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Navigating complex challenges The KPMG 2025 board agenda highlights that boards will face unprecedented scrutiny regarding their governance processes as companies navigate complex geopolitical and economic risks. For CFOs, this means managingfinancialdata and utilising technology to provide insights that drive strategic decision-making.
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.
Did you know that 35% of organizations identify data quality and timeliness as significant barriers to effective financial planning and analysis (FP&A)? This issue hampers forecasting accuracy, riskmanagement, and resource allocation. Present financialdata with clear charts for faster decision-making.
2005-2019 CTBC Bank – Retail Banking Credit RiskManagement Division, Vice President. Deploying personal financialriskmanagement systems and operations internationally, including in China (including Goldmax Consumer Finance Company), The United States, Canada, Japan, the Philippines, Indonesia, and Thailand.
Here’s what modern cash management systems typically offer: Real-Time Bank Account Integration - The ability to link various bank accounts into a single platform allows businesses to view all their financialdata in one place, reducing manual work and improving accuracy.
Predictive Analytics - AI uses past data to predict future events, helping businesses prepare effectively. These technologies allow AI to quickly analyze large amounts of financialdata, spot patterns, and trends, and provide helpful insights. This ensures that client investments remain aligned with their financial objectives.
Wong says the ability to connect financial insights to the broader business landscape is crucial. “A A great finance leader sees the bigger picture, understanding how financialdata aligns with organisational goals and drives growth. “I believe impactful leaders empower others to grow, creating strong, capable teams.”
These insights empower owners to make data-driven decisions that support long-term growth. Leverage Financial Insights in Hospitality In the hospitality industry, leveraging financial insights is essential to remain competitive. For those seeking expert guidance, Explore Strategic CFO Services tailored to the hospitality sector.
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.
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.
Critically, CFOs must move beyond siloed financialdata and begin synthesising a broader spectrum of intelligence. The Risk-Insight Nexus In a climate of heightened regulatory scrutiny, geopolitical uncertainty, and growing ESG expectations, the CFO must also use information to sharpen riskmanagement and governance practices.
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.
Share The Role of AI in Financial Statement Analysis The integration of artificial intelligence (AI) into financial statement analysis is transforming this process.
At the same time, the explosion of new data sources, fueled by digital transformation and AI, has revolutionized how businesses can gather and analyze information. To thrive in this environment, companies need to look beyond static credit data and embrace a more holistic, real-time approach to riskmanagement.
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. They become fluent in operational language and can convert financial information into actionable business insights.
Simonian is also currently the co-editor of the Journal of FinancialData Science and on the editorial board of The Journal of Portfolio Management. He is a noted contributor to leading finance journals and is also a prominent speaker at investment events worldwide.
As CFOs navigate this complex terrain and adapt their business processes, and decide how large a financial commitment to make to it, they must understand the implications for their financial models, riskmanagement practices, and overall business operations.
Working with the Ozone API open banking company, Bancolombia is building the type of open application programming interface (API) infrastructure essential for secure data sharing. This innovation will empower banks to harness shared financialdata for enhanced customer insights and personalized services.
Charlie Cheah Best practices and riskmanagement Cheah highlights that data security is crucial when implementing AI in AP processes. Best practices include: Data Encryption: Ensuring all financialdata processed by AI systems is encrypted at rest and during transmission to prevent unauthorised access.
Technological Proficiency Staying abreast of technological advancements in finance, such as financial software, data analytics, and cybersecurity, is critical. Proficiency in these areas can significantly enhance one’s ability to manage and interpret financialdata.
As a result, users can complete tasks like reconciling accounts, forecasting, while analysing financialdata can be completed with unprecedented speed and accuracy. This allows CFOs and their teams to shift their focus from manual processes to higher-value activities like strategic planning and riskmanagement.
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.
It is changing how businesses deal with Enterprise RiskManagement (ERM), and AI algorithms can always watch for risks. AI can look at lots of data, find patterns, and predict risks. AI also does tasks automatically and saves time for riskmanagers. Why is Enterprise RiskManagement Important?
We all understand that the C-level wants treasury to lake use of huge financialdata they sit on and develop more reporting and dashboards. The 2021 EACT survey, as it has become a tradition, attempts early this year to determine what the treasury trends and priorities for multinational companies will be in the next 12 to 24 months.
RiskManagement and Leadership. A CFO knows a business’ financials better than anyone. They have the knowledge and skills to assess a crisis and mitigate risk. Increased Financial Planning and Analysis. CFOs make decisions based on data.
