THE FINANCE ROLE
IN BUSINESS TODAY
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ROB PHEBUS
CFO, FORD LIO HO
26+ YEARS EXPERIENCE
WITH FORD
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The mission of Ford Finance is to contribute
to the success of Ford Motor Company by
being the most dynamic, efficient, and high
quality organization of its kind.
Ford Finance people strive for excellence
and continuous improvement in the quality,
effectiveness, and efficiency of the services
they provide to internal and external
customers.
FINANCE MISSION & KEY
RESPONSIBILITIES
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Professional Intelligence, Creativity,
Judgment and Communication
Skills
Personal Integrity, Initiative,
Interpersonal Skills and
Teamwork
Finance Personnel Characteristics
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Develop and operate highquality financial
reporting and control systems
Develop optimal business practices and
processes
Provide highquality analysis to support
decisions
Make recommendations as Business
Advisors
Finance Roles
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FINANCE FUNCTIONS
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Financial Reporting Financial
Statements, Tax Accounting
Operations Accounting Cost
Accounting, Transaction Processing
Internal and Systems Auditing
Dealer Auditing
Supplier Auditing
Accounting & Auditing
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Capital Structure and Dividend Planning
Cash and Debt Management
Foreign Exchange Management
Pensions, Insurance, and Employee
Payroll & Savings
Treasury
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BUSINESS CONTROLBUSINESS CONTROL
THE CFO PERSPECTIVETHE CFO PERSPECTIVE
ON GOVERNANCEON GOVERNANCE
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WHAT IS BUSINESS
CONTROL?
Accounting Verifications
Security and Locks
Internal and External Audit
Checklists
SignaturesAny action taken by
management to enhance the
likelihood that company
objectives and goals will be
achieved on a sustained basis
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ELEMENTS OF BUSINESS
CONTROL
Risk ManagementRisk Management
Corporate CultureCorporate Culture
Processes and Processes and
SystemsSystems Monitoring
Monitoring
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DRIVING FLAWLESS
EXECUTION
Business control drives
achievement of goals!
CORPORATE CULTURE
RISK MANAGEMENT
PROCESSES & SYSTEMS
MONITORING
Management
ACHIEVEMENT OF
COMPANY
GOALS &
OBJECTIVES
Employees
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WHERE DO YOU FOCUS?
Tax Compliance
Disaster
Recovery
Accounts Payable
Accounts
Receivable
AR Collections
Sales
Recognition
Facilities Security
Contract
Management
Environmental
Compliance
Safety
Engineering
Health &
Safety
Fixed Assets Credit Financing
Inventory
Purchasing
Variable Marketing
Fixed Marketing
Warranty
Customs
Payroll & Timekeeping
Supplier
Management
Treasury
Cash Management
Journal EntriesReconciliation
Product
Development
Insurance
Vehicle Remarketing
System
Security
Distribution
& Logistics
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CFO ‘TOP SIX’
• Governance and Ethics
• Cash and Treasury
• Asset Integrity
• Revenue
• Purchasing and Payables
• Accounting
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GOVERNANCE AND ETHICS
Establishing a decision framework for doing the
right thing
CONTROLS
Audit Committee
Clear Organizational Structure
Formal Delegations of Authority
Policy Letters
Involvement of OGC
Procedures for Reporting
Unusual Events
POTENTIAL RISKS
• GOVERNANCE
Business Mismanagement
Confusion & Inefficiency
• ETHICS
Loss of Reputation
Litigation Issues
Asset Loss
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GUIDELINES FOR AUDIT
COMMITTEES
Purpose
• Provide Assistance To The Board Of
Directors On Its Fiduciary Responsibilities
• Ensure Reliability Of Accounting And
Controls, Reporting Practices, And
Quality And Integrity Of Financial Reports
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GUIDELINES FOR AUDIT
COMMITTEES
Membership
• Two Or More Financially Adept Directors
• Each Should be NonExecutive Members Of
The Board
• Company CFO And External Auditors Should
Attend Meetings But Are Not Committee
Members
• Meetings Held At Each Board Meeting
• Individual Meetings Between Committee And
Company CFO And External Auditors At Least
