Risk management assists with a wide variety of concerns. Risk management with the IRS may include potential and actual conflict relating to preparation of a return to assistance at examination, Appeals, or with Council.

For business valuers preparing a business valuation report for the IRS for example, a review of the report for how the IRS may look at the report may offer insights to assist a classifier or a technical reviewer at the IRS to more clearly understand the business valuation report. Reocmmendations like these can reduce the probability of an audit along with the time and resources necessary to address the needs of the IRS should an audit take place. 

Various elements of risk are spelled out in How to Work with the IRS: Strategies for Attorneys, Accountants and Appraisers. Areas may include for example valuation, research credit, and issues across a wide variety of areas such as compensation, construction, environmental, intellectual property, labor employee issues, mergers and acquisitions, nonprofits, emerging companies, and wealth management. Risks in companies include audit risk solutions, strategic planning, growth analysis, effective training, and positive coaching to resolve issues.

Areas may include technical and human relations. The purpose of risk management is to reduce uncertainty and risk internally, in government to client, or client to vendor. These may involve interactions between parties and include IRS-related matters, as well as include practitioner and valuator professional responsibility.