What are "Impact Assessments" in GFEBS?

Impact Assessments in GFEBS are critical evaluations focused on understanding how proposed changes will affect financial transactions and operations. This process is essential for ensuring that any modifications made within the system do not adversely impact the existing workflow or financial metrics. By examining these impacts ahead of the implementation of changes, organizations can systematically identify potential risks and benefits, allowing for informed decision-making.

The importance of this assessment lies in its proactive nature, helping to mitigate any possible disruptions that changes might create within the existing systems and processes. This kind of thorough examination is not a post-event action, such as conducting assessments after transactions have occurred, nor does it include forecasting future financial trends or merely checking for compliance with regulations. Instead, it provides a way to strategically navigate any transformation, aligning operations with broader goals while maintaining stability in financial management.