The CFO Series

The CFO Series provides a convenient, one-stop way for CFOs and those who aspire to be CFOs, to an entire year of CPE with a single decision.  Each day consists of a subject matter expert leading discussions about four different topics.  The CFO Series features high-quality presentations and an interactive, executive level colleague-to-colleague approach with case studies, group discussions, and team exercises.

Each topic and each day stands on its own.  If you are not sure about making a multi-day commitment, sign up for just a single day.  We think you will come back for more!

This CFO Series Day

This four-topic presentation spotlights varied methods to enhance productivity, focusing on proven risk reduction strategies, ERM and insurance management. We also take an in-depth look at the true cost of quality and why quality matters. The focus is straightforward: Understanding risk and getting the most return from risk reduction with verified approaches to increase profitability, thus improving the health of the organization.

Topics Discussed

Quality is Free – But How do We Measure the Cost?

2 Finance credits

Customers demand quality. We expect quality in what we do and in what we consume. In 1985, Philip Crosby told us that quality is free. We will examine Crosby’s statement and look at the four aspects of the cost of quality – prevention, appraisal, internal failure, and external failure. What are the true costs associated with each of these elements? How do we determine the way in which each aspect can be measured? We will test the adage that an ounce of prevention is worth a pound of cure to see if this 16:1 relationship holds true. Quality matters, and we need to know how to evaluate the true cost of quality and the value.

Topics Discussed

  • What do we mean by quality?
  • Why does quality pay off?
  • Total quality management, including lean and six sigma
  • The four elements of the cost of quality
  • Practical prevention activities
  • The necessity of appraisal and why quality cannot be inspected into a process
  • Sources of internal failure and other sources you may not have considered
  • External failure and the hidden costs of ‘shortcuts’
  • Creating an effective and actionable cost of quality report

Objectives: Understanding the process to determine the cost of quality within your organization. Why does quality matter? Why is quality so valuable?

Cases and Group Discussion

This seminar includes two (2) case studies for group discussion.

Prerequisite:  None, preferred exposure to product and process quality issues.

Understanding and Mitigating External and Internal Risks: How?

2 Auditing credits

Risk is everywhere, but which risks matter? In the dynamic landscape of modern business, the role of a Chief Financial Officer (CFO) extends far beyond financial management. It encompasses navigating an array of external and internal risks that can impact organizational performance and sustainability. This seminar will empower professionals with the foresight and practical tools needed to understand, anticipate, and mitigate both external and internal risks. We must be aware and anticipate. If we do not adequately prepare, the organization will be exposed to avoidable and onerous risk. This course is essential for leaders and organizations that want to survive and thrive.

Topics Discussed

  • Defining risk as it impacts organizations
  • Understanding external and internal risks
    • Examples of these risks
    • How do we identify and assess?
    • What can be done about the risks?
  • Developing a risk mitigation strategy and plan
  • Monitoring and mitigating risk

Objectives: To have a better understanding of the various external and internal risks present today and expected tomorrow – and to understand methods to mitigate risk

Cases and Group Discussion

This seminar includes up to three (3) case studies for group discussion.

 Prerequisite:  At least six (6) months of professional financial statement analysis experience.

Insurance – How to Manage Your Insurance Program

2 Finance credits

At its core, insurance is risk management. What insurance does the organization need? What types? What limits should we buy? How large a deductible should we accept? What is the difference between a deductible and a self-insured retention? What do I need to know about insurance contracts? What should I expect of my insurance broker? What coverage is available and what do I need to buy? This is specifically designed for any leader responsible for insurance and risk. The insurance function is critical to the ongoing viability of an organization. We will review a practical approach to managing insurance.

Topics Discussed

  • How are risks managed?

– What is risk transfer?

  • What does a broker do, how do we choose a broker, and how should we pay them?
  • What can insurance protect against?
  • Deductibles, self-insurance, and captives
  • Issues affecting different classes of insurance regarding claims and accessibility
  • Actions you need to take in addition to securing insurance
  • Umbrella policies and how they attach above the primary

Objectives: Review insurance law and discuss issues regarding the selection of insurance policies. What is valuable to know about insurance exceptions and exclusions?

Cases and Group Discussion

This seminar includes two (2) case studies for group discussion and evaluation.

Prerequisite:  General understanding of risk and insurance

Effective Implementation of Enterprise Risk Management

1 Auditing credit and 1 Management Services credit

Many have tried to implement ERM, and many have failed. This seminar will provide a route map of how to implement an effective ERM program without disrupting the organization by building ERM practices into everyday management and planning.

Topics Discussed

  • What is ERM and why is it important?
  • What is your risk appetite and risk tolerance?
  • The COSO framework for ERM and its recent updates
  • The ERM Steering Committee – what is it for and what does it do?
  • Risk heat maps – evaluating what is hot and what is not
  • Risk owners and the risk control plan
  • Measuring the effectiveness of the implementation
  • The role of leading and lagging indicators – KRIs
  • Making it part of everyday management
  • The need to integrate ERM into strategic planning

Objectives: How to successfully implement ERM and integrate it into everyday business practice

Cases and Group Discussion

This seminar includes two (2) case studies for group discussion and evaluation.

Prerequisite:  None

Target Audience:  Managers who want to develop a thoughtful approach towards risk and a method to optimize a practical strategy towards managing risk; corporate financial leaders, financial managers, CEOs, CFOs, controllers, accountants, board members, advisors, and consultants; CPAs in public practice and CPAs in industry; business owners, entrepreneurs, and professionals interested in managing risk and understanding the value of quality.

Level of Knowledge:  Intermediate

CPE Credit:  4 Finance, 3 Auditing, and 1 Management Services

Advanced Prep:  None

Acronym:  CFOS1-25

Vendor:  The Knowledge Institute, LLC

Discussion Leaders:  Robert Berry, CPA; Tracy Cooper, CPA, CFE; Richard A. Karwic, MBA; Anita Layton, CPA, CMA, MBA; Brian Maturi, MBA, FCA; Bob Mims, CPA; Don Minges, MBA