STRATEGY
RFR Professionals operates as an independent firm in each country. Each firm is however centrally managed for quality control. An International Board of Partners which comprises of each Country’s Partner and the firm’s central network partners are responsible for strategic decision making process of the firm. Each country independent practice has its own board or senior management depending on its size and complexity.
The global Ethics; Risks and Compliance team; IFRS and other technical interpretation is based out of the global headquarters in the UK. The IT and Software Development team is based out United Arab Emirates and India.
Quality Control is maintained locally by each country with the central team in the UK ensuring global quality control and brand compliance. Specialised skills and expertise are managed centrally through the UK; US and UAE offices, and are frequently deployed to relevant countries where their specialised skills and expertise are required.
Ethical Code of Conduct
Our ethical Code of Conduct is developed as part of the strategic initiatives from our strategy map. Our ethical requirements as documented in our code of conduct is along five elements of:
- Integrity
- Objectivity
- Professional Competence and Due Care
- Confidentiality and
- Professional Behaviour
This ethical requirement which form part of our organisational enablers in our strategy map, is managed through awareness courses twice in a year. Every members of staff of the firm including partners are required to complete independence declaration form.
Our code of conduct provides the framework for which we our firm and our employees and network firms work and provide our services with integrity.
At RFR Professionals, we are committed to doing things the right thing, in the right way, for our people and our clients. This commitment underlies our values-based compliance culture, in which individuals are encouraged to raise their hands to voice concerns when they see behaviours or actions that are inconsistent with our values or professional responsibilities.
Our code of conduct provides the framework for which we our firm and our employees and network of firms work and provide our services with objectivity, Independence, integrity.
Ethics and objectivity are the central pillars of our firm and we work diligently to avoid even the appearance of a conflict of interest. RFR Professionals personnel are alert to actual and potential conflicts of interest, identifying them at the earliest opportunity and resolving, managing, or avoiding the conflict.
Our people are professionally competent for and exercise due care on all clients business. In order to maintain our professional competence, we have in place a robust training and development policy. This enable our employees meet their CPE requirements through various professional development courses.
Our personnel maintain confidentiality of all clients and former clients. We require our professionals to affirm their understanding of the relevant professional body and firm rules governing treatment of confidential client information at the commencement of employment, and annually thereafter.
Our firm and employees work and provide our services in a professional manners at all times
Corporate Governance
Although RFR Professionals is a growing practice, we take it upon ourselves to adopt the effective use of relevant corporate governance code like the Combined and the Cadbury Code in the UK and Sarbanes Oxley (SOX 404) Corporate Governance Code in the United States.
Our Board of directors by a Chairman/President comprises of all the Country Managing Partners and are responsible for developing the firm’s strategy. The Chairman ensures board meetings are scheduled and conducted appropriately.
Global and Country Management are responsible for implementing the strategic visions and objectives set by the partners.
Internal Control and Enterprises Risk Management
As the business environment is constantly changing with new risks emerging on daily basis, RFR Professionals has in place a strategic Internal Control Framework and robust Enterprise Risk Management.
This will enable the practice to constantly review its risk exposure and continuously review its mitigating control actions against these risks.
Every Country Partner and first level leadership team is required to have a risk register which will be constantly reviewed and reported. A consolidated risk register is maintained at the global practice level. This is also reviewed and reported on a quarterly basis.
A strategic business review process is in place to ensure that every area of the business is constantly under review based on the risk profile associated with each business process.
Information Technology and Process Automation
Information Technology will be used to a full optimal level to drive process simplification, process efficiency, audit review and documentation; financial control, risk management processes.
A dedicated team is in the process of being developed to handle all RFR Professionals in house and client technology requirements. This team will be based in South India once fully operational.
RFR Professionals employs information technology in the conduct and delivery of all its engagements to its clients.
Human Capital Management & Organization Structure
RFR Professionals is aware that its human capital is the most important part of its assets. It therefore and will continue to recruit the best in the industry which will be cut across race, nationality and gender.
It will reward its employee with the best remuneration available in the industry. The organization structure is designed in such a way that there is a clear line of reporting, responsibilities and accountability.
Employee Performance Management Strategy is implemented and an employee reward or profit sharing scheme is in place for every employee that met up with the performance appraisal. This will make employee to be partaker of the success of the firm and ensure they deliver their best.
Financial Control, Business Intelligence and Analysis
A strong financial control and analysis is in place.
Revenue and Expenditure variance analysis will be reviewed on a weekly basis to ensure that the business plan is effectively implemented and optimally controlled.
Adverse variances will be identified immediately and corrective action promptly implemented. Where changes in place is necessary, this will be discussed within the management team and action plans immediately implemented.
Client Service Delivery
A robust client delivery strategy will be in place. RFR Professionals will take client service to a new level by treating every customer as unique and special. As the practice aim to develop a pool of repeat and loyal customers, giving them a quality client service delivery that is unrivalled in Nigeria. This will be delivered in the most cost effective way.
