ACCA Insights

Ben discusses the current state of risk management, emphasizing its disconnection from organizational decision-making. He highlights the need for good decision-making, advocating for a shift from traditional risk management to a focus on decision quality. He introduces the concept of "benevolent subversion," a guide with 22 practical techniques to embed good decision-making in organizationsand stresses the importance of management accounting in understanding business contexts and combating fraud effectively.

This episode discusses the Ivy Business School's leader character framework, emphasising the importance of character in leadership and risk management and how elevating character to the same level as competence and commitment can ensure better decision-making and financial oversight, especially during such uncertain times. Dr Mary Crossan explains the framework's development post-2008 financial crisis, highlighting 10 dimensions of character like integrity and humility. Bill Furlong, with a background in capital markets, shares how the framework can help address compliance issues by linking character imbalances to suboptimal judgments. He also stresses how critical the accountant's role is in governance, oversight, and the smooth functioning of the economy. Dr Corey Crossan, from Oxford University, details university programs integrating the framework, noting significant improvements in leader effectiveness and well-being. The framework is seen as crucial for navigating today's challenges and enhancing organizational culture and performance.

In this episode, Richard and Rachael discuss the evolving risk management landscape in healthcare, emphasising the need for a dynamic approach to risk appetite. Richard highlights the importance of aligning risk management with patient safety and financial sustainability, suggesting that risk appetite should be applied to areas like estates and finances rather than just patient safety. He also addresses the challenges of cyber risks, advocating for proactive prevention and response measures.

This month, we discuss the evolving landscape of cyber risk management, focusing on healthcare and broader industry implications. James Parker, a cyber professional, shares insights from the 2017 WannaCry ransomware attack on the NHS, highlighting the lack of cyber skills and awareness among staff, and the slow prioritisation of IT projects. Lutz Naake, a partner at EY, emphasises the importance of identifying critical IT systems and implementing proper controls, noting the challenges companies face in cyber risk management. They stress the need for shared language and understanding between cyber professionals and business leaders to effectively manage and prioritise cyber risks. The conversation also touches on the impact of emerging regulations like the EU's NIS2 directive and AI Act on cybersecurity practices.

The discussion explores the intersection of AI and healthcare at MIT's Jameel Clinic. Ignacio Fuentes highlights their work in clinical AI, particularly in oncology, and drug discovery, including a new protein folding model. Frank Schuler emphasizes the role of accountants in building trust and managing AI risks in healthcare, suggesting future audits of AI systems. They discuss the importance of ethical decision-making, data quality, and regulatory frameworks. The clinic's global network of 43 hospitals aims to validate and implement AI models, enhancing early disease detection and clinical efficiency. The conversation underscores the need for collaboration among accountants, doctors, and policymakers to navigate AI's transformative impact on healthcare.

The podcast discusses the integration of AI in healthcare across the Middle East, driven by initiatives like Saudi Vision 2030 and UAE AI Strategy. Yasir Ghani highlights the Emirati genome program, which uses AI for personalized and preventive healthcare. He emphasizes the challenges in implementing electronic health records, with 60% of healthcare organizations struggling. The conversation also covers the importance of cybersecurity, supply chain risks, and the need for robust risk management strategies. Additionally, Ghani discusses the evolving board composition in the UAE, with a focus on diversifying skills and expertise, and advises ACCA members to be strategic, proactive, and tech-savvy in their careers.

The discussion focused on fraud in the UK's NHS, highlighting its complexity and the need for robust risk management. Alex Rothwell, CEO of the NHS Counter Fraud Authority, detailed the extensive fraud landscape, identifying 124 types of fraud and corruption. Key risks include internal insider fraud, collaboration with external entities, and supply chain fraud. The NHS faces an annual fraud loss of £1.3 billion out of a £160 billion budget. Rothwell emphasized the importance of strategic intelligence assessments, proactive risk management, and international collaboration to combat fraud effectively. He also discussed the role of AI and machine learning in enhancing fraud detection capabilities.

In this episode we speak with Nick Sanna, founder of the FAIR Institute and President of Safe Security, about using the Factor Analysis of Information model, the only international standard for quantifying and accounting for cybersecurity and operational risks, including pervasive third-party risks as the world witnessed with the CrowdStrike incident. Nick explains how healthcare organisations in particular could be using this at scale to better assess and manage potential cyber incidents, considering the high-profile cyber attacks at United Health and the UK's NHS and, indeed, our current research on risk management in the healthcare sector.

