Case study: Risk management

Scope of the project:

• Analysis of the payment process - from request to payment release (Order-To-Pay)
• Identification of risks throughout the process:
  • financial risks
  • operational risks
  • business risks
  • legal risks
  • market risks
  • fraud risk
• Drafting a list of recommended changes to minimise or eliminate risks, in particular with regard to potential fraud
• Development of a Risk Map with prioritisation and indication of mitigating actions
• Scenarios of risk materialisation with an evaluation of consequences and severity of impact on a company
• Verification and preparation of the Authority Matrix for making business and financial decisions for the process implementation
• Testing of the most critical parts of the process:
  • register of risk sources
  • population determination
  • sampling
  • testing
• Meetings with team members to determine the precise division of responsibilities between persons involved in the process
• Development of a plan for annual audits to verify the correctness of activities carried out in the process
• Change management elements through meetings and communication with process team members.

Client benefits:

• Reducing risks in Order-To-Pay process through diagnosis of the situation and a detailed change plan to minimise the possibility of the identified risks occurring
• Improvement of internal communication between organisational units implementing the process along with more detailed division of responsibilities within the process implementation
• Decision Authority Matrix specifying procedures for acceptance of documents
• Action plan including a catalogue of required changes together with their benefits aimed at minimising the possibility of risks occurring
• Development of a policy for cyclic risk audits as part of the tasks of the internal audit department
• Map of the process flow with decision-making authority to improve the process control.