#241 Why Risk Management Is Getting Harder with Chris Wright

In this episode of The GrowCFO Show, host Kevin Appleby speaks with Chris Wright, Managing Director at Protiviti and leader of their global finance transformation solution. The conversation explores Protiviti’s comprehensive risk survey, highlighting the key risks companies are facing in the current economic climate. Chris provides valuable insights into how CFOs and finance leaders should approach risk acknowledgment, evaluation, and mitigation in the coming year.

The discussion covers several critical risk areas, including economic conditions and inflation pressures, labor and talent shortages, cybersecurity concerns, and emerging risks associated with AI implementation. Chris emphasizes the importance of CFOs developing “muscle memory” for frequent re-forecasting due to economic uncertainties, while also highlighting how AI can help address labor shortages by automating mundane tasks and enriching the work experience of finance professionals.

Key topics covered:

• Economic conditions, including inflation pressures, represent the top risk concern for companies, requiring CFOs to develop stronger forecasting capabilities
• Labor shortages in finance are driving increased costs and creating challenges in hiring and retention
• AI offers significant benefits for finance functions, including cost savings and improved efficiency in areas like cash application and payables
• Cybersecurity remains a persistent concern despite improvements in system security
• Emerging risks from AI implementation include data quality issues, over-reliance, and potential cybersecurity vulnerabilities

Links

• Chris Wright on LinkedIn
• Kevin Appleby on LinkedIn
• GrowCFO Mentoring

Timestamps

• 0:11:15 Chris Wright introduces himself and his role at Protiviti
• 0:25:19 Analysis of economic conditions and inflation as top risks
• 0:34:47 Exploration of labor and talent shortages in finance
• 0:42:13 Examination of AI benefits and implementation in finance functions
• 0:50:39 Discussion of cybersecurity risks and cloud computing challenges
• 0:56:51 Conversation about emerging risks associated with AI implementation

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