This episode discusses the why, how, and what of incorporating behavioural insights into corporate strategy and risk management. Our guests, David Grosse and Sandro Boeri, two seasoned experts who have been working on how to optimise such crucial information for many years, share their thoughts on how ACCA members can put this into practice.

Attain and its unique Rising Tides ‘game experience' underline the importance of collaborative learning and how it helps create a connected culture of sharing ideas and innovation. In this episode, Attain's founder, Klaus Woeste, and its COO, Nick Reed, discuss what that means in today's volatile, uncertain, complex, and ambiguous (VUCA) world.

Attain and its unique Rising Tides ‘game experience' underline the importance of collaborative learning and how it helps create a connected culture of sharing ideas and innovation. In this episode, Attain's founder, Klaus Woeste, and its COO, Nick Reed, discuss what that means in today's volatile, uncertain, complex, and ambiguous (VUCA) world.

Who better to talk about the power of whistleblowing and how our profession tackles the rampant rise of fraud than Emma Parry, a conduct, culture and risk advisor and core member of ACCA's special interest group on risk culture and Pav Gill, the Wirecard whistle-blower who is now CEO and founder of Confide.

Who better to talk about the power of whistleblowing and how our profession tackles the rampant rise of fraud than Emma Parry, a conduct, culture and risk advisor and core member of ACCA's special interest group on risk culture and Pav Gill, the Wirecard whistle-blower who is now CEO and founder of Confide.

We discuss their experiences and insights into developing effective conduct and culture management information in financial services and the insights that the review undertaken by FMSB members in 2023 provides. In particular, they draw on the many lessons that the research reveals and how these can be applied across industries.

Ted MacDonald of the Financial Markets Standards Board (FMSB) and Olivia Richards of Oliver Wyman join ACCA's risk culture podcast series to talk about developing effective conduct and culture management information in financial services and the insights that the review undertaken by FMSB members in 2023 provides. In particular, they draw on the many lessons that the research reveals and how these can be applied across industries. 

In this episode, Dr. Mirea Raaijmakers, who worked as Global Head of Behavioural Risk Management at ING, explains how developments in big data analytics and behavioural science are driving modern-day risk management within financial services. Mirea, who was one of the main architects of the Dutch Central Bank's pioneering approach of behaviour & culture supervision, also discusses how supervisors could be more up-close and personal with financial institutions when it comes to understanding the cultural and behavioural influences on performance.

Dr. Mirea Raaijmakers explains how developments in big data analytics and behavioural science are driving modern-day risk management within financial services. Mirea, who was one of the main architects of the Dutch Central Bank's pioneering approach of behaviour & culture supervision, also discusses how supervisors could be more up-close and personal with financial institutions when it comes to understanding the cultural and behavioural influences on performance.

This podcast explains how HMRC Compliance staff will work under the HMRC Charter with taxpayers including their Agents.  We'll be covering what the Compliance Professional Standards, how they link to the HMRC Charter and what taxpayers and agents should expect under each of the standard headings: Getting things right Being aware of taxpayers (and agents) situation Being responsive Treating taxpayers fairly Let us know whether you found this podcast interesting and what other topics you would like to hear covered at ukpolicy@accaglobal.com

This podcast explains how HMRC Compliance staff will work under the HMRC Charter with taxpayers including their Agents. We'll be covering what the Compliance Professional Standards, how they link to the HMRC Charter and what taxpayers and agents should expect under each of the standard headings:Getting things rightBeing aware of taxpayers (and agents) situationBeing responsiveTreating taxpayers fairlyLet us know whether you found this podcast interesting and what other topics you would like to hear covered at ukpolicy@accaglobal.com

As both an accountant and a psychologist as well as a member of ACCA's Risk Culture Special Interest Group, David explains how accounting professionals need to recognise the inherent blind-spots of the financial ‘lens' and how a wider view can help detect leadership risk hot spots.

