The Risk Landscape is changing in the insurance world and it’s either evolve or dissolve. As CFOs scramble to come up to speed with the new revolution of digital, innovation and the millenial era, it is a survival game to keep on top of this new normal, amidst the usual responsibilites of being the henchmen for the whole business, the key drivers of growth, whilst holding the financial fort in monitoring the financial heartbeat of the company.
As if this isn’t enough, new insurance accounting standards are on the horizon. IFRS 17 is set to change the whole mindset of insurance accounting from the last 20 years.
What constitutes the new CFO vision? What is the new radar? What is the new finance priority for CFOs today and what are the new challenges?
Today’s CFO must play a critical role in the bigger picture, the strategic direction and decision making of his company. No longer is the CFO only the financial manager of an organisation. The new CFO must take charge of business transformation too - this means handling wider responsibilities around digital, big data, technology and the fixation on Blockchain and how it will revolutionise the insurance way of thinking on data and security. Add the threat of Cyber, the onset of InsurTech and regulatory changes to the fold. All this evolving technology has led to increased finance process automation – how can CFOs manage?
The 12th in the series of Insurance CFO Summits will look at how the CFO Risk Agenda is transforming and what CFOs can do to equip themselves moving forward. What do CFOs need to do to shine in the corporate spotlightwhilst mastering the new digital arena? What new skillsets are required in the new eco system?
Agility is the name of the game, Profitability the end-game!