BECOMING CEO Kasturi Wilson's - journey to the top of a Sri Lankan conglomerate - Financial Management magazine
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Driving innovation in management accounting | June 2021
BECOMING
CEO
Kasturi Wilson’s
journey to
the top of a
Sri Lankan
conglomerate
Worldwide leaders in public and management accounting
Get more with a CIMAplus subscription. Exclusive for CIMA® members, CIMAplus allows you to purchase CPD in advance. Save time and money with access to resources worth hundreds of pounds to gain skills to support your day-to-day work. Your 12-month subscription includes: Three courses from the CGMA Store Three videos or webcasts from the CGMA Store Subscribe today at cimaglobal.com/cimaplus. © 2021 Association of International Certified Professional Accountants. All rights reserved. 2011-96017
CONTENTS
34 DIGITAL
8 TRANSFORMATION:
8 LESSONS FROM
THE PANDEMIC
Strategies that helped
finance leaders guide their
organisations through
the coronavirus crisis will
continue to pay dividends
in the future.
36 RETHINKING
ON THE COVER: PHOTO BY TRISTAN LAURENS BERNARD/AP IMAGES; ON THIS PAGE: COUNTERCLOCKWISE, FROM TOP: PHOTO BY TIMOTHY A. CLARY/AFP VIA GETTY IMAGES;
BUSINESS: TACTICAL
LESSONS FOR THE
POST-PANDEMIC ERA
To emerge from the
COVID-19 crisis, businesses
should focus on the
fundamentals of agility,
technology, innovation,
and resilient and
visionary leadership.
5 4 STEPS TO ENGAGE 10 NEW EXCEL 22 CAREER
WITH ESG GOALS FUNCTION REDEFINES DEVELOPMENT: HOW TO 38 WHAT PROPORTION
CIMA President Nick FORMULA BUILDING TAKE OWNERSHIP OF TIME SHOULD YOU
Jackson, FCMA, CGMA, LAMBDA can perform tasks Follow these ten practical SPEND IN THE OFFICE?
says finance leaders that previously required strategies to proactively If offered the choice, you
PHOTO BY PETERJAMESSAMPSON/ISTOCK; PHOTO BY TEMPURA/ISTOCK; IMAGE BY ALICE MOLLON/IKON IMAGES
should commit to coding. manage your career might like a balance of
aligning their business’s development and reap home and office time.
strategic investments with 16 EMPATHY AS the benefits.
36
environmental, social, and AN ANTIDOTE TO
governance goals. UNCERTAINTY 26 ACCOUNTANT BREAKS
Finance leaders have BARRIERS IN RISE TO
6 BUILDING to tune in to what their CEO
RELATIONSHIPS team members are going An accountant tells the
THROUGH ADVOCACY through to navigate lessons she learned on her
Management accountants’ challenging times. journey to the top of a
role in driving crisis Sri Lankan conglomerate.
recovery is backed 20 FINANCE AS A
by the Association’s CATALYST FOR GROWTH 30 BRIDGING THE
advocacy work, says A forward-thinking GENDER GAP WITH A
Andrew Harding, FCMA, finance function can help STRETCH ASSIGNMENT
CGMA, chief executive– find openings and seize Asking for and taking on a
Management Accounting on opportunities. stretch assignment can lay
at the Association of the foundation for a more
International Certified dynamic and rewarding
Professional Accountants. growth path for women
in finance.
8 A NEW FRONTIER FOR
ART SALES?
Galleries and auction
houses are examining
whether nonfungible token
(NFT) artwork represents
a new business model
for them.
10 30
FM-MAGAZINE.COM June 2021 I FM MAGAZINE I 3
44 FINANCE LEADERS’ 48 CREATING
ROLE IN PREVENTING EFFECTIVE FORCED-
TOXIC CORPORATE LABOUR MITIGATION
CULTURES PROGRAMMES
58
Misdeeds are often Organisations that
open secrets within an find forced labour
organisation. Here’s how in their businesses
to foster responsibility and need to take clear and 58 WOODEN
transparency to prevent decisive action. SKYSCRAPERS
40
fraud and malfeasance. Cities are moving away
54 INSTITUTE NEWS from concrete and steel to
40 THE PROS AND 44 Get updates on
issues affecting
low-carbon alternatives to
build sustainable cities.
CONS OF USING the profession and Engineered timber is
EMPLOYEE MONITORING your membership. emerging as a frontrunner.
TECHNOLOGY
There has been a boom in
demand for productivity Contributing to sustainability
monitoring software since FM is now shipped without plastic wrapping. Paper wrapping used
the COVID-19 pandemic in certain markets is Forest Stewardship Council (FSC)-certified
began, but the popular and is recyclable and biodegradable. The paper used in FM is made
from wood grown in FSC-certified forests, recycled material, or
programs come with risks as
controlled wood.
well as rewards.
FROM LEFT: IMAGE BY JAMIE JONES/IKON IMAGES; IMAGE BY TAYLOR CALLERY/IKON IMAGES; PHOTO BY ERIK JOHANSEN/GETTY IMAGES
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The Helicon, One South Place. London EC2M 2RB
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Melanie Kanaka, FCMA, CGMA 220 Leigh Farm Road, Durham, NC 27707-8110
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4 I FM MAGAZINE I June 2021
THE VIEW FROM THE PRESIDENT
NICK JACKSON, FCMA, CGMA
W
hen I started my year in about the importance of these
office, we had already goals; you have to action, monitor,
been living under the and evidence them — be the
shadow of COVID-19 for several company that lives its values. Data
months. As I leave office, I’m is king and, fortunately, is what
hopeful that the shadow will lift the finance function loves. ESG is
soon. now being taken seriously by
My focus has been highlighting governments and regulators. For
the opportunities offered by example, the EU has recently
responsible financial leadership, consulted on changes that would
and it could not have been more allow companies to focus on
appropriate for our times. long-term value creation rather
Financial leadership that than short-term benefits.
considers all stakeholders, not just
shareholders, is no longer a fringe Guiding the profession
idea. It has become mainstream Set an example to the profession
over the past year, and as by threading your values
economies are being rebuilt,
finance professionals can be the
guiding lights in ensuring this is
4 steps to engage throughout the business. Look to
align your company’s strategic
investments with ESG ambitions.
done equitably.
