From Hindsight to Foresight: Improving Business Transparency in the Wake of the Financial Crisis

 

Companies can trim expenses only so far. To sustain profitability, they have to grow the top line too, and that can happen only in a supportive economic environment in which the vaunted green shoots of recovery that we see today actually turn into fields of grain.
 
Unfortunately, as the findings of this research indicate, executives in Asia are unsure about the sustainability of the economic recovery they are seeing in their countries of residence. But hindsight can become foresight.
 
The respondents freely admit that the economic crisis has exposed vulnerabilities in their risk management and business transparency, including poor-quality reporting in terms of accuracy, timeliness and completeness. Given that a double-dip recession is a distinct possibility, it is more important than ever for companies in Asia to plug these holes as best and as fast as they can.
 
The challenge for companies is to meld technology, technique and the human element into a seamless risk-management system that is responsive to changing circumstances. For it is almost certain that the post-recession business world will not be a carbon copy of the pre-crisis one.

 

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