Rick Yvanovich/Founder & CEO/
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Case study
FC is a CIMA member and has worked in the finance department of a medium-sized UK wholesaler for just under a year. A colleague has informed him that the head of sales has been unlawfully declaring fuel benefits. The value of the benefits is relatively high for the size of company, which is not in great financial shape. This has resulted in a National Insurance (NI) Contributions bill that would probably be large enough to push the company into insolvency. He is in a dilemma.
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Put yourself in the shoes of CIMA member CM. CM recently took up the role of accountant at a small food production and processing company based in the UK. As she settled into her role she noticed some practices that did not seem right to her.
In the last article, we have discussed the main areas of concern when it comes to enterprise risk management framework in Vietnamese companies. Apparently, they can learn a lot from their Western counterparts where risk and performance reporting to the board are integrated. Now, we will go over the best practices or practical application of corporate risk management in Vietnam.
As discussed in our previous “5 steps to customer value management” part 1 and part 2 articles, the customer management cycle is a closed-loop process as follows:
Have you ever had to make a decision that could lead to your company’s closure? This week’s case study will put you into another difficult situation.
As mentioned in the previous post, risk management has only begun to take shape in Vietnamese companies. The global economic recession has left many out of business, and for those who have sailed through the storm, there are lessons to be learned. In this entry, we will review some main issues with business risk management in Vietnam.
Just a quick reminder, in our previous blog entry, we have discussed about step 1 and 2 of the 5 steps. In this article, we continue to talk about the remaining steps that complete this circle of customer value management.
Before the global financial crisis back in 2007-2008, risk reporting may not have been on the plate for many companies and organisations around the world. However, since then, there has been “increased attention to the formalisation of risk management” (CGMA, 2012). But is that enough for Vietnamese businesses, given the fact that many have gone bankrupt or been caught up in legal entanglements?
