The framework

Our fiscal risk management framework is a comprehensive methodology specifically structured to manage tax risks effectively and holistically.

Fiscal risk management framework

Framework methodology

• Process identification: identifying the process by which the various taxes originate, are recorded, disclosed and paid
• Risk identification: identifying the various risks that may have an impact on your company’s tax position through an interactive workshop (for more on risks, refer to Tax Technical Risk and Legislative Risk; Regulatory Risk; Compliance Risk; and Financial Reporting Risk)
• Control identification: once the risks have been identified, key controls are developed to minimise them
• Document: the process, risks and controls are documented in a tax risk policy document, which is used as a basis for managing the company’s tax position
• Monitor: a tax committee is established, which then reports to an appropriate committee of the board on the company’s tax position and risks. As part of the committee we at Grant Thornton can provide a valuable contribution to the process and provide updates on new developments in tax law