Page 170 - JoFA_2022

THE LAST WORD / Elisabeth Sandersfeld, CPA, CGMA

Elisabeth Sandersfeld, CPA,
CGMA, is CFO at Continental
Western Group, Berkley
Agribusiness, and Berkley
North Pacific, all W.R. Berkley
Companies. She is based in
Urbandale, Iowa.

Favorite book: Eleanor, a
biography of Eleanor Roosevelt
by David Michaelis.
Favorite tech tool: Roost water
leak and freeze detector. This
device recently alerted me to a
water heater leak and saved my
basement from flooding.
Favorite item to keep on my
desk: A self-portrait my son drew
when he was 5 years old.

‘CFOs should embrace risk …’

Face and welcome risk: In insurance, we’re paid to take risks. It will be interesting to see how these learnings continue
risks. The important thing is making sure you fully understand to evolve and benefit the industry in the years to come.
the risk and continue to evaluate it over time, as the risk will
change. You also need to make sure you’re being appropri- Grow your network to be ready for the unexpected: Build
ately compensated for the risk. Organizations have always a network outside of your organization — both nationally and
faced a great deal of risk, but we may perceive that the risks internationally. I spend a lot of time talking with industry pro-
have increased in number and magnitude because we have fessionals, most of whom don’t work at an insurance carrier. This
more information more quickly than ever before. Hopefully includes reinsurance brokers, economists, rating agency leaders,
this also means we understand and evaluate the risks better. insurtech entrepreneurs, and even business school or risk man-
CFOs should embrace risk — try to understand the risk as agement professors. They talk with leaders at insurance carriers
much as possible and model various scenarios and outcomes. across the world and really have their pulse on emerging trends.
This is particularly true of emerging risks: We used to not
worry about the tail risks because they were perceived to be Be a well-rounded professional: To grow and develop in
so remote, but we’re beginning to experience those risks more your career, seek opportunities outside of traditional finance and
frequently now — and with a larger impact. As a CFO you accounting roles. This could be a formal position, working on a
should evaluate your tail risk and monitor it, because that risk project team, or volunteering with a nonprofit. Building these
might be the next global pandemic. relationships will make you a more well-rounded and valuable
employee and leader. Build a strong network of professionals
The pandemic changes the insurance industry: Prior to from various disciplines and organizations to help you stay
2020, the insurance industry had not been confronted with informed about trends and professional opportunities.
the challenges presented by a global pandemic in the modern
era. The last few years have substantially impacted our think- — As told to Lea Hart, a freelance writer based in Virginia. To
ing on how to evaluate this type of risk, and how to conduct comment on this article or to suggest an idea for another article, PHOTO BY DAVID K. PURDY/AP IMAGES
business operations during a public health concern. Every- contact Courtney Vien at Courtney.Vien@aicpa-cima.com. Opin-
thing from delivery of service to how an organization recruits ions expressed in this piece are personal to Elisabeth Sandersfeld
has been impacted. As a result, all of us have become smarter and do not reflect the opinions of the W.R. Berkley Corporation or
in how we manage businesses and anticipate and plan for its affiliates.

38 | Journal of Accountancy April 2022