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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 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?
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.
Marry tech and talent, then riskmanagement can pay dividends, notes an upcoming PYMNTS webinar. However, for many financial services firms, RegTech’s (Regulatory Technology) potential is limited by any number of causes. At the same time, risk and compliance professionals still are inundated with manual tasks.
“Depending on an organisation’s environmental/social footprint, an ESG team or dedicated senior member is generally appointed to ensure that the organisation’s enterprise riskmanagement adapts to the regulatory landscape,” he continues. The post Delivering value beyond compliance with ESG reporting appeared first on FutureCFO.
The ability to analyze numbers and translate them into actionable strategies has always intrigued me. Early in my career, I realized that finance is not just about managingnumbers—it’s about empowering organizations to make informed decisions, optimize resources, and achieve long-term goals.
This issue hampers forecasting accuracy, riskmanagement, and resource allocation. Without accurate insights, businesses struggle with forecasting, riskmanagement, and resource allocation. ManageRisk and Uncertainty Identifying risks early helps businesses prevent financial losses and adjust strategies effectively.
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.
The IPO market has also seen a resurgence, with 13 IPOs each aiming to raise $100 million or more filed in January 2025 alone , marking the highest number of sizable IPO filings in a single month since early 2022. Maintain compliance with ongoing disclosure and transparency requirements.
According to S&P Global Ratings, operational costs for European banks increased by over 4% annually from 2021 to 2023 , emphasizing the need for effective cost management strategies. To optimize costs, banks are reducing the number of applications and investing in technology that enhances customer experiences while maintaining efficiency.
Global full-cycle verification provider Sumsub received full regulatory compliance approval for its non-doc identity verification solution following a regulatory-led audit conducted by FINTRAIL, a global-consultancy specialising in financial crime riskmanagement and regulatory compliance.
This early encouragement played a key role in shaping my future, as it introduced me to the world of business and numbers. Learning to analyse financial data with a strategic lens, understanding broader business impacts, and identifying potential risks are essential skills for any future CFO.
By 2025, the traditional image of number-crunching accountants confined to back offices will be a relic of the past. CFOs, controllers, and management accountants must embrace agility and foresight to thrive in this dynamic environment. The finance function is undergoing a seismic shift.
Efficiencies have included tripling the number of trade finance transactions while reducing average processing time by 95%, achieving 40% growth in transaction volumes over 18 months, increasing straight-through processing rates from less than 10% to over 70%, and boosting automation by over 20% of transactions.
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.
This means going beyond traditional metrics, such as the number of security incidents, and focusing on metrics that measure the impact of cybersecurity investments on business outcomes. Regulations are guidelines but not guarantees The line between compliance and security is blurring. Participants like Travel + Leisure Co.'s
The CFO role is multi-faceted and includes everything from financial planning and analysis to business budgeting, financial decision-making, and riskmanagement. Out of all the finance jobs available to college graduates, financial managers are some of the highest-paying, with high demand for workers in this field.
According to a report in ZDNet , Westpac said that “a mix of technology and human error” and “deficient financial crime processes” were behind the financial institution’s (FI’s) lack of compliance with anti-money laundering (AML) regulations. Westpac said it identified three drivers of compliance failures, ZDNet reported.
With the little time you have to spare, you’ll do your best to validate the numbers, scrub them as necessary, and present the information the best way you can. All involving Excel data manipulation. You’ll need to first find the data, export the information needed, and then dump it into Excel.
South Korea life insurance firm Kyobo Life has implemented a high-performance computing platform for IFRS 17 and K-ICS financial reporting compliance, said AON recently. within 30 hours, with no significant impact on the calculation run-time even when the number of scenarios increased from 200 to 1,000, according to AON.
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).
They oversee the entire financial operations of a company: from strategic financial planning and riskmanagement to advising on investment decisions and ensuring regulatory compliance. Bokhari’s observations, they agreed, highlight a serious issue in the corporate finance world: making numbers cool again.
In this edition of the PYMNTS’ Commander in Chief Series , Western Union President Odilon Almeida shares a day in the life as leader of one of the largest global person-to-person money transfer networks, what smartphones have done for the payments space and why security and compliance are always key in a game where the rules are changing every day.
Businesses face a tremendous number of uncertainties. It is a tall ask, considering that today’s macroeconomic risks can come from unexpected directions. You need constant monitoring of your economic outlook because then you can adjust your riskmanagement strategy that will help you mitigate third-party risks."
