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How External Factors Shape Internal Strategies Through Strategic RiskManagement Picture this: Youre the captain of a ship in a vast, unpredictable ocean. External forceswhether economic, technological, or socialcan quickly turn smooth sailing into turbulent waters. Businesses that fail to adapt risk falling behind competitors.
However, for most organisations, it is still early days and much needs to be learned and discovered about AI for users and leaders to fully grasp the impact of the technology. In this context, CFOs must adopt a proactive stance, perceiving AI not only as a source of risk but also as a vital component in the riskmanagement toolkit.
At the FutureCFO Conference series, organised by Cxociety, finance leaders in Indonesia, Malaysia, Singapore, the Philippines and Thailand ranked automation and degitalisation (80%), investing in talent and employee development (58%) and continuous innovation (47%) as the top three strategies most important to sustainable growth in 2024.
In this environment, CFOs must prioritise cybersecurity investments that deliver a tangible return on investment. One of the main challenges in securing cybersecurity investments lies in the nature of cybersecurity itself. How can we maximise the return on these investments while achieving our security goals?"
The insurer has achieved a ninefold increase in policy issuance while reducing headcount by 20 per cent, through technologyinvestments. CFO Gopal Balachandran outlines the companys focus on health insurance expansion, regulatory compliance, IFRS 17 preparedness, and its approach to profitability and riskmanagement.
The future of technology emerged as the top risk of concern of today and tomorrow for organisations in the Asia-Pacific region, according to a recent survey by advisory, broking, and solutions company WTW. This finding came even considering the role of artificial intelligence (AI) and technology in driving change in the next 10 years.
As businesses navigate their way around various technological advancements, finance teams are faced with the task to integrate analytics and automation into their existing processes, determining at the same time which specific system to transform first for maximum operational impact.
Now, finance leaders are expected to be able to identify and mitigate ESG-related risks, allocating resources towards sustainability initiatives and communicating the organisation’s ESG performance to stakeholders. Further, riskmanagement is another area where the CFO shines.
An advanced analytics tool such as this can help users gain deeper insights into market trends and make better-informed investment decisions. Investment in our technology and architecture remains our key priority as we endeavor to meet our clients complex needs through simple, elegant solutions. This includes the Kinexys by J.P.
This issue hampers forecasting accuracy, riskmanagement, and resource allocation. Without accurate insights, businesses struggle with forecasting, riskmanagement, and resource allocation. Gain Approval - Present the plan to management with expected benefits. Continuously refine models with updated data.
Delving into the key trends shaping the treasury landscape in 2024, the focus is on themes such as staffing challenges, macroeconomic risks, technology adoption, and strategic financial management. Staffing challenges and technology adoption Staffing emerges as a central theme for corporate treasurers.
Technological advancements, evolving market demands, and a heightened focus on sustainability are converging to reshape the finance landscape. CFOs, controllers, and management accountants must embrace agility and foresight to thrive in this dynamic environment. The finance function is undergoing a seismic shift.
19) that it has inked a partnership deal with Feedzai, an artificial intelligence (AI) developer for real-time riskmanagement across banking and commerce. Citi Ventures made a strategic investment in Feedzai in 2016, and this partnership is the next phase in their relationship.
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.
Supplier riskmanagement is often a resource-intensive practice and rarely a target of technologicalinvestments. As a result, corporates will often let their vendor relationship management processes fall by the wayside. Unprecedented Risk. ” A Dramatic Shift. The New Normal. ”
Current industry research suggests that AI technologies are gaining traction among finance professionals navigating a complex landscape marked by rapid change. However, the adoption rate varies significantly across the region, influenced by technological maturity and cultural attitudes towards innovation.
When it comes to third-party riskmanagement, organisations are redefining their approaches, with a focus on talent and strengthening the role of executive leadership on third-party riskmanagement teams, said Deloitte recently when releasing results of a survey.
Affin Bank’s Vision is to be the most creative Financial company in Malaysia: creative in terms of innovation and technology, creative in terms of unrivalled customer service and creating value for our shareholders, customers, and people, explained Rodrigues.
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.
That is why it is only customary that chief finance officers and finance leaders have mastered how to get around risks, handling the evolving landscape of fraud and payments to always be prepared amid emerging technologies and shifting regulatory demands. Today, this approach is bolstered by AI and machine learning.
