Cost and Risk Management Tips for CFOs







  Stephen Rue, the Chairman of the upcoming marcus evans CFO Summit 2012, on cost and risk management.
 
Interview: Stephen Rue, Chief Financial Officer, News Limited



FOR IMMEDIATE RELEASE


Chief Financial Officers (CFOs) should consider cost-cutting measures in conjunction with the overall business strategy and not in isolation, says Stephen Rue, Chief Financial Officer, News Limited.


The Chairman of the marcus evans CFO Summit 2012, taking place in the Gold Coast, Queensland, Australia, 4 – 6 March, Rue discusses cost management, gaining market share and risk management in today’s challenging economy.


How can organisations lower their expenditure whilst maintaining their competitive edge in today’s economic and business environment?


Any cost management must be conducted in conjunction with the overall business strategy. Cutting costs in isolation of a whole of business plan can be dangerous. All employees should see a purpose behind it, so it is critical to constantly communicate a vision for the future at the same time.


In terms of cost cutting, CFOs should question everything that is done, look to implement shared services, review options for outsourcing, and consider the delayering of management and any opportunities to divest non-core assets.


It is also important to invest some savings back into areas of the business that can be grown. Competitors may also be going through the same difficulties, so it might be an opportunity to gain competitive advantage, grow market share or hire top talent released from competitors.


What risk management strategies could you share?


Risk management is an essential part of the CFO’s job today. The CFO needs to look at all areas of the business and its strategies, from how business plans are being executed to OH&S legal compliance. To ensure all operational areas are covered, it is best to engage the whole business. Key operational management has to understand the importance of assessing the risk environment. They are usually very conscious of issues such as disaster recovery, business interruption, safety and poor execution of plans. This is not something done on a spreadsheet in the CFO’s office. It has to be encapsulated through the whole business. 


As the CFO of News Limited, what are your top challenges and how are you tackling them?


Our greatest challenge is the changing media environment. News Limited has a large proportion of the Australian newspaper market, but consumer habits are changing. Advertisers now have alternative options for marketing their products and services, and are looking for a measurable return on their investment. For us, the big challenge is to continue to protect and support our traditional print business, while growing a new digital business that will be seriously profitable in the future.


Any final thoughts?


The economy today is volatile. Similarly, the pace of change is accelerating; CFOs need to be incredibly vigilant in this environment of increased business risk. They have to think past the traditional role of the CFO and become the eyes and ears of their business.



Contact:
Sarin Kouyoumdjian-Gurunlian
Press Manager
marcus evans, Summits Division
Tel: + 357 22 849 313
Email: press@marcusevanscy.com



About the CFO Summit 2012


This unique forum will take place at RACV Royal Pines Golf Resort & Spa, Gold Coast, Queensland, Australia, 4 – 6 March 2012. Offering much more than any conference, exhibition or trade show, this exclusive meeting will bring together esteemed industry thought leaders and solution providers to a highly focused and interactive networking event. The Summit includes presentations on improved finance strategies, technological innovation, astute leadership, and the impact of climate change on finance.


For more information please send an email to info@marcusevanscy.com or visit the event website at www.cfo-anz.com


marcus evans group – finance/insurance sector portal


The Finance Network – marcus evans Summits group delivers peer-to-peer information on strategic matters, professional trends and breakthrough innovations.










 


  

 

 


Please note that the Summit is a closed business event and the number of participants strictly limited.


About marcus evans Summits


marcus evans Summits are high level business forums for the world’s leading decision-makers to meet, learn and discuss strategies and solutions. Held at exclusive locations around the world, these events provide attendees with a unique opportunity to individually tailor their schedules of keynote presentations, think tanks, seminars and one-to-one business meetings. For more information, please visit www.marcusevans.com



All rights reserved. The above content may be republished or reproduced. Kindly inform us by sending an email to press@marcusevanscy.com