Risk management remains a vital element of the professional services provided by the firm. Ensuring that the professional services we provide are within our competencies, are of a high standard, are ethical and comply with professional and legal requirements are critical to the success and future of the firm.
Similarly, we need to ensure that we are involved only with clients of integrity and whose activities are legitimate and ethical.
Risk management procedures are designed to achieve these objectives and, in doing so, to protect our reputation and brand. These procedures have been codified and apply at a national level and specific (and sometimes variable) procedures applied at a business unit and individual assignment level. They include procedures relating to the risk assessments of services, of clients and of specific assignments as well as quality control procedures over deliverable.
Responsibility for determining and monitoring risk management procedures is that of Reputation & Risk Leadership which has both a national infrastructure and assigned responsibilities within each business unit. However, much of the effectiveness of these procedures depends on each person in Deloitte being aware of their responsibilities and fulfilling these to the best of their ability.