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What are Risk Advisory Services?

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risk advisory services

Proper risk management is a critical aspect in making a business sustainable and goes beyond mere identification and mitigation of risk. Today’s competitive world calls for a proactive approach towards risk management. It is where risk advisory services come into the picture. 

At the core of all risk advisory services is implementing sound control and audit mechanisms that can proactively detect risk and mitigate it. The advisory firms’ professionals will help you understand your industry’s risk issues and provide guidance to implement robust structures to contain the risk. These professionals are highly qualified, and they serve both public and private companies alike.

Firms providing risk advisory services will help you design and implement global compliance programs and produce quantifiable results through internal audits. Reputed professional firms like Dewan P.N. Chopra & Co, Desai Haribhakti & Co, and others are providing risk advisory services to prominent companies in India and around the globe for decades now.  

In this article, we will get to know about the different aspects of risk advisory services.

Components of Risk Advisory Services

1. Internal Audit

It includes everything from conducting a thorough assessment of risk across the entire organization to reporting findings to management and other stakeholders. An internal audit is more than just reviewing all the processes. It requires a great understanding of the product too. An audit has to take care of every aspect of the product and the teams associated with it through its journey to ensure that everything is taken care of as far as risk is concerned.

It is the first stage of acknowledging and accepting the challenges and planning about the controls to be put in place.

2. IT Risk Advisory

In the modern world of internet connectivity, auditing and checking risks associated with IT is crucial. Risk advisory firms will help you in mitigating these risks. IT-related risks can cause severe damages to your firm, leading to losses at a vast scale. A deep understanding of this sector and the associated inherent risks are required to mitigate any kind of impending risk. It is what the professionals at a risk advisory firm do. They are experts in their respective fields and will guide you through the entire process of risk mitigation.

The major services which come under this are:

  • IT Internal Audit co-sourcing
  • Cybersecurity Controls Assessments
  • Integrated Risk Management (IRM) / Governance Risk and Compliance (GRC) services
  • IT Sarbanes-Oxley compliance and remediation efforts

3. Contract Compliance

It is where the highly-trained professionals of the risk advisory firms will help you in the interpretation and analysis of contract provisions. It saves you from any associated risk with the terms and conditions of a contract.

Some of the fields where contract compliance is crucial are:

  • Vendor audits (Large scale programs and individual audits)
  • Royalty examinations
  • Franchise audits
  • Examinations of revenue-sharing arrangements
  • Construction audits
  • Joint Interest audits
  • Merchandise licensing examinations
  • Pre-execution contract review

A senior risk advisory professional from a leading CA firm like Dewan P.N. Chopra & Co with expertise in the required field of operation will help you get familiar with all the associated risks and guide you in setting up a process to eventually eliminate those risks.

4. Policy, Process, and Control

Internal controls of your business are optimized with a systematic and consistent approach customized to your industry’s requirements at this stage. It aids in identifying gaps and recognizing risk while also finding opportunities for improvement and optimization. It also helps increase your business’s cost-effectiveness by reducing the unnecessary operation costs due to inadequate risk management.

Conclusion

Hence, risk advisory firms are about more than just checks and audits. They are a team of highly qualified professionals who know more about your business’s risks than you probably do. Risk advisory services might seem redundant to you at the start of your journey of building up a business. However, as you grow and start putting up a structure, you will want to get your business audited and assessed by these professionals to mitigate all the inherent and unnecessary risks. 

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Finance

Women Outfit Ideas For Valentine Day 2021

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Valentine’s day comes with the promise of romance in the air. And on that special day, we all love to look good and attractive. When it comes to women’s fashion wear for valentine’s day, the choice is endless. You can either go simple and elegant or you can pick something bold and classy.

To help you get started with your dress shopping this Valentine ’s Day, here is the list of the best outfit ideas.

Flaunt A Sheath Dress

A sheath or a shift dress is very popular for special days like valentine’s and dates. This dress is pretty simple, yet looks perfect for the evening. A shift dress in soft colours or a dark one will definitely set the right mood for your romantic date. Some of the best colours to choose are pink, coral red, dark maroon, navy and bottle green. Pick the right size for comfortability and fittings while buying a shift dress online.

Stylish Tops With Palazzos

The most simple and smart looking dress idea for this valentine’s day would be a pair of the flared palazzo and a stylish ladies top. Embroidered tops are great or you can choose a crop top and wear a shrug on top to make the appearance more regal. Earrings, bangles or just a nose pin will look dazzling with tops and palazzos. 

