Risk assurance

Risk assurance is often associated with accounting practices and is a growing industry whereby internal processes are developed to create a "checks and balances" system. These checks predominantly identify differences between risk appetite and real risk .Business risk refers to factors that can affect the company, both internally and externally. There are various types of business risks: strategic, compliance, financial and operational. Risk assurance aims to mitigate any of these areas. As such, companies can pre-analyse the industry to scout for potential risks or if a risk has already occurred, managers can analyse the problem in an attempt to mitigate the effects.

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