This site uses cookies to improve your experience. To help us insure we adhere to various privacy regulations, please select your country/region of residence. If you do not select a country, we will assume you are from the United States. Select your Cookie Settings or view our Privacy Policy and Terms of Use.
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Used for the proper function of the website
Used for monitoring website traffic and interactions
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Strictly Necessary: Used for the proper function of the website
Performance/Analytics: Used for monitoring website traffic and interactions
The Key to Effective RiskManagement in Business with Chris Weeks, CFO Center UK In the latest CFO Club podcast, we had the pleasure of hosting Chris Weeks from CFO Center UK. Chris shared invaluable insights into effective riskmanagement strategies and how businesses can better prepare for uncertainty. The key takeaway?
The Role of a CFO in Financial RiskManagementManaging financial risks is crucial to ensuring long-term business success. However, small business entrepreneurs are particularly ill-suited for riskmanagement: optimistic, energetic, and abstract. What is Financial RiskManagement?
This is the findings of the Association of Chartered Certified Accountants in a recent report, revealing that accounting professionals are posed with three hurdles: identifying and managing AI risk as a user in any role, supporting a collaborative approach to riskmanagement, and helping to understand and prepare for regulatory compliance.
The CFO’s role inarguably has evolved over the years, beyond traditional financial management encompassing strategic decision-making and risk mitigation. Further, riskmanagement is another area where the CFO shines. They know where sources are being spent and how to optimize those expenditures,” Johary explains.
Speaker: Dr. Karen Hardy, CEO and Chief Risk Officer of Strategic Leadership Advisors LLC
Communication is a core component of a resilient organization's riskmanagement framework. However, riskcommunication involves more than just reporting information and populating dashboards, and we may be limiting our skillset.
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.
Modular systems and automation are revolutionizing FX riskmanagement, enhancing visibility, agility, and adaptability. With FX riskmanagement, adaptability is critical because every company has its own risk profile shaped by its market, currencies, and business model.
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.
Providing support to an organisation's finance team is a must in intensifying the focus on riskmanagement. In the Association of Chartered Certified Accountants' Rethinking Public Financial Management report, 73.4% of respondents believed risks to their organisations would increase in the future.
In delivering results, 15% say cost control must be looked into, while 10% voted for riskmanagement and 7% on smart investment decisions. This is why inter-department collaboration has become essential for effective communication, while adaptability and agility are crucial in navigating the complexities in the finance landscape.
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. Response Tactics: Dont Just PlanDecide Once youve mapped your major risks, its time to make decisions.
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.
This proactive approach not only aids in financial riskmanagement but also equips businesses with the foresight needed to navigate uncertainties confidently. Establishing clear credit policies and maintaining open communication channels with clients also contribute to faster payment cycles.
While these challenges remain, firms must also assess and managerisks related to human rights, war, economic turmoil, foreign exchange volatility, cyberattacks and the implications of noncompliance. Today, supply chain and supplier riskmanagement is a beast. More and more, we encourage the flow of communication.
Paula Leynes Felipe, Regional Manager, Upstream and Advisory, Eastern and Southern Africa, Financial Institutions Group, International Finance Corporation. She led the RiskManagement Practice Group in IFC Asia prior to her mangerial role in Africa. Because, again, its going to affect the overall asset portfolio at the back.
Effective communication and collaboration are no longer just nice-to-have — they are essential for driving success. The Office of Finance is at the heart of every organization, overseeing financial strategy, riskmanagement, and operational efficiency.
This level of commitment enhances Financial RiskManagement , allowing potential pitfalls to be identified and mitigated long before they impact the business. Constant delays and poor communication led to missed tax deadlines, penalties, and a significant hit to their financial stability.
This ensures their communication systems are optimized for performance and security. Outsourcing also enables internal teams to concentrate on essential business tasks rather than getting weighed down by the challenges of telecom management.
and Google’s existing and new relationships through improved communication methods,” the release says. Due to the SAP Ariba Network, suppliers have access to better visibility for invoices and orders, with the ability to self-manage account information, submit invoices electronically and receive new purchase orders. Last October, U.S.
Strengthening Internal Controls and RiskManagement Internal controls form the backbone of audit readiness. Open lines of communication with relevant departments help ensure data accuracy and expedite the audit process by addressing potential concerns upfront.
NFRA has released its second Auditor-Audit Committee Interaction Series, emphasizing the need for transparent communication and strategic risk assessment. How can audit committees ensure robust audits? The report provides key insights.
