Tag Archives: CFO Forum

AmCham Financial Forum: Supply Chain Resilience & Financial Risk Developments

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AmCham Financial Forum: Supply Chain Resilience & Financial Risk Developments

Leaders from AIG, Badenoch & Clark, CMS Kluge, Crawford & Company, DNB, EY, GE Healthcare, Honeywell, KPMG, Kvamme Associates, Roche, Thermo Fisher Scientific and Thommessen gathered in person at AIG’s downtown offices for AmCham’s Financial Forum.

Reflecting on supply chain resilience, the forum was kicked off by Geir Hetland, Head of Finance at Thermo Fisher Scientific. Returning from a two-year stint at the company’s Carlsbad, California facility in 2020, Hetland was faced with an instant backlog that February requiring the company to kick into “COVID speed.”

Thermo Fisher needed to quickly reallocate resources, expand production capacity and customer management to meet the sudden increase in demand, and minimize disruption in the value chain. This included companywide recruitment, adding 40 employees in Oslo alone.

Thermo Fisher reversed regular cost savings parameters to investment and rapid approval, meaning that decisions that usually took six months needed a next day turnaround. Hetland also outlined unique cross-industry collaborations to address rapid plastic scaling, as well as large scale infection testing in partnership with US universities.

AIG‘s Cyber Practice Leader Nordics & Financial Lines Manager, Tine Simonsen, joined virtually from Denmark to provide financial risk insights within several key areas, including the impact of COVID on the insurance market.

As one of the largest cyber insurance teams in the Nordics, AIG’s award-winning cyber solutions help their clients better understand and address cyber risk, including proactive services to address weaknesses – including vulnerability scanning, malicious IP blocking, and cyber prevention training.

IT criminals have quickly taken advantage of work from home regulations, with approximately 90% of cyber claims being ransom related. Simonsen detailed changes in cyber insurance and risk assessment, noting that particularly cyber decisions have moved from the IT department to the board level.

An engaging discussion ensued, with forum participants eagerly assessing risk, forecasting methods, corporate responsibility, and increased transparency throughout supply chains.

Geir Hetland – Head of Finance

Tine Simonsen – Cyber Practice Leader Nordics & Financial Lines Manager

About the AmCham Financial Forum

The AmCham Financial Forum is a platform that gives financial leaders the opportunity to interact, share best practices, and learn from each other – building a better understanding of what it takes to run a successful international finance department in Norway. For interest in participating, please contact Madeleine.Brekke@amcham.no.

AmCham Financial Forum – Outsourcing & Fintech

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AmCham Financial Forum – Outsourcing & Fintech

AmCham Norway’s fully subscribed Financial Forum convened its October session in hybrid fashion at both our downtown Oslo office and via Microsoft Teams.

Escalon Co-Founder Sarah Lerche commenced the collaborative, cross-industry session by outlining critical factors for success when outsourcing in an increasingly digital landscape. Chief among these criteria – the importance of relationship management and communications, both during the onboarding process and for the duration of the engagement.

With Escalon’s CFO, payroll, HR, and accounting service offerings – closing over 1 200 books each month – Lerche underscored the importance of concise contracting and clear designation of clients’ responsible contacts. “Set responsibilities early on and document everything!”

Presenters

Sarah Lerche

Co-Founder

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Camilla Wollan

Partner

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Innovation in the Financial Space

Following up on Lerche’s financial automation insights was DLA Piper Partner Camilla Wollan. Focusing upon current and future trends, Wollan expertly mapped the Norwegian fintech space – both in terms of players and evolving policy impacts. Emphasizing that “Norwegian law is technology neutral” as an advantage for local, nimble businesses, Wollan went on to concede that “too many Norwegian fintech companies are not internationally oriented.”

She noted that COVID-19 has forced banks to develop new solutions for increased digital interaction with customers, with a focus on cost-efficiency rather than design. Cashless payment solutions, for example, have been essential during the pandemic and the threshold for payment without confirmation has increased. The threat of cyber security breaches and need for security measures, therefore, has also increased. “Industry – regulator collaboration is key to fintech success,” observed Wollan.