Over the past year, the age of the
with ESG goals As I write this, the EU is making it
easier for investors to know what
CFO as the “chief value officer” has is and isn’t a sustainable
arrived, and you should be in the ‘Over the past year, investment fund; and more
vanguard of shaping what that role investment firms are recognising
looks like in your own company. the age of the CFO as the that ethical investment doesn’t
Responsible financial leadership is
an initial conversation before
“chief value officer” has arrived.’ necessarily equal poor returns
(indeed quite the opposite in
implementing change, and since many cases). So, it’s a win-win.
this is my last column as CIMA
president, I want to leave you with four actions you Digital transformation and bridging the
might take to further develop your organisation’s skills gap
engagement with sustainable environmental, social, Even as more financial processes are automated,
and governance (ESG) goals. don’t imagine that human input isn’t needed.
Although work can be done considerably faster, the
Building a better future finance function is needed more than ever to
Consider how you can incorporate sustainability ensure it continues to align with corporate values.
practices into your business model. Economist Kate Tied to this is the ongoing need to keep your team’s
Raworth’s influential “Doughnut Economics” model is digital skills sharp to manage better the challenges
one way of thinking about how we can balance what ahead. All of that requires a culture change. Finance
we need with what our planet can sustain. It provides a professionals need to cultivate curiosity, use
framework as you take steps to reshape your business. evidence to back up arguments, and be more
That said, also look at your costing/pricing policies. prepared to accept risk. I think we can do that.
For example, you could consider how well they reflect Finally, it has been a unique challenge to have
the full costs involved in sourcing, manufacturing, and been president when we faced and conquered so
disposing of the things you create and sell. much. As leaders, we can set the course for
KEEP IN TOUCH business, so let’s do it responsibly. I will continue to
Measurement for a sustainable world Follow me champion responsible financial leadership and
If you have made a commitment to pursue ESG goals, on Twitter: look forward to working with the new CIMA
ensure you track their outcomes. It’s not enough to talk @CIMA_President president in the coming year.
FM-MAGAZINE.COM June 2021 I FM MAGAZINE I 5
Building
relationships
through advocacy
By Andrew Harding, FCMA, CGMA
A
round the world, accounting Long-Term Economic Future for business model in Ghana.
and finance professionals are the UK, to the chancellor of the y When responding to the UK’s
guiding organisations exchequer and the prime minister in All-Party Parliamentary Group on
through a time of great November. It focused on measures Apprenticeships, the Centre for Policy
change and opportunity — to support businesses now and Studies, an influential UK think
showing immense leadership. to create long-term sustainable tank, picked up on the Association’s
Management accountants have been economic recovery. Earlier, the UK proposal to change the Apprenticeship
depended upon like never before. This is government adopted 14 of the policy Levy into an Apprenticeship and Skills
because of their problem-solving, planning, recommendations CIMA made to Levy to help with economic recovery.
analysis, risk and data management skills, support SMEs and businesses dealing We continue to influence governments
and business controls and systems with COVID-19. Meetings were held around the world as countries begin to
expertise and knowledge. In all industries with a government treasury minister rebuild their economies. Behind all of this
and types of organisation, we are making a to discuss our recommendations and is our strong belief that management
significant difference to resilience and the role management accountants will accountants have an ever more strategically
recovery. play in recovery. important part to play in rethinking those
The past year or so especially has been a y CIMA responded to the House of Lords economies.
very busy period for AICPA & CIMA’s EU Services Sub-Committee inquiry Finally, I would like to extend my
government advocacy teams, and I am into the future impact of UK-EU warmest thanks to CIMA’s outgoing
proud of the strategic work they have been relations on professional and business President and Association Vice-Chair Nick
PHOTO BY STE V E FORREST/STE V E FORREST PHOTOGR APH Y
doing on behalf of members. They have services, stressing the importance of Jackson for all that he has done in his year
dealt not only with the new challenge of mutual recognition of qualifications in office to champion and lead the
how to help our global membership and and freedom of movement for profession, including his advocacy for
students through a crisis the magnitude of professionals for work. Two of our responsible financial leadership. It has been
which we have not seen in generations but asks were picked up by the committee inspiring to work with Nick — he has given
also with Brexit matters affecting UK and in its final report. many people plenty to think about.
European members. y In Ghana, a draft clause in a new I look forward to working closely with
Fortunately, the resources of AICPA & legislative bill would have required Nick’s successor in promoting the fantastic
CIMA have allowed us to strengthen our all accountants in business to be a work that our members are doing globally.
advocacy efforts, and we can now take member of the Institute of Chartered
advantage of huge experience, new Accountants (Ghana). Thanks to
Andrew Harding, FCMA, CGMA, is chief
relationships, and new markets. our work promoting the removal of
executive–Management Accounting at
Here are a few of our successes in the the key clause, it did not appear in
the Association of International
past year: the final bill. This is a great win for
Certified Professional Accountants,
y CIMA submitted a 40-point plan, the Association and supports our
representing AICPA & CIMA.
Budgeting for Recovery and a members, the profession, and our
6 I FM MAGAZINE I June 2021
Learn anytime, anywhere. Get CPD on-demand with CGMA Essentials. Busy schedules don’t have to get in the way of your growth as a CGMA®. Subscribe to CGMA Essentials and grow your expertise by accessing hundreds of hand-picked CGMA content on-demand. Whether it’s just two videos a month or one hundred, CGMA Essentials gives you the freedom to decide how much learning you can commit to. Learn more at cimaglobal.com/CGMAEssentials. The Association of International Certified Professional Accountants, powering leaders in accounting and finance around the globe © 2020 Association of International Certified Professional Accountants.All rights reserved. 2005-01103
A new frontier
for art sales?
A
person looks at a piece by
Douglas Hoekzema, also known
as Hoxxoh, during a press
preview in March of the opening
of Superchief Gallery NFT,
a physical gallery dedicated to NFT
(nonfungible token) artwork in New York City.
