The COVID-19 pandemic revealed some systemic weaknesses in the global supply chain, changes in customer and investor preferences, an increase in remote working models, and the need to reconfigure third-party risk service models. In short, the pandemic has transformed the meaning of risk for executives in the global economy.
Simultaneously, regulators and investors began asking for more granular reporting and disclosures. In the face of a dynamic business environment and evolving risks, the role of the CFO has grown more demanding and complex. CFOs should prepare to adjust their risk management frameworks to incorporate new realities and answer the calls for more transparency in public disclosures.
Three key areas CFOs need to focus on are third-party risk management, reputational risks, and cybersecurity risks associated with enhanced disclosure requirements.