How FinTech is Revolutionizing Risk Management Strategies for CFOs

The FinTech revolution has redefined the way companies of all sizes operate today. CFOs and financial leaders are taking more active roles in risk management activities. A report by Deloitte disclosed that for over 45% of CFOs, audits and compliance are direct reportees. It only goes on to stress the significance of risk management strategies for CFOs. 

Take this for instance, 40% of companies do not perform an annual compliance risk assessment, as per Deloitte survey. Every financial technology company today is assisting businesses in their risk management approach by digitalizing finance operations.

FinTech  or a financial technology company is changing the fundamentals of how financial services are delivered to customers. These companies are leveraging emerging technologies like AI/ML to disrupt traditional methods, which have opened organizations to risks. 

The business advantages that a financial technology company offers to CFO leaders can put them in a unique position to handle risk management. The new-age financial solutions empower financial leaders to effectively gather, analyze, and interpret financial data in real time. Financial technology companies like Zaggle provide automation tools with advanced analytical features allowing CFOs to make informed and data-driven decisions based on accurate and up-to-date information.

Let’s see some of the ways financial technology company redefine the capabilities of CFOs in managing risk.

FinTech-based Risk Management Strategies for CFOs

For financial leaders and businesses, a financial technology company can be a potent ally in keeping the business safe from risks. Below we discuss some of the strategies to do that.

Using FinTech tools for compliance

Financial technology companies leverage AI and blockchain to detect fraud proactively and automate compliance processes. With Zaggle EMS and ZatiX, you can configure your expense policies and compliance requirements into the solution. These tools will ensure consistent enforcement of the policies to alleviate risks and ensure compliance.

Relying on data for smart decisions

In today’s world, data is the most important ammunition for business leaders. But data alone won’t do you any good. It needs to be properly collected and analyzed to generate critical data points. Zaggle ensures that all its FinTech products have strong data analytics capacity so that CFOs can dig deeper into their financial performance to uncover irregularities, market trends, customer preferences, and other financial patterns. 

Embrace advancements in the industry

FinTech was limited to being a buzzword for far too long. Now the significance of a financial technology company is unveiled in empowering CFOs with agility and adapting to industry advancements. The democratization of financial services has been made possible by AI technology. Companies that leveraged the early tide of change have seen tremendous success in both driving business growth and ensuring protection against risk.

Enable a culture of innovation and technology with Zaggle 

A culture of innovation is essential for businesses to lead in the existing market conditions. CFOs play a critical role in enabling this shift in the financial aspects of any business. The first step for it would be to digitalize the existing operations through FinTech solutions from a financial technology company like Zaggle. 

Some of the automation solutions offered by a financial technology company like Zaggle are given below.

Zaggle Zoyer: Zoyer is a spend management platform that automates vendor management, invoice management, and approval workflows for seamless transactions to enable compliance. 

Zaggle SAVE: SAVE is an employee flexi benefits solution that empowers companies to implement tax-saving benefits programs to enhance employee engagement and drive profitability through a happy and motivated workforce.

Zaggle Propel: Propel is a two-pronged tool that is designed to help businesses automate employee rewards programs and channel partner incentivization. It streamlines workforces through rules-based approval workflow, auto-computation of incentives, and real-time report generation.   

Zaggle EMS: Zaggle’s expense management system is one of the leading tools to help the finance team keep track of business expenses. It comes with AI technologies like OCR (Optical Character Recognition) for claims verification to enable improved fraud detection. 

Zaggle ZatiX: As an out-of-box solution for YES BANK Zaggle Corporate Credit Card, ZatiX is the most advanced spend analytics solution. It relies on AI-based engines to produce accurate reports in real-time. It enables companies to keep control over their spending across departments and projects.

Staying ahead of the curve isn’t merely an advantage for companies in this dynamic business ecosystem. It has become a necessity to power sustainable growth for companies across sizes and industries. With Zaggle, it becomes rather easy.