Annually
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GUIDELINES FOR AUDIT
COMMITTEES
Duties And Responsibilities
• Assure Reliability Of Accounting Practices
• Assure Adequate Internal Control Processes
• Assure Compliance With Legal Requirements And
Company Policy
• Assure Adherence To A Company Code Of Conduct
• Assure Appropriate Risk Management Processes
Established
• Review Appointment And Performance Of External
Auditor
• Report To The Board On Matters Of The Committee
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CASH AND TREASURY
Protection and maximum utilization of cash and
investment assets
CONTROLS
Appropriate Cash Handling
Delegations of Authority
Account Reconciliation
Hedging & Risk Transfer Tools
• • •
Use of Treasury & Risk
Management Expertise
POTENTIAL RISKS
• POOR CASH MANAGEMENT
Theft or Loss of Cash
Loss of Interest Income
• POOR RISK MANAGEMENT
Currency, Interest Rate, &
Commodity Exposure
Liquidity Risk
Property & Casualty
Hazards
Default Risk 19
ASSET INTEGRITY
Protection and usability of Company physical and
information assets
CONTROLS
Physical Security
Tagging & Cycle Counts
Receiving/Shipping Processes
Application Control Review
Disaster Recovery Plan
Passwords
User Access Review
POTENTIAL RISKS
• PHYSICAL ASSETS
Loss, Theft, or Damage
Waste & Underutilization
• INFORMATION ASSETS
Loss, Theft, or Damage
System / Business Failure
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REVENUE
Timely recognition of sales revenue and
collection of receivables
CONTROLS
Separation of Revenue
Recognition & Cash Handling
Procedures for Revenue
Recognition
Aging Followup
Bad Debt Allowance Analysis
Account Reconciliation
POTENTIAL RISKS
• Revenue Over/Understated
• Overdue Receivables
• Ineffective Collection Process
• Bad Debt Exposure
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PURCHASING AND PAYABLES
Purchasing high quality goods and services and
paying the right amount at the right time
CONTROLS
Use Purchasing Expertise
Budget Management
Supplier Database / Preferred
Supplier Listing
Low Value Purchase Review
Standard Terms & Conditions
Receipt Verification
PrePayment Review
Account Reconciliation
POTENTIAL RISKS
• PURCHASING
Unnecessary Purchase
Price too High
Quality Not to Specification
Contracts that Don’t
Support Goals
• PAYABLES
Pay Wrong Amount
Pay for Goods not
Received
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ACCOUNTING
Ensuring that accounting records are accurate
and managed properly
CONTROLS
Account Reconciliation
Reconciling Item Followup
Journal Entry Review &
Approval
UptoDate Chart of Accounts
Closing Procedures
Budgeting & Analysis
POTENTIAL RISKS
• ACCOUNTS MISSTATED
Improper Entry Made
Legal Exposure to
Shareholders / Regulatory
• DATA NOT USEFUL
Poor Categorization
NonTimely
• DATA NOT USED
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EXERCISE:
SPECIAL METAL STAMPERS, INC.
Method: Individual Exercise
Objective: Use the CFO Top Six to sift through
information and find critical control concerns
Time: Complete Before Class
Instructions: You are Robin James, and today you
are taking over from John Smith as Controller at
Special Metal Stampers, Inc. a wholly owned
subsidiary of We Build Cars. As you sit down at your
desk, you notice a full inbasket requiring your
attention. Review the narrative provided (a
summarization of several introductory interviews)
and the contents of your inbox. Which three
concerns would you tackle first, and why?
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BUSINESS CONTROL TOOLS
• Internal Control
Coordinators
• Modular Control
Review Programs
• 6-Sigma
• The GAO
Now that you know where to focus, what tools
can you use to find and address concerns?
• Corporate Policies
and Standards
• Application Control
Review (ACR)
• Training
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BUSINESS CONTROLBUSINESS CONTROL
How to Build Control into How to Build Control into
Business ProcessesBusiness Processes
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Risk ManagementRisk Management
Corporate CultureCorporate Culture
Processes and Processes and
SystemsSystems Monitoring
Monitoring
Risk ManagementRisk Management
Corporate CultureCorporate Culture
Processes and Processes and
SystemsSystems Monitoring
Monitoring
ELEMENTS OF BUSINESS
CONTROL
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WHY INPROCESS
CONTROLS?
