How the Future of Financial Planning and Analysis would look in Latin America

By Pras Chatterjee, Sr. Director Product Marketing, SAP.

Highlights from the latest study by CFO Research and SAP

Finance executives from Latin America (including South America and Mexico) believe that the pressure to deliver clear, actionable business insight to their colleagues is increasing (CFO.com/SAP Research). But do they also feel they have the right tools and resources in order to make good on that promise and their contribution to high-value planning and analysis?

For finance leaders and their teams, the challenge ahead goes well beyond ensuring high-quality, forward-looking information and analysis reaches the hands of decision makers with the speed and interactivity they increasingly demand. In addition to supplying swift, powerful, interactive information and analysis, finance teams will be called upon to make certain that decision makers are in a position to make effective use of that information and analysis.

In the survey conducted by CFO.com, more than nine in ten (93%) finance executives from Latin America agree that over the next two years, the demand on the finance function to supply highly responsive, interactive, and flexible business analysis to decision-makers is likely to increase. Of those, nearly four in ten (39%) expect the increased demand will be substantial—the highest of any region in terms of the intensity of that demand.

At the same time, virtually all of the Latin American respondents (98%) say they could provide substantial, measurable financial benefits to their companies if only they could improve on the speed and responsiveness with which they supply business analysis to decision makers.

These respondents clearly take pride in their responsiveness. Respondents from Latin America lead the pack in their belief that they can respond to a typical ad-hoc request for business analysis within minutes, if not instantly.

They do think they have room for improvement, however, on both the front end and the back end of the data analysis process. More than half of the Latin American respondents (52%) feel strongly that to maximize the benefit of financial planning and business analysis, the finance function needs to spend less time on simply moving the data around—that is, the amount of time, attention, and resources they devote to manually migrating and reconciling data from system to system.

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And even more (61%) agree strongly that improving the finance function’s ability to communicate business analysis effectively—in a way that would allow decision makers to grasp key insights, underlying risks, and assumptions easily—would yield substantial, measurable financial benefits to their companies.

Once they can overcome those hurdles, there appears to be little standing in the way of their aspirations to improve their contribution to high-value planning, analysis, and decision-support.

Read the Executive summary of the report here

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How Does Integrated Business Planning (IBP) Support Process Improvement?

By Gary Cokins, Founder of Analytics-Based Performance Management LLC

In my initial blog in this series related to integrated business planning (IBP) I described IBP as seamlessly integrating user interfaces and workflows. IBP links strategic, operational, and financial objectives and plans to improve employee alignment with the executive team’s strategy and financial performance. In my second and third blogs I discussed, respectively, how IBP is part of the solution for issues and needs related to strategy execution and next to product, channel, and customer profitability.

In this blog I will discuss issues, needs and solutions related to operations, processes, and productivity improvement and how IBP is part of the solution.

Businesswoman touching digital tablet in office

The strategic versus operational view

In commercial companies there are two levers to increase profits: (1) raise top line revenues and (2) reduce expenses. Although a company cannot continue to reduce costs forever to achieve prosperity, there are always opportunities to reduce waste, increase throughput cycle time, improve quality, and consequently improve processes. A top line revenue increase places more emphasis on a strategic view whereas expense reduction places more emphasis on an operational view.

The strategic view is primarily enterprise-wide and involves first “doing the right things.” That is, selling profitable products to customers that are profitable to conduct business with. As described in my prior blog the strategic view is about enhancing revenues and assuring higher profits based on the product’s or service’s value to draw good prices and the considering varying levels of demanding behavior of different types of customers.  In contrast the operational view is not enterprise-wide, but rather addresses individual functions, departments, or business processes. It involves “doing the right things well.” Its intent is less about analyzing profit contribution margins, but rather focuses on improving processes, managing them more efficiently, and optimizing asset utilization all for which to better manage costs.

