Account Risk Management Checklist
Follow the steps accordingly and check the box once a step has been completed.
DONE | TASK |
|---|
✔ | Identify potential financial risks including liquidity and legal risks. |
| Assess new risks emerging due to technological advancements. |
| Evaluate the likelihood and impact of identified risks on financial statements. |
| Consider the effectiveness of existing control measures in mitigating these risks. |
| Develop strategies to mitigate, accept, transfer, or avoid risks. |
| Establish thresholds for risk tolerance and define actions for risks exceeding these thresholds. |
| Execute risk response plans through policy changes, process adjustments, and allocation of resources. |
| Update risk management strategies based on new information or changes in the organization’s context. |
| Strengthen internal controls to prevent and detect errors and fraud in financial reporting. |
| Ensure compliance with accounting standards and regulations. |
| Maintain comprehensive documentation of risk management policies, assessments, and procedures. |
| Ensure records are securely stored and readily accessible for review and audit. |
| Engage external auditors to review the effectiveness of the risk management process. |
| Continuously explore and integrate technological advancements that can enhance risk detection and management capabilities. |
