ACC 544 Week 2 Justification for an Internal Control System

May 4th, 2015
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ACC 544 Week 2 Justification for an Internal Control System

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Justification for an Internal Control SystemNAMEACC/544DATEProfessor: NAMEIn response to management request for additional information, our team has determined the justification for an internal control system is compelling. Although controls are in place based on the insurance and portfolio risk management approaches, the benefits achieved by implementing an internal control system are greater. A discussion of the validity of both insurance and portfolio approaches is included below along with a definition and description of benefits relating to an internal control system based strategy.Insurance and Portfolio Approach ValidityFirst, one defines the business concept of risk management as the identification, evaluation, and subsequent prioritization of risks followed by effective and efficient resolution activities in order to reduce, monitor, and control the likelihood and/or impact of business events (Raval & Fichadia, 2007). Two strategic means of minimizing identified risks presently used by our company are the insurance and portfolio approaches; each provide a valid solution to managing these risks. Our insurance approach to risk management utilizes specific insurance policies to mitigate risks typical to most organizations such as the safeguarding of assets due to threats of fire, flood, or theft and accident liability. These risks are partially transferred to a third party insurer should an unfortunate event occur protecting us against a mu

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