A CFO plays an integral role in managing and mitigating financial and operational risks within an organization. Here's how:

1. Risk Identification and Assessment: The CFO, often in collaboration with the risk management team, is responsible for identifying potential financial and operational risks that the company might face. This involves an in-depth assessment of both internal and external factors, such as market trends, business operations, financial reporting, technological changes, and regulatory environments.
2. Risk Management Strategies: Once risks are identified, the CFO formulates strategies to manage them. This could involve diversifying investments, restructuring business operations, implementing robust financial controls, or securing appropriate insurance coverage.
3. Financial Controls: The CFO establishes financial controls to prevent fraud, errors in financial reporting, and mismanagement of company resources. This includes internal controls over financial reporting, segregation of duties, and regular audits.
4. Contingency Planning: CFOs are responsible for creating financial contingency plans to safeguard the company in the event of a crisis or unexpected situation. This involves determining how the organization can maintain or quickly resume its operations during a disruption.
5. Compliance: The CFO ensures that the company complies with all financial regulations and standards, which can reduce legal and financial risks.
6. Communication: The CFO communicates risk management strategies to the board, shareholders, and other stakeholders. They also promote a culture of risk-awareness within the company, ensuring that all employees understand their role in managing risk.
7. Monitoring and Review: The CFO oversees the constant monitoring and periodic review of risk management strategies, ensuring they remain effective and relevant as the business and external environment evolve.

In summary, the CFO plays a crucial role in protecting the financial health and sustainability of the organization by actively managing and mitigating financial and operational risks.