The Better Finance Podcast

How Microsoft's approach to AI could shape the future of finance Dec 03, 2024

In this episode of The EY Better Finance podcast, Cory Hrncirik discusses how artificial intelligence (AI) is changing finance at Microsoft.

Join host Myles Corson as he welcomes Cory Hrncirik, Modern Finance Lead at Microsoft, to discuss the transformation of Microsoft's finance function through the strategic application of artificial intelligence (AI). This episode of The EY Better Finance podcast delves into how AI is modernizing finance processes, enhancing forecasting accuracy and streamlining risk management.

The conversation highlights Microsoft's journey toward innovation within its finance department, marked by the rapid adoption of Microsoft Copilot. Cory Hrncirik outlines the critical role of high-quality, structured and pre-indexed data as the cornerstone for successful AI implementation and the continuous evolution of data management practices at Microsoft.

Moreover, the episode sheds light on the importance of a collaborative culture and systems thinking in achieving corporate objectives. It details Microsoft's strategic efforts to empower finance professionals as citizen developers, enabling them to leverage low code, no code tools, or partner with IT and engineering to catalyze the finance function's transformation.

Insightful and forward-looking, this episode provides a glimpse into how Microsoft's strategic approach to integrating finance and technology is securing its position in the rapidly evolving digital landscape.

How robotics and AI can transform finance in academia Nov 07, 2024

In this episode of The EY Better Finance Podcast, Wayne Andrews, CFO at The University of Sydney, discusses how integrating GenAI and robotics can drive transformation and enhance finance's value.

Wayne Andrews, the Chief Financial Officer at The University of Sydney, shares his journey with host Myles Corson of revolutionizing the university's finance function. He navigates through the challenges of modernizing outdated systems and transforming the finance function from a purely transactional role into a key strategic partner.

Wayne highlights the pivotal role of embracing innovative technologies, spotlighting the establishment of a robotics and generative AI (GenAI) center of excellence. This initiative has significantly improved service delivery and achieved remarkable cost savings. By cultivating a culture of innovation and openness to unconventional solutions, Wayne and his team have not only boosted operational efficiency but also fundamentally changed how the finance function is perceived within the academic community. This transformation has been important in elevating the finance function's strategic impact on the university's overall success.

How CFOs are mastering change in the face of new challenges Oct 22, 2024

In The EY Better Finance podcast, Myles Corson hosts Jenna Fisher and Jim Lawson, co-leaders of the Global Financial Officers practice at Russell Reynolds Associates. The duo share their extensive backgrounds in finance and recruitment, setting the stage for a deep dive into the transformative role of the modern CFO.

The conversation highlights the expanded scope of CFO responsibilities, from traditional fiduciary duties to strategic capital allocation and growth facilitation. Jim notes the shift towards strategy due to changing economic conditions, while Jenna points out the CFO's growing role in potentially succeeding to CEO positions, given the decline of the COO role.

They also examine the importance of developing finance talent in light of automation and specialization within finance functions. The role of technology, particularly AI, was discussed as a tool for optimizing operations and preparing for future leadership roles.

They emphasize the significance of diversity, equity, and inclusion in building effective finance teams and the positive impact of diverse perspectives on performance. Looking forward, they speculated on the future of the CFO role, suggesting that talent may increasingly come from private equity and investment banking sectors.

How serial acquirers can drive value and confidence Sep 16, 2024

Myles Corson hosts Hai Tran, Senior Vice President of MasterCard, and Lukas Hoebarth, Partner at EY, to discuss the intricacies of mergers and acquisitions (M&A) in the face of economic uncertainty. The conversation centers on the important requirement for executive alignment and the strategic deployment of innovative technologies to navigate the complexities of executing mergers and acquisitions (M&A) transactions.

Hai Tran emphasizes the importance of establishing clear integration priorities and the consequences of misalignment, which can lead to lost value. Lukas Hoebarth provides insights into the recent trends in private debt funding and the rise in M&A activity, suggesting a cautious yet opportunistic approach to investment given the macroeconomic volatility.

The episode also touches on the transformative potential of artificial intelligence (AI) across various sectors, the evolving roles within corporate development functions, and the significance of ESG considerations in today's regulatory environment. The guests conclude by discussing the key performance indicators (KPIs) for M&A success and the necessity of a robust talent pool and strategic acumen in the field.

How board members can manage risk and complexity to drive success Aug 14, 2024

This episode of The Better Finance podcast explores the board member’s role in risk management and company structure, and the impact of AI and technology on organizational challenges.

Host Myles Corson speaks with Jan Babiak, an independent board member and audit committee chair with extensive experience across various sectors and countries. The discussion begins with Babiak's recognition as one of the top 20 value-adding directors in the US. Her career journey is then explored, from her early days at the EY organization to becoming a seasoned board member. Jan has experience in areas, such as IT security, cybersecurity, regulatory and public policy, and climate change and sustainability.

Jan emphasizes the importance of boards managing not just routine business risk strategies, but also being prepared for unexpected events and future challenges. She highlights the differences in risk management responsibilities and resources between public and private companies, noting that private companies may not have the same infrastructure and may need to be more agile in their approach.

The conversation also touches on the influence of organizational structures on risk management, the impact of founder culture on private companies, and the challenges of balancing growth opportunities with risk mitigation. Jan shares her insights on the evolving risks associated with technology, particularly artificial intelligence (AI), and the need for businesses to be aware of the potential misuse of such technologies.

Myles and Jan discuss the similarities and differences in board membership across various countries, with Jan noting that while the day-to-day work is largely similar, governance models and regulations can differ significantly. She also offers advice to aspiring board members, stressing the need for intentionality, breadth of experience and openness to serving on different types of boards.

How CFOs can harness the transformative power of AI in finance Jun 19, 2024

In this episode, we delve into the transformative role of the CFO in the rapidly evolving landscape of finance, shaped by the advent of digital technology and artificial intelligence (AI). Glenn Hopper shares his insights on how the traditional responsibilities of CFOs are expanding beyond mere financial reporting to encompass strategic guidance and predictive analytics.

The episode provides an understanding of how CFOs can become pivotal change agents within their organizations. It discusses the importance of embracing technology and AI to not only enhance forecasting and metrics reporting, but also to drive informed decision-making processes. The episode also explores the value of leveraging data from a variety of sources, beyond financial data, to gain a competitive edge.

