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How Does Opportunity Risk Apply to Financial Business Processes?

Posted by Protiviti KnowledgeLeader on Thu, May 03, 2018 @ 10:08 AM

Opportunity risk occurs whenever there’s a possibility that a better opportunity may become available after having committed to an irreversible decision.

We all experience opportunity risk at its most basic level several times a week. For example, imagine you have enough cash on you for lunch in a new town and you’re trying to decide between two restaurants you’ve never tried. What if you spend your time and money on the first option and it’s terrible? Or even maybe it’s not terrible, but the second option is just so much better?

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Topics: risk assessment, strategic risk, performance management/measurement, KL Tools, budgeting, cost management

What is Strategic Forecasting?

Posted by Protiviti KnowledgeLeader on Thu, Feb 01, 2018 @ 11:27 AM

Budgeting is a systematic process for:

  • Expressing future plans in formal quantitative terms
  • Allocating resources to achieve strategic goals
  • Monitoring progress toward goals
  • Controlling spending
  • Predicting cash flow and profits
  • Serving as a vehicle for communicating plans in an orderly manner throughout the organization
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Topics: audit planning, accounting/finance, KL Tools, budgeting

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