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Evolving role Historically, CFOs were the stewards of financial reporting and compliance. Giselle Arellano-Geronimo For instance, integrating cloud-based systems allows for greater flexibility and accessibility of financialdata, enabling finance teams to collaborate more effectively.
No longer confined to traditional financial management, CFOs now play a pivotal role in safeguarding their organizations against increasingly sophisticated cyber threats. As stewards of financialdata, CFOs must prioritize cybersecurity measures to ensure the security of sensitive information and maintain client trust.
In this Insights news post we provide an updated look at the four key areas of AI, Cloud, Compliance and Sustainability. One of the key factors for success with agentic AI applications will be providing secure access to enterprise wide data sets for real-time analysis and decision making.
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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.
Cloud-based financial systems have improved collaboration, making data more accessible while ensuring compliance with evolving regulations." Understanding automation tools is also essential, as AI is reshaping processes such as financial planning, risk management, and audit compliance."
Discover how SAP solutions lay a solid foundation for audits and next level PCAOB or AICPA compliance reviews. For any public company, the goal of successfully complying with periodic financial reviews by external auditors cannot be overstated.
Its about sustainability, compliance, and having the confidence to lead your mission with clarity. And train non-accounting staff to code and document transactions correctly so that financialdata flows cleanly into your reports. Build a compliance calendar that tracks every key deadline. Youre playing with fire.
Listed companies (on the stock exchange) They must meet strict financial disclosure rules, often set by stock market regulators like the JSE (Johannesburg Stock Exchange). Knowing the specific rules for your industry helps you prepare in advance and avoid compliance issues. This saves time and reduces the risk of mistakes.
What is financial consolidation? Financial consolidation is the practice of combining financialdata from multiple business entities into a single, unified set of financial statements.
What is IFRS Compliance? Being IFRS-compliant means that a company follows a set of internationally recognised accounting rules when preparing its financial statements. These rules, set by the International Accounting Standards Board (IASB), are designed to make financial reports clear, comparable, and reliable.
According to a press release, the innovations seek to boost, not replace, critical human decision-making while delivering measurable outcomes in speed, accuracy, and compliance.
Automation Solutions: Streamlining Back-Office Operations The operational complexity of private equity, from regulatory compliance to financialdata management, can burden resources and divert attention from strategic priorities.
Analysis of Accounting Statements| BANCO CENTRAL DO BRASIL Every year, the financial institutions supervised by Brazil’s central bank issue accounting reports that are used to verify their compliance with regulations. These reports are not standardized and extracting the relevant information can take weeks and many employee hours.
A new survey shows that an increasing number of mergers and acquisitions (M&As) are not going through because of concerns over General Data Protection Regulation (GDPR) compliance. As we track transactions, it will be very telling how these challenges will impact organizations’ due diligence processes.
Numbers Never Lie but They Rarely Tell the Whole Story For too long, financial analysis has been seen as a back-office functionprocessing numbers, producing reports, and ensuring compliance. In some organisations, questioning financialdata is seen as criticism rather than an opportunity for improvement. The problem?
From federal grant compliance to donor transparency expectations, nonprofits must meet a growing list of financial integrity standards. If your organization doesnt have airtight financial oversight, youre at risk of losing funding. Misallocating funds can lead to compliance violations and loss of trust from funders.
If You Dont Use the Data, Someone Else Will! As the role of the finance leader evolves beyond compliance and control, strategic decision-making increasingly relies on the intelligent use of data. But not just any data. For todays CFO, information is not a by-product of operations, it is the engine of sustainable growth.
Maintaining accurate records across a diversified portfolio can be a considerable challenge in terms of compliance, transparency, and risk. For single and multiple family offices, governance is key to financial success and is an important element of your organizational structure. Choosing the right accounting software is important.
Implement a unified financial reporting and ERP software tailored to healthcare needs. Ensure Consistent FinancialData Consistent financialdata is another critical component of accurate reporting, analysis, and decision-making, all of which are crucial for supporting patient care initiatives.
Other regulations adding weight to financial service providers’ compliance burden include Europe’s PSD2 and the U.K.’s ’s Open Banking , which promote end-customer ownership of financialdata and enable those customers to allow for banks to share their financialdata with third-party service providers.
