CPA Congress Sydney 2015 - Day Two Wrap Up
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Michael Blythe explored the economic opportunities and pressure points for Australia and other economies over the next five years. All forecasters expect continued Australian economic growth, though below average. Unemployment is peaking at just over 6%. The rise of middle income consumers in Asia is expected to reach 1.25 billion by 2020 and demand more goods and services. There is debate that potential GDP growth rates may be lower than the assumed 3.25%, which would mean less spare capacity and less need for policy stimulus.
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CPA Congress Sydney 2015 - Day Two Wrap Up
- 1. SYDNEY – DAY TWO WRAP UP Tuesday 20th October, 2015
- 2. Michael Blythe Chief Economist, Managing Director, Economics, Commonwealth Bank of Australia Australia: The next five years Key points to remember:About the session: In recent times we have seen an unprecedented level of transition in global and Australian economic markets. The economy continues to perform better than most people realise. However, what does the future hold for Australia and abroad? Michael Blythe explores the pressure points and opportunities that lie ahead for the US, Eurozone, Asia and Australian economies. All forecasters think the Australian economy will continue to expand - although economic growth is expected to run below average for a while. Public finances and the financial system remain in reasonable shape - the AAA sovereign rating remains. Unemployment appears to be peaking at just over 6%. The rise of middle income consumers in the Asia Pacific region is expected to reach 1 1/4 billion by 2020. Middle income populations want more goods - housing, food and consumer durables - and services - education, tourism, financial services. The Chinese Government has set a growth target of 7% for 2015. There is a debate that potential GDP growth rates are lower than the 3 1/4% long assumed . If potential growth rates are lower then: • there is less spare capacity in product and labour markets than assumed • there is less need for additional policy stimulus if the shortfall in aggregate demand is smaller • income growth will be lower • interest rates, on average, will be lower
- 3. Jacquetta Griggs CPA Financial Controller, Sturrock and Robson Australia Liberating cash through effective working capital management Description: Key Points to remember: Effective working-capital management is crucial to liquidity and cash generation. Sustainable improvement will enable an organisation to execute strategy and drive its growth potential. Using current business examples, the focus of the presentation was on understanding that the key to successful cash management is to be in control of each step in the working-capital cycle. Businesses with effective cashflow management have the flexibility to take advantage of opportunity and growth. About the session:
- 4. James White Director, Ernst & Young Leading cultural and operational transformation Key Points to remember: In this session James White discussed culturally aligning both Australian and international teams embedding process and building continuity of the workforce About the session: • You can't change people but you can change their behaviour in the workplace • It's important to understand the cross- cultural differences of people in your workplace • If you want to do any operational or cultural transformation you need to build up trust, have a good rapport, acknowledge diversity and reward a good team • All organisations have hundreds of tools for collaboration such as Yammer or Lync - it's important to choose the right tool for your business
- 5. Matt Fehon Partner, McGrathNicol Fraud and corruption in modern business – How well do you know your people? Description: Key Points to remember: Steven will discuss the work QBE had done in establishing their large-scale global shared services centres in record time, including: - integrating an effective shared services model in three major geographic locations - culturally aligning both Australian and international teams - embedding process and building continuity of the workforce When instances of fraud and corruption come to light, most victims conclude, with the benefit of hindsight, that a flawed or non-existent internal control system is to blame. However, fraud and corruption are essentially a “people problem” and the logical solution, therefore, is for the organisation to get to know its people better and to better control the people risks. Using a case study approach, this session looked at what motivates people to commit financial crime, how perpetrators justify their conduct and what, if anything, would have stopped them in their tracks. It explored warning signs of corrupt behaviour and provided guidance on how to protect businesses against internally-instigated criminal behaviour. About the session:
- 6. Sonia Bhojwani Head of Financial Operations, SBS Leading the modern workforce with cultural intelligence Key Points to remember: Examined the challenges of managing, leading and influencing across cultures and borders. Navigating conflict, communication barriers, managing distrust and motivating a culturally diverse groups are all requirements of any leadership role. This session taught how to: • create high performing teams, by creating leadership alignment based on reconciliation of cross-cultural differences • grow you CQ, be equipped to lead multi- cultural teams and work across borders • overcome communication barriers resulting from differences in geography, language and culture • be comfortable in starting a conversation on the effect that cultural differences have on performance. • distinguish behaviours arising due to cultural upbringing that may hinder team adaptability • solve cultural differences because you understand the background About the session: Formula: IQ + EQ = CQ Four factors of CQ: Drive Knowledge Action Strategy What are the organisational benefits of CQ? Fosters innovation Avoids groupthink Attract and retain top talent Improved productivity Reduced compliance costs CQ action points for the workplace: 1. Adapt your communication - both verbal and non-verbal 2. Lead differently - depending on situation and people 3. Know when to adapt
