risk assessment

July 13, 2017 by fiscaldoctor

Reduce Risk: Middle Market, Board, President, C-Suite, Family Business

REDUCE RISKS BY ADDING ALLIES FOR BETTER RISK MANAGEMENT: Reveals Sustainable Profitable Growth expert and Speaker Gary W Patterson, the FiscalDoctor®

July 11, 2017 – Birmingham, United Kingdom and Atlanta, Georgia – International enterprise risk management (ERM) expert and speaker Gary W. Patterson’s article “REDUCE RISKS BY ADDING ALLIES FOR BETTER RISK MANAGEMENT” is published by Risk & Compliance, a member of Financier Worldwide. https://riskandcompliancemagazine.com/reduce-risks-by-adding-allies-for-better-risk-management/

By investing small amounts of additional time and money, you can dramatically improve ERM efficiency while gaining new allies, and even friends.

Learn:
Who are your natural allies?
Where can you search for them?
Why will they care?

Every organization, regardless of size, never has all the money,
people or time desired. But value can be added through the fresh eyes and comments of independent outsiders. Look at how well your organization accesses and coordinates with outside resources

To keep your organization strong, consider where you can you apply some of these suggestions and coordinate with your natural allies for the betterment of all.

To discuss your situation, or how your answers on the questions differ, call Gary Patterson at 1-678-319-4739. Clients call him their FiscalDoctor® and just as every person needs a medical doctor; every organization needs a FiscalDoctor and periodic fiscal checkups. He also supports special projects for risk assessments, enterprise risk management (ERM), operational risk management (ORM), fiscal checkups, corporate governance, strategic planning updates, and strategic growth diagnostics.

About Financier Worldwide
Financier Worldwide is a leading publisher of news and analysis on the global business and finance market place. With leading products such as the monthly print publication, Financier Worldwide Magazine, the organization has become recognized as a leading source of intelligence to the business and corporate advisory community. www.financierworldwide.com

About Fiscal Doctor Inc.
FiscalDoctor Inc. enables sustainable profitable growth through leverage you did not know you had and works with leaders to uncover million dollar holes to make the best business decisions and dramatically accelerate correct fiscal leadership decisions. This helps leaders regain control of their financial destinies and capitalize on hidden high return opportunities, while limiting exposure to risk.

Patterson, a Big 4 CPA with a MBA degree from Stanford University, speaks regularly and leads strategic working sessions on topics such as corporate governance, risk management, strategic contingency planning, achieving corporate financial goals, and building long-term wealth.

His book Million Dollar Blind Spots: 20/20 Vision for Financial Growth provides cutting edge follow-up for blind spots: how to identify them, and exploit opportunities and mitigate risk related to million dollar blind spots. Visit his website at https://fiscaldoctor.com and “free” fiscal fitness test at https://fiscaldoctor.com/fiscal-quiz/ , or call 678-319-4739.
© Gary W. Patterson. ###

risk assessment to uncover opportunities to accelerate and risk to minimize

April 25, 2017 by fiscaldoctor

More CEO and Leaders Reveal: How to Have a Great 2017

A number of you asked about the other half of the top 10 list items of the CEO CONFIDENTIAL MEMO: TOP 10 LIST FOR GREATER SUCCESS IN 2017” published in the Financier Worldwide (UK) Risk & Compliance media.

As a reminder, I raised the question What top 3 priorities should leaders be addressing in the coming year to 50 CEO and board members.

The executive summary of the top issues 6 to 10 in reverse order is

10. Digital technologies will almost certainly move up the priority list. With ruthless capability to accelerate the pace of change and wring cost savings from business processes, coping with these ever developing technological advances has become the new norm.

9. Disruption, whether it brings risk or opportunity, remains a top concern. To address the risk side, consider which start-up is poised to eat your lunch. To create a potential opportunity, aim for the niche that positions you to eat someone else’s lunch.

8. Relationships with key stakeholders are shifting, both in terms of the make-up and the relative importance of different groups. This may necessitate changes in how you engage with these constituencies.

7. Growth will always be on leaders’ top-ten lists. Without sustainable profitable growth, organizations begin a relentless decline until they ultimately suffocate and die.

