The evolving roles of CFOs have presented a diverse set of challenges that are no longer confined in the financial side of their organization. In this infographic, we tackle four of these challenges and present solutions to help CFOs.

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PROBLEM #1: Talent Acquisition & Development

Prospective talents put a premium on the growth and development that an organization can give them.

SOLUTION: Be proactive in valuing your people

CFOs are now seen as mentors for talents who are looking to jumpstart or advance their careers. Provide them with guidance on how they can diversify and improve their skills. Don’t forget to commend their hard work and show that you trust them.

PROBLEM #2: Government Compliance

Regulations are changing fast and organizations need to dedicate resources to ensure compliance.

SOLUTION: Ensure compliance and minimize risks.

Do not cut corners when it comes to compliance. Doing so increases your risk of paying penalties which will cost your organization even more. Ensure that  your processes are up-to-date with government standards. That way, your organization builds a good reputation while avoiding unnecessary expenses.

PROBLEM #3: Keeping up with technology

Financial technology keeps on innovating. Adapting requires additional training and changes in your current processes.

SOLUTION: Adapt and use technology to your advantage.

Most of us are cautious when dealing with new technology. However, new technologies can expand your capabilities and increase your process efficiency. Invest time in adapting to new trends and technologies, and save on resources later.

PROBLEM #4: Vulnerability to Cyber-attacks

As more processes become digital, the risks of cyber-attacks also increase. Your data and intellectual property can now be targeted.

SOLUTION: Invest in Data Security

Financial information are often targeted by cyber-attacks for obvious reasons. However, the costs of not moving towards automation and digital processing far outweighs the cost of investing on data security. Doing so also helps you gain your clients' trust by letting them know that their data are safe and protected.

There are just some of the common challenges faced by CFOs today. If you need additional hands or someone to add value to your processes, get in touch with D&V Philippines. Our CFO solutions are designed to meet your day-to-day and complex needs.

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