THE ROLE OF RISK MANAGEMENT IN ACCOUNTING AND CONTROL

Abstract

The strategies of managing the risks emerging in the company plays an important role in maintaining the financial status of the company. There have been several risk management techniques which were introduced by the researchers to overcome problems associated with accounting & the control systems of the company. These methods were implemented only on the specific firms, to address this gap, the present research is conducted, so that the strategies of risk management can be implemented on each and every firms located in Britain. There is need to evaluate every working stages, so that the risks emerged in every activity can be identified easily. So, the safer & legal modifications in the process carried out in the organization were done accordingly in accounting & control system. The financial entities like securities & interests should be manged in an optimized manner for the financial development of the organization. Each and every individual should be assigned with a particular task in such a way that the task should be transparent and should be completed within the allotted time period. The strategies of risk management had proved to be beneficial in reducing the errors occurred in accounting activities. In most sectors of society, we suggest both fresh and more advanced analytical approaches and methods for risk analysis and methodology.