I’d say 100 percent of finance partners are using various forms of digital tools that reduce a lot of the manual labor, improve quality, and consolidate analysis. Sean Brown: What percentage of companies have actually digitized their finance function? Have a lot of them reached their potential for digitizing the function?ījørnar Jensen: That depends on which metric you’re looking at. Today, that’s happening at a scale that allows us to fundamentally change the role of finance. It’s about using technology in its different forms to improve quality and reduce manual work. Instead, CFOs should be spending their time advising the business, being a partner to the business. You can’t do that if you’re spending 80 percent of your time reporting, or even worse, doing manual transactions with a high quality-control need. It needs to create a higher sense of order and clarity around choices. Instead of reporting on the past, the finance function needs to look toward the future and be able to steer the organization through uncertainty and volatility. Why is digital transformation of the finance function still needed, and what does it mean for CFOs?ījørnar Jensen: The nature of the finance function is changing. Sean Brown: The finance function has become increasingly digital since the days of manual spreadsheets, but we still have a way to go. For more conversations on the strategy issues that matter, follow the series on your preferred podcast platform. This is an edited transcript of their discussion. They spoke with communications director Sean Brown at McKinsey’s CFO Forum in London in June. We are delighted he has chosen to join at this time of tremendous growth in the Legacy market”.In this episode of the Inside the Strategy Room podcast, two experts on digital transformation of the finance function, Liz Fasciana and Bjørnar Jensen, discuss the necessity of digitization and its effect on CFOs. Simon Minshall, CEO of Marco, said “Phil brings valuable skills and experience to Marco and is an excellent addition to our team. He graduated from Southampton University with a BA (Hons) in Geography. Phil qualified as a Chartered Accountant at BDO Stoy Hayward, London. Prior to joining Endurance in 2008, Phil was General Manager/CFO of a portfolio of run-off companies with $500m AuM at Enstar (EU) Ltd where he was responsible for all financial and operational requirements for these entities, including the successful implementation of Sarbanes-Oxley compliance, and for the integration of a newly acquired entity with $320m AuM into the group reporting structure.įrom 1997 – 2003, Phil worked in the Cayman Islands, firstly for PwC, then Marsh Management Services and finally at Kensington Management Group, a new offshore insurance management company, where he was a member of the senior management team. Phil joins Marco from Sompo International where he was CFO and an Executive Member of the Board of Endurance Worldwide Insurance Ltd, Endurance at Lloyd’s Ltd and Sompo International Insurance (Europe) SA, with responsibility to oversee all financial aspects of these entities. Based in London, Rooke joins Marco on 7th December 2020. Marco Capital Holdings Limited (“Marco”) – European P&C Run-off specialist – today announced the appointment of Phil Rooke as its Chief Financial Officer.
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