The operational view for productivity improvement

The pursuit of benefits from the operational view involves quality management, lean management with value stream mapping of processes, activity analysis, cost driver analysis, and scoring activity costs with attributes, such as for nonvalue-added costs. IBP supports all of these endeavors. Here are a few examples:

Quality management – In the 1960s Japanese manufacturers began to increase market share by providing higher quality products. Manufacturers in North America and Europe began to copy some of the Japanese practices. There came a point in time however when senior executives began to question the return on investment with quality initiatives, and this spawned interest in Six Sigma. Six Sigma is a set of techniques and tools for process improvement. It was initially developed at Motorola and soon embraced at General Electric. Six Sigma seeks to improve the quality output of processes by identifying and removing the causes of defects and errors and minimizing variability in processes.  It uses a set of quality management methods, mainly statistical methods, and creates a special infrastructure of people within the organization (“Champions”, “Black Belts”, “Green Belts”, “Yellow Belts”, etc.) who are experts in these methods.

Lean management – In the 1990s lean management stemmed from a method used at Toyota in Japan called the Toyota Production System. Its premise is that by smoothing the flow of work then quality problems are exposed. As they are addressed, waste is reduced and throughput cycle time speed increases. A technique applied is value stream mapping. Lean management amplifies quality management techniques by placing attention on the value add of the steps and work activities belonging to processes.

Cost driver analysis and cost of quality (COQ) – The management accounting function eventually found ways to make a contribution to process improvement. As activity-based costing (ABC) has been embraced, based on cause-and-effect principles, companies benefit from visibility to the cost drivers of making products or delivering services. With accounting information as the operations work force can decrease the quantity, frequency, or intensity of a cost driver (e.g., the number of machine set-ups) then costs can decline. ABC also provided a way to score the work activities displayed in a value stream map as value-added or nonvalue-added (or as a spectrum of value-add) to enable focus based on the magnitude of costs. Progressive accountants recognized they could add another scoring method to classify activities as correct, prevention, appraisal, internal defect, or external defect. This is the basis for measuring the cost of quality (COQ). With repetitive COQ reporting companies can monitor the shift of their costs from the latter to the former of the five COQ classifications as well as reduction of the last four of them.

IBP for productivity improvement

IBP should be viewed as holistic where as an umbrella it covers strategic issues, as described in my three prior blogs in this blog series, as well as operational issues discussed in this blog.

There is some controversy. Just as there is organization chart silo behavior that becomes an obstacle for better integration of how employees should work together there can also be improvement method silos. Some advocates in the lean and quality management communities promote their methods (e.g., fish bone diagrams), as the primary ones to adopt. To their credit, their methods do educate employees on how to think. But IBP’s broader suite of methods aids managers and employees on where to think. As a result IBP provides focus to better address which improvement opportunities will lead to improved troubleshooting for corrective actions. This also includes the broader set of products available now to users to perform their analysis on the different silos of information.  With In-Memory technology it’s easier to consume disparate sets of information into one source as well as analytical tools that provide easy visualization options the convergence of strategic and operational analysis comes together easier.

IBP is for enterprise wide improvement

As mentioned, integrated business planning (IBP) integrates financial, strategic, and operational information. It can help the enterprise integrate all their objectives and ensure synchronization.

In my next blog I will discuss integrated business planning for improved budgeting, rolling financial forecasts, and evaluating proposed business decisions.

 

 

About the Author: Gary Cokins, CPIM

gary_cokins

Gary Cokins (Cornell University BS IE/OR, 1971; Northwestern University Kellogg MBA 1974) is an internationally recognized expert, speaker, and author in enterprise and corporate performance management (EPM/CPM) systems. He is the founder of Analytics-Based Performance Management LLC www.garycokins.com .  He began his career in industry with a Fortune 100 company in CFO and operations roles. Then 15 years in consulting with Deloitte, KPMG, and EDS (now part of HP). From 1997 until 2013 Gary was a Principal Consultant with SAS, a business analytics software vendor. His most recent books are Performance Management: Integrating Strategy Execution, Methods, Risk, and Analytics and Predictive Business Analytics.

 

Linkedin contact:

http://www.linkedin.com/pub/gary-cokins/0/15a/949

North American View into the Future of Financial Planning and Analysis

By Pras Chatterjee, Sr. Director Product Marketing, SAP.

Highlights from the latest study by CFO Research and SAP

Recently CFO Research conducted a global study sponsored by SAP, that shows that finance executives from North America (the United States and Canada) acknowledge that pressure on finance teams to improve their contribution to high-value planning and analysis is increasing. The question, however, is whether they feel they have the tools and resources they’ll need in order to make good on that promise.

