THAILAND GRC SERVICES

Our GRC (Governance Risk & Compliance) services are tailored to enhance corporate governance, manage business risk, provide assurance on control effectiveness, and support you in achieving the organization’s objectives. We also help clients create best-practice risk management and internal audit functions, provide advice on how to comply with the various Thailand regulatory requirements as well as deliver a range of solutions to support you on the path towards effective corporate responsibility management.

1. Thailand Corporate Governance Services

Over the last decade regulators, institutional investors, and the media have bombarded companies, both public and private, with requests for enhancing governance standards. Regular corporate failures and highly publicized “scandals” will ensure that the governance demands on business leaders will increase and become more onerous.

The minimum standards for corporate governance are ever increasing and companies with strong corporate governance structures and policies are valued more among investors and enjoy better terms in trade. Simply stated, good corporate governance makes very good business sense.

Our corporate governance service includes the following:

  • Design and implement governance frameworks and practices;
  • Benchmarking and review of governance frameworks; and
  • Board structure and effectiveness assessment.

2. Thailand Corporate Responsibility Services

Increasingly, companies are measured by more than their bottom line. To address a growing number of stakeholders and meet their rising expectations, companies are adopting a variety of environmental, social and governance initiatives to demonstrate corporate responsibility. Leading organizations are finding that through the adoption of robust corporate responsibility frameworks, performance measures and an integrated strategy, they can achieve real and sustained business value.

Most companies are aware of the reputational, regulatory and even financial risks that can arise if they fail to act responsibly with regards to the marketplace, workplace, community and environment. MGC understands that effective corporate responsibility is about identifying where environmental and social benefits converge with good governance to create economic value.

There are four general approaches to corporate responsibility:

  1. Non-engagement – Companies at this stage view corporate responsibility as a distraction or impediment to their primary goal: value creation. Beyond legal requirements, they do not engage in environmental, health, safety, community or governance issues.
  2. Philanthropic approach – Companies approach corporate responsibility as an exercise in establishing goodwill by making charitable contributions. The underlying assumption is that goodwill or reputational enhancement is the only return on investment to be derived from such actions.
  3. Responsive approach – Businesses act as good corporate citizens and work to actively mitigate risks and reduce negative impacts arising from their activities. The goal for these companies is value protection.
  4. Strategic approach – Organisations at this level focus not only on value protection, but also on innovation that will benefit both society and the company’s own competitiveness. At this level of engagement, corporate responsibly is a business imperative that informs the overall corporate strategy and is seen as a value creation mechanism.

Companies with a philanthropic or responsive approach to corporate responsibility can spend millions of dollars on various disconnected initiatives. In comparison, companies with a strategic approach to corporate responsibility can vastly improve their return on investment by investing in initiatives with the biggest impact and strategic corporate relevance.

Regardless of where your company is on the evolutionary path of corporate responsibility, there are always opportunities to take your strategy, operations, supply chain, and interactions with internal and external stakeholders to the next level.

We help clients to deliver a range of consulting solutions to support you on this path towards effective corporate responsibility management. Our team has the experience and the subject matter knowledge in several industries to assist your company in embedding corporate responsibility into business activities wherever you operate. We support your efforts to deliver long-term sustainable value to your company and your stakeholders.

Our corporate responsibility service includes the following:

  • Manage corporate responsibility;
  • Report on corporate responsibility; and
  • Obtain assurance on corporate responsibility reporting.

3. Thailand Risk Assessment Services

Increasingly, companies are using risk assessment to identify and assess risks not only across the entire organization but also within specific aspects of their business. The identification, prioritization and sourcing of key organizational risks is critical to ensuring that internal audit resources are allocated to the areas that matter most.

Our internal audit approach includes a stage of comprehensive risk assessment. Our experienced practioners work closely with clients to identify the areas of highest risk to their businesses. The aim is to ensure that internal audit resources can identify and flag potential issues to management before they become live problems.

Fraud is defined as the use of dishonesty, deception, or false representation in order to gain a material advantage or injure the interests of others. Types of fraud include false accounting, theft, third party or investment fraud, collusion between employees, and computer fraud. Fraud risk assessment is a structured approach to identify and analyze fraud risk and controls in an organization, and to assess whether those controls are working as intended.

Fraud risk assessment expands upon traditional risk assessment. It is scheme and scenario based rather than based on control risk or inherent risk. The assessment considers the various ways that fraud and misconduct can occur by and against the company. Fraud risk assessment also considers vulnerability to management override and potential schemes to circumvent existing control activities, which may require additional compensating control activities. Fraud risk assessments are critical in identifying potential threats and controlling system weaknesses that create opportunities to commit fraud.

The objective of our risk assessment services is to identify the existence of controls and how they operate, not necessarily to seek out fraud. Adequate controls reduce the opportunities for fraud to be committed. The assessment considers the various ways in which a company can be subjected to fraud and misconduct, along with its vulnerability to management override and other potential schemes to circumvent existing controls.

Our fraud risk assessment includes the following:

  • Identify possible fraud schemes;
  • Identify internal controls that help to prevent or detect identified fraud schemes;
  • Document the results of testing the controls; and
  • Implement corrective action plans where needed.

4. Thailand Compliance Services

We partner with management, board members and outside counsel to help organizations comply with regulatory requirements, respond to situations of noncompliance, and to prepare & improve the processes around information systems supporting governance, risk and compliance.

Our compliance service includes the following:

  • Prepare and review your company’s internal controls processes, systems and organization. (Controls design and effectiveness);
  • Provide internal controls assessment and design for the information technology environment;
  • Prepare your company for compliance country-specific, regulatory requirements; and
  • Conduct internal audits on a full outsource or co-source basis.