This risk can be seen in these 5 areas

 

Taxes and other mandatory payment. 

Legal requirements 

IT requirement. 

Labour laws and right. 

Internal control and adherence to organisational policies

 

TAXES AND OTHER MANDATORY PAYMENTS. 

 

Tax constitute a major compliance risk to many businesses. 

Ability to manage this risk can mean success to your businesses.

Always look for legal opportunity to reduce your taxes. 

In any tax system there are possible legal ways to reduce your taxes. 

Some are deliberately created to encourage savings, pension arrangement and employment. 

Work with a tax expert and also research on a particular tax matter to understand some tax transaction important to you. 

 

You should know that no matter the tax expert you hire you are responsible for your

tax matters.

‘Financial-Tax budget’ is important to put in place.

 

 

 

 

 

 

 

LEGAL REQUIREMENTS. 

 

Many businesses need to meet certain requirements before they can operate.

Registration with authorities and having operating license.

Information technology. 

Laws regarding information technology needs to. Security of private information. Data security and compliance to I.T standard and laws.

 

 Disclaimer: Obi Azubuike is not by this publication acting as a professional advisers and therefore not liable to any  damage whatsoever for your acting or refraining to act based on  this publication. Consult your professional for advice. 

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LABOUR LAWS AND RIGHT

Businesses needs to manage humans. 

A lot of business risk comes from human capital management. 

Understanding labour laws. And introducing policies that will protect the organization from litigation and reputational risk.

Internal control and adherence to organisational policy

Internal control is key to fraud and theft prevention.

Regular checking to see that organisational controls are strong. And the policy is being controls are being adhered. How organisational resources are being used is monitored. These resources are effectively and efficiently used.

Assurance that all organisational revenue is being accounted for.