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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.
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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.
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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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