EMERGE STRONGER.

Strategies for Managing Post-Pandemic Risks & Requirements

A guide to help organizations act quickly and decisively to deploy actions that correspond to the shape of the future state economy.

Roadmap to Recovery

A guide to help organizations navigate uncertain economic times and emerge stronger.

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In these uncertain times, forward-looking companies are looking to not only weather the economic storm, but also prepare their business to emerge stronger. By improving business resiliency and seizing opportunities to significantly transform operations, they will have a competitive advantage as they quickly evolve their focus from perseverance to growth and scale.

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CrossCountry’s Challenges Leaders and HR need to be able to understand their employee’s current and historical compensation information, as well as other influential key factors such as market competitiveness (including geographic differential), and employee peer group reporting and analytics.

CrossCountry’s Challenges Many organizations are focused on top-line revenue growth and don’t put as much emphasis on optimizing direct or indirect spend. However, numerous companies hit a tipping point when their unstructured procurement process impacts overall company performance and the bottom line.

CrossCountry’s Challenges People are a service firm’s most valuable asset. High-performing companies need to make sure that they are strategically supported with great tools for learning and career development.

Companies tapping the capital markets in 2020 still need to apply old complex rules to account for convertible debt and equity-linked instruments.

CrossCountry’s Challenges For growing companies, attracting and retaining top talent is mission critical and it all begins with the candidate experience and employee onboarding process. Without an integrated recruiting, onboarding and HR system, the process becomes fragmented, ultimately requiring more frequent touch points, a higher degree of manual effort and various systems.

Effective risk management is a strategic tool and competitive advantage. Supplier relationships can impact an organization’s reputation, financial performance, and ability to react.

CrossCountry’s Challenges CFOs know all too well that financial reporting is a rigorous and demanding process. As is the case with many fast-growing companies, there is a tremendous demand to examine their procedures and implement broad changes.

CrossCountry’s Challenges Companies that are just starting out may not be able to make an up-front investment in technologies that support operational tasks and employee inquiries.

In this video, Partner John Hoebler and our Chief Human Resources Officer Juliana Mastroianni discuss how deploying one integrated system with Workday is helping to solve some of her specific challenges.

The importance of HR has increased dramatically in the past few years, as talent has become a number one priority and one of a company’s most important assets.

One of the major benefits delivered from a Business Spend Management (BSM) implementation is the ability for the company to move towards pre-approved spend by leveraging purchase orders (POs).

In this video, Partner John Hoebler and our Chief Financial Officer Amy Seibel discuss how deploying one integrated system with Workday is helping to solve some of her specific challenges.

Being a Chief Financial Officer means more than simply having an advanced knowledge of accounting and financial concepts.

In this video, Partner John Hoebler and our Chief Operating Officer Amy Bjarnason discuss how deploying one integrated system with Workday is helping to solve some of her specific challenges.

The role of the Chief Operations Officer is diverse, changing across varying industries and from one company to another.

One of the major benefits delivered from a Business Spend Management (BSM) implementation is Accounts Payable (AP) automation. Prior to beginning an implementation, a success criteria should be established

The clock is ticking: Lenders, have your CARES Act or banking Interagency Statement loan modifications become a TDR (Troubled Debt Restructuring)?

Many organizations struggle with reporting and data tracking in their legacy systems, and CrossCountry’s story is no different than many other mid-sized growth companies.

The fluidity of COVID-19 impacts and the unknown future of economic recovery (or decline) can lead to a paralysis of planning as companies grapple with alternative scenarios.

Organizations that choose to make spend management a priority often seek to achieve their savings and efficiency goals through the implementation of a cloud-based Business Spend Management (BSM) application.

There have undoubtedly been changes to the risk landscape, both externally from volatility in markets, and internally through changes to business operations.

While there is a lot of information available to learn how to create and build an automation program, there is less attention paid to the subtle factors that can make or break it.

COVID-19 and remote work introduced a wealth of new threat actors, vectors, and surfaces.

As organizations quickly pivot to support a new flexible workforce environment, it is critical that they focus on maximizing the benefits while also mitigating the downside of working remotely.

Talking about roles and responsibilities seems like an obvious area of focus. Establishing expectations of skills, expertise, and responsibilities is one of the most basic rules of creating a functional team.

The transition to remote work was swift. Leading up to the pandemic, organizations quickly re-prioritized their to-do lists to ensure that their work from home strategies were as robust as possible for the entire workforce.

With the speed of technological change in our world today, Internal Audit functions cannot continue operating as they have done in the past.

The Covid-19 pandemic has resulted in the largest “work from home” experiment the U.S. has ever seen.

The idea of a Center of Excellence can sometimes seem like a large, monolithic entity that can feel quite overwhelming to many who are in the early stages of automation deployments within their organizations.

