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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. Therefore, CFOs must ensure that their organisations are equipped with AI-driven cybersecurity solutions to mitigate risks effectively."
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.
Ethical Leadership Because Orange Jumpsuits Are Not a Good Look In todays business world, ethics play a crucial role in corporate leadership. Ethical leadership is more than just following rules; it is about making decisions that are fair, transparent, and responsible. What is Ethical Leadership?
Recognizing the need to enhance my managerial capabilities, I pursued a Postgraduate Diploma in Management, which equipped me with essential leadership skills. First and foremost is financial acumen—understanding financial reporting, budgeting, forecasting, and compliance is foundational.
Source: Data collected during the FutureCFO Conference series in 2024, Cxociety Research Coming into 2025, as finance leaders face mounting pressure to do more with less while driving growth and maintaining compliance, they are turning to digital solutions and holistic approaches to reshape and modernise financial processes.
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.
Members’ Profile: Rofhiwa Irene Singo In this edition of our CFO Spotlight series, we are featuring Rofhiwa Irene Singo, an accomplished finance leader whose journey is a testament to resilience, adaptability, and impactful leadership. Share your favorite leadership lesson.
He opines that ESG topics have become one of the first agendas in Board/leadership meetings within organisations due to the evolving regulatory landscape. This can be part of an organisation’s enterprise riskmanagement practice incorporating every variable to decide how to move forward with any venture or project.
On the other hand, she opines that ESG can be looked at as a framework used to evaluate enterprise performance and potential risks based on its environmental, social, and governance practices. “It Key stakeholders from an ESG perspective would be the chief financial officer and the chief compliance officer,” she adds.
They should also invest in developing their soft skills , such as communication, leadership, and decision-making. Cultivate soft skills : Focus on developing communication, leadership, and decision-making skills. Embracing the future The future of finance is bright, but it requires a willingness to adapt and embrace change.
Benjamin Soh, founder and managing director at Singapore-based ESG data and technology company ESGpedia , believes finance leaders are well-positioned to drive both sustainable growth and cost efficiency, given their oversight of financial strategy, riskmanagement, and capital allocation.
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.
Key Financial Readiness Considerations To prepare for the scrutiny of public markets, leadership teams must assess their ability to: Generate SEC-compliant financial statements within required timelines. Maintain compliance with ongoing disclosure and transparency requirements. Produce comprehensive board-ready financial reports.
When it comes to managing your organization’s workforce, you have two primary options: traditional payroll services or a Professional Employer Organization (PEO). No matter which direction you end up going, its crucial to understand the importance of payroll compliance.
But NBKs strong balance sheet, diversified revenue streams, and prudent riskmanagement help us navigate volatility while maintaining resilience. For example, the Bankee Program integrates financial literacy into educational curricula, empowering students with the tools to understand the fundamentals of money management.
The role of the Chief Financial Officer (CFO) has undoubtedly moved outside the traditional accounting function and into a strategic leadership position. This includes implementing AI-enabled riskmanagement, providing real-time anomaly detection, fraud prevention, and enhanced decision-making insights within process workflows," he continues.
I was in my early thirties, and with that comes many challenges,” Claudene Pillay CFO of The Institute of RiskManagement (IRM), told the CFO Club Podcast. “As As a young person going into a leadership role, you suddenly have a huge amount of boardroom exposure. You sit there, and you’re the youngest person at the table.”
Operational Accounting vs Compliance Accounting One useful way to sort out the accounting landscape is to consider the differences between "operational" and "compliance" accounting responsibilities. Compliance Accounting is more focused on areas such as revenue recognition, closing processes, disclosure reporting, ESG compliance, etc.
Some 41% of finance teams have issues Identifying and correcting errors, 31% have problems finding and gathering necessary data, 24% have challenging questions on sources of data, 23% face challenges tracking multiple Excel versions, 20% have a bugbear of broken formulas, 19% are far from confident presenting this data to non-finance leadership.
He categorises these investments into "Run the bank," which focuses on maintaining day-to-day operations and regulatory compliance, and "Change the bank," which involves transformational initiatives. Compliance with these regulations is becoming increasingly complex, necessitating more rigorous governance and riskmanagement practices.
However, in today’s business environment, stakeholders are increasingly looking to boards and senior management to better manage strategic, regulatory, and other risks – while they make decisions that impact performance. Gallagher, and Renee Yozzi, Director, Strategic and Enterprise RiskManagement at Benjamin Moore & Co.
As they assist in compliance audits and the monitoring of internal controls to ensure that everyone within the company does their job correctly, they are also expected to thrive and flourish amid the challenges along the way for the benefit of the organisation.