Financial Planning and Forecasting: Your Crystal Ball for Growth When it comes to financial planning for tech firms, it’s not just about numbers—it’s about seeing the future. RiskManagement Consulting: Your Shield Against Uncertainty In the tech world, where change is the only constant, riskmanagement consulting is your shield.
The partnership supports Payment Canada's need for RTR to enable ISO 20022 messaging standards and remain in compliance with the Bank of Canada 's riskmanagement standards for payment systems, an announcement revealed.
They’re not very good at mathematics or dealing with numbers in general. AI driven automation is expected to extend to more complex tasks such as, audits, riskmanagement, and financial planning and analysis. As AI permeates finance, questions about its compliance with audits and financial governance will arise.
And for the customers, there’s the rabbit hole of trying to prove that the bad guys co-opted their names, social security numbers and other data. Barrett told Webster the new risk solution provides a more complete and accurate picture of applicants’ identities. If not, are they a victim of identity theft?” Barrett explained.
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.
As CAEs audit their data management practices, audit teams should pay special attention to security controls around data assets, data migration plans and backups for critical data assets. Third-party ecosystems : Fifty-three percent of senior leaders report an increased dependence on third parties, and in some cases, fourth and fifth parties.
Nearly eight in ten payment transactions globally are now contactless, and that number is expected to increase. It is among the world’s leading wealth management companies and is a global leader in corporate and investment banking and trading. Payments: Making and accepting payments are a lifeblood for business owners.
ICTSI) as senior vice president, chief financial officer and compliance officer says the company’s digitisation agenda was fast-tracked considering state lockdowns during the pandemic. “We He also recommends continuing dialogues with banks that offer market insights to craft good strategies for funding and riskmanagement.
Several times in the past, this blog series has focused on various big picture issues regarding environmental, social and governance (ESG) programs, compliance and carbon accounting solutions. Proactive CSR initiatives can help companies avoid legal, reputational, and operational risks associated with unethical practices or non-compliance.
As he told Webster, “when you combine Earthport and Visa, we now stand in front of virtually 100 percent of the globe in terms of a reach equation,” with what he termed “bank-grade-type compliance and riskmanagement in the operating structure provided by Visa’s network.”. Single Point Of Connection. What’s On Offer.
In his position as Vice President of Global RiskManagement for TNS , Umer Ayub understands this reality firsthand. At TNS, this includes managingcompliance with regulatory requirements, such as PCI standards, card scheme rules and SSAE16 reports. PYMNTS: What do you wish you had more time to do?
In today’s AI-powered business environment, accounting is no longer just about crunching numbers. Discover how our strategic accounting services can embolden your financial strategy and riskmanagement. Cloud-based accounting software offers a seamless, efficient, and secure way to manage your finances.
However, they do not have the bandwidth, or maybe even the desire, to hire and maintain a compliance department in-house, nor do they relish the idea of keeping gigabytes of sensitive information on their servers. All manner of data must be verified, ranging from valid licenses and insurance to criminal histories and bank accounts.
McLeary says CFOs are riskmanagers themselves meaning they need to understand the risk of investments and make the right investments. “By By working closely with the security and IT leaders in the company, the CFO can ensure that the investment strategy is commensurate with the business risk. during the forecast period.
The need is there for a comprehensive approach for riskmanagement, which in turn means that both FinTechs and FIs need a strong, consistent strategy and roadmap from the very start of collaborations. Thus, riskmanagement must evaluate compatibility not just of tech platforms in place, but must also take a cue from strategic goals.
CFOs must uphold compliance with accounting standards and take a cautious approach to accounting positions, often providing additional disclosures in situations with any potential for debate. Furthermore, Enterprise RiskManagement (ERM) is a cornerstone of the CFO’s responsibilities.
Reports Wednesday (July 5) said the FSB released the results of a survey that found banks across the globe are reducing the number of correspondent banking relationships, used for cross-border payments, as they grow increasingly concerned about falling out of compliance with anti-money-laundering and other regulations.
Guided by influential mentors, Thobile recognized that finance goes beyond numbers—it impacts decision-making that drives business and individual success. I always loved working with numbers, and mathematics was one of my favorite subjects. What sparked your interest in finance?
While public companies are legally obligated (or are soon expected to be obligated) to meet a growing number of ESG-related regulatory requirements around the world, many of these compliance burdens – and reporting requirements, in particular – also extend to private companies and smaller organizations that conduct business with public companies.
In a press release issued on Monday (June 25), the SBA announced a strategic alliance with the American Institute of Certified Public Accountants (AICPA) to help small businesses (SMBs) facing regulatory compliance and enforcement issues. The SBA and AICPA have been working together since 2008, the entities noted.
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