The wider group then shared trends from their respective industries, along with predictions on what will come next. Forum participants included senior finance representatives from AbbVie, Accenture, AIG, American Shipping Co., Citi, Connectum Capital Management, Discovery Networks Norway, Fast Solutions, GIEK, IBM, KPMG, OSM Aviation, Raise Gruppen, Sonitor and Thermo Fisher Scientific.

About the Financial Forum

The AmCham Financial Forum is a platform that gives financial leaders the opportunity to interact, share best practices, and learn from each other – building a better understanding of what it takes to run a successful international finance department in Norway. Our December Financial Forum is currently being planned – for interest in participating, please contact Madeleine Brekke.

AmCham Financial Forum: International Learnings, Values & Principles

AmCham News,

AmCham Financial Forum: International Learnings, Values & Principles

“With days normally filled with execution, it’s good to take a step back and think about what’s important.” So began special guest Bjørn Eide’s reflective presentation to peers during AmCham’s latest Financial Forum. Eide, VP of Finance at Norwegian big data firm Cognite, openly shared his most important lessons learned, having led financial teams in India, the Philippines, and Canada before returning to Oslo last autumn.

“Honor and integrity, above all else,” are what have guided Eide through his 9-year gambit of international financial department leadership challenges and successes. Though familiar, the return to Norway has not been without its surprises – especially within recruiting, divergent perspectives and professional passion, according to Eide.

Now well into the COVID-19 cycle, several Forum participants then went on to illustrate how their respective industries were faring. Macrotrends, pending Norwegian legislation, newly developed technologies and reworked revenue streams were all on the virtual discussion table.

About the Financial Forum

AmCham’s Financial Forum is a platform that provides cross-industry financial leads the opportunity to share best practices and have open discussions amongst peers – building a better understanding of what it takes to run a successful international finance department in Norway.  Through roundtable discussions and engaging, interactive workshops, member participants delve into real world financial operations challenges.

Please contact us for interest in participating in future Forums.

AmCham Financial Forum: Ongoing COVID-19 Challenges & Adjustments for All

AmCham News,

AmCham Financial Forum: Ongoing COVID-19 Challenges & Adjustments for All

AmCham’s latest Financial Forum was convened virtually last week with mainstay forum leads from 24SevenOffice, BAT, IBM, KPMG, OSM Aviation Management, Raise Gruppen, and Sonitor in attendance.

The concentrated open-exchange session featured candid exchange on remote financial department workflow and resource engagement, forecasting through the remainder of 2020 and beyond, shifting US and Norwegian business regulations, and internal/external supplier and customer credit processes.

Atop participants’ forecasting agendas were currency exchange rates and hedging arrangements, with several financial leads emphasizing the criticality of current cash reserves. Many noted the varying impact of COVID-19 on their respective business lines, impacted both negatively and positively in some instances. Long-term fixed costs, international supply chains and customer payment delays were addressed as key joint concerns.

While financial leads increasingly dedicate their attention to evolving government guidelines and processes, the consensus was that Norwegian guidance is relatively straightforward and agile, while at times less so for their respective US operations.

Join Us!

In response to such government guideline challenges, AmCham – together with Innovation Norway, SelectUSA and partners – will co-host a dedicated session on COVID-19 relief packages for the Norwegian American business ecosystem on Wednesday, May 13th at 17:00 Oslo time. Please join us!

About the Financial Forum

AmCham’s Financial Forum is a platform that provides cross-industry financial leads the opportunity to share best practices and have open discussions amongst peers – building a better understanding of what it takes to run a successful international finance department in Norway.  Through roundtable discussions and engaging, interactive workshops, member participants delve into real world financial operations challenges.

Please contact us for interest in participating in future forums.

AmCham Financial Forum – January 2020

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AmCham Financial Forum - January 2020

AmCham welcomed financial leads from Accenture, AIG, GIEK, Harvey Nash, IBM, Kluge, KPMG, Manpower, OSM Aviation, Pfizer, Sonitor, TGI Friday’s, and Verizon to Raise Gruppen‘s downtown Oslo offices for the first AmCham Financial Forum of 2020.