PLAN GOAL
PLAN GOAL
Hit the target every time with Business Process Control
Repeatability • Sustainability
Without Control
With Control
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CREATE A CONTROLLED
PROCESS
1. Understand the Components
2. Outline the Existing Process
3. Determine Areas of Risk
4. Assess the Existing Controls
5. Redefine the Process
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1. UNDERSTAND THE
COMPONENTS
GOAL WHERE DO YOU WANT TO GET?
INPUT
INPUT
INPUT
INPUT
WHAT DATA
FEEDS YOUR
PROCESS?
Remember – can be
external or internal
WHAT PROCESSES
ARE USED?
What resources (people
and systems) are used
to transform the input?
OUTPUT
OUTPUT
OUTPUT
OUTPUT
WHAT IS THE RESULT
OF YOUR PROCESS?
Think enterprisewide
– are your outputs
someone else’s inputs?
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2. OUTLINE THE PROCESS
• State the Goal -- Is it Measurable &
Specific?
• Detail the Process -- How do Inputs
Outputs?
– Identify Process Steps (Sequence / Dependency)
– When are Decisions Required?
– Watch for “Dead Ends” – End Should Equal Output
– Look across Organizations – Understand Handoffs
– Draw a Flowchart
INPUT
INPUT
INPUT
INPUT
OUTPUT
OUTPUT
OUTPUT
OUTPUT
GOAL
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3. DETERMINE AREAS OF
RISK
• Assess Goal Alignment
– Has the goal changed?
– Does the output support the goal
• Does Failure (of any process step)
Impact Achievement of Goals?
– What is the consequence of failure?
– What are the odds it could fail?
• Look for Red Flags
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3. DETERMINE AREAS OF
RISK
• Some Possible Red Flags
Holding Areas (. overdue payments, unmatched
receipts, incomplete orders)
Key Communication Points Transitions (handoffs,
transitions, etc.)
Key Decision Points
Manual / Paper Processes
Anything That Can’t Be Explained
Long Delays in Retrieving Information
Reliance on Detective vs. Preventative Controls
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4. ASSESS EXISTING
CONTROLS
• IDENTIFY EXISTING CONTROLS
– Preventive – Reduces likelihood of consequence
– Detective – Identifies and (if possible) corrects
undesired results
– Directing – Encourages a desirable behavior to occur
• ASSESS CONTROL vs. RISK
– Which risks require additional mitigation?
– Is there a Company standard / guideline?
– What type of controls make sense?
Process Risks Controls
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5. REDEFINE THE
PROCESS
• Build New Controls into Process
• Match Resources to Risk Level
• Ensure Agreement with Stakeholders
INPUT
INPUT
INPUT
INPUT
OUTPUT
OUTPUT
OUTPUT
OUTPUT
NEW
PROCESS
Document and CLEARLY Communicate Process
AND Roles and Responsibilities
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Risk ManagementRisk Management
Corporate CultureCorporate Culture
Processes and Processes and
SystemsSystems Monitoring
Monitoring
Risk ManagementRisk Management
Corporate CultureCorporate Culture
Processes and Processes and
SystemsSystems Monitoring
Monitoring
ELEMENTS OF BUSINESS
CONTROL
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WHY MONITOR YOUR
PROCESS?
• Process sets up a sequence of steps – things
can get stuck
• Monitoring is a red flag
– Deal with exceptions
– Address root cause in the upstream process
A B FC D E
PLAN GOAL
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HOW DO YOU
MONITOR?
• Identify Key Control
Points in the Process
• Determine Metrics for
those Points & Outputs
• Establish Targets,
Triggers, and Variance
Guides
• Review Metrics
Frequently – in and
across Departments
CBG / GEC
Business Process Control Health Chart
Target
1 2 3 4
• Although consistent, steady improvement
was evidenced in months 2 and 3, a
decline in control was identified in month 4.
• Investigation of causal factors identified a
change in personnel – training for new
employee has been prioritized.
Transactions > 90 days
Cost / Transaction
1/01 2/01 3/01 4/01 5/01 6/01 7/01 8/01
• Cost has not stabilized, and is consistently above budget.
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WHAT HAPPENS WITHOUT
CONTROL?
No robust
termination process
Termination fees
not paid
Cash
$ million
The absence of a robust termination process
impacted the Company’s ability to recover
payments owed.
The Model E program was launched to provide
employees with access to the ‘Electronic Age’ by
offering a computer and internet access for $5 per
month. Employees agree to pay a termination fee if
they left the Company prior to the 36-month
contract end. 160,000 employees participated.
