Risk management has always been important, and it came to the forefront for many organizations in 2020. A new risk heat map tool from the Association of International Certified Professional Accountants can help measure and manage risks. Lori Sexton, CPA, CGMA, a senior technical manager for management accounting, explains some of the features of the tool and how those features can expand an organization’s risk management function.

What you’ll learn from this episode:

• Explanation of a heat map’s role in effective enterprise risk management.
• More on the risk heat map tool’s addition of a qualitative aspect for evaluating risk.
• Why simple awareness of a risk is not enough to manage it well.
• Highlights of the JofA’s coverage of the Paycheck Protection Program and a change in the filing deadline for individual income taxes.