In the survey, nine in ten (91%) finance executives from North America agree that over the next two years, the demand on the finance function to supply highly responsive, interactive, and flexible business analysis to decision-makers is likely to increase. Even more respondents (93%) expected the demand for ad-hoc decision support and analysis to increase, and nearly the same number (94%) agreed that improving the ability to conduct highly sophisticated, predictive business analysis (e.g., scenario planning, “what-if” analysis, risk modeling) would yield substantial, measurable financial benefit to their company.

But 90% of them also say that, to maximize the measureable financial benefit of financial planning and business analysis, the finance function needs to spend less time on simply moving the data around—that is, spending time, attention, and resources on manually migrating and reconciling data from system to system.

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Their primary obstacle seems clear—a lack of integration between IT systems for financial planning and the company’s ERP system. North American respondents report the lowest level of integration of any region, and in fact, 38% of executives from North America say that their systems are only loosely integrated (20%) or not integrated at all (18%). They also take longer than their peers from other regions to respond to ad-hoc requests for business analysis, with more than half (58%) saying it takes them up to a day or more.

The result? Less than a third (31%) of North American finance executives in the survey believe that their IT systems for financial planning currently can make a substantial contribution to finance’s ability to support decision making. With practically every one of the North American respondents (96%) agreeing that pressure is increasing on the finance function to improve its contribution to high-value planning, analysis, and decision-support, the current technology gap threatens to become a chasm.

Read the full report here

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About This Study

In May 2015, CFO Research, in collaboration with SAP, conducted a global survey of senior finance executives to gain a better understanding of how leading-edge financial planning and business analysis capabilities can support effective decision making. We collected 335 responses from large companies with at least US$500 million in revenues, representing a broad range of industries. We received 20% of our total responses from North America (U.S. and Canada), 25% from Latin America (Mexico, Central America, and South America), 24% from the Asia/Pacific region (including India and Australia), and 30% from Europe.

Sponsor’s Statement

As a leader in enterprise performance management, SAP provides the necessary tools to assist the office of the CFO. By providing integrated solutions for financial planning and analysis, SAP offers real-time financial insights into the enterprise. For more information, please visit http://go.sap.com/solution/lob/finance/financial-planning-analysis.html

 

How the Future of Financial Planning and Analysis should be; A European Perspective

By Pras Chatterjee, Sr. Director Product Marketing, SAP.

Highlights from the latest study by CFO Research and SAP

In a recent global study conducted by CFO Research and sponsored by SAP, finance executives from Europe acknowledge increasing pressure to deliver clear, actionable business insight to their colleagues—just not as much as their peers from other regions of the world.

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Overall, European respondents agree that the demands on them to supply highly responsive, interactive, and flexible business analysis will increase. But, compared to other regions, far fewer of the Europeans—only 13%—feel that the increase will be substantial. Similarly, just 12% of European respondents believe that the demand for ad-hoc decision support and business analysis will increase substantially over the next two years.

Yet, regardless of feeling less demand, nine out of ten respondents from Europe (90%) still say that they could provide more of a substantial, measurable benefit to their companies if they could improve the speed and responsiveness of the business analysis they supply to decision makers. And eight out of ten (79%) do agree that their companies would see a significant benefit if they could improve their ability to conduct highly sophisticated, predictive business analyses, such as scenario planning, “what-if” analysis, and risk modeling.

One area where the European respondents lag best-practice companies in other regions is in the level of integration between their IT systems for financial planning and their company’s ERP systems. Although about two-thirds (67%) of the European respondents acknowledge that their systems are “fairly well” integrated, compared to other regions Europe has the fewest respondents—just 6%—who characterize their systems as “very tightly” integrated.

The result? Only a fifth (22%) of European finance executives in the survey believe that their IT systems for financial planning currently can make a substantial contribution to finance’s ability to support decision making, lagging every other region in this regard. If their ambition is to move up to the first tier of performance and responsiveness, European finance executives would do well to pay close attention to this threatening technology gap.

Read the full report here

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About This Study

In May 2015, CFO Research, in collaboration with SAP, conducted a global survey of senior finance executives to gain a better understanding of how leading-edge financial planning and business analysis capabilities can support effective decision making. We collected 335 responses from large companies with at least US$500 million in revenues, representing a broad range of industries. We received 20% of our total responses from North America (U.S. and Canada), 25% from Latin America (Mexico, Central America, and South America), 24% from the Asia/Pacific region (including India and Australia), and 30% from Europe.

