Explaining Risk Management

Explaining Risk Management

Simply put, Risk Management is about:

Understanding all the possible things that might happen. Estimating the consequences of those events and situations, how they might affect our ability to achieve our objectives, and the likelihood of those effects. Determining whether those consequences are acceptable or desirable. Taking action to modify, as best we can, the consequences and/or their likelihood.

What we do for you…
– Implement segregation of duties to reduce risk of error or inappropriate actions. No one person has control over all aspects of any financial transaction.
– Make sure transactions are properly authorized by a person with approved authority.
– Ensure records are routinely reviewed and reconciled, by someone other than the preparer, to determine that transactions have been properly processed.
– Make certain that equipment, inventories, cash and other property are secured physically, counted periodically, and compared with item descriptions shown on control records.
– Provide employees with appropriate training and guidance to ensure they have the knowledge necessary to carry out their job duties with an appropriate level of direction and supervision.
– Document policies and procedures and making them accessible to employees to provide day-to-day guidance to your staff and continuation of duties in the event of prolonged employee absences or turnover.