RISK MANAGEMENT AND AUDIT: Risk management is a process of proactively identifying issues and assessing their potential impact on the company. Some of the main risk areas in any organisation will include:
- Compliance risk
- Financial risk
- Operational risk
Management is responsible for internal control in the company and it should implement a risk management and control system, which is designed to ensure the business is focused on achieving its objectives and that significant risks are identified and mitigated to the extent possible.