© 2009 Shum Ying Loon All Rights Reserved

Dominic Shum on

© 2009 Shum Ying Loon All Rights Reserved

Highlights of dominic

1. Graduated 1988 with BBA from National University of

Singapore

2. 16 years in Senior Management Positions

3. Experiences includes accounting, finance, planning,

marketing, human resources management, IT, corporate

affairs and training

4. Member of National Institute of Accountants, Australia

5. Member of Malaysian Institute of Management

6. Associate member of Institute of Internal Auditing Malaysia

7. Member of Malaysian Institute of HRM

8. MBA in Entrepreneurial Management (EIA, Australia)

9. Certified Internal Control Management Professional

© 2009 Shum Ying Loon All Rights Reserved

definition

A financial controller is a person who

supervises accounting and financial

reporting within an organization.

For the purpose of discussion I assume

that this covers finance manager,

accountant or even the CFO and other

similar title

© 2009 Shum Ying Loon All Rights Reserved

overview

My views on the expectation of Financial Controllers

The past

Current practice

The future

That’s

me!

© 2009 Shum Ying Loon All Rights Reserved

the past

Record keeping

Collating revenue and cost

Managing excess funds

Managing loans and funding sources

Statutory compliance

Budgeting

© 2009 Shum Ying Loon All Rights Reserved

current

All of the previous &

Part of senior management team

International coverage

Part of the decision making process

(rubberstamping department)

Corporate governance

CIO

© 2009 Shum Ying Loon All Rights Reserved

The future

All of the above!

Decision maker

multitasking

International outlook

Network savvy

CFEO?

© 2009 Shum Ying Loon All Rights Reserved

new expectations of FC

Independent & responsible with bottom line accountability

Value (more) for money

Strategic vs operational coverage

Deal making

To have business acumen & knowledge

Efficient management of productive assets

Proactive corporate governance

© 2009 Shum Ying Loon All Rights Reserved

New trend on management

Analytics (Thomas Davenport, HBR) Managing competitively based on analysis

of information collect from all aspect of business.

Pressure on FC to deliver accurate

Rise of accountability issues (sub-prime?) FCs are also put in charge of risk

management and corporate governance

FC reporting to management on such issues?

© 2009 Shum Ying Loon All Rights Reserved

new things to learn

Get an MBA in marketing or general management but not any more in finance

Learn the ropes quickly –expose yourself in every functional area possible. No more rubber stamping be involved in the proposal itself at early stages

Time & IT management – spreadsheets are for accountants not you

Understand that you cannot do everything …get into networking to get that extra bit of knowledge and skill set

Learn to leverage power in the organization

© 2009 Shum Ying Loon All Rights Reserved

Changes to make in the organization

Streamlining processes according to strategic focus of the organization and take ownership

Control flow of information and reduce disk to eyeballs time.

Knowledge management - effective control means knowing what to control

Globalize financial management

Take the lead in asset management

© 2009 Shum Ying Loon All Rights Reserved

Successful controllers Eddie Tang, Dorset International (Strategic

change)

Tan Wee Seng, ex-CFO & ED of LiNing Company Limited (Value creation & Management control)

Edward Liddy at Allstate Insurance Co./AIG (CFO-CEO) (Strategist, turnaround expert)

Henry McKinnell at Pfizer Inc. (CFO-CEO) (Strategic Planing)

John Dasburg at Burger King Corp (CFO-CEO) (supply chain strategist)

© 2009 Shum Ying Loon All Rights Reserved

that’s all

That’s all , thank you for your attention…..

Contact me at dominicshum@gmail.com