The Power of Hair - What Business Are We Really In?

Raise Gruppen CEO Christinah Nicolaisen and group CFO Camilla Hem started off the forum with an overview of the company, focusing on how their services and products have evolved and diversified over time – a business transformation that has not only helped the company thrive in an increasingly competitive market, but also successfully make the jump to the United States.

“We don’t simply talk about haircuts, but rather something that defines and builds confidence. We’re not just in the hair and skin care business, we’re in the identity business,” noted Nicolaisen.

Hem then walked participants through the financial, HR, and branding challenges Raise Gruppen is encountering as they continue to expand stateside. The presentation underscored how important it is for financial leads to understand the entirety of their businesses when undergoing expansion in a foreign market.

Digitalization and Automation – Where to Start?

OSM Aviation CFO Anders Bakken then led a roundtable discussion on the importance of people in developing financial systems to cope with rapid growth, sharing perspectives from OSM’s own rapid international expansion.

Bakken’s insights resonated with many of those in attendance, who noted that they also found the development of process-driven strategies with clearly defined outcomes as a critical component in successfully implementing digital strategies. In this regard, noted one participant, Scandinavia is at the forefront of adopting such strategies – a positive note for continued Norwegian competitiveness in the sector.

Discussion then addressed the importance of recruiting talent with a passion for change, dedicated professionals that understand the ins and outs of digital solutions on a global scale. “It’s all about people,” proclaimed Bakken, before going on to note younger, less experienced workers who are passionate about innovation can be more valuable than older, more experienced workers less open to change and adaptation.

AmCham would like to thank Raise Gruppen for graciously hosting and facilitating this instalment of our Financial Forum. We look forward to our next forum gathering, which will focus upon outsourcing  and the importance of connectivity within the financial industry.

About the Financial Forum

The AmCham Financial Forum is a platform that gives financial leaders the opportunity to interact, share best practices, and learn from each other – building a better understanding of what it takes to run a successful international finance department in Norway. Our Q2 Financial Forum is in the works – for interest in participating, please contact amcham@amcham.no.

Forum Summary: AmCham CFO Forum – September 2019

AmCham News

Forum Summary: AmCham CFO Forum - September 2019

AmCham welcomed invited financial leads to Discovery Networks Norway‘s Nydalen offices for the latest edition of our CFO Forum.

Henrik Stobbe, Finance Director at Discovery, kicked off the forum with an engaging presentation on the company’s 30-year history in Norway and its adaptation of content creation from linear to digital. He went on to detail and candidly discuss the impact the ongoing transition has had on his industry, organization, and own department’s operations.

Cash Holdings vs. Investments

BI Norwegian Business School Finance Professor Paul Ehling went on to present on financial theories, new developments, and common issues faced in financial markets. He challenged the phrase “cash is king” by exploring the tradeoffs of sitting on cash versus corporate investment.

Ehling provocatively noted that having excess cash on hand could be dangerous as managers often waste money on investments that do not align with the company’s core values. He later concluded that “cash might be a prince” and will differ from firm to firm.

A lively discussion ensued, eventually pivoting to the group’s experiences in working with stakeholders from across the US and Nordics.

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Speakers Paul Ehling and Henrik Stobbe

About the AmCham CFO Forum

AmCham’s CFO Forum is a cross-industry platform upon which financial leaders can interact, share best practices and learn from each other about what it takes to run a successful international finance department in Norway.

If you are a financial lead interested in participating in our next meeting, please contact us.

Forum Summary: AmCham CFO Forum – June 2019

AmCham News

Forum Summary: AmCham CFO Forum - June 2019

How Can International CFOs Be More Efficient?

AmCham welcomed 18 invited CFOs and financial industry leaders to Sonitor Technologies’ Lysaker offices for our latest CFO Forum. Group CFO Hannah Tofteberg first outlined Sonitor’s development and leading ultrasound location technologies. Participants represented member companies ranging in size, scope, and nationality, allowing for a truly in-depth discussion of what it means to represent Norway in an international organization.

