Michael Saltzstein

Even in the best of circumstances, navigating change can be difficult. Shocks in the financial world have a way of causing unanticipated problems in the world at large. As a result, CEOs must always be alert while still being influential leaders, informs Michael Saltzstein.   Many CEOs mistakenly believe that because financial teams are more analytical than marketing teams, they can make changes without fully understanding the consequences. Though this seems a reasonable assumption, it could not be further from the truth. Here are some best practices for navigating financial change.   Identify the Area of Change Some aspects of your organization will change organically, while others require an administrated change for your company meets its objectives. For example, when you're scaling up, having cash flow management issues, or if your current CFO is leaving.   Evaluate Your Resources Michael Saltzstein does not believe the time-honored adage that when you ...

Michael Saltzstein believes the ever-changing and ever-expanding needs of a business necessitate a thorough rethinking of the risk management process. A recent update to the COSO's enterprise risk management (ERM) framework offers new ideas on how companies can preserve their business's value, if not enhance it, by incorporating and examining risks from the strategy formulation stage.   This approach elevates ERM from an operational- and compliance-focused information-gathering and reporting model to a strategy-focused model that can add value to organizations. However, implementing the change is a challenge in and of itself, as organizations, particularly larger ones, are hesitant to redefine their existing ERM process without a precise cost/benefit analysis that demonstrates added value.   As Michael Saltzstein indicates, it’s important to address how risk management professionals can persuade decision-makers to incorporate risk management insights identified through...