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Budget Development Warning Flag 1 – Division by Twelve Budgeting
Annual budget development is often time consuming and tedious, one of the evil necessities of managing a business. Subsequently, managers frequently seek shortcuts to reduce this burden; one such burden reducing action being the equal distribution of budget revenues and expenditures during each of the fiscal year’s twelve months.
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Maintaining compliance in today’s highly regulated, rule-driven marketplace requires diligent oversight of the organization’s core processes by the company’s staff. This oversight takes many forms from internal audits, self-assessments, management observations, and quality checkpoints embedded within the processes themselves. These points of oversight, however, may individually fall short from providing fully effective compliance risk assurance. Therefore, deliberate action should be taken to marry these assurance activities into a single cohesive program.
All enterprises face a unique set of risks that threatens long-term organizational success and viability. Like corporate level performance measures, it can be difficult to readily ‘see’ the day-to-day activities that initiate, amplify, or mitigate these risks. Mapping corporate risks to the line organization’s executable processes illuminates the risk related activities so they can be appropriately monitored and managed.
In this fast-paced marketplace and certainly during these challenging economic conditions, StrategyDriven Professionals typically find themselves working more than forty hours a work. More common among these professionals is a forty-five hour work week with others working fifty hours a week.
Organizational performance measures work together to illustrate a complex picture of performance; cascading up and down the organization and horizontally across it. Subsequently, it is important that the characteristics of performance measures within the system be well aligned to enable multi-indicator information development and data flow.
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