6. Changes, particularly black swan events (which by definition are unforeseeable and cause major consequences), have their roots in the inability to see existing situations rather than a failure to predict future disruptions. Among the concerns noted by CEOs was the fact that overworked managers may not see the proverbial 800-pound gorilla, or may not feel safe pointing it out if they do see it.

Again, through careful consideration of these issues and adapting these priorities to fit your organization, you will be positioned to overcome challenges to achieve greater growth and prosperity in the coming year.

Call me at 678-319-4739 for a brief discussion of any of the above points, your opportunity or risk, or just to say hello.

April 4, 2017 by fiscaldoctor

Series of Individual Articles

Call to discuss any of these further. Series of individual article contributions includes:

CEO CONFIDENTIAL MEMO: TOP 10 LIST FOR GREATER SUCCESS IN 2017
https://riskandcompliancemagazine.com/ceo-confidential-memo-top-10-list-for-greater-success-in-2017

Why Isn’t ERM More Of A Team Sport At Your Organization?
http://riskandcompliancemagazine.com/change-a-risky-blue-sky-strategy-into-a-fiscal-vision-worth-its-weight-in-gold

What is Your Million Dollar Blind Spot Score
http://riskandcompliancemagazine.com/what-is-your-million-dollar-blind-spot-score

Liabilities or Overstated Assets, Hidden in Broad Daylight?
http://riskandcompliancemagazine.com/liabilities-or-overstated-assets-hidden-in-broad-daylight/

Risk & Compliance is an e-magazine dedicated to the latest developments in corporate risk management and regulatory compliance. Published quarterly by Financier Worldwide, Risk & Compliance draws on the experience and expertise of leading experts in the field to deliver insight on the myriad risks facing global companies, the insurance solutions available to mitigate them, and the in-house processes and controls companies must adopt to manage them.

Editorial partners include: 1stWEST Financial Corporation, Accenture Trading, Investments & Optimization Strategy (ATIOS), ADDACTIS Worldwide, American International Group, Inc. (AIG), AlixPartners, Alvarez & Marsal (A&M), Ambridge Partners LLC, Baker& McKenzie, Bass Berry & Sims , Berkeley Research Group, LLC, BiZZdesign, Board Advisory, LLC, Boies, Schiller & Flexner LLP, Bovill , Bretton Woods Law, Caldwell Partners, CTPartners, Drinker Biddle & Reath LLP, EY, Faruki Ireland & Cox P.L.L, FisherBroyles, LLP, FTI Consulting, Inc, FWU Group, G3, Goodwin Procter, GÖRG, Governo Law Firm, Grant Thornton, Greenberg Traurig, LLP, HighQ, Hitec, Holland & Knight, Holman Fenwick Willan, IBM, IdentityMind, Innisfree M&A Incorporated, Innovation Insurance Group, JamesDruryPartners, Jeantet, Kelley Drye, KPMG LLP, Kurt Salmon, Linklaters LLP, Mason & Mason, McGladrey, MetaGovernance, Miles Software, NAVEX Global, Navigant, Norrbom Vinding, Okapi Partners, Paragon International Insurance Brokers Ltd, Parker Fitzgerald, Pay Governance LLC, Plesner, Poyner Spruill, Prager Dreifuss, PwC, Richards Kibbe & Orbe LLP, RLM Finsbury, RSR Partners, SAS, Schillings, Shearman & Sterling, Simmons & Simmons LLP, SPITZWEG, Squire Patton Boggs, The Claro Group, Tokio Marine HCC, Walkers, Whiteford, Taylor & Preston, Willis Group Holdings plc, Venable, Zurich Insurance Group, 4Civility Institute, Airmic, Association for Federal Enterprise Risk Management (AFERM), Association of Certified Fraud Examiners (ACFE), APQC, Australian Institute of Company Directors, Business Continuity Institute (BCI), C2ES, Cambio Consulting Group, Center for Audit Quality, Chartered Institute of Procurement & Supply (CIPS), Curtin University, Ethics & Compliance Officer Association (ECOA), European Confederation of Directors’ Associations (ecoDa), European Confederation of Directors’ Associations (ecoDa), Giving Voice to Values (GVV), International Association of Privacy Professionals (IAPP), Internet Security Alliance (ISA), Internet Security Alliance for Europe (ISAFE), ICSA, ISACA, National Association of Corporate Directors (NACD), Reputation Institute, The Risk & Insurance Management Society, The Risk Management Association (RMA), Santa Clara University, Virginia Modeling, Analysis and Simulation Center (VMASC), and WomenCorporateDirectors

Find the Million Dollar Blind Spot; in time.

