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Financial Services

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    Home-Financial Services

    Delivering comprehensive financial governance and risk management solutions that safeguard your organization's future. Our expertise spans from internal controls to enterprise-wide risk frameworks, ensuring robust operational integrity and sustainable growth ensuring best Audit Practices in oil and gas industry.

    Core Financial Service Offerings:
    • MBG’s Corporative Services elevating organizational resilience through integrated risk management and governance solutions that protect value and drive strategic success
    • Transform financial operations with our proven methodologies in:
      • Strategic Internal Audit services that go beyond compliance, ensuring best internal audit practices in the oil and gas industry
      • Comprehensive Risk Assessment frameworks
      • Internal Control Over Financial Reporting (ICOFR) implementation
      • Streamlined Standard Operating Procedures development for Oil & Gas and ENR clients
      • Best-practice Corporate Governance structures
      • Implementation of Enterprise Risk Management (ERM) framework
      • Quality Assurance Reviews (QAR) that ensure operational excellence
      • Implementation of Audit Management Tools including Internal Audit, ERM and Legal Compliance Tools designed to enable organizations to systematically assess enterprise-wide risks and monitor the effectiveness of risk mitigation activities.
      • Continuous Auditing solutions leveraging cutting-edge analytics and real-time monitoring
      • End-to-end Business Process Review, Redesign & Remediation services
      • COSO Framework Mapping for enhanced internal control alignment
      • Strategic Process Flowchart Creation complemented by detailed Risk and Control Matrices

    Partnering with MBG Corporative Services will facilitate to build sustainable financial, Internal Audit frameworks that balance control with growth, supported by extensive, diverse industry expertise (Oil & Gas, ENR and beyond) and innovative methodologies.

    Our Comprehensive Core Solutions

    Internal Audit
    • Risk Assessment:
      • Prioritize Resources Based on Risk Levels, Support Informed Decision-Making, Strengthen Regulatory Compliance, Drive Ongoing Risk Management Improvement
    • Internal Control:
      • Customized Control Measure, Proactive Risk Mitigation Plan, Ensured Compliance and Accountability, Efficient Audit and Oversight Processes
    • Process Improvement:
      • Detailed Process Mapping and Analysis, Risk-Based Process Optimization, Improved Communication and Collaboration, Continuous Monitoring and Iterative Enhancement

    Reduced fraud risk and associated losses

    • Streamlined processes and reduced redundancies
    • Better system integration, workflow management
    • Enhanced data analytics capabilities
    • Reduced potential losses through early risk identification
    • Cost savings from prevented incidents and crisis management
    • Improved stakeholder confidence, better prepared for regulatory audits and inspections
    • Improved digital transformation readiness
    ICOFR
    Services
    • Materiality Assessment
    • Developing Risk & Control Matrix
    • Testing of Controls – Design & Effectiveness
    • Gap Assessment
    • Providing Remediation
    • Assisting in implementation of gaps
    • Executive Presentation
    • Risk Register: Comprehensive Risk Identification, Structured Risk Assessment and Prioritization, Consistent Review and Updating, Compliance and Risk Monitoring
    • Risk Control Matrix: Comprehensive Risk Profiling, Real-time Data Integration, Customizable Control Frameworks and advanced analytics.
    • Financial Controls: Automated Compliance Validation, Detailed and Accurate Audit Trail, Risk Remediation and Continuous Surveillance and Monitoring
    Benefits

    Control Assurance

    • Control Design & Effectiveness functioning
    • Help identify Fraud Risk Indicators
    • Having recommendations in place to mitigate the gaps
    • Assistance in Gap rectifications
    • Assurance on the Financial Statements
    Corporate & Compliance Governance Framework
    Services
    • Development of a Corporate Governance Framework for Shareholders and Board
    • Independent Board and Committee Performance Assessment
    • Develop Delegation of Authority
    • Governance Maturity Evaluation
    • Develop Organization Structure
    • Clarification of Roles and Accountability Framework
    • Independent Evaluation of Internal Audit, Risk Management, and Compliance Functions
    • Uniform Corporate Governance Standards Across entities
    Benefits

    Enhanced board effectiveness

    • Structured improvement path
    • Improved performance tracking
    • Enhanced regulatory compliance
    • Improved risk management
    Enterprise Risk Management (ERM)
    • Methodology to look at risk management strategically from entire firm perspective
    • Identify Risks (Operational, Legal and Regulatory, Strategic and Financial etc)
    • Assess Risks
    • Prioritize Risks
    • Develop Risk Mitigation Strategy
    • Implement Risk Mitigation Strategies
    • Report, Monitor and Review