- 7. Bri Williams CPA Principle Consultant and Behavioural Specialist, People Patterns Practical leadership – using behavioural techniques to influence performance outcomes Key Points to remember: Attract, retain and grow the right staff by understanding the hidden motivations that shape behaviour. Learn why people really behave the way they do, and how to better influence outcomes. Using insights from the emerging field of behavioural economics we covered the science behind why: • Interviewing people while they are driving a car can be a good idea • how you communicate a pay rise is as important as what the pay rise is • financial incentives can make performance worse • where you hold a meeting can change the outcome About the session:
- 8. Steven Hui CPA Founder and CEO, iFLYflat Growth opportunities within SMEs: Should David replicate Goliath? Key Points to remember: Steven Hui shared his experiences building his business - iFLYflat. He discussed: • Why grow? • How to grow? • Risks of growing? • Where to grow? About the session: • Why grow a SME? You have more freedom, you can prove your capability, you can provide a unique service and you can spread your vision • Growing a business is like working with Lego blocks, you need to decide what you want to build first • How to grow? With partnerships, with referrals, marketing, advertising, PR and social media • Risks of growing? More of a chance that something could go wrong, cash flow problems and extra stress • Where to grow? Geographically, customer segments, expand service offerings and cross promotions with other companies • You don't need to be big - you need to be impactful and influential to grow
- 9. Paul Drum FCPA Head of Policy, CPA Australia Reforming Australia’s tax system Is holistic and meaningful tax reform really achievable in Australia? This session provided an update on the Australian Government’s Tax White Paper process, including CPA Australia’s ten- point plan for reform, aimed at enhancing Australia’s competitiveness and improved standards of living by encouraging investment, consumption, savings and job creation. Key Points to remember:About the session: • We need to keep the economy growing to safeguard our way of life • CPA Australia has a 10 point plan of preferred reform on the tax system via the Rethink discussion paper - find it here on the website • The focus of tax reform is on outcomes - creating jobs, growing the economy and removing inefficiencies • There are four 'what if' scenarios of GST models showing how Australia's GDP could be increased - find it here on the website • The OECD has two papers that summarise the action plans on base erosion and profit shifting - find the papers on the OECD website
- 10. Craig Templeton Principle, Cyber Security Research, ANZ Banking Group Cyber is the new black Cyber has gone mainstream. There’s not a week goes by that the news isn’t filled with stories about cyber-crime and data breaches. Mega trends such as the adoption of social media, big data, cloud computing and increasingly artificial intelligence, coupled with a crash in the cost of computing, have accelerated the use of new technologies, and with it, introduced new risks and attack paths for business. Moreover, individuals and corporations are consuming these services on a platform that was never intended nor designed to carry these new services or support the business models we have today such as the “sharing economy”. But what is the biggest cyber threat to organisations today and in the future and is there anything they can do about it? Join Craig in exploring these issues and discover that the answer may not be what you expect… Key Points to remember:About the session: • Cyber attacks are getting bigger and more frequent • The world is generating 1,200 Exabytes of data per year and that number is growing • Data storage devices are getting bigger and cheaper • Information is the oil of the digital economy - in 2015 the number of network devices is double that of the entire global population • A big cyber attack can put your company out of business • Companies need to make sure staff are educated on how to look out for cyber attacks
- 11. Major Matina Jewell (Retired) ex UN Peacekeeper, author and speaker on resilience and leading through change A peacekeepers perspective on leadership, resilience and change Key Points to remember: Matina shared her raw first-hand account of what really happens in modern warfare and the high price our soldiers pay for their country. We all walk a tight rope every day, whether it’s juggling the conflicting demands of work and home, our team and our leaders, or the needs of our customers and staff. It’s how we handle these times of being caught in the crossfire that will define and ultimately determine our success. Matina provided a new perspective on the concepts of leadership, teamwork, dealing with change, and managing in a crisis. About the session: • It's normal to feel fear • Business leaders need to adapt if they want to have success. • It's important to create a culture that encourages people during the decision making process • Practice and rehearse plans BEFORE any crisis situation arises • During a crisis it's important to communicate with your team if you want to move forward and continuing functioning • If someone is struggling in your team - give them a purpose • Out of periods of great adversity comes opportunities - as long as you willing to look for them
