5 takeaways from our "Risky Business" CFO survey
- Unsurprisingly, 93% of CFOs and their direct reports say their organization has been impacted by COVID-19, and 94% predict that their company will change their overall risk strategy in preparation for future crises.
- Respondents reported a 61% year-over-year increase in customer payment defaults. 41% said they experienced major cash flow disruptions as a result of COVID-19.
- Is restricting credit terms a viable long-term strategy? Nearly half of CFOs and their direct reports (45%) said they planned to be more restrictive with extending credit terms in the future. However, in the portion of our survey that took place prior to COVID-19, 80% of respondents said they had experienced a loss of business from stricter payment terms.
- Once workfplace safety needs have been addressed, it's clear financial leaders are focused on helping reignite their companies' growth engines. When asked about their concerns for the next 1-2 years, respondents said their biggest worry was Workplace Safety (22%) followed closely by Achieving Growth (20%). Workplace Safety was also the top short-term concern as well.
- One third (33%) of CFOs and their direct reports surveyed said they are having to make signficant changes to their business models due to the impact of COVID-19.