Corporate Services
Risk Management
Every business carries risk. The useful question is which risks you have actually identified, which you are carrying without knowing, and whether the controls you rely on would catch a serious problem. BPS works through all three.
What risk management involves
Risk management is a sequence, not a document. Identify what could realistically go wrong — operational, financial, compliance, people, external. Assess each one by how likely it is and what it would cost you. Then mitigate the exposures worth mitigating, and monitor them so the picture stays current as the business changes.
Controls are where most of that mitigation lives. Internal controls are the checks and procedures that protect you from error and fraud inside the business. External controls are what prepares you for the audits, inspections and regulations you answer to beyond it. BPS reviews both, identifies the weak points and implements practical measures.
The point of rating risk before treating it is that it stops effort going to whatever is most visible. Businesses routinely over-control a small, familiar exposure while a larger one sits unexamined because nobody has ever written it down.
Who it’s for
You’ll recognise the situation if any of these apply.
You’re not confident your current controls would catch a serious error or fraud.
Risk is discussed when something goes wrong, and not otherwise.
Manual processes leave room for errors to pass undetected.
An external audit or inspection is approaching and you want to be prepared.
Past audits or reviews have flagged control weaknesses.
Growth has outpaced the checks established when the business was smaller.
A board, insurer or funder has asked to see your risk register.
You depend heavily on one supplier, system, customer or individual.
How we run the process
Every engagement is scoped to your situation. These are the areas we typically cover.
- Identify the risks the business actually carries — operational, financial, compliance, people and external.
- Assess each by likelihood and consequence, so effort goes where the real exposure sits.
- Assess your control environment and identify weaknesses and gaps.
- Design and implement control procedures suited to your business and risk profile.
- Streamline processes and introduce automation to reduce the risk of error.
- Implement fraud prevention and detection measures.
- Evaluate your compliance against relevant regulations and standards.
- Prepare you for external audits and help close any gaps identified.
- Establish a risk register with named owners, agreed treatments and review dates.
- Set the reporting so the board or leadership sees risk change over time, not once a year.
What you get
The outcomes this service is measured by.
- A clear, rated view of the risks the business is actually carrying.
- Fewer errors and a lower risk of fraud.
- Confidence heading into audits and inspections.
- Clear, documented procedures your team can follow.
- Control effort concentrated on the exposures that warrant it.
- A live risk register rather than a document written once and filed.
- Stronger accountability and trust with stakeholders.
Why BPS
We rate the risk before we build the control, so you spend on the exposures that matter — and we cover the internal checks and the external readiness in one engagement, built to work together. BPS is based in Perth and works with businesses across Western Australia.
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Tell us what keeps you awake about the business, and we’ll tell you whether it’s the risk you should be worried about.
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