The discussion started with a brief presentation by Henrik Stobbe, Finance Director at Discovery Networks Norway. He posed the question of how and if those around the table had already implemented any of the takeaways from our Q1 meeting on how to be a more efficient and effective financial leader.

Stobbe noted that 80% of the forum’s Q1 findings were low-investment solutions, which allowed his team, and several others, to already actively implement them. One such approach was a re-working of meeting structures to both be more efficient and more actionable.

In agreement was Sven Torgersen, Finance Director at Pfizer, who noted that he had moved All Other Business to the front of the meeting agenda, and Action Points to the end – a small change he had found to make meetings much more proactive. Another CFO commented that she does not even attend meetings without agendas.

The lively discussion pivoted to the importance of time-management, for both participants and their teams, along with a variety of thoughtful methods that had been implemented with success at the companies represented around the table. Included were:  More defined roles within teams, streamlining forecasting systems, and discovering new tools to assist in risk-assessment.

Answering the question of how CEOs react to these changes, the resounding response was, as long as processes are delivered and guaranteed, they are pleased.

Internal Controls: Simplicity, Trust & Why

Charlie Lea, Partner at KPMG, then led dialog on internal controls and their organizational impact. He posed a question of the importance of these controls and how the processes surrounding them are affected by board activities, financial reporting, and compliance.

The resounding response from forum participants was that internal controls, while potentially cumbersome, are helpful and positive, providing a safety net and a sense of reassurance. Knowing that they could answer 99.5% of an internal auditor’s questions immediately was of great relief, but they also noted the importance of not “killing it with controls” and maintaining balance.

Several participants shared their own experiences, both positive and negative, with internal controls and the importance of trust and oversight, especially in an international setting and with increased outsourcing. It was agreed that the most important aspect to these controls was recognizing why they had been implemented and communicating this with impacted teammates. The underlying theme in these discussions was the necessity of buy-in from all involved in every stage of the process.

About

AmCham’s CFO Forum is a cross-industry platform upon which financial leaders can interact, share best practices and learn from each other about what it takes to run a successful international finance department in Norway.

If you are interested in participating in our Q3 meeting, hosted by Discovery Networks Norway, please contact us.

Forum Summary: AmCham CFO Forum – February 2019

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The second edition of AmCham’s CFO Forum brought international, cross-industry financial leaders together at IBM’s Oslo Client Center to discuss the concept of “The CFO of the Future.”

With participants from Discovery Networks Norway, Fast Solutions, Gelato, IBM, KPMG, Stanley Security, Pfizer, Arntzen de Besche Advokatfirma, BI Norwegian Business School, Microsoft and Roche in attendance, IBM Global Business Services’ Karina Bjørnarøy kicked off the forum by introducing the concept of Enterprise Design Thinking.

Using this comprehensive framework geared to solve users’ problems “at the speed and scale of the modern digital enterprise,” attendees completed a series of workshop exercises to design the CFO of the future by modelling the CFO of today – reflecting on their own career experiences and bonding over common challenges in the process.

A central takeaway was the human element of the CFO profession.
As one attendee noted, “Reports don’t create results, it’s what people do with
them.” From driving employee engagement, to developing accountability
structures, to understanding how to better cast the CFO as a strategic partner,
participants were immersed in discussion as they came up with “bold ideas” to
improve the day-to-day work life of their imagined CFO.

The forum was highly engaging, and participants welcomed the
opportunity to connect with their peers over what it means to be a CFO in today’s
rapidly changing business environment – a topic we will delve further into during
our Q2 meeting.

AmCham would like to thank the entire team at IBM Norway for
hosting and facilitating this instalment of our CFO Forum.

About the CFO Forum

The
AmCham CFO Forum is a platform that gives financial leaders the opportunity to
interact, share best practices, and learn from each other – building a better
understanding of what it takes to run a successful international finance
department in Norway in the process. Our
next CFO Forum is in the works for Q2. For interest in participating, please contact us.