In this episode of CFO Talk, host Steve Rosvold interviews John Thackeray, an expert in risk management. Thackeray discusses the seven key elements of effective enterprise risk management (ERM). He emphasizes that strategy plays a crucial role in determining risk appetite and suggests that open discussions and iterative processes can help achieve a common understanding among leaders.
In the dynamic business world, “ROI” (Return on Investment) has long stood as a symbol of financial success—a fundamental gauge of profitability steering decision-making and strategic planning. Yet, the landscape of ROI is evolving, and its definition is expanding beyond mere monetary returns. Today, savvy businesses recognise that ROI isn’t a monolithic figure but a multi-dimensional metric encompassing financial and non-financial outcomes.
The definition of a Finance Transformation varies across companies and industries. It can loosely be defined as a strategic initiative aimed at fundamentally changing how the Finance Function operates to achieve a significant improvement from current performance. The general goal of Finance Transformation is to align Finance with overall company strategy, to become more efficient, effective and provide better service to internal customers and external stakeholders. The economic benefits of executing a Finance Transformation can include increased operational leverage, greater insight into business operations and enhanced customer interactions.
Whether you’re a new entrepreneur or the leader of a Fortune 500 company, doing business today presents universal business challenges. Managing the complications globalization, increasing regulation, new technology, a fast-moving economy and now a pandemic all require precision and expertise.
Why Focus on the Month-End Close?
On average, it takes companies 8 working days to close the books each month, and 10 working days to close each quarter. That’s 40% to 50% of our working month spent finalizing the financials. Shouldn’t those 8 to 10 days be just as joyful, or perhaps just not as awful, as the rest of the month?
Well, Happily Ever After doesn’t just happen, except of course, in fairy tales. Hard work alone is not enough. A month-end close that achieves a fairy tale ending is forged through discipline, teamwork, and the right tools. From the thousands of accountants we have spoken with, we consistently observe several themes that seem to live on in accounting groups that close efficiently and effectively month after month.