October 25, 2016 by fiscaldoctor

Opportunity Cost (250 words)

It’s extremely difficult to let go of anything in your business in which you have invested time, energy and money. That is why you have to think logically, and make decisions about your assets based on the company’s overall well-being.

Start with asking yourself to answer true or false on this statement. My business has an asset it would be better off selling even at a loss to free up cash and pursue a more promising opportunity.

Once you expand this question to suggest periodically reviewing assets, procedures and even your people, it is almost impossible not to see this issue as a point to regularly revisit.

Consider logically reviewing your organizations assets and related liabilities regularly. Many companies have one or more assets that can be associated to a band-aid solution, or assets that should be sold (even at a loss) and re-invested in another opportunity. This can be particularly true when the executive bonuses are mainly a function of the absolute dollar level of profitability, with limited influence from return on equity or similar measurements.

On a positive note, businesses that sell stagnating assets, and invest in new creative lucrative assets can build opportunities like a never-ending plush rainforest. Why not implement thorough asset performance measures, and embrace the change that may lead to your company moving forward.

If you realized a substantial one-time opportunity this quarter, what existing financial balance, staff member, or problem would you change or solve?

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Known as the Fiscal Doctor, Gary W. Patterson has helped 2 INC 500 companies and over 200 companies in manufacturing, technology, service, construction and distribution in companies from start-ups to Inc. 500 to Fortune 500. Gary Patterson helps you grow top line revenues, keep more of the bottom line and make life more fun. Author of Find Your Blind Spot – Before It Finds You, and Million Dollar Blind Spots. Contact Gary when you need a speaker or consultant on strategic profitable growth while removing risk at www.FiscalDoctor.com or 678-319-4739.

Downloadable word file

opportunity cost -250 words

October 11, 2016 by fiscaldoctor

Convert Blue Sky Strategy to Fiscal Vision for Your Organization

Which of these three questions can improve the value of your strategic plan?

• How can you improve the emphasis from crafting impressive-sounding mission statements, core values and new initiatives with scant consideration given to the company’s real financial position?
• What part of your strategic vision will benefit from a fiscal focus to allow your company to feel more comfortable that its risk strategy is realistic, prudent and even doable, rather than suddenly realizing too late that you have bet the farm for too little reward?
• Where might there be some truth to the adage that far too many financial projections show revenues starting one quarter earlier than will actually occur, and expenses starting one quarter later than will actually occur?

Learn more about my recommendations. Risk & Compliance, a member of Financier Worldwide just published my article “Change A Risky Blue-Sky Strategy Into A Fiscal Vision Worth Its Weight In Gold” http://riskandcompliancemagazine.com/change-a-risky-blue-sky-strategy-into-a-fiscal-vision-worth-its-weight-in-gold

Financier Worldwide is a leading publisher of news and analysis on the global business and finance market place. With leading products such as the monthly print publication, Financier Worldwide Magazine, the organization has become recognized as a leading source of intelligence to the business and corporate advisory community. www.financierworldwide.com

They offer free subscriptions to qualified readers for publications on Corporate Disputes, Financier Worldwide and Risk & Compliance magazines. They are distributed globally from their United Kingdom publishing base.

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Consider discussing improving your sustainable profitable growth capabilities with the Gary Patterson. Clients call him their FiscalDoctor® and just as every person needs a medical doctor; every organization needs a FiscalDoctor and periodic fiscal checkups. He also supports special projects for strategic growth diagnostics, risk assessments, enterprise risk management (ERM), operational risk management (ORM), fiscal checkups, corporate governance, and strategic planning updates.

Call to discuss your situation at 678-319-4739 or send a note from https://fiscaldoctor.com/contact-us/

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/ .