IK Soon Auto Supply Sdn. Bhd. (Puchong): Risk Management and Internal Control Corporate Governance Policy

Toong, Wei Yen (2024) IK Soon Auto Supply Sdn. Bhd. (Puchong): Risk Management and Internal Control Corporate Governance Policy. Masters thesis, Tunku Abdul Rahman University of Management and Technology.

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Abstract

In the realm of small family businesses, effective risk management and internal control mechanisms play a pivotal role in ensuring sustainability, growth, and longevity. This paper explores the significance of risk management and internal control within the context of small family enterprises, elucidating their role in mitigating potential threats and maximizing opportunities. Through a comprehensive review of literature, this study examines the unique challenges faced by small family businesses in implementing robust risk management and internal control frameworks, including resource constraints, familial dynamics, and succession planning complexities. Additionally, it identifies best practices and practical strategies tailored to the specific needs and characteristics of small family enterprises. By addressing these challenges and leveraging appropriate risk management and internal control measures, small family businesses can enhance resilience, foster innovation, and achieve sustainable success in an ever-evolving business landscape. This research contributes to the existing body of knowledge by offering insights and recommendations to support small family businesses in effectively navigating risk and optimizing performance