Risk Management
Something that could go wrong.
Risk
In budgeting and risk management, this term refers to the moral principles that guide a company’s decisions to ensure fairness and accountability.
Ethics
The result of an action, whether it has to do with budgeting or not.
Consequences
Doing the right thing, even when no one is watching. Required in financial reporting and budgeting processes.
Integrity
Mitigating potential risks ahead of time.
Risk Management
A cheat, imposter, or pretender with bad intentions.
Fraud
The act of setting aside fund to cover unexpected expenses in an example of this risk management strategy.
Creating an emergency fund
Having to decide between options.
Dilemmas
A good thing to have in place in case things go wrong, or during unexpected or disruptive events.
Contingency Plan
A set of guidelines for a company, or individual, the outlines the standard of behavior expected.
Code of Conduct
According to Alexander Wagner, the amount of money lost every year due to fraud.
380 Billion Dollars
In budgeting and ethics, this term refers to the cost of foregoing the next best alternative when making a decision, highlighting the ethical consideration of resource allocation.
Opportunity Cost
This step involves identifying potential risks that couple impact your business.
Risk Assessment
When dealing with clients, and particularly contracts, to work in this way.
Fair Dealing
A budgeting strategy that can help mitigate risk for a business
Instructor discretion – multiple possible answers.
We are constantly making decisions throughout the day, what is a recognized number than we consciously make per day.
35,000
Identify an example of a potential financial risk to a new business.
Instructor discretion – multiple possible answers.
A name given to someone who reports a fraudulent act by a company.
Whistle-Blower
A small business may use this technique to help predict future revenue by analyzing trends and past data.
Revenue Forecasting
Complete this quote from Lysa TerKeurst:
“Not making a decision is actually ________”
A decision.
(Bonus)
It’s the decision to stay the same.