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Recent toegetreden lid CxO’s Raad der Wijzen – Conseil des Sages – Board of the Wise Alexander Dewulf CEO Nuon Belgium Koert Damveld gedelegeerd bestuurder Fiege Paul de Rooij afgevaardigd bestuurder Ford Motor Company Jannie Haeck gedelegeerd bestuurder NMBS Luc Philips voorzitter RvB KBC Verzekeringen Pol Vanbiervliet General manager Cisco Norbert Verkimpe CEO WDM Belgium Prof. dr. L. Van den Berghe Executive director Belgian Governance Inst. Luc De Bruyckere gedelegeerd bestuurder Ter Beke Luc Desender afgevaardigd bestuurder Electrawinds Marc Haelemeersch gedelegeerd bestuurder Centea Karel Plasman gedelegeerd bestuurder Acerta Luc Van den Bossche gedelegeerd bestuurder BAC Eric Verrept voorzitter MIVB Chris Van Roey Zaakvoerder The House of Brands Vincent de Clippele CEO Nestlé Chris Dewulf president & CEO Picanol Roger Heijens voorzitter PwC Nicolas Saverys gedelegeerd bestuurder Exmar Guido Van der Schueren voorzitter RvB Artwork Systems Etienne Blomme secretaris generaal Telenet Luc Deflem CEO Securex Kaat Exterbille managing director Kate Thomas & Kleyn Jan Heiremans managing director StepStone Guido Schouteet managing director LeasePlan Belgium Mieke Vandromme managing director Gamma Solutions CxO Magazine | October – November 2007 | www.cxonet.be Dirk Boogmans gedelegeerd bestuurder GIMV Wouter De Geest gedelegeerd bestuurder BASF Antwerpen Serge Fautré afgevaardigd bestuurder Cofinimmo Ronnie Leten business area president compressor technique Division, Atlas Copco Olivier Serruys directeur Benelux Overtoom International Karel Van Eetvelt gedelegeerd bestuurder Unizo Eddy Bruyninckx afgevaardigd bestuurder Havenbedrijf Antwerpen Eddy de Mûelenaere managing director Vandemoortele Gabriel Fehervari CEO Alfacam en Euro1080 Christian Leysen voorzitter RvB AXE Ajit Shetty managing director Janssen Pharmaceutica Gerard van Os zaakvoerder van Os - Sonnevelt Paul Baron Buysse voorzitter RvB Bekaert Anton De Proft gedelegeerd bestuurder Icos Vision Systems Peter Fimmers General manager American Express Ingrid Lieten directeur generaal De Lijn Stéphane Thiery directeur TEC Bart Verhaeghe afgevaardigd bestuurder Uplace
Financial Management Where is your finance function heading? CFOs report some evolution in finance functions in response to pressures they had to face (M&A, cost cutting, IFRS, SOX, market unpredictability, etc) – but not on the expected scale. Whilst recognising each finance organisation’s specificities, insights can be drawn from studying leading finance functions. These world-class finance functions invariably excel at the following capabilities: 1. Governance, risk and compliance management Finance’s stewardship role has made a come-back and regained its arguably well deserved importance, thanks to accounting scandals and ensuing regulations. As governance process custodians and champions, Finance must ensure appropriate controls are in place to minimise financial risk, and work with the business to maintain financial process integrity and compliance with statutory obligations. Increasingly, this role is broadened to ensure all business risks, not just purely financial ones, are properly managed. 2. Back office process management Finance needs to execute back office processes (purchase-to-pay, order-to-cash, general ledger accounting, etc) efficiently and flawlessly. These processes need to be simplified, standardised and delivered cost-effectively, be it via a shared, outsourced, offshored or insourced service. However, far from having become the norm, outsourcing is adopted on a more limited basis than financial shared service centres. 3. Performance management Performance management is the deployment of strategy throughout the organisation by integrating, aligning and streamlining the planning, budgeting, performance measurement and reporting processes. The business expects actionable, timely and accurate information from Finance. Management & Human Resources Lindsey Domingo – Director Advisory Consulting, Financial Services Effectiveness – PricewaterhouseCoopers Many predictions were made in the 1990’s about the future of the finance function. The days of traditional numbercrunching Finance were said to be numbered as transaction processing would be simplified, standardised, and automated. Finance had better start adding value or run the risk of being completely outsourced. Had these forecasts turned out to be true, Finance today would be a largely automated and outsourced “lights out” operation, except for some highlevel business partnering activities. There is no single best practice, but rather a range of good principles, technologies, frameworks and techniques available (e.g. the balanced scorecard, ABC and valuebased management). Furthermore, investors are demanding better non-financial information and Finance plays a key role as communicator in this respect. 4. Business partnering CFOs say they want Finance to be a business partner. The slogan is not new, yet most struggle to make it a reality or even describe what it means in practice. Partnering means teaming up and involving Finance’s analytical expertise into operational decision-making and strategic management. Finance gets involved at the forefront of initiatives, not just at the end as final approver. To be welcome as a partner, Finance must prove its added value to the business which needs, not a control-minded techie, but rather a colleague who is readily available for bouncing off ideas, helping evaluate business options, and providing helpful suggestions to drive results. 5. Talent management Without the right team, forget all of the above. Leading companies have a process to attract, develop and retain the best financial talent. The mix of skills and capabilities needed has evolved. Finance function staff must be capable of becoming effective business partners, and are not just technical accounting and finance experts. The new skillset also comprises business, interpersonal, project management and technology skills. This often requires Finance to look to recruit outside its function. Conclusion: the journey to finance function effectiveness You could start by benchmarking your finance function against each of the above dimensions, involving Finance’s key “customers” in the process. This would provide a reality check and a basis for setting up a compelling change programme to deliver your finance function of the future. CxO Magazine | October – November 2007 | www.cxonet.be
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