The episode also explores the reasons for CFOs to conduct thorough reviews of business processes across all departments and explains how identifying inefficiencies and optimizing data flows can help to improve an organization's overall performance. Plus, it offers some insights into the potential opportunities and limitations of AI in financial planning and analysis (FP&A).

Finally, the episode addresses the strategic leadership skills required by CFOs in this age of digital transformation. Glenn shares insights on the need for CFOs to understand data science principles and responsibly leverage AI tools to enhance organizational efficiency.

Why the EU Taxonomy could be a game-changer for green investments May 15, 2024

Brian Tomlinson, EY Managing Director, ESG, Financial Accounting Advisory Services welcomes Evan Tylenda, Head of EMEA GS Sustain at Goldman Sachs and Nadia Humphreys, Head of Sustainable Finance Data Solutions at Bloomberg for an in-depth discussion on the EU Sustainable Taxonomy. The trio delves into how the taxonomy aims to standardize what constitutes “green” economic activities, its role in combating greenwashing, and how it influences a company's transition to sustainable practices.

They share insights from the first two years of reporting under the taxonomy, highlighting its increasing adoption beyond the mandated European companies and its potential to become a market standard for defining “green” funds. With the incoming expansion of the taxonomy to include four other environmental objectives, they discuss the implications for different sectors and the anticipated shift in the sustainable finance landscape.

Finally, they offer advice on leveraging the taxonomy to create a sustainability baseline, embracing voluntary reporting and maintaining transparency, which benefits companies and investors committed to understanding their green footprint and navigating the sustainable finance landscape.

The views and opinions expressed are those of the individuals and do not reflect the official policy or position of EY or any other organization.

How customer connections, reporting and sustainability drive success Apr 16, 2024

In this episode, Lululemon executives Meghan Frank, CFO, and Alex Grieve, CAO, engage in a captivating conversation with Myles Corson. Together, they delve into their pivotal roles in driving Lululemon's success, highlighting the significance of sustainability, customer connections, and technological advancements.

To kickstart the discussion, Meghan and Alex reflect on their unique experience of sharing the CFO role for a brief period, which ultimately resulted in the development of a strong and mutually beneficial relationship between them. They emphasize how open and transparent communication has played a pivotal role in their successful engagement with investors. By consistently focusing on key themes that investors are genuinely interested in, they have been able to shape their communication strategies accordingly.

Recognizing the paramount importance of sustainability, Meghan and Alex proudly view it as an integral part of Lululemon's mission. They prioritize keeping investors well-informed about the company's progress in this domain, and specifically stress the crucial role of accurate reporting, including sustainability reporting.

Customer loyalty is another important aspect that Meghan and Alex address during their discussion. They delve into the various programs implemented by Lululemon to nurture and maintain customer satisfaction. Moreover, they emphasize that the very essence of Lululemon's DNA lies in fostering connection and building a strong sense of community among its customers. By prioritizing these foundational principles, Lululemon continues to cultivate and strengthen its customer relationships, reinforcing loyalty and further solidifying its position in the market.

The views and opinions expressed are those of the individuals and do not reflect the official policy or position of EY or any other organization.

How CFOs navigate the challenges in Finance today Mar 21, 2024

In this episode of The EY Better Finance podcast, we are joined by Deirdre Ryan, Global Finance Transformation Leader, and Andrea Gronenthal, Americas Strategic Tax Transformation Leader from the EY organization, to delve into key findings from the EY Global DNA of the CFO survey.

The episode also features insights from two seasoned global executives : Joseph J. Wolk (Joe), the Executive Vice President (EVP) and Chief Financial Officer (CFO) of Johnson & Johnson, and Nick Priday, the CFO of Dentsu Group Inc., who were interviewed as part of the research.

During the discussion, Deirdre and Andrea examine three paradoxes that CFOs confront on a daily basis: balancing short-term and long-term value, navigating the tightrope between safety and boldness, and transitioning from a traditional skill set to assuming a strategic leadership role.

Enjoy this engaging exploration of the challenges and complexities faced by today's CFOs, and the multifaceted role they play in shaping the future of finance.

The views and opinions expressed are those of the individuals and do not reflect the official policy or position of EY or any other organization.

What sets exceptional CFOs apart: unlocking the secrets of success Feb 29, 2024

In this episode of The EY Better Finance podcast, Jack McCullough president of The CFO Leadership Council, joins host Myles Corson to explore what makes an elite CFO.

In this episode of The EY Better Finance podcast, Jack and Myles dive into the world of CFOs, exploring the unique qualities that make them successful. Jack highlights that it's not just skills, but also personality traits, that can make an exceptional CFO stand out. Jack shares valuable insights on how to develop these traits and build stronger cross functional relationships.

Jack emphasizes the importance of fostering a culture of transparency where everyone feels comfortable sharing ideas and learning from mistakes. He also explains that as a CFO, it can be crucial to help everyone understands the company's goals and values.

In this episode, Jack also stresses the significance of establishing a personal brand as a CFO. This brand reflects one's expertise, reputation, and values within the industry. He discusses the role of a CFO as a storyteller and provides examples on how to create narratives that resonate with specific audiences.

The views and opinions expressed are those of the individuals and do not reflect the official policy or position of EY or any other organization.

Why CFO communication is important in driving organizational change Jan 29, 2024

In this episode, host Myles Corson and Phil Shelley, Chairman of doc Stribute, delve into the significance of clear and consistent CFO communication across all business areas. They explore its role in attracting the right shareholders, stakeholders and employees, and highlight the actions taken by successful CFOs to foster effective communication.

The episode underscores the importance of cultivating the right organizational culture to effectively execute a company's mission and vision. Without effectively communicating these goals, CFOs and their organizations risk attracting the wrong investors and talent, especially in a market where prospective employees and shareholders prioritize understanding the culture they will be a part of.

The episode also discusses the role of technology in the business world and the need for organizations to strike a balance between maintaining alignment and adopting new technologies into daily employee tasks. They also discuss Mergers and Acquisitions, emphasizing that transparent communication, regarding the acquisition's objectives, can be crucial for smooth transactions of this nature.

The views and opinions expressed are those of the individuals and do not reflect the official policy or position of EY or any other organization.

