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Artificial intelligence promises to enhance operational efficiency, improve decision-making, and help CFOs and the finance team drive strategic value. The dual nature of AI in riskmanagement AI is heralded as one of the most significant innovations of our time, offering both immense potential benefits and considerable risks.
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As finance leaders take on the reign and oversee even non-financial strategic matters such as environmental, social, and governance (ESG), it is then important to take the magnifying lens and look into its significance in the department. This includes management practices and how they relate to risks and opportunities ESG presents.
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Gartner defines " performance management " as the combination of methodologies and metrics that enables users to define, monitor and optimise outcomes necessary to achieve organisational goals and objectives. According to Kumar, data integration and governance are, therefore, priorities for the finance function.
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Members’ Profile: Anne-Marie de Bruin In this edition of CFO Club Africa’s Members Spotlight, we are introducing Anne-Marie de Bruin, a highly experienced finance professional and the freelance Financial Manager at AM Cross Country Consulting.
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. He says businesses are not just pursuing sustainability for compliance purposes but also for long-term value creation.
When you’re making small-talk with someone who isn’t in finance or accounting about how work is going, and they answer with “busy,” do you ever question how hard it really is? We spoke to 20 finance teams for research on this article. After all, how busy someone is will be relative to their business, function, and industry.
Stephen Adams , director in the Gartner Finance practice, says: “ESG reporting is more widely watched than many CFOs realise. Many organisations are aligning their reporting with TCFD recommendations, which include disclosing information on governance, strategy, riskmanagement, and metrics related to climate change.
Frank Tezzi, vice president, CGI Financial Services, Trade & Payments at Montreal- based information technology and business consulting services provider CGI, discusses how SaaS can help banks meet clients future trade finance needs. GF: What impact has Basel III had on trade finance and how banks adjust their riskmanagement practices?
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One industry that tends to be recession-resistant is finance. After all, people will always need financial services, whether investing their money , taking out loans, or managing their taxes. And while the finance industry has seen its share of ups and downs over the years, it generally bounces back fairly quickly after a downturn.
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Finance business partnering is not a new concept and has been around for a while. “ The success …depends on the extent to which finance men are capable of looking outside finance and playing an active, rather than a passive, role in the business. ” Well, not just for a while, for more than 60 years. “
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Gartner says finance transformation encompasses strategic initiatives designed to revolutionise the way the corporate finance function manages its strategy, processes, internal controls, and financial reporting. CFOs must accelerate their finance transformation journey towards autonomous finance or risk falling behind.
Future-forward finance and accounting organizations were quick to embrace robotic process automation (RPA) years ago to manage mundane, repetitive back-office tasks like data entry and routine financial reporting. AI is a tool and not a replacement for finance professionals.
For example, AI automates riskmanagement and cash forecasting processes using machine learning to generate more accurate and timely predictions,” he elaborates. These tools enable finance teams to simulate various scenarios, assess potential impacts, and develop contingency plans.
Ensure their finance team has public company reporting expertise. Maintain compliance with ongoing disclosure and transparency requirements. Internal reporting structures and organizational charts should support these segment classifications to ensure consistency and compliance.
Diverse Teams, Unified Goals: Managing Multifaceted Finance Staff In today’s dynamic business environment, finance teams have evolved into diverse groups with different skills, experiences, and perspectives. It includes variations in professional backgrounds, areas of expertise, and ways of thinking.
Trintech CFO Omar Choucair discusses emerging roles in AI, emphasizing the critical balance between rapid innovation and riskmanagement. Key is targeted training and ensuring proper licensingusing enterprise platforms that provide compliance and access to multiple solutions. His insights offer a roadmap for finance.
Want to know what your peers are reading on treasury and riskmanagement ? Case Study: How Jaguar Land Rover Improved FX RiskManagement. Case Study: How Jaguar Land Rover Improved FX RiskManagement. The post Top 4 Articles for Treasury and RiskManagement appeared first on Reval.
The enterprise is exposed to financial risks at just about every angle, with expansion across borders and into partnerships with unfamiliar firms upping the ante on both risk and reward. Analysts are urging corporates to enhance their riskmanagement strategies in today’s particularly volatile climate.
This must be done by working with riskmanagement and compliance with legal teams in a bank. Effective data governance protects data integrity, privacy, and security and ensures compliance with laws and regulations. AI governance requires human oversight to ensure fairness, accuracy, and compliance with standards.
Editor’s note: GenAI adoption is touted to bring benefits to enterprises and their finance functions. In addition, 88% of Singapore C-suite and finance leaders chose GenAI as one of the key technologies that will help strengthen business resilience in a survey we conducted with Censuswide last year.
FP&A functions bring in a lot of value to the banking sector across numerous time horizons simultaneously--even in the highly compliance-focused area of meeting the requirements of important new accounting standards. The post FP&A as foundation for banks' riskmanagement appeared first on FutureCFO.
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The benefits for Google include a unified and accurate supplier record, the ability to integrate supplier qualification and segmentation with other procurement processes, and compliance for supplier riskmanagement throughout the supply base. accounts receivable and POS solution provider takepayments.
AI coupled with The Digitization of the Finance Function create powerful levers for today’s CFO. AI in the “Real World” While these powerful tools seem to have a near mastery of natural language communication, they are not necessarily designed to possess many of the skills required by finance and accounting professionals.
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"On the other hand, there will be opportunities as well as banks increasingly work with other players in the ecosystem on interoperability and regulatory convergence, enabling banks to build solutions at scale in climate finance and digital assets."
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