Global finance professionals are challenged by time consuming and error prone manual data entry, and implementing financial controls with enhanced security against fraud and cybercrime. With increasing danger of loss from fraud and difficulty of tracking data across multiple tools and spreadsheets, leadership is asking treasury for a solution to better manage and protect their organization. The problem is that many organizations are using spreadsheets as their primary treasury management tool in spite of their lack of security, controls, and auditability.
Fraud and Security
The start of January is most definitely the time for bold (or not so bold) predictions for the upcoming year. In the past weeks we have seen predictions suggesting that advanced business intelligence will be the number one priority for CFOs in 2017, predictable analytics will effectively replace hedge fund managers, and that blockchain is ready to emerge as the next coming of the internet for finance – in 2017. None of these things are going to happen – in 2017, or maybe at all.
Fraud and cybercrime have been a concern for corporate treasurers for several years, and this past year showed us that there is a new risk to consider: connectivity. The stories of banks being hacked and losing millions through unauthorized payments shook the industry, since protecting payment connectivity workflows was low on the priorities list for treasury.
While unfortunate for those involved, there are valuable lessons to be learned for the rest of us in treasury: