Commodity-and-Energy-Risk-Management.pdf

Recommend an internal audit programme to continuously

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Recommend an internal audit programme to continuously monitor commodity and derivative accounting activity and consistency with internal policies Identify, review, and test auditable business and strategic risks Conduct in-depth, focused and specified reviews of a specific process or business area Assess alignment with policy and controls framework Contract Compliance Review contracts and receivables to help ensure companies are invoicing/collecting customer revenue in accordance with contract terms Review contracts and payments to help ensure companies are not being overcharged by or overpaying vendors When organisations require internal audit assistance, KPMG is able to supplement or assume responsibility for an organisation’s internal audit function or select activities. We deploy dedicated internal audit professionals with appropriate subject matter and industry knowledge and operational experience to lead or assist corporate teams. S T R A T E G Y C O N C E P T I M P L E M E N T A T I O N Commodity & Energy Risk Management Model Development, Validation & Remediation Operations Tax Accounting Regulatory Internal Audit Forensics & Investigations Governance, Roles & Policies Hedging & Risk Strategy Credit & Collections Risk Reporting & Management Information Systems 14 | Commodity and Energy Risk Management
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Forensics & Investigations KPMG Service Activities Anti–Money Laundering (AML) Compliance Services Identify and assess money laundering risks applicable to a particular institution, business line, product offering, customer base or geography Assess, test and assist to develop automated transaction monitoring systems Assess compliance with the Bank Secrecy Act (BSA), the AML provisions of the US PATRIOT Act and the sanctions programmes administered by the Office of Foreign Assets Control (OFAC) FCPA programme assessment, implementation, monitoring and training Assist or validate regulatory compliance remediation efforts Financial Reporting and Securities Investigations Assist to determine whether fraud, accounting irregularities or improprieties have affected financial reporting integrity Make recommendations to address questionable accounting and disclosures and how similar issues may be avoided in the future Provide information to help determine whether restatement of financials or added disclosures are necessary Fraud Risk Management Assess current state of fraud risk management against legal and regulatory frameworks and industry practices Design enhancements to controls and responsibilities to help prevent, detect, and respond to incidents of fraud or misconduct Many organisations encounter challenges to develop, implement and maintain a risk- based strategy that will protect against the risks associated with money laundering and other financial crimes.
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