Risk Management

Risk Management

    In these uncertain times it is more important than ever to be able to identify the risks and opportunities that organisations face. As a member of the Institute of Risk Management and having worked as an internal auditor I know how time consuming it can be to formulate and keep “live” an active risk assessment process.

I can work with you to help identify the circumstances or events that would prevent an organisation achieving the goals and objectives set out in the business plan or strategy. Risk management should not be a negative process, if organisations do not take risks they do not do anything. The risk assessment process involves looking at the relative risks of providing particular services and to what extent those risks can be offset or mitigated.

This process often identifies opportunities as well as risks. The process involves:

    Identifying the risks and opportunities
    Scoring those risks as to the impact should the event occur and the likelihood of its occurrence
    Reviewing any controls/procedures already in place to offset the risk and considering whether these controls are adequate. If not what further measures can be taken and how effectively would these new measures reduce the risk.

This approach enables organisations to concentrate on the high scoring risks and keep them under review.

Not For Profit Organisations
The Charity Commission guidance states:

    Charity Trustees should regularly review and assess the risks faced by their charity in all areas of its work, and plan for the management of those risks. Risk is an every day part of charitable activity and managing it effectively is essential if Trustees are to achieve their key objectives and safeguard their charity's funds and assets.
    There is a legal requirement for Trustees of charities requiring an audit to make a risk management statement in their annual report.

If you feel that your organisation would benefit from some assistance with their risk management processes please contact me and we can discuss matters further.

You do not need to be one of our accountancy clients to benefit from our risk management consultancy. To find out more about effective risk management please contact Patricia on