The Global role of the CXO in Risk Management
The board of directors and senior management look towards the CFO and risk and compliance officers to address the issues and pressures from outside 'market forces' that affect organizations ability to change business scenarios and financial models.
At the 9th annual European GRC summit in Stockholm, experts will share their perspectives on the business transformation thru the components of Governance, Risk Management, Compliance and IT security issues
The enlarged role of the CXO all over the world includes additional responsibilities compared to the traditional CXO profile that go beyond to provide an oversight of financial reporting and disclosures. These days it is often linked together with the internal audit and audit committee functions and more besides to;
- Overseeing the daily, monthly, quarterly and annual financial reporting and disclosure process
- Monitoring and implementing accounting and finance policies and principles
- Overseeing the A&F performance of the external auditors
- Overseeing regulatory compliance, ethics, and whistleblower procedures related to A&F issues
- Monitoring the internal control over financial reporting process
- Cooperating with the internal audit and treasury functions
- Monitoring the overall risk management policies and practices with management
Digitization: Unlock, the potential of digitalisation and better use of data the accounting and finance departments, are experiencing an increased focus on scanning and the use of digital solutions. The CXO, who can get the most out of the available data, will also experience the largest gains.
Cyber Security: As multiple digital solutions increase the demand for digital security as part of the digitization strategy of financial solutions is in demand. The fraud experts and criminals are moving into the digital universe. Therefore, the CXO plays a significant role in safeguarding cybersecurity and the protection of own as well as customer data to comply with global data protection mandates.
Business Models: Enhance the accounting and financial business model to support the company's strategy. The CXO needs to adapt and optimize business models so that they support the strategy and fit new market conditions. The innovative and value-added business model must be agile and ensuring a competitive advantage.
Compliance: Accounting and IFRS rules must be observed, even when the company is facing change. In times of change, the regulatory accounting and financial agenda must also switch focus. Change management in the accounting and financial business model must, therefore, take account of new regulatory requirements and supervision of IFRS and other global accounting mandates.
The role of the CXO and the 2015-16 agenda is no different. At the CXO Summit in Mumbai on the 5th November 2015, the presentations will be on the above topics, through case studies and guidance from experts that place the fiscal focus on the CXO 2015-16 Agenda.
For further information see: http://www.copenhagencompliance.com/2015/indiacfo2015/
http://www.copenhagencompliance.com/2015/stockholm/agenda.htm
