Christopher Woolard CBE’s Post

Super interesting to look at how the proposed revisions to the Irish Consuner Code will align or diverge based on the UK experience.

It's been over six months since the #ConsumerDuty came into force for open books, and it's clear that the journey towards embedding the Duty is well underway. However, the focus for firms now is on the annual board report and the impending deadline for closed book implementation on 31 July.   We’ve created a series of videos and articles on the “Countdown to implementation” to help firms prepare, focusing on key areas to consider in the run-up to the deadline.   To kick-start the series, Stephanie Lord, Christopher Woolard CBE Woolard and I share our thoughts on board reporting and management information, embedding the Duty as BAU, lessons learnt from open books, and how firms are challenging themselves to continually raise the bar. #FinancialServices #BetterWorkingWorld #EYUK

In advance of the impending deadline for closed book implementation on 31 July, EY has created a series of videos and articles on the “Countdown to implementation” to help firms prepare, focusing on key areas to consider. You can watch the first video in this great series below. #ConsumerDuty

Family firms have distinct characteristics that influence the design of their management control system and vice versa. Our article on these interactions was just published in CONTROLLING Zeitschrift für erfolgsorientierte Unternehmensführung. We explore the interactions between family firm characteristics and the management control system and provide a systematic basis for managers and family firm owners to align their expectations for the control system. Expectations should be shared in an open dialogue so that management controls can be tailored to the needs of the owning family, particularly concerning the degree of professionalization and informal control elements. Many thanks to Jonah Mostler and Klaus Möller for the great collaboration, I am really happy with the result. Reach out if you are interested! #FamilyFirm #Accounting #ManagementControl #Steering #Publication #PhD

Increasingly, professional accountants are at the heart of sustainability-related reporting and insights, supporting organisational strategy and resilience. In this report we explain what we mean by ‘nature-based reporting’ and share ACCA’s insights into its implementation in practice. This covers the expectations of stakeholders, the knowledge required to get started and practical examples of how nature-based reporting may be applicable to your own organisation. To learn more read our latest report: https://lnkd.in/eqN4TccJ

The June 2024 issue of Management Accounting Research (MAR) is now out. Check out the latest published articles including the first two from the International Consortium for Values-based Governance and Management Accounting Research (https://lnkd.in/g9WiJasS) and my editorial (https://lnkd.in/e8w9J3qy) announcing the transitioning of Editor-in-Chief from me to Matthias Mahlendorf. And more! https://lnkd.in/gBSyNAke #managementaccounting #managementcontrol #corporategovernance #performancemanagement #corporatepurpose LSE Department of Accounting

In a recent article published in CONTROLLING Zeitschrift für erfolgsorientierte Unternehmensführung, Andreas Oesinghaus, Jonah Mostler, and Prof. Klaus Möller investigate the interactions between family firm characteristics and the design of the management control system. With the proposed management control radar, the article provides a systematic basis for managers and family firm owners to align their expectations for the control system. Mutual expectations should be shared in an open dialogue so that management controls can be tailored to the needs of the owning family, particularly concerning the degree of professionalization and informal control elements. The article is now also available in English: https://lnkd.in/eJV5bPf4 The German version is available here: https://lnkd.in/eTYxnSuN Reach out if you are interested! #FamilyFirm #Accounting #ManagementControl #Steering #Publication 

Do you struggle with resourcing in your consulting firm? You're not alone. Mark Sloan, Managing Director at Asaph Advisors, explains how consulting leaders will neglect resourcing in favor of more 'pressing' operational needs—and yet a defined resource management process can often prove beneficial to the entire business. You can watch more highlights from this year's Finance Masterclass with Mark here: https://lnkd.in/euJNFRgH

What lessons can be learned from the Post Office’s management of the Horizon project? In recent months, the Horizon scandal has brought to the forefront many questions about what management and board-level decision-making at the Post Office looked like, and who knew what when. While we do not yet have all the facts to hand, the Institute of Chartered Accountants in England & Wales has highlighted seven key lessons based on the details that have emerged so far. These are: 1: Ask the right questions 2: Are directors on top of the right risks? 3: Ensure the board and directors have external, expert support 4: Align incentives with the company’s goals and desired culture 5: Encourage staff to raise concerns 6: Be a responsible business 7: Ensure the board is getting the right information Is there anything else that you would like to add? #costreduction #procurement #accountancy #business #icaew #nonexecutivedirector #ned

The Sept 2024 issue of Management Accounting Research (MAR) is now out. https://lnkd.in/eq9tf_h2 #managementaccounting #managementcontrol #performancemeasurement #performancemanagement LSE Department of Accounting