In this episode, Dr. David Cooper, Cooper Limon, talks about evaluating leadership and how it influences behaviours and relationships in today's brittle and complex world. As both an accountant and a psychologist as well as a member of ACCA's Risk Culture Special Interest Group, David explains how accounting professionals need to recognise the inherent blind-spots of the financial ‘lens' and how a wider view can help detect leadership risk hot spots.

Hilary Sutcliffe, Director of a London-based not-for-profit organization, SocietyInside, introduces us to the concept of a "Pro-Society" approach to innovation and regulation and explains how this gives stronger incentives for corporations to reverse-engineer innovation from societal demands rather than simply creating innovations in a relentless quest for a home.

This is the latest episode in a series looking at what risk culture means and to what extent we understand its impact on organisations and the behaviours of the people within them. Hilary Sutcliffe, Director of a London-based not-for-profit organization, SocietyInside, introduces us to the concept of a "Pro-Society" approach to innovation and regulation and explains how this gives stronger incentives for corporations to reverse-engineer innovation from societal demands rather than simply creating innovations in a relentless quest for a home.

We continue our discussion on how accountants are best placed to support small businesses to access funding. Glenn Collins, Head of Technical and Strategic Engagement at ACCA, continues his conversation with Simon Goldie, Director of Advocacy at the Finance & Leasing Association and FLA Board member and Managing Director of SME Finance at Paragon Bank, John Phillipou. This time we focus on the top tips in gaining a swift and successful funding application. Let us know whether you found this podcast interesting and what other topics you would like to hear covered at ukpolicy@accaglobal.com

We continue our discussion on how accountants are best placed to support small businesses to access funding. Glenn Collins, Head of Technical and Strategic Engagement at ACCA, continues his conversation with Simon Goldie, Director of Advocacy at the Finance & Leasing Association and FLA Board member and Managing Director of SME Finance at Paragon Bank, John Phillipou.  This time we focus on the top tips in gaining a swift and successful funding application. Let us know whether you found this podcast interesting and what other topics you would like to hear covered at ukpolicy@accaglobal.com

Dr Roger Miles, a behaviour at risk specialist, talks about the cognitive shifts caused by AI, how accountants play an important role in ‘foraging for the truth', and why we need to dig deep beyond our limitations of knowledge if we are to make the most of the disruption.

This is the latest episode in a series looking at what risk culture means and to what extent we understand its impact on organisations and the behaviours of the people within them. Dr Roger Miles, a behaviour at risk specialist, talks about the cognitive shifts caused by AI, how accountants play an important role in ‘foraging for the truth', and why we need to dig deep beyond our limitations of knowledge if we are to make the most of the disruption. 

Helping small businesses access the right funding is vital to them staying match fit. In this podcast, Glenn Collins, Head of Technical and Strategic Engagement at ACCA, is joined by Simon Goldie, Director of Advocacy at the Finance & Leasing Association and FLA Board member and Managing Director of SME Finance at Paragon Bank, John Phillipou, as they uncover how small businesses can get the right finance at the right time in increasingly testing times. Let us know whether you found this podcast interesting and what other topics you would like to hear covered at ukpolicy@accaglobal.com

Helping small businesses access the right funding is vital to them staying match fit.  In this podcast, Glenn Collins, Head of Technical and Strategic Engagement at ACCA, is joined by Simon Goldie, Director of Advocacy at the Finance & Leasing Association and FLA Board member and Managing Director of SME Finance at Paragon Bank, John Phillipou, as they uncover how small businesses can get the right finance at the right time in increasingly testing times. Let us know whether you found this podcast interesting and what other topics you would like to hear covered at ukpolicy@accaglobal.com

Julia Graham, the chief executive of Airmic, the risk management trade body, explains why and how an organisation's social purpose is key to building an effective risk culture.

This is the latest episode in a series focused on what risk culture means and how it affects performance. Julia Graham, the chief executive of Airmic, the risk management trade body, explains why and how an organisation's social purpose is key to building an effective risk culture. 

David Rodin, Founder and Chair of Principia Advisory, talks about how to integrate ‘organisational ethics' in governance and culture.

This is the latest episode in a series looking at what risk culture means and its impact on corporate performance. David Rodin, Founder and Chair of Principia Advisory, talks about how to integrate ‘organisational ethics' in governance and culture.  

