Issue link: https://read.uberflip.com/i/1344544
Overview Two things have been characteristic of the finance function in 2020 (and arguably the same could be said of other functions within organisation): remote working as the norm (with 52% of global finance heads consider permanent WFH posts for 10% of their staff) and the greater dependence on data. The overarching theme of digital transformation that spilled over from 2019 has not gone away. Businesses are challenged to the core throughout the first half of 2020 weighing the risks of prolonged shutdown and carefully managing staff during the ongoing outbreak. Against the backdrop of economic and legal implications of non- compliance, companies are mandating self-isolation and work from home. With some finance tasks requiring in-person contact and manual signoffs on paper, there is a case for a review of certain internal process controls. Eric Knachel, senior partner at Deloitte's accounting and reporting services practice, said, "The whole idea of internal controls is you manually check off something like inventory and then check it off again. These tasks could be redesigned as virtual steps … or remain as they are in a hybrid workspace." Clive Webb, Head of Business Management with ACCA's Professional Insights team, acknowledged that the factors that determine what elements of a workflow can be undertaken in the office and which can be performed remotely are complex. "Robust processes will deliver internal control frameworks that are not dependent on physical presence. However, finance leaders do need to be watchful of any compromises in internal control frameworks that could create risks," he concluded. While COVID-19 may have dampened the enthusiasm for experimentation, the need to be data-driven has remained on track – in some cases there is a greater sense of urgency for finance to provide accurate data in real-time to enable leaders to make informed decisions faster. In this e-brief we look specifically at how the Office of the Chief Financial Officer and his cohorts are adopting to the new ways of working at both operational and strategic levels, including how to technology and process innovations can be leveraged to enhance productivity. ◼