Enterprise Risk Management – Internal Financial Controls (IFC / ICFR)

Strong Internal Financial Controls are a cornerstone of effective Enterprise Risk Management, ensuring that financial, operational, and compliance risks are systematically identified, managed, and monitored.

In line with the requirements of Section 143(3)(i) and Section 134(5)(e) of the Companies Act, 2013, organisations are required to establish and maintain adequate Internal Financial Controls over Financial Reporting (IFC/ICFR). However, beyond regulatory compliance, IFC serves as a critical framework to mitigate risks, enhance governance, and improve the reliability of financial and operational processes.

Assess potential risk and control metrics in a defined template containing risk control reference, frequency, tech/non-tech nature control, etc. A critical review of existing processes and identification of all possible improvements in the form of the design gap.