Your Risk Management Role in Finance Leadership 💼

Pro tip: Don’t fear Enhanced Risk Management.

While it may sound ominous, ERM isn’t something to be afraid of; in fact, it’s business best practices that come with a hefty side of checks, balances and internal controls designed to make the lives of finance professionals much easier.

Embracing ERM is about more than just leaning into risk management strategies and hoping for the best. It’s about embracing the new generation of automation that allows finance professionals to do their best work and support the organization as a whole.

Automation Shouldn’t Wait Until Next Quarter 

When startups think about automation they often shy away, long timeframes and costly budgets at the top of their concerns. But automation efforts don’t have to be extended — setting aside budget and manpower for a quarter to implement automated controls can be more impactful in the long run.

Without prioritizing automation, teams won’t have the opportunity to find inefficiencies they could rectify — how could they when it’s not top of mind? 

In the grand scheme of things, automating key processes is much more cost-effective than scrambling during tax time or during an audit to put together everything needed to demonstrate compliance.

Prioritizing automation is a vital step for lean teams in ensuring they can do their best work. Are you invested in keeping your organization on the right track? The best time to implement automation is now. 

Keeping Compliant While Working Lean

Now more than ever, startups are prioritizing lean, agile teams who can achieve a lot in a short period to bolster both the company’s bottom line and its long-term trajectory. 

Staying on top of the business while ensuring compliance at every step of the way can feel daunting; here’s how finance professionals can keep their company on the right track.

Remain involved: If you’re not in the room where data and compliance-related conversations happen, find a way to change that. Ensuring compliance is a priority without slowing the business down is the responsibility of every leader in the company, including you.

Harness the power of data infrastructure: The right infrastructure makes a world of difference when it comes to generating reports and managing reconciliations.

Develop good documentation habits: Ensure there’s documentation of everything from decisions made in stakeholder meetings to compliance-related conversations that could be audited. In today’s rapidly evolving regulatory environment, it pays to hold everyone within your company accountable for maintaining good documentation habits.

Ready to dive deeper into the world of ERM and automation? Sruthi Lanka, Chief Financial Officer at Public.com, shares her wealth of knowledge on the latest episode of The CFO Show.

In case you missed it…

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What’s next…

The landscape of financial management is undergoing unprecedented changes, driven by technological advancements, global economic shifts, and the growing complexities of business structures. This necessitates a reevaluation of traditional financial frameworks and the adoption of innovative strategies to ensure sustained success in the competitive marketplace. Andy Young, CFO at Horwich Farrelly, joins us to examine the challenges of scaling up and proposes practical solutions to address them.