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Against the backdrop of changing markets and monetary policy, chief financial officers (CFOs) emerge as financial captains steering organizations through uncharted waters.

The last two years have been acutely difficult for chief financial officers (CFOs). We faced the fastest pace of interest rate increases in history, which pushed up the cost of capital. The outlook for 2024, however, seems to be more positive.

The year started upbeat, with great deals in the primary market. Capital markets are accessible for CFOs, which is a good sign, but there are risks out there to navigate, especially market and geopolitical tensions. At the World Economic Forum Annual Meeting in Davos last month, the CFOs noted the importance of managing risks, especially during refinancing waves. The upside is that Central Banks seem to be at the end of the cycle in hiking, so a more accommodative monetary policy might be next.

Surprisingly, cyber risks were identified as a less discussed, yet significant concern for CFOs. The World Economic Forum Global Risk Report 2024 ranked cyber risks among the top five risks over the next decade. CFOs need to increase their attention to cybersecurity, given the potential for cyber events to create instability.

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