CFO Insider is a daily newsletter from Business Insider that delivers the top news and commentary for chief financial officers and other finance experts.
Giving corporate holiday gifts without the bribery risk (CGMA Magazine)
Corporate gift-giving during the holidays is common. However, only 8.4% of companies who gift to clients, government officials, and others do so with proper checks and balances in place to avoid fraud, according to a recent Deloitte poll.
According to Deloitte, of more than 1,600 accountants, only a small percentage of businesses use visualisation and data analytics tools to aid in anti-corruption efforts.
“Instead of coffee mugs or business card holders, gifts intended as bribes might include gift cards, luxury accessories, or a stay at a five-star hotel. Bribes that get reported in the books may be hidden as research-and-development expenses or donations,” CGMA Magazine explains.
To avoid accidental bribery claims, business operators are told to set ground rules based around five simple principles.
Among those principles is the promise to act globally. “Ensure rules are consistent not only with US laws but also local laws and customs in other countries. Translate guidance into all languages in which the company operates,” CGMA Magazine says.
Google CFO Ruth Porat’s 8 success secrets (Business Insider)
Google and Alphabet’s CFO is one of the most successful finance chiefs in the world.
Over the last three decades Ruth Porat has led Morgan Stanley through a massive recession, saved Fannie Mae and Freddie Mac from bankruptcy, and launched some of the most successful IPOs and funding rounds in the world for Ebay, Amazon, Priceline, and GE.
A strong advocate for “work-life integration,” and a true believer that women must do more than simply “lean in,” Porat says hard work for the wrong boss will not get you noticed. Alphabet’s finance chief also warns that businesses need to be transparent with their succession planning to avoid biases.
CFOs can face a ‘right brain’ challenge when seeking a CEO role (Business Insider)
Korn Ferry, a leading global executive search firm, studied the skill sets of CFOs and CEOs to determine how they think in similar and different ways.
Korn Ferry CEO Gary Burnison explains that CFOs very rarely move into the CEO role because of a “right brain gap” based around a lack of operational experience.
Burnison argues that CFOs can learn to think with their right brain. He suggests moving finance chiefs into an operational role that prepares them to better deal with people and the CEO spotlight.
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