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Using Predictive Analytics in RiskManagement In today’s fast-paced business environment, managingrisks effectively is more critical than ever. CFOs are tasked with not only safeguarding the financial health of their organisations but also navigating uncertainties that could impact business performance.
He concedes that AI has significantly transformed finance teams by automating processes, improving forecasting, and enhancing riskmanagement, but he notes that its effectiveness depends on access to up-to-date data.
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Additionally, I worked for a South African company that exported its products internationally, giving me exposure to the complexities of global trade and compliance. What stood out to me most in these experiences is the importance of adaptability and cultural awareness.
For example, AI automates riskmanagement and cash forecasting processes using machine learning to generate more accurate and timely predictions,” he elaborates. Finance teams should establish a framework that incorporates regulatory requirements into their AI systems, utilising automated compliance checks and reporting tools.
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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, financialreporting, and regulatory compliance.
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Problem 1: Using Old and Cumbersome Excel Models Many of us have developed a financialreporting process that uses workarounds for limitations in our ERP software and to ensure we can meet our deadlines without accidentally breaking something. All involving Excel data manipulation.
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On the other hand, she opines that ESG can be looked at as a framework used to evaluate enterprise performance and potential risks based on its environmental, social, and governance practices. “It Key stakeholders from an ESG perspective would be the chief financial officer and the chief compliance officer,” she adds.
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Supriya Deka: The general features of financial applications include accounting, reporting & analytics, bank reconciliation, billing & invoicing, asset management, budgeting & forecasting, financialriskmanagement, expense tracking, and payroll management.
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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 financialreporting—ensuring that controls in these high-risk areas meet compliance standards.
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