Being part of those transformative moments - when finance leaders realise that tax can be a lever for growth, not just compliance - is incredibly rewarding. Its a real-world chess game where every move matters, and every piece - financialdata, legal contracts, operational substance - must align under intense scrutiny and huge pressure.
Budget approval ensures financial stability, prevents unnecessary expenses, and keeps projects on schedule. Present financialdata with clear charts for faster decision-making. Provide business context to support data-driven discussions.
While regulators had transparency and financial security in mind when introducing more stringent requirements for banks following the global financial crisis, financial institutions faced a sudden surge in the burden compliance. The Key To Compliance Is Data.
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 Fed is considering an audit of Big Tech firms’ compliance policies and governance structures. The probe would concentrate on tech firms that provide data storage to financial institutions.
A controller primarily oversees accounting processes, ensuring accurate financial records and compliance with regulations. In contrast, a CFO is a more strategic financial professional, focusing on long-term planning, investor relations, and overarching financial strategy.
The CFO is not just the gatekeeper of financialdata. It helps you stay grounded when the CEO questions your forecast, when a compliance issue lands on your desk, or when your team misses the mark. Before You Forecast the Future, Figure Out Who You Are!
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.
. “By applying this technology, a CFO no longer needs to look through 300 pages of tabular reports, but gets directly to the top 10 breaking trends in their data.” ” Further, solutions that deploy automated data management and analytics features can be critical for government reporting and regulatory compliance.
It’s a result, explained Gillette, of the legacy ERP no longer being suited to address the full range of businesses’ diverse financial and process management needs. He pointed to financial reporting as one example of this shift. Modernizing the ERP. Disruption Ahead.
Asia’s ESG journey BlackLine regional vice-president for Asia, Nikhil Parambath , says Asia's business leaders are focusing on strategic initiatives for long-term growth, with an increasing emphasis on ESG compliance to build trust among stakeholders.
The ability to analyse data, identify insights, and communicate those insights effectively is highly valued. Finance professionals need to be able to tell a story with the numbers, explaining the implications of financialdata for the business.
They are expected to provide financial leadership and insight into the organization's strategic direction. This involves not just managing financialdata but also interpreting it to guide decision-making. Globalization CFOs have long needed to assure compliance with two different standards-setting bodies.
Adding ERP in finance departments is very popular for good reason, as the system consolidates financialdata automatically and generates reports quickly and simply, regardless of file type and without any need to crosscheck and rekey data. Manufacturing ERP is designed to optimize efficiency in quality and compliance.
The financial landscape is evolving at breakneck speed, driven by big data, globalisation, and digitisation. The pressure on finance leaders to deliver strategic insights and ensure compliance is mounting in this dynamic environment. These challenges, like tangled vines, impede progress.
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. Controlling (CO). Inventory Accounting (MM and ML).
In this episode, we dive into five issues that are at the heart of optimizing Quote-to-Cash to Compliance with SAP Revenue Recognition and subscription management applications, including complex bundling scenarios. Closing and Reporting: How can we shorten our periodic closing cycles while assuring reporting and disclosure compliance?
Then theres tax and compliance. Make sure you understand your reports and always have access to your financial records. Your financialdata is sensitive. Always work with a trusted professional who follows strict data protection rulesanother reason why choosing a CIBA Business Accountant in Practice is a smart move.
Real-time data access Millennials and gen Z clients have high expectations for immediacy in financial information. Real-time access to financialdata, performance metrics, and market insights not only improves transparency but also empowers clients to make informed decisions.
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. A chief compliance officer ensures financial institutions adhere to all applicable laws and regulations. Financial Examiner. Insurance Advisor.
You’ll be able to make financial decisions with confidence, knowing that you are operating from a strong financial position. 4) Plan for Growth – Accurate, well-supported financial forecasts support every department of your company as you plan for growth.
Practical Applications of Predictive Analytics in Risk Management To get started with predictive analytics, you don’t need to be a data scientist. Financial Risk Forecasting Predictive models can analyse your company’s financialdata—such as revenue patterns, cash flow, and expenses—to identify potential financial risks.
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