Using AI to Improve Forecast Reviews

Learning Adviser

xUnlocked Learning Team

Learn how AI can support forecast reviews by identifying risks, challenging assumptions and generating review questions. Explore a practical framework for using AI effectively while maintaining finance ownership, judgement and accountability.

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Using AI to Improve Forecast Reviews

5 mins

Overview:

AI can strengthen forecast reviews by helping finance professionals identify risks, challenge assumptions and generate more effective questions. However, AI should support the review process rather than replace it. Finance teams remain responsible for validating assumptions, reviewing supporting evidence and making final decisions.

This module introduces a practical framework for AI-assisted forecast reviews built around four key steps: Review, Challenge, Validate and Escalate. By applying this approach, finance professionals can improve the quality and consistency of forecast reviews while ensuring that accountability remains with Finance.

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Summary

Why are forecast reviews important?

Forecasts help organisations plan resources, manage performance and make informed business decisions. Before a forecast is approved, Finance must assess whether the assumptions behind it are realistic, supported by evidence and aligned with current business conditions.

How can AI support forecast reviews?

AI can help finance professionals:

Identify key assumptions
Generate challenge questions
Highlight risks and dependencies
Surface areas of uncertainty
Structure review discussions

This can make forecast reviews more efficient and help ensure that important considerations are not overlooked.

What should AI not be used for?
AI should not be treated as the authority on whether a forecast is correct. It cannot validate source data, understand all business context or make final financial judgements.
Finance remains responsible for reviewing evidence, challenging assumptions and approving forecasts.

What is the practical framework for AI-assisted forecast reviews?
A simple four-step process can help finance professionals use AI effectively:

Review: Understand the forecast, key assumptions and expected outcomes.
Challenge: Use AI to generate risks, dependencies and challenge questions.
Validate: Confirm assumptions using evidence and discussions with business stakeholders.
Escalate: Raise material concerns and apply professional judgement before sign-off.

Why does human oversight remain important?
AI can identify potential risks and generate useful questions, but it cannot determine whether a forecast should be approved. Finance professionals must validate AI-generated insights, assess materiality and ensure that conclusions are supported by evidence.

AI provides support throughout the review process, but accountability for the final forecast remains with Finance.

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