Call For Business Enquiries : +91 97650 00966 / +91 98190 00511 / +91 98218 32683
Call For Business Enquiries : +91 97650 00966 / +91 98190 00511 / +91 98218 32683
Risk Control Matrix (RCM) · Panaji, Goa
Design, document and test the controls that protect your financial reporting — IFC-ready RCM for businesses in Goa, from process walkthrough through to remediation of control gaps.
Overview
A Risk Control Matrix turns a vague assertion that "controls exist" into a precise, testable map linking every key process risk to the specific control that mitigates it — recording who owns the control, how it operates, and whether it is actually working. Without a well-documented RCM, IFC reporting under the Companies Act is essentially unsupported.
N D Savla & Associates builds, tests, and maintains Risk Control Matrices for businesses across Goa — from process walkthrough through to remediation of control gaps. This connects with our internal audit, statutory audit, and Audit & Assurance practice in Goa.
📌 The Companies Act 2013 requires the board to report on the adequacy and operating effectiveness of Internal Financial Controls — an RCM is the documented evidence base that supports that assertion.
Who needs this
From IFC reporting to PE due diligence, a Risk Control Matrix gives you the evidence base regulators and investors expect.
Companies subject to IFC reporting requirements under the Companies Act must maintain and test Internal Financial Controls — the RCM is the core document that supports this.
A documented RCM with tested controls demonstrates governance maturity to investors and due diligence advisors, connecting with our internal audit and statutory audit services.
Risk-based internal audit needs a risk map — the RCM lets audit focus testing resources on the highest-risk processes and controls.
High process complexity across procurement, inventory, revenue and cash handling makes an RCM a documented basis for control assertions.
Donor and regulatory requirements over fund utilisation are met with an RCM covering fund receipt, utilisation and reporting — connects with our trust audit services.
What's covered
From process documentation to control testing and remediation.
Get a fixed-fee quote →Structured walkthroughs of key processes — procurement-to-payment, order-to-cash, payroll, fixed assets, financial close — through interviews, observation, and system review.
Mapping potential errors, misstatements and fraud scenarios to existence, completeness, accuracy, cutoff and classification assertions.
Identifying existing and recommended controls for each risk — type, frequency and owner — distinguishing key controls from supporting controls.
Assessing whether each control, as designed, would adequately address its risk — flagging design gaps before testing begins.
Testing whether each key control actually operated as designed over the period, with exceptions documented and root-caused.
Actionable remediation recommendations for every gap, delivered as a living document with an update protocol and review cadence.
Our process
Agree processes, business units and line items to cover, prioritised by materiality and risk.
Interview process owners, trace transactions end-to-end, review system configurations.
Map risks at each process step to the financial reporting assertion threatened.
Document each control addressing an identified risk — type, frequency, owner.
Determine whether each key control would mitigate its risk if operating as designed.
Sample-test control operation over the period, documenting exceptions.
Deliver the RCM with test results and a prioritised remediation schedule.
Hand over the RCM in a maintained format with an update protocol.
Frequently asked questions
A Risk Control Matrix (RCM) is a structured document that maps each business process to its key risks and the controls that mitigate those risks — recording the risk description, control objective, control type (preventive or detective, manual or automated), frequency, control owner, and test-of-control results. It is the foundation of Internal Financial Controls (IFC) reporting under the Companies Act and powers risk-based internal audit.
The Companies Act requires companies to establish and report on adequate IFC over financial reporting. The board and auditor must assess design adequacy and operating effectiveness. The risk control matrix is the documented evidence that supports this assessment — without it, IFC reporting is based on assertion rather than documented, tested controls.
Preventive controls stop errors or fraud before they occur — authorisation limits, segregation of duties, system access controls. Detective controls identify issues after they occur — bank reconciliations, management review of exception reports, variance analysis. An effective RCM includes an appropriate mix of both.
Companies required to report on IFC under the Companies Act, businesses strengthening internal audit and governance, organisations preparing for PE investment or IPO, and any entity wanting a documented view of process risks and controls.
The RCM drives risk-based internal audit — identifying the controls that matter most and focusing testing resources there. Internal audit tests those controls, reports gaps, and tracks remediation, while the RCM is updated as processes and risks evolve.
Related services
Book a free consultation with a qualified Chartered Accountant in Goa. We'll scope your RCM, walk your processes and test your controls — no obligation.
N D Savla & Associates | ndsavla.co.in | +91 97650 00966 | info@ndsavla.co.in