Participants wrapped up the CFO & Controller Conference Nov. 12 at the FedEx Institute with a better understanding of the CFO's role in Enterprise Risk Management.
The half-day event included the following speakers: Dr. John Gnuschke, economics professor at the University of Memphis, as well as Remonde Brangman, Bill Smith, Marshal Kline, Josh Finfrock, and John Mulvaney of CBIZ MHM, LLC.
One addition to our line-up was Bill Smith of the CBIZ National Tax Office who gave a legislative tax update. His political update tied in well with Dr. John Gnuschke's broad-based overview of the current economic climate both nationally and globally. Remonde Brangman covered supplier risk management including how to identify and segment internal and external risks, the best treatment, and how to continually monitor those risks. Remonde also noted the recent Home Depot breach was a hack made through a supplier.
The "Hidden Risks On Your Balance Sheet" segment included an overview of Abandoned/Unclaimed Property from Marshal Kline, an International/Transfer Pricing update from Josh Finfrock, and a State & Local Tax update from Craig Williams.
All three presentations covered significant risks to companies that are typically going unnoticed in risk analysis.
As a conference wrap-up, John Mulvaney covered Fraud & Risk Assessments through several case studies. Alarmingly, companies show a 50 percent failure to recover rate from fraud because of improper insurance coverage. In terms of fraud assessment and prevention, there is a heightened importance on internal controls and segregation of duties. However, this point could be made for all of the risks covered in our conference, and perhaps is the key takeaway.
For further information regarding our Nov. 12th CFO & Controller Conference, check out highlights from Twitter. Additionally, be sure to follow us @CBIZCFOConf for updates and line-ups for our future CFO Conferences.