Sotheby’s and Phillips launched so-called NFT
auctions on 12 April, a month after Christie’s
sold a digital artwork for $69.3 million, as
traditional auction houses seek to capitalise
on the craze shaking up the art market. Several
months ago, barely anyone had heard of an
NFT, a digital object such as a drawing,
animation, piece of music, photo, or video
with a certificate of authenticity, created by
blockchain technology.
PHOTO BY TIMOTHY A. CLARY/AFP VIA GETTY IMAGES
PHOTO BY PETERJAMESSAMPSON/ISTOCK
New Excel function
redefines
formula building
LAMBDA lets you define your own custom functions
without having to know VBA or JavaScript.
By Liam Bastick, FCMA, CGMA
N
ow, not just Mary can have a little LAMBDA. with a single function call. And as Microsoft states: “For folks with
For those in Office 365 Beta, Microsoft recently a computer science background, you’re probably already familiar
made a fantastic announcement for Excel. Only two with the concept of lambdas, and the introduction of LAMBDA
weeks after LET was made Generally Available, its makes the Excel formula language Turing Complete.” You can
sister function, LAMBDA, was released into the wild. now sleep at night.
The power of this latest addition to the Excel family of functions With LAMBDA, you can take any formula you’ve built in Excel,
cannot be overstated. This is going to revolutionise how you build wrap it up in a LAMBDA function, and give it a name (like
formulas in Excel. CUSTOM1). Then, anywhere in your Excel workbook, you can
This function “completes” Excel (more on that below), as a key refer to CUSTOM1, reusing that custom function throughout your
programming feature — missing forever in the world’s favourite sheet.
spreadsheet software — is now made available, as well as the So here’s the rub. If you create such a LAMBDA called
ability to create your own reusable formulas. CUSTOM1, you can call CUSTOM1 within the definition of
Confusingly, LAMBDA has nothing whatsoever to do with CUSTOM1. This is known as “recursion”, and this is what
previous Greek-named functions such as BETA and GAMMA. The “completes” Excel. This is something that before was only
name dates back to Alonzo Church, a mathematician and logician possible in Excel through script (like VBA/JavaScript). This is what
who made major contributions to mathematical logic and the makes LAMBDA functions so powerful (again, see below).
foundations of theoretical computer science. He coined the term
as part of lambda calculus, in which all functions were deemed Reusable custom functions
“anonymous”, ie, not bound to an identifier. If this means nothing One of the more challenging parts of working with formulas in
to you and you are now possessing a glazed expression, don’t Excel is that you often get fairly complex formulas that are reused
worry, welcome to my world. numerous times through the sheet (often by just copying/
Simply put, LAMBDA allows you to define your own custom pasting). This can make it hard for others to read and understand
functions using Excel’s formula language. It’s user-defined what’s going on, put you more at risk of errors, and make it hard
functions without a Ph.D. in VBA or JavaScript. In Office 365 Beta, to find and fix the errors. With LAMBDA, you have reuse and
LAMBDA allows you to define a custom function in Excel’s very composability. Create libraries for any pieces of logic you plan to
own formula language. Moreover, one function can call another use multiple times. It offers convenience and reduces the risk of
(including itself), so there is no limit to the power you can deploy errors.
FM-MAGAZINE.COM June 2021 I FM MAGAZINE I 11So how does it work? New name selection
The syntax of LAMBDA is perhaps not the most informative:
LAMBDA(parameter_or_calculation, …)
That’s, er, great. Perhaps a run-through might be best.
There are three key pieces of =LAMBDA to understand:
1. LAMBDA function components.
2. Naming a LAMBDA.
3. Calling a LAMBDA function.
1. LAMBDA function components
Let’s take a simple example. Consider the following formula:
=LAMBDA(x, x+1).
This is a very exciting formula in which we have x as the
argument (oh, no, it isn’t, oh, yes, it is — see, I told you it was an
argument), which you may pass in when calling the LAMBDA,
and x+1 is the logic/operation to be performed.
For example, if you were to call the LAMBDA function above
and define x as equal to five (5), then Excel would calculate
5 + 1 = 6, right?
Nope. You would get #CALC! Oops. That’s because it’s not quite
as simple as that. You need to name your little LAMBDA. you should see the definition returned in the resultant window,
as shown in the screenshot “Updated Refers to: Field”).
2. Naming a LAMBDA
To give your LAMBDA a name so it can be reused, open the Name 3. Calling LAMBDA
Manager and press Ctrl+F3 or go to Formulas > Name Manager Now that you have done this, your first new LAMBDA
on the Ribbon). This will open the Name Manager dialog box (see function may be called in just the same way as every other
the screenshot “Name Manager Dialog Box”). Excel function is cited. For example, =MYLAMBDA(5) would
Click on New and fill out the related fields, as shown in the equal six (6) and not #CALC! as before.
screenshot “New Name Selection”. You don’t have to do it this way, though, if you don’t want
To be clear: to. You may call a LAMBDA without naming it. If we hadn’t
y Name: The name of your function (this is where you name it). named this marvellous calculation and simply authored it in
y Comment: A description and associated ToolTip, which the grid as we had first attempted, we could call it by simply
will be shown when calling your function. typing =LAMBDA(x, x+1)(5).
y Refers to: Your LAMBDA function definition (this is where The sky’s the limit. You are not restricted to just numbers
you put your formula — not in the Excel worksheet!). and text. You can also use:
Once you are finished, press OK to store your LAMBDA, and y Dynamic arrays: Rather than passing a single value
into a function, you can pass an array of values, and
functions can also return arrays of values.
y Data types: The value stored in a cell is no longer just
Name Manager dialog box
Updated Refers to: field
12 I FM MAGAZINE I June 2021Dynamic text removal
a string or a number. A single cell can contain a rich Points to note
data type with a large set of properties. y LAMBDA doesn’t have to be used in a named range, as
Functions can take data types and arrays as arguments, shown above. You must remember to pass the required
and they can also return results as data types and arrays. The parameters to avoid the #CALC! error, eg,
same is true with the LAMBDAs you build.
