Transcending the cfo’s new expectations effectively 2
-
Upload
dominic-shum -
Category
Economy & Finance
-
view
219 -
download
1
Transcript of Transcending the cfo’s new expectations effectively 2
© 2009 Shum Ying Loon All Rights Reserved
Dominic Shum on
© 2009 Shum Ying Loon All Rights Reserved
Highlights of dominic
1. Graduated 1988 with BBA from National University of
Singapore
2. 16 years in Senior Management Positions
3. Experiences includes accounting, finance, planning,
marketing, human resources management, IT, corporate
affairs and training
4. Member of National Institute of Accountants, Australia
5. Member of Malaysian Institute of Management
6. Associate member of Institute of Internal Auditing Malaysia
7. Member of Malaysian Institute of HRM
8. MBA in Entrepreneurial Management (EIA, Australia)
9. Certified Internal Control Management Professional
© 2009 Shum Ying Loon All Rights Reserved
definition
A financial controller is a person who
supervises accounting and financial
reporting within an organization.
For the purpose of discussion I assume
that this covers finance manager,
accountant or even the CFO and other
similar title
© 2009 Shum Ying Loon All Rights Reserved
overview
My views on the expectation of Financial Controllers
The past
Current practice
The future
That’s
me!
© 2009 Shum Ying Loon All Rights Reserved
the past
Record keeping
Collating revenue and cost
Managing excess funds
Managing loans and funding sources
Statutory compliance
Budgeting
© 2009 Shum Ying Loon All Rights Reserved
current
All of the previous &
Part of senior management team
International coverage
Part of the decision making process
(rubberstamping department)
Corporate governance
CIO
© 2009 Shum Ying Loon All Rights Reserved
The future
All of the above!
Decision maker
multitasking
International outlook
Network savvy
CFEO?
© 2009 Shum Ying Loon All Rights Reserved
new expectations of FC
Independent & responsible with bottom line accountability
Value (more) for money
Strategic vs operational coverage
Deal making
To have business acumen & knowledge
Efficient management of productive assets
Proactive corporate governance
© 2009 Shum Ying Loon All Rights Reserved
New trend on management
Analytics (Thomas Davenport, HBR) Managing competitively based on analysis
of information collect from all aspect of business.
Pressure on FC to deliver accurate
Rise of accountability issues (sub-prime?) FCs are also put in charge of risk
management and corporate governance
FC reporting to management on such issues?
© 2009 Shum Ying Loon All Rights Reserved
new things to learn
Get an MBA in marketing or general management but not any more in finance
Learn the ropes quickly –expose yourself in every functional area possible. No more rubber stamping be involved in the proposal itself at early stages
Time & IT management – spreadsheets are for accountants not you
Understand that you cannot do everything …get into networking to get that extra bit of knowledge and skill set
Learn to leverage power in the organization
© 2009 Shum Ying Loon All Rights Reserved
Changes to make in the organization
Streamlining processes according to strategic focus of the organization and take ownership
Control flow of information and reduce disk to eyeballs time.
Knowledge management - effective control means knowing what to control
Globalize financial management
Take the lead in asset management
© 2009 Shum Ying Loon All Rights Reserved
Successful controllers Eddie Tang, Dorset International (Strategic
change)
Tan Wee Seng, ex-CFO & ED of LiNing Company Limited (Value creation & Management control)
Edward Liddy at Allstate Insurance Co./AIG (CFO-CEO) (Strategist, turnaround expert)
Henry McKinnell at Pfizer Inc. (CFO-CEO) (Strategic Planing)
John Dasburg at Burger King Corp (CFO-CEO) (supply chain strategist)
© 2009 Shum Ying Loon All Rights Reserved
that’s all
That’s all , thank you for your attention…..
Contact me at [email protected]