Transcending the cfo’s new expectations effectively 2
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Transcending the cfo’s new expectations effectively 2

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Topic Presented by Dominic Shum at the 2010 Financial Controllers' Congress, Kuala Lumpur.

Topic Presented by Dominic Shum at the 2010 Financial Controllers' Congress, Kuala Lumpur.

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    Transcending the cfo’s new expectations effectively 2 Transcending the cfo’s new expectations effectively 2 Presentation Transcript

    • 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
    • overviewMy 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 , thank you for your attention…..Contact me at dominicshum@gmail.com that’s all © 2009 Shum Ying Loon All Rights Reserved