Assess
Risk
Sustain
Framework
Implement
Controls
Monitor
Assure
Hover over the each category for more info.
Is to minimize risks and protect assets, ensure accuracy of records, promote operational efficiency,
and encourage adherence to policies, rules, regulations, and laws.
Our Mission
Implement Controls
Implementing internal control standards across all business units
based on assessed risks
Understand and evaluate our business processes to identify risks related to financial reporting and fraud across the organisation
Assess Risk
Creating a sustainable control framework
Sustain Framework
Ongoing assessment of the effectiveness of internal control systems, procedures, and policies to detect and address control failures before they become significant issues and maintain operational efficiency
Monitor
Instil trust and confidence in the integrity of our control environment through evidence, certification, and testing
Assure
Watch the Video
As our business grows and more regulations are passed, Smiths’ responsibilities to those who trust us, need to be enhanced. Like walking across the street, the person walking needs protections in place to ensure safety such as a cross walk or streetlights indicating to other drivers there might be danger ahead. For Smiths, creating a strong internal controls framework can help our employees perform their responsibilities without worry of causing reputational damage, huge fines and/or remedial costs.
This team will facilitate better communication between process owners and external stakeholders through the implementation of an internal control framework. By utilizing this framework, the team can provide reasonable assurance of achieving objectives related to the effectiveness and efficiency of business operations.
We ALL play a role in creating a safe and successful control environment.
The Internal Controls team is here to help guide Smiths to an effective and efficient control standard. The team along with new technologies will establish a new standard of internal controls and
help our finance teams in meeting these.
Who are we?
Controls are in our DNA
Why?
Who?
How?
For controls to operate effectively and efficiently it needs to be a part of everyone’s DNA from all levels of defense (control operators, owners and assessors).
Resources
Governing Body
Accountability to stakeholders for organisational oversight
Management
Actions (Including managing risk) to
achive organisational objectioves
Internal Audit
Independant
Assurance
Governing Body Roles : Integrity, Leadership and transparency
First line roles:
Provision of products/services to clients; Managing risk.
Second line roles:
Expertise, support,
monitoring and challenge on risk related matters
Third line roles:
Independant and objective assurance and advice on all matters related to achievement of objectives
Key:
Accountability
Reporting
Delegation, Direction
Resources, Oversight
Alignment , Communication
Coordination, Collaboration
The Internal Controls team acts as a second line of defense in the areas of risk management and compliance.
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How Will it work?
Smiths has teamed up with a new technology to help us through our control journey named Diligent HighBond.
The Internal Controls Enhancement programme, "ICE", is currently overseeing the initial phase of the controls implementation.
This programme was launched in FY23 and is anticipated to conclude by the end of FY24.
The objective is to implement a standardised control framework across Smiths, address control gaps and provide global visibility on the status of the control environment. The newly established Internal Controls function is evaluating financial controls across priority sites to capture the status of the control framework and work with our businesses to address gaps and evidence levels (“control maturity”).
Don’t worry, the Internal Controls team is here to teach you all you need to know regarding Diligent HighBond.
Please review our training files in the Resources section.