Implementation of risk management during the revenue cycle

Risk management is crucial for the effective performance of companies. This work was conducted to address the absence of a risk management function in an established company in Indonesia. A risk management plan was implemented to improve the control performance of the internal audit division of the investigated company. In this research, the ISO 31000 standard was used as the basis of risk management and was implemented during the revenue cycle to ensure that the cycle coincided with the company's expectations. The implementation of risk management encompassed risk recommendation for controlling the identified risk. Data were obtained through direct observation, documentation, interviews, and literature study. The results of this research will provide suggestions for risk management to improve the effectiveness and efficiency of internal auditing.