You’re watching a Future Office of the CFO Minute, where you’ll find timely perspectives designed to equip financial executives for strong, future-ready decisions. Hosted by John Siefert, Acceleration Economy Network Co-Founder and CEO, this series features discussions with Manny Korakis, a senior-level finance executive at a multi-national corporation.
In this final episode of the series, Manny shares personal experiences and insights on the process of centralized services and security. The full interview series with Manny is available now on the Future Office of the CFO channel.
00:31 – John kicks off the conversation on the point of centralized services and security, or centers of excellence, inside an organization. Often, it depends on the organization to determine how centralization is applied and its impact. Sometimes, it branches from operational groups or finance groups.
00:58 – At the starting point, consider how the business can gain scale from centralized services. Second, consider how to offshore and search for the least expensive option. Also, third-party providers might offer more guidance. With further guidance, it opens the process to more standardization. It can also introduce automation to the process as well. In addition to constant governance, you should also aim for performance and cost savings.
02:20 – In a previous episode, Manny discussed the collision of technology and finance. That’s where centralization comes into play. Additionally, you would develop a roadmap to apply automation functions and begin driving scale.
3:08 – Where should organizations start if they are in the early process of centralization? The first step should be taking an inventory of what you currently do. With this, you should also identify differences in what should be common policies and practices.
04:55 – Should organizations outsource or do this internally? What’s the cybersecurity role in this process? There’s constant discussion between finance and cybersecurity or information security teams.
06:06 – Chris Hughes, a CIA and Network Analyst, often shares insights on the alignment between the CSO with the CFO and more.