To show you just how useful these functions are, I want =LAMBDA(x, x+1)(5)
to finish with recursion. To show you just how useful these
functions are, I want to finish with recursion. To show you … will return six (6) if entered in a cell.
well, you get the idea.
y LET requires at least one variable to work; LAMBDA
Recursion: Making the right call can take between zero (0) and 253 variables (eg, an
One of the big missing pieces in Excel formulas has been the exception to the first point is =LAMBDA(RAND()),
ability to loop or create a function that calls itself. This is which will work).
something modellers have wanted for years with common LAMBDA inside a LET function will work, eg,
calculations such as calculating optimum debt while taking
account of interest and other similar iterative computations. =LET(CUSTOM1, LAMBDA(x, x+1), CUSTOM1(5))
Where you can, it is often better to solve formulaically
(eg, calculating interest using simultaneous equations), will return six (6) if entered into a cell.
but sometimes you find yourself in a situation screaming for y When you begin writing a LAMBDA function, the
a LAMBDA function. IntelliSense is presently working inside all LAMBDA
Here is an example that Microsoft came up with to parameters except for the first one (Microsoft would
demonstrate the idea. like to know if that’s not the behaviour any reader
Imagine you have a set of text strings and want to specify sees). Of course, Intellisense should also work for the
which characters should be removed from those strings first parameter, but there is presently a bug, which will
dynamically, as shown in the screenshot “Dynamic Text be fixed shortly.
Removal”.
Because the set of characters you’re specifying is not Word to the wise
static, there really hasn’t been any good way of doing this. The best thing is just to get going with this powerful addition
With LAMBDA, you could create a function called to the Excel vocabulary. The LAMBDA function is available to
REPLACECHARS that references itself allowing you to members of the Insiders Beta program running Windows
iterate over the list of characters to be removed, where and Mac builds of Excel 365. It might just be time to upgrade
REPLACECHARS has been defined as: if you don’t already have it. ■
=LAMBDA(textString, illegalChars, IF(illegalChars="",
textstring, REPLACECHARS( SUBSTITUTE(textString,
LEFT(illegalChars, 1), ""),RIGHT(illegalChars,
LEN(illegalChars)-1))))
Notice that in the definition of REPLACECHARS, there is
a reference to REPLACECHARS. The IF statement says if Liam Bastick, FCMA, CGMA, FCA, is director of SumProduct, a
there are no more illegal characters, return the input global consultancy specialising in Excel training. He is also an
textString and otherwise remove each occurrence of the Excel MVP (as appointed by Microsoft) and author of
leftmost character in illegalChars. Recursion kicks in with Introduction to Financial Modelling. Send ideas for future
the request to call REPLACECHARS again with the updated Excel-related articles to him at liam.bastick@sumproduct.com.
string, and the rest of illegalChars. This means it will keep To comment on this article or to suggest an idea for another
calling itself until it has parsed over every character to be article, contact Jeff Drew, an FM magazine senior editor, at
removed, giving the desired result. Jeff.Drew@aicpa-cima.com.
FM-MAGAZINE.COM June 2021 I FM MAGAZINE I 13ADVERTISING SUPPLEMENT
Ask the Expert • SPACs
SPACs process and preparation
Q Why are special-purpose acquisition companies (SPACs) so popular
right now?
A Mitigating the pricing risk of traditional initial public offerings (IPOs) —
especially at a time when the COVID-19 pandemic has fueled volatility — is part
of what’s driving seasoned investors and management teams to flock to SPACs.
Several records were set last year, including the highest number of SPAC IPOs
and the highest amount of SPAC proceeds raised. Just three months into 2021,
the gross proceeds raised in 2021 has exceeded the gross proceeds raised in
2020, according to SPACInsider. This market volatility, combined with the arrival
of seasoned sponsors and management teams, has created a modern-day
SPAC revolution.
Q What are the key considerations for going public with a SPAC?
Will Braeutigam A It is essential for entities to (1) have an understanding of the underlying
Audit & economics of these investment vehicles; (2) develop a comprehensive project
Assurance Partner management plan to meet the demands of an accelerated merger timeline; and
Deloitte & Touche LLP (3) engage trusted advisers with significant SPAC experience. The financial
reporting requirements for a target in a SPAC merger are voluminous and must
Will Braeutigam is an Audit & be completed in a compressed timeline leading up to the proxy/Form S-4 filing.
Assurance partner at Deloitte & The reporting requirements include preparation of PCAOB-audited annual
Touche LLP and leads Deloitte’s financial statements that comply with SEC rules, reviewed interim financial
Central Region IPO and SPAC statements, pro forma financial information, management discussion and
Execution Group for the Accounting, analysis (MD&A), market risk disclosures, and other nonfinancial information.
Reporting, and Advisory practice.
He has extensive private-equity Q What happens after the SPAC transaction is completed?
experience, including advising
companies regarding public exit A The SPAC process involves many of the same hurdles as in a traditional
strategies. He also has extensive IPO, but the target company’s management must remain focused on executing
experience leading IPO and SPAC the transaction first before tackling post-SPAC processes. Therefore,
engagements, including advising on management of the target company must shift gears to focus on quickly
reverse mergers, recapitalisations, maturing into a publicly traded company. A post-SPAC company must be ready
UP-C structures, and SEC with certain filings, processes, and policies in place prior to the completion of the
preclearance filings. merger. The company must also report accurate financials on time — depending
on filing status, this could be in as few as 40 days after the end of its most
recent financial quarter and 60 days after its fiscal year end.
Deloitte refers to one or more of Deloitte This publication contains general information only, and Deloitte is not, by means of this
Touche Tohmatsu Limited (DTTL), a UK publication, rendering accounting, business, financial, investment, legal, tax, or other
private company limited by guarantee, professional advice or services. This publication is not a substitute for such professional
its network of member firms, and their advice or services, nor should it be used as a basis for any decision or action that may
related entities. In the United States, affect your business. Before making any decision or taking any action that may affect
Deloitte refers to one or more of the your business, you should consult a qualified professional adviser. Deloitte shall not be
US member firms of DTTL, their related responsible for any loss sustained by any person who relies on this publication. Certain
entities that operate using the “Deloitte” services may not be available to attest clients under the rules and regulations of public
name in the United States, and their accounting. Please see deloitte.com/about to learn more about our global network of
respective affiliates. member firms. Copyright © 2021 Deloitte Development LLC. All rights reserved.SPAC transactions are complex Work with Deloitte’s team of experienced SPAC advisers to help streamline your de-SPAC process. For questions or to learn more, please visit www.deloitte.com/spac. Copyright © 2021 Deloitte Development LLC. All rights reserved.
