FInEx AmeriEuro - Panel 2 - Guardians of the Bottom Line - Risk Strategies for CFOs
Join us on a journey through the world of risk management in the latest panel from the FinEx AmeriEuro Summit. We’re diving beyond the basics to explore how playing both defense and offense in risk management is essential to the CFO role.
Meet the Guardians:
Tiffany Couch, a forensic accountant with a mission to outwit fraud and protect company assets.
Jurgen Faisst, who champions the revolutionary power of standardized business reporting.
Aliyah Abdullah, an advocate for FP&A in mastering the art of forecasting and strategic decision-making.
David Safeer, the cash flow guru who unveils the real story behind your company’s finances.
Host:
Steve Rosvold, Chief Learning Officer at CFO.University
Embark on a Journey Beyond the Surface:
Our panelists share powerful lessons on navigating complex risk environments, mastering cash flow, and fostering a culture of transparency and foresight.
Why is this Critical?
In a world where market dynamics evolve rapidly, CFOs are not just guardians but visionaries, steering their companies through the unpredictable waters of financial risks. Implementing robust risk strategies isn’t just about survival—it’s about thriving and leading the charge for growth and innovation.
Key Lessons:
Fraud Prevention: Tiffany Couch teaches us that whistleblower pathways are the unsung heroes in fraud detection.
Standardized Reporting: Jurgen Feist shows how a consistent reporting language can elevate us from mere performers to maestros.
Strategic FP&A: Aliyah Abdullah reveals the power of data-backed, agile decision-making.
Cash Flow Mastery: David Safeer underscores that a cash flow strategy is a company’s lifeblood, particularly in uncertain times.
Tune in to discover how these insights can transform your approach to risk and redefine success in the realm of financial leadership.
Use the Chapter Slide in the lower corner of the video to skip to each chapter.
Chapter 1: Introduction to Guardians of the Bottom 00:00
Chapter 2: The Role of Forensic Accounting in Risk 02:38
Chapter 3: Enhancing Risk Communication through St 07:47
Chapter 4: The Strategic Importance of FP&A 17:40
Chapter 5: Cash Flow’s Role in Risk and Growth 24:23
Chapter 6: Panel Discussion and Q&A 31:59
Chapter 7: Closing Remarks and Key Takeaways 42:42
Here are some quotes from the presentation that help summarize the key concepts:
“It’s not just playing defense. Right? It’s playing offense too.” - Steve Rosvold
“Fraud is the second oldest profession in the world, And if there’s money, there’s money to steal.” - Tiffany Couch
“The person who is stealing from my clients companies are always the people who were most trusted and most liked in the organization.” - Tiffany Couch
“If you think you’re safe because you have a clean audit, you can still be at risk of fraud and probably still are.” - Tiffany Couch
“In business; unlike in music, engineering or architectur, we don’t have such notations yet.” - Juergen Faisst
“FP&A helps with better commercial decisions.” -Aliyah Abdullah
“Risk is subjective… there is always the tension between business growth and keeping the business under control.” - Aliyah Abdullah
“Growth can kill a company faster than declining sales.” - David Safeer
“When we put together a cash forecast, we put together reality.” - David Safeer
“So what does this have for the average per business person? If you are ever lending your own money.” - David Safeer
“Cash management and cash forecasting are so basic, and the way we are trained in school to account for (accural basis) and forecast cash can be misleaing.” - Steve Rosvold
“The cash flow forecast is one of the best ways to quickly learn about the key moving parts in your business.” - Steve Rosvold
“We have two main risks. Whether you understand your data and whether you can communicate it properly.” - Juergen Faisst
“For CFOs, another recommendation is really just having that strong culture of agility and ethics and transparency.” - Aliyah Abdullah
These quotes capture the panel’s discussions on risk management, the importance of understanding and preventing fraud, the role of FP&A in decision-making and risk mitigation, and strategies for maintaining financial health and growth.
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