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A core role of the board is to assess, monitor and mitigate risk. For the purposes of this section, we are considering financial risk – but it does not stop there. You should also consider the guidance of the Risk Management toolkit.

Risk mitigation can be likened to warming up before a race. It may not stop injury, but it is certainly a great preventative measure. Financial risk management is no different. What mechanisms, or controls, do you have in place to ensure there are no considerable holes in your financial function?

Controls can often be difficult to implement in operations with limited opportunity to segregate duties. However, by asking a series of questions around where risk exists in a process, it becomes clearer that steps can be taken to reduce any exposure.

Disclaimer

Note: as with any legal and financial documents, this does not replace obtaining legal and financial advice on each sports specific requirements and it is recommended you do so.

The information provided in the framework and tool kit is for your information only.  The authors and the NSW Office of Sport accept no responsibility for the accuracy of the information or your reliance upon it.

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