Empathy as an
antidote to uncertainty
I
n early March 2020, a price war Nigerian government announced a 14-day services at a near standstill and revenue all
between Saudi Arabia and Russia lockdown of major cities to contain the but destroyed, the business was under huge
triggered a record-breaking quarterly spread of the novel coronavirus. With many pressure. As a finance leader, I had never
drop in the price of oil, and Triumph other countries taking similar steps and before had to face such a chaotic situation
Power and Gas Systems Ltd., an energy halting economic activities, global demand — but it was my responsibility to captain
service company based in Nigeria with 102 for oil plummeted — leaving oil and gas the ship, support my team members, and
employees and $1.3 billion in annual sector companies such as Triumph in a get the company finances onto the right
revenue, saw the crisis severely affect its state of deep uncertainty and disarray. footing.”
contracts with major international energy For Japheth Jev, ACMA, CGMA, the CFO With his team working remotely for the
players such as Chevron and Shell. at Triumph, the most challenging and first time, while also navigating anxiety and
But that was just the beginning of the pivotal moment of his leadership had concerns around the wellbeing of loved
challenges the organisation would face in presented itself. ones, Jev understood that the situation
2020; few leaders within the energy sector “The crisis resulted in many of these called for a new and more compassionate
could have predicted the pain still to come. customers terminating or deferring style of leadership.
While scrambling to respond, the contracts,” Jev said. “With demand for our “I quickly realised that I needed to step
16 I FM MAGAZINE I June 2021Finance leaders have to tune in to what their team members
are going through to navigate challenging times.
By Jessica Hubbard
away from the traditional, command-and- objectives such as tighter cost management, pandemic elevated empathy into the
control style of leadership and embrace Jev and his more personal approach to day-to-day culture of business and
empathy as a way to understand and leadership contributed to what was management. And while research has
PHOTO BY PATCHARAPOL BUASAWAD/ISTOCK
support team members through the turmoil ultimately a remarkable turnaround for shown that both leaders and employees
they were all experiencing,” he explained. “I Triumph. are aware of its importance, there is often a
had to drop my personal views and agenda The finance team achieved an increase failure to translate this awareness into
and ensure that I was directed by of 30% in bottom-line earnings over the tangible changes.
compassion. If I was not able to practise quarter despite the calamitous drop in According to Businessolver’s State of
empathy, I knew that I would be captain of a revenue, which Jev attributed to rigorous Workplace Empathy Study 2020,
sinking ship.” discipline around costs. companies are “slipping rather than
This attitude ultimately paid dividends making gains in empathy”, with the
for Jev, his finance team, and Triumph. By Empathy has ‘stalled’ in the findings showing that employees’ and HR
placing trust in his team’s abilities, showing workplace professionals’ ratings of their own
empathy and personal interest, and With countless other companies facing companies on empathy have steadily
enlisting their support around key similarly harrowing scenarios, the fallen since 2018. Businessolver is a
FM-MAGAZINE.COM June 2021 I FM MAGAZINE I 17‘Empathy in leadership is about understand what their team members are
experiencing and feeling,” Jev said.
walking in someone else’s shoes “Empathy can primarily be learned and
adopted through listening more than you
and really trying to see things from talk to others.”
This may require setting up regular
their point of view.’
one-on-one meetings or check-ins with
team members that can include both work
and nonwork discussions. During these
Liza Robbins, chief executive, Kreston International, a global network of independent meetings, allow your team member to
accounting firms guide the conversation, and be mindful
about always waiting to speak —
remembering that your role is simply to
US-based employee benefits “Leading with empathy translates into listen and, where appropriate, to respond
administration technology company that good business, which includes retaining with empathetic phrases that give both
has conducted an annual report on and motivating top talent.” acknowledgement and encouragement.
empathy in the workplace since 2016. The Businessolver 2020 study For example, use phrases such as “I
“One of the key takeaways in this year’s reinforces this view, with 74% of surveyed understand what you’re saying” and
study is empathy has stalled,” wrote Jon employees indicating they would work “Thank you for sharing this with me”.
Shanahan, chief executive at longer hours for an empathetic employer, Once they have gained an
Businessolver, in an introductory note to while 80% said they would switch understanding of a team member’s
the report. “Employees feel as though their companies for equal pay if the employer position or situation, Jev said that skilled
leaders are not doing enough to display were more empathetic. leaders will then ask questions that gently
empathy, and that was before the world FM magazine spoke to several finance prompt an employee to find a thoughtful
was rocked by a pandemic. The leaders to learn how they can embrace and solution that can both assuage anxieties
importance of bridging that gap is now apply empathy in a consistent and and improve performance.
heightened by the current environment. authentic way. By shifting to a more “Asking the right questions can both
Employees are depending on their empathetic approach and applying it in calm the nerves and also help to point to a
employers to deliver empathy to help very practical ways, finance leaders can positive solution — and in this new
them overcome, adapt, and move forward.” rapidly increase engagement, resulting in paradigm of empathetic leadership, one
A workplace culture characterised by improved business performance — even in should encourage employee-led solutions
empathy can provide the much-needed the face of the ongoing uncertainty that that enable teams to chart their own
antidote to uncertainty — while teams are challenged with today. course forward.”
simultaneously boosting engagement and
efficiency, according to Businessolver. Define empathy within leadership Create a platform for open
“The global crisis has presented leaders According to Robbins, the first step is to discussions
with an opportunity to relaunch understand what empathy is and what it is Ian Meaker, director and founder of
themselves and learn new skills to not. If empathy is misunderstood, it can be Creative CFO, a finance consultancy based
motivate teams and drive business dangerous. in South Africa, said that leaders can
performance,” said Liza Robbins, chief “Empathy in leadership is about foster a more empathetic and open
executive, Kreston International, a global walking in someone else’s shoes and really working environment by creating various
network of independent accounting firms. trying to see things from their point of platforms and engaging talking points
view,” Robbins said. among teams. For instance, employees at
The danger lies in thinking that Creative CFO all participate in personality
Resources
empathy is about agreeing with everything profile assessments such as Personality
Articles that the other person says (particularly if I.D. and Myers-Briggs, the results of which
they are upset or emotional). Empathy is provide an interesting starting point for
“7 Ways Finance Leaders Can Improve
also not about entwining your whole conversations around personality traits,
Their Emotional Intelligence”,
emotional being with another person. working styles, and preferences.
