Why is managing risk important for accountants?
A key role of the finance function is risk management. Given the current economic environment managing business risk is exceedingly high on board meeting agendas. Whilst risk management is the responsibility of all board directors – the role is often led the finance director.
Questions which should be asked to finance directors
• Do you the concept of risk management?
• Are you knowledgeable about the of impact risk management on a company?
• Do you understand the processes required for risk management to be put in place?
• Are you aware of the Bribery Act and its implications?
• Do you use recent risk management disasters to help avoid future problems?
• Can you manage the effects of extreme events on a business?
Can risk be managed?
Wherever the cause of risk is internal or external, should senior management have been aware of the risk and taken evasive action? or should they at least be in a position to react quickly and positively when the problem arose?
Online course on risk management for accountants
Financial Fluency’s online training course on risk management looks at the context in which the concept of risk management has developed, the sort of infrastructure and processes it requires, and the impact it has on traditional control systems.
The course also looks at some of the risks facing businesses which have made national and international news.