Economic volatility has increased in recent years. The first half of 2025 has been particularly tumultuous due to uncertainty surrounding fiscal and trade policy as well as escalating geopolitical tensions. Although we have some clarity regarding the immediate future of tax policy, guidance on many new provisions, as well as how finance departments will grapple with the implications of recent changes, remains a challenge.
Chief financial officers (CFOs) are expected to create and execute strategy during these turbulent times, often with a finance function that does not always support them, which is sometimes the result of outdated or unscalable finance infrastructure — process, data and systems. But by transforming the finance function into one that is modern, agile and data-driven, CFOs can equip their organizations to become more resilient to change.
Drawing on Cherry Bekaert’s people-first, outcomes-focused approach to finance modernization, this piece explores actionable strategies CFOs can use to build financial resiliency.
Respond Proactively To Shifting Tax Policy and Economics
Recent legislative developments, in particular the signing of P.L. 119-21, Republicans’ “One Big Beautiful Bill Act,” have significantly reshaped the tax landscape. This sweeping tax reform bill makes permanent many key provisions of the Tax Cuts and Jobs Act (TCJA) previously set to expire at the end of this year, provides several new tax benefits, and places new limitations on some energy credits.
These changes, alongside ongoing tariff negotiations, present both challenges and opportunities for corporate tax strategies that emphasize proactive planning and risk mitigation for CFOs. In this evolving landscape, CFOs must adopt a forward-looking approach that emphasizes agility, risk mitigation and strategic alignment.
Considering these tax implications, CFOs can take decisive action by focusing on the following strategic areas:
- Monitoring domestic and international tax developments to continuously assess and mitigate exposure, as well as optimize tax opportunities.
- Demanding real-time or near-real-time data to respond quickly to changes. This may include financial market data, retail and supply chain metrics and labor market dynamics.
- Using historical data and machine learning models, predictive analytics helps forecast economic downturns and policy impacts, as well as industry trends.
- Aligning corporate tax strategy with enterprise risk management (ERM) for better decision-making.
- This integration supports proactive responses to geopolitical developments, such as tariff adjustments and supply chain disruptions, which may impact customers, vendors and their respective pricing strategies.
- Leveraging technology, particularly cloud-based platforms, to enhance and automate tax compliance and reporting efficiency and accuracy, allowing tax teams to deliver timely insights.
- Consulting with qualified tax advisors to guide you through the complex regulatory landscape and evaluate and implement the above practices.
Financial Planning and Analysis Strategies
In addition, macroeconomic volatility driven by inflation, fluctuations in interest rates, and global supply chain disruptions requires CFOs to be agile, employing various financial planning and analysis (FP&A) strategies. This response involves:
- Implementing scenario planning and stress testing.
- Adopting dynamic forecasts and budgeting methods to improve accuracy and reduce exposure.
- Leveraging advanced analytics — including dashboards to enable quick, data-driven decision-making — to better understand which areas to capitalize on and which to mitigate potential risk.
By embedding tax strategy and regulatory compliance within a broader corporate finance agenda, organizations can drive both near-term agility and long-term value creation.
Fortify Critical Operational and Financial Imperatives With Robust Cybersecurity
Cyber threats aren’t just an information technology (IT) concern. Ransomware, data breaches and fraud can cripple operations, damage company reputation, and reduce stakeholder trust, leading to a loss in revenue and/or investment. CFOs, especially in the middle market, play a central role in cybersecurity governance by:
- Investing in strategic cybersecurity frameworks and certifications to minimize risks and impacts, and requiring service providers to provide evidence of their cybersecurity controls and efforts.
- Helping ensure good cyber hygiene.
- Performing tabletop exercises to test and refine crisis response strategies.
- Integrating cybersecurity with your organization’s ERM and ERP systems.
Cybersecurity Frameworks and Certifications
For a CFO overseeing finance operations, frameworks like the National Institute of Standards and Technology (NIST), Cybersecurity Framework (CSF) and ISO 27001 provide a practical roadmap for managing the organization’s own cybersecurity posture.
Applying these frameworks within the finance team helps identify and mitigate risks to sensitive financial data, strengthen internal controls around payment processing and reporting, and ensure compliance with regulatory requirements. This structured approach enables the finance function to proactively address cyber threats, reduce fraud exposure and maintain operational resilience.
Many finance operations now rely on third-party vendors and cloud-based platforms for outsourced functions such as payroll, accounts payable, expense management and ERP hosting. While these solutions can improve efficiency and scalability, they also extend the organization’s attack surface.
A CFO must ensure that each vendor’s cybersecurity posture meets or exceeds industry best practices by reviewing security certifications, incident response capabilities and audit reports (e.g., SOC 2). This understanding not only protects sensitive financial data but also mitigates regulatory, reputational and operational risks associated with vendor breaches or service disruptions.
Good Cyber Hygiene
For a CFO, good cyber hygiene is a core business discipline that protects the integrity of financial operations. Practices such as enforcing strong access controls, regularly updating and patching systems, monitoring for suspicious activity, and ensuring secure data backups directly safeguard against fraud, ransomware and data loss. In finance, where the impact of a single compromised account or unauthorized transaction can be measured in millions, embedding these habits into daily operations reduces the likelihood of costly disruptions and regulatory breaches.
Beyond immediate risk reduction, strong cyber hygiene also supports strategic decision-making. A finance team that consistently follows security best practices can operate with greater confidence in the accuracy and confidentiality of its data, enabling better forecasting, investor reporting and compliance assurance. For the CFO, maintaining this discipline not only protects balance sheets but also strengthens stakeholder trust, which is essential in today’s increasingly digital and scrutinized financial environment.
