Often in the past, miseducation, training and self-sufficiency were the main qualifications for managers in any commercial finance function, but not any more. Today, there is an urgent need for more professional mavericks, in Finance who have a long term vision of their strategic roles within the organisation.
There are various perspectives of finance management and investment management, where people are seeking to apply the skills and competencies of various perspectives to achieve an overall competitive advantage over their competitors. Some people have vast experience and knowledge of finance. Others need the help of a specialist to fill their needs.
Security is another major area of emphasis and the Internet is becoming a huge thing in our everyday lives. Whilst banking and financial services have become more important in the public imagination over recent years, those issues cannot be ignored. Another element in the mix is that our lives have changed massively over recent years and there has been a shift in the role of the employment contract and the role of the employee.
More public and private financial institutions are emerging in our lives and this is changing the attitude and character of the business. A “lone wolf” is still needed to execute the appropriate action. A security officer is required for the purpose.
Therefore, those in management positions in commercial finance have to stay at the forefront of the industry. They have to look at the public and private sector by their customers and competition as well as through a financial perspective. The old “legacy roles” (security, risk management, planning, marketability, economic) have to be checked out against the modern financial requirements of the industry.
People from all walks of life, including those from both the public and private sectors, are now spending large numbers of hours online. Large numbers of highly skilled and trained individuals are now able to gain employment in a wide range of roles. They can become “transaction specialists” (principally in areas of finance and accounting), they can become “marketing specialists” (providing support to clients), and they can become “accountant specialists” (becoming experts in accounting).
These people can bring a wealth of knowledge, expertise and many forms of expertise to bear on the subjects of finance and accounting. They have to be qualified in accordance with current standards and regulations, and they have to have relevant experience in a number of these disciplines. This is particularly true in terms of financial reporting, taxation and reporting.
At the same time, the old “legacy roles” of economic management and security issues have to be checked into the legacy roles as they existed in the past. It would be irresponsible and extremely unprofessional to fail to do so. In addition, some firms (particularly in the US) may find that some employees are classified as disabled. It’s not just restricted to finance and accounting.
Whilst in this technological age, we must strive to provide safety and security for both customers and workers, it’s vital that our business and staff are equipped with the knowledge and skills to deliver results that can be tracked and evaluated through the systems. For example, if a software application is developed and delivered to the workforce, it should include reporting, ability to work independently and independent command of a computer program.
Developing, providing and implementing these products can be difficult and may require a large investment in time and money, but it will also require specific training and personnel to train staff in what to do and how to do it. In addition, having these products and services within the company means that the products are widely available, reducing the expense of buying and maintaining them.
As was the case in previous decades, the concept of development in the UKis governed by the Security Industry Authority (SIA) ‘s (SIA) regulation. Due to this, all companies wishing to promote and improve upon existing technology and/or introduce new technology will need to adhere to SIA ‘s regulations. It also means that organisations will be liable to a fine for breaching SIA ‘s regulations.
For those organisations working within the Commercial Finance, technology and risk disciplines, ensuring that they know about new products and processes is not the issue. it’s about re-education and developing the business’ skills and learning to adapt to the changes that are occurring, not the other way around. !