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Technology and analytics named top investment priority for CFOs in Hong Kong, a joint KPMG and ACCA survey finds

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Organisations enhancing digital infrastructure for new flexible working arrangements; Firms on the lookout for talent with diverse skill sets

HONG KONG, Oct. 28, 2020 /PRNewswire/ — CFOs in Hong Kong indicate technology implementations, business intelligence and data analysis as their top investment priorities, according to a joint survey by KPMG and ACCA Hong Kong.

The report, titled Looking beyond Business Disruption: Hong Kong’s technology-driven future, surveyed 200 CFOs and finance middle management across various industries, with a focus on how finance functions can refine their existing operating models in order to cope with the current trend for increased technology adoption in Hong Kong.

The survey revealed that organisations have overall coped adequately with the disruption brought about by COVID-19. Finance staff are able to work flexibly away from the office through technology workarounds. However, some survey participants said the level of organisational support to effectively use the implemented technologies can be improved. 

Tracy Shum, Director of Management Consulting at KPMG China, says, "Disruptions over the last year have left a lasting impact on organisations. While many organisations in Hong Kong manage to deliver and show considerable resilience, many others identify areas for significant improvement. The recent prolonged period of business disruption has been a catalyst for finance functions to review their operating and technology strategy. A transformation is required on the organisational structure, people policy and processes to allow finance functions to fully capitalise on their technology investments and manage team welfare."

There is a strong appetite for investment in technology this year. At least 32 percent of all respondents selected technology implementations (18 percent) and business intelligence and data analysis (14 percent) as the top initiatives they prioritise.

The combination of talent and skill sets needed in finance has gradually evolved and organisations are inclined to look for talent specialising in data analytics, technical finance knowledge and management skills. Respondents believe data analytical skills (20 percent), leadership and project management office skills (17 percent), technical accounting and reporting knowledge (15 percent) and technology skills (14 percent) will be the most important skill sets that finance professionals should possess in the next 5 to 10 years.

There is still room for improvement in how they can support finance staff in the face of technological change. Only a third of the interviewees believe technology could help them complete tasks faster and allow workers to focus on other activities. The most critical challenges are deemed to be a heavy reliance on paper (32 percent) and company culture or policies not supporting flexible working arrangements (24 percent). These hurdles pose significant challenges for finance staff to complete their work as usual.

Beyond COVID-19, the increased adoption of technology has already driven senior management to reconsider the role of shared services or outsourcing. Nevertheless, 59 percent of surveyed finance professionals still identified shared services or outsourcing as a requirement given the enhanced focus on technology adoption. In particular, they believe technology can help improve the efficiency of work (22 percent) and make outsourcing more cost-effective (16 percent). Organisations will therefore need to weigh up the opportunity to automate and the best ways to achieve resilience.

Eunice Chu, Head of Policy at ACCA Hong Kong, comments, "Across all sectors, finance functions can benefit from enhancing their operating model to be more agile and fluid. All change comes at a cost, but technology investments will result in medium-term quantitative benefits and improved operational resilience."

About KPMG China

KPMG member firms and its affiliates operating in mainland China, Hong Kong and Macau are collectively referred to as "KPMG China". KPMG China is based in 26 offices across 24 cities with around 12,000 partners and staff in Beijing, Changsha, Chengdu, Chongqing, Foshan, Fuzhou, Guangzhou, Haikou, Hangzhou, Jinan, Nanjing, Ningbo, Qingdao, Shanghai, Shenyang, Shenzhen, Suzhou, Tianjin, Wuhan, Xiamen, Xi’an, Zhengzhou, Hong Kong SAR and Macau SAR. Working collaboratively across all these offices, KPMG China can deploy experienced professionals efficiently, wherever our client is located.

KPMG is a global network of professional services firms providing Audit, Tax and Advisory services. We operate in 147 countries and territories and have more than 219,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such. In 1992, KPMG became the first international accounting network to be granted a joint venture licence in mainland China. KPMG was also the first among the Big Four in mainland China to convert from a joint venture to a special general partnership, as of 1 August 2012. Additionally, the Hong Kong firm can trace its origins to 1945. This early commitment to this market, together with an unwavering focus on quality, has been the foundation for accumulated industry experience, and is reflected in KPMG’s appointment for multidisciplinary services (including audit, tax and advisory) by some of China’s most prestigious companies.

