Don’t fence me in: Fragmented markets for technology and the patent acquisition strategies of firms
Global. Influential. Trusted.ceccar.ro/ro/wp-content/.../IFAC-Council-Technology... · Fragmented...
Transcript of Global. Influential. Trusted.ceccar.ro/ro/wp-content/.../IFAC-Council-Technology... · Fragmented...
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IFAC Council MeetingNovember 13-14, 2019Vancouver, Canada
Global. Influential. Trusted.
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Technology Panel 1
2020 is HereFurther Supporting the Profession
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Objectives of TAG
• Identify Technology and Digitalization trends of most relevance to the profession
• Align to IFAC Gateway, Standard-Setting Boards and other Advisory Groups
• Collaborate with member bodies to raise awareness
2020 is Here – Further Supporting the ProfessionPhilippe Arraou
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Roadmap of TAG
• A : Artificial Intelligence
• B : Blockchain
• C : Cyber Security, Crypto Currencies
• D : Data
2020 is Here – Further Supporting the ProfessionPhilippe Arraou
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Activities of TAG
• Videos, Papers, articles on IFAC Gateway
• Webinars : Data Analytics (Oct 2018)Cyber Security (March 2019)Audit Transformation : in-coming
• Connecting with : IBM, Microsoft
2020 is Here – Further Supporting the ProfessionPhilippe Arraou
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Use the panel’s expertise and experience to better understand:• today and tomorrow’s technology environment our
professionals are facing – and the support they’ll need• where to best focus your efforts and resources• what else further can IFAC do to support you
2020 is Here – Further Supporting the ProfessionPhilippe Arraou
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Introducing your panel– Kevin Teo – Associate Partner, Technology Risk
Practice Leader, Ernst & Young– Chad Davis – Partner & Co-Founder, Live CA LLP– Anne Marie Vitale – Chair, International Accountancy
Education Panel
Save up your questions – we’re using www.slido.com
2020 is Here – Further Supporting the ProfessionPhilippe Arraou
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IFAC Technology PanelThe world we now live in2019-11-14
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Agenda
Kevin Teo, CISA, CISSPAssociate Partner, Technology Risk
+1 604 891 [email protected]
► Technology today
► Reshaping the Profession► Why – Changing risk universe► WHAT – The need to adapt► HOW – Three potential focus areas
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First Industrial Revolution
Mechanical
1700s
Technology used steam and water to power the first factories.
Second Industrial Revolution
Electrical
1800s
Electricity made possible the division of labour and mass production.
Third Industrial Revolution
Automated
1900s
IT enabled programmable work and an end to reliance on manual labour.
Connected
Fourth Industrial RevolutionToday
Cyber-physical systems, powered by IoT and fuelled by data, create a fully interconnected society.
We stand on the brink of a technological revolution that will fundamentally alter the way we live, work, and relate to one another. In its scale, scope, and complexity, the transformation will be unlike anything humankind has experienced beforeKlaus Schwab – World Economic Forum, 2016
“”
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Maturing, emerging, and future technology trends
Digital capability Intelligence andproductivity
Platforms andaccelerators Security and privacy Next gen experience Connected everything
Futu
re
Watch list
Early days, mostly conceptual, vague scope, no commercial products yet, prototypes at best
Algorithm marketplaces
Brain-computerinterface (BCI)
Li-Fi
Quantum computing
CubeSats
Emer
ging
Mainly research and some experimentation
First wave of commercial products available,scope solidifying, not yet widely affecting mainline product portfolios, initial and scattered use cases
Future of work
Multi-speed IT
Autonomous vehicles Blockchain and distributed ledger platform
Multidimensional printing
Neuromorphic computing technology
Bio or gestural interfaces
Conversationaluser interface (CUI)
Immersive technologies
Adaptive learning Internet of Everything
Smart citiesIntelligent automation
Smart robotics
Smart digital assistants (both personal and customer service)
AI/ML systems
Mat
urin
g
Research and experimentation
Significantly changing the landscape of vendor offerings, mature product offerings; practical use cases exist
Digital transformation
Smart wearables
Augmented analytics Everything-as-a-Service(XaaS)
Platform approachSoftware-definedinfrastructure
Adaptive security
Data privacy and compliance
Cybersecurity
Gamification
Intelligent drones
Social collaboration
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Risk in Focus 2019
Cyber SecurityIT Governance & Third Parties
Auditing the Right RisksTaking a Genuine Risk-Based Approach
SustainabilityThe Environment, Climate Change & Social Ethics, Economic stability
Communications RiskProtecting Brand & Reputation
Digitalisation, Automation & AITechnology Adoption Risks
Risk Governance & ControlsAdapting to external and strategic changes in a global business environment
A New Era of TradeProtectionism & Sanctions
Workplace CultureDiscrimination & Staff Inequality
InnovationAbility to adjust to new customer preferences
Data ProtectionStrategies in a Post-GDPR World
Anti-Bribery & Anti-CorruptionCompliance
Sources: EY Benchmark Survey 2018, IIA report Risk in focus 2019
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RPACase study: a company’s payroll process
Validation of net pay as per SAPbatches and bank transfer report
Verification of payment batches inSAP post-validation checks
Reconciliation of control totalbetween bank transfer report and
payroll control summary
Validation of bank account numbers ofemployees in the payment batch files
Consolidation of all SAP batchesand validation of net pay with the bank
transfer report
Approved batches sent to bank fordisbursement via SAP
Four out of five critical controls in a payroll process were eliminated with RPAdeployment.
