This episode features Oliver Rowe, the editor-in-chief of FM, detailing the contents of the October digital edition of the magazine.
Rowe highlights several articles, including a focus on cybersecurity.
Rowe explains how members can access the most recent edition of the online magazine as well as the issue library.
Previous podcast episodes focusing on 2024 digital editions:
What you’ll learn from this episode:
- The theme of the October digital edition.
- Finance’s role in mitigating ransomware threats and response to such incidents.
- The growing problem of recruitment fraud and how finance professionals can guard against it.
- Details of an article about how CFOs can strengthen their contribution to the business.
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
Amato: Hello, listeners. Thanks for coming back for another episode of the FM podcast. This is Neil Amato. Today’s topic is the October digital edition, and FM editor-in-chief Oliver Rowe is here to discuss it. Oliver, welcome back to the podcast.
Rowe: Thanks, Neil. Good to be on the FM podcast again.
Amato: Good to have you back. First, I guess I’ll ask for the October edition. What is the overall theme?
Rowe: The theme for this edition, Neil, is cybersecurity and technology. It ties in with cybersecurity awareness month, which is also October. This is an international effort established about 20 years ago to increase global awareness of cyber threats and the importance of cybersecurity. It ties in quite nicely there.
Amato: One of the articles on that cybersecurity topic is about ransomware threats. What is finance’s role in preventing such attacks but also in responding to one if it does happen?
Rowe: You’ve highlighted an article in the October edition, Neil, “Ransomware Threat: Finance’s 4-Part Defence Role.” Ransomware [is] one of the most concerning types of attack. The article is built on interviews with experts, so, Chartered Global Management Accountants and other experts. It looks at four areas, including creating an incident response plan and key elements of that should a ransomware attack occur. But it’s also about preparing defences in advance, so finance has a role in making sure that these are properly funded and that they meet regulatory standards. Training staff is also described in the article. It’s actually described as the human firewall.
Also in this edition, there’s an article on cybersecurity across business more generally, and that talks about the sectors and size of companies least prepared for cyberattacks and the most common threats that there are.
Amato: Also in the edition: the topic of recruitment fraud. It’s something that is on the rise. Every now and then I receive a text or email that seems suspect. What is some of the advice in that article?
Rowe: You’re right, Neil, in describing it as not a new problem, but it’s a growing one — recruitment fraud or job scams. It’s a growing one across sectors, including finance. These scams are increasingly harder to spot. The article, “Recruitment Fraud: What Do You Need to Know?”, looks at a few things — the different types of jobs scams that are out there, what fraudsters are trying to obtain, and their motivations.
On a practical level, it looks at the methods that they’re using, including the role that AI is now playing in that. The article most importantly, there’s advice there for how finance professionals can seek to protect themselves and also the steps that companies can take in the face of this problem.
Amato: You mentioned AI. It definitely falls under the category of emerging technologies. Those technologies come with concerns but also opportunities. So, related to AI, artificial intelligence, what is the finance function’s role in assessing and implementing AI technology?
Rowe: Well, also in this October edition, we’ve got an article, “5 Steps for Finance to Guide AI Investment Across the Enterprise.” These are the five steps that finance can take to be effective partners in the assessment and the adoption of AI projects across the business.
Briefly, these steps are, firstly, understand. So that means understanding the value of AI to the business. Engage, so engaging early with project sponsors. Evaluate — the article points out that the benefits may not be directly financial in nature. Then there’s, fourthly, monitor. So, increasingly organisations are defining not just the criteria for success but also the criteria for abandoning initiatives. Then finally, adopt. This includes the ways that finance itself is adopting AI.
This is all advice from author David Axson. He says that understanding these steps will mean finance will be better positioned to not just guide business cases for AI investment but also to identify new opportunities for AI adoption.
Amato: That’s a pretty good rundown of some technology and cybersecurity articles in the edition. What else would you like to highlight?
Rowe: Well, Neil, just three more articles, really. First, how to maximise your contribution to the business as CFO. Author Eric Alexander, a previous CFO, looks at the CFO’s role. He describes its stewardship and leadership components and the key responsibilities, and the role is all based on an ethical foundation.
The article also looks at the ways CFOs can strengthen their contribution to the business, and they can do this through cultivating collaboration with other leaders and also encouraging their team to also collaborate with colleagues across the business. Also, he describes how CFOs can increase their focus on people skills to develop the finance team, and he makes suggestions on how to do that.
Then a couple of more articles in this edition — so, how ESG reporting can drive value creation. This is an article by academic researchers who look at a case study on the Dutch bank ABN Amro. They provide four areas of best practice for finance teams on the ESG topic. Finally, Neil, tips for finance to improve the company-investor relationship. The article discusses four areas of the relationship between companies and investors and practical ways that the relationship could be improved.
Amato: For this digital edition and for the library of past editions, again, how can members access the content?
Rowe: Via the AICPA & CIMA website at 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. You can also go to the FM website at fm-magazine.com, and in the menu go to Digital Edition. Thirdly, and finally, there’s the FM email to members alerting them to each new edition.
Amato: We will include the links to those things you just mentioned in the show notes for this episode. Anything else you would like to add in closing?
Rowe: Thanks, Neil. Just to say feedback on this edition and other editions of the magazine are very welcome. And that’s to fm-magazine@aicpa-cima.com.
Amato: That’s great. Oliver Rowe, thank you very much.