 

How Does Integrated Business Planning Support Strategy Execution?

By Gary Cokins, Founder of Analytics-Based Performance Management LLC

In my initial blog in this series related to integrated business planning (IBP) I described IBP as seamlessly integrating user interfaces and workflows. IBP links strategic, operational, and financial objectives and plans to improve employee alignment with the executive team’s strategy and financial performance.

I further referenced how the CFO’s financial function is increasingly contributing its skills and capabilities beyond financial reporting to performing as a strategic advisor and facilitator. In this blog I will discuss issues, needs and solutions related to strategy execution and how IBP is part of the solution.

Measurements are key to aligning employees with the strategy

My career spans 40 years, and I began it as a headquarters strategic planner in the early 1970s for a large US conglomerate with over 50 divisions. In those days we created forms at headquarters and annually mandated the divisions to complete them as a first draft. They were ten year strategic plans, and after they were completed we would skeptically interrogate the divisions’ staffs about their plans as if we were law enforcement officers.

That was then and today is now. That method for strategic planning is archaic and no longer applicable. Why? With today’s increasing volatility, uncertainty, Internet-led communications, and globalization removing trade barriers each new day requires frequent strategic adjustments to anticipate continually changing customer needs, disruptive new technologies, and counter-tactics by competitors.

To complicate matters the frustration that executives have is comparatively less with their strategy formulation, which many executives are reasonably good at, and more with strategy execution. Organizations struggle with aligning the behavior and priorities of their managers and employee teams with the leadership’s usually well-formulated strategy. Organizations strain to determine what correct performance measures, popularly referred to as key performance indicators (KPIs), to select and assign to managers to hold them responsible and accountable including setting target levels for the KPIs. They strain to determine if they can even afford the executive team’s strategy!

To further complicate matters, measurements are not about just monitoring the dials of a strategic balanced scorecard and its cascaded performance measures displayed in operational dashboards. The challenge is with moving the dials. This involves selecting the projects and initiatives as well as the core processes to improve with actions to achieve the organization’s strategic objectives.

IBP provides the capabilities to integrate strategic, operational, and financial objectives and plans. It resolves issues arising when non-integrated plans are produced in silos (e.g. operations, sales, and marketing). When plans are not integrated it is likely the financial projections will be imperfect. Quite simply, they are not in sync.

One aspect of IBP is it links the strategy to the budget, which is rarely the case given the way organizations typically create budgets with rolled-up consolidations of cost center spreadsheets. IBP provides modeling tools to test and validate reality with illusion.

Key concepts with targets, forecasts and plans

Before describing how IBP supports strategy execution, some key concepts are needed.

Targets are what we would like to happen; these are initially created by producing a forecast. A forecast is what we believe will happen. And Plans are then what we intend to do to with actions and changes to strive to achieve our targets.

Affordable strategy execution begins with the executives defining a set of causally linked strategic objectives. A one page strategy map diagram is today commonly accepted as the means to do this. Today’s software technology replaces PowerPoint strategy diagrams for this, and much more (a topic with which I will conclude this blog). Forecasts of demand (e.g., sales volume and mix) that IBP forces to be consistent as a single source are combined with identified projects, initiatives, core process improvement actions to achieve the linked strategic objectives.

Several critical steps next take place. KPIs are selected to monitor the progress towards accomplishing each strategic objective, and aspired targets are set for each KPI. At this point, however, the formulated strategy is still just a hypothesis. The CFO’s finance function should next ideally validate if the combinations of spending (i.e., for demand-driven production and the strategy, risk-mitigation, and capital projects) will meet the expected enterprise profits desired by the executives. IBP enables the integration to perform this financial validation test.

IBP reconciles aspirations with reality

When the financial validation step just mentioned is taken, typically the desired profit level will not be attained, and wishful thinking will not solve this. Now the fun part begins. With next generation budgeting, forecasting and planning tools revised plans and changes in assumptions can be made. Analysts can determine where productivity improvements are needed and where customer product mix and volume needs to be changed. And those are only two revisions of many options.