The bank’s clients will have the capacity to easily and safely share their financial information with over 1,400 third-party financial programs on the Envestnet | Yodlee FinancialData Aggregation Platform that will assist in bolstering “their overall financial wellness,” according to the announcement.
The rise in digital transformation (DX) initiatives and the adoption of mobile technologies have also contributed to the demand for cloud-based financial applications in Asia/Pacific. Companies are increasingly seeking secure and compliant solutions to manage their financialdata.
While the job has always had a strong risk-management component, the basic task was simple: making sure the company has cash available, when and where it’s needed. By tapping into advanced analytical tools, treasury teams can uncover far deeper insights from their increasingly vast volumes of financialdata.” Not anymore.
With an increasing focus on climate-related riskmanagement and disclosures, including those under the Taskforce on Climate-Related Financial Disclosures (TCFD) framework, companies are recognising that climate change also has an impact on their businesses, operations and financials. “It
Every interaction — from ATM withdrawals to loan applications — provides FIs with valuable data about customers’ financial lifestyles. Banks can even harness external regulatory, trading and social media engagement data, all of which can be processed and analyzed to benefit their operations. Data Analytics Behind the Scenes.
By embracing accounting automation for startups , tech companies ensure their financialdata is always on point, setting the stage for sharp decision-making. With predictable fixed pricing, financial plans become clear, allowing businesses to focus on what truly matters: strategic initiatives.
The finance team can make this possible through the management of associated risks with AI, as it plays a greater role in the accounting and financial reporting of businesses. Now, beyond interpreting financialdata, we’re now also embracing sustainability reporting and assurance – a rapidly growing field."
NP: Training AI models to understand and interpret complex financialdata accurately requires dedicated time and resources. Teams may also lack the skills required to develop a robust AI model, ranging from AI, data analytics to business acumen and riskmanagement skills.
Practical Example: A medium-sized manufacturing company with a public interest score of 350 must ensure that its AFS is audited and submitted to the Companies and Intellectual Property Commission (CIPC) within six months of the financial year-end. Failure to comply can lead to penalties and reputational damage.
Cloud-based accounting solutions ensure that your financialdata is accessible anytime, anywhere. Say goodbye to cumbersome paperwork and hello to real-time financial monitoring with state-of-the-art online accounting platforms. A well-crafted financial strategy can significantly impact your bottom line.
AI driven automation is expected to extend to more complex tasks such as, audits, riskmanagement, and financial planning and analysis. With a large and diverse enough data set (e.g. How to use AI in Finance & Accounting As we look to the future, the role of AI in finance will likely expand.
Within the SAP ecosystem, Parallel Accounting is supported by the following financial application components: Financial Accounting (FI). Treasury and RiskManagement (TRM). Asset Accounting (FI-AA). Controlling (CO). Inventory Accounting (MM and ML).
Platforms like QuickBooks and Xero provide real-time insights into financialdata, enabling more informed decision-making and efficient tax preparation. Utilize Real-Time Financial Reporting Real-time financial reporting is a game-changer for small businesses.
Here are the five most important skills identified: A strong understanding of riskmanagement The ability to use new software or technology The ability to communicate complex financial information to different stakeholders A strong understanding of financial best practices The ability to collaborate with colleagues from other functions.
They focus on data accuracy and regulatory compliance, rely on regimented processes, and are generally wary of change. They prepare financial reports and statements that clearly and accurately represent the company’s financial position. They regularly audit processes to maintain the integrity of financial operations.
Keep reading for best practices for impressing owners and employees alike as a new chief financial officer. Marry Finance With Strategy It’s not enough to provide accurate financialdata. Once you’ve identified potential financialrisks, you can strategize the best riskmanagement solutions and start putting them into action.
Budgeting and Forecasting: They have experience in creating and managing budgets, as well as forecasting financial performance based on historical data and future expectations. Candidates should be able to connect financialdata to broader business strategies. Communication: Effective communication is critical.
He noted that companies like EQ Riskfactor have “a lot of work to do” to demonstrate the value of unlocking financialdata for U.S. “There are limitless possibilities for the enhancement of business client lending improvements through the use of data sharing,” he added.
More than 670 professionals at mid-sized and large firms were asked about how they collaborate with human resources and IT departments, both areas of the enterprise that have significant impacts on financialmanagement.
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