Risk Management and Preparing Your Organization for the Future

Recently, the global consulting firm Protiviti teamed up with NC State University’s Enterprise Risk Management Initiative to publish their ninth annual report on Executive Perspectives on Top Risks. This study reports the opinions of over 1,000 board members and C-suite executives on risks facing organizations in 2021, as well as their expectations of the risks facing their organizations in 2030.

While I read through the report, one big theme stood out to me – the importance of risk management and the role of boards and executives in devoting time to analyzing, identifying, and mitigating risks. Risk management professionals may not have predicted the emergence of a global pandemic or the impact it would have on the economy and our way of life,

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An Ounce of Prevention: The Importance of an Enterprise Risk Management Assessment

Has your organization completed an enterprise risk management assessment? Your external auditors may ask this question, and you may wonder why.

Your financial statements are audited annually by an independent audit firm. You have insurance policies in place, including insurance that covers cyber-attacks. Your staff keeps current on the list of federal, state, and local regulations that apply to your particular industry and operations. Why should you perform an enterprise risk management assessment?

Following is some background on this topic, and why it is of increasing importance and emphasis for all entities, including your small not-for-profit (NFP).

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Reducing Your Organization’s Uninsurable Risks

Organizations face complex risks each and every day – and not all of these risks are mitigated by insurance products. Risk managers face an increasing number of risks that, technically, are not insurable.

While organizations can insure against natural disasters, loss of a key decision maker, or cyber-attacks; it’s much harder to minimize exposure for new regulations, new presidential executive orders, or changes in the political or economic landscape.

How can organizations respond when these events are taking place? What about when they are happening at the same time? Below are some ways you can work toward reducing your organization’s uninsurable risks.

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Follow Financial Best Practices to Enhance Business Value

By Julie Eisenhauer, CPA

Are your company’s financial matters in order? Have you adequately addressed its financial risks? These are important questions your company should be answering regularly to address financial matters and enhance business value.

A strong financial house supports growth and sustainability – enhancing the value of a business. The following are key areas that should be considered when evaluating your company’s financial strength.

Audit Readiness

How would you rate your company in terms of being “audit ready”? Even if an outside accounting firm does not audit your financial statements, it is good business practice to have effective financial reporting processes in place.

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