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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.
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.
Chief financial officers are in it for a balancing act on sustainability mandates, technology investments, and economic and geopolitical shifts. The post CFOs must balance sustainability mandates, invest in technologies, report finds appeared first on FutureCFO. Cybersecurity must be a top priority to safeguard AI-driven processes.
Direct materials sourcing is evolving, with procurement now tasked not only with cost efficiency but managing sustainability and riskmanagement. While some embrace cutting-edge tools like AI and blockchain for global trade functions, others lag in technology adoption.
True enough, the Finance function now is not just about crunching the numbers and making use of data obtained from traditional work, as AI-powered riskmanagement has been deemed a game-changing approach against identity theft and other fraudulent activities. In an article penned by Lina S.
This transformation goes beyond adopting new technologies; it requires fundamentally rethinking how finance functions operate and contribute to overall business success. In this context, chief financial officers (CFOs) are emerging as pivotal figures in steering their organisations through technological adoption and innovation.
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.
It has been an imperative for accountants to keep up with the technological advancements in the market, and understanding artificial intelligence now raises key challenges for finance professionals. AI risks are diffuse, meaning a collaborative approach to riskmanagement is ever-more vital.
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.
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.
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.
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.
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. Suddenly a deep understanding of accounting and finance is not enough.
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.
The DORA will require banks to elevate the importance of relationship-building with critical third parties and buttress their cyber-riskmanagement. The initiative will establish a framework to strengthen the European financial sector’s capability to better defend against cyber threats.
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.
Investment in our technology and architecture remains our key priority as we endeavor to meet our clients complex needs through simple, elegant solutions. Morgan , which takes home both the Best Execution Algorithms and the Best DeFi Crypto FX Platform awards, employs innovative technologies to execute trades efficiently and effectively.
Only 58% of executives in sectors like healthcare, technology, and financial services have conducted a preliminary assessment of AI-related risks, despite the widespread adoption of the technology.
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.
From great-power competition to technological shifts and a fractured trade order, todays volatility is reshaping global business. You have to really incorporate geopolitics into your existing riskmanagement frameworks and its centrally important that those riskmanagement frameworks have a voice at the Board.
Whether through guiding a company through periods of expansion or navigating complex challenges, I am motivated by the potential to make a significant impact. Additionally, I plan to stay engaged in continuous learning, ensuring I remain adaptable and well-versed in the latest business trends and technologies.
Further, riskmanagement is another area where the CFO shines. Sustainable goals often involve investing in new technology processes or even entering a new market. As the CFO is keen to assess and mitigate those risks, the organisation can be assured it is not just chasing 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.
In the exhilarating realm of technology startups, ambitious entrepreneurs and CEOs are on a relentless quest for rapid expansion. This foundational integration supports Scaling Business RiskManagement, allowing systems and processes to evolve seamlessly as the company grows.
Wang attributes AI Skynet’s success to its robust technology: “For each transaction, the AI model can evaluate 100,000 fraud rules within 30 milliseconds.” Sustainable AI Development After years of testing, CTBC identified six mainstream technologies that underpin their digital evolution.
They are now using technology as a lever to reduce costs and innovate. 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. For the technology to be most effective, it requires a strong data foundation.
The insurer has achieved a ninefold increase in policy issuance while reducing headcount by 20 per cent, through technology investments. CFO Gopal Balachandran outlines the companys focus on health insurance expansion, regulatory compliance, IFRS 17 preparedness, and its approach to profitability and riskmanagement.
Reforms aimed at enhancing entrepreneurship and innovation also create new opportunities for NBK to expand our retail and wealth management services. Al Fulaij: In line with Kuwait Vision 2035, NBK identifies high growth potential in renewable energy, technology, digital transformation, health care, logistics, and contracting.
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.
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.”
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.
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.
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.
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.
As businesses gear up for 2025, TCI Group CFO Ashish Tiwari outlines the evolving role of CFOs, emphasising strategic planning, riskmanagement, and technological proficiency as essential skills for future leadership.
Technological Disruption : The emergence of new technologies, including generative AI, requires banks to adapt quickly. Banks invest heavily in technology to enhance user experience and streamline processes through artificial intelligence, machine learning, and blockchain.
Western Union recently partnered with Integral for a new riskmanagement mechanism called Integral BankFX. Western Union will use Integral’s technology for its electronic foreign exchange (eFX) riskmanagementtechnology across the Western Union Business Solutions program.
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.
Other benefits, the release says, include extended pre-approvals for card spend, better security when paying with virtual card technology and using the card payment cycle to better management working capital for buyers. customers to thrive in this challenging environment by empowering them to pay using virtual Card technology.
You may see organizations taking the hit on holding additional inventory to avoid more costs later, but it all boils down to lead time, she says, citing the difficulties companies face in trying to use inventory planning to minimize tariff risk. In the past, we used to say that cash is kingin the current environment, data is king.
The report, AI at a crossroads: building trust as the path to scale , seeks to shed light for business leaders regarding the development of effective AI governance as they traverse the road of technological advancements. That is why it is important that the Finance function is ahead of its way in dealing with all possible outcomes.
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