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Profit Analysis and Business Planning –
Forecasts and Budgets, Business Planning
Process, Joint Ventures and Acquisitions
Operations Analysis Product
Development, Manufacturing Cost Analysis
MarketRelated Analysis
Shareholder Value Planning
Financial Analysis
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Shareholder Value Added (SVA) is a measure of how much
value a company is creating for its shareholders
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. Cost to use investor’s money to buy Assets
. The return shareholders require from their investment
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of Capital
income
operating assets
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Michael Porter’s Five Forces Model is a
great way to see the big picture in any
industry.
According to Porter, the state of
competition in any industry depends on
five basic forces:
• the rivalry among industry competitors
• the threat of potential entrants
• the power of suppliers
• the pressure from substitute products
• the power of customers
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While seeing the big picture is
important, it is also necessary to
understand local conditions if you want
to act strategically.
Understanding local conditions means
understanding your costs, competition,
customers, distribution channels,
products, prices, and promotional
activities.
Seeing the big picture and
understanding local conditions gives us
the background for our most important
strategic task – positioning ourselves
optimally within our environment.
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Act Strategically:
Ford’s Vision and Strategy
Pyramid
Superior
Shareholder
Returns
World’s Leading
Consumer Company that
Provides Automotive
Products and Services
Transformation and
Growth
Strong global
Brands
CONSUMER FOCUS
Superior
Consumer
Satisfaction &
Loyalty
Best Total Value
To Customers
Nimble
Organization
With leaders
At all levels
Corporate
Citizenship
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To act strategically you need to
• see the big picture
• understand local conditions
• position ourselves optimally
Ford’s Vision and Strategy
Pyramid is an example of a
large step toward the goal of
coordinated strategic action and
optimal strategic positioning.
However, to turn Strategic
Vision into a Strategic Reality,
all actions must support and
improve the overall strategic
position of the company.
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Increase Net Income
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The Customer Value Equation
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on Sales
Decreasing costs lets you make more
money off of each product that is
produced.
Decreasing costs through improved
processes can also lead to improved
quality and less waste.
Decreasing costs helps to
Increase Return on Sales
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Increasing Customer Satisfaction
makes more people want to buy your
products.
Increasing Customer Satisfaction
also gives customers options that
they are willing to pay for.
Increasing Customer
Satisfaction helps to increase
Return on Sales
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Follow The Money Concepts
Create Business Units of One
Establish Profit Centers for Different
Business Channels
Divide Business into Smaller Manageable
Subsets
Make Every Salesperson Responsible for a
Direct Business
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Follow The Money Concepts
Know the Profit of Everything You Sell
Know the Variable Profit of Every Product and
Service You Sell
Know the Variable Profit by Major Series and
Options within a Product Line
Know the Profit of Every Region, Zone, and
Distribution Channel
Focus Resources on Improving Profit
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Follow The Money Concepts
Leverage Production Programming
Know the Profitability of Product Portfolio
Program Aggressively on HighMargin Products
and Conservatively on LowMargin Products
Work with PD and Manufacturing to Grow High
Margin Business
Manage Product Allocation to Minimize
Marketing And Maximize Profits
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Follow The Money Concepts
Grow Non-Traditional Business Channels
Run the Channel as a Profit Center
Maximize Total Profit for Every Definable Sub
segment
Pursue WinWin Opportunities with These
Customers on HighMargin Products and Services
Work on Unique Product Opportunities
Focus on Service and Make Yourself Indispensable
Manage Residual Values
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Follow The Money Concepts
Business Regional Sales Staff
Establish Businesses for Each Zone Manager
Make Sure They Know the Profit of Every Product
and Service They Sell
Develop Regional Profit Improvement Plans that
Exploit Growth Opportunities on Profitable Business
Focus on Dealer “Turns” to Improve Wholesale
Volumes
Leverage Regional Resources on HighMargin
Production with Open Capacity
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Follow The Money Concepts
Leverage Retail Marketing
Know the Profit of Every Product for Every Type of
Financing
Establish Process to Prioritize Marketing on HighMargin
Production
Focus on Filling Open Capacity on HighMargin Products
Drive Synergies with Supporting Adjacent Businesses
Balance Out Old Products Early
Target Marketing by Region and Customer
Protect Residual Values
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Follow The Money Concepts
Price Strategically to Improve Margins
Know the Profit of All Products, Options, and
Packages
Use Pricing as a Tool to Increase Value on High
Profit Products (or Options)
Price Aggressively to Improve Margins on Low
Margin Products
Reduce Complexity and Simplify Product Offerings
(Validate with Market Research)
Price Often to Minimize Market Effect of Increases
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Follow The Money Concepts
Eliminate Waste – Focus on Cash
Establish Disciplined Process to Eliminate
Obsolescence
Eliminate Receivables
Reduce Company Inventory
Create Tax Efficient Processes
Manage Currency Risk
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Customers also must be delighted in the
services that you offer.
