Honors Theses
Date of Award
Spring 5-9-2024
Document Type
Undergraduate Thesis
Department
Accountancy
First Advisor
Victoria Dickinson
Second Advisor
Mark Wilder
Relational Format
Thesis
Abstract
This essay provides a thorough analysis of business risk management, emphasizing the complex interactions between operational risk, cybersecurity risk, ESG (environmental, social, and governance) requirements, audit risk, disaster risk, and financial collapse prevention tactics. This study sheds light on the complex issues that contemporary businesses must deal with and provides guidance on practical risk-reduction strategies.
The analysis begins by scrutinizing operational risk, highlighting how internal processes, supply chain disruptions, and external factors can threaten organizational resilience. The essay emphasizes the significance of proactive risk identification, strong controls, and quick response mechanisms in ensuring company continuity by using real-world examples.
Subsequently, the study delves into cybersecurity risk, examining the evolving threat landscape and its implications for data security, regulatory compliance, and reputational integrity. Moreover, it explores the growing significance of ESG considerations in corporate risk management, illustrating how environmental sustainability, social responsibility, and governance practices contribute to long-term value creation and stakeholder trust. The report illustrates the concrete advantages of ESG integration in risk mitigation, brand resilience, and sustainable growth.
The study also assesses audit risk and its function in fostering accountability, openness, and moral behavior in businesses. The essay highlights the significance of independent assurance in bolstering internal controls and improving company governance by scrutinizing financial statements and pinpointing accounts that are vulnerable to risk.
Additionally, the research explores disaster risk and strategies for building organizational resilience in the face of natural calamities, pandemics, and geopolitical disruptions. The essay provides practical advice for reducing the risks associated with disasters and maintaining operational continuity.
In order to ensure organizational solvency and long-term viability, the essay concludes by examining methods for preventing financial collapse and highlighting the significance of prudent risk management, financial foresight, and strategic decision-making. For businesses looking to navigate unpredictable settings and manage risks sustainably, the research offers helpful suggestions through an integrated review of risk mitigation measures and financial resilience frameworks.
Recommended Citation
Waits, Jay, "Examining Practical Applications of Accounting Principles" (2024). Honors Theses. 3169.
https://egrove.olemiss.edu/hon_thesis/3169
Creative Commons License
This work is licensed under a Creative Commons Attribution 3.0 License.