Effective risk management is a key requirement for a major public company at any time. The current crisis, changing working patterns and the related economic challenges has raised the priority of this still further for every CFO.
But there are some systemic problems with current approaches to financial risk management. Yes, we have Sarbanes-Oxley which absorbs a lot of effort. But the challenge is not just compliance, but managing risk and enhancing operating efficiency and effectiveness across processes and systems in a dynamic, fast moving, often global, business.
One of the many issues is the chasm of perceptions of “IT General Controls”, typically owned by the CIO or CISO, and “Entity Level” and “Business Process” Controls, typically owned by Finance and Business leaders. This phenomenon is one of the root causes of ineffective, costly risk management and SOX initiatives.
We were privileged to be joined by Jennifer Gettmann, Director, Global Financial Policies and Controls to explore the Starbucks context, catalysts for change, strategy, approach and achievements in driving a new, streamlined, collaborative process for financial system and process control.
This session shared some crucial lessons and insights in current times for leaders in finance, controllership, IT/technology, risk management, internal control, business services, shared services and audit.
Starbucks, the largest coffeehouse in the world, is a $26bn global business headquartered in Seattle, with over 346,000 employees and 31,256 stores worldwide, is aiming to inspire and nurture the human spirit – one person, one cup and one neighbourhood at a time.