    Reduced operational downtime through systematic risk identification

    • Reduced unexpected financial losses
    • Enhanced cost control through risk-aware decision making
    • Strengthened governance framework
    • Enhanced competitive resilience
    Quality Assurance Reviews
    Services
    • Review the Operative Effectiveness of the company’s Internal Audit function in line with IIA and IPPF standards
    • People: Skills and Competency Assessment, Training and Development, leadership and Structure.
    • Process: Audit Methodology and Consistency, Use of Technology and Automation, Quality Assurance and Improvement Program (QAIP)
    • Perception: Communication and Reporting, and Organizational Influence.
    • Positioning: Independence and Objectivity, Alignment with Organizational Strategy and Board and Audit Committee Access
    Benefits

    Gap analysis of current vs. required competency levels

    • Enhanced leadership capabilities alignment
    • Modernized audit methodology aligned with IIA standards
    • Structured QAIP implementation guide
    • Strategic relevance enhancement
    Standard Operating Procedures
    Services

    Detailed Process Walkthrough

    • Drafting As-is process
    • Developing Process Flowcharts
    • Gap Analysis
    • Identify To-be processes
    • Industry benchmarking
    • Review & update of current SOPs or developing new Policies and Procedures
    Benefits
    • Clear documentation of existing workflows
    • Streamlined workflows
    • Better quality control measures
    • Benchmarking of processes
    • Industry standard compliance
    • Better performance evaluation
    • Improved productivity
    Culture Audit
    • Mechanism to evaluate the Cultural principles within an organization
    • Culture at Management level
    • Leadership style, Transparency w.r.t company vision
    • Employee Engagement
    • Employee Satisfaction
    • Employee Reward Programs etc.

    Better strategic alignment

    • Strengthened organizational values
    • Enhanced decision-making culture
    • Improved workplace satisfaction
    • Improved innovation culture
    • Enhanced adaptation capabilities
    • Better internal communication workflow
    Audit Management Tool including ERM and Legal Compliance tools

    Audit Management lifecycle implementation through a tool

    • End to End phases – From Planning, Execution, Reporting, Action Tracking and Closure
    • Enhanced Reporting tool
    • Interactive Dashboards
    • Root Cause Analysis & Data Correlation
    • Scenario Analysis
    Benefits
    • Detailed and visually appealing reports that highlight key findings and trends
    • Dashboards for stakeholders to evaluate audit data and gather valuable insights
    • Relationships between different variables are compared and root causes of issues are identified.
    • Potential impacts of different variables are understood by performing “What-if" analyses
    Continuous Auditing
    • Real-Time Monitoring
    • Automated Testing
    • Integration with Business Processes

    Transactions and controls monitored in real time hence providing for immediate detection of anomalies or issues as they arise

    • Increased coverage and reduced risk of missing errors via continuous auditing as it uses automated scripts and algorithms to test entire populations of transactions instead of manually testing samples of transactions
    • Seamless monitoring without disrupting day-to-day operations
    Business Process Review, Redesign & Remediation
    Services
    • Assessing control effectiveness
    • Identifying Risks
    • Gathering Stakeholder Input
    • Follow-up Audits
    Benefits

    Business processes evaluated to check if intended outcomes were achieved and whether they align with organizational goals

    • Potential risks related to compliance, fraud, or operational failures spotted
    • Employees and manager’s involvement leading to collaboration and successful control implementation
    • Post-remediation audits that ensure the implemented changes are functioning as intended and continue to provide the expected benefits
    COSO Framework Mapping
    • Control Environment Evaluation
    • Risk Assessment
    • Control Activities
    • Information and Communication
    • Monitoring Activities

    The governance structure including the board and senior management are committed to maintain a strong control environment

    • Risk assessment processes are effective and align with the organization’s strategic objectives.
    • The design and implementation of control activities are evaluated to ensure they are effective in mitigating risks
    • Accurate, timely, and relevant information provided by the Information systems for decision-making and is communicated across the organization to ensure effective control implementation
    • Consistent follow up on audit findings with management's response to audit issues
    • Effective monitoring activities and reporting mechanisms.
    Risk Assessment & Control Gap Identification
    Services

    Review of Internal Controls

    • Identifying Control Gaps
    • Testing Controls
    • Reporting and Recommendations
    Benefits
    • Enhanced Risk Management
    • Enhanced control
    • controls are robust and effective in managing identified risks
    • valuable insights to the management to make informed decisions and prioritize actions

    We're here to help you.

    Submit your enquiries to MBG Corporate Services. We will respond as soon as possible.

    Call us at: +971 52 640 6240

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