This episode features an occasional host of previous FM podcasts, Oliver Rowe, who is editor-in-chief of FM.
Rowe explains how members can access the most recent edition of the online magazine. He also details some of the articles, including those by AICPA & CIMA leaders.
Resources:
- The page for members to access FM editions.
- The public link for FM magazine, featuring news, podcasts, and more.
- A previous, ethics-focused FM podcast episode hosted by Xose Lumor.
What you’ll learn from this episode:
- Details on the frequency of FM editions.
- Two paths for members to access the content in the editions.
- An explanation of the fraud triangle and highlights of Xose Lumor’s article on the topic.
- More on Rhymer Rigby’s career-focused article about dealing with the departure of the boss who hired you.
- One article’s practical advice on leading digital strategy.
Play the episode below or read the edited transcript:
— To comment on this episode or to suggest an idea for another episode, contact Neil Amato at Neil.Amato@aicpa-cima.com.
Transcript
Neil Amato: Welcome back to the FM magazine podcast. This is your host, Neil Amato. We’re going to talk about some of the highlights in the February issue of FM with FM’s editor-in-chief, Oliver Rowe. Oliver and I have worked together for about seven years now, and we’ve both been hosts of FM podcast episodes, but I think this is the first time we’ve been on the same episode. Oliver, first glad to have you on the FM podcast.
Oliver Rowe: Thank you, Neil. Good to be on the podcast.
Amato: The first thing I’d like you to share is the frequency of the magazine issues and how they’re available to members. I’m not sure everyone knows that. So, what do people need to know about when and where to find the content we’re discussing?
Rowe: Absolutely, Neil. FM digital editions are every two months. We’re talking today about the February edition. The one after that will be April. The magazine, Financial Management magazine, is wholly digital now. It’s focused on management accounting. It’s a membership benefit for CIMA members and AICPA members who have the CGMA designation. So, a truly global readership.
And how do members find us? How do members find the February issue? Well, two main ways: Via the AICPA & CIMA website, which is aicpa-cima.com. You’ll need to log in with your AICPA & CIMA login. From the main menu, go to “Resources” and then “Publications”, and you’ll see Financial Management magazine. The other way to find us: There’s an FM email sent to members every two months alerting them to the new edition as it publishes. If members haven’t yet looked at the magazine, I encourage them to do so.
Amato: Related to that aicpa-cima.com link, we will share that in the show notes for this episode. In the February issue, the first article I want to talk about has this headline: “Why Fraud Temptation Arises and How to Mitigate Risks”. Tell me some more about that article, who wrote it, and what readers can expect from it?
Rowe: Thanks, Neil. You’ve highlighted a really interesting article. It’s written by Xose Lumor in the ethics team, the Professional Standards & Conduct team at AICPA & CIMA. It’s based around the fraud triangle. This is three factors that when present, increase the likelihood of an individual committing fraud. Just to run through those: There’s a perceived need, pressure, incentive, or motivation; a perceived opportunity; and a rationalisation by the person as to why fraud is acceptable in the circumstances.
Note that they’re perceived. That’s important. Xose covers these three elements in some detail and references the AICPA Code of Professional Conduct and the CIMA Code of Ethics and other resources available to members. The article is important on a number of levels. Understanding why internal fraud is committed can help businesses determine ways to combat fraud. Xose talks about the need for a properly cultivated corporate culture and also implementing and monitoring effective controls.
Amato: Our readers may know Xose Lumor’s name. He’s both written ethics columns that have appeared on the FM website, and also he’s been a host of the Beyond the Code series that has appeared as an FM podcast episode.
I think I have a pretty good guess about who the author is of this next one I want to discuss, with the headline: “Working for a New Boss? How to Navigate the Change”. It just sounds like something Rhymer Rigby would write. Is that right?
Rowe: Neil, you’re absolutely right. It’s by a regular FM writer, Rhymer Rigby. Essentially, the article acknowledges how a change in boss is a big change for people, and especially if it’s the boss leaving, who was the one who hired you. But this change can also be a great opportunity for people. The article provides advice for how to make sure you maximise that opportunity.
It covers making a good first impression. Other considerations such as it’s going to be a steep learning curve for your boss as well. So, you can make sure you focus on delivering what they need. Part of that is understanding their goals and how you can fit with them. The article also covers what to do if things don’t work out between you and the new boss. But the key focus is how to make a success of the new work relationship.
Amato: I think that’ll be a popular article with anyone who gets the issue. Also in the issue are standing columns by CIMA President Sarah Ghosh and AICPA & CIMA Chief Executive for Management Accounting Andrew Harding, a former guest on this podcast, by the way. What are Sarah Ghosh and Andrew Harding writing about this month?
Rowe: Yes, that’s right Neil. We’ve got the two columns. CIMA President Sarah Ghosh, as you said, is talking about the opportunities for management accountants that emerging technologies bring and how this change in the workplace puts a premium on high-level skills. Sarah also talks about automation and how management accountants have a part in mitigating cyber risk. This element is becoming a core competence for management accountants.
Andrew Harding’s column is focused on data analytics and the imperative for management accountants to upskill in this area. He says that business leaders have always turned to management accountants to determine how the business is performing. Increasingly, management accountants will be asked where organisations should be headed and also what are the steps to get there.
Amato: Then one topic that has appealed to me and should also have appeal to our finance audience is on technology, specifically the article: “Are You and Your Finance Team Fully Embracing Technology?” That’s the headline. Could you tell us some about that and preview some of the advice it gives?
Rowe: Neil, yes, of course. Another good article to highlight. This article is based on AICPA & CIMA’s Future of Finance research. In particular, the paper on the digital journey of finance. The article has been written by the research team. It says that digital transformation has moved from being about gaining a competitive advantage to being necessary to drive value and even for business survival itself.
The article is practical, though. It provides several series of questions that finance leaders need to ask themselves and their teams. That’s on a few topics: leading digital strategy, collaborating with other business functions, streamlining processes, and how to extract insights from data. That includes looking at the skills gaps and opportunities for finance automation.
Amato: We’ve talked about fraud prevention, career advice, leadership columns, technology, and strategic focuses. It’s been a really good summary. What about a closing message for the listeners today, Oliver?
Rowe: Yes. Thanks, Neil. We’ve touched on some of the content in our conversation. There’s more in the February issue. There are articles on how to delegate, advice for your career journey to the C-suite. There’s a look at use cases for generative AI, in particular ChatGPT, and the limits to its reliability. And performance management, there’s an article on performance management, and the recently released new framework.
I hope you will find the edition interesting and informative, and feedback is very welcome. That’s to fm-magazine@aicpa-cima.com.
Amato: Thank you for that feedback email. Again, we will have the path to access the February issue’s content in the show notes for this episode. Oliver, thank you for being on the podcast.
Rowe: It’s been a pleasure, Neil. Thank you.
