Risk management is an important business practice that helps businesses identify, evaluate, track, and mitigate the risks present in the business environment. It is practiced by the business of all sizes and in various industries.

Benefits of Enterprise Risk Management:

• Financial: Good risk management processes can lower your operating costs as you are managing them efficiently.
• Governance: Companies benefit from good corporate governance which leads to organisation growth
• Reputation and Brand: A strong approach to risk management improves the perception of your brand and contributes to improvement of value to stakeholders.
• Compliance: Companies that undertake risk management are always cognisant of their compliance requirements and always endeavour to abide by them

Pre- Audit

A pre-audit is the preliminary phase of an audit prior to the official examination of the accuracy of an organization’s financial statements predominantly used to establish the scope of the audit and the areas of concern;

Why undertake one

It provides a platform for:

– Gathering background information, documentations and records.

– Error rectification and prevention of ‘Audit-time surprises’.