- 12. Kevin Ackhurst Managing Director, Google for Work, Google Asia Pacific Creating a culture of collaboration in the digital age As businesses compete for customers, disparate groups have to find a way to work together in a more collaborative manner, which isn’t always easy or natural. The big picture question must be asked: How can technology be an enabler across the organisation?. Collaboration stands as a differentiating factor for the competitiveness of the future enterprise About the session: Key Points to remember: • Digital-first businesses think differently - they look at data, collaboration and insight • Digital businesses are more likely to experience an increase in employment, be profitable and outgrow competitors • You need to trust and empower workers to make the right decisions for your organisation Steps for success: • Make collaboration a strategic business focus • Invest in the right technology and tools • Change the culture with the right incentives • Tailor implementation • Ensure effective collaboration
- 13. Dr Eva Tsahuridu Policy Adviser Professional Standards and Governance, CPA Australia Creating an ethical culture: Why and how Description: Key Points to remember: Devlin Bell Chief Financial Officer, Finance and Technology Group, Fuji Xerox Australia Transformation and alignment of the finance function A growing emphasis is placed on transforming the finance function to act as a driver in creating value, managing performance and alignment with the overall business strategy. Devlin Bell will discuss the original drivers of transformation, transformation activities, and the ongoing challenge of maintaining the transformation in line with changing organisational priorities About the session:
- 14. Robyn Jacobson FCPA Senior Tax Trainer, TaxBanter Pty Ltd Essential tax update The release of the Taxation White Paper in 2016 heralds another step in the path to tax reform, and evidences the Government’s commitment to setting out its tax policies prior to the next Federal election as part of seeking a mandate for implementing these policies in its second term of office. In this crucial session, Robyn guided us through the significant tax issues and developments of the last six months, including: • the status of key 2015–16 Federal Budget measures • key matters for consideration as part of the Taxation White Paper tax-reform process • significant new tax laws • recent case law and ATO rulings • ATO initiatives and compliance focus areas About the session: Key Points to remember: • Tax white paper - despite commentary in the media, everything is back on the table for the government to discuss • There is expected to be a green paper before the end of the calendar year and a white paper sometime in 2016 • There are proposed new laws for work-related car expenses, such as a single rate of 66 cents/km, rather than based on engine size • Base erosion and profit shifting – there is a good video explanation: look up this phrase online ‘Video: Double Irish with a Dutch Sandwich’ • CPA Australia has a 10 point plan of preferred reform on the tax system via the Re:think discussion paper on our website
- 15. Dr Eva Tsahuridu Policy Adviser Professional Standards and Governance, CPA Australia Creating an ethical culture: Why and how Key Points to remember: Jillian Bowen General Manager – Content and Social Media, CPA Australia Leveraging the power of LinkedIn LinkedIn is the most powerful social network for professionals, with more than five million users in Australia and 300 million globally. Jillian shared the techniques for creating a profile that stands out in searches, how to connect and build your powerful network, lead generation, business promotion, and the secret to creating or curating content to build your reputation. 1. A LinkedIn profile can build your personal brand and control professional perceptions 2. It will increase your networking capabilities and your contact list 3. Dress for the job you want in your profile picture 4. Your headline must be compelling enough to make people want to read more in your profile 5. Complete your profile with your audience in mind About the session:
- 16. Cathy Doyle Chief People Officer, McDonald’s Australia So you want a global career? Understand the skills, attributes and capabilities Key Points to remember: So you think you’re a global citizen? These are the skills you’ll need if you’re considering international moves in your career: • charm • polite in all cultures • successful • gets things done • delights all who meet them • copes with ambiguity and makes the best of every situation • resilience • attracts others • skilled/educated • qualified • culturally sensitive About the session: • Do: have a goal and a plan to get you there, visit the country before you move and use your connections • Don't: eliminate countries because you can't speak the language, stop learning or forget the needs of your family • Don't just do your day job. Look for other opportunities where you can tap into international networks • If you want a global career it's important to focus on your strengths - don't focus too much on your weaknesses • What companies look for in global leaders - deep technical skills, leadership, thinks more broadly than current role, resilience, influencing and collaboration skills
