Know About The Finance And Accounting Industry!
Get To Know Your #KTNAFA2020 Speaker - Kuldeep Puri
In Conversation with - Kuldeep Puri, Country Finance Director, ABB
Q1- How has technology enabled to minimize financial risks in your firm?
There are primarily 3 type of risks we are facing in finance :
Fiduciary risks : i.e managing approval chains, keeping audit logs , right segregation of duties ,managing access conflicts in financial data. All these risks are some how mitigated through a strong ERP which flags deficiencies and maintain a proper log.
Cyber Threat : Financial Data protection ,system hacks can lead to financial losses, regular updates of security patches , regular data back up in cloud helps to reduce such threats
Timely and correct information : Usage of clouds and cloud computing has ensured the easier accessibility of data with right representation of data voa multiple analysis, which helps in faster decision making.
Q2 – How is your firm managing the financial functions in disruptive times?
The new norm of the world is moving towards work from home culture and with all the technology around (ERPs, Clouds, BOTs, VOIPs apps) is making it much easier to follow this norm. We are able to manage our finance functions at equal efficiency because of the digitalization efforts we have made during the last 2-3 years. Everything is available online , data is accessible to all finance colleagues, regular virtual meetings are taking place.
Q3 – During this Covid 19 situation, what shall firms do to manage their financial decisions efficiently?
Use your funds wisely, we are facing economic slowdown and liquidity crunch in markets
Credit risk assessment needs to be more stringent.
Cost optimization and centralization of activities is a must during these times
Q4- What are some of the noticeable achievements accomplished by your firm in the finance and accounting division?
Consolidation of accounting transactional and analytical activities across the Gulf in UAE/India
Complete migration of data to new system , during COVID in all the gulf countries
Q5 - What is the biggest challenge in the F&A industry in UAE and Middle East at the moment?
Biggest challenge in F&A industry during this digitalization era and availability of so much data is to summarize and analyze the data in a right form to make fast and right decisions.