Why should companies work on risks?
Why is it important to reduce risk?
The main reason is that by reducing risks, you minimize hours of litigation and criminal trials. This means you make savings. You save not only money but time, health and nerves, maintain your reputation and retain clients.
Unfortunately, in our country, most companies are at risk, especially in terms of additional tax assessment, as well as criminal prosecution, particularly in cases of tax evasion.
As a proficient executive, you are probably trying your best to prevent the above-mentioned unpleasant incidents from happening. However, not everyone can do this. Why?
The reason is that companies and their executives often lose sight of one important tool – issue or risk audit.
We are not talking about incredibly expensive financial audits. This is about a regular meeting with your business consultant and legal counselor in order to analyze the situation and gain an understanding of the ways to minimize additional charges or possible criminal trials. When we say to minimize, we mean keeping to a minimum or not getting at all.
The most interesting part is that such an analysis will definitely help you find similarities and/or patterns among all the problematic points. Most likely, you experienced all these problematic issues a dozen times before. As a result, you may have lost track of something significant. That is why the company constantly faces all the same issues.
For example, the policy of your company provides for engaging an external consultant only if you receive an additional charge on taxes and fees.
Some companies, even in this case, try to deal with this issue on their own. After receiving an additional charge on taxes, the company and its executives are expected to have expensive and complex litigation, and at the same time, experience all the “great” things about criminal trials with interrogations, searches, and seizures of accounts and property.
You immerse in the process of solving your issues so often that you simply don’t see the full picture from above. This is exactly why the only thing you do is trying to solve the already existing problems.
Ask yourself a question: “Can I do something another way? Can my company avoid these high-priced issues by implementing a different policy? What should I do so that I simply don’t have such difficulties in the future? ”
What would you do if you were told that you can reduce additional charges on taxes without even reaching the stage of receiving a tax note decision and tax prosecution if you begin to conduct an audit (analysis) at the stage of receiving a request yet not after receiving a tax charge?
Maybe it’s time to introduce new policies and rules that will reduce both financial and time costs, and in some cases even help prevent sensitive lawsuits and criminal trials?
THIS is all about the REASONABLE ECONOMY!
If you are ready, go ahead!
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