This type of analysis cannot be done with spreadsheets or operational transaction-based software. It cannot be done if silo systems operate in isolation of each other including disparate data sources. IBP enables timely modeling, what-if scenario analysis, and sensitivity analysis to link the resulting revised strategy to the budget. And, of course, budgets become obsolete soon after they are created, so driver-based rolling financial forecasts with updates to all the variables, especially the forecasts, has become the new norm for the CFO’s financial function.

What lies ahead?

Have I yet mentioned business analytics and Big Data? No, but I will now. Earlier I wrote that strategy diagrams and KPIs should be enabled with software, not in PowerPoints and cumbersome table reports. With IBP, for example, correlation analysis can be applied to prior period KPIs and measure the explanatory value that KPIs have on other KPIs they contribute to and influence. This validates the quality of the KPIs selected. If the correlation is low then select better KPIs that as their target levels are achieved, via aligned employee behavior, the result will then be the strategy execution better matching the formulated strategy the executive team is seeking. Strategy execution then becomes a scientific laboratory as well as it should.

And with in-memory chip computer power vast amounts of Big Data can be modeled at substantial levels of detail.

As I wrote in my initial blog for this IBP blog series, IBP is no longer a “nice to have” but rather a critical “must have.” I’ll be continuing this discussion in my next blog on this topic, in which I shall look at on product, channel and customer profitability analysis.

About the Author: Gary Cokins, CPIM

Gary_Cokins

Gary Cokins (Cornell University BS IE/OR, 1971; Northwestern University Kellogg MBA 1974) is an internationally recognized expert, speaker, and author in enterprise and corporate performance management (EPM/CPM) systems. He is the founder of Analytics-Based Performance Management LLC www.garycokins.com . He began his career in industry with a Fortune 100 company in CFO and operations roles. Then 15 years in consulting with Deloitte, KPMG, and EDS (now part of HP). From 1997 until 2013 Gary was a Principal Consultant with SAS, a business analytics software vendor. His most recent books are Performance Management: Integrating Strategy Execution, Methodologies, Risk, and Analytics and Predictive Business Analytics.

Glass half full; EPM reflections

For the last few years at the end of each year I’ve run a series on the CFOKnowledge social media channels called “EPM Reflections” in which I take a look at what’s driven the SAP solutions for EPM team that year. But this year I have decided to buck the trend a little, and instead of waiting for the cold of December to arrive, I thought I’d take a breath right now on this beautiful and sunny June day, and look back at a few of the many activities that have been the focus of the EPM team here at SAP these last few months.

SAP Cloud for Planning; Plan simpler!

We entered 2015 with the announcement of availability of SAP Cloud for Planning, which officially “hit the streets” in February. The whole EPM team is extremely proud of our latest solution, a SaaS planning and analysis application designed with the business user in mind and delivering a collaborative environment for business planning that draws on our many years’ experience in delivering industry-leading EPM solutions.

Since its launch, my colleagues in SAP have taken SAP Cloud for Planning on tour to many cities world-wide, so that customers have an opportunity to come and see this new and exciting evolution of our EPM solution suite. Interest in our new cloud offering is growing, with some great feedback from visitors to our tour, which is of course supported by a generally growing acceptance and adoption of cloud-technology for business use. This will surely play a dominant role in our focus for the second half of 2015 too.

Events, events, events!

Generally the first half of each calendar year is a hot-bed for event-related activities, with key events being SAPinsider Las Vegas in March, SAPPHIRENOW from Orlando in May and SAPinsider Nice in June. The most recent of these for the EPM team, SAPinsider Financials in Nice took place just a couple of weeks ago, and I can report that this was a fabulous event in a superb location. I mean, who wouldn’t want to attend a conference held on the Cote d’Azur in late spring? But of course attention was focused inwardly on the event rather than outside, and over three days attendees had the opportunity to hear from SAP, business partners and more importantly SAP’s customers about how technology is helping to transform their finance operations and business performance. I had the opportunity to sit in on a number of customer presentations, many of which I mentioned in my pre-event blog post, and I am pleased to say that it’s a delight to hear so many customers speak about their experience and their roles with such passion. I have to say a big “thank you” to all customers attending and presenting at the SAPinsider events this year, as well as “congratulations” to the organizers WIS for another great event.

And of course, don’t worry, if you missed an event early in 2015 then you’ll have more opportunities to attend later in the year as SAPinsider visits Singapore in September, and then later in the year we’ll be hosting our SAP Financial Planning, Consolidation and Controls conference in Las Vegas.

