IMPLEMENTATION OF USER-DRIVEN WEB-BASED APPLICATION TOOLS FOR BUDGETING AND MANUAL RISK MITIGATION IN BUSINESS

Abstract

In today’s competitive world has made organizations consider effective risk management and budgetary allocation for long-term success and stability. Designed in a web application, it takes through the definition of business objectives, carrying out the process of risk assessment, and then linking the mitigation of the determined risks with budgeting, drawing all this from conventional methodologies and scientific approaches. This application builds on business risk management principles with a view to improving the understanding of possible risks and their effect. This paper is based on the aim to afford organizations a cohesive platform merging risk management and budgetary control while making informed choices, enabling decisions based on data, and producing an efficient budget.