Business assurance is defined as anything that assists or supports a company in ensuring that things are going as intended. More specifically, it involves real-time processes and controls that are ingrained in the organization's decision-making and culture.
Business Assurance mitigates risks by ensuring that appropriate provisions are in place for a firm or organization to actively manage potential risks. Risk assurance includes internal procedures such as financial control and security, management and internal controls, inspection, internal audit, and compliance.
Business Assurance provides confidence and financial liquidity, which is critical in any succession planning process. It is in charge of ensuring the effectiveness, efficiency, and dependability of company standards and rules, as well as operational procedures.
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