SAP Radio Game-Changers Financial Excellence Show!

This is a real gem of a show. If you haven’t listened to it yet then I can’t recommend it highly enough, as the quality and depth of discussions held in this weekly show is truly excellent. I’ve been fortunate to have been on the organizing team for the Financial Excellence radio show since its inception, and now in our fourth series I can say with assurance that the show has lost none of its appeal. Each series comprises 13 weekly hour-long shows and features a changing panel of experts who discuss technology impacts across many areas of finance and finance business process. With panelists joining from business analyst organizations, management consultancies, system integrators, research organizations, end-users as well as SAP, the discussions are often rich in detail and experience, always engaging and often thought-provoking. While radio may be “old tech” when compared with newer social media approaches (albeit delivered over the Internet), I for one love this radio show as it’s always topical and an extremely engaging way to learn something new from “people who know”. Take a listen to this week’s episode here, or if you want to listen to any of the shows from the back-catalogue then take a look at the list of prior shows which are all available for replay. And though we’re nearing the end of our current series we hope to be back for a fifth series again in the future – so keep that (IP) radio tuned in!

And so, those are my first few reflections on 2015 for the EPM team here at SAP. Certainly a glass half-full, if not more. No doubt I shall still return with more reflections in December – and if the second half of the year is as busy as the first then our glass won’t just be full, it’ll be over-spilling by that time!

GRC 2015 – One Week On!

By Thomas Frenehard, GRC Solution Management

Originally posted on SAP Analytics, 23 June 2015

Steve Lucas delivering the keynote address at SAPinsider 2015 Nice

Steve Lucas of SAP delivering the keynote address at SAPinsider 2015 Nice

Last week, SAPinsider held its GRC 2015 event in Nice, France and it was energising and fast paced! For those who couldn’t attend, I thought I’d share with you some of the great discussions I had with customers and also one of the announcements made that should be of interest to SAP’s GRC community.

Do More With Less

Of course this has been top of mind for many companies with the recent economic turmoil where resources are scarce and investments most often reduced to vital activities. But every customer I spoke with mentioned that their management is now asking them to increase their regulatory and operational efficiency coverage with “optimized options”. In essence, to do more controls with less resources.

It was motivating to hear feedback from customers who have already taken this path and leveraged their internal audit department to help. This showed that a true collaboration between the compliance team and the internal auditors can lead to the set-up of a sound and very efficient internal control system.

Three Lines of Defense

The three lines of defense was definitely THE hot topic at the event. And I could see the acronym 3LOD gain more and more traction, day by day. Many companies were interested in discussing how to align their operations, compliance, and audit departments. Interestingly, IT and business departments both mentioned this as a key (process) roadmap item for them in the near future. For business, the intent is to achieve the assurance level required by their executives and for IT departments the rationalization of the software landscape that would be brought with this approach was a definitive winner.

Operational Risk Management

Here I’m not referring to the banking Operational Risk Management (ORM) approach, but the intent to do risk management (identification, analysis and mitigation) at the operations or asset level. Having the ability to still be able to integrate the results in a wider Enterprise Risk Management framework so that a unique reporting of the company risk profile can be displayed at any time – without requiring lengthy manual risk consolidation.

It was interesting to hear the different opinions on what ORM is for each sector as there doesn’t seem to be a single – widely adopted – definition or approach. This is definitely one of the key points I took home that I’ll need to think about this summer!

Congratulations are In Order!

Last but not least, congratulations to EY and Integrc, two of our great partners in the area of GRC who have decided to combine forces. I wish them all the very best in the process! In conclusion, if you’ve never been, Nice is a lovely city, filled with history, beautiful landscapes, and delicious food. Associated with a great event, I have to admit that my week was far from being a punishment.

 

Note from the editor:

Thank you Thomas for this succinct wrap-up of GRC focus topics and discussions at the recent SAPinsider event in Nice.

Should readers of CFOKnowledge want to learn more about the GRC or Financials events, here are a few links to some excellent blogs from my colleague Derek Klobucher. I think you’ll enjoy them!

ŸHow Real-Time Analytics Will Kill a Financial Tradition

ŸWhy Paranoia Is Good for Business

ŸScreen Your Partners or Risk Guilt by Association