role of the chief financial officer riordan & associates and chung & associates
TRANSCRIPT
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Role of the Chief Financial Officer
Riordan & Associates and
Chung & Associates
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Liennette Chung, CPA
• UCLA -1994• PwC, Los Angeles & Hong Kong
• Credit Suisse, Asia Pacific
• Renaissance Investments, SE Asia
• Global Imaging / Xerox• Chung and Associates
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Chief Financial Office• What is a Chief Financial Office• CFOs in Public and Private Sector • Role of the:
– Chief Financial Office– VP of Finance– Director of Finance
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Definition of CFOSenior most-executive responsible for managing the financial risks of the corporation. This officer is responsible for financial planning, regulatory compliance, credit controls, record-keeping, and financial reporting to higher management. In addition, many CFOs also oversee operations, proper controls and strategy.
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The CFO• Full authority in to make decisions in the best interest
of the company• Highly intelligent and influential• Holds a higher degree such as an MBA or CPA• Understands all aspects of the business and industry
at both the micro and macro level• Uncompromising morals and ethics
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A Few of our Current CFOs
Kathryn Mikells
CFO for XeroxLuca Maestri
CFO for Apple
Richard Galanti
CFO for Costco
Bob Shanks
CFO for Ford
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Ruth Porat
CFO for Morgan Stanley
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CFO of the Public Sector• Fiduciary Responsibilities to the Corp• Accountable for proper conduct and
operations of the company– Held personally and professionally for the
Company’s wrongdoing
• Frequently the second man from the top• Reports to the CEO and BOD
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CFO Reports to the CEO & BOD
Board of Directors
$$
CFO
CEO
Check and Balance
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CFO in the Private Sector
Board of Directors
$$
CFO
CEO
• President is the BOD, Stakeholder and owner
• Reports to a single body who holds absolute control
• Responsibilities can extend into personal boundaries such as loyalty, health and well being
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Office Tech Dealership
• What is the role of Head of Admin• Who is this individual(s); CFO or COO or Ops
Manager?• What’s the difference between a CFO, VP of
Finance, Dr of Finance and Controller?• At what point do you need a CFO, if at all?
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Sales
$$
Admin
Service
President
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Controller
• Day-to-day accounts payable, HR, admin, receivable and cash management
• Safeguarding of assets through timely & accurate reporting and budgeting
• Skills focused within accounting and admin• Prefer responsibilities to not extend other
disciplines
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Director of Finance
• Responsible for the overall finance and accounting function (all that’s included in the Controller’s role)
• Takes direction from the CEO or CFO to effectively manage the finance discipline
• Supportive role to the Leadership Team
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VP of Finance
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• Responsible for the overall finance and accounting function
• Assess risks, oversees compliance, advice & supports• Responsible for treasury, planning and strategies• Team builder
Dr of Finance
VP of Finance
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Chief Financial Officer• Responsible for the overall finance and accounting
function• Assess risks, oversees compliance, advices & supports• Responsible for treasury, planning & strategies• Team builder • Also a visionary, deep thinker and sees beyond the
obvious• Worldly, understand differences in people, places
and time• Business partner to the CEO
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Scope of the CFO
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360 Scope of the Business
$$
CFO
• Steward – Protect the vital assets of the company
• Operator –Provide direction on the execution of key processes
• Strategist – Take an influential seat at the planning table
• Catalyst – Use the power of finance and resources to direct initiatives
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At What Point Do We (the Private Sector)
Need a CFO?
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• An active member of the Executive Team• Not there to be Dr ‘No’• They can come with baggage
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Varying Behavior Components of Each Role
• Assume the CFO candidate has the ‘Can Do’ – Skills
• Will Do – Attitude & Behavioral Components• Aggressiveness• Sociability• Behavioral Energy
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Differentiating Components
Versatility and creativeness
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Questions?