We have just marked the 10-year anniversary of the Sarbanes-Oxley Act, which was enacted July 29, 2002. Most companies in the US and their subsidiaries in Asia, as well as Asian companies that have issued securities in the US, would have gone through at least one major rationalization effort to reduce the number of controls and understand the true cost of compliance.
Several large banks have recently announced that they were either going to sell or exit businesses or geographies. The Royal Bank of Scotland (RBS) announced earlier in January that they planned to exit their cash equities business.
The Great Recession of 2008 caused many companies to focus on cash above all else as sales and profits vanished. That seems to have worked out quite well – the 2011 CFO.com survey on working capital indicates that companies in the US and elsewhere are now sitting on record levels of cash.
When it comes to engaging a consulting firm for help, client expectations are all over the map. Some see the consultant as a great change agent who will bring new insights and dramatic results. Others see a consultant as a threat. Still others see a consultant as a tool to leverage their agenda, even if that agenda does not align with the companies goals.
There are two general schools of thought in supercharging a high performance team. One is to develop people organically. The other is to hire high performers and ‘retire’ the low performers.
A good performance management framework should align corporate vision and strategy with business and departmental objectives. As the global economy rebounds and companies begin to migrate from survival and sustaining mind-sets to one appropriate to growth, now is a good time for finance leaders to re-evaluate their finance function strategies and set their future plan.
CES is the Consumer Electronics Show held every year in Las Vegas. It is the annual industry event where vendors demonstrate product innovation and announce product launches for consumer technology in the next year.
It’s been ten years since companies started pushing the financial-close envelope to its limits. Cisco Systems was one of the leaders of the ‘virtual close,’ moving from a 14-day window to being able to close the books and produce consolidated financial statements within hours.
Several surveys conducted over the last few years indicate that there is pent-up demand in the workforce with people dissatisfied with their current roles. As the global economy continues to rebound from a deep recession, opportunities to take on new challenges will appear.