Page 46 - Finanancial Management_2022

3 steps to

navigate a

disrupted

world

By Andrew Harding, FCMA, CGMA

t would have been almost impossible cyber resilience has never been stronger. y Grow your digital mindset.
for anyone to have predicted how AICPA & CIMA have resources that can To embrace the major digital
fast the world has changed in the help prepare your organisation. They transformation in finance,
past two years. We have grappled include a cybersecurity tool – Are You ensure you prioritise technology
Iwith many unimagined Prepared for Global Risk? – and a series of implementation and training on
circumstances, from a global pandemic short Cybersecurity in 45 Seconds digital skills. Our Digital Mindset
to now a war in Ukraine. YouTube videos. Pack for CIMA members and AICPA
Russia’s military invasion of Ukraine Supply chains. Electric vehicle (EV) members harnesses future-focused
is disastrous on a fundamental human manufacturing provides one example of resources — from blockchain to
level. And as we join the many voices supply chains hit by the crisis. Reuters robotics to artificial intelligence — to
around the world calling for peace, our reported that Tesla chief executive Elon sharpen your digital skills.
thoughts are with members, students, Musk has seen “significant” inflation in y Get comfortable with ESG.
and staff devastated by the invasion. raw materials and logistics. Business and Management accountants have
Economically, it is also a disaster. finance leaders need to ask a series of a key role to play in building the
However, there are things we can do in questions including: What actions should processes and systems to deliver
the face of this crisis: times such as these be taken to improve my business’s supply relevant management information
demand both empathy as well as activity. chain in the event of other geopolitical and insights in this area and improve
One area where we can sharpen our risk events? They also need to analyse their businesses’ integrated thinking
focus is business risk. I want to highlight their extended supply chains and consider capabilities. Finance must lead
three key risk areas finance leaders need regulatory and reputational risks. the transformation of corporate
PHOTO BY STEVE FORREST/STEVE FORREST PHOTOGRAPHY
to consider now: In these disruptive times, the need to reporting to implement ESG matters,
People. For some businesses, this is adapt is critical. We now need to which drives trust. I believe the
the top risk. The need for a strong and constantly evolve to stay relevant and profession is up to that challenge,
healthy workplace culture is crucial. ensure our organisations survive, adapt, and we are here to help.
Learning the lessons from how your and thrive. Read more resources, insights, and
business dealt with the talent You may be thinking, “Where do we tools to help you navigate the business
management challenges of the pandemic start?” Here are my recommendations: impacts of the war.
can help. Collaboration and trust are also y Commit to learning, unlearning,
fundamental to building a performance and relearning. This will expand
culture, described in our report your skills to thrive now and in
Reimagining Performance Management. the future. You cannot complete Andrew Harding, FCMA, CGMA, is chief
Cybersecurity. In the first half of 2021 this pledge in a few weeks. It’s a executive–Management Accounting at
cyberattacks increased year-on-year by continuous, career-long process of the Association of International
125%, Accenture found. Linked to Russia’s development — but it will ultimately Certified Professional Accountants,
invasion of Ukraine we have seen the help you, your organisations, and representing AICPA & CIMA.
number of threats amplify — the need for your teams succeed.

6 I FM MAGAZINE I April 2022