- 17. Penny Diamantakiou Chief Financial Officer and HR Director, Yahoo!7 Australia Digital Revolution and the agile CFO Key Points to remember: Discovered how consumers are now getting information to them in the digital age. Penny Diamantakiou's role as the CFO of Yahoo7 oversees all financial and commercial aspects within a fast moving and dynamic digital media business. Penny is a Graduate of the Australian Institute of Company Directors (2012), holds an MBA (University of Adelaide) with Dean's list and Top Law student accolades. Penny is a CPA and has a Bachelor of Economics majoring in Accountancy. About the session: The way consumers are using devices and absorbing information is changing. By 2020, the digital landscape will affect every industry and profession. The agile CFO skill-set: - Strategy development - Risk identification and management - Sense of curiosity and willingness to try ideas - Trend analysis and forecasting - Negotiating and influencing skills CFOs should also have these CEO qualities: - Creativity - Integrity - Global thinking
- 18. Edith Pfister CPA General Manager, Strategic Finance, TAL Life Insurance, Australia Strategic risk management for competitiveness and survival Description: Key Points to remember: A key lesson learned from the GFC was the importance of managing strategic risk for competitiveness and survival in today’s fast-paced digital world. Providing strategic risk thought-leadership requires risk specialists to think inside-out as well as outside-in. They must partner with the business to help execute their strategies effectively and safely. This session will provide practical tools to master this journey. About the session:
- 19. Jo Cain Executive Director, Materiality Counts Telling your value-creation story with integrated reporting Description: Key Points to remember: Some organisations are turning to integrated reporting to concisely communicate how they are creating value for their stakeholders, now and into the future. This session guided us in how to tell a value-creation story with integrated reporting, covering: • what integrated reporting is and how it differentiates from other types of reporting • the International Integrated Reporting Council (IIRC) Framework • the benefits of integrated reporting • the fundamental priorities for developing an integrated report • the concept of materiality • what value creation means in integrated reporting • what we are trying to connect and why About the session:
- 20. Colleen Chapman Head of Financial Control QBE Insurance Australia Making flexible hours work within your finance team Key Points to remember: As workplaces continue to evolve, how are you going to offer an environment that is attractive to your team? Flexible work options are an essential part of today’s corporate environment and can be an attractive retention and recruitment incentive for your high performing leaders. It’s not just about having policies in place but being proactive about flexibility. About the session: • Main reasons to have a flexible workplace - builds trust with employees, provides a more diverse workforce and increases productivity • Types of flexibility - part time work, purchase additional leave, seasonal work, compressed hours, work remotely, non-standard working hours • Working remotely is suitable for ageing parents, when you're not well enough to come to the office, carers, people who want to get their work done with minimal interruption • Attitude matters: Company's need to practice what they preach when it comes to a flexible workplace • Managers need to have a process set up for people who want to work flexible hours • Don't discriminate when it comes to approving flexible hours
- 21. Clare Mann Organisational Psychologist Communicate31 Adapting your leadership style to different generations and personalities About the session: Key Points to remember: Leading and diversity: • draw on strengths from each generation • adapt your style and enhance team performance • create synergy when integrating generational perspectives • accept what you can't change and build on what you can The ideals of different generations: • Veteran (pre-1946) Age of obedience - 'If you do the right thing you won't get in trouble' • Baby Boomers (1946 - 1964) Age of reward - 'if you work hard you'll get a promotion' • Generation X (1965 - 1980) Age of respect - 'you have to earn respect - you don't just get it' • Millennials (1980 - 2005) Age of technology 'sharing culture on social media' Effective leaders operate in the paradigm of respect and collaboration. They're inclusive, an empathetic listeners, value individuality and egos don't get in the way of values.
- 22. Andrew Miller (UK) Former Chief Executive, Guardian Media Group (GMG) Rise of the Guardian – shifting to digital, open, interconnected and global Key Points to remember: Andrew Miller recently stepped down as Chief Executive of the Guardian Media Group, having achieved their strategy to streamline non-core businesses, secured its financial future and set the company on the path to digital success. Throughout his tenure, Andrew made the tough decisions from a financial management point of view by driving down operational costs, reinvesting savings, and maximising revenue streams. Hear how Andrew transformed the company with a game changing asset sale and managing world news stories such as the Snowden affair and phone-hacking scandal that have elevated the Guardian through having the right people, technology and process in place. About the session: With declining circulation numbers in the early 2000s, The Guardian shifted their focus from being a UK newspaper to a global digital brand Advice: • embrace digital first - don't fight it • be open rather than having paywalls • cut costs • make tech scalable and global • invest in technology • embrace social media and be data driven • change your leadership team generationally The future: • rise of the advocate journalists • rise of social media - which now adds to the story through direct conversation • the opportunities are global • video is where it's at • the internet of things - mobile, social and generational shift • Facebook, Google and Linked, Snapchat, Instagram, Pinterest and Amazon are the future
- 23. Stay tuned for the Day Three Wrap Up tomorrow at cpaaustralia.com.au