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The purpose is to identify and evaluate potential risks that could impact financial reporting, compliance, or operations, allowing the organization to manage and mitigate those threats proactively.
Risk assessments should be conducted at least annually, and more frequently if significant changes occur within the organization or its environment.
Aplos offers features for monitoring transactions, tracking compliance, and documenting controls, making it easier for nonprofits to identify and respond to potential risks.
Common risks include financial misstatements, fraud, non-compliance with grant requirements, and inadequate internal controls.
Risk assessment informs the design and implementation of internal controls, helping ensure resources are focused on mitigating significant risks.