Answer to Question #65753 in Finance for Abdul

Question #65753
Discuss the key assumptions underlying the company’s risk strategy and how it aligns itself to the competitive intelligence process to monitor external factors for changes that could alter those assumptions
Expert's answer
At a minimum, the planning process must involve an evaluation of the impacts that the strategy will have on the business to determine if it will actually help accomplish the outcomes intended. That is the absolute minimum requirement.
The strategic plan development or refresh process is the one key point to get in front of idle supposition and truly manage assumptions, risks and impediments. When strategy is well developed, there will be an actual plan for implementation associated with the strategy. A holistic plan defines goals that support the strategy and addresses the operational tactics that will accomplish the goals. No business possesses a crystal ball to know exactly what will happen in the economy, financial markets or competitors next bold moves. That means that assumptions are a necessary evil.


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