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The environmental, social and governance principles have become integral to the country's long-term growth and development strategies as business and policy-makers recognise the need to balance economic progress with environmental protection and social responsibility. Further, riskmanagement is another area where the CFO shines.
I believe in breaking challenges down into manageable tasks, which makes them less overwhelming and easier to address systematically. I also rely on open communication and collaboration, particularly when the challenge involves a team. This helps in developing a well-informed strategy to tackle the problem.
Global Finance recently sat down with representatives of three financial institutions, including two development banks and one commercial bank, to discuss banking and the role it plays in Africas economic growth. She led the RiskManagement Practice Group in IFC Asia prior to her mangerial role in Africa.
This article aims to provide practical, actionable insights into effective riskmanagement strategies that you can implement within your organization. Understanding RiskManagement in the CFO Role Riskmanagement is an integral part of the CFO’s stewardship role.
Harding emphasises the importance of "the abilities to influence, the abilities to lead, the abilities to communicate and the ability to inspire." The ability to analyse data, identify insights, and communicate those insights effectively is highly valued.
What Every CFO Should Know to Protect the Business (and Their Career) You dont need to be an actuary or compliance expert to understand risk. Riskmanagement isnt a luxury, its a core leadership function. And no, risk isnt always external. Finance doesnt have a monopoly on risk intelligence.
As you gain experience, start paying attention to strategic thinking and riskmanagement, which are critical at the executive level. Learning to analyse financial data with a strategic lens, understanding broader business impacts, and identifying potential risks are essential skills for any future CFO.
We must remain vigilant about potential economic shifts and geopolitical events that could impact these projections. Heightened geopolitical tensions and policy shifts, such as those related to the US election and Chinas economic policies, are increasing market volatility and uncertainty. GF: How do you communicate that to clients?
Through structured communication and collaborative problem-solving, Wong says he focuses on fostering clarity at every level, eliminating confusion, and driving unified efforts. The ongoing geopolitical tensions, economic uncertainties, and market volatility call for a sharper focus on riskmanagement and strategic decision-making.
Once, a company’s top supplier-related risk may have been the threat of a vendor going out of business, or goods failing to make it to their destination on time. Today, supply chain and supplier riskmanagement is a beast. But this creates a lack of visibility and communication, she said.
China is currently facing an economic slowdown following the pandemic, which have raised concerns among ratings agencies that led to a downgrade in the country’s debt outlook. Enhanced RiskManagement : CFOs should prioritise comprehensive risk assessments, focusing on the impacts of China’s debt situation on their business operations.
Her journey is marked by a commitment to strategic analysis, effective communication, and fostering collaboration, earning her recognition as a Women in Tech 2023 Winner at Sentech Africa Tech Week. From an early age, I was fascinated with numbers and business economics. Finally, collaboration is key to creating win-win situations.
Mornings are typically all about concentrated focus, starting with ensuring alignment with our clients across key objectives like riskmanagement, credit solutions, and employee benefits strategies. The fast-paced nature of today's risks keeps me motivated and engaged.
Businesses that have an embedded in-house Chief Financial Officer understand the pivotal role the CFO plays in proactively preparing the business for, and guiding it through, economic and market storms. While we are now mostly through that storm, new economic storm clouds are on the horizon. But that relief will be temporary.
While overall 2025 economic conditions have been positive, tariffs, persistent interest rates and geo-political instability are creating uncertainty. Enhance Treasury and RiskManagement Functions: Prepare for public company treasury operations, including investor relations and cash management.
She is driven to deepen her expertise in digitalization, AI, and machine learning , applying them to improve financial wellness and business efficiency and aims for international leadership roles that contribute to the economic development of Africa and values cross-disciplinary collaborations for impactful projects.
Identifying investment objectives and achieving stakeholder buy-in is the critical first step in connecting these objectives to portfolio construction.
And while there’s no guarantee that any job will be immune to cutbacks or layoffs, some industries weather economic storms better than others. After all, people will always need financial services, whether investing their money , taking out loans, or managing their taxes. Communication Skills. Financial Examiner.
CFOs must also be excellent communicators. They analyze market trends and economic data to predict future financial performance and guide strategic decision-making. Investor Relations CFOs manage relationships with investors to ensure sufficient capital support for the business.
This technology drives human-centric transformation, fortifies an organisation's ecosystem position, enhances employee relationships, and builds resilience for future economic shifts." Charlie Cheah Best practices and riskmanagement Cheah highlights that data security is crucial when implementing AI in AP processes.
You need constant monitoring of your economic outlook because then you can adjust your riskmanagement strategy that will help you mitigate third-party risks." Everyone else in the company is trying to meet their KPIs, grab whatever they can find on the table, and pretty much have zero already got a risk, right?
