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Managing Opportunities and Risks

Publisher: AICPA
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Description

Does your risk management process focus only on potential hazards that should be avoided? Are you forgoing innovation and market success by focusing on the downside of risk?  Effective risk management can be a valuable source of competitive advantage, but only if risks and opportunities are viewed like the two sides to the same coin.

This new guide, developed in collaboration with CIMA and CMA Canada, provides guidance for enhancing your risk management system to include both risk mitigation and opportunity assessment. It outlines:

  • Strategies for identifying risks and opportunities
  • Methods for identifying opportunities that ignite innovation
  • Techniques that organizations can use to alter their risk appetite and capitalize on opportunities
  • A seven-step process for performing a more flexible ROI calculation that better incorporates the options created by a new investment

These tools and techniques will help you move beyond the traditional view of risk as a value destroyer, and develop methods to use to realize the hidden potential in your company.

AICPA Members can download this PDF file free of charge by logging onto the Financial Management Center

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Table of Contents

  • Introduction
  • The Role Of Financial Professionals
  • Background
  • Model For Risk & Opportunity Management
    • Identifying Risks & Opportunities
    • Managing Risks & Opportunities
    • Evaluating Risk & Opportunity Through Roi And Other Methods
  • Conclusion
  • Endnotes
  • Bibliography

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Excerpts

Untitled Document

INTRODUCTION

Risk taking, the engine driving business, is vital to companies seeking market success. Risks are, however, often thought of only as hazards, despite the fact that they can present significant opportunities and possibilities for organizational innovation and new competitive advantage leading to short- and long-term profitability. In fact, risk and opportunity are a duality—like two sides to the same coin.

Managing hazardous risk has been increasingly recognized as a critical business issue prompted by events as diverse as the financial debacles of companies like Enron,Worldcom, and Parmalat, the terrorist events of September 11, 2001, and the hurricane disaster of Katrina in 2005. CMA Canada, the AICPA, and CIMA have responded with four Guidelines that address this issue:

  1. “Identifying, Measuring, and Managing Organizational Risks for Improved Performance”;
  2. “The Reporting of Organizational Risks for Internal and External Decision Making”;
  3. “Integrating Social and Political Risk into Management Decision Making”; and
  4. “Business Continuity Management”.

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Publication On-Demand 2008
Product# 030011PDF
Availability:Online Access
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