The advent of Sarbanes-Oxley shed light on fiscal risk. Then, the financial crisis led to the desire to minimize taxation. In order to quantify tax risk, it is necessary to duly weigh risks against return in terms of money, rewards and reputation. A risk intelligence approach should balance value creation with risk generation, while accomplishing income and profit targets between the risk appetite limits. Risk anticipation and the appraisal of rules for mitigating tax lifecycle risks regarding planning, forecasting, compliance and controversy represent genetic information in the chain of corporate DNA. The occurrence of an unforeseen tax risk is capable of creating a domino effect by affecting the other risks. This paper explores the concept of tax risk management with particular reference to the specific risk areas, by using literature and visual representation structure techniques in order to provide clarity and insight for the tax risk management field.
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