Risks emanating from this deployment
1
2
3
4
Bots configured with incorrect rule sets resulting in duplicatesalary processing
Inadequate governance/reviews around bot outputs resulted indilution of controls against manual controls adopted earlier
SOX 404 documents were not updated with the revised control framework, resulting in control failures being reported
Review parameters considered by the Payroll Manager werenot effectively codified in the bots, thereby weakening thecontrol system
Overall, the deployment of RPA in thisprocess resulted in a far greater dilution of the overall controlenvironment and enhanced the riskprofile of an otherwise tightly controlled process with an impact on SOX 404 certifications.
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Reshaping the profession
What?
How?Why?
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The changing risk universe
Risk universe
LegalRegulatory
Code ofconduct
Major initiatives
Mergers,acquisitions &
divestitures
Governance
Tax
Capitalstructure Mark
et
Productdevelopment
People/ HR
Informationtechnology
Sales and marketin
g
Compliance
Strategic
Marketdynamics
Accounting&
reporting
Operations
Liquidity& credit
FinancialPlanning & resource allocation
Communica-
tion & investor relations
Revenue cycle
Hazards
Assets
Delivery
Automation displacing and supplementing human labor
Fraudulent social media posting impacts short term revenues
Data privacy breach triggers regulatory fine
Takeover bid leaked through LinkedIn conversations
Why?
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The profession needs to adaptWhat?
Our new
reality
New roles and skills required
Increased penalties for breach of regulations
Fragmented data across business functions
Innovation and rapid development in technology space
New markets and products
Digitalization - moving to digital processes and business models
Big data, less insights, new threats
Complex processes and disintegrated systems
Disruptive technologies and changing business models
New operating models
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Three potential focus areas1 2 3
Technical skills to understand systems
and technology.
Impact of technology on the delivery and
consumption of financial information
and standard-setting.
Changing workforce dynamics will require
the profession to develop more flexible,
adaptive and collaborative work
environment
How?
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How will our PAOs support their members in an ever changing modern world?
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VIRTUAL CPA FIRMRunning a professional services firm in the digital
age
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VISION
Life > Work
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2013
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2013
“Our mission is to be a profitable, remote CPA firm that’s both a great place to work and delivers a great customer experience. LiveCA will be a place where people work normal hours,
make a good living, treat each other with respect, support one another, and have autonomy over their own lives.”
That means having coverage for every role along with the right balance of oversight and support. It means that we won’t freak out when people leave and we’ll be able to replace them
quickly without overstraining those around them. It means we can take vacations without stressing about who’s going to handle our workloads. It means we can stop stressing about our
bank account each month and that we’ll have enough buffer to access additional resources when needed. Finally it means we won’t forget the customer and will consider the impact on a
great customer experience when making our decisions.
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❖70 Full time remote employees
❖First virtual firm in Canada to officially
certify CPA’s
❖Average client pays >$25,000/yr
❖400+ corporate customers
❖Clients are funded start-ups or
>$1.5M in revenues
❖No hourly billing, priced up-front.