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.
As a result, private banks are emphasizing the importance of geographic diversification, riskmanagement, and tactical asset allocation to navigate these challenges. GF: How do you communicate that to clients? Frame: We communicate the value of our market views through regular updates, reports, and personalized consultations.
Don’t let scenarios muddy communications: Leaders can use scenarios without abdicating their leadership responsibilities but should not communicate with the organization via scenarios. One additional point about communication and scenarios is worth noting. Scenarios can help leaders avoid looking stupid.
More than a third (36 percent) of survey respondents said fraud monitoring and risk mitigation are the areas in which CFOs are most falling short. That’s followed closely by performance riskmanagement and strategic/operational riskmanagement, each cited by 32 percent of survey respondents as areas in which CFOs fail to deliver.
Engagement : This approach involves active communication with companies to improve their governance structure. By using these strategies, investors can support companies that prioritise sustainability ESG and responsible management. Investors look for companies that align with these themes.
This was the focus of the New Jersey Chapter of the CFO Leadership Council at its May 2017 panel discussion titled “How Much Risk Is in Your RiskManagement?” Moderated by Angela Tise of the CFO Leadership Council, the panel included Claire Doherty, Director of the Risk Consulting Practice at KPMG, Brian J.
Finance leaders now are faced with the task of identifying and mitigating ESG-related risks, allocating resources towards sustainability initiatives and communicating the organisation's ESG performance to stakeholders. Another trend is the growing focus on supply chain transparency and Scope 3 emissions reporting," Soh points out. "As
The talent challenge is now becoming a table stake for all leaders, with 55% of respondents to the same PwC Pulse Survey acknowledging this as a serious business risk, 78% that plan to enhance their cyber riskmanagement, and 42% who want to see accountability for climate change governance being assigned to a person-in-charge.
Another panelist highlighted their investment in inventory, as well as managing growth in the business. How do you balance the core responsibilities of Finance with riskmanagement? Making timely, relevant, and accurate data available across the business is critical to effective decision-making and riskmanagement.
Identifying investment objectives and achieving stakeholder buy-in is the critical first step in connecting these objectives to portfolio construction.
ManagingRisksManagingrisk is a critical part of financial planning. AI can analyze client portfolios to detect areas of high risk and recommend adjustments to align with their risk tolerance levels. Picture automating repetitive tasks , making better decisions, and spotting risks faster than ever.
Keep the lines of communication open throughout the project. Focus on RiskManagement Every financial project comes with risks—whether it’s budget overruns, delays, or unforeseen challenges. A proactive approach to riskmanagement can save a project from failure.
While some team members may be proficient in traditional accounting practices, others may excel in data analytics, riskmanagement, or even tech-driven financial innovations. However, a diverse team can also present management challenges. Setting clear KPIs and ensuring that these are communicated across the team is essential.
With increased risk comes the need for increased duty of care. A realistic duty of care policy goes hand-in-hand with effective travel riskmanagement. That risk varies based on an organization’s size, industry, and scope of business travel. And setting a high bar for duty of care means actively tracking employees.
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. This involves honest, transparent communication with all parties involved. 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. At a high level, a normal day involves strategic planning, teamwork, and tackling challenges, but most days are diverse and varied.
Increasing risks of frauds. High risk of errors given manual processes. Channels of bank communication : Industrialize your payment execution. . · New regulations and specific country constraints or requirements. High dependency on banks. Commitment Authorities into the ERP’s.
Businesses that engage in unethical practices may gain short-term profits, but they risk losing their reputation, which can take years to rebuild. b) Legal Compliance and RiskManagement Companies must follow laws and regulations to avoid legal penalties, fines, or even criminal charges.
At this time, consultants can work with leadership to create a roadmap for value creation, addressing areas such as operational improvements, revenue growth, and riskmanagement. Consulting support is also invaluable during transitional phases, such as after an acquisition, when an in-depth operational and financial strategy is needed.
For instance, collaborating with international clients has taught me the importance of adapting my communication style and accounting methods to align with their expectations and values. Leadership and communication skills are also essential, as you’ll need to clearly convey financial insights to both financial and non-financial stakeholders.
We organize all of the trending information in your field so you don't have to. Join 39,000+ users and stay up to date on the latest articles your peers are reading.
You know about us, now we want to get to know you!
Let's personalize your content
Let's get even more personalized
We recognize your account from another site in our network, please click 'Send Email' below to continue with verifying your account and setting a password.
Let's personalize your content