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7 Hot Skills You Need in Your Team
There are a host of important skill sets needed to succeed within the finance sector. As regulations change all over the world, there are bound to be several changes that will impact the industry. Here are some skills you will want to have represented in your finance team, no matter how the global market shifts.
Accounts delivery is focused on a set of key attributes -- from maintaining relationships with clients, to discussing business strategies, to monitoring business growth. These same members of your team will need multi-faceted communication skills and a keen eye for market detail. An employee with this skill set will help your business analyze and identify threats, then eliminate them.
Commercial awareness among members of your team goes much deeper than just basic company financial awareness and knowledge of the company position. This mode of analysis is important for actuarial, retail banking, and insurance roles.
If you are interviewing for a new financial role, ask the candidate to explain their understanding of the business and demonstrate their knowledge of your company’s competitors. Knowing the market that you operate in will better help them accurately price and run a commercial project -- one that covers costs and yields a positive return. If a company is doing well or not so well, they should be able to identify the reasons why. If there are any significant factors that have affected your industry, they should know what they are and how might they impact the business. They’ll also need a firm knowledge of the current marketplace. If successful, they’ll be able to hit the ground running and better serve your business.
Audit Project Management
Having someone to competently project manage an audit is essential for your business. It requires a great deal of attention to detail, as well as organizational ability. Audit project management knowledge gives a good technical grounding in corporate finance delivery. Competency in this type of audit is crucial, as it tends to assess whether a business has succeeded in meeting measurable goals and objectives.
The successful implementation of mergers and acquisitions (M&A) requires in-depth strategic planning knowledge, as well as an analytical mind and attention to detail. The merger process, in essence, sees two companies joining together under one umbrella name. On the other hand, an acquisition involved one company absorbing another into their organization. This includes a large amount of legal and administration checkpoints to be aware of. It’s a detailed process and one which needs a professional approach.
Having a team keep up-to-date with the finance regulation changes that are on the horizon safeguards against financial instability and economic losses for your company. New rules and regulations are being passed globally and constantly. With the ripple effect they can have on an organization’s operations, having someone who is consistently in the know is a necessity. Key roles can include advisory, reform, and compliance positions.
Fintech Software Knowhow
The impact of software has been just as great in the finance industry as it has in other industries. As more industries become digitized, it will be importance for finance to keep up. There are programs that perform more basic tasks of finance experts, leaving them to analyze data and discern insights instead of gathering and entering data points. There are also programs that analyze risk, leading to a more secure industry overall.
Attention to Detail
Attention to detail is a transferable, essential skill. Simply put, attention to detail is prized at every level, in every organization, and in every industry. With more decisions than ever being data-driven, knowing where to look for information and what to look at - with supreme, unfaltering accuracy - is crucial for success across all sectors.