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Source: Practical Accountant
Not all business risks can be insured. These include risks related to human resources, compliance, security, safety, reputation, etc.
CPA firms are well positioned to identify and evaluate risks faced by their clients.
Some of these risks are related to the following:
- Capital projects and construction
- Corporate security
- Credit risk
- Financial processes
- Regulatory matters
- Supply chains
- Trading and commodity risks
- Treasury risk
- Technology risks including security, privacy, business continuity, change management, asset management, program management, and application control effectiveness
Following are some of the services offered by the risk management groups of CPA firms:
- Sarbanes-Oxley compliance
- Insurance litigation support
- Claims analysis
- Policy reviews
- Cost analysis
- Management of outsourcing risks
- Review of loss exposures
- Development and support of disaster and contingency plans
- Assessments of areas of exposure
- Outsourced internal audit functions
- Development of anti-fraud procedures
- Protection of personal asset risk
- Protection of personal medical risk exposure
Here are some of the accreditations available to professionals who offer risk management services:
- Certified risk manager
- Chartered property and casualty underwriter
- Certified insurance counselor
- Certified internal auditor
- Certified information systems auditor
- Certified regulatory compliance manager
From Practical Accountant, November 2005. For the complete article, click on the following link: http://www.webcpa.com/article.cfm?articleid=15953&;pg=pracacc. |
