Just like any other crucial leader of an organization, Chief Financial Officer (CFO) is tasked with critical responsibilities; the most important of them is handling the finances and overseeing the team that is in charge of financial operations. Besides performing mission critical tasks, the CFO also has to innovate and plan for the future. However, the burden of staying ahead of the curve while performing mundane–yet critical–tasks can bring even the most skillful employees to their knees and a CFO is no different. The increasing complexity of financial systems in the BFSI industry needs to be solved with effective measures, and in the light of technological advancements in the software industry, the answer can be found in the form of Artificial Intelligence (AI) based software like the Policy and Procedure Management Software.

Challenges Faced by CFOs

The modern day CFO is under great scrutiny and supervision as his actions have a direct impact on the financial health of the whole organization. A CFO dons the hat of many individuals and performs a variety of roles for the betterment of an enterprise. The major challenges (along with their possible solutions) faced by a CFO in the different roles he performs are listed below:

1. Challenge of Ensuring Compliance with Financial Regulations and Policies

As a steward of financial resources, a CFO tries to safeguard vital commodities of an organization. The CFO makes sure that financial policies laid down by the regulatory bodies are followed properly, so the enterprise does not have to bear the brunt of fines and lawsuits. In order to perform his tasks as a steward, a CFO enforces policies and sometimes employs a Policy and Procedure Management System.

2. Challenge of Organizing Financial Resources

Organizing financial resources can be a major challenge for a CFO. In a multi-departmental organization, the possibility of silos can play havoc with the overall operation of the enterprise. As an operator, a CFO should focus on either removing silos by linking departments efficiently or acquiring a system that helps him accomplish this critical task.

3. Challenge of Future Proofing and Estimating Risks

Most CFOs are able to overcome the first two challenges, however, they are found wanting in preparing for the future risks. It is extremely hard to forecast the future based on the current trends, even for the most intelligent of human beings. This is where an innovative automated system can be of great help. An AI-based machine learning software has the capability to learn from the trends and predict for the future. The predictions made by applications like Policy and Procedure Management Software are highly accurate and help remove frailties from the system and preventing future risks.

4. Challenge of Timely Executing the Tasks

A CFO needs to enforce policies in such a way that all the tasks are completed before deadline. Any sort of delay in payments or laxity in Forex transactions can have a major impact on the revenue generated through a particular venture. An AI-based Policy and Procedure Management Software can be a great help in streamlining the workflow for timely execution of tasks.

From the aforementioned discussion, it is pretty evident that a CFO needs all the help that he can get for performing his duties efficiently. Out of all the points that we have put through analysis, keeping track of policies is arguably the most important. In order to keep track of policies, it is best to procure a Policy and Procedure Management Software from a renowned company.

Predict360’s Web-Based Policy and Procedure Management Software

The Predict360’s Web-Based Policy and Procedure Management Software is simply the best supplement for a CFO struggling to perform his duties in today’s regulation-heavy work structure.
Some of the features of Predict360’s Policy and Procedure Management Software are listed below:

• Managing a library of documents created or used by individual users
• Creating folders and subfolders
• Pin, bookmark and tab documents
• Uploading electronic files
• Minimizing compliance costs with electronic signatures, revision control, and audit trails

Far better than popping the bittersweet pill of manually enforcing policies, Predict360′s solution helps in accomplishing tasks without adding much burden to the already cramped up work schedule of a CFO. It is available as a standalone web-based application or as part of a vertically integrated solution.

For more information about Policy and Procedure Management Software and how it can be further enhanced as part of an integrated risk and compliance management suite, visit https://www.360factors.com/.

About the company

360factors, Inc. (Austin, TX) helps companies improve business performance by reducing risk and ensuring compliance. Predict360, its flagship software product, vertically integrates regulations and requirements, policies and procedures management, risks and controls, audit management and inspections, and on-line training and qualifications, in a single cloud-based platform based on artificial intelligence.

Remain up-to-date on industry news/updates through our Twitter & Linkedin profiles.