What is the difference between a risk assessment and compliance audit?

The purpose of risk assessment is to find out which problems can happen to your business operations – that is, what can jeopardize the confidentiality, integrity and availability of your information, or what can threaten the continuity of your operations.  Risk assessment is part of the risk management process. A compliance audit, on the other hand, is nothing more than listing all the rules and requirements and then finding out if those rules and requirements are complied with by the business.

About MBS' Risk Assessments 

Owning your own business comes with risk, as you are surely aware.  It’s important for every small business owner to have a risk management strategy in place from the start. You will need to take the time to identify possible risks to your business. This is where MBS comes in to play. MBS will partners with you to help protect your business in case of noncompliance risk (fines, late fees, penalties, dissolution) and should help you to keep your business operating during. . MBS works out the odds of each event and the potential cost to you in order to set up a contingency plan to protect your business and bottom line. MBS will look at how to reduce business risk by conducting a small business risk assessment and provide solutions for you to acting accordingly.

As part of the risk assessment, MBS will:

  • Identify all the risks related to your business

  • Identify the risk owners

  • Assess the impact and likelihood of risks

  • Determine the level of risks

  • Decide whether the risk needs to be treated or not

MBS IS NOT A LAW FIRM. The information contained in this web site is for general guidance on matters of interest only. The application and impact of laws can vary widely based on the specific facts involved. Given the changing nature of laws, rules and regulations, and the inherent hazards of electronic communication, there may be delays, omissions or inaccuracies in information contained in this site.

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