About ACCA

ACCA is the Association of Chartered Certified Accountants. We’re a thriving global community of 227,000 members and 544,000 future members based in 176 countries that upholds the highest professional and ethical values.

We believe that accountancy is a cornerstone profession of society that supports both public and private sectors. That’s why we’re committed to the development of a strong global accountancy profession and the many benefits that this brings to society and individuals.

Since 1904 being a force for public good has been embedded in our purpose. And because we’re a not-for-profit organisation, we build a sustainable global profession by re-investing our surplus to deliver member value and develop the profession for the next generation.

Through our world leading ACCA Qualification, we offer everyone everywhere the opportunity to experience a rewarding career in accountancy, finance and management. And using our respected research, we lead the profession by answering today’s questions and preparing us for tomorrow. 

ACCA now has 27,000 members and 154,000 future members in China, with 11 offices in Beijing, Shanghai, Chengdu, Guangzhou, Shenzhen, Shenyang, Qingdao, Wuhan, Changsha, Hong Kong SAR and Macau SAR. The year 2020 marks the 70th anniversary of ACCA Hong Kong. ACCA will continue its commitment in enabling ACCA members to deliver their best, and developing the accounting profession the world needs.

Find out more about us at www.accaglobal.com/hk70 or follow ACCA Hong Kong on social media: www.facebook.com/ACCA.HongKong | www.instagram.com/acca_hk | www.linkedin.com/showcase/acca-hong-kong | WeChat ID: ACCA_HK

Related Links :

https://home.kpmg

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BlackRock Unveils New Offering to Power Investors’ Transition to Net Zero Emissions

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Building on BlackRocks strength in risk management through the Aladdin platform, BlackRock today announced it has created Aladdin Climate to meet the urgent need among financial institutions and investors to quantify climate risk in their portfolios as the physical toll of climate change mounts and the global transition to net zero emissions accelerates.

Aladdin Climate is the first software application to offer investors measures of both the physical risk of climate change and the transition risk to a low-carbon economy on portfolios with climate-adjusted security valuations and risk metrics. Using Aladdin Climate, investors can now analyze climate risk and opportunities at the security level and measure the impact of policy changes, technology, and energy supply on specific investments. Aladdin Climate is initially available as an add-on for existing Aladdin clients globally with asset class coverage rolled out gradually over the course of 2021.

There is no single issue that clients ask us more about than the impact of climate risk on their portfolio, said Rob Goldstein, BlackRocks Chief Operating Officer. Yet, while lots of people are talking about climate risk today, what investors need to make informed decisions is data tied to specific securities in their portfolio. Aladdin Climate is a dramatic step forward to begin filling the information gap necessary to build truly sustainable portfolios.

Evolution of ESG Data

Investors have long highlighted the need for improved ESG data to increase sustainable investing strategies. Now, the dramatic growth in relevant corporate disclosures and unstructured data has created unprecedented opportunities to enhance climate analytics. Today, more than 85% of S&P 500 companies disclose ESG data, compared to 20% ten years ago and Sustainability Accounting Standards Boards (SASB) disclosures have increased 288% since January.

More and more organizations seek to report on climate risk, whether for mandatory stress tests or voluntary disclosures such as the Task Force on Climate-related Financial Disclosures (TCFD) recommendations, but have lacked tools that quantify climate risk. Aladdin Climate will help clients stress test investments to estimate how they might perform in different climate scenarios like those outlined in the Paris Agreement.

We are building on BlackRocks strength in financial modeling and risk management to set a standard for climate risk analytics, said Mary-Catherine Lader, Head of Aladdin Sustainability at BlackRock. Aladdin Climate analyzes climate risk alongside traditional risk metrics for a holistic view of risk across the investment process, all integrated in existing Aladdin workflows. Investors can now analyze tough questions about rising sea levels potential impact on their portfolios, or how a rapid shift to low-carbon policies could affect specific companies.

