Confronted with an abundance of compliance deadlines such as GDPR and MTD, it is essential for accountants in practice to have a risk management strategy to comply with these legislations.
In these uncertain times, having a plan to reduce risk makes sense to secure the long-term survival of your firm.
Joining the On Compliance podcast to explain their firms approach towards risk management are two growth-focused accountants: Lucy Cohen is the co-founder and commercial director of Mazuma Accountants; and also on hand to give his view is Olly Evans, who is the director of Evans and partners.
With the shadow of GDPR still looming large, and not least the unknown commodity known as Brexit, Cohen and Evans discussed how they went about understanding their strengths and weaknesses and how their findings fed into their growth and risk management plans.
Over the course of this episode, Cohen and Evans discuss:
Why risk management is important for their firms
How they’ve made risk management part of the culture of their firms
How they apply risk management to other areas such as marketing and recruitment
Their risk management processes when it comes to GDPR and self assessment season
Whether you can apply risk management to the unpredictable like Brexit