Cost and Risk Management Tips For CFOs In terms of cost cutting, CFOs should changing media environment. News question everything that is done, look Limited has a large proportion of to implement shared services, review the Australian newspaper market, options for outsourcing, and consider but consumer habits are changing. the delayering of management and Advertisers now have alternative any opportunities to divest non-core options for marketing their products assets. and services, and are looking for a measurable return on their It is also important to invest some investment. For us, the big challenge savings back into areas of the is to continue to protect and support business that can be grown. our traditional print business, while Competitors may also be going growing a new digital business thatInterview: Stephen Rue, Chief through the same difficulties, so it will be seriously profitable in theFinancial Officer, News Limited might be an opportunity to gain future. competitive advantage, grow market share or hire top talent released fromChief Financial Officers (CFOs) competitors.should consider cost-cuttingmeasures in conjunction with theoverall business strategy and not in What risk management strategies could you share? Any costisolation, says Stephen Rue, ChiefFinancial Officer, News Limited. Risk management is an essential part management must of the CFO’s job today. The CFOThe Chairman of the marcus evans needs to look at all areas of the be done inCFO Summit 2012, taking place in business and its strategies, from howthe Gol d Coa st, Qu e e nslan d,Australia, 4 - 6 March, Rue discusses business plans are being executed to OH&S legal compliance. To ensure all conjunction withcost management, gaining marketshare and risk management in operational areas are covered, it is best to engage the whole business. the overalltoday’s challenging economy. Key operational management has to understand the importance of business strategyHow can organisations lower assessing the risk environment. Theytheir expenditure whilst are usually very conscious of issuesmaintaining their competitive such as disaster recovery, businessedge in today’s economic and interruption, safety and poorbusiness environment? execution of plans. This is not something done on a spreadsheet in Any final thoughts?Any cost management must be the CFO’s office. It has to beconducted in conjunction with the encapsulated through the whole The economy today is volatile.overall business strategy. Cutting business. Similarly, the pace of change iscosts in isolation of a whole of accelerating; CFOs need to bebusiness plan can be dangerous. All As the CFO of News Limited, what incredibly vigilant in this environmentemployees should see a purpose are your top challenges and how of increased business risk. They havebehind it, so it is critical to constantly are you tackling them? to think past the traditional role ofcommunicate a vision for the future the CFO and become the eyes andat the same time. Our greatest challenge is the ears of their business.
About the CFO Summit 2012 The Finance Network – marcus evans Summits group This unique forum will take place at RACV Royal Pines Golf Resort & Spa, Gold delivers peer-to-peer information Coast, Queensland, Australia, 4 - 6 March 2012. Offering much more than any on strategic matters, professional conference, exhibition or trade show, this exclusive meeting will bring together trends and breakthrough esteemed industry thought leaders and solution providers to a highly focused and innovations. interactive networking event. The Summit includes presentations on improved finance strategies, technological innovation, astute leadership, and the impact of climate change on finance. www.cfo-anz.com Please note that the Summit is a Contact closed business event and the Sarin Kouyoumdjian-Gurunlian, Press Manager, marcus evans, Summits number of participants strictly Division Tel: + 357 22 849 313 Email: email@example.com For more information please send an email to firstname.lastname@example.org All rights reserved. The above content may be republished or reproduced. Kindly inform us by sending an email to email@example.comAbout marcus evans Summitsmarcus evans Summits are high level business forums for the world’s leading decision-makers to meet, learn and discussstrategies and solutions. Held at exclusive locations around the world, these events provide attendees with a unique opportunity toindividually tailor their schedules of keynote presentations, think tanks, seminars and one-to-one business meetings.For more information, please visit: www.marcusevans.comUpcoming EventsCFO Asia Summit 2012 - www.cfoasiasummit.comEuropean Tax Summit 2012 - www.taxsummit.comTax Officers Summit 2012 (North America) - www.taxofficerssummit.comTo view the web version of this interview, please click here: www.cfo-anz.com/StephenRue