Five imperatives that CFOs should look at in the new normal are to reimagine and adapt business models, invest in digital transformation, rethink the future of work, increase risk and cyber resilience as well as restructure to stay relevant and seize merger and acquisition opportunities, according to Deloitte Malaysia.
Second, Covid-19 has accelerated the focus on digital. CFOs also recognise the importance of having digital finance systems in place to make informed decisions as they look to unlock value and growth in the new normal. “The marked shift towards digitalisation is an opportunity for CFOs to rethink the ways their finance team and the rest of the organisation pair humans and emerging technologies, such as artificial intelligence, and approach them not as a substitute for human skills, but as a means to augment them. This view can enable organisations to streamline costs while enhancing value creation by the workforce.
“CFOs also need to consider optimisation of risk-weighted assets, setting up early warning systems as well as reviewing the current capital and liquidity contingency menu of options and refining the available recovery indicators,” they said.