Risk Management is fundamental to good business. A well thought out business plan serves to identify risks, strategize ways to minimize or avoid those risks and develop contingency plans in case risks occur. By having a plan in place, businesses are prepared to deal with risks if they occur and can efficiently and effectively mitigate potential problems.
The first step in establishing a risk management plan is to be aware of potential issues such as cybersecurity threats and compliance with regulations, labor law compliance, the truth in negotiation violations and potential state and local tax implications. Government contractors face unique and evolving risks, such as DCAA oversight and new cybersecurity rules compliance.
Watch Risk Management for Government Contactors for a discussion on some of the current key areas of risk management and compliance for government contractors, including:
- Cyber risk, current regulations, FAR, DFARS and compliance issues
- TINA, challenging applicability, compliance best practices, defective pricing liability and potential defenses and DCAA center of excellence compliance audits
- Labor laws, key legislation and compliance and how to avoid penalties
- State and local tax responsibilities, current trends, nexus, Big Data implications, planning considerations and opportunities
Presenter(s): Neena Shukla, CPA, CFE, CGMA, FCPA, Partner, Government Contracting Team Leader, Lori Roberts, CPA, MSBA, CGMA, Manager, State and Local Tax Team Leader and Sam Davidson, PBMares Consultant, GovConConsulting2013