Recently, the South African Reserve Bank’s decision to maintain interest rates has had significant implications not only for the economic landscape but also for the competencies demanded of today’s CFOs. The Reserve Bank decided to keep interest rates unchanged, opting for stability amidst ongoing economic turbulence.
"This includes leveraging technology to transition from physical documentation to electronic formats like e-bills of lading, reducing risk of fraud and loss." Amongst trade transaction stakeholders, MacLennan says digitisation "dramatically improves communication and collaboration."
Regular communication with auditors and financial teams is essential to avoid last-minute complications. Actionable Takeaway: Implementing an automated tax compliance system that tracks deadlines, calculates liabilities, and generates accurate reports can significantly reduce the risk of errors.
It identifies 34 competencies structured within the four general roles of a CFO: Steward This role focuses on accounting, control, riskmanagement, and asset preservation. With 9 competencies, this role focuses on leadership, communication, corporate governance, and change management.
With an increasing focus on climate-related riskmanagement and disclosures, including those under the Taskforce on Climate-Related Financial Disclosures (TCFD) framework, companies are recognising that climate change also has an impact on their businesses, operations and financials. Lee Bing Yi. CFO’s role in driving ESG strategy.
Whether it's the power grid, banking and financial markets, transportation, communications or even the highly generalized “internet of things,” the list of digital inroads that penetrate our daily lives has never been higher. has at the very least focused the world’s awareness on this growing problem.
Here are the five most important skills identified: A strong understanding of riskmanagement The ability to use new software or technology The ability to communicate complex financial information to different stakeholders A strong understanding of financial best practices The ability to collaborate with colleagues from other functions.
Being based in the Philippines with no capacity to always visit the terminals it’s essential that constant communication is done through the monthly meetings with the CFOs and Treasurers of the local subsidiaries as well as utilising Microsoft Teams and Power BI to collaborate and create reports,” he revealed.
Today’s global financial landscape is fraught with high inflation, geopolitical risks, and a shifting economic environment. In addition, emerging geopolitical tensions have increased the potential for economic and financial fragmentation, posing risks to cross-border capital allocation and global financial stability.
While riskmanagement may be the key component of wealth preservation, what often gets overlooked is how much smart tax planning can do to help clients retain more of their wealth. After a down year for financial markets, investors’ priorities have naturally shifted from growing their assets to preserving their wealth.
According to the accountancy body, 57% of respondents said risk culture has changed for the better since the pandemic. Don’t mistake a ‘tick the box’ compliance approach as true, value-added riskmanagement. Consider how you define the role of accountants in risk culture, particularly on reconciling ethics with profits.
The best CFOs comprehend the necessity of taking calculated risks and communicate that avoiding risks altogether is a losing proposition. Teach and Translate: Effective communication is at the heart of the CFO’s role.
Balancing Risk and Reward As a CFO, one of your primary responsibilities is to balance the fine line between risk and reward. In South Africa, where economic volatility and regulatory changes are frequent, understanding how to managerisk without sacrificing potential rewards is essential for your business’s success.
According to a report by the Association of Chartered Certified Accountants (ACCA), the healthcare sector faces a perfect storm of risks, from severe skills shortages and rising cybersecurity threats to economic strains and the unintended consequences of artificial intelligence, which all affect patient care.
Here's more about who FP&A candidates are: Education: They often have a bachelor's degree in finance, accounting, economics, or a related field. Skills: They possess a range of technical and soft skills, including financial analysis, financial modeling, data management, budgeting, forecasting, communication, and problem-solving skills.
The latter, for example, is an offering that Bloomberg says can “ bring the full potential of AI to the financial domain ” and create entirely new workflows, economic analyses and financial benchmarks for its customers. Instituting a stable workflow environment around the technology can make the transition easier for everyone.
Under IFRS 9, the bank must estimate and recognise potential losses as soon as the loan is made, considering various economic factors. This flexibility allows CFOs to align financial reporting with their company’s riskmanagement strategy and communication with investors.
We emphasized the importance of communication, setting priorities, and the initial avoidance of hasty decisions. They play a crucial role in strategic planning, riskmanagement, and driving innovation, extending their influence far beyond the finance department.
This includes maintaining open lines of communication with shareholders, regulators, employees, and the community at large. Practical Example: A mining company in West Africa faced protests from local communities due to environmental concerns. Encourage a long-term perspective in financial planning and reporting.
” Matthew: It’s very riskmanagement based. And most people have very underserved in a riskmanagement perspective, so you can place the right insurance products along with investments and get a whole financial plan going. ” It’s constant communication through the year. Here you go.
Forecasts can be short-term or long-term and are usually based on assumptions about factors like market conditions, customer behavior, economic trends, and internal capabilities. They help organizations anticipate potential risks, identify opportunities, and make informed decisions about resource allocation and strategic planning.
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