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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. The key takeaway?
I believe in breaking challenges down into manageable tasks, which makes them less overwhelming and easier to address systematically. I also rely on open communication and collaboration, particularly when the challenge involves a team. This helps in developing a well-informed strategy to tackle the problem.
Strengthening Internal Controls and RiskManagement Internal controls form the backbone of audit readiness. Take a critical look at areas prone to audit issues—such as revenue recognition, procurement, impairment, and financial reporting—ensuring that controls in these high-risk areas meet compliance standards.
This is the findings of the Association of Chartered Certified Accountants in a recent report, revealing that accounting professionals are posed with three hurdles: identifying and managing AI risk as a user in any role, supporting a collaborative approach to riskmanagement, and helping to understand and prepare for regulatory compliance.
Harding emphasises the importance of "the abilities to influence, the abilities to lead, the abilities to communicate and the ability to inspire." The ability to analyse data, identify insights, and communicate those insights effectively is highly valued.
Each step has enriched my experience, solidified my commitment to public sector finance, and prepared me for ongoing contributions to governance and skills development. When you’re young, focus on deeply understanding the core accounting principles, financial reporting, and regulatory compliance.
While legal and communications teams may lead initial responses, it is the CFO who must rebuild the financial and reputational foundations of the business. Enhancing Internal Controls and RiskManagement A scandal often reveals weaknesses in internal controls. Communicating regularly with internal teams is essential.
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.
It’s about governance, compliance, control, cash flow, and risk, at scale. Delays in compliance. Decentralised operations without oversight increase the risk of fraud or errors. Assuming one-size-fits-all. But allow enough flexibility for local compliance. Set up a robust communication and reporting cadence.
Huruda de Castro Malungane : ESG, Ethical Leadership, and Breaking the Isolation in Africa In a captivating episode of CFO Club Conversations , Leana van der Merwe speaks with Dr. Huruda D’Castro Malungane, an extraordinary leader at the intersection of finance, governance, risk, and human capital. ESG is very close to my heart.
She further suggests the importance of setting up objectives that encompass cost efficiency, standardisation, enhanced compliance, talent optimisation, and readiness for automation and AI integration. A proactive approach to riskmanagement, coupled with established compliance protocols, will safeguard organisational integrity.
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.
Maintain compliance with ongoing disclosure and transparency requirements. Internal reporting structures and organizational charts should support these segment classifications to ensure consistency and compliance. Produce comprehensive board-ready financial reports. Ensure their finance team has public company reporting expertise.
This ensures their communication systems are optimized for performance and security. Outsourcing also enables internal teams to concentrate on essential business tasks rather than getting weighed down by the challenges of telecom management.
This includes management practices and how they relate to risks and opportunities ESG presents. FinDep says understanding these regulations is crucial for compliance and success in the market. Engagement : This approach involves active communication with companies to improve their governance structure.
Strategic Thinking Begins at Ground Level CFOs are expected to contribute to strategic decisions, from capital investment and resource planning to riskmanagement and growth strategy. A Sharper Sense of Risk Operations involve risk. This risk awareness is a major asset in executive decision-making.
He advocates for dynamic adjustment of payment terms based on these insights: "When they have visibility of these insights, Businesses might implement shorter payment periods for higher-risk customers or offer extended terms to reliable clients with strong credit histories."
For instance, working with colleagues from Brazil and Portugal introduced me to different methodologies in project management that emphasized creativity and flexibility, contrasting with the more structured approaches I was familiar with. Additionally, I learned the importance of cultural sensitivity and effective communication.
E-invoicing mandate and ESG compliance add further complexity dimensions to the priorities and challenges faced by the Office of the CFO. Office of the CFO must navigate these varying regulations and ensure that AI solutions comply with local laws to avoid non-compliance and potential penalties.
Businesses that engage in unethical practices may gain short-term profits, but they risk losing their reputation, which can take years to rebuild. b) Legal Compliance and RiskManagement Companies must follow laws and regulations to avoid legal penalties, fines, or even criminal charges.
