TriFinance’s Risk Advisory Team: Helping organizations reach the next level

Their professional trajectories vary, as do their years of experience, with some young faces just beginning their careers. However, there are notable similarities among the profiles at the table. One such commonality is a background in or at least a focus on risk management and process improvement, and, logically, everyone has experience in internal audit.
 

‘Although we all have similar roles, we each have different areas of expertise and responsibilities,’ notes Anne Binard. ‘Everyone has their own domain and specific knowledge. That's why we rely on each other's expertise.’

In close collaboration with the CFO Services knowledge network, the risk experts offer practical solutions for building Internal Audit and Control departments. ‘We combine expertise in internal audit, internal control, and risk management with the latest technology,’ says Matyas Magyar. ‘Risk management focuses on optimizing process operations. Based on the identified risks and their significance and likelihood, specific internal controls are established. This enables organizations to implement additional processes that reduce the chances of certain risks materializing. Since risks are constantly evolving, these controls are also continuously updated. The third pillar, internal audit, involves monitoring these controls. Internal or external auditors assess their effectiveness, and their analyses can lead to further process improvements.’

External consultants focusing on internal audits? That requires some explanation. ‘Depending on a company's needs, various approaches are possible,’ says Orane Van Camp. ‘Some clients lack an Internal Audit department, so we handle all associated tasks. In other organizations, we support the existing internal department.’
 

Flexibility is clearly an important quality for team members, as is the ability to understand the client’s challenges as an external party. ‘To fully understand a company’s challenges, it’s crucial for us to act as an extension of the organization,’ says Laurens-Jan De Haes. ‘That allows us to develop the best, most pragmatic, and company-specific solutions.’

In uncertain times, effective risk management becomes even more critical, necessitating good communication with C-level executives. 

‘We often report to the CFO,’ says Anne Binard. ‘Whether that happens directly or indirectly depends on the project. To comprehensively identify all risks, we always try to incorporate C-level input during risk assessments and internal audits.’ Binard and her colleagues cite their holistic view of business processes as a major advantage of their role.
 

'You need that buy-in to develop solutions,’ adds Laurens-Jan. ‘While information gathering typically starts at the lowest organizational level, the subsequent steps always involve the highest levels. This highlights the strategic nature of our role and the importance of not neglecting it. With the help of an experienced external party, companies can establish a strong internal department.’

Ideally, the team identifies and mitigates risks early on, although in reality, they often respond after issues arise. How do the experts view this from their practice?

‘The initial trigger is often an incident,' acknowledges Matyas. ‘Nonetheless, many companies have developed an audit culture over the years, with annual programs and systematic support from consultants.’
 

At the same time, the importance of risk—and consequently solid internal controls and audits—is increasing, driven by evolving regulatory frameworks, such as ESG, the rise of disruptive technologies, and the increased complexity of internal processes.

Globalization is another key factor, Laurens-Jan notes. ‘The world is much more interconnected now. For instance, a war in Africa or Eastern Europe can impact your supply chain and directly affect your operations’

‘It is becoming more complicated for companies to maintain an overview,’ Matyas Magyar concludes, ‘which makes our work perhaps challenging but certainly very interesting.'

Returning to the team, we asked if a background in external audit is an advantage. 

‘Since we often identify financial implications of certain risks, it's useful to be somewhat familiar with accounting processes,’ says Laurens-Jan De Haes. 'It's an asset, but not a requirement.'
 

Orane Van Camp agrees and highlights other important qualities. 'For Stéphane and me, this is our first job. We had no external audit experience. Yet, we succeed thanks to our academic knowledge and motivation.'

'Any experience with processes can help,' says Anne Binard. 'If you don't have experience, that's also fine. Common sense is essential.' Motivation and logical thinking are also key ingredients to thrive as a consultant in an organization that values a strong learning culture.

Stéphane Ruysschaert, in the first year of his professional career, acknowledges the importance of these basic competencies. 'You deal with many companies and processes, so it's crucial to learn quickly. An analytical mind is also useful for constantly asking critical questions and interpreting data correctly.'

'At Risk Advisory, you are truly challenged,' says Laurens-Jan. 'You need to be open to making significant progress in a short period.'

Learning on the job is much more than an empty slogan at TriFinance. Intrinsic motivation to expand your knowledge and skills is essential, but the story of personal development is also supported by extensive resources. These include training sessions, evaluation discussions, and numerous growth opportunities.

'Within risk, there is continuous mentoring,' says Van Camp. 'You can approach colleagues daily, both within and outside the team, who are eager to share their knowledge.' 

This system is well-integrated into the organization and is quite flexible. 'Sometimes, you tackle a project as a team, with senior and junior profiles naturally guiding each other,' Laurens-Jan adds. 'In other cases, you may work alone, and TriFinance assigns you a mentor who regularly discusses your approach and encourages you to think outside the box.'

Are there essential personality traits or competencies for thriving in the Risk team? 'Social skills, the soft skills,' says Orane. 'We work with people, conduct interviews, translate data into actionable insights, and meet with management to find constructive solutions.' Laurens-Jan confirms this: 'If you're no longer on the same wavelength with someone at a client who you rely on for input, you can't perform your job effectively.'

'We are not police officers. We look for deficiencies, but only to elevate a company to a higher level. It's important to clarify this at the start of a project.' Laurens-Jan continues, 'Employees are rarely blind to problems within their organization. Typically, you collaborate to find improvements, and satisfaction with the partnership is high.' 

What makes a job within the Risk Advisory team so engaging? Despite joining the company early 2024, Wout Rotsaert has a clear answer. 'It’s not a reactive role where you simply report past issues. You proactively collaborate with a company to improve processes.'

'There is also immense variety,' says Laurens-Jan De Haes. 'Every case is different, constantly challenging you to think in new ways.' 

'The scope of assignments is indeed broad. We work with various clients across different industries, and projects can range from a single process to an entire entity.' Additionally, the knowledge-sharing within the team, and TriFinance as a whole, is remarkable. 'As a newcomer, it's fantastic to be surrounded by so much accessible expertise,' says De Haes

• Working in Risk Advisory. Seven questions to Risk Project manager Laurens-Jan De Haes
• Maximizing corporate performance and efficiency of SSCs through Internal Audit. Takeaways Risk Round Table
• Perspectives on Growth: Stephanie Kelberg and Orane Van Camp discuss careers in Risk Advisory
• #takeaways Risk webinar 1: How Internal Audit identifies, validates and recovers revenue leakage
• Elevating internal audits: Moving beyond the traditional scope