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September 6, 2016 by fiscaldoctor

Middle Market Leaders: Evaluate Enterprise Risk Management Basics

CFO, CRO, Board of Director, Internal Audit, ERM and risk professionals

Profitable growth and enterprise risk management (ERM) expert Gary W. Patterson, FiscalDoctor®, is selected to deliver a Illumeo course on Evaluate the Basics and Effectiveness of Your ERM Program. https://www.illumeo.com/courses/basic-erm-effectiveness-training-course

This course is geared both for someone at an organization setting up the basics of enterprise risk management (ERM) on a limited budget or someone wanting to improve strategic and operational benefits to extract more value from an established ERM program.

By taking this course, you can also obtain more value from complimentary programs in: operational risk management, ORM, business continuity, compliance, Sarbanes Oxley, risk, risk assessment, due diligence, internal audit, strategic planning, governance, safety, lean six sigma, or quality.

About Illumeo:

The leading online professional development platform for the office of the CFO, Illumeo enables finance professionals to make smarter business decisions, connect with their peers, build their skills and advance their careers. Illumeo is the place the entire office of the CFO goes to learn for today and advance in their careers. https://www.illumeo.com

Find Your $$$ Blind Spot

 

 

 

 

 

Call to talk about how you can receive more value from your programs for a business assessment, risk assessment, or just recurring business model update.

Filed Under: News Tagged With: business assessment corporate governance enterprise risk management ERM

August 30, 2016 by fiscaldoctor

Dahlonega Georgia Federal Mint

Dahlonega Georgia former Federal mint gold museum
Dahlonega Georgia former Federal mint gold museum

 

 

 

 

 

 

Improve Your Own Special Situation
Improve Your Own Special Situation

 

 

 

 

 

 

Happy holiday this year on your special vacation.

Filed Under: News

August 23, 2016 by fiscaldoctor

Can it really be true that 86% of people do not trust you or me?

That REALLY struck home for me. You and I are the good people. We really are.

However, you may have read the same scary stories that I am seeing. The trickle of surveys and stories about rampant loss of trust toward all institutions is turning into a tsunami.

One of the latest and maybe the scariest article is a July 25th Forbes article The Death Of Brand Loyalty: Cultural Shifts Mean It’s Gone Forever. You can easily Google it. One of many of the author’s eye-opening statements is that “Millennials particularly tend to distrust the government (82%), the press (88%), and financial institutions and corporations (86%).”

Most of you reading this are in, work with or are probably viewed as corporate.

For another data point, last month I attended an only slightly less scary version of that article at the Phoenix annual National Speakers Association (NSA) conference. The speaker pointed out the real impact of his statement on each of us attending. What makes us think our customers will believe that we are in the 14% they can trust?

  • How do our customers, participants, and really nice people friends know they can trust us?
  • How do we know we can trust them?
  • Why should millennials trust us?

The first step to solve a major blind spot, which this maybe for many of us is just to acknowledge the perception exists. Normal definitions of a scotoma or blind spot suggest that often people are too close to an issue to see its magnitude. However, an outsider sometimes relatively easily sees the issue, which can become a major issue, or as I call it a Million Dollar Blind Spot©.

I trust that for most of you are in the 14% and this is not an issue.

A primary way I can offer to help is discussing something briefly off-line about possible confidence levels on financial, operational and strategic major blind spots. Such as how your people could better perceive, use or get value from the business’s internal financials, metrics, flash reports etc. Sort of what you would expect from a FiscalDoctor.

Gladly offer that for any of you or a colleague. Or if you just want to say hello, call me at 678-319-4739.

Respectfully, Gary

Keys to finding and addressing the business opportunities and risks you may not be seeing.
Keys to finding and addressing the business opportunities and risks you may not be seeing.

Filed Under: Timely Reports Tagged With: board of directors business growth CEO enterprise risk management

August 15, 2016 by fiscaldoctor

Seen Any Baked or Filleted Financials Lately?

Articles and surveys abound on the unbelievable loss of faith in institutions across every sector. The author asks where you might be deceiving yourself about your official external financial statement package?

Consider that accounting financial statement reserves and accruals, like reserves for bad debts, inventory accounts, and accrued liabilities, are merely guesses, sometimes manipulated for immediate organizational aims. Many of those involved in creating those best-guess reserves agree with me. Others may be disheartened when confronted with the need to truthfully face the possibility that a lack of conservatism in their company’s balance sheet prevents accurate and timely information about financial resources available, particularly in carrying out planned initiatives on which financial and professional futures rely.

When a new CEO is inclined to “write off everything including the kitchen sink,” why are reserves and accruals the first place they look? Because far too often those estimates or best guesses were far, far too optimistic, and people no longer graciously cover up for predecessors.

Before bankers, auditors, or the new “kitchen sink write-off” leader reviews your balance sheet, do a self-test by answering the following questions:

  • To what extent do your people “fudge the book?”
  • How adequate are your balance sheet reserves?
  • How do you know if people are playing games with your balance sheet? Whether your organization is small or middle-market, or even a major international institution, how many far-too-optimistically, dramatically undervalued liabilities (or unrealistically, overvalued assets) distort crucial financial and operational information needed to make the best business decisions?

