Mediterra established a dedicated Operations Team, İstinye Kurumsal Danışmanlık (IKD) in 2013 to assist portfolio companies on setting strategy, recruiting key staff, developing improvement programmes aimed at revenue management, reducing costs, optimising process effectiveness and improving working capital management.
İKD is an integral part of Mediterra’s value add to its portfolio companies and plays an important part in risk management at the portfolio companies.
The Operations Team serves two main functions: finance and internal audit.
Financial Management Consultancy
The Finance Operating Partner typically performs the following functions in a portfolio company:
- assesses finance organizations and finance function processes after the investment
- leads the recruitment of CFO and/or key finance staff
- prepares CFOs Annual Goals and Objectives, 100 Day plans liaising with the Investment Team and portfolio company CEOs
- mentors, advises and supports CFOs on financial matters as well as on managerial skills on a regular basis
- leads improvement of financial reporting, financial planning and analysis, accounting and treasury functions
- assists in the selection and ongoing relations with external auditors, tax consultants, ERP consultants
- helps instilling a culture of financial discipline in portfolio companies
- facilitates best practice sharing across portfolio companies
We add value to the sustainability of portfolio companies
Internal Audit Directorate assists Mediterra Capital Partners and portfolio companies’ management in their oversight, management and operating responsibilities by identifying and reporting ineffectiveness of internal control, risk management and governance processes as well as inefficiencies that cause waste of its resources through independent audits and/or advisory services. All portfolio companies are within the scope of Internal Audit.
Internal Audit Directorate is reporting directly to Mediterra Audit Committee that is composed of two Founding Partners.
We align our audit activities with business risks
In order to ensure internal audit activities to be aligned with the organizations’ business risks, we conduct risk assessment for each portfolio company and we base our internal audit activity's plan of engagements on this risk assessment.
The risk assessment process is designed to understand key business objectives and challenges and incorporate multiple types of business risks into a comprehensive framework. Risk assessment resulted in a list of portfolio companies’ processes that are prioritized from high risk to low risk and the list feeds the annual audit plan.
During internal audit fieldwork, we are physically on site at the portfolio companies’ locations performing the audit. We evaluate and test the design and effectiveness of existing controls. Internal auditors apply one or more test types including document review, interview, observation, analytical review and etc.
We act as a catalyst to manage risks
The ultimate product of Internal Audit Directorate is the internal audit report submitted to the companies’ management. Internal audit reports include recommendations to remediate the risk findings. We work together with companies’ management on the remediation plans.
We assess skills and value personal development
As the expectations of stakeholders rise, skills set required from internal auditors have expanded. The role of internal auditors has evolved. Therefore we constantly assess and understand the skills IAD has and has committed to continuous improvement.