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Risks are bound up with all aspects of business life, from deciding to launch a major new product
to leaving petty cash in an unlocked box. The Paper P1 syllabus highlights risk management as
an essential element of business governance. The examiner has emphasised that being aware of
all possible risks, and understanding their potential impact – as well as the probability of their
occurrence – are important safeguards for investors and other stakeholders. Relevant to ACCA Qualification Paper P1 Governance, Risk and Ethics.