Make sure your references are clear

Before

We also maintain a formal risk assessment and risk mitigation program that is administered by our Chief Financial Officer. Executive officers, in conjunction with members of our internal audit department, review this program periodically throughout the year. This process is intended to: (1) identify those risks that are most likely to affect the Company’s business, (2) assign an executive to be responsible for monitoring and mitigating those risks, and (3) provide a formal mechanism for the assigned executive to report back periodically on the adequacy and effect of mitigation efforts. The Audit Committee and the Board review the results of this process at each regularly scheduled meeting.

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Additionally, we conduct quarterly assessments that determine the amount of deferred tax assets that are more-likely-than-not to be realized, and therefore recorded. The available evidence used in connection with these assessments includes . . . . Based on these criteria, and in particular our projections for future taxable income, we currently believe it is more-likely-than-not that we will realize our net deferred tax asset in future periods. However, if our assessments prove incorrect, they could have a material adverse effect on our results of operations in the period in which they occur.

Before, with commentary

We also maintain a formal risk assessment and risk mitigation program that is administered by our Chief Financial Officer. Executive officers, in conjunction with members of our internal audit department, review this program periodically throughout the year [This is superfluous. The word “periodically” captures the idea just fine]. This process [What process? Are they referring to the review of the risk assessment and mitigation program or the program itself? Most likely, the review.] is intended to: (1) identify those risks that are most likely to affect the Company’s business, (2) assign an executive to be responsible for monitoring and mitigating those risks, and (3) provide a formal mechanism for the assigned executive to report back periodically on the adequacy and effect of mitigation efforts. The Audit Committee and the Board review the results of this process [same problem] at each regularly scheduled meeting.

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Additionally, we conduct quarterly assessments that determine the amount of deferred tax assets that are more-likely-than-not to be realized, and therefore recorded. The available evidence used in connection with these assessments includes . . . . Based on these criteria, and in particular our projections for future taxable income, we currently believe it is more-likely-than-not that we will realize our net deferred tax asset in future periods. However, if our assessments prove incorrect, they [What does “they” refer to? The assessments? More likely it refers to the company’s tax liability.] could have a material adverse effect on our results of operations in the period in which they occur.

After

We also maintain a formal risk assessment and risk mitigation program that is administered by our Chief Financial Officer. Executive officers, in conjunction with members of our internal audit department, review this program periodically. This review process is intended to: (1) identify those risks that are most likely to affect the Company’s business, (2) assign an executive to be responsible for monitoring and mitigating those risks, and (3) provide a formal mechanism for the assigned executive to report back periodically on the adequacy and effect of mitigation efforts. The Audit Committee and the Board consider the results of the review at each regularly scheduled meeting.

*****

Additionally, we conduct quarterly assessments that determine the amount of deferred tax assets that are more-likely-than-not to be realized, and therefore recorded. The available evidence used in connection with these assessments includes . . . . Based on these criteria, and in particular our projections for future taxable income, we currently believe it is more-likely-than-not that we will realize our net deferred tax asset in future periods. However, if our assessments prove incorrect, our actual tax liability could have a material adverse effect on our results of operations in the period in which it occurs.