Published in Economia
Sally Percy shares some career-boosting tips from leading CFOs
Finance is one of the world’s most popular professions for good reason – numbers matter. They matter because they are valuable indicators of the health of governments, businesses, not-for-profit organisations and individuals. Get them right and they can promote confidence, investment and prosperity. Get them wrong and they can destroy careers, organisations and even lives
The overwhelming importance of numbers means that the CFOs of large companies are part of the bedrock of our society. The same goes for the partners of the top audit firms. But what kind of person do you need to be to work as a finance leader in an organisation that employs tens of thousands of people across the globe?
This was the question that I sought to answer in my book, Reach the Top in Finance: The Ambitious Accountant’s Guide to Career Success. For the book, I interviewed FTSE 100 CFOs, Fortune 500 CFOs and leaders from some of the top accountancy firms. Their combined experiences paint a very rich picture of just what it takes to operate at the highest echelons of the business world.
Published in The Treasurer
Will artificial intelligence erode the role of treasurers or boost their profile within business? Sally Percy investigates
Read too many articles about artificial intelligence (AI) and you could come to the conclusion that humankind collectively is heading for a career dead end.
A 2013 paper by academics at the University of Oxford predicted that 47% of US jobs were at risk of being automated over the next 20 years – with the jobs affected ranging from taxi drivers through to accountants.
A year later, a joint report by the same university, together with Deloitte, predicted that 10 million British jobs could be taken over by computers and robots over the same period.
Then, a 2016 study by salary benchmarking site Emolument revealed that nearly half (47%) of people working in financial services in several different countries thought that technological innovations, such as automated trading platforms, were putting their jobs at risk.
With the use of AI within business set to increase dramatically over the coming decades, where does this leave the treasurer? Will the profession even exist in 2030 or will it have been consigned to the history books? Let’s find out.
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Published in The Telegraph
Artificial intelligence could help us to live healthier, more fulfilling lives in future. So it’s time we lost the fear of AI. Sally Percy reports
Until now, humans have held sway as the most dominant force on Earth. Despite lacking some of the physical attributes of a host of other species, we have conquered the planet by virtue of our mighty minds.
Yet by 2025, a computer costing as little as $1,000 will have the equivalent processing speed of the human brain, according to Silicon Valley engineer and entrepreneur Peter Diamandis. And artificial intelligence systems are already faster and more accurate than humans when searching vast databases for anomalies or patterns in customer behaviour. They can also “learn” from what they have discovered and react to those findings.
Artificial intelligence potentially offers vast benefits to humankind. These range from improving medical diagnosis and treatment to caring for the elderly and making cities safer places.
Published in Raconteur’s The Future CFO supplement in The Times
A successful chief financial officer now has to support the chief executive in developing company strategy as well as taking care of finance. Sally Percy reports
If you want proof of how far the role of chief financial officer or CFO has evolved from number cruncher to strategic adviser, talk to a headhunter about the briefs they get from chief executives.
“If you look at a job specification from ten years ago, everything that was on there then is still on there today,” says Mark Freebairn, partner and head of the financial management practice at executive search firm Odgers Berndtson. “But there are two more pages that weren’t there before and are there now.”
The pressure on companies to innovate and compete in an increasingly complex, fast-moving and transparent world has led to the chief financial officers of large businesses becoming more involved in driving the commercial activities of their organisations. So they are helping to improve the business, manage margins, assess potential new markets, make investment decisions and oversee mergers and acquisitions.
These are activities that all conceivably fall under the umbrella of strategy and require chief financial officers to possess a wide set of skills.
The scale to which the chief financial officer’s strategic remit has been expanded is clear from the briefs that Mr Freebairn gets, which often request what is essentially a “mini chief executive”. “CEOs say, ‘I need a CFO who will second-guess me because that will make my decision-making more robust. I need a commercial equal in that role’.”
Published in Raconteur’s Corporate Treasury supplement in The Times
Since the 2008 recession, regulation of the financial services sector, backed up with big fines, has introduced caution, slowed up lending and had a knock-on effect throughout the economy. Sally Percy reports
Falling foul of regulators can be expensive as a string of banks have learnt to their cost. Research from policy resource centre Good Jobs First in June found that banks and other financial services firms globally had forked out more than $160 billion in fines since 2010. And that was before Deutsche Bank was told to pay $14 billion for misselling mortgage securities in the United States.
Companies are far less likely than banks to be hit with a fine the length of a telephone number. Nevertheless, treasurers still need to navigate the world of financial regulation carefully if they are to spare their employer bad press, strategic risks and unexpected penalties.
“Regulation is omnipresent,” says Richard Abigail, group treasurer of engineering consultancy Arup. “Much of the regulatory pressure on us comes through the banking sector. Regulations on the banks transfer on to corporates. We have to do more and more to be regulatory compliant.”
Published in The Treasurer
No one wants to make a hash of briefing the company’s directors. Sally Percy asks experienced treasurers how they get it right
A treasurer’s place is in the boardroom. Not all of the time, of course, but some of the time at least.
That is one of the principal findings of The Contemporary Treasurer 2016, the ACT’s latest research into the evolving influence of treasury on corporate financial strategy and business growth.
Nearly 200 treasurers across the UK, continental Europe, Asia-Pacific, the Middle East and North America were interviewed for the study, which found that treasurers globally are contributing far more strategic advice to their organisations than they did five years ago.
It is not just business strategy that treasurers report on, however. Their board reports tend to encompass a broad range of subjects, from capital and liquidity management and risk management through to corporate governance, treasury operations and controls, and pensions management.
So just what does presenting treasury matters to the board entail? And is it really the horrifying prospect that it might seem?
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