Transitioning from Chief Audit Executive (CAE) to Chief Financial Officer (CFO) IIA/FMI Breakfast Session Carol Najm Assistant Deputy Minister, Finance.

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Presentation transcript:

Transitioning from Chief Audit Executive (CAE) to Chief Financial Officer (CFO) IIA/FMI Breakfast Session Carol Najm Assistant Deputy Minister, Finance Branch and Chief Financial Officer February 3, 2016

Page 2 – March 6, 2016 Career Overview Honour’s Degree in Commerce with a major in Finance, and Bachelor of Administration, University of Ottawa Obtained my Chartered Accountant (CA) designation Held various roles within the audit function - private and the public sector November 2008: Served as Chief Audit Executive (CAE) and Director General, Audit and Evaluation at Environment Canada (EC) May 2011: Appointed Assistant Deputy Minister (ADM) and Chief Financial Officer (CFO), Finance Branch, EC

Page 3 – March 6, 2016 Commonalities & Synergies Between Functions Both functions belong to professional associations and are governed by professional standards (CPA and IIA) –Similar skill sets and work ethic (discipline) through the certification process –Extensive technical knowledge, and awareness of professional standards and their application Similar reporting structure and oversight Importance of a good working relationship between Audit and Finance to manage senior management and audit committee expectations Knowledge of the Policy on Internal Controls (PIC)

Page 4 – March 6, 2016 Transferable Skills Between Roles Written & Verbal Communication Skills Interpersonal Skills Technical Knowledge Assertiveness Inquisitive Mind Audit – Broad View of the Organization (“big picture”) Ability to Recognize Opportunities to Innovate

Page 5 – March 6, 2016 Set the Stage to be a Successor Develop a cooperative and mutually beneficial relationship between audit and finance functions (CAE & CFO) Deliver on your mandate Establish credibility at the senior management table by demonstrating your diversified knowledge and experience Build trust and respect among your peers Be open to change and flexible to new experiences In turn, you will be “top of mind” and considered for future opportunities

Page 6 – March 6, 2016 Career Development & Planning Take ownership of your career and commit to learning three new things a day Seek out volunteer opportunities to further your knowledge/experience in complementary areas of interest Learn & execute your new role Improve the role / make a contribution Reinforce/ sustain the change Move on to a new challenge Identify cross-training opportunities within audit and finance functions (e.g. attend audit committee meeting as observer, assignment on special projects, involvement in key deliverables) Approach to a New Role (3 yr. cycle)