While organizations, regions, and states may begin to re-open as the pandemic slows, there is a very real chance for a re-occurrence that will result in another round of lockdowns and additional economic uncertainty.

Managing spend in organizations of any size can be complex and difficult. Procurement, invoice management, and expense management – or all of the ways that your staff spends money – can be overwhelming if your company still uses manual processes and legacy systems

In this video, Partner Roderick Carmody and our guest,  Todd Ford, the Chief Financial Officer of Coupa Software, discuss the role of the CFO in times of business uncertainty.

Choosing the right program structure for your organization and culture is an important consideration that can either be a catalyst for growth or an impediment that leads to friction and dissatisfied stakeholders.

As the uncertainty of COVID-19 continues, a common question permeates the work environment: “When can we get back to work and how can we do it as safely as possible?”

RPA is an emerging technology that is still quite new to most organizations. Some companies begin down the path of RPA adoption without the aid of a partner, inevitably running into challenges that slow progress

Limited bandwidth, traditional communication silos and barriers, and rapidly evolving information are all problems in a healthy economy.

In this video, Partner Roderick Carmody and Director Keith St. Germain discuss the CARES Act and how to stay out of the headlines.

When facilitating strategic decision making from leaders across the organization, timely and accurate management reporting is always critical, but even more so in times of crisis.

Whether your company has started on an automation journey or not, understanding the expectations of stakeholders can be very important to ensure you design a program that will mesh well with the company culture.

Returning to the workplace after a pandemic requires proper planning and coordination across an organization to ensure that government and regulatory guidelines and requirements are met.

Cybersecurity is a key component of an effective operational resiliency program, further underscored by the widespread shift to remote work in the current crisis environment.

Don’t let common misconceptions derail your intelligent automation program. Despite best efforts, some organizations fall prey to fallacies and mistakes that slow the adoption of RPA, and fail to obtain the expected benefits of automation.

Navigating through the COVID-19 pandemic and the resulting economic damage has been a unique and demanding experience for both individuals and leadership teams from companies in every industry, region, and country.

It is increasingly common for financial institutions to rely heavily on external third parties for the provision of key infrastructure, services, and support for critical processes.

We’ve touted the unique advantages of RPA many times. From its ease of use supported by a low-code development environment and the non-intrusive nature by operating at the user interface level

Everyone knows the magic formula to running a successful business: Increase profit by growing revenue and managing costs. Easy, right?

In this series, we discussed the critical areas to be targeted in the aftermath of a crisis as part of a reassessment of an operational resilience program. The third critical area that should be evaluated is the business continuity and disaster recovery function.

RPA is quickly becoming one of the fastest growing technology sectors. According to a new study from Gartner, “Finance departments can save their teams from 25,000 hours of avoidable rework caused by human errors by deploying robotic process automation (RPA)

In this video, Partner Bruce Klein discusses the latest in financial support for businesses during the COVID-19 crisis, the Main Street Lending Program.

In this video, Partner Roderick Carmody and Director Haley Varner discuss helping CFOs navigate the restructuring and bankruptcy process.

In this video, Partners Roderick Carmody and Shawn Degnan discuss the impact on the accounting function in these unprecedented times.

In this video, Partners Roderick Carmody and Chris Clapp discuss how COVID-19 and new government guidance are shaping the Private Equity industry.

In this video, Partner Roderick Carmody and Director Keith St. Germain discuss updates to the Paycheck Protection Program as it’s nearing its conclusion.

In this series, we have discussed the areas to be included in a post-crisis assessment of an operational resilience program. The second area that should be reassessed is the identification and re-validation of critical business processes.

Identifying an executive sponsor to implement a major initiative might seem like an obvious step, but when it comes to RPA, its importance goes beyond the typical project leader role.

Over two months since it was first announced, the Main Street Lending Program (MSLP) has finally launched. Once registered, lenders will be able to start issuing loans under the program.

Exiting a crisis, the governance framework is a critical area of an operational resilience program that should be reassessed.

A Center of Excellence (COE) is one of the most commonly adopted terms used by commercial and government organizations today. However, this can be a nebulous definition used to describe very different entities.

The second round of the Paycheck Protection Program (PPP) has lasted longer than what many had initially assumed. After the first round of funding was exhausted in a matter of days, the Small Business Administration (SBA) and Congress went back to the drawing board with new financing and requirements for the program.

As the initial shock of COVID-19 passes and organizations adjust to a “temporary normal” state, most financial institutions across the U.S. have shown remarkable resilience in continuing critical business operations in this new environment.

If Robotics Process Automation (RPA) is a key foundational technology that can enable an organization to take advantage of other new technologies, it stands to reason that it’s highly important that it be implemented successfully.