No matter which brand people buy, you
must make sure that their ownership
experiences are worryfree.
Service brands that delight
customers
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Plays a critical role in the ongoing development of business
competencies, one of which is brand marketing.
Communications with the media, especially on new brands, help to
shape the brand image.
Price the product right for the target customer and find ways to reduce
cost without negatively impacting the brand.
As the primary interface with the vast array of suppliers, Purchasing
must ensure that suppliers’ product proposals are in line with the brand.
The guardian of quality and workmanship must understand the brand to
ensure that cost reductions and process changes do not harm the
brand’s essence.
Assists the company in developing robust processes, so that we may
provide a consistent brand message over time.
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Decrease Net Operating
Assets
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Why are asset turns
important?
“In the past, Ford might have thought that certain
parts of the business were doing well because they
showed positive earnings. SVA, however,
suggests that such a simple view does not go far
enough”.
“It’s possible that those parts of the business
actually destroyed shareholder value—with profits
not high enough to cover the net operating assets
and meet shareholder demands. SVA
underscores the importance of creating profits
while improving asset turns.”
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At first glance, Product B appears to be
better for the company because it produces
more net income than Product A.
Product B however is comparatively more
asset intensive.
Despite its relatively high net income,
Product B actually destroys shareholder
value.
Example of Asset Turns
Product
A B
Net Income $ 500 $ 700
Asset Charge 400 800
= SVA $ 100 $(100)
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Inventories generally represent a
significant part of net operating
assets.
The best way to comprehensively
reduce inventories is to adopt a
Kanban (or “pull”) philosophy.
Kanban thinking focuses on
maximizing the valueadded flow
and the efficiency of the overall
system rather than an individual
process step.
Reduce Inventories
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Is it in the best interest of the
Company?
When evaluating actions to increase SVA, remember to
consider the complete business impact of your decision.
Some actions MAY APPEAR to increase SVA but are
either superficial financial engineering or not in the LONG-
TERM best interest of the company.
Examples
• Some cost reductions can make SVA higher in the
short term, but lead to lower quality, decreased
customer satisfaction and lower SVA over the long
term.
• Leasing assets can decrease net operating assets but
may not always increase SVA. The associated leasing
costs may be greater than the benefit of lower net
operating assets.
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Business Advisor
Planning Cycle
Strategic Review
Business Plan
Objective Setting and Management
Reporting
84
STRATEGIC PLANNING PROCESS
(1) A customer focus,
(2) A clear Vision and Mission,
(3) Affordable Business Structures and
(4) Goals, strategies and tactics which support
customer needs as well as the company
Vision and Mission.
Provides the backdrop for sound decision
making and business planning. Key elements of
the strategic planning process include:
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STRATEGIC PLANNING
PROCESS ELEMENTS
Vision: What the organization wants to be in the long run.
Mission: What the organization does or needs to do to
achieve its Vision.
Strategic Plan: The goals that must be achieved and the
broad general strategies inherent in those goals for the
Mission.
Business Plan: Each operation develops specific
strategies and general tactics in the form of a business
plan that is specifically timebound to achieve the Strategic
Plan.
Budget: The current year operating actions in the
Business Plan
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PRODUCT PLANS ARE AT THE
HEART OF THE BUSINESS
Affordable Business Structure: Affordability is
defined by the market equation and a competitive
profit return.
Company Financial Requirements: Each
major operation is expected to generate sufficient
net cash flow to fund its growth and to generate
positive SVA.
External Market Factors: The external market
factors determine the parameters within which
you establish the variables for the affordable
business structure
87
FORD’S ANNUAL PLANNING
PROCESS AS AN EXAMPLE
External Factors Study: Establishes the key
competitive, economic and governmental
scenarios that can affect the business.