FM magazine, 15 October 2020,
“As a leader, empathy requires taking “These personality profiles don’t
tinyurl.com/2es23tsv
the time to understand the impact from dictate to us where someone may sit on a
“Leading With Empathy During the someone else’s perspective, and then spectrum, but instead open the door to a
Pandemic”, FM magazine, 14 October bringing all that information back, more nuanced and deeper understanding
2020, tinyurl.com/63mkkx5k processing it, and considering your of your colleagues,” Meaker explained. “It’s
decision without that impact becoming about encouraging conversations between
Podcast episode
the only deciding factor,” Robbins said. team members on who they are, how they
“The Language of Financial like to work and engage, etc … and the
Leadership”, FM magazine, 29 June Listen more, talk less reports provide a great foundation for
2020, tinyurl.com/aayz8h88 “Only by learning to listen very, very those conversations.”
carefully can finance leaders begin to In addition, Meaker recommended
18 I FM MAGAZINE I June 2021LEARNING RESOURCES
establishing different mechanisms
whereby employees can regularly provide
feedback and input on their experience at
work. Creative CFO implements regular MBAexpress: Key Concepts of
Leadership Strategy — V 2.0
“pulse surveys” using a platform called
Officevibe, which pushes out a regular and This course provides an overview
anonymous short survey via Slack. The of the key elements of a traditional
MBA to help you improve your AICPA CIMA
survey covers topics such as wellness and
relationships with colleagues and leadership skills. Topics discussed
managers, with the results regularly include emotional intelligence, good
governance, principles of improvisation, and more.
updated on central dashboards.
“There are also anonymous AICPA: tinyurl.com/yghn4okc I CIMA: tinyurl.com/yg9rha23
comments that every director reads (or is
PROFE S SION A L DE V ELOPMENT
made aware of), and team members can
switch off the anonymous setting if they
want to provide named feedback on a Emotional Intelligence
topic,” Meaker added.
Understand emotional
intelligence to increase your
Set clear expectations and provide
chances of personal and
feedback professional success. AICPA CIMA
Peta Chennells, CFO at Munger Investment
Partners, a private education fund AICPA: tinyurl.com/yxvjy7ty I CIMA: tinyurl.com/yhnh78vd
manager based in South Africa, PROFE S SION A L DE V ELOPMENT
highlighted that empathy does not mean
“being soft on deliverables and
expectations”. Human Intelligence Series 1 — Mentor,
“In a finance team, it is relatively easy Coach and Lead With Emotional
to set clear expectations, as the tasks are Intelligence
very specific and require high levels of This three-part webcast series will
accuracy, delivered within very specific help you develop the skills that make AICPA CIMA
timeframes,” she explained. “Each team you uniquely human and position
member needs to understand clearly what you to take advantage of the new
their deliverables and timeframes are. opportunities that await.
They also need to know who to ask if they AICPA: tinyurl.com/yg3c5853 I CIMA: tinyurl.com/yjfonu32
get stuck.”
According to Chennells, high- W EBCA S T
performing teams have a strong culture of
emotional safety and accountability. For
finance leaders, this type of culture
requires taking ownership of the
development of team members and your office and appear to be closed off.” facing so that your team can do the same,”
supporting them to achieve their potential. According to Jev, most employees are she said. “Finance leaders will also need to
In supporting the professional still in the mode of only approaching a learn to drop egos and own up to their
development of finance teams, Chennells leader if there is a result or a specific own mistakes and faults — which, again,
also reiterated the importance of technical issue to address, which can opens the door for team members to
encouraging rest — and making sure that prevent a more personal and authentic follow that example.”
both you and your team take time to relationship from developing. When leaders avoid the common
completely switch off. “This can also be overcome by being pitfall of pretending (or thinking) they
curious and actively showing an interest have all the answers, particularly in a
Be personable and accessible in team members that goes beyond their crisis, it sets the tone for a more
While it can be difficult (especially when role at work,” he said. collaborative and transparent working
under pressure) to put your tasks aside and culture. ■
make yourself available for your team Show your vulnerabilities
members, Jev said that becoming more To connect with employees on a more Jessica Hubbard is a freelance writer
accessible is fundamental to practising human level, empathetic leadership based in the UK. To comment on this
empathetic leadership. requires the ability to be authentic and article or to suggest an idea for
“It’s important not to be too serious, or honest about your own struggles, another article, contact Drew Adamek,
too busy, especially in times of crisis,” he Chennells said. an FM magazine senior editor, at
advised. “If your team members don’t come “Be open about the personal and Andrew.Adamek@aicpa-cima.com.
to you, then go to them — but don’t stay in professional challenges that you are
FM-MAGAZINE.COM June 2021 I FM MAGAZINE I 19Finance as a
catalyst for growth
F
Creating capacity, or more than 20 years, finance y Creating the financial capacity to fund
and accounting teams have growth.
evaluating sought to be seen as business y Evaluating portfolio choices and
partners or strategic advisers to investment opportunities.
opportunities, and management. Focusing on y Maintaining ongoing financial
IMAGE BY BEST CONTENT PRODUCTION GROUP/ISTOCK
maintaining discipline delivering insightful analysis to support operating discipline.
decision-making while still assuring the
are three ways the integrity of all financial statements has Creating the financial capacity to fund
growth
finance function been the goal. But what does this mean in
practice? Capital and cash are the fuels for growth.
can lead. As data availability continues to grow Strategy and innovation require investment.
and technology creates ever more potent Finance and treasury teams are at the
tools, and as the world moves into a forefront of creating the financial capacity to
By David A. J. Axson post-COVID-19 era, growth is very much fund strategy and innovation. Be it securing
back on the agenda. debt to fund working capital or issuing equity
There are three very practical ways in as the currency for acquisitions, the ability of
which the finance function can not only be a company to fund growth relies heavily on
a business partner but also serve as a the ability to match strategic intent with
catalyst for growth: financial capability.
