This segment of the Model is important for professional firms because resources cause them unique management issues. First of all, as most professional firms continue to trade as partnerships, this causes resource limitations and restrictions on the rate and pace of growth where partners have to self-finance expansion plans. Secondly, professionals are trained to be risk averse when advising clients. As a result, what often appears to outsiders to be a viable business risk is voted out by partners who are not comfortable with that choice. And thirdly, partners have a natural interest in agreeing and monitoring how resources are managed and their money is spent.
KeywordsRisk Management Action Point Formal Complaint Effective Risk Management Time Audit
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