Tip No. 3: Bridging the gap between CFO and CIO
In today's market, dollars and cents are essentially bits and bytes. There should be a language of system priorities, human resource requirements, and strategic goals that get shared between the CFO and CIO. Executives in these roles should consider cross-functional teams to address critical system priorities, as well as cross-training opportunities between the IT and finance departments.
Ultimately, human beings play the most crucial role in helping their companies avoid financial ruin. For example, the CEO of the non-profit retirement investment organization TIAA-CREF was recently quoted, saying that "very good, very smart" calculation by its asset managers about the underlying risk of investing in mortgage-backed securities was essential to that organization minimizing its exposure to the mess.
But behind every good manager is (or should be) a great solution that merges financial management with risk management. Facing an uncertain future, companies must realize that blindness will no longer be an excuse for not seeing the risks in front of them. Now is the time to consider an IT solution that will make risk exposure transparent to the business. This is vital so that executives can set and adjust their strategies based on what we know now-not what we hope to see in the future.
David Sherriff is Chief Operating Officer at Microgen. David joined Microgen in May 1999 as divisional managing director. David became an executive director and was appointed to the Board in August 2002. Prior to joining Microgen, David held senior positions within ECsoft UK from April 1993 to April 1999, the last two years as managing director. He can be reached at email@example.com.