Tax Risk Management: An Inconvenient Truth

Most enterprises face a growing tax burden and audit risk, yet many are not stepping up efforts to automate tax processes and reduce tax risk factors. Finance and risk professionals must pursue risk management and enterprise tax automation concurrently to avoid inefficiency or financial fallout. How? First, consider implementing a tax management software application to automate tax process best practices. Next, identify the key task risk elements — including reputation, regulatory, operational, economic, and corporate risks — that could affect your organization and create ongoing monitoring and mitigation plans.