Why the human CFO is vital in the age of AI Jan 08, 2024

In this episode of the Better Finance podcast, Perry Wiggins, CFO at AQPC, discusses technology’s impact on finance and what it means to be a human CFO.

As the chief financial officer (CFO) for American Productivity and Quality and Productivity Center (AQPC), Perry Wiggins leads the finance and accounting teams, as well as servesserving as a member of the executive team. His career before AQPC centered on the health care and non-profit sectors.

While there is often a substantial focus on technology and its impact on finance, Perry is passionate about using technology as a tool and an enabler, but not forgetting the human dimension and the idea of the “human CFO.” Through his experience, Perry has realized that he can find a way to be a good steward of the organization, a great financial leader, but also be mindful of the impact that his decisions have on people's lives.

Perry shares perspectives on the findings from the APQC 2023 Financial Management Priorities survey, including why he expects to see the number of organizations using advanced data visualization tools to rise rapidly from the current 15%.

The views and opinions expressed are those of the individuals and do not reflect the official policy or position of EY or any other organization.

How the finance function can harness the power of AI Dec 04, 2023

In this episode of the Better Finance podcast, Noah Barsky, Professor at Villanova University, joins host Myles Corson to explore the impact of AI across finance function.

Host Myles Corson talks to Noah Barsky, a professor at Villanova University, about the use of artificial intelligence (AI) in the finance function. Noah brings his insights from an article he wrote for Forbes and a survey conducted by EY teams.

Noah dives into the exciting opportunities and challenges that AI presents in finance. He highlights why senior leaders in the C-suite and boards should have meaningful discussions about incorporating AI into their operations. However, many organizations can struggle with this because of distractions and ineffective leadership.

Noah explains what can make a true leader — someone with the ability to think critically, communicate clearly and have a strong sense of purpose. He emphasizes the importance of leaders who can guide their teams, make informed decisions and build trust. He also warns against being dependent on specialized knowledge, as it can hinder decision-making and hold back progress.

Noah stresses that successful AI adoption can require not only understanding the business, but also anticipating future outcomes. He emphasizes the role of bold leadership in setting clear goals and creating a practical plan to achieve them. Additionally, Noah underlines the need for a culture that encourages open discussions about effectively integrating AI into company practices.

The views and opinions expressed are those of the individuals and do not reflect the official policy or position of EY or any other organization.

How businesses can maximize investor wealth for all stakeholders Oct 02, 2023

In this episode of the EY Better Finance Podcast, Myles Corson is joined by Christopher Volk, business leader and author of the book, The Value Equation, a guide to wealth creation for entrepreneurs, leaders and investors.

Christopher’s distinguished business career has included taking three companies public, two of which he founded. Leading those companies, he evolved the ideas that inform the reader that wealth creation for shareholders was a more important measurement of business success than typical earnings metrics. His approach provides a roadmap to how successful companies can create wealth through strong business models.

With this approach, there are six key variables that combine to deliver equity return. The key for the CFO is to dissect the business model, understand where the variables are, and track them over time. The objective is to make the business and the equity worth more than it costs to create. The key stakeholders are customers and shareholders. If a business can deliver value for them, other stakeholders, such as employees, suppliers and communities will all benefit from the wealth created.

In a high-performing business, corporate culture is vital and strong communication should be at the heart of it. Employees should be empowered to put forward ideas and solutions, and not be held back by fear of disrupting positivity.

Finally, Christopher gives us a glimpse into a quote that inspires him and looks forward to a constructive future for finance as it exploits the potential of artificial intelligence (AI).

The views and opinions expressed are those of the individuals and do not reflect the official policy or position of EY or any other organization.

What finance executives can expect with integrated performance management and reporting technologies Sep 21, 2023

This episode of the Better Finance podcast features Maria Montenegro, Chief Strategy and Innovation Officer, Wolters Kluwer, and James Paterson, Vice President and General Manager, CCH Tagetik, North America.

As organizations continue to drive change management and adopt behaviors that embed sustainability into their processes, the integration of ESG performance management with financial and operational reporting is quickly becoming the norm in driving improved business outcomes.

However, it’s a complex task to harmonize financial, strategic, operational and sustainability goals. Finance executives may find themselves taking the lead to standardize and validate the accuracy of integrated financial and nonfinancial data.

In this episode, podcast host Myles Corson discusses with Maria and James how leveraging their corporate performance and ESG technology platforms from Enablon and CCH Tagetik can help provide a centralized source of accessible and reliable data. They explore how this increases collaboration and integrates risk management and performance improvement with reporting.

The views and opinions expressed are those of the individuals and do not reflect the official policy or position of EY or any other organization.

How ESG went from the periphery to the heart of business discourse Sep 06, 2023

This special ESG episode of the Better Finance podcast features Brian Tomlinson from Ernst & Young LLP, and Alex Edmans, Professor of Finance at London Business School.

The environmental, social and governance (ESG) space is at a remarkable phase of its development, having gone from being a niche part of corporate and capital markets discourse to being part of the mainstream. The trends that have been driving that include market participants making commitments around ESG, large corporations embracing aspects of ESG disclosure, and in recent years, the ESG disclosure ecosystem being adopted by regulators in key markets across the world.

We appear to be at a high watermark for ESG, and Alex Edmans discusses how his paper, “The End of ESG,” highlights how ESG should be mainstream for executives and investors. There are many risk factors and opportunities with ESG that can affect the long-term valuation of a company.

The views and opinions expressed are those of the individuals and do not reflect the official policy or position of EY or any other organization.

How finance is important in the age of social media and AI Aug 10, 2023

In this episode of the EY Better Finance podcast, host Myles Corson is joined by Tom Hood, Executive Vice President of the American Institute of Certified Public Accountants (AICPA).

An early adopter of social media, Tom reveals how it has helped him engage with a new generation of finance professionals. Also, he provides advice for CFOs considering venturing into the world of social media.

The episode also explores Tom’s work with the AICPA and the future of the Finance Leadership Group — a community of senior finance leaders who meet to discuss major issues and the future of the industry.

Tom discusses how new technologies, such as artificial intelligence (AI), are beginning to have a significant impact on the finance profession. And how these new technologies could help finance teams to focus more time on adding value across complex finance matters. This is achieved by reducing the amount of resources needed to complete simple and repetitive activities.

