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This step is about planning what is going to happen in the following steps. As the architects say, without a proper plan there is no good structure.

The planning step entails:

      • Accounting systems.
      • Detailed audit plan.
      • Assemble audit team.
      • Communicate plan.

Risk management is not the responsibility of a single department

It is the responsibility of everyone, from the chief executive down. Past corporate failings have been attributed to lack of accountability, strategy and transparency.

Tougher expectations by regulators and other stakeholders now mean that corporates and financial institutions should demonstrate better discipline, control and responsibility. Failure to keep on top of and comply with existing and emerging regulation could jeopardize reputations and livelihoods. How robust is your governance, risk and compliance program?

Financial risks have probably never been more acute. Capital reserves, credit portfolios, investment policies and capital and debt profiles all demand constant scrutiny to adequately manage and mitigate risk.

Companies should also be vigilant about risks presented by suppliers. A counterparty who defaults on a contract, or whose business collapses, can have serious financial and reputational ramifications for connected parties.

Fraud risks can also increase when cash is tight. Some employees become more opportunistic

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