Risk Management and Internal Controls in Medium Sized Family Managed Listed Companies by SPJIMR, 2014

(Executive Summary)

Risk is inherent in every business and arises directly from its unpredictability. It is defined as the uncertainty of the occurrence of an event that could have a positive or a negative impact on the achievements of business objectives. Thus risk is now becoming the fourth dimension of business after people, processes and technology. Research work around the world has indicated that companies which succeed in turning risks into results are capable of creating competitive advantage for themselves.

Risk management is the process which aims at helping organizations understand, evaluate and take action on all their risks with a view to increasing the probability of success and reducing the likelihood of failure. Risk management backed by adequate internal controls has currently assumed greater importance due to the large number of corporate failures which have been largely attributed to the inability of boards to recognize the risks faced by the company and their failure to take suitable mitigation measures in time. Several regulatory measures have been promulgated in UK and USA since the late 1990s, . . .

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National Foundation for Corporate Governance
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Shalini Budathoki
Director (CII), NFCG
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