RISKY BUSINESS: WHY ALL PROFESSIONALS NEED A RISK MANAGEMENT SYSTEM

The increasingly litigious nature of commercial dealings means that all professionals are becoming increasingly aware of risk management, and how to manage any claims which arise.  It is a rare accountant in public practice who will never be worried that they have made a serious mistake, and whether they may be sued as a result of that mistake.

The first step to minimising the likelihood of a claim is to have an effective risk management system.

Some basic principles of risk management are:

 

An important part of an effective risk management system is reminding principals and staff of the system, and keeping people focused on risk management.

This is an extract of a paper written by Fiona Halsey for the Tax Institute conference, which was presented on 24 August 2012.  If you would like a full copy of the paper, please contact any of us at Halseys or Licensee Solutions.

Required Action

Ensure that your firm has an effective risk management system in place.  If you need assistance, please contact any one of us.