You can access the full article at http://riskandcompliancemagazine.com/liabilities-or-overstated-assets-hidden-in-broad-daylight/Please comment on why you agree or disagree with my suggestions or contact me about your unique situation or a discussion on good old fashioned over optimism or possibly puffery can lead you astray when you make crucial management decisions based on the best information available to you – in case it is partially baked or filleted.  678-319-4739 or www.fiscaldoctor.com/contact-us/ .

Liabilities or Overstated Assets, Hidden in Broad Daylight? is my article which was published in Risk & Complaince
Liabilities or Overstated Assets, Hidden in Broad Daylight? is my article which was published in Risk & Compliance

Filed Under: Timely Reports Tagged With: balance sheet CEO financial risk management risk assessment Atlanta

August 9, 2016 by fiscaldoctor

How You Can Determine Your Million Dollar Blind Spot Score (Or Euro, Yen etc.)

The question of Million Dollar Blind Spots affecting your organization is just a question of when, not if.

Consider an approach to suggest the type of major surprise most likely to occur at your organization to supplement your enterprise risk management, strategic planning or contingency planning program. After all the company, job or reputation you save may be your own or that of a friend.

The article suggests 10 classifications to consider as part of your specific processes; 3 of which are noted below:

The Incomprehensible: Many businesses were blindsided by the “incomprehensible” 1980 eruption of Mount St. Helens in Washington State

With Acknowledgement Comes Blame – Passing the Buck

Shoot the Messenger:

Although each classification has subtle differences, they all fall within three general categories: unforeseen blind spots of varying degrees, systemic and widespread communication failures, and outright fraud and deceit.

What potential issue at your organization warrants scoring with this strategic, easily applied, inexpensive rating scale?

You can access the full article at

http://riskandcompliancemagazine.com/what-is-your-million-dollar-blind-spot-score

Please comment on why you agree or disagree with my suggestions or contact me about your unique situation at 678-319-4739 or https://fiscaldoctor.com/contact-us/ .

Learn how can can identify and self score a possible black swan type situation before it finds you.
Learn how can can identify and self score a possible black swan type situation before it finds you.

Filed Under: News Tagged With: business asessment enterprise risk management risk assessment

August 2, 2016 by fiscaldoctor

Outstanding Performance for Growth Companies Update

Why risk management cover 400 for press releases

Re-certified by Alan Weiss’s Society for Advancement of Consulting® (SAC)

 East Greenwich, RI – Society for Advancement of Consulting® LLC (SAC) awarded Gary W. Patterson, Enterprise Risk Management (ERM) expert and speaker, an infrequently granted distinction of being re-certified for the sixth year as a “Board Approved” member in his specialty as Trusted Adviser for Growth Companies. Re-certification signifies that Patterson has the highest continuous record of professional performance over an extended period of time as measured by SAC. To this end, Patterson has adhered to the ethics pledge of the organization and has provided client proof attesting to exceptional performance in his area of consulting. SAC was founded by Alan Weiss (Ph.D.), a consultant whose unparalleled reputation has advanced the prestige and standing of the consulting industry.

Fewer than five percent of SAC members are granted Board Approval, which represents a distinguished membership of fewer than five percent of all practicing consultants nationwide. Board Approval is granted only after detailed client evidence is received and reviewed. SAC’s CEO Weiss comments, “We already have as our membership the most elite consultants practicing in the world. To achieve this still higher level of performance in addition to our entry requirements is quite impressive. Clients who hire Board Approved SAC members have the assurance that they are working with the ‘best of the best.’ ”

About Society for Advancement of Consulting® LLC
SAC is an international association of distinguished consultants who meet the following criteria: validated proof of high performance in their areas of expertise; successful completion of client engagements; testimonials from client executives; high income over a prolonged period; minimum of 25 clients; and adherence to the highest code of professional ethics. SAC members interact as an international community to advance the profession and consulting techniques in compliance to a strict code of professional conduct. To learn more about SAC, go to www.consultingsociety.com.

About Gary W. Patterson
Gary W. Patterson, president & CEO of FiscalDoctor®, helps leaders uncover blindspots to assure profits and make the best decision. He has helped over 200 companies spanning supply chain, high tech, transportation, construction, and service industries. Patterson is a renowned speaker on growth, strategy, ORM, ERM, risk analysis, and leadership.

He authored Million Dollar Blind Spots: 20/20 Vision for Financial Growth , “Stick Out Your Balance Sheet and Cough: Best Practices for Long-Term Business Health”,  “THYPERLINK “http://www.amazon.com/The-Fiscal-Fitness-System-Understanding/dp/1441795782″hHYPERLINK “http://www.amazon.com/The-Fiscal-Fitness-System-Understanding/dp/1441795782″e Fiscal Fitness System Understanding Balance Sheets, Income Statements, and Cash Flow”. For more information, visit his website at www.fiscaldoctor.com and his “free” fiscal fitness test at www.fiscaldoctor.com/fiscaltest.html  call 678-319-4739.

Filed Under: Timely Reports Tagged With: risk assessment Atlanta strategic planning

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Contact No: 678-319-4739
Email: info (at) fiscaldoctor (dot) com

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