The episode explores how mastering these new technologies could lead to the reverse mentorship, in which seasoned financial professionals could benefit from the capabilities and experiences of their younger counterparts. This collaboration with other departments and age groups could help financial professionals widen their perspectives and skill sets at all levels.

The views and opinions expressed are those of the individuals and do not reflect the official policy or position of EY or any other organization.

How tax and finance are evolving to support business and talent Jun 08, 2023

In this episode of the Better Finance podcast, host Myles Corson, Victor Casalino, Americas VP and CFO at Microsoft and Dave Helmer, EY Global Tax and Finance Operate Leader, discuss changes potentially impacting tax and finance today.

Results from the EY 2022 Tax and Finance Operations Survey indicate that, of the 1,700 companies across 45 countries that responded, 85% are scrutinizing their existing finance and tax operating models for issues that can potentially weaken their future impact. Many are finding it necessary to make dramatic adjustments in some key operational areas to keep pace with our evolving post-pandemic workplace.

Talent: Businesses are experiencing a short supply of finance and tax talent internally, particularly those with transformational skills in technology — e.g., AI, machine learning, data modeling — all of which can help drive speed and quality.

Legislative and regulatory changes: Dramatic changes globally sent companies scurrying to find skilled resources to identify and interpret myriad changes and make required adjustments within their company.

Sustainable plans for data and technology: 50% of survey respondents cited the absence of formal, viable data and technology plans as the number one reason they could fail to achieve their mission and vision.

Budget pressures and cost reduction: 74% of respondents said they had to institute cost reduction strategies due to the pandemic and economic downturn.

To help address these and other functional and operational challenges, many large companies are exploring co-sourcing more strategic and value-add activities in their finance and tax functions and partnering with teams outside their organization with deep knowledge and commitment to certain areas of the business. Successful co-sourcing enables companies to streamline and develop consistent processes, automate when possible, and optimize technology to drive value and speed.

The views and opinions expressed are those of the individuals and do not reflect the official policy or position of EY or any other organization.

Bringing the rigor of financial reporting to ESG May 18, 2023

In this episode of the Better Finance podcast, Myles Corson talks to Prat Bhatt, Senior Vice President and Chief Accounting Officer at Cisco, and Ciara Lee, Cisco’s first ESG Controller, about the importance of financial rigor in ESG.

Cisco’s stated purpose is to make the world a better place. So how does the company’s first environmental, social and governance (ESG) Controller make sure that happens?

In a fascinating and wide-ranging discussion, they cover what the rigor of finance can bring to ESG, and the importance of finance’s unique ability to bring accountability, governance, control systems and formal processes to the ESG table. Together, they unpack the challenges of getting to net zero across scope 1, 2 and 3 by 2040, and the particular challenges of scope 3.

The views and opinions expressed are those of the individuals and do not reflect the official policy or position of EY or any other organization.

Market short-termism and its perceived impact on ESG investments Apr 12, 2023

In this episode of the Better Finance podcast, Myles Corson welcomes Brian Tomlinson, ESG Reporting Managing Director at Ernst & Young LLP and Ariel Babcock, Head of Investment Stewardship at Fidelity Investments and formerly Head of Research for FCLT Global, a not-for-profit organization that develops research and tools to drive long-term value creation.

FCLT’s research of short- and long-term business strategies has found that the pressure for quick projects and fast payoffs may trigger poor outcomes and investment value erosion. In fact, short-termism is experiencing some market pushback due to the constraints it places on decision-making relative to longer-term investments.

It seems clear that short-termism does constrain companies’ appetite for investing in environmental, social and governance (ESG), primarily due to ESG’s inherent medium- to long-term (often times decades long) payoff. ESG investments may be minimized or cut entirely to hit short-term earnings goals, possibly undermining shareholder rights as a result. Particularly in turbulent economic environments where companies tend to hoard capital, long-term goals may be weakened or overthrown.

The views and opinions expressed are those of the individuals and do not reflect the official policy or position of EY or any other organization.

How to maximize the cloud for finance and tax transformations Mar 22, 2023

Myles Corson, EY Global & Americas Strategy and Markets Leader, Financial Accounting Advisory Services, Dave Helmer, EY Global Tax and Finance Operate Leader, and Lyn Bird, VP, Cross-Industry at Microsoft, were guests on the EY Microsoft Tech Directions podcast. Together they discuss how technology is enabling modern finance and tax transformations. Talent shortages, legislative change, and technological transformation caused by the pandemic and geopolitical uncertainty are placing unprecedented pressure on corporate finance and tax departments. In-house finance and tax specialists are tracking a growing set of requirements that crowd their agenda. These developments are increasing the workload for functions that are facing budget cuts and unparalleled skills shortages.

Many businesses are co-sourcing select activities to tech-enabled finance and tax specialists. The mounting complexity of modern finance and tax systems is leading corporate finance and tax departments to pass at least some of the responsibility for routine work to outside providers. Whether it’s in-house, managed services or a blend of both, co-sourcing routine tasks such as financial planning, tax and statutory accounting can help improve efficiency and give senior staff the breathing space to tackle answers to some of the big strategic questions facing businesses.

In this podcast, our panelists share how businesses are taking action to adjust to these changing dynamics and how leaders can better position their finance and tax functions, leveraging data and technology, to add greater value to the organization.

The views and opinions expressed are those of the individuals and do not reflect the official policy or position of EY or any other organization.

Think ESG: a view of the EU Taxonomy Feb 20, 2023

This special Think ESG episode of the Better Finance podcast features Brian Tomlinson from Ernst & Young LLP, and Nathan Fabian, Chief Responsible Investment Officer at the Principles for Responsible Investment.

The discussion sheds light on the EU taxonomy: a system for reporting on sustainable activities. The taxonomy is expected to be a lasting reform, with significant implications for companies with operations in the EU.

The EU has placed sustainable finance and the transition to a sustainable net-zero economy at the core of its growth strategy. Efforts were directed toward development of a taxonomy with standardized environmental performance criteria aligned with the Corporate Sustainability Reporting Directive and the Sustainable Finance Disclosure Regulation. Communication and disclosure of progress toward alignment of companies’ economic activities with the taxonomy’s sustainability performance criteria was a priority.

The EU taxonomy creates the concept of “green by law” and provides an objective set of largely science-based criteria by which activities are measured in order to be labeled and marketed as “sustainable.” The taxonomy structure indicates when an activity makes a substantial contribution to one of six environmental objectives (climate change mitigation, climate change adaptation, water, circular economy, pollution and biodiversity) with no significant harm done to the other five.

