What Are the Biggest Risks in the Finance Industry Today?

Turn on the news any given evening and you’ll be barraged with stories about the current volatility in the US culture. But it’s not just the political wars that are heating up. The business environment is also experiencing unrest that hasn’t been felt in some time. From geopolitical issues to major corporate hacks and new calls for consumer privacy, risk is a major concern in the finance industry today.

“During the interview and relationship building experience, be prepared to discuss these topics broadly and remain opened minded to having your opinion influenced!” Says Sharon Tsao, CMO, Contemporary Staffing Solutions.

Increasing Regulations

Regulations are always a risk in the finance industry because they evolve and change at such a rapid pace. Those regulations are further complicated when national regulations differ from global regulations and rules vary significantly from state to state.  CFOs have to continually work to ensure that their processes and technologies are compliant and that they allow the organization to respond quickly to changes.

Technology Advancements

It often feels as though a finance department finally gets a technology finally gets up and running, only for it to immediately become obsolete. Speed is of the essence in the finance industry, and CFOs need to provide their teams with the best tools – but keeping pace can be a challenge. Knowing where to invest money and resources is always a risk, and finance leaders can never become complacent.

Cybersecurity

It has never been more critical – or more challenging – to keep critical financial data safe and secure. CFOs and CIOs across the globe are kept up at night trying to stay a step ahead of hackers – a battle that never ends.  A single cyberattack can be a PR and financial nightmare, and can lead to massive disruptions in operations.

Data Privacy

Attitudes about customer data usage and privacy are a hot topic right now, especially in the wake of the implementation of GDPR in Europe. US-based companies face new challenges when it comes to maintaining compliance and keeping pace with American regulations that will likely follow the EU’s lead in the coming years.

Political Tornadoes

From a Twitter-happy, tariff-touting POTUS to global political unrest, CFOs are face a volatile geopolitical landscape. Increasing globalization, rapidly-changing global regulations and volatile global markets make it difficult to strategize and plan for the future. Brexit – The UK’s exit from the EU has led to significant uncertainty for UK businesses and companies around that world that do business with them.

Risk in finance certainly isn’t new, but the current landscape does present a host of new challenges. Risk mitigation and management are critical for companies that want to remain competitive in the coming years.  It takes the right professionals to ensure compliance, agility and profitability. If your company is seeking top accounting and finance talent, or you want to improve your accounting and finance hiring processes, contact the expert Accounting & Finance recruiters at Contemporary Staffing Solutions today.

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Contemporary Staffing connects job seekers to hiring managers nationally in the following professions: Accounting & FinanceCall Center & OfficeHuman ResourcesITSalesforce, and Sales & Marketing.