The accountancy sector has to deal with a changing market. Because of automations like online accounting, reduced disclosure requirements for companies and pressure on pricing, even accountants need to amend their business model. All industry reports indicate that growth (and often retention) of revenue can be found in the sales of advisory services.
Only few accounting firms offer risk management advice to complement their services. Accountants who have already adapted to their advising role prove to be of great value to their customers. They know the company well, often have a long-term relationship with their customers and have a lot of cases that can be used for comparison purposes.
In addition, accountants have learned in their training and working environments to make quick and sharp analysis. Accountant can play an important role in the risk management process of the SME entrepreneur. Applying and correctly implementing risk management requires quite some time and effort from the entrepreneurs and their consultants.
Oodit RiskPlan is an online risk management application in which the integrality of mitigating measures becomes the norm. In other words, risk management thus becomes part of the safety planning and performance cycle. Not only on the corporate level but especially in daily operations.
From Januari 1st of 2016 medium-sized enterprises are required to have information on their risk management included in their annual report. Not only the main risks that could potentially lead to uncertainties regarding the achievement of targets, but also all information on the impact of such risks and the measure taken to prevent or mitigate them.
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