A recent EY study examines the first-year results of the application of the taxonomy and the disclosure practices adopted by EU companies in the first wave of reporting.

Visit ESG Reporting on ey.com for more.

Think ESG: Finding the path to ESG-linked financial value Jan 27, 2023

This special ESG episode features Brian Tomlinson, Ernst & Young LLP, and Tensie Whelan, Director, Center for Sustainable Business at NYU’s Stern School of Business, as they explore ESG reporting and the correlation between sustainability and financial performance.

Environmental, social and governance (ESG) performance, and how it is reported has gained significant attention across the market — as investors continue to drive for more consistent and transparent ESG metrics that will help them better assess corporate health and long-term value.

The EY Global Institutional Investor Survey found that 89% of the investors said they would like the reporting of ESG performance — measured against a set of consistent standards across the globe — to become a mandatory requirement.

While many corporations are reporting on their ESG performance and financial performance, they are often not reporting on how the two relate. The challenge most businesses face is proving the monetary impact of their sustainability efforts. So, the Center for Sustainable Business at the New York University Stern School of Business developed a Return on Sustainability Investment (ROSI) methodology to bridge the gap between sustainability strategies and financial performance, helping to build a better business case for both current and planned sustainability initiatives.

The pace of change in ESG reporting continues to accelerate. Corporate leaders across the organization should recognize and address the ESG needs of investors and all their stakeholders to create sustainable, long-term value.

Visit ESG Reporting on ey.com for more.

How the evolving ESG regulatory landscape is impacting finance Oct 27, 2022

In this episode, Myles Corson welcomes Marc Siegel, EY Americas Corporate and ESG Reporting Leader, and Brian Tomlinson, ESG Managing Director at Ernst & Young LLP, to discuss updates on ESG reporting matters, sustainable finance trends and the launch of subseries of the Better Finance podcast dedicated to ESG regulations and initiatives.

How finance can provide security in a world of uncertainty Sep 28, 2022

In this episode of the Better Finance podcast, Myles Corson welcomes Ken Tanji, Chief Financial Officer of Prudential to discuss how to achieve financial security in a world of growing disruption, the importance of inclusivity and DEI in finance, and the key to successful hybrid working and employee satisfaction.

How CFOs can be the drivers of organizational change May 24, 2022

In this episode, Myles Corson welcomes Joel Bernstein, CFO, Customer Success & Head of Global Finance at SAP. They discuss SAP’s business model transformation, how finance functions adapted during the pandemic to accelerate investments in digital finance, and SAP’s strategy to make environmental, social and governance (ESG) reporting more transparent to become a more customer focused business.

SAP has had to embrace significant change in their transformation from a legacy business model to a cloud based business model. An integral part of the business transformation was the ability to articulate corporate purpose, as well as a clear strategy about where the business was heading, to engage and inspire its people to make a sustained change.

ESG and sustainability issues are being widely embraced by the business world at large. As regulators, including the recent proposal from the US Securities and Exchange Commission, introduce global standards on climate-related disclosures reporting requirements progress, CFOs have a valuable and critical role to play in building reliable ESG reporting processes. SAP is a frontrunner in sustainability in finance, having announced carbon neutrality by 2023, two years ahead of what they originally thought they’d be able to accomplish.

By becoming a customer focused business and considering the needs of both internal and external customers, Joel believes finance has the opportunity to be a better business partner and thought leader to drive change across the organization.

If finance is not fully involved in transformation, it’s happening without the function, and not as a result of it. Be on the right side of that equation.

Embrace the opportunity for finance to be a business partner, thought leader, and change driver. Finance should not be the reason that things cannot change.

The importance and acceleration of ESG and sustainability in Finance is very visible, and it is taking shape in the office of the CFO. This is a unique opportunity for finance to link operational and financial data to sustainability, making a big impact to the organization and its stakeholders.

The views and opinions expressed are those of the individuals and do not reflect the official policy or position of EY or any other organization.

Future of reporting: the journey to global ESG standards Mar 18, 2022

This special episode of the Better Finance Podcast focuses on the importance of environmental, social, and governance (ESG) standards in finance. Marc Siegel, EY ESG Reporting Thought Leader, and Janine Guillot, CEO of the Value Reporting Foundation (VRF), discuss the role of VRF in simplifying ESG reporting and disclosure. The conversation highlights how corporations can adopt an ESG strategy, measure ESG performance using relevant metrics, and make ESG disclosures in a transparent manner. The discussion also examines the importance of involving cross-functional teams in ESG initiatives to help drive successful adoption of global ESG standards.

In 2021, the Value Reporting Foundation (VRF) was formed through the merger of the Sustainability Accounting Standards Board (SASB) with the International Integrated Reporting Council (IIRC). The integration of these two entities signalled significant progress towards the development of environmental, social and governance standards.

The SASB's comment letter to the SEC made it clear about the importance of ESG disclosure, including climate risk, in assessing financial performance and business risk. Companies should consider ESG disclosure as an essential aspect of their ESG strategy.

Europe has come out with an intent to develop European nonfinancial reporting or ESG standards, that would be applicable to companies and have asked the Financial Reporting Advisory Group to develop those standards. There is strong demand from global companies and global investors for some sort of international harmonization around standards.

The views and opinions expressed are those of the individuals and do not reflect the official policy or position of EY or any other organization.

How finance leaders are building the future of finance today Feb 17, 2022

In this special episode Pat Grismer, Former CFO of Starbucks, Hyatt Hotels and Yum Brands, and Cory Hrncirik, Microsoft Modern Finance Lead, join Myles Corson for a wide-ranging discussion on the future of finance. Their conversation covers the important role of CFOs in shaping strong company culture, investing time in talent development, and leveraging finance data to drive strategy and resource allocation. The episode also provides insights from seasoned finance experts on how the finance function can have a significant impact on driving business success.

The future of finance is being shaped by major forces, including changes in consumer habits, technological advancements, and a heightened focus on social responsibility. As a result, finance leaders should adapt and innovate in order to stay ahead of the curve and help to provide continued growth for their organizations. This can require a rethink of established finance functions, such as planning, forecasting, and resource allocation, with a focus on agility and relevance. Finance technology and innovation can face challenges and opportunities as a result of these shifts.

