How automation enables a strategic and proactive financial risk management process
Financial risk is a well-known threat that CFOs factor into their decision making and trying to mitigate that risk through a manual approach of emails, spreadsheets and binders is an ineffective defense. CFOs need to proactively combat risk through strategic initiatives that a manual approach to finance processes cannot support due to inherent issues, including:
- Lack of visibility and standardization
- Decreased transparency
- Increased time delays
- Insufficient corporate compliance framework
For today’s enterprises, there continues to be a steady uptick in instances of financial risk that can impact both companies and their customers. To combat the most visible risk of fraud, regulators have implemented more stringent rules and companies must be prepared to meet growing compliance demands.
Companies know that they must have strategies for risk assessment set up. Where should they start?
Automation can help organizations create strategies for risk assessment through increased standardization and visibility — something that manual processes cannot provide. From increased transparency to enhanced efficiency, automation helps equip organizations with the tools they need to combat risk.
Download this eBook to learn the five major steps you should take to implement a solid enterprise risk management strategy with financial process automation to ensure your company is prepared for adherence to the ever-growing compliance and risk demands:
- Evaluate Your Current Risk Enterprise Management Strategy
- Plan Your Ideal Risk Management Approach
- Establish a Proactive Approach to Risk
- Enforce Standardization and Gain Visibility
- Prepare for the Audit