- A Framework to Manage Business Risks with Data and Analytics
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- Almost anything worth doing is inherently risky. But many businesses and individuals try to avoid risks and play safe. But this safety often leads to mediocrity, complacency, and ultimate downfall as seen in the case of Blockbuster, Kodak, Xerox, Yahoo, Borders Bookstore, and many more. In today’s VUCA (volatility, uncertainty, complexity, and ambiguity) world, apart from forecasting the low-probability, high-impact “Black Swan” events with predictive analytics, business leaders can protect their business with good risk management practices and further hedge their business. In addition, in business, there is no innovation and growth without risks. Innovation and growth are intrinsically tied to risk; if you want bigger returns and rewards, you have to take on more risks. So how can business enterprises effectively manage risks? Below are the 5 key enterprise risk management (ERM) steps.
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Take Assessment Watch Video- The Digitization of the Finance Function
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- Finance transformation involves the expansion of the finance department into a strategic, forward- looking organization that becomes the central figure in an organization’s strategic initiatives by integrating new technology (APIs, databases, and data science) to provide greater management insights. CFOs maintain their role as a key member of the strategic leadership team. Finance becomes faster, more efficient with precision accuracy. By defining the transformation ahead, you can give senior leaders and your entire team a peek into the future.
- The Roots of CFO.University - (03:39)
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Governance & Controls – structure and controls.
Transaction Recording – systems, transaction processing and closing the books.
Reporting - efficient, timely and accurate information for decision making and meeting compliance requirements.
Accounting
Business Planning - provide the financial roadmap for the company with supporting analytics.
Financial Forecasting - integrate the company’s current performance relative to budget with the real-time business environment.
Investment Analysis - the framework to analyze new opportunities as they present themselves.
Finance
Cash Management - the discipline to ensure cash is available to operate the business normally.
Funding - Planning for and raising funds to meet the needs of the business.
Risk Management – Identification and mitigation of key business risks.
Treasury
Self-Awareness - Internal.
Team Building - External.
Strategy & Culture – Motivate people to follow you.
Leadership
Four Pillars of Executive Expertise
CFO.University is built around the Four Pillars of CFO Success. These Pillars are supported with Core Competencies. Our framework allows you to master your role as a senior financial officer. The Four Pillars are made up of:
Accounting – Governance & Controls, Transaction Recording and Reporting
Finance – Business Planning, Financial Forecasting and Investment Analysis
Treasury – Cash Management, Funding (Capital Raising) and Risk Management
Leadership – Self Awareness, Team Building and Strategy & Culture
