Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

RMIC - It's What We Do

2,415 views

Published on

Presentation at the IMA Annual Conference & Expo

Published in: Business
  • Writing good research paper is quite easy and very difficult simultaneously. It depends on the individual skill set also. You can get help from research paper writing. Check out, please ⇒ www.HelpWriting.net ⇐
       Reply 
    Are you sure you want to  Yes  No
    Your message goes here
  • Writing good research paper is quite easy and very difficult simultaneously. It depends on the individual skill set also. You can get help from research paper writing. Check out, please ⇒ www.WritePaper.info ⇐
       Reply 
    Are you sure you want to  Yes  No
    Your message goes here

RMIC - It's What We Do

  1. 1. RM/IC – It’s What We Do
  2. 2. #IMA14ACE Who Are We? Steve McNally  Finance Director/ Controller, Campbell Soup  Member, IMA Global Board of Directors  Member, COSO ICIF Refresh Project Advisory Council Vincent Tophoff  Senior Technical Manager IFAC  Formerly Partner of INTE-Q Integration Management  Senior Lecturer at the Vrije University in Amsterdam  Participates in COSO, ISO 31000, and OECD Governance Committees 2
  3. 3. Today’s Learning Objectives
  4. 4. #IMA14ACE Today’s Learning Objectives 4 Provide inspiration and practical insight on leveraging risk management as a benefit, not a burden, to our work Show that:  Our professionalism, as management accountants, is based on using our core competences  Good risk management is good management accounting, not compliance, as risk affects our job and our objectives  Risk management becomes virtually invisible when fully embedded in our core management accounting practices, it is implicit in everything we do!
  5. 5. #IMA14ACE Today’s Agenda 5  Core Competencies  From Bolt-On to Built-In  Case Study Coal Boilers & Sustainability o Part I: Strategic Decision-Making o Part II: Implementation, Monitoring & Learning  Recap & Call to Action
  6. 6. Core Competencies
  7. 7. #IMA14ACE The Management Accountant 7  Management accountants: o Enable sound decision-making & objective-setting o Analyze & communicate operating results o Evaluate & drive business performance  They work inside all types of organizations  They have a variety of job titles  In short, they are business partners & strategic advisors who focus on creating stakeholder value
  8. 8. #IMA14ACE Our Key Competencies * 8 The Management Accountant Investment Decisions Planning, Budgeting & Forecasting Decision Analysis Cost Management Corporate Finance Performance Management External Financial Reporting Decisions Financial Statement Analysis * - CMA exam content
  9. 9. #IMA14ACE Our Key Competencies * 9 * - CMA exam content
  10. 10. From Bolt-On to Built-In
  11. 11. #IMA14ACE Effective Risk Management… 11  In our management accounting activities we face many uncertainties, both opportunities and threats, that may affect achievement of our objectives  Risk management provides a systematic way to manage such uncertainties/risk more effectively…  … By assisting us in making informed decisions about what we want to achieve
  12. 12. #IMA14ACE …To Achieve Our Objectives! 12  Facilitates the achievement of our objectives  While complying with legal, regulatory & societal expectations  Enables us to better respond and adapt to surprises, disruptions, and changes in the environment How?  From bolt-on to built-in: fully integrating risk management into our daily management accounting activities
  13. 13. #IMA14ACE From Bolt-on to Built-in 13 Managing Risk as an Integral Part of Managing an Organization
  14. 14. #IMA14ACE For that reason we have to… 14  Identify, assess, treat, report, monitor, and review risk  Always in relation to the objectives we want to achieve!  While giving consideration to the ever changing context  And also…
  15. 15. #IMA14ACE 1)…Manage Risk from the Start 15  Objective setting is activity that involves most risk  So, don’t wait until after we have established our objectives  But, instead, let’s make risk management an integral part of our decision making process to establish those objectives!
  16. 16. #IMA14ACE 2)…Communicate and Consult! 16
  17. 17. #IMA14ACE 3)…Make Informed Decisions 17 High quality information is crucial to good decision making as it reduces uncertainty  Ensure access to timely, relevant & reliable data  Arrange for expertise to analyze those data and turn them into useful information  Professional judgment must always be professional
  18. 18. #IMA14ACE 4)…Remain Sufficiently Agile 18  We need to build both resilience and agility into all our activities  Being able to adequately respond to changes in circumstances and  Deal with the consequences of unforeseen events
  19. 19. Case Study & Group Discussions
  20. 20. #IMA14ACE Case Study 20  Objective: Demonstrate that good management accounting is good risk management!  Case Study Scenario: Coal Boilers & Sustainability  Phases of Case Study Discussion: • Part I: Strategic Decision-Making • Part II: Implementation, Monitoring & Learning
  21. 21. #IMA14ACE Case Study Expectations 21  Review scenario  Consider provided questions  In small groups, discuss scenario & questions: o Identify additional data or action requirements o Formulate recommendations as appropriate  Share outcome of discussions with full group  Speakers to share final thoughts
  22. 22. #IMA14ACE Case Study Part I: Decision-Making 22
  23. 23. #IMA14ACE Case Study Part II: Implementation, Monitoring & Learning 23
  24. 24. #IMA14ACE Decision-Making Wheel 24
  25. 25. Recap & Call To Action
  26. 26. #IMA14ACE Recap 26  We, as management accountants, are business partners and strategic advisors  We benefit from a tool box of core competencies  We know that good risk management is good management accounting because…  Good risk management enables us to achieve our objectives and deliver stakeholder value
  27. 27. #IMA14ACE Call To Action 27  Fully integrate risk management into your daily management accounting activities:  Always consider risk in relation to the objectives you want to achieve  Indeed, manage risk from the start, even in the process of establishing those objectives  Communicate and Consult  Make informed decisions  Remain sufficiently agile  Learn & reapply as you go
  28. 28. 10 Paragon Drive, Suite 1 Montvale, New Jersey 07645-1760 U.S.A. (800) 638-4427 +1 (201) 573-9000 www.imanet.org 10 Paragon Drive, Suite 1 Montvale, New Jersey 07645-1760 U.S.A. (800) 638-4427 +1 (201) 573-9000 www.imanet.org
  29. 29. #IMA14ACE Speaker Time Keeping (75 Minutes) 29  Distribute our articles and our recent blog beforehand (electronically and in print)  Intro, Learning Objectives, Agenda (10 Minutes)  Core Competencies (5-10 Minutes)  From Bolt-On to Built-In (5-10 Minutes)  Case Study (30-45 Minutes)  Recap & Call to Action (5-10 Minutes)

×