In this episode Christian Hunt, risk culture and conduct specialist and author of ‘Humanizing Rules: Bringing Behavioural Science to Ethics and Compliance', discusses how risk and accountancy professionals could think more about the human beings they are trying to influence. Presented by ACCA's head of risk Rachael Johnson.

This podcast is the first in a series looking at what risk culture means and its impact on corporate performance. In this episode Christian Hunt, risk culture and conduct specialist and author of ‘Humanizing Rules: Bringing Behavioural Science to Ethics and Compliance', discusses how risk and accountancy professionals could think more about the human beings they are trying to influence. Presented by ACCA's head of risk Rachael Johnson.

Internal control is one of the fundamental concepts used by entities to achieve important objectives, improve performance and build reputation, especially in disruptive and uncertain times. Internal control forms a core part of the activities of accountancy, finance and internal audit professionals, assisting them in ensuring that entities operate effectively. Yet the nature of the business model is changing for many.Transformation, including the adoption of digital enablers, is changing the way that processes are undertaken. Rapid response to changing customer and economic factors is a reality. In this webcast, we explore these and other emerging trends, their impact on internal control and the need for internal controls to be agile and future-ready to support business transformation and growth.In this podcast we explore the key themes of the joint ACCA, Internal Audit Foundation and Institute of Management Accountants report.

Internal control is one of the fundamental concepts used by entities to achieve important objectives, improve performance and build reputation, especially in disruptive and uncertain times. Internal control forms a core part of the activities of accountancy, finance and internal audit professionals, assisting them in ensuring that entities operate effectively. Yet the nature of the business model is changing for many.Transformation, including the adoption of digital enablers, is changing the way that processes are undertaken. Rapid response to changing customer and economic factors is a reality. In this webcast, we explore these and other emerging trends, their impact on internal control and the need for internal controls to be agile and future-ready to support business transformation and growth.In this podcast we explore the key themes of the joint ACCA, Internal Audit Foundation and Institute of Management Accountants report.

In this podcast Narayanan joins Jenny Knott FCCA for a wide ranging discussion about her path into fintech, the key trends in fintech as we look ahead, opportunities for professional accountants and the role of ESG and purpose.Jenny Knott FCCAJenny Knott is both a board level investment banker with over 30 years' experience as well as a leading innovator in financial technologies. Jenny has extensive prudential board experience having served on Boards of Global Investment Banks, Financial Services Corporates and Charitable organisations for over 25 years, her roles ranging from Chair to member of Board, Board Audit, Board Risk, RemCo and Technology Sub-Committees.Jenny is also co-founder of FinTech Strategic Advisors and assists clients with their FinTech investment and adoption strategies. She supports start-ups achieve scale and commercial success. As an investment banker, she has been a CEO, CFO and COO, widely respected for leading the modernisation and transformation of her organizations and for her knowledge of the technical finance, emerging technology and regulatory environments.Jenny believes that innovation, inclusivity and cognitive, demographic and experiential diversity are a ‘must' for a successful business and acts as mentor and advisor to a number of CEO's. She is a public speaker on emerging FinTech including Data transformation and Distributed Ledger as well as the commercial benefits of truly Innovative and Inclusive Board and Corporate cultures. Jenny is currently a Non-Executive Director for SimplyHealth and deputy chair of both their Remuneration and Capital and Risk Committees. She is the chair of the Board Audit Committee in her capacity as Trustee for Ovarian Cancer Action, and Chairwoman of Equiida a global, senior executive leadership advisory firm founded on the science that greater inclusivity improves business performance.