This proactive approach not only aids in financial riskmanagement but also equips businesses with the foresight needed to navigate uncertainties confidently. A Comprehensive Approach to Risk Mitigation Risk mitigation for businesses involves a holistic approach that encompasses both financial and operational aspects.
Developing specialised expertise expertise—whether in fundraising, M&A, technological transformation, or another key area—can set you apart as a leader.” This requires expertise beyond finance, including knowledge of the global economy, market trends, laws and regulations, business strategy, and emerging technologies.”
Private banking clients seek a dedicated, personalized, technology-driven service with access to broad investment opportunities. Indeed, the winners of the Best Private Banks awards for the Middle East provide first-class private banking products and services supported by advanced technology.
Regulatory Demands : Banks must prioritise IT investments amidst growing regulatory requirements, particularly in anti-money laundering (AML) and cybersecurity. Technological Disruption : The emergence of new technologies, including generative AI, requires banks to adapt quickly.
The analyst further suggests that application leaders must understand the technologies and frameworks that underpin a composable approach to set the scene for AI-enabled wins. For example, AI automates riskmanagement and cash forecasting processes using machine learning to generate more accurate and timely predictions,” he elaborates.
Morgan US Private Bank, discusses navigating rising rates, global tensions, and technological transformation. The global economy is transitioning to an era marked by higher growth, increased capital investment, and elevated interest rates. Frame: Its prompting them to adopt more agile and diversified investment strategies.
AI in financial planning uses important technologies like: Machine Learning (ML) - AI learns from data and makes better predictions over time. These technologies allow AI to quickly analyze large amounts of financial data, spot patterns, and trends, and provide helpful insights.
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.
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.
This evolution is particularly pronounced in Asia, driven by factors such as rapid economic growth, increasing regulatory complexity, and the accelerating pace of technological change. Driving continuous improvement in PPM "CFOs must champion strategic investments in technology and automation solutions to support this growth," asserts Kumar.
Private banking clients seek a dedicated, personalized, technology-driven service with access to broad investment opportunities. Indeed, the winners of the Best Private Banks awards for the Middle East provide first-class private banking products and services supported by advanced technology.
The alternative investment industry is facing rapid transformation. Fund managers contend with increasing regulatory requirements, mounting investor expectations, and the complexities of managing multi-asset class portfolios. E78s model not only reduces costs but also delivers measurable value.
Lower rates could mean it’s a good time to invest, while higher rates might prompt caution with new debt. These indicators help paint a bigger picture of the market environment, allowing you to make informed calls on expenses, investments, or scaling up operations.
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This includes guidance on hedging strategies and riskmanagement to capitalize on opportunities and mitigate risks associated with carry trades. The use of alternative currencies can be really attractive and reduce the cost of the total transaction, but as a side effect, it can increase risk and volatility.
How do you handle professional challenges? Developing a solid technical foundation will make these skills second nature, freeing up mental capacity to focus on higher-level challenges as you progress. As you gain experience, start paying attention to strategic thinking and riskmanagement, which are critical at the executive level.
We invest in optimizing processes and leveraging advanced technologies like AI to improve efficiency. tool, based on Microsoft Copilot technology, addresses the industrys knowledge gaps by assisting newcomers in efficiently navigating our Trade Innovation platform and the trade finance landscape. For instance, Finastras Assist.AI
Controllers must optimise their governance processes to balance riskmanagement processes without stifling the productivity that the technology provides, as robotic process automation (RPA) moves from the testing phase to full adoption in most finance departments, said Gartner recently. RPA governance model selection.
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In an era characterized by rapid digital transformation, businesses across the spectrum are leveraging technology to fuel progress, growth, and competitive advantage. In particular, private equity investors have actively harnessed technology to streamline portfolio company performance.
In response to the RBI's increasing focus on financial sector stability, banks are bulking up their technology capabilities by expanding their tech teams and increasing IT investments.
Undoubtedly, government support, a conducive policy framework, and budgetary incentives linked to investments in agriculture are key to reinvigorating the sector and making Indian agriculture globally competitive, especially with the emphasis on agri-technologies and digital transformation.
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