IT Risk Services

IT Risk is Business Risk

Every organization is exposed to some level of IT-related risk, and often, that risk is directly tied to the company’s financial well-being. Our goal is to help organizations understand the full scope of their risk profile and figure out the best way to manage that risk — avoidance, mitigation, transfer, or acceptance.

We achieve this through IT risk assessments that highlight the short- and long-term fallout of different types of potential harm, for instance, inappropriate access, inadequate change management, failed computer operations, cyberattacks, data breaches, and other potentially harmful incidents involving information systems. From there, our experts prescribe risk management strategies in line with regulations, guidelines, and best practices that keep assets safe from harm.

We have the business acumen, finance and accounting expertise, and IT skills needed to establish and maintain an IT risk management program that accurately reflects your operational realities.

IT General Controls and SOX

As an integral part of the SOX team, we design IT components of a SOX control environment and evaluate the IT General Controls (ITGCs), IT automated controls, and IT dependencies within SOX and Internal Audit projects. We deliver outsourced and co-sourced IT staff to provide the exact support you’re seeking.

IT Control Frameworks (e.g. ISO 27001) and SOC Readiness (SOC 1, SOC 2)

Companies often find they need to provide their management, the market, or their customers with additional comfort over their operations. This could include certification based on an ISO standard or an attestation of a SOC 1 or SOC 2. While CFGI does not provide certification or attestation services, our IT Risk Advisory team, with significant SOC reporting experience from the Big 4, is your perfect partner to align and harmonize multiple risk frameworks or get you ready for your compliance needs.

Segregation of Duties and Access Management

As systems become more complex, access risks are increasingly difficult to manage. Segregation of Duties (SoD) is a hot topic with auditors as a result of insufficient segregation within many companies’ systems. Insufficient SoD policies and controls can make fraud detection, investigation, and prevention difficult and may lead to distorted financial statements and asset misappropriation, jeopardizing the company’s reputation and reducing integrity. Furthermore, unreliable internal controls increase substantive investigation and effort by internal and external auditors. Lastly, the absence of SoD raises questions on the validity, accuracy, and reliability of information and audit evidence.

System Implementations and Software Development Lifecycle (SDLC)

System implementations and major software development projects expose your company to significant risks and are often a focus point for internal and external audits. Together with our Business Transformation team, CFGI brings significant experience to any implementation project and ensures the project does not simply meet its operational requirements but does so in a compliant manner, minimizing the associated risks.

IT Operational Risk

Our expert IT Risk Advisory team can support your IT operations in putting together an incident response plan to give you peace of mind that when a cybersecurity or other incident occurs, your teams will know how to react. We can help with business continuity and disaster recovery, more broadly, and ensure you are prepared to handle any number of risk scenarios effectively.

Cybersecurity and Data Privacy

A single intrusion can result in millions of dollars in downtime, incident response costs and efforts, identity protection services, legal fees, recovery costs, and reputational harm. Likewise, data leaks can lead to significant damage to your organization and stakeholders. Furthermore, given the pervasive use of technology in financial reporting, cyber risk is also pervasive to SOX and your external audit

At CFGI, our IT Risk advisors and our Cyber and Privacy team can provide you an accurate assessment of your IT general controls (ITGCs), your cybersecurity risk profile or of the data you hold.

Connect With Our Leaders

Daniel Shafrir

(857) 321-1539

Pajmon Bigdeliazari

(617) 899-3437

Ready To Get Started?

Ready To Get Started?