Ravishing High-low Dress 

Go for the high-low hemline if you want to impress your special one. A dark or bold coloured high-low dress is simply perfect for your first valentine’s. You just need to wear a pair of heels or bellies, carry a clutch and wear your hair down. To highlight your dress, wear very little makeup and stay natural. If you are wearing a sleeveless and low neckline high-low dress, you can also drape a scarf.

Appealing Red Saree

Nothing creates magic like a stunning red saree. You can wear a classic chiffon or silk red saree and pair it with designer tops for girls. Instead of the regular blouse style, do a little experiment and wear a shirt style tp or a tunic kurta with your saree to make a bold and fresh statement. Oxidised jewelry or simple stone studded jewellery will look awesome with your red saree look. To accentuate your coverall attire, do a stylish hair bun and get bold eye makeup.

Elegant White And Red

Just like every time, red and white is the most demanding and evergreen combination for valentines day dress code. Wear a white tunic with a deep red palazzo and you need nothing else to look fashionable. You can also go ethnic and wear a red and white combination anarkali suit with silver jewellery. A white top with a long ethnic red skirt is another fabulous choice for your evening valentine day outing.

Some other great options in red and white are: midi or mini skirts in red with white tops, red cape tops with white jeans or you can wear a red and white gown. 

Asymmetrical Dress

The dress is the most preferred outfit for valentines day. And asymmetrical dresses always make the top of the dress list. The symmetric hemline looks offbeat, attractive and very classy. You can also pair a legging with an asymmetric dress and drape a dupatta to make a fusion style statement. 

Flared Long Kurta

Gown style flared kurtas are very much loved by modern women for their elegant look. Flared kurtas can be worn with churidars or leggings. If you are wearing ankle-length flared kurta, you can ditch bottoms and wear it like a dress.

Hope this valentine’s day, you look bold and beautiful and feel confident. 

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Finance

Some Facts You Must Know When You Apply Personal Loan For Women

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The number of women borrowers in India has increased significantly in the last few years. As per a report, female borrowers numbered around 2.4 crore in 2014 compared to 7.8 crore in March 2020. It just goes to indicate how the mindset has changed regarding borrowing among women in the country.

  • According to a December 2019 survey, women contributed approximately 15% of the total personal loan borrowers.

Fortunately, a personal loan for women is available against a standard set of qualifications, making them easily accessible. While the requirements remain gender-neutral, they indicate an increasing inclination of women in arranging personal financing conveniently. So, here are a few essential facts you must know about these advances, included under the eligibility requirements and application process, for easy financing.

Eligibility criteria for personal loans

The following simple personal loan eligibility criteria enable borrowers, including women, to avail hassle-free funding.

  1. Maintain an impressive credit score and history

The minimum CIBIL score requirement from some of the reputed lenders in the market is 750. Thus, borrowers must aim for a CIBIL rating higher than this particular score if they plan to secure a personal loan conveniently. 

Applicants with scores over 800 also stand a chance to acquire additional benefits, such as favourable rates, higher principal amounts, and much more. If one’s current score does not meet the minimum requirements set by a lender, a borrower must check out things to improve his/her personal credit score.

Nevertheless, taking care of factors such as maintaining a balanced credit mix, keeping the credit utilisation ratio in check and the likes always help maintain an individual’s credit profile for easy borrowing.

  1. Meet age specifications

Generally, salaried employees aged between 23 and 55 years are offered personal loans.

Match minimum income requirements

To acquire a personal loan for women, you must also possess a stable source of income. Monthly earnings should thus be around Rs.25,000 or more to qualify for these forms of credit. 

However, the exact specifications regarding earnings can vary based on your city of residence. If one’s income is limited, she can opt for a Flexi personal loan for women to ensure repayment affordability. Under such an arrangement, lenders provide a pre-sanctioned amount to borrowers for multiple withdrawals, with interest charged on such withdrawals only.

For instance, if this limit is Rs.1 lakh and a borrower utilises Rs.25,000 from this amount, he/she would only need to bear interest on the latter sum and not on an entire principal sanctioned.

How to apply for a personal loan?

Borrowers can complete the following steps for an easy and convenient loan application – 

  1. Depending on the financial institution selected, visit its official website and navigate to the personal loan application section. 
  2. Next, fill up an online application form with the required personal, financial, and other details.
  3. Proceed to choose a suitable loan amount and ideal repayment tenure from the available options. Generally, the personal loans for women come with tenures ranging between 12 to 60 months.