ESG is not just about compliance; it’s a framework for long-term business viability and resilience. RiskManagement: Identifying and mitigating ESG-related risks, which are increasingly recognized as indicators of potential business vulnerabilities. But we operate everyone operates.
Miao described a variety of initiatives designed to strengthen management, accelerate innovation, and improve both wealth management and fintech riskmanagement. Bank of Communications has expanded to offer boutique research and training modules for private banking clients. Key to its response is riskmanagement.
This level of commitment enhances Financial RiskManagement , allowing potential pitfalls to be identified and mitigated long before they impact the business. Constant delays and poor communication led to missed tax deadlines, penalties, and a significant hit to their financial stability.
The legislation sets clear rules for stablecoin issuers, requiring full reserve backing and compliance with anti-money laundering laws to safeguard consumers and reinforce the US dollars global standing. Fundamental challenges remain, particularly in governance, riskmanagement, and regulatory oversight.
Yet in the audit for the following year, Centurion and Chan failed to use information about the company’s bogus accounting when assessing risks of misstatement or to design audit procedures aimed at averting fraud, the PCAOB said. You can unsubscribe at anytime.
The UX approach provides the project team with the end-users’ perspective to inform how to design the technology and effectively communicate the change. You can unsubscribe at anytime. Aligning to Guiding Principles: Establishing guiding principles and aligning decisions to those principles simplifies the process.
Working in concert with the chief information security officer, the CFO can “better understand the probability and exposure to risk, set metrics on spending and ROI, and communicate recommendations for prioritizing cybersecurity spending,” they wrote. You can unsubscribe at anytime. Registered in England and Wales. TechTarget, Inc.s
Working in concert with the chief information security officer, the CFO can “better understand the probability and exposure to risk, set metrics on spending and ROI and communicate recommendations for prioritizing cybersecurity spending,” they wrote.
In addition, the Federal Communications Commission will evaluate whether state AI regulations interfere with the agency’s ability to carry out its obligations under the Communications Act. You can unsubscribe at anytime. Registered in England and Wales. TechTarget, Inc.s registered office is 275 Grove St. Newton, MA 02466.
ET Unlocking Business Value Through CBAM Compliance Presented by studioID and SAP 26 JUN Webinar | 2 p.m. You can unsubscribe at anytime. ET EDGAR Next: The SEC and Industry Experts Discuss Enrollment and Implementation Presented by studioID and Broadridge 25 JUN Webinar | 10 a.m. Registered in England and Wales. TechTarget, Inc.s
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?
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.
and Google’s existing and new relationships through improved communication methods,” the release says. Due to the SAP Ariba Network, suppliers have access to better visibility for invoices and orders, with the ability to self-manage account information, submit invoices electronically and receive new purchase orders. Last October, U.S.
While these challenges remain, firms must also assess and managerisks related to human rights, war, economic turmoil, foreign exchange volatility, cyberattacks and the implications of noncompliance. Today, supply chain and supplier riskmanagement is a beast. More and more, we encourage the flow of communication.
A controller primarily oversees accounting processes, ensuring accurate financial records and compliance with regulations. Purpose of the Role The controller ensures financial reporting compliance and accuracy while preventing and detecting fraud. CFOs must also be excellent communicators.
Navigating South Africa’s Reporting Maze: What Every CFO Needs to Know Navigating the complex landscape of regulatory reporting in South Africa can be daunting, especially for CFOs who bear the responsibility of ensuring compliance while also driving strategic financial decisions.
The CFO role is multi-faceted and includes everything from financial planning and analysis to business budgeting, financial decision-making, and riskmanagement. Employment numbers for Financial Managers are expected to rise by 17% over the next decade, faster than the average for all occupations. Chief Compliance Officer.
While some team members may be proficient in traditional accounting practices, others may excel in data analytics, riskmanagement, or even tech-driven financial innovations. However, a diverse team can also present management challenges. Setting clear KPIs and ensuring that these are communicated across the team is essential.
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.
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. One of which, of course, is ESG.
Another panelist highlighted their investment in inventory, as well as managing growth in the business. How do you balance the core responsibilities of Finance with riskmanagement? Making timely, relevant, and accurate data available across the business is critical to effective decision-making and riskmanagement.
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