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InConsult Pty Ltd is a professional services firm headquartered in Sydney, Australia founded in 2001.[1] The firm specializes in providing risk management advisory and assurance services to small, medium and large organizations. Its establishment in 2001 coincided with a period marked by several notable collapses and scandals in the 1990s and early 2000s,[2] such as the Barings Bank collapse, Enron scandal, WorldCom scandal, One.Tel collapse, and the HIH Insurance collapse in Australia, the largest corporate failure in Australia's history.[3]As a result of the accounting scandals of the early 2000s, Congress passed the Sarbanes-Oxley Act to shield investors from fraudulent financial reporting by corporations.[4]
During the period of corporate failures, it became evident that there were also notable deficiencies in effective risk management and corporate governance practices. [5]At that time, the role of Chief Risk Officer was not widely adopted[6]. In response to these identified shortcomings, InConsult was established. Its primary objective was to assist organizations in gaining a comprehensive understanding of their risks and to help them establish appropriate internal controls and monitoring systems for effective risk mitigation.
History edit
Initially focusing on operational risk management and enterprise risk management services in the financial services sector, InConsult expanded its offerings over the years to include business continuity management and fraud prevention services, with internal audit services introduced in 2008.
Notable milestones in its history include introducing GuardianERM.net—an integrated governance, risk management, and compliance (GRC) system in 2003, making the list of top BRW Upstarts in 2006 (ranked 67)[7], and conducting research into risk management practices in local government in 2006 and 2008 through Council Wide Risk Management (CWRM) Surveys[8].
In recent years, InConsult has broadened its risk management services to encompass risk culture assessments, cyber risk management, and climate risk management. During the Covid-19 pandemic, the firm provided assistance to clients in assessing business impacts and implementing strategies to reduce health and safety risks.
See also edit
References edit
- ^ "InConsult | Helping You Confidently Take Risks". inconsult.com.au. Retrieved 2024-04-01.
- ^ "The Corporate Scandal Sheet". Forbes. Retrieved 2024-04-01.
- ^ corporateName=Commonwealth Parliament; address=Parliament House, Canberra. "The requested content has been archived". www.aph.gov.au. Retrieved 2024-04-01.
{{cite web}}: CS1 maint: multiple names: authors list (link) - ^ "How Accounting Scandals Have Shaped Modern Accounting | UT Permian Basin Online". online.utpb.edu. 2021-03-15. Retrieved 2024-04-01.
- ^ "The Failure of Risk Management: Why It's Broken and How to Fix It, 2nd Edition | Wiley". Wiley.com. Retrieved 2024-04-01.
- ^ "What Are Risk Analysts & Risk Managers?".
{{cite journal}}: Cite journal requires|journal=(help) - ^ "Take-off". Australian Financial Review. 2006-02-16. Retrieved 2024-04-01.
- ^ "Councils' risk management in doubt". Australian Financial Review. 2008-03-07. Retrieved 2024-04-01.