Risky Business

We may be dating ourselves here, but remember that iconic scene in “Risky Business” where Tom Cruise’s character pours a stiff whiskey-and-coke and skates into the frame, blessedly half-clad, grooving to Bob Seger’s “Old-Time Rock & Roll”? Thus begins an unpredictable, humorous caper borne of risk.

Risk is Non-negotiable

Unlike Cruise’s character, the finance world treats risk with a healthy degree of respect. In this era of flux, only 29% of your CFO peers declare this moment to be “a good time” to be taking greater risks (as compared to the two-year average – since 1Q21 – of approximately 50%). How does this figure resonate from your own perch? What’s your assessment of your organization’s risk tolerance, relative to your goals and objectives? What methods are you using to assess stakeholder appetite for risk? If you’re in retail, energy, or service sectors, perhaps you see sunnier conditions and more opportunities in your scenario planning. Still, while 64% of CFOs predict net profit growth ahead, cost-reduction strategies to minimize risk, across sectors, are here to stay in 2023.

UHY consultants can help you monitor changes in the industry, provide resources with specialized and technical skill sets, and – stiff pours aside – we’ll bring the right tools to better address your business risk.

"Risk is neutral.Without it, there's no reward. We have to shift [our] mindset from 'no risk taking' to 'taking the right risks.' Yes, you will fail from time to time, but you will also learn from it."
- Anders Liu-Lindberg, COO and Partner, Business Partnering Institute CFO Yeah!