Kirkwood Community College Risk Management In Accounting Paper Submit a detailed outline of the topic attached. Simple headings are not enough.This should

Kirkwood Community College Risk Management In Accounting Paper Submit a detailed outline of the topic attached. Simple headings are not enough.This should include a few lines under each section heading describing the content specifically for your paper. 300 to 500 words.additional resources:https://writingprocess.mit.edu/step-2-plan-and-organize/creating-detailed-outline Running head: RISK MANAGEMENT IN ACCOUNTING
Risk Management In Accounting
Name
Institution Affiliation
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RISK MANAGEMENT IN ACCOUNTING
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Risk Management In Accounting
Topic
The topic selected is risk management, specifically in the field of accounting. From the
perspective of business accounting, risk management alludes to the process of evaluating the
risks encountered in the course of the business operations. The risk can encompass any form of
damage that occurs and affects the resources within the organization. Risk management is a
concept that is very important for every organization. Nevertheless, it does not give the attention
it requires in the field of accounting. Financial institutions face numerous forms of risks that
affect business operations and resources. Thus, this topic focuses on assessing how organizations
can manage the natural and human-made risks in the organization. Therefore, this plan will focus
on evaluating the risks in accounting and establish methods of managing them.
Rationale
Risk management is an essential topic of discussion, and the organization must employ it
in order to overcome various types of risks motivated by both human and natural causes. In the
wake of the COVID-19, many businesses have been affected by the economic climate created by
the pandemic. The main reason they have been affected is because they were not expecting such
an emergency, so they were unaware. Lack of awareness and preparedness for various types of
disasters in the accounting sector contributes to the aggravation of the effects of risks. By
studying this topic, it will offer some insights on how the organizations can prepare and manage
different disasters. Also, there is limited literature on risk management that focuses explicitly on
the field of accounting. This is because, in most cases, the researchers focus on other areas like
RISK MANAGEMENT IN ACCOUNTING
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the technological sector. Thus, the selection of this topic follows the increased need for risk
management in accounting to alleviate some of the consequences of such emergencies.
Specialization
My area of specialization is accounting, which focuses on how the financial accounts are
maintained. It also prepares the learners to be accountants by introducing them to the principles
like auditing. The topic selected is consistent with my specialization because it highlights how
risks experienced in this field can be managed. As mentioned earlier, many risks face this field,
some can be managed while others are beyond control. The current outbreak of COVID-19 has
paralyzed most of the industries, including the accounting sector. This presents the need for
mitigation methods in the future to alleviate the consequences that come with such a disaster. It
is not possible to separate the idea of risk management and accounting. This is because the
concept assumes a vital role in preparing the institutions for the looming crisis. The ideas
acquired from this topic will be used in career life to handle different risks and disasters in the
workplace. Additionally, the topic equips one with the knowledge and insights about risk
management, and common risks encountered in accounting. Thus, risk management in
accounting is entrenched in my major, and the two are inseparable.
Reference
RISK MANAGEMENT IN ACCOUNTING
Soin, K., & Collier, P. (2013). Risk and risk management in management accounting and
control.
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