Finance professionals in Northern Texas are facing a number of obstacles, from keeping up with regulations to budget constraints. The recent data breach of Desjardins Group, a Canadian savings and credit union, has exposed the sensitive information of 2.7 million members, including names, addresses, email addresses and social security numbers. This incident has highlighted the importance of staying up-to-date with the latest regulations. According to a Deloitte study, top financial services firms are achieving 19% revenue growth due to their effective use of AI. The market uncertainty has caused companies to be more cautious with their budgets.
This means that finance professionals must find ways to do more with less. Compliance and the impact of increased regulatory activity are one of the main factors driving insurance claims for financial institutions, and this is reflected in the fact that changes in legislation and regulation rank third among the main risks for the sector. The need to create financial models that take into account historical trends, current conditions, and the best, worst, and most likely scenarios is also a challenge for finance professionals. With 89% of organizations struggling to find qualified financial talent and 75% of the public accountant workforce approaching retirement age, finance teams are forced to be more efficient with their existing staff. Remote working poses additional challenges for accounting and finance teams, who have traditionally worked long hours in the office. In an interactive webinar, Ludovic Subran, chief economist at Allianz SE, discussed the challenges and difficulties of the banking sector.
When finance teams are already stretched thin, reduced budgets make it difficult for them to hire or outsource help. Finance professionals in Northern Texas must be prepared to face these challenges head-on. They must stay up-to-date with regulations and use AI to maximize efficiency. They must also find ways to do more with less while creating financial models that take into account historical trends and current conditions. Finally, they must be prepared for remote working and reduced budgets.