In this podcast Narayanan joins Jenny Knott FCCA for a wide ranging discussion about her path into fintech, the key trends in fintech as we look ahead, opportunities for professional accountants and the role of ESG and purpose.Jenny Knott FCCAJenny Knott is both a board level investment banker with over 30 years' experience as well as a leading innovator in financial technologies. Jenny has extensive prudential board experience having served on Boards of Global Investment Banks, Financial Services Corporates and Charitable organisations for over 25 years, her roles ranging from Chair to member of Board, Board Audit, Board Risk, RemCo and Technology Sub-Committees.Jenny is also co-founder of FinTech Strategic Advisors and assists clients with their FinTech investment and adoption strategies. She supports start-ups achieve scale and commercial success. As an investment banker, she has been a CEO, CFO and COO, widely respected for leading the modernisation and transformation of her organizations and for her knowledge of the technical finance, emerging technology and regulatory environments.Jenny believes that innovation, inclusivity and cognitive, demographic and experiential diversity are a ‘must' for a successful business and acts as mentor and advisor to a number of CEO's. She is a public speaker on emerging FinTech including Data transformation and Distributed Ledger as well as the commercial benefits of truly Innovative and Inclusive Board and Corporate cultures. Jenny is currently a Non-Executive Director for SimplyHealth and deputy chair of both their Remuneration and Capital and Risk Committees. She is the chair of the Board Audit Committee in her capacity as Trustee for Ovarian Cancer Action, and Chairwoman of Equiida a global, senior executive leadership advisory firm founded on the science that greater inclusivity improves business performance.

Mid-tier businesses play a fundamental role in global supply chains, yet many of them are running on legacy systems and processes, facing long-term underinvestment in skills and technologies and have a very strong case investment that is not being addressed. In this podcast Clive Webb Head of Business Management at ACCA's Professional Insights, discusses the technology considerations for mid-tier organisations, with Adam Freeman, Director of Buyer Enablement at the Access Group and Tony Price, a Partner in PwC.

Mid-tier businesses play a fundamental role in global supply chains, yet many of them are running on legacy systems and processes, facing long-term underinvestment in skills and technologies and have a very strong case investment that is not being addressed.  In this podcast Clive Webb Head of Business Management at ACCA's Professional Insights, discusses the technology considerations for mid-tier organisations, with Adam Freeman, Director of Buyer Enablement at the Access Group and Tony Price, a Partner in PwC. 

Supply Chains are increasingly an area of focus for organisations. In a recent report ACCA, IMA and CIPS have explored the key issues from the perspective of the finance professional. In this podcast, Clive Webb, ACCA's Head of Business Management one of the report authors is in conversation with Aleksandra Zaronina-Kirillova, a fellow member of ACCA's Professional Insights team, about the key themes of the report.

Supply Chains are increasingly an area of focus for organisations. In a recent report ACCA, IMA and CIPS have explored the key issues from the perspective of the finance professional. In this podcast, Clive Webb, ACCA's Head of Business Management one of the report authors is in conversation with Aleksandra Zaronina-Kirillova, a fellow member of ACCA's Professional Insights team, about the key themes of the report.

Peter Hogarth leads PwC's UK Accounting Consulting Services team. He advises the firm and its clients across a wide range of financial reporting topics, dealing with both UK GAAP and International Financial Reporting Standards. He is a principal author of the firm's Manual of Accounting and is closely involved with many of the firm's initiatives concerning the future of corporate reporting. He is a member of the FRC's UK GAAP Technical Advisory Group.

Peter Hogarth leads PwC's UK Accounting Consulting Services team.  He advises the firm and its clients across a wide range of financial reporting topics, dealing with both UK GAAP and International Financial Reporting Standards. He is a principal author of the firm's Manual of Accounting and is closely involved with many of the firm's initiatives concerning the future of corporate reporting. He is a member of the FRC's UK GAAP Technical Advisory Group.

In this special edition, Julie Hotchkiss, Executive Director – People and Transformation, ACCA and Louise Fowler, Chief Transformation Officer, Chartered Accountants Australia and New Zealand (CA ANZ) discuss with Charlotte Evett of CA ANZ, how their respective professional bodies are transforming in the context of a transforming profession.

In this special edition, Julie Hotchkiss, Executive Director – People and Transformation, ACCA and Louise Fowler, Chief Transformation Officer, Chartered Accountants Australia and New Zealand (CA ANZ) discuss with Charlotte Evett of CA ANZ, how their respective professional bodies are transforming in the context of a transforming profession. 

What does transformation look like from the perspective of a finance leader who has successfully delivered change. In this podcast Andrea Naylor, Group CFO of Namos Solutions and James Best, Managing Director of Precision Finance Consulting share their personal perspectives and provide insights for the finance professional.

What does transformation look like from the perspective of a finance leader who has successfully delivered change.  In this podcast Andrea Naylor, Group CFO of Namos Solutions and James Best, Managing Director of Precision Finance Consulting share their personal perspectives and provide insights for the finance professional.