More than 90% of CFOs predict their company will change its risk strategy going forward, and risk and trade challenges are top of mind for finance chiefs, a survey of 250 CFOs from credit insurance company Euler Hermes found.
Additionally, over 90% of CFOs and their direct reports said COVID-19 has impacted their organization, with 61% reporting a year-over-year increase in customer payment defaults, and more than 2 in 5 experiencing major coronavirus-related cash flow disruptions.
Nearly half of CFOs revealed plans to be more restrictive with extending credit terms going forward. However, in the portion of the survey that took place prior to COVID-19, 80% of respondents said they had experienced a loss of business from stricter payment terms.
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