ACCOUNTING FOR RISK ASSESSMENT AND MITIGATION IN FIDUCIARY SETTINGS
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ACCOUNTING FOR RISK ASSESSMENT AND MITIGATION IN FIDUCIARY SETTINGS
Abstract: Risk assessment and mitigation are essential elements of fiduciary accounting, aimed at safeguarding clients' assets and ensuring financial stability. This study aims to (1) explore the methodologies used in risk assessment and mitigation by fiduciary accountants, (2) evaluate the effectiveness of these methodologies, and (3) identify best practices for risk management in fiduciary settings. A survey research design was employed to gather detailed insights from fiduciary accountants on their risk management practices. The sample size, calculated using Taro Yamane’s formula, includes 210 fiduciary accountants, ensuring a robust dataset with a 95% confidence level and a 5% margin of error. The case study selected is a major insurance company in Lagos, known for its comprehensive risk assessment protocols. The reliability coefficient score for the survey was 0.90, indicating excellent reliability. Findings indicate that effective risk assessment and mitigation require a combination of advanced analytical tools and thorough understanding of financial risks. The study recommends that fiduciary accounting firms invest in cutting-edge risk management technologies and provide continuous training to their accountants on emerging risk factors.
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