How does GFEBS handle "Risk Management"?

GFEBS, or General Fund Enterprise Business System, approaches risk management by assessing and mitigating risks associated with financial transactions and compliance. This method is crucial because it ensures that the system can identify potential risks that may affect financial reporting, auditing, and compliance with various regulations.

Risk management in GFEBS is about recognizing that risks are inherent in financial operations and finding strategies to minimize their impact rather than trying to eliminate all potential risks. By putting processes in place to assess and manage these risks, GFEBS not only helps to ensure accurate financial management but also reinforces compliance with established standards and regulations.

This comprehensive approach means that GFEBS does not simply transfer risks to third parties, which would not effectively protect the integrity of financial operations. It also does not aim to eliminate all risks entirely, since that is often impractical and could lead to oversight of important risks that cannot be controlled. Lastly, the focus of GFEBS is not solely on financial risks but encompasses a broader view to ensure all aspects of compliance and operational risk are managed effectively.