Companies expanding role of finance departments to take on risk management responsibilities: survey

Changes in the business and regulatory landscape are driving more companies to expand the role of finance departments to take on financial risk management responsibilities, according to a study by Protiviti.Protiviti polled nearly 200 finance executives from around the world, both in person and through online surveys, for its Finance and Needs Survey. Participants were asked to assess their skills and professional development priorities. More than 100 questions covered three major categories: process capabilities (financial analysis and financial transactions), technical capabilities and organizational capabilities.”Notably, in the process capabilities, respondents revealed that financial risk management is the area they need to improve the most,” a Protiviti release says. “Foreign taxes and tax planning round out the Top 3 ‘need to improve’ areas in this category.”