20 I FM MAGAZINE I June 2021In recent years the partnership between substitution effects; and inconsistent changes in customer behaviour that can
the CEO and CFO has become much more post-investment tracking or return equip sales and service teams with
strategic in nature. CEOs describe vision, measurement to ensure projected returns intelligence to develop new business
strategy, and competitive differentiation are realised provides little insight in opportunities.
while CFOs tell the associated financial success or failure. Instead of relying on back-end controls
story: how much capital is required, what As the pace of business has quickened such as reconciliations and journal
returns should be expected, and how risk and the relevance of detailed annual vouchering, control can be exerted in real
will be addressed. Investor confidence is budgeting has been questioned, leading time as transactions are being processed.
based upon the twin pillars of strategic finance teams have revamped how they This reduces errors but also increases
attractiveness and financial credibility. As evaluate investments. Perhaps the three management confidence in the underlying
Wolters-Kluwer CFO Kevin Entricken biggest changes have been to treat the data and hence its comfort in making
commented in a January 2021 interview investment evaluation process as a attractive growth investments.
with EY: “Every investor will tell you they continuous activity, not just an annual Finance is moving from a world where
want an appropriate return on their budgeting activity; view investments as a much of its time was spent executing core
investment. You need to deliver that portfolio rather than as discrete projects; transaction processes to one where those
return, or they will look for returns and, finally, take advantage of increasingly processes are highly automated and
elsewhere. That should be an important timely and rich data to rapidly understand finance and accounting’s role is to ensure
KPI for every organisation; measuring whether investments are on track, not just automated processes are operating
successes or failures.” from a time and budget perspective but correctly. This frees up time and talent to
With interest rates at historically low from a likelihood to deliver expected analyse transactions and related data to
levels and equity markets relatively returns. capitalise on events and trends that can
accessible, CFOs have a number of tools at The impact of a more continuous, sustain or accelerate growth while also
their disposal as they look to fund growth connected, and return-focused process mitigating downside risk. At Ascension, a
initiatives. Reinvesting profits in the allows finance teams to move with agility St. Louis, US-based healthcare system,
business remains a core growth strategy, to react and respond to threats and COVID-19 accelerated the move away from
but for many, that no longer needs to be at opportunities. This was very evident in the detailed annual budgets to a rolling
the expense of returning cash to early days of the COVID-19 pandemic, forecast. Using data science, the finance
shareholders. Finance teams are when finance teams moved rapidly to team now prepares 18- to 24-month
continuously looking at their conserve cash and capital. No one was forecasts to determine spending plans on a
organisation’s capacity to fund growth and waiting for the next budget review to make quarterly basis (see “Corporate Spending
reward shareholders. By careful adjustments. Plans Tweaked as Recovery Pace Remains
management of cash and capital, rigorous Uncertain”, The Wall Street Journal, 15
measurement of performance, and Maintaining ongoing financial February 2021, tinyurl.com/87du9jtv).
alignment of financial capability with operating discipline
strategy, finance can position itself as the The finance function has always been Not everything is changing
catalyst for growth. intimately involved in ensuring that Despite the unprecedented events of the
operational finance processes are both last couple of years, not everything has
Evaluating portfolio choices and efficient and effective. However, the last changed. The finance function’s top job is
investment opportunities few years have seen a sea change in the still to ensure the accuracy and integrity of
The business case has been a core technologies available to optimise the financial statements. The good news is
component of the finance toolkit for operational finance processes. The that this can be accomplished in less time,
decades. All finance professionals are combined impact of tools such as robotic at lower cost, and with greater confidence.
schooled in calculating net present values process automation, artificial intelligence Finance talent is now being deployed
and internal rates of return; over the years, (AI), machine learning, and advanced towards identifying, evaluating, and
more sophisticated mechanisms from analytics is freeing up billions of dollars in funding growth. It is further confirmation
Monte Carlo simulations to real options trapped revenue and uncollected cash of finance’s strategic value to the
analysis have been developed and while also identifying opportunities to enterprise. ■
deployed. However, for many reduce operating expenses. COVID-19 has
organisations, the investment evaluation accelerated both the digitisation of finance
process has proved unsatisfactory. Too processes as well as the adoption of more
often bureaucratic development and agile and dynamic finance practices. David A. J. Axson is a consultant and
approval processes subjugate rigorous Accenture reported in February 2021 author and a retired partner from
analysis to internal politics and that the automation of traditional finance Accenture, a co-founder of The Hackett
management bias; overly optimistic time tasks had increased from 34% in 2018 to Group, and former head of corporate
and value assumptions fail to fully 60% in 2020. Automation is not only planning at Bank of America. To
acknowledge the risk and uncertainty reducing operating costs but is also comment on this article or to suggest
inherent in any investment; evaluations unlocking rich seams of data that can an idea for another article, contact Neil
are conducted on each individual isolate potential issues and opportunities Amato, an FM magazine senior editor,
investment in isolation from one another, in real time. For example, the use of AI in at Neil.Amato@aicpa-cima.com.
largely ignoring any portfolio or the order-to-cash process can identify
FM-MAGAZINE.COM June 2021 I FM MAGAZINE I 21Career
development:
How to take
ownership
Follow these ten practical strategies to proactively
IMAGE BY OLEMEDIA/ISTOCK
manage your career development and reap the benefits.
