Q2 Q3

Question 1

System - Enterprise Risk Management

Answer 1

Implementing an ERM framework would provide a holistic approach identifying, assessing, and managing risk across all levels of the organisation.
This framework involves systematically identifying and prioritising risks, assessing their potential impact and likelihood, and develop strategies to mitigate or manage them.
Example

Question 2

System - Internal Control System

Answer 2

Establishing a robust internal control system is crucial to mitigating risks and ensuring integrity of financial reporting.
Internal Control Systems should include policies, procedures, and mechanisms designed to safeguard assets, ensure accuracy in financial reporting, and promote compliance with regulations.
It is crucial to implement controls that promote accountability and transparency at each site while also ensuring consistency across the organisation.
could involve standardising accounting practices, implementing segregation of duties, and conducting regular audits to monitor compliance.