If working with an Anti-Money Laundering (AML) model, it is important to note that tuning is not a one-time effort. This action should occur on a regular basis.

For Asset Managers, the quarterly close process is often riddled with manual, time consuming, and inefficient processes. One such process is the generation of Partner Capital Statements (PCAP), a quarterly requirement under the Limited Partnership Agreements (LPA).

In a time of crisis, cost transformation plays an important role in enabling organizations to become nimbler, cost effective, and resilient.

In the decade leading up to 2018, global financial institutions were fined almost $27 billion for Anti-Money Laundering (AML)/ sanctions non-compliance.

Now, more than ever, companies are forced to do more with less, ultimately looking for ways to increase value and efficiency. Within organizations, the Internal Audit function can improve performance by leveraging Robotic Process Automation (RPA)

During its May 20, 2020 meeting, the Financial Accounting Standards Board (FASB) discussed proposed limited deferral of the effective dates of certain new accounting standards in light of the COVID-19 pandemic

There is no denying that privacy and data protection continue to go mainstream. International and domestic privacy laws are continuing to pop up, and a global pandemic has meant that countries and private corporations alike are collecting more sensitive data than ever before.

Imagine trying to catch deer using a mouse trap; the chances of that working out in one’s favor are slim. Whether it’s Anti-Money Laundering (AML) Compliance or Marketing Acquisition models, the same holds true for model tuning methodology.

In this video, Partner Roderick Carmody and Director Niraj Chatwal discuss the drivers behind the recent surge in companies looking to adopt Robotic Process Automation (RPA).

In this video, Partner Roderick Carmody and Director Cameron Over take a look at how organizations can leverage this time to improve their cyber practices.

In this video, Partners Roderick Carmody and John Hoebler discuss how companies are leveraging this time to implement new systems and upgrade their existing systems to help their organizations add significant long-term value.

In this video, Partners Roderick Carmody and Kati Penney discuss how the remote environment is creating changes to financial reporting.

One of the consequences of the COVID-19 pandemic outbreak is a considerable change in consumer habits. As a result, companies may experience a sizable decrease or increase in demand.

In this video, Partners Roderick Carmody and Bruce Klein take a look at whether the Paycheck Protection Program (PPP) was a success or a failure.

Data continues to drive innovation and change across enterprises, and Internal Audit functions are no exception.

In this video, Partner Roderick Carmody and Director Jen Iwanicki take a look at orchestrating a close with a remote work force.

When an organization enters into a line of credit or business loan, it is common for the debt agreement to include financial covenants.

Divestment strategies are integral as companies seek a tactical shift in their business, a change in their margin profile, or a deleveraging of their balance sheet after a time of crisis.

Achieving or optimizing flexibility and efficiency while delivering timely, quality work is a familiar aspiration that has never been more crucial than in our current environment.

The Paycheck Protection Program (PPP) has gone from a trickle to a flood of applications as the lenders’ transmission websites have gotten up and running.

Given the importance of data for financial reporting, performance metrics, and increased insights, it should be viewed as a key strategic asset worthy of continued investment.

One of the biggest challenges facing companies today is the ability to maintain and service customers in an environment where nothing is familiar or certain.

Whether it’s to gain a competitive advantage or to simply keep up with their peers, executives are beginning to look ahead at what’s next. Perhaps counterintuitively, organizations can unlock some of their greatest cost savings by spending a small amount of money upfront with very deliberate objectives.

After receiving over 2000 letters related to the Main Street Lending Program, the Federal Reserve and Department of Treasury announced significant improvements to the program.

What an extraordinary time to be recognizing Internal Audit Awareness Month. Changes have been rapidly taking place, yet one thing has remained unchanged: Internal Audit’s mission to protect and enhance organizational value, which is even more crucial than ever in today’s environment.

The past months have proven that this is an unprecedented time for the way we conduct business in a global economy. As economic conditions remain uncertain, companies are looking for strategies to reduce operational costs without sacrificing service to the business and its customers.

In times of economic uncertainty (such as the one created by COVID-19), one of your organization’s most important considerations is undoubtedly cash and, by extension, accounts receivable.

As lenders got their transmission websites up and running, the Paycheck Protection Program (PPP) went from a trickle to a flood of applications. While initial funding was fully committed, new appropriation has passed Congress to re-open the program

During periods of uncertainty, executive leadership should exercise caution when considering investments and overall financial health. This is why now, more than ever, organizations have become focused on smarter spending and improving the balance sheet.

One of the challenges facing organizations during this pandemic is the completion of standard close procedures and audit preparation with a fragmented team.

A pandemic is not only a health crisis, but also brings with it an enormous economic disruption that society must manage through. Apart from healthcare, central banks and the government play a major role

When faced with economic disruption, organizations may look to business functions that are usually considered cost centers, including cybersecurity, as an opportunity for cost reduction.