Note that while an option to apply offline is available, one should avail a personal loan online to acquire the best deals. Borrowers can also compare the various rates and terms before choosing a low interest personal loan. For interest rate affordability, one can look for NBFCs like Bajaj Finserv.

The financial institution also provides pre-approved offers to hasten and ease the process of lending. One can avail these offers on personal loans, business loans, credit cards, and more. You can check your pre-approved offer by submitting your name and phone number.

  • Around 30 million women borrowers acquired credit in India, as per a CIBIL report from 2019.

Evidently, women are borrowing more frequently today than ever before. It is due to increased financial independence among Indian women, which has enabled them to avail and repay such credit efficiently.

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Finance

Everything You Should Know About Australia’s Income Tax Return System

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Everything You Should Know About Australia’s Income Tax Return System

Anyone who is earning money within the Australian soil, income tax stands out as the reality of life for them. But for the many individuals, putting their income tax return has become a straightforward yearly habit. When your completely new towards the income tax system of Australia, you might be able to understand how the income tax system works. Whether you are newly arrived migrant, or you are starting your first job after completing your education, knowing all the parts of the income tax system is pretty important. 

What is the income tax system?

The income tax in Australia is paid in the form of returns from investments, wages from a job and profits from a business. You can also pay up your income tax when you give or sell your assets, such as shares or houses. Every individual is eligible to have an income of $18,200 every year without paying the income tax. This is known as the tax-free threshold. But if your income is over $18,200, you need to pay the tax. The nation follows the progressive system. 

This means, when your income is much higher, the tax rate will be high as well. The lowest rate in Australia is 19%. The highest income tax rate is 47% and is charged on the incomes that are over $180,000. To learn more about income tax you can contact a trusted tax accountant Perth as they have plenty of knowledge about the Australian income tax system and will help you gain all crucial information. 

How does the income tax return work?

You can lodge an income tax return after June 30th, and the last day for lodging the income tax return is October 31st. It will be much better to take up the professional accounting services provided by experienced tax agents. Doing so will ensure that all the things are declared and stated correctly. The tax agents will go through all the documents and information and eliminate all the major flaws or errors. This will prevent you from experiencing unwanted problems, such as fines or charges. 

Make sure to check all your documents, file all the essential documents, receipts, invoices. You need to make sure that whether the details you have provided are up-to-date with the ATO or Australian Taxation Office. Remember, if there are minor issues, your returns will get delayed and might take weeks or months. You need to be completely aware of the tax obligations when you have access to super funds. Individuals of different age groups are needed to complete all the various tax obligations for the superannuation withdrawals. 

How to obtain your tax refunds?

When you have lodged your individual tax return to the Australian Taxation Office, they will provide you with an assessment notice. The notice will inform you about the tax you need to pay and the tax refunds. Given below are several steps, which you need to follow to obtain your tax refunds. Check it out!

  1. Take the help of a tax agent service: Tax agents are the right people to turn to. About three-fourths of the tax returns are provided through the professional tax agents as they have the knowledge and power and skill to get the job done. Taking the help of the services of a tax agent will also help you prevent unwanted ATO issues. But you must choose the right tax agent services, as all service providers are not the same nor is their services. 
  2. Claim all the tax deductions: You must claim all the tax deductions, which you are entitled to. Don’t forget to keep documents and receipts of all your business purchases. You can also use a diary that will help you remember what job or project the purchase belongs to. Remember, you can only claim a deduction when you have receipts for it.
  3. Sweat out the small stuff to boost the tax refund: All the small purchases you make with the 12-months will help in boosting up the claims and expenses for the deduction. This will improve the tax refund and you need to keep yourself organized with all the receipts and documentation for all the small purchases. Doing so will be pretty much beneficial for you during the end of the year. 
  4. Keep all the receipts and records: Don’t try to look for receipts and records for the purchases you have in the last minute. Try to collect all the records and receipts once you have made the purchase and store them properly. Otherwise, you will miss out hundreds and thousands of dollars if you do not keep all the receipts in one place.

The Takeaway

The income tax system can be pretty complicated. For such reasons, many individuals take the help of a trusted and experienced tax agent to learn and understand about it in detail. When you opt for professional help, it will reduce the stress when you prepare and lodge your tax returns. 

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