Tabletop Exercises To Test Resiliency
Cybersecurity frameworks should not only be routinely audited, but they should also be tested and refined through tabletop exercises. These exercises fall into two categories, both helping organizations identify gaps in their response plans and improve crisis management capabilities as organizational members practice working together in high-pressure situations:
Incident Response Tabletop Exercises
Focused on cybersecurity events like ransomware attacks or data breaches, these exercises evaluate how quickly and effectively teams can detect, contain and recover from threats. They emphasize cross-functional coordination among IT, legal, communications and executive leadership.
Business Continuity Tabletop Exercises
These simulate broader disruptions, such as natural disasters or supply chain failures, and assess the organization’s ability to maintain critical operations over time. While not exclusively focused on cybersecurity, they often include cyber scenarios to test resilience across departments.
It’s human nature to believe that disaster won’t strike your organization — whether due to a cyberattack or natural causes — until it does. Unfortunate events, such as the Hawaii wildfires and the devastating flooding caused by hurricanes in the fall of 2024, serve as stark reminders that the unthinkable can happen.
Enterprise Risk Management and ERP Integrations
CFOs should prioritize embedding cybersecurity within the broader ERM framework, which includes:
- Collaborating with chief information officers (CIOs) and chief information security officers (CISOs) within their organization to align financial and technical strategies to mitigate risk.
- Leveraging cloud-based solutions to enable digital agility and security (i.e., secure backup solutions in addition to on-site data storage for scalable and redundant data protection).
- Diversifying supplier networks to better manage and reduce third-party risks in your supply chains.
- Integrating ERP systems with cybersecurity protocols to ensure secure data flows across financial, operational and supply chain functions. This includes implementing access controls, monitoring user activity and ensuring ERP platforms are regularly updated to address vulnerabilities.
Proactive cybersecurity governance planning and testing, as well as the implementation of comprehensive digital security measures, are fundamental requirements for modern business operations to maintain confidence during uncertainty.
Outsource Accounting and Finance Functions
In response to the increasing stakeholder ask to “do more with less,” many CFOs are strategically leveraging outsourced accounting and finance services. Outsourcing provides cost efficiency, scalability, and access to specialized accounting and tax expertise, enabling CFOs and other internal resources to concentrate on core business initiatives (which are many) while maintaining compliance and operational excellence.
Strategic Outsourcing vs. Tactical Outsourcing
Strategic outsourcing involves a long-term partnership model where the outsourced provider becomes an extension of the internal finance team. This model is ideal for organizations seeking transformation, scalability and integration across systems and processes. Tactical outsourcing can be project-based or transactional and used to fill short-term gaps or manage overflow tasks such as payroll, month-end close or reconciliations.
Strategic outsourcing supports broader goals such as:
- ERP optimization and integration
- Finance transformation aligned with business strategy
- Talent augmentation and upskilling
- Scalable support during mergers and acquisitions (M&As), initial public offerings (IPOs), quarterly SEC reporting (for public filers), or geographic expansion
Tactical outsourcing is best suited for:
- Managing seasonal workload spikes
- Addressing temporary staffing shortages
- Executing discrete compliance or reporting tasks
Governance, Risk and Compliance (GRC) Considerations
Effective outsourcing requires robust governance frameworks to ensure accountability, transparency and risk mitigation. Key considerations include:
- Internal Control Design and Documentation: Outsourced teams must align with COSO and SOX frameworks to ensure financial integrity.
- Data Security and Privacy: Cloud-based platforms must be vetted for compliance with cybersecurity standards and regulatory requirements.
- Third-party Risk Management (TPRM): Strong vendor oversight and TPRM strategies for monitoring, especially in AI-enabled environments, are critical to avoid regulatory exposure.
- Board and Executive Leadership Buy-in: Successful outsourcing initiatives require alignment across leadership, including finance committees and audit boards.
Leverage a People-first Approach
While it’s been mentioned a few times already, digital transformation alone will not modernize your finance function. An effective finance modernization strategy lies in adopting a people-first approach, particularly during periods of uncertainty. This may involve:
- Fostering cross-functional collaboration between finance, IT and operations
- Investing in talent (including through outsourcing) and upskilling to future-proof the finance function
- Cultivating a culture of adaptability that supports continuous improvement
Then, once a strong people-centric foundation is established, organizations can strategically leverage technology, including AI, automation and cloud-based finance software, to enhance efficiency, making their people’s lives easier and enabling finance teams to concentrate on high-value initiatives.
Modernize With Cherry Bekaert
In times of volatility, such as the current environment, the CFO role is a catalyst for organizational stability, strategy and success — but they can’t do it alone. By utilizing the appropriate tools, technology, methods and people, finance leaders can implement proactive and forward-looking change management approaches that support resilience, innovation and growth.
Cherry Bekaert’s CFO Advisory, Cybersecurity and Tax Services practices meet CFOs where they are, assisting them in managing complex situations and providing resources to support finance modernization efforts, customizing a modernization roadmap based on their organization’s goals and priorities. If you are a CFO or take responsibility in a similar role, our teams can help you:
- Establish scalable and optimized processes to enable operational efficiency and data integrity, laying the foundation for advanced reporting capabilities, such as FP&A.
- Review compliance needs, including GAAP, SOX, GASB or other regulatory requirements to prepare for audits and risk mitigation.
- Train, upskill and augment your finance team through targeted training, outsourcing or fractional support.
- Implement or optimize your business technology solutions, including ERP, workflow and cloud-based solutions.
- Strengthen your organization’s security posture through tailored cybersecurity consulting, helping mitigate risks and achieve regulatory compliance.
- Align financial strategy with evolving tax regulations through tax planning services that optimize outcomes and support long-term growth.
