Survey respondents rated different areas in the finance function, reflecting their priorities to improve their knowledge and capabilities over the next 12 months. Overall, 71% of the nearly 400 respondents said that security and privacy of data in finance applications is a high priority. That number is 75% for CFOs and finance VPs, specifically.
“[A] key area that CFOs and finance leaders are struggling to manage is data quality. The analysis and reporting that finance delivers to the organization rests on the quality and completeness of the available data, making data governance critical,” noted Christopher Wright, a Protiviti regional managing director and leader of the firm’s Business Performance Improvement practice. “If a master data management system were to be implemented, CFOs and their management would have a much clearer understanding of different organizational functions and areas of profitability and risk.”
The report, available at http://bit.ly/2MUJ1vr, also found that 22% of public companies are making adjustments based on the impact of the new lease accounting standards compared to 11% of private organizations. Another finding is that 86% of respondents are not using, interested in using, nor investing in virtual and cryptocurrencies—and neither are they being pressured by employees, customers, suppliers, or partners to use virtual currencies.