Treasurers in Asia are paying little attention to operational risk, according to a survey of 80 finance and treasury executives based in Hong Kong and Singapore.
Research from the study, conducted by SaaS vendor Reval, found out that only 7.5 percent identified operational risk an area worth their attention. The software maker specialises in systems for treasury and risk management operations.
And with only 10 percent of respondents saying that they are fully satisfied with their forecasting processes and quality of data, the fact that operational risk is not an issue suggests that auditors, board risk committees and CFOs feel comfortable running their business on spreadsheets.
"Four years after the global financial crisis, I would encourage CFOs to consider how such a disconnect puts their overall business at risk," said Tony Singleton, APAC managing director, Reval.
The survey also pointed out that the software used by the region's executives for forecasting is inadequate. "But while risk awareness has certainly increased across Asia, many of the region's treasurers are still using error-prone spreadsheets for forecasting, leaving treasury potentially exposed to inaccurate global cash positions and forecasts," said Singleton.
Sign up for Computerworld eNewsletters.