As lenders are continuing to deal with the high volume of loans under the Small Business Association’s (SBA) Paycheck Protection Program (PPP), they must also now look at how to plan for the upcoming rollout of the Department of Treasury and Federal Reserve’s Main Street Lending Program.

When emerging from a financial crisis, executives must consider the ability of a scaled-back organization to execute strategic growth.

How is it possible to estimate expected credit losses over the contractual life of financial assets in an environment that drastically changes day-by-day? In the three months since CECL became effective, the economic outlook has rapidly deteriorated as a result of the fallout from COVID-19.

On April 10, 2020, the Financial Accounting Standards Board (FASB) released a Staff Q&A to provide guidance surrounding the accounting for lease concessions granted by landlords as a result of the COVID-19 pandemic.

COVID-19 is creating a dramatic impact on the United States healthcare system and likely will continue to do so for a significant part of the year. Its spread has created unique challenges for Workday Supply Chain Management customers.

“Did you hear that the government is giving out free loans that don’t need to be repaid? Sign me up – twice.”

The CARES Act has been top of mind for many small business owners over the past several weeks. Now that it has been finalized and the Paycheck Protection Program (PPP) has been rolled out, many small business owners are finding their way through the process.

In its April 8, 2020 meeting, the FASB revealed its plans to help relieve some concerns of companies contending with the effects of the global COVID-19 pandemic.

COVID-19 is creating a dramatic impact on the global economy, and likely will continue to do so for a significant part of the year. We know that these are uncertain times for businesses and their employees, and CrossCountry has been closely monitoring the developments.

Financial institutions were labeled as the cause of the 2008 financial crisis but are now being relied upon to provide credit to businesses in the current economic environment. How did this drastic change of fortune occur?

Now, more than ever, teams are being asked to do more with less: fewer resources and the additional complexity of distributed, remote resources. However, the critical need for a strong and resilient data quality foundation has not changed.

COVID-19 is creating a dramatic impact on the global economy, and likely will continue to do so for a significant part of the year. We know that these are uncertain times for businesses and their employees, and CrossCountry has been closely monitoring the developments.

The Federal Government continues to refine this program to ensure funds find their way to small businesses to cover payroll costs over the next two months.

The SBA recently issued an interim final rule that was aimed at helping lenders get on board with the Paycheck Protection Program. It doubled the interest rate that lenders can charge for these loans from .5% to 1% and provided clarity around underwriting expectations.

The COVID-19 pandemic has required business leaders across every industry to rapidly shift their attention to countless new and pressing priorities: ensuring employees and family members are safe and healthy, adjusting business to daily changes in market conditions, and in many cases, moving quickly to a remote employee model.

Most people know the basics by now but here is a recap. Under Title I of the CARES Act, small businesses can get a loan from an SBA lender in the amount of 2.5 times their monthly payroll, up to $10MM, and the loan will be forgiven as long as it is used to pay employees or…
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The coronavirus (COVID-19) pandemic has quickly swept the globe, overwhelming healthcare systems, disrupting financial markets, stressing businesses and shocking humanity. Economists are predicting a severe recession – or worse – as a result of its short- and long-term financial effects.

COVID-19 is creating a dramatic impact on the global economy, and likely will continue to do so for a significant part of the year. This pandemic creates previously unseen challenges to portfolio companies, as well as associated risks and opportunities.

Overview With the unprecedented measures taken by a majority of the countries around the world in response to the coronavirus (COVID-19), global economic downturn is likely imminent. This developing situation is expected to impact companies across all industries.

SEC Relief Order In response to the ongoing COVID-19 outbreak, the SEC has provided public companies an option to apply for a 45-day extension for any filings due from March 1, 2020 through April 30, 2020. While this relief may not apply to most accelerated filers, the SEC has left open the possibility of an extension.

The impacts of COVID-19 are just beginning to surface, posing new challenges to industries and businesses to stay operational and forcing them to rapidly adjust to a remote workforce. The potential economic impact is unknown, and we are entering a period of greater ambiguity when it comes to managing performance.

SEC Relief Order Extension In response to the ongoing COVID-19 outbreak, the SEC has extended its order to provide public companies an option to apply for a 45-day extension for any filings due from March 1, 2020 through July 1, 2020.

As evidenced in the last few weeks and months, the world is ill prepared to detect and stop pandemic outbreaks. The impact of COVID-19 has caused unimaginable tragedy, forced inconceivable losses to world economies and posed new challenges to industries and businesses to stay operational.

As the COVID-19 pandemic has forced a connected, mobile society indoors for the foreseeable future, organizations have begun to adjust to a new “business as usual” remote delivery.

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