The Risk
What is Risk?
the risk that an auditor may issue an unqualified report due to the auditor's failure to detect material misstatement either due to error or fraud.
Deciding who will help you with your duties
Controlling the risks
Things you need to do
As part of managing the health and safety of your business, you must control the risks in your workplace. To do this you need to think about what might cause harm to people and decide whether you are taking reasonable steps to prevent that harm.
This process is known as risk assessment and it is something you are required by law to carry out. If you have fewer than five employees you don’t have to write anything down.
A risk assessment is not about creating huge amounts of paperwork but rather about identifying sensible measures to control the risks in your workplace.
Risk is defined as the probability of an event and its consequences. Risk management is the practice of using processes, methods and tools for managing these risks.
MANAGE RISK
Risk management focuses on identifying what could go wrong, evaluating which risks should be dealt with and implementing strategies to deal with those risks. Businesses that have identified the risks will be better prepared and have a more cost-effective way of dealing with them.
This guide sets out how to identify the risks your business may face. It also looks at how to implement an effective risk management policy and program which can increase your business' chances of success and reduce the possibility of failure.
Reference : www.google.coom and www.wikipedia.coom
