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INTRODUCTION
World class organisations have a new vision for the role of the Chief Financial Officer (CFO) and the finance function as key business partners; the most enlightened companies are already well on the road to realising this vision. In the globally competitive world of the 21st century an organisation can only hope to succeed if the finance function can shake off its traditional ‘back-room’ image and partner and engage with the organisation to help to build a critical competitive advantage in some key areas.
This leading-edge training course explains:
- The big challenges facing today’s CFO and finance team
- The role of the 21st century finance in
- Creating and delivering value to key stakeholders
- Providing enterprise performance management systems
- Strategic activity based decision making
- Identifying and managing risk
- Developing vision and team leadership in the finance function
Objectives
The objectives of the training seminar are to enable delegates to:
- Identify the challenges facing the 21st century finance function and develop the concepts and tools to participate in the transformation of the finance function in to a value focused business partner
- Develop strategic thinking, understand and participate in the strategic management process; to develop their company’s vision and values and carry out strategic financial analysis and planning
- Understand the process by which their organisation creates and delivers value to its key stakeholders and help to develop the right tools to facilitate and assist this process
- Understand and manage the drivers of shareholder value; develop and implement powerful Enterprise Performance Management (EPM) systems in their own organisations
- Understand how the finance function can add value through effective risk management using up to date key driver forecasts for sensitivity analysis and risk management strategies
- Improve organisational decision making using modern approaches to understanding cost behaviour and value pricing; understand how Activity Based Management (ABM) is key to this
- Understand the importance of visionary leadership in transforming the role of the finance function
- Consider and select key areas for finance function process improvement
Training Methodology
The training course is structured as a highly participative workshop with formal presentations, case studies and interactive worked examples. Relevant examples and case studies are provided to illustrate the application of each of the topics covered and opportunities are provided to learn and practice the use of powerful modern finance skills and tools, reinforced with practical examples and exercises.
Organisational Impact
The organisation will gain through:
- A finance insight in to the challenges facing the organisation and its finance function; CFO’s and finance managers taking the key steps to the role of value focused business partner
- CFO’s and finance managers thinking strategically and adding value through participation in developing organisational vision and strategy and through strategic financial analysis and planning
- A raised awareness of the process by which value is created and delivered to its key stakeholders; the benefit from using powerful tools to facilitate and assist this process
- CFO’s and finance managers assisting in the development of Enterprise Performance Management (EPM) systems to link strategy to key operational processes and control their execution
- Added value through effective risk management using up to date key driver forecasts for sensitivity analysis and risk management strategies
- Improved organisational decision making at all levels using Activity Based Management (ABM)
- Improved leadership in the finance function and streamlining of key finance processes
Personal Impact
Delegates will address the challenges facing the 21st century finance function and will have the opportunity to learn about, discuss and share experience and expertise with other finance professionals facing similar challenges. The training course is focused on the key business finance issues of the day, and the future, and gives delegates the opportunity to learn about and practice some of the leading edge finance concepts and tools, including:
- Strategic analysis: Porter’s five forces; PESTLE; SWOT; risk analysis; value chain analysis
- Strategic themes and strategy maps
- Return on investment (ROI); Economic Value Added (EVA); Shareholder Value Added (SVA)
- Key Success Factors (KSF’s); Key Performance Indicators (KPI’s); Key Results Indicators (KRI’s)
- Balanced scorecards
- Activity Based Management (ABM) Activity Based Costing (ABC) and Budgeting (ABB) methods
- Business information dashboards
- Rolling forecasts and key driver ‘what-if’ and cash flow forecasts
- Enterprise Performance Management (EPM) systems
WHO SHOULD ATTEND?
- Chief executives and Chief Operating Officers of companies and business divisions
- Finance Directors, Chief Financial Officers and Financial Controllers
- Financial Managers and other finance professionals and accountants
- Strategic planning managers and budget officers
- Managers being prepared or with the potential to assume key finance posts in the company
DAY 1
21st Century Challenges for the Finance Function
- The burden of detail and compliance
- The increasing pressures on time and cost
- Key questions for the 21st century CFO
- The ‘T’ shaped finance professional as business partner
- The modern finance toolkit
DAY 2
Finance Role in Creating and Delivering Value to Key Stakeholders
- Understanding the strategic context of the challenge
- Defining organisational vision and values
- Using strategic analysis tools
- Defining and developing a winning business model
- Formulating the right strategy for the business and the parent
- How a strategic approach to finance adds value
- Using the right tools: balanced scorecards
DAY 3
Enterprise Performance Management (EPM) Systems
- Defining and delivering shareholder value
- Why 70% of organisations fail to achieve planned success
- Using a Performance Management System to link strategy to operations
- Understanding and using strategic themes and maps
- Understanding and defining key financial objectives and their drivers
- Mapping shareholder value improvement to organisational improvement areas
- Practical tips on identifying key success factors (KSF’s)
- Defining and building a balanced scorecard four your organisation
- Developing key performance indicators (KPI’s) and key results indicators (KRI’s)
- Using the right tools: Economic Value Added (EVA) Shareholder Value Added (SVA)
DAY 4
Strategic Activity Based Decision Making
- Understanding cost behaviour
- The shortcomings of traditional approaches to calculating profit
- An activity based approach to understanding cost behaviour
- A strategic approach to pricing products and services
- Calculating the profitability of customers, products and services
- Strategic activity based decision making
- Strategic cost reduction
- Using the right tools: Activity Based Costing (ABC) and Budgeting (ABB)
- Case study: using ABC to improve decision making
- The shortcomings of and alternatives to traditional budgeting systems
DAY 5
Identifying and Managing Risk
- Defining and identifying risk
- Classifying and understanding risk
- Treating and managing risk as an opportunity
- Quantifying and evaluation risk
- Using risk to inform investment decisions
- Using effective investment appraisal tools
- Identifying key risks and key business drivers
- Designing and using forecasts to manage risk
- Designing and using forecasts to manage cash flow
- Best practice in using Excel™ forecasts for effective decision making
- Using the right tools: Discounted Cash Flow models; PESTLE analysis
- Case study: using Excel™ to build a ‘what if’ key driver forecast
DAY 6
Leading and the 21st Century Finance Function
- The role of the visionary CFO
- Why 21st century organisations need more leaders
- Understanding the importance of organisational culture
- Challenges and approach to managing change
- Building and leading the winning team
DAY 7
Improving Finance Function Systems and Processes
- Transforming the finance function: back office to front line
- Executing a ‘fast close’ to improve finance resource usage
- Why world class organisations are moving to shared services
- A decentralised approach to organisational management
- Beyond Budgeting: Adaptive Management Processes
- Using the right tools: implementing rolling forecasts
- Case study: Handelsbanken – leaders in decentralised decision making
- On successful completion of this training course, GLOMACS Certificate will be awarded to the delegates
- Continuing Professional Education credits (CPE) : In accordance with the standards of the National Registry of CPE Sponsor, one CPE credit is granted per 50 minutes of attendance
Endorsed Education Provider
GLOMACS is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org
GLOMACS Training & Consultancy
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