❖Online tools only (no desktop)
TODAY
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Our Route2017-2019
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FIRM STRUCTURE
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© 2018 Adventure – Presentation template31
Partner vs. Company Model
Office vs. No Office
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Partner Model
• Partners
• Individual formula for partner distributions
• No employee participation
• Distribution of funds
• Partnership is the end goal
• Leadership team
• Salary and bonus structure
• Stock options
• Reinvestment for growth
• Vision is the end goal
Company Model
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Internal Workflow
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Applications
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Procedures
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Remote Hiring
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Hiring Process
JOB AD
APPLICATION
ONE-WAY VIDEO
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VIDEO INTERVIEW
TRIAL WORK DAYS
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Employee Lifecycle
Value
Hiring
Onboarding
Support
Offboarding
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Episode 178 – Remote Hiring
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Culture
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Costa Rica
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Red Rock Canyon
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Bear CampInterior ofBritish Columbia
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Greece
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Bora Bora
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Private IslandNova Scotia
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Cross CanadaRV Tour
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Closing Points
SMPs are changing rapidly
They require a different type
of technical support
They also need legislative
help to operate
virtually/globally
Next phase is in your hands
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FOLLOW THE RV TRIP
@chaddaviscdn
@chaddavis
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IFAC Council MeetingNovember 13-14, 2019Vancouver, Canada
Global. Influential. Trusted.Anne-Marie Vitale, ChairInternational Panel on Accountancy Education
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Shape the Future
The Future of Jobs Report 2018World Economic Forum
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Jobs Landscape 2022
133 Million
75 Million
Emerging roles, global change by 2022
Declining roles, global change by 2022
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Top 10 Emerging
1. Data Analysts and Scientists2. AI and Machine Learning Specialists3. General and Operations Managers4. Software and Applications Developers and Analysts5. Sales and Marketing Professionals6. Big Data Specialists7. Digital Transformation Specialists8. New Technology Specialists9. Organizational Development Specialists10. Information Technology Services
Top 10 Declining
1. Data Entry Clerks2. Accounting, Bookkeeping and
Payroll Clerks3. Administrative and Executive Secretaries4. Assembly and Factory Workers5. Client Information and Customer Service Workers6. Business Services and Administration Managers7. Accountants and Auditors8. Material Recording and Stock-Keeping Clerks9. General and Operations Managers10. Postal Service Clerks
Jobs Landscape 2022
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• A new approach to advancing accountancy education at the global level
How is IFAC Proactively Engaging?
Click on the image to watch the video
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• PAOs contributing actively to the development of a future-ready profession• Relevant, reputable, valued
• Accountants meeting the needs of business• A profession that attracts diverse new talent
International Panel on AE
Key Outcome for AE
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Accountants doing the same
things
Accountants doing the same things differently
Accountants doing different
things
International Panel on AE
Evolution to Revolution
Evolution
Revolution
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• Embrace and take advantage of the disruption andimplications for the profession—the revolution• Facilitate dialogue: how big is our TAM?
• Let stakeholders know that accountants remain relevant,reputable, and valued• Promote a profession that embraces and takes advantage of
disruption and attracts diverse talent
International Panel on AE
Speaking Out
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• Support the evolution—accountants doing the samethings differently• Develop / leverage knowledge• Build capacity
• Take action to re-imagine the profession—accountantsdoing different things• Develop / leverage thought leadership
International Panel on AE
A Future-Ready Profession
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• Promote the adoption of IES• Support the implementation of the most recent set of IES
• Leverage technology—New e-tool• Build PAO capacity
• IFAC PAO Capacity Building Program
International Panel on AE
High Quality International Standards
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How are you changing your business model
A call on PAOs
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Accountants doing the same
things
Accountants doing the same things differently
Accountants doing different
things
The time to shape the future is now
• Small automation • Visualization for insights• Communication technologies• Increase in self-learning• Infinite learning days, digital
accelerators, badges
• To be defined by the actions taken today
• How big is our TAM?
Evolution
Revolution
• Excel• Manual gathering, extraction
& manipulation• Reconciliation• Decisions based on samples• Classroom-based, prescribed
learning – one size fits all
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Accountants doing the same things
Not a viable option
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Call on PAOs
Take Action Today
Mobilize stakeholders;
engage experts
Implement new IES; LOs aligned
with emerging roles
Facilitate up-/re-skilling
Prepare to sustain in the new normal
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www.ifac.org
@InternationalFederationOfAccountants @International Federation of Accountants@IFAC
Copyright © 2019 by the International Federation of Accountants (IFAC). All rights reserved.
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Technology Panel 1
SUBMIT YOUR QUESTIONS VIA SLIDO – INSTRUCTIONS Using your phone/mobile device
Go to www.slido.comEnter the code: #2915Type in your question
2020 is Here – Further Supporting the ProfessionPhilippe Arraou
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Concluding Remarks
2020 is Here – Further Supporting the ProfessionPhilippe Arraou
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www.ifac.org
@InternationalFederationOfAccountants @International Federation of Accountants@IFAC
Copyright © 2019 by the International Federation of Accountants (IFAC). All rights reserved.