By Raju Venkataraman, FCMA, CGMA
22 I FM MAGAZINE I June 2021B
efore the coronavirus pandemic hit the 1. Improve your self-awareness continually
world, a LinkedIn survey of a few thousand Before you prepare for the future, it’s important that you
US workers in May 2018 revealed that “career understand what traits and behaviours got you to where
sleepwalking” had become widespread, you are now.
especially amongst younger Gen Xers and y Internal self-awareness: Use the several free
older Millennials, those 35–44 years old. In the survey, assessments available to recognise your strengths,
47% of professionals admitted they did not have a good blind spots, areas for development, core values,
sense of where their career was going, and some said fears, and insecurities. Examples include the
they felt as if they were on a treadmill going nowhere. As Big Five Personality Test (available at tinyurl.
a career coach with an international clientele, I know com/3cs6bdm7), strengths tests (available at
that a similar situation prevails in other parts of the tinyurl.com/k8ks45ru or tinyurl.com/m6e8h7ya),
world, too. and a personal values assessment (available at
And then, the pandemic struck early in 2020, with tinyurl.com/4scnctja).
company closures, decimation of some industries, y External self-awareness, ie, your personal
redundancies, hiring freezes, and pay freezes. As the brand: Find out how others perceive you — your
various government support measures across the world reputation or image. Manage your reputation, or
phase out in the coming months, we may see another you will be managed by it.
round of job cuts. y Unearth and resolve your blind spots: Career
Experts predict the job market recovery is going to be achievers routinely seek feedback, learn, and
uneven, with some sectors recovering faster than others. adjust. Initiate the feedback if you have to — for
Some may never make it back to pre-pandemic levels. example, after a meeting where you presented, talk
The gig economy and freelance roles are also expected to about a couple of things that you think went well
surge. and then ask for advice on one thing to improve.
None of these macro-factors is within our control. But
we do have the ability to proactively assess the evolving 2. Think about your career vision, and cascade that
situation and prepare to position ourselves as well as we down into near-term goals
can — for a future new job or role, a promotion or pay Define career success for yourself. Think about who and
rise, or other opportunities as they become available. what you want to be. To do this, dream a little.
Even creating some opportunities is within the realm of Then follow Step 1 on self-awareness (internal
possibility. self-awareness), but also think about where your
It is critical that you be ready to invest time and industry is going, what changes may come, and what
resources and take ownership of your own career future opportunities will look like for you. What skills
development. will become more valuable in time? One method is to
A survey commissioned by CIMA in 2020 found a lack visualise where you want to be in three years and
of digital skills, health and safety, and people- pre-write your résumé or CV, imagining the job
management and leadership skills were the top three description and responsibilities. Think, “between now
areas that concerned employers at small and midsize and then, what roles would I have held that prepared me
enterprises in the UK. The results suggested that the to get this job?”
coronavirus pandemic highlighted gaps that existed The CGMA Competency Framework can help flesh out
before. the vision.
Once you have your vision, how do you get there? Set
How to take charge both long- and short-term goals:
To help you get ready, here are my top ten practical and y Goals focused on professional advancement:
tested strategies for proactively managing your career: • Short-term example: Help finance business partners
June 2021 I FM MAGAZINE I 23Effective networking is not about
will also demonstrate to current and
future employers how motivated and
you; it is about the value you add
charged up you are.
If you wish to grow, you need to be
willing to disrupt yourself. Ask yourself,
to others, and it does not end “How often do I do something outside of
my comfort zone?” Being slightly
when you find a new job. uncomfortable can push us to achieve
goals we never thought we could.
6. Nurture relationships, network
proactively, and invest in a sponsor
fund projects that will reduce qualifications to get, work exposure relationship, which is more involved
greenhouse gas emissions by x%. to seek (eg, international work than mentorship
• Long-term example: Become a CFO of a experience, a people-management Sponsors must be willing to spend
public company. role). political capital, while mentors typically
y Goals focused on educational y Seek input from your bosses and stop at giving advice.
advancement: mentors about what skills they want So many corporate executives have
• Short-term example: Complete a to see you develop. devoted so much of themselves to their
certificate course in data analytics y Take action. For example, if you are jobs that they do not know anyone outside
before July 2021. a financial planning and analysis their own company. Some of my clients
• Long-term example: Complete all (FP&A) manager and want to learn feel embarrassed to reach out to their
stages of the CIMA examination by more about data visualisation, join connections, as they had been contacting
2023. a course, arrange informational them only for job searches previously.
y Goals focused on personal interviews with expert colleagues, or Building relationships is a great
development: seek assignments with exposure to insurance for your employment and
• Short-term example: Becoming more that area. career, but the onus is on you to
proactive within my company. continually pay premiums through regular
• Long-term example: Improving my 4. Build helpful habits connection — even when you don’t “need”
networking skills, both internally and Human beings are creatures of habit. it. Effective networking is not about you; it
externally. You’re either the victim of your bad habits is about the value you add to others, and it
or the product of your good habits. does not end when you find a new job.
3. Build a development plan: How y Build habits that make you stronger, y Dig the well before you’re thirsty —
would you like to grow? healthier, smarter, and more centred whether job searching or not, think
Once you determine what you want, you and that help you implement your of whom you can reach out to each
can assess what your gaps are. What do plan. week, without a “need”.
you need to learn or improve, and how will y Prioritise and shift away from y Be a giver and be authentic in your
you do it? nonessential practices. Of course, you sharing.
y List what skills to acquire, behaviours need to identify them first. y Cross-pollinate ideas from one
to change, certifications or y Track your time and energy, and network to the other network. The
make it count. ideas need not be your own, and you
should appropriately assign credit for
5. Pursue lifelong learning ideas even as you share them.
Resource Learning itself is a skill, and developing it
is a critical driver of long-term career 7. Track your achievements regularly;
CGMA Competency Framework
success. The key to staying relevant in a show how you are delivering value to
The CGMA Competency Framework fast-changing world is to become an the organisation
(2019 edition) is designed to help “intentional learner”. Many of us, amidst busy schedules,
management accountants, finance y Set aside time each week to identify neglect to keep track of our success stories
professionals, and their employers what investments (time and as they happen and may end up
understand the knowledge money) you want to make in your inadequately representing ourselves.
requirements and assess the skills development. y Set aside a half-hour every month to
needed for both current and desired y Consume content (podcasts, books, record major achievements — KPIs
roles. The framework is underpinned webinars, online classes from Alison, exceeded, challenging situations
by the need for objectivity, integrity, Coursera, LinkedIn Learning, Udemy, resolved, call of duty exceeded,
and ethical behaviour, and includes a etc.) that will help you learn specific awards won, major CSR contribution,
continuous commitment to acquire skills and fulfil continuing education etc.
new skills and knowledge. and development requirements. y Update the story as the full impact of
Visit tinyurl.com/3r5v3knj. y Adding these credentials to your an achievement unfolds later.
LinkedIn profile and résumé or CV y Use the SOAR format for capturing
24 I FM MAGAZINE I June 2021You can also read
