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