Cory Hrncirik shares insights into the future of finance in this discussion. He highlights the increasing challenges CFOs face in keeping pace with evolving business models. The finance function, responsible for forecasting and budgeting, is bombarded with massive amounts of finance data, making it difficult for them to effectively manage it. Learn about the current state of finance along with steps being taken to ensure the finance function stays competitive.

CFOs have an important role supporting investments in ESG while continuing to drive the company’s economic engine.

Talent and culture are a key element of the CFOs agenda, particularly attracting and developing for emerging skills.

CFOs can increase their impact by adapting how they communicate to better engage with key stakeholder groups.

CFOs have never had a better opportunity to transform the finance function by setting a clear vision, empowering their people to adopt a growth mindset and unlocking the power of data and finance technology.

The views and opinions expressed are those of the individuals and do not reflect the official policy or position of EY or any other organization.

How current macroeconomic and geopolitical trends are impacting finance Jan 06, 2022

Host Myles Corson discusses the impact of macroeconomic and geopolitical trends including trade disruptions with Sally Jones, EY UK Trade Strategy & Brexit Leader and Nicolas Veron, Senior Fellow at Bruegel, Brussels & Peterson Institute for International Economics, Washington. They discuss how Brexit and Covid-19 are reshaping trade policies and the CFO’s role in the global environments.

The discussion references two major events - Brexit and the COVID-19 pandemic - exploring how they have impacted macroeconomic and geopolitical trends. Sally and Nicolas share their perspectives on the evolving role of CFOs pre- and post-pandemic, and ways industries are pushing themselves in new and innovative ways to cope with changes.

Industries are now pushing themselves in new and innovative ways to stay relevant. Corporations and government organizations have been incredibly adaptive to the lockdown conditions presented by the pandemic, effectively utilizing technology to shift from in-person to remote work. The challenges businesses are facing and how they’re shaping the role of the modern CFO and finance leaders in addressing those challenges cannot be understated, particularly for cross-border businesses.

Technology is moving faster than governments and regulations can keep pace with. As disparate regulations emerge to protect consumers and their data, it has become increasing difficult for companies, particularly cross-border businesses, to meet all of the obligations.

Plurilateral trade negotiations are coming together to create cutting-edge, trading commitments that will oblige companies operating within those countries to meet new and more ambitious sustainability standards.

Trade disruptions, including ones experienced with Brexit or pandemic-related supply chain issues, can help companies pinpoint and modify business functions that operate in isolation.

The views and opinions expressed are those of the individuals and do not reflect the official policy or position of EY or any other organization.

Learn how new age data analytics is pushing private company CFOs to adapt and innovate Nov 23, 2021

In this episode, podcast host Myles Corson welcomes Jennifer Crowe, CFO of CognitiveScale, and Anthony Sgammato, EY America’s Private Assurance Leader to discuss the importance of data analytics for private company CFOs.

They discuss how finance leaders can leverage the vast amount of data to sustain a competitive edge using tools such as business intelligence, artificial intelligence, and cloud storage while navigating potential challenges such as the rise in cyber-attacks and cultural integration issues. Listen in to learn more about the role of financial data analytics in the success of private companies.

For an AI software company such as CognitiveScale that makes augmented business intelligence systems, this growth in data has proven beneficial in providing true market insight. Jennifer points out that they can now integrate with other sales tools to target customers in a smarter and more efficient way. For many others, the benefits can outweigh the challenges offering the opportunity to leverage business intelligence systems, artificial intelligence, and cloud storage to bring insights from data in real time.

The initial reluctance within the Board to put sensitive financial data into the cloud is now fast changing. New cloud technology has helped transform the way companies like CognitiveScale work, enabling real-time collaboration and flexibility both internally and externally. The rise of financial data analytics has prompted many firms to leverage cloud technology in various ways. This has led to more and more CFOs seeking the help of external partners for data hosting and management.

These new business intelligence systems and data that’s being driven are providing private companies with insights that young talent can use in a more efficient way. This will enable them to do more with less and be more cost efficient, as well as work on different projects throughout the organization to expand their experience.

Private company CFOs are flooded with data and understand that financial data analytics can be an important tool for maintaining a competitive edge. They recognize that the end benefits exceed the challenges of rise in cyberattacks and offers the opportunity to leverage business intelligence systems, AI, and cloud storage to bring insights from data in real time.

Financial accounting is seeing an acceleration in adopting new cloud technology into the finance function.

Private companies, as opposed to public companies, are more likely to provide young talent with the opportunity to really build from the ground up, potentially leading to new and exciting accounting and finance initiatives.

The views and opinions expressed are those of the individuals and do not reflect the official policy or position of EY or any other organization.

The CFO’s expanding role in the ESG ecosystem Oct 09, 2021

In this episode of the Better Finance podcast, Myles Corson discusses the growing importance of environmental, social, and governance (ESG) issues in the real estate investment trusts (REITs) sector. He is joined by Fulya Kocak, senior vice president of ESG issues for National Association of Real Estate Investment Trusts (Nareit) and Serena Wolfe, chief financial officer of Annaly Capital Management. Listen as they delve into the role of REITs as ESG change agents and the impact of the COVID-19 pandemic on the ESG ecosystem. Get insights into the latest ESG initiatives in the real estate sector.

The impact of the global pandemic has pushed businesses to adapt and embrace innovative ideas for decision-making processes along with acting as agents of change. While it proved to be an adaptability test for almost all sectors, the initiative also revealed gaps and issues that could be resolved through with great solutions and ESG strategies.

For real estate companies, the pandemic led to changes in how they operate including updates to cleaning protocols in anticipation of reopening workspaces. Additionally, property owners and landlords invested in the latest technologies for indoor air quality, studied energy consumption versus occupancy and witnessed an increase in health and wellness rating applications. This shift indicates the growing importance of ESG initiatives and compliance in the industry.

Annaly Capital Management brought together its infrastructure, IT infrastructure and human capital in ways never considered before, in response to the magnified importance of emergency planning and system resiliency.

Given the challenges faced through the pandemic, investors are not only focused on how businesses are responding to COVID, but also on the business continuity plan. With a growing focus on environmental, social, and governance (ESG) practices and meeting stakeholder expectations, it is crucial for CFOs to lead the way in defining the company's and industry's ESG strategy. Being proactive and instrumental in shaping the company's ESG approach helps it stay ahead of evolving ESG regulations.

