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Roy Collister, retired partner of Ernst & Young (Jamaica) did a presentation on the role of audit committees at the launch of Ernst & Young's business risk services practice at the Jamaica Pegasus earlier this month.
AGAINST A background of heightened business risk globally, Ernst & Young Jamaica Ltd., has launched a business risk services practice in Jamaica.
Noting that business has always involved an element of risk, Linval Freeman, Partner, Assurance & Advisory Services at Ernst & Young, said this is increasingly more so today.
Mr. Freeman said that, "In today's global economy, driven by advances in technology, corporate globalisation, increased customer awareness and competition, risk is increased significantly."
CORPORATE GOVERNANCE
In Jamaica today, he said, "There is now great emphasis on corporate governance and increasing regulatory requirements under the new Companies Act, the Financial Services Commission Regulations and the Banking Act, among others."
Alison Peart, tax partner at Ernst & Young Caribbean, noted that, "In today's complex business environment, it is becoming increasingly difficult to spot the signs that could mean danger to your business."
Miss Peart said that "companies need highly qualified risk assessment and management functions, flexible enough to adapt to a continuously changing risk profile, but the necessary investments in people with the requisite skills and technical competence are often beyond the reach of even some global giants."
It is for this reason she said that "Ernst & Young's business risk services practice is designed to offer a suite of strategic, outsourcing and industry-focused operational services that help companies evaluate and enhance the internal audit and risk management functions."
SERVICES
In this regard, the risk services practice will assist companies by providing functional assessments, risk assessments, strategic planning, transformation, corporate governance and self-assessment. Other services include royalty, contract reviews, financial due diligence, quality reviews and Sarbanes Oxley 404 internal control assessments.
At the launch of the Ernst & Young business risk services practice earlier this month at the Jamaica Pegasus, a number of experts in the field addressed pertinent issues related to business risk management.
Mr. Arnold Niranjam, partner, Ernst & Young Caribbean, addressed 'Business Risk Services from a Caribbean Perspective' while Mr. Freeman spoke on 'Outsourcing - the Way Forward'.
