The COVID-19 pandemic has impacted the global economy on a scale unseen in modern times, with the Bank of England recently warning that the UK may be entering its deepest recession since 1706.
While it is becoming increasingly clear that the pandemic’s impact will be felt for many years to come, the short-term shock has created a need for financial services (FS) organizations to react at extraordinary speed to drastic changes in customer demand, ways of working and economic predictions. Chief financial officers (CFOs) have been at the heart of this change, with every element of the finance operating model being severely impacted.
Our discussions with clients on the impact, have revealed common themes across four key areas in finance:
1. Accounting Changes
2. Ways of Working
3. Business Decision-Making
In each of these areas, key insights are emerging around how CFOs can pivot their functions to cope with the lasting effects of COVID-19, to emerge stronger, more resilient, and better capable of supporting their business partners.