The CFO now plays a critical role in managing change, assessing where the company is today and how it can benefit from the ESG ecosystem in the future. It’s an opportunity to make a long-lasting, meaningful impact in the face of continued uncertainty and disruption.

Stakeholder engagement is a critical part of the CFO’s role around ESG. CFO leadership today is more proactive and instrumental in helping the C-Suite define what ESG means for the organization.

Good sustainability leadership is not tied to a title or a person. The key is to have passion, the ability to endure change and implement strategies, and strong communication and collaboration skills.

There’s an incredible amount of entrepreneurship and interest around ESG topics. CFO’s should empower their people to embrace new ideas, because it’s an opportunity for everybody to make a long-lasting, meaningful impact.

The views and opinions expressed are those of the individuals and do not reflect the official policy or position of EY or any other organization.

How can diverse experience enhance the career path to being a successful CFO? Jul 02, 2021

In this episode of the Better Finance podcast, Myles Corson is joined by Dave O’Hara, corporate vice president and chief financial officer for Commercial Finance at Microsoft.

Dave shares how his unconventional career path, going from public policy and economic development to a friend’s software company, eventually led to being CFO of a major division in Microsoft. He attributes his career success to never staying too comfortable and embracing change, never backing down from a challenge, and finding the right mentor who will help you think differently and grow your career.

How agile forecasting and planning is evolving the role of finance May 04, 2021

Podcast host Myles Corson welcomes Ryan Grimsland, Senior Vice President Corporate Finance and Treasurer at Lowe’s Companies, and Loren Garruto, EY Partner and Global and Americas Corporate Finance Leader. Together, they discuss how finance can enable business to better manage unpredictable market behavior as seen during the COVID-19 pandemic. They take a closer look at the challenges caused by the pandemic and how becoming more agile in forecasting and planning can help the business prepare for future disruptions.

Tomorrow’s CFO and the finance skills of the future Mar 09, 2021

Find out more about the role of tomorrow’s CFO and the future skills of finance. Podcast host Myles Corson welcomes Simon Bittlestone, CEO of Metapraxis, a financial analytics company, and Andrew Harding, chief executive of Management Accounting at the Association of International Certified Professional Accountants, which was created in 2017 when they brought together the American Institute of CPAs and the Chartered Institute of Management Accountants (CIMA).

Closing the ESG gap in corporate reporting Feb 11, 2021

Podcast host Myles Corson welcomes Brian Tomlinson, Director of Research, CEO Investor Forum, Chief Executives for Corporate Purpose (CECP), and Marc Siegel, a member of the Sustainability Accounting Standards Board (SASB) and EY partner. Together they discuss the acceleration of ESG, or environmental, social and governance, issues in corporate reporting. Their conversation also considers the increasingly vital role ESG plays in investor communications and what investors are looking for companies to disclose. © 2021 Ernst & Young LLP

How technology and managed services are transforming lease accounting Dec 14, 2020

Podcast host Myles Corson welcomes Michael Keeler, Chief Executive Officer of LeaseAccelerator, to discuss how technology and managed services are transforming lease accounting. Together, they take a closer look at the challenges, administrative burdens and missed cost saving opportunities of large lease portfolios. The conversation continues with managed services and how technology is helping to automate, harmonize and simplify the leasing process and lease accounting compliance.

How will ESG performance shape your future? Nov 20, 2020

Podcast host Myles Corson welcomes Dr. Matthew Bell, EY’s Asia Pacific Climate Change and Sustainability Services (CCaSS) Leader, to discuss his varied career path and key findings from the 2020 EY CCaSS Institutional Investor survey, How will ESG performance shape your future?

How are political and economic disruptions impacting the tax landscape? Oct 28, 2020

Podcast host Myles Corson welcomes Marna Ricker, EY Americas Vice Chair – Tax. They discuss the depth of the US government response to COVID-19 and the impact the 2020 US presidential election will have on the tax landscape and overall economy. Their discussion also analyzes the role that technology has played in tax during COVID-19, and the types of technology and software CFOs and tax executives are seeking out to help them access more data at a faster pace.

How artificial intelligence is disrupting the finance function Jun 10, 2020

Trust is the foundation on which organizations can build stakeholder confidence and active participation with their AI systems. However, in the finance world, one mistake, or the perception of a mistake, can harm an organization’s trust in the technology. How do finance functions build trust into their AI?

Podcast host Myles Corson welcomes Cathy Cobey, EY’s Global Trusted AI Advisory Leader, to discuss how she helps organizations understand some of the new risks that AI brings and how, most importantly, they can start to create the right governance and control mechanisms.

They explore the broad definition of AI, and its growing use in the COVID-19 landscape. With AI introducing new risks and impacts that have historically been the purview of human decision-making, organizations need a new framework for identifying, measuring and responding to the risks of AI to make it operational. © 2020 Ernst & Young LLP.

Blockchain continued: The evolution of a transformative technology Mar 21, 2020

Podcast host Myles Corson welcomes back Paul Brody, EY Global Blockchain Leader, to discuss the evolution of blockchain and how it is enabling seamless transactions and near real-time exchange of information, to evolve into an open, scalable, compliant and secure public transaction system. #betterfinance © 2020 Ernst & Young LLP.

Navigating the next wave of private equity Dec 27, 2019

Winna Brown, Private Equity (PE) Leader in the EY Americas Financial Accounting Advisory Services practice, joins podcast host Myles Corson to discuss PE’s ability to create operational value and its long-term outlook. Though traditionally seen as a tool for financial engineering and cost reduction, their conversation explores how companies can think about private equity at any point in its growth life cycle and why talent is at the top of the list in terms of private equity focus. #betterfinance © 2019 Ernst & Young LLP.

Reshaping statutory reporting and compliance with technology Oct 31, 2019

Andrew Hay, Head of Proposition, Statutory Reporting and Shared Service Centers at Thomson Reuters, joins podcast host Myles Corson to discuss how companies can standardize and centralize global finance operations by leveraging technology. Their conversation examines how the area of statutory reporting and tax compliance is evolving, the opportunities and challenges organizations have with standardization as they transform their organizations and address the risks of protecting financial data in the cloud. © 2019 Ernst & Young LLP. All rights reserved.

