit (CIA), Internal Control (CICS), and Data Analytics (ISACA).
Unbiased and Professional Insight: We provide an objective analysis of the quality and effectiveness of your control environment.
A Reliable Partner: By choosing RSM Belgium, you benefit from a trusted partner committed to strengthening your control functions, ensuring the resilience and success of your organisation.