Best practices CFOs need to adopt to handle risks

Today—in a landscape riddled with COVID-19—organisations are more vulnerable and exposed to a complex array of risks and uncertainties.

All businesses must prepare by incorporating aspects of risk management into their organisational strategies to build resilience and secure their positions in both the short and long term.

Amidst the crisis and spike in potential business threats, companies around the world are abandoning siloed processes and systems, and are turning instead to how they can convert emerging risks into opportunities to diversify further and gain a competitive advantage in their industry.

Guaranteeing sustainability is the new organisational goal for businesses, and achieving it requires the implementation of up-to-date crisis management manoeuvres to ensure business continuity.

So, how can CFOs build a risk appetite that gives them the confidence to overcome challenges?

Today, it boils down to the attributes they develop to help identify and cope with possible disruptions in the flow of a business.

Analysing operations with future-focused thinking can create sustainable value addition that will allow for the adjustment of strategies and optimisation of operations that will help secure success.