When Great Technology Meets Great Finance Professionals Aug 29, 2019

This special podcast episode features an abridged recording of “When Great Technology Meets Great Finance Professionals” a panel discussion from the 2018 Current Financial Reporting Issues Conference hosted by Financial Executives International. The panel, moderated by Myles Corson, included David Fabricant, SVP, Global Record to Report Controller at American Express and Dan Werries, formerly Global Director for Finance Systems, Purchasing Systems and Analytics at the Dow Chemical Company and now VP Information Technology, Corporate Enablement at Intel Corporation. They discuss how integrating technology into the finance function can create more than just immediate efficiencies and cost savings.

Communicating long-term value: investor-driven trends in corporate reporting Jul 23, 2019

Marc Siegel, a member of the Sustainability Accounting Standards Board (SASB), former member of the Financial Accounting Standards Board (FASB) and EY partner, joins podcast host Myles Corson to discuss key trends in corporate reporting. Their conversation takes a closer look at the influence of short-termism on an organization’s long-term value story, the power of shareholder activism, the insatiable consumption of data by investors and other reporting challenges finance executives face today. © 2019 Ernst & Young LLP. All rights reserved.

The emerging role of finance in purpose-led organizations Jun 21, 2019

Kris Pederson, EY Americas Governance Leader, joins podcast host Myles Corson to discuss strategic and purpose-led transformation and the importance it has in communicating long-term value. ©2019 Ernst & Young, LLP. All Rights Reserved.

How can finance enable better business decisions? May 02, 2019

Tom Shea, Chief Executive Officer at OneStream Software, joins podcast host Myles Corson to discuss the role of corporate performance management (CPM) solutions in helping CFOs rationalize data and enabling managers across the enterprise make better business decisions.

Digital transformation: the role of the CFO Mar 25, 2019

John Murphy, Executive Vice President and CFO at Adobe Inc. joins podcast host Myles Corson to discuss the role of the CFO in enabling digital transformation and its impact on the finance function. Ernst and Young, LLP © 2019.

Better Insight, Better Decisions: How Emerging Tech is Evolving the Finance Function Dec 07, 2018

Host Myles Corson and Chief Data Analytics Officer and Emerging Technologies Leader, Chris Mazzei, discuss the ways in which emerging technologies such as blockchain, artificial intelligence and robotic process automation are impacting businesses and how finance executives are adapting to these changes. ©2018 Ernst & Young, LLP Limited. All Rights Reserved.

Digital Transformation: Building the Finance Leader of the Future Oct 19, 2018

EY's Myles Corson and Global Vice Chair of Assurance, Felice Persico, discuss how finance is being redefined, in areas from reporting to auditing, and how finance leaders need to view technology as a tool for creating the finance function of the future.

Data-Driven Finance: From Insight to Action Sep 24, 2018

EY’s Myles Corson sits down with Microsoft Americas CFO Jack Ryder to talk about the evolving role of finance. Together, they discuss integrating real-time data with human analysis as well as Microsoft’s four pillars for finance: People, Prioritization, Partnership and Protection.

Automation, Integration and Modern Finance Jun 27, 2018

With automation and integrated technology on the cusp of redefining today’s accounting, function leaders need to be smart about how to efficiently and effectively implement new offerings. EY’s Myles Corson sits down with BlackLine founder and CEO Therese Tucker to discuss a strategic shift in the way the function operates and redefining accounting as a critical partner in driving forward new business objectives.

Innovation Powers Reporting of the Future May 30, 2018

The complexities of corporate reporting are increasing, driving the necessity to utilize technology to bring innovation to reporting and the finance function overall. EY’s Myles Corson, Peter Wollmert and Dana Bober discuss this disruption and how to prepare finance professionals for the shift.

Artificial Intelligence in the Working World Apr 13, 2018

Artificial intelligence is on the rise, and applications like machine learning and speech recognition are positioned to transform the business landscape. EY’s Myles Corson and Nigel Duffy, Global Innovation Artificial Intelligence Leader at EY, discuss how AI can enhance human insight.

Startups, New Tech and the Strategic CFO Mar 20, 2018

Adapting and incorporating new technologies is leading the way for exponential change in companies. EY’s Myles Corson and Deepak Krishnamurthy, Chief Strategy Officer and Executive Vice President at SAP, discuss emerging technologies and the role the startup community plays in innovation today.

The Future of Financial Reporting Jan 12, 2018

EY’s Myles Corson is joined by Leslie Seidman, chair of the recent Pacesetters in Financial Reporting Conference and Executive Director of the Center for Excellence in Financial Reporting at the Lubin School of Business, for a discussion exploring enhancing financial reporting practices in a time of exceptional change.

Corporate Reporting in an Age of Disruption Dec 07, 2017

Financial Executive International’s 2017 Current Financial Reporting Issues Conference co-chairs, Sharon Virag and Heather Dixon, speak with EY’s Myles Corson on how the financial reporting function can help their organizations evolve and change in the era of disruption.

Transformation and Innovation in Tax Nov 06, 2017

Emerging technologies and innovation are changing the way tax functions operate. EY’s Myles Corson and Jeff Saviano share insights on the transformation in tax, how the tax function is evolving to be more digital and the future skill set of the tax professional of the future.

Digital Disruption's Impact on the Talent Pool Oct 04, 2017

How do technology and talent work best together? EY’s Myles Corson and Tony Klimas discuss digital disruption’s impact on the finance talent pool and how skill sets are changing in order to help finance deliver strategic insights for an organization.

Financial Reporting: Navigating Today’s Reporting Demands Sep 01, 2017

Finance professionals are facing both demands to deliver information more quickly and requirements surrounding long-term value and measurement. EY’s Myles Corson and Neri Bukspan talk about how finance professionals can navigate the diverging trends in financial reporting and deliver the most value to stakeholders.

Blockchain: The Technology Reshaping Finances and Transforming Transactions Aug 01, 2017

Blockchain technology is poised to transform the finance function and has the potential to solve real business issues facing many companies today, tightly redefining the relationship between business operations and finance in ways that have never been possible before. EY's Myles Corson and Paul Brody discuss blockchain's revolutionary impact.

Finance 4.0: The Changing Role of Finance in the New Economy Jun 19, 2017

EY's Myles Corson and Mike Cowan discuss how the role of the finance function is changing and what that means for CFOs of the future.

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