Among the many great topics on the agenda at the Argyle CFO Leadership Forum in Dallas was a session titled “Managing and Minimizing Enterprise Risk.” Another panelist highlighted their investment in inventory, as well as managing growth in the business. How does incentive compensation play into riskmanagement?
AI driven automation is expected to extend to more complex tasks such as, audits, riskmanagement, and financial planning and analysis. Training, like CFO.University’s Introduction to RiskManagement , and awareness programs will also become crucial to help employees understand how to use these AI tools responsibly and effectively.
One important side effect of the ongoing trend toward globalization is the need to comply with a range of different accounting principles as well as with disparate reporting and compliance mandates. Treasury and RiskManagement (TRM). Asset Accounting (FI-AA). Controlling (CO). Inventory Accounting (MM and ML).
Digital transformation: Digital tools can help support expansion, including systems that provide real-time and other payments across geographies, streamline cross-border compliance and protect businesses from fraud and cybercriminals across global jurisdictions. The company serves approximately 56 million U.S.
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.
Many have since advanced to intelligent process automation (IPA) — RPA amplified with artificial intelligence (AI) — to streamline and improve more complex work, from tax and compliance reporting to financial statement reconciliation. The post Preparing Your Finance Organization for the New Era of AI first appeared on CFO Leadership.
Finance leaders are wedged into a position of not only overseeing the implementation of financial controls and riskmanagement strategies to safeguard their organisations throughout the transformation journey, but also in spearheading the company to find and implement initiatives to drive value.
Teams may also lack the skills required to develop a robust AI model, ranging from AI, data analytics to business acumen and riskmanagement skills. As legislators across the region seek to promote responsible AI adoption , firms may find it challenging to keep up with developments and ensure compliance.
The CFO role is multi-faceted and includes everything from financial planning and analysis to business budgeting, financial decision-making, and riskmanagement. CFOs are some of the highest-paid finance professionals because they have experience and networks and excel at financial leadership. Financial Manager.
The journey from a Chartered Accountant (CA) to a Chief Financial Officer (CFO) is a transformative one, requiring a shift from technical expertise to strategic leadership. It identifies 34 competencies structured within the four general roles of a CFO: Steward This role focuses on accounting, control, riskmanagement, and asset preservation.
To create more business impact, finance functions may need to reimagine their strategy, leadership, operating model, talent and/or technology ,” said the analyst. Post-pandemic recovery has brought forward a slew of transformations that call for new solutions, especially in areas like spend management.
Security breaches are very costly for organizations, so you don’t want to overlook compliance with all of these regulations as a major part of taking ownership of the data. Poor Leadership. Non-implementation and execution of new standards and policies require great leadership. Misallocation of Resources.
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. CFO’s role in driving ESG strategy.
From the beginning of any project, we believe that compliance should never be addressed by using ad hoc or limited scope approaches because such short-term thinking invariably results in process inefficiencies, manual offline workarounds, and a lack of forward migration capabilities. Overview of Comply, Optimize, Transform.
These services bring strategic financial wizardry to the table, offering insights and leadership that fuel both growth and innovation. RiskManagement Consulting: Your Shield Against Uncertainty In the tech world, where change is the only constant, riskmanagement consulting is your shield.
Boardroom leadership, including chief financial officers, needs to manage artificial intelligence risks to drive trust, according to the Association of Chartered Certified Accountants. Financial leaders and controllers will have to be confident about the adequacy of oversight and controls of AI systems.
Discover how our strategic accounting services can embolden your financial strategy and riskmanagement. Cloud-Based Accounting Software for Future Financial Management Gone are the days of manual bookkeeping and cumbersome spreadsheets. The startup was able to scale effectively while maintaining financial stability.
In developing the CFO(SA) designation, we identified 34 competencies and four pillars that the Modern CFO needs to fulfill to excel in their leadership position. Steward Role & Competencies: Accounting, control, riskmanagement and asset preservation are the proficiencies of the Steward. Strategic riskmanagement.
They oversee the entire financial operations of a company: from strategic financial planning and riskmanagement to advising on investment decisions and ensuring regulatory compliance. Chief financial officers arguably have never had a bigger role. If that doesn’t work, it’s on you, DeChurch concludes flatly. “I
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?
There is a significant opportunity to create positive impacts as boards and leadership teams switch their focus on sustainability, with chief financial officers playing a key role in supporting this ambition. Yet only 35% view sustainability reporting as a driver of strategic goals, with 53% seeing it primarily as a compliance exercise.
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