In this week’s blog series, we continue our deep dive into each of the seven strategies CFOs can adopt to win The Game of Fraud. In Part 1 we address “Making Risk Management a Priority.” Part 2 explor the importance of “Automating Your Processes.”
Your next strategy:
3: Collaborate with IT
It’s no secret that there can often times be a conflictual relationship between CFOs and CIOs, like a lack oftechnical expertise versus a lack of business vision. Fewer CFOs are aligned with their companies’ chief information officers than are any of the other key C-suite members, according to a new study.1 Only 30 percent of respondents to a survey of 555 senior executives said their company’s finance chief is “deeply aligned” with its CIO.
In today’s context of digital transformation and with companies facing increasing security vulnerabilities, sensitive data is always at risk, including client files, bank account details, patents, and more. CFOs and CIOsmust therefore learn how to work together to fiercely protect this data. As we’ve learned in our whitepaper, Game of Fraud: Return of the CFO, a breach can be deadly to a company. This type of threat can take two equally serious forms:
- Inaccessibility to data, which would block the company’s commercial, operational, and industrial activities.
- Malicious use of corporate data, which could incur significant legal liability for the company, serious damage to its reputation, and potential financial consequences for its customers.
While the CFO remains the protector of cost-related factors, the CIO’s role is essential for helping finance departments manage data and technology tools.
Let’s revisit Part 2 in this series about how implementing an invoice and payment processing (AP) automation solution is one key area where CFOs and CIOs can collaborate. Cloud AP automation solutions ensure that only managers assigned a login can access sensitive documents. They are also are very difficult to hack. Additionally, approving managers can see where the document is in the approval process and a history of who has accessed the document, allowing an additional check and balance.
Combining AP automation with state-of-the-art security tools enables organizations to mitigate fraud and data theft risks. And CFOs and CIOs go from being adversaries to collaborators in winning the fight against fraud.
The next strategy in Part 4 of this series: Acquire New Skills and Hire the Right Talent
For an illustrated guide to winning at the Game of Fraud, download the four-part infographic series.
1McCann, D., Survey Shows Tension Between CFOs and CIOs, CFO Magazine, Jul 23, 2019, retrieved from https://www.cfo.com/cio-cfo-partnership/2019/07/survey-shows-tensions-between-cfos-and-cios/ on Jan 20, 2020.