Partnerships with Sustainalytics and Refinitiv

BlackRock has also expanded access to ESG data through new partnerships with leading data providers Sustainalytics and Refinitiv. Aladdin now offers over 1,200 key performance indicators to help portfolio and risk managers identify sustainability-related risks in their exposures and make informed asset allocation decisions. By providing all Aladdin clients a set of ESG scores across a broad universe of companies, BlackRock is making it easier for investors to incorporate ESG metrics in their investment process.

About Aladdin Aladdin is BlackRocks end-to-end investment management and operations platform used by institutional investors including asset managers, pension funds, insurers and corporate treasurers. It combines sophisticated risk analytics with comprehensive portfolio management, trading and operations tools on a single, unified platform. Also customized for wealth managers, Aladdin provides a common language across the investment lifecycle and enables a culture of risk transparency among users.

Logan Koffler

[email protected]

646.231.1904

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Viseon MaxView™ System Accelerates Adoption of Minimally Invasive Spine Surgery Procedures

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Viseon, Inc., a leader in minimally invasive spine surgery visualization technologies, today announced MaxView„¢ facilitates more rapid adoption of Minimally Invasive Spine Surgery procedures by providing an enhanced teaching and learning experience. MaxView„¢ is a state-of-the-art technology that provides a first-of-its-kind, unobstructed view into Minimally Invasive Spine Surgery procedures. This intraoperative view of the surgical site is displayed in high definition onto operating room monitors, allowing for a magnified see and be seen experience. Surgeon trainees now have the ability to observe the procedure in real time and trainers have the confidence to allow trainees to perform a greater portion of the surgery earlier in their training, intervening only when necessary. Gregory Mundis, MD, Co-Director of the San Diego Spine Fellowship Program at Scripps Green Hospital and Rady Childrens Hospital, commented, Viseons MaxView„¢ has enabled me to let go of the knife and trust my fellows months earlier in their training. They get to see very early in their training how I perform the procedures and subsequently I am able to directly observe and direct their hands through MaxView„¢ video assistance.

Teaching and learning Minimally Invasive Spine Surgery procedures has historically been challenging for many reasons, all of which remain barriers to adoption. The most significant challenge to adoption of these procedures is limited visualization, being that only one person can view the surgical site at any given time. As a result, many trainees leave residency, fellowship or industry-sponsored training with a lack of confidence to adopt the procedure in their practice. Learning a procedure and adopting a procedure are two totally different things. For the first time ever, MaxView„¢ is enhancing the trainer and trainee experience, ultimately resulting in surgeon confidence and increased adoption rates of Minimally Invasive Spine Surgery procedures, stated Matt Anderson, Viseon Vice President US Sales. As profound as it may sound, the surgeons enhanced ability to see accelerates adoption of advanced techniques, improves OR efficiency and minimizes risks of complications, added Mr. Anderson. The MaxView„¢ System provides superior visualization through minimally invasive access that is unobstructed by instrument handles and surgeon hands, and projects a real-time image onto the OR monitor, allowing the entire OR team to observe the highly magnified HD views. As a result, trainees leave training programs with a superior experience and increased confidence to more rapidly adopt advanced procedures into their practice.

About Viseon, Inc.

Viseon has developed a unique portfolio of devices to improve the procedural and clinical outcomes of many Minimally Invasive Spine Surgery procedures. In addition to rapid product development of its products, Viseon has assembled a world-class Clinical Advisory Board of leading MISS physicians, amassed a significant intellectual property portfolio, completed a large series of clinical use and is currently in phase-one of US commercialization. Viseon is a privately held medical device company founded in early 2017 as a spin-out from Rebound Therapeutics Corporation, and is located in Irvine, California.

Viseon, Inc.

Matt Anderson, VP Sales

949-662-3959

www.ViseonSpine.com

https://www.linkedin.com/company/viseon-spine

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Centripetal Ranked Number 124 of the Fastest Growing Companies in North America on Deloitte’s 2020 Technology Fast 500™

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Centripetal today announced it ranked 124th on Deloittes Technology Fast 500„¢, a ranking of the 500 fastest growing technology, media, telecommunications, life sciences, and energy tech companies in North America now in its 26th year. Centripetal grew 957 percent during this period. Centripetals chief executive officer, Steven Rogers, credits the companys highly advanced CleanINTERNET solution for their revenue growth.

