As the person responsible for financial planning, the Chief Financial Officer (CFO) can be the right person to have on side to help you unlock resources and secure funding for your Business Continuity programme.
Where might they be coming from?
Many Chief Financial Officers have a background as accountants, auditors, actuaries or MBAs. Their role as CFO is to combine operational and financial data to provide the business insights needed to:
- navigate uncertainty
What do they care about?
A Chief Financial Officer's main concern is the organisation's bottom line. Hence they will have a strong focus on credit rating, business interruption insurance, risk management and compliance / controls - all of which can be linked to BC.
TIP: You can directly address the concerns of your CFO by illustrating how BC can help with current problems or initiatives. You could also offer an exercise around counterparty failure (as per Euroclear Case Study).
How might they respond?
"Isn't BC just a form of insurance?"
TIP: This is not incorrect - insurance provides a pot of money at some point after the incident, while BC ensures the business can continue in the interim and keep at least key customers satisfied.
"Go talk to the CIO, BC is an IT issue"
TIP: Explain why it is not just an IT issue: eg. consequences can go beyond IT; BC covers more than IT.
"When's the next fire drill?"
TIP: Explain that BC is not just about fires and evacuations; exercises can be used to test strategy and longer term consequences of big decisions such as outsourcing.
The profiles provided in this section provide an example of typical C-Suite executives based on BCI member feedback and third party research on the subject. However to get the most out of this section, we advise that you download and complete the worksheet below to create accurate profiles of the executives in your organisation.
Would you like to add to this profile?
The tool-kit is a living resource and we are constantly looking for ways to improve it. We value contributions based upon your own experience; as well as feedback on any challenges or success that you have had in applying any of the ideas.