Cycle Plan: Provides a 10year outlook for
vehicle product programs.
Financial Planning Volumes (FPV’s):
Represent trend automotive industry and
segment volumes used for longterm financial
planning.
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FORD’S ANNUAL PLANNING
PROCESS AS AN EXAMPLE
Business Plan: Provides the financial
quantification of the Operating Plans and
Commitments and include key financial targets.
Cash and Spending Plan: Summarizes the cash
needs of the Operations’ financial plans included in
the Operations’ Business Plans.
Financing Plans: Are developed by each major
legalentity based on its projections of cash to
identify funding needs for the present year and for
the business plan period.
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FORD’S ANNUAL PLANNING
PROCESS AS AN EXAMPLE
Budgets: Reflect the current year commitment
on the part of operating management to achieve
identified key measureables.
Profit Forecast: Provides monthly financial
information for Corporate and operating
management to measure their progress towards
budget commitments.
90
OPERATING CYCLE
Calendar Year
. . . . . . . . . . . .
Jan. Feb. Mar. Apr. May Jun July Aug. Sep. Oct. Nov. Dec.
Forecast
0+12
12+0
1+11 2+10 3+9 4+8 5+7 6+6 7+5 8+4 9+3 10+2 11+1
IPV/FPV Business
Planning
Budgeting
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Balanced Scorecard Process Is A
Business Planning Tool
That Translates Organization Priorities Into
Aligned Objectives And Performance Measures
That Establishes A Clear “Line Of Sight” Between
Corporate Goals And Employee Contributions
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Balanced Scorecard Process
Basic Elements Of The Process Include
Deployment
Action Planning
Individual Objective Setting
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The Balanced Scorecard Includes
Key Focus Areas
Priorities To Achieve The Desired Business
Results
Success Drivers
Performance Measures
Lead/Support Responsibilities
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Policy Deployment
Communicates HighLevel Priorities
Ensures Organizational And Individual
Objectives Are Aligned To The Priorities
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Are Clear And Specific Objectives That Are
Aligned To Deliver The Business Priorities
SMART Objectives
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SMART Objectives
Stretch and
Specific
Objectives
should challenge
you and state
exactly what will
be achieved.
In what way does the
objective challenge
me?
Is the objective clear
enough to drive a
specific action plan I
can deliver?
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SMART Objectives
Measurable Objectives
must be
quantifiable
so that you
will know if
you have met
the
requirements.
Can I use data to
show I completed
this task?
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SMART Objectives
Aligned There must be
a clear link
between the
objective and
the Business
Plan/Balanced
Scorecard.
Do I know how this
objective is linked to
the overall Business
Plan?
Does this objective
support the team’s
objectives?
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SMART Objectives
Realistic While
objectives
should be
challenging
they should be
achievable.
Do I have a high
degree of confidence
that I can deliver this
objective?
Have I discussed with
my supervisor how I will
achieve this objective?
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SMART Objectives
Time-
Targeted
Objectives
should specify
a completion
date and
milestones.
When will the objective
be met?
Are there significant
timing milestones that
should be tracked
along the way?
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OPERATING CYCLE
Calendar Year
. . . . . . . . . . . .
Jan. Feb. Mar. Apr. May Jun July Aug. Sep. Oct. Nov. Dec.
Forecast
0+12
12+0
1+11 2+10 3+9 4+8 5+7 6+6 7+5 8+4 9+3 10+2 11+1
IPV/FPV Business
Planning
Budgeting
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MANAGEMENT CYCLE
Planning
Execution
Evaluation
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MONTHLY MANAGEMENT REVIEW AND
REPORTING PROCESS
Meetings Reports
Sales Review Budget Performance Report
Production Scheduling Issue to Issue
Procurement Quarter to Quarter
Taiwan Product Review
Committee
Year Over Year
Market Program Review Cost Performance
Cost Review Quality Assessments
Customer Satisfaction Team Risks and Opportunities
Product Timing
Inventory
105
BUSINESS ADVISOR PLANNING CYCLE
In All Facets Of The Process, Finance
— Develops Data To Support The Reviews
— Acts As Advisor To Support Responsive
DecisionMaking
The Process is Dynamic And Continuous
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Now Can You Make Money?
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