We are pleased, for the second year in a row, to be part of the Fastest-Growing Companies in North America on Deloittes Technology Fast 500 list, said Steven Rogers, CEO of Centripetal. Our success is due to our dedicated team. They continue to develop and deliver our customer-focused solution “ CleanINTERNET. As cyber threats become more complex all organizations can take the upper hand and rely on our team for proactive use intelligence driven services. That value has resulted in exceptional growth for Centripetal.

Centripetal with its CleanINTERNET offering is revolutionary in its ability to leverage mass-scale intelligence to protect an organizations network operations. Centripetals team is composed of data scientists, engineers, mathematicians, and seasoned cybersecurity professionals from the private sector and the U.S. intelligence & Defense communities. Centripetals team has secured and protected many of the most sensitive communications assets in the world. Centripetal takes pride in providing intelligence solutions as a client-specific service to safeguard the organization as a whole, its employees, and partners.

For more than 25 years, weve been honoring companies that define the cutting edge and this years Technology Fast 500 list is proof positive that technology from software and digital media platforms, to biotech truly does permeate so many facets of our lives, said Paul Silverglate, vice chairman, Deloitte LLP and U.S. technology sector leader. We congratulate this years winners, especially during a time when innovation is needed more than ever to address the monumental challenges posed by the pandemic.

Each year the Technology Fast 500 listing validates how important technology innovation is to our daily lives. It was interesting to see this year that while software companies continued to dominate, biotech companies rose to the top of the winners list for the first time, demonstrating that new categories of innovation are accelerating in the pursuit of making life easier, safer and more productive, said Mohana Dissanayake, partner, Deloitte & Touche LLP, and industry leader for technology, media and telecommunications, within Deloittes audit and assurance practice. We extend sincere congratulations to these well-deserved winners who all embody a spirit of curiosity, and a never-ending commitment to making technology advancements possible.

Centripetal previously ranked 93 as a Technology Fast 500„¢ award winner for 2019.

Overall, 2020 Technology Fast 500„¢ companies achieved revenue growth ranging from 175% to 106,508% from 2016 to 2019, with median growth of 450%.

About Deloittes 2020 Technology Fast 500„¢

Now in its 26th year, Deloittes Technology Fast 500 provides a ranking of the fastest growing technology, media, telecommunications, life sciences and energy tech companies both public and private in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2016 to 2019.

About Centripetal

Centripetal delivers intelligence-driven security. Centripetal invented the Threat Intelligence Gateway and leverages its technologies to deliver CleanINTERNET, a comprehensive intelligence-led cyber service. With Centripetal, customers across every vertical and of every size can persistently prevent over 90% of known threats with intelligence applied in advance. Gartner, Inc. previously named Centripetal a “Cool Vendor” in security for 2017, the Security Innovation Network (SINET) named Centripetal a SINET-16 awardee, and was ranked number 124 of the Fastest Growing Companies in North America on Deloittes 2020 Technology Fast 500„¢. In 2019 Centripetal was ranked #93 on the Deloitte Fast 500. Centripetals technology is protected by over 50 US and international patents and is deployed protecting critical networks globally. For more information, visit www.centripetal.ai.

About Deloitte

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (DTTL), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as Deloitte Global) does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the Deloitte name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting. Please see www.deloitte.com/about to learn more about our global network of member firms.

Copyright 2020 Centripetal Networks Inc. All rights reserved. CleanINTERNET, RuleGATE, QuickThreat, AI-Analyst, ACT, and the Centripetal design are registered trademarks of Centripetal Networks Inc. Centripetals products and technologies are covered by multiple U.S. and international patents. For a full list and for more information, please visit www.centripetal.ai/legal. All other names and trademarks are property of their respective owners.

Centripetal Corporate Contact:

Byron Rashed

Centripetal Networks Inc.

+1 571 252 5080 Main

+1 571 252 5084 Direct

[email protected]

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