Over the last few years, there has been a significant change to the economic environment in which companies operate for several reasons, due to the financial crisis, technological causes, changes in the market it operates in, or changes in the regulatory, amongst other things.

When faced with these situations, the risks companies have to deal with are increasing, such as business, operational, fraud, and the profits and margins achieved in their business development are shrinking.

Additionally, the regulatory and social environment that affects companies has been significantly altered by increasing demand placed on them by regulatory bodies and by society itself.

Under these circumstances, companies must put systems and internal processes in place that allow them to analyse the risks, detect them when they occur, manage them properly, and prevent them.

At Alesco, our professionals have the skills, experience and the means, to design these increasingly critical systems and assist in setting them up if they do not already exist. Our team also reviews existing systems, assessing potential problems and providing detailed points for improvement.

The consequences of failing to implement adequate systems can do serious harm to an entity, its managers, shareholders, and owners. With prevention in mind, companies should ask themselves if they meet all the necessary regulatory standards, do they have adequate surveillance and control systems in place to mitigate the financial and business risks that it faces, are they subject to possible risks of fraud, both internal and external, as well as potential risks to the company's reputation.

In order to answer these questions, four scenarios need to be considered,

• I have surveillance and control systems in place to ensure compliance (so-called "compliance" systems).

• My current internal control systems allow for the detection of business risks that come up in the company's day-to-day operations. In turn, my processes efficiently and effectively manage the risks. Are these processes and systems updated to my current business reality?

• These internal control systems are set up to detect fraud and embezzlement risks, whether internal and/or external.

• The company applies surveillance and control programs in such a way that the reputation of the business cannot be affected by specific actions or acts carried out by it. (Corporate Social Responsibility)

At Alesco, we provide expert services in the design and implementation of internal systems and processes that ensure regulatory compliance, the assessment of appropriate internal control measures, and the correct identification of risks and proposals for dealing with them. In addition, we offer a review and updating services for pre-existing procedures.