Navigating the “Seven C’s”

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As Seen in CFO Studio Magazine Q4 2015 Issue

NAVIGATING THE “SEVEN C’S”

For CFOs and other top executives, professional change is inevitable. Big career transitions can include having to embrace new roles, new technologies, new strategies, and living in a new geographic location. But even seasoned professionals accustomed to a fluid professional life find personal change difficult. According to organizational behavior expert Linda Brimm, writing in the Harvard Business Review, C-suite executives facing transition need to navigate through the “Seven C’s:”

Complexity – Considering all aspects and issues at playScreenshot (54)

Clarity – Gaining insight, understanding, and the ability to prioritize

Confidence – Believing the change will be handled successfully

Creativity – Finding innovative solutions to any bumps in the road.

Commitment – Taking concrete steps

Consolidation – Saying good-bye to the previous role and embracing the new one

Change – Fully embracing the new experience and making it work

The ascending nature of these steps ensures that the proposed transition does not become an overwhelming obstacle to the next step in an executive’s career. Sticking to the process will provide a road map for embracing current and future change.

2016 CFO Innovation Conference: “Federal Reserve System CFOs: Unique Roles, Structure, and Opportunities”

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Jeffrey Dale, CFO, Federal Reserve Office of Employee Benefits, and Bill Mitchell, CFO, Board of Governors of the Federal Reserve System, will discuss “Federal Reserve System CFOs: Unique Roles, Structure, and Opportunities” at 1:15 P.M., May 5th, MetLife Stadium, East Rutherford, NJ. CFOs and senior finance executives may attend at no cost, and non-CFOs may purchase tickets, by registering now at www.CFOstudio.com.

 

Jeffrey Dale

Jeffrey Dale, Chief Financial Officer, Federal Reserve Office of Employee Benefits

Jeffrey M. Dale currently serves as Vice President and Chief Financial Officer at the Office of Employee Benefits for the Federal Reserve System in Newark, New Jersey.  Jeff is currently responsible for budgeting, financial accounting, and financial reporting associated with the System’s benefits plans, including health, welfare, retirement and thrift (401K) plans.  These plans manage assets over 19 billion dollars of assets and provide a variety of benefits to approximately 22,000 active employees and 25,000 retirees.  Jeff has served in this position since July of 2005.  He has been employed by the Federal Reserve System at the Federal Reserve Board and the Federal Reserve Bank of St. Louis in various capacities for over 30 years, and his background includes experience in financial accounting, human resources, risk management, project management, and auditing.  During his career, Jeff has also worked in public accounting and corporate environments in accounting and auditing roles.  Jeff has a BSBA in Accounting from Southern Illinois University at Edwardsville and has passed both the CPA and Certified Internal Auditor (CIA) exams and is a graduate of the ABA’s Stonier Graduate School of Banking.

 

Bill Mitchell, Chief Financial Officer, Board of Governors of the Federal Reserve System

Bill Mitchell is the Director of the Division of Financial Management at the Board of Governors and serves as the Board’s chief financial officer.  In this capacity he has responsibility for overseeing the day-to-day operations of the Board’s financial management functions, including accounting, accounts payable/receivable, payroll, procurement, property management, travel, internal control and compliance, information security, strategic planning, financial planning and analysis, and special projects.  Bill joined the Board in 1993 as an auditor in the Office of Inspector General and was named to the official staff in 2004 as assistant inspector general with oversight responsibility for the OIG’s audit and attestation functions.  Prior to joining the Board, he served over 14 years in the United States Army, completing tours in Germany, Texas, and Indiana, with assignments ranging from disbursing activities, to military pay, to auditing.  His final assignment was as an instructor at the Army’s Finance School where he taught quantitative analysis, manpower management, and budgeting.  Bill has a Bachelor of Business Administration from the University of Texas at El Paso (with a major in accounting) and a Master of Professional Accounting from the University of Texas.

Bitcoin Redux

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As Seen in CFO Studio Magazine Q4 2015 IssueScreenshot (53)

BITCOIN REDUX

It came. It went (almost). And now it’s back in a big way. Bitcoin, once the digital currency of choice for online drug dealers and financial swindlers, has now become legitimized; and it is poised to change the face of the 21st-century economy. Now there is a method of manipulating and moving cyber currency that is vastly faster, cheaper, and more secure. In an indication that Bitcoin is here to stay, NASDAQ became the first established financial institution that will use the digital currency, planning to begin in November using Bitcoin to trade shares of pre-IPO companies like Uber and Airbnb.

Forbes reports that Internet start-up Chain.com has developed an application known as the “blockchain.” Using it, Bitcoin records will be maintained on a shared online ledger on a network of worldwide companies. The ledger will be updated through blocks of Bitcoin transfers occurring every 10 minutes, hence “blockchain.” Even the likes of Citigroup and Barclays acknowledge that, at some point in the future, the days of the big banks’ high exchange rates and float will be gone.

Credit and debit card fees may also eventually fall to Bitcoin, as the shared ledger system of the blockchain eliminates the middleman’s cut. As a result, every major financial institution is now exploring the viability of Bitcoin—essentially planning for their own disruption. Though Bitcoin seems poised to streamline the financial system, how completely the average consumer is willing to embrace cyber currency remains to be seen.

Copyright 2017