The Role of a CFO: motivating people, managing assets and hedging risks. Денис ДубовцевЧитать онлайн книгу.

      I’ve penned this book for financial managers, whether they’re novices or seasoned professionals, as well as financial directors, entrepreneurs, CEOs, COOs, board members, and anyone seeking to establish effective financial management practices in both business and personal realms. The aim is to elucidate how to build a flexible, agile management system suitable for a rapidly expanding company in today’s competitive and ever-changing world.

      What prompted me to write this book? I frequently field inquiries about establishing various financial processes within modern organizations, aiming for minimal bureaucracy, maximal humanity, simplicity, and logic. The challenge lies in achieving these goals without stifling employees’ entrepreneurial aspirations while ensuring adherence to control procedures and meeting the company’s commitments.

      Many individuals seek recommendations for a book that caters to a wide range, from entry-level financial specialists to directors accustomed to traditional business practices, particularly those operating outside digital companies within vertically managed hierarchical structures reminiscent of the previous century. Such a book should resonate with traditional leaders and entrepreneurs, showcasing the benefits and opportunities for gradual transformation without dismissing modern management practices, which could appear potentially risky. It should delve into financial management within the context of today’s highly competitive, digital, and rapidly evolving global economy.

      Yet, despite my search, I’ve been unable to find such a book, whether in English or Russian (my native language). In my view, the rapidly evolving management landscape has created a chasm between academic texts on financial management and practical guides on organizing financial processes.

      Theoretical texts containing academic foundations often stray far from day-to-day practicalities, appearing outdated and out of touch with the real needs of financial management in modern companies. They’re academic in nature, characterized by dry language, and fail to align with the goals and objectives of growing modern companies.

      In contrast to academic books, there are numerous educational courses, guides, and recommendations available on organizing various financial management processes. However, delving into these scattered sources often results in fragmentation and a lack of a holistic view of company management processes. Establishing specific financial procedures devoid of consideration for overall business processes, organizational history, complexity and strategic focus typically leads to inefficient resource utilization, time wastage and, ultimately, the loss of strategic competitive advantage.

      These factors, combined with my desire to comprehensively address the topic and share current expert knowledge, spurred me to create this book. I write prolifically and maintain a blog on financial management, motivation and efficiency[1]; I have much to share. But before delving into the content, allow me to talk a bit about my background.

      I’ve spent over 14 years working in Russia, seven in the Netherlands and Luxembourg, and since 2022 I’ve been based in the UAE. Since 2016 I’ve spearheaded the development of financial and operational processes in technology companies, serving as a Chief Financial Officer (CFO) with extensive responsibilities. This experience has been invaluable. My journey to the role of senior financial manager in a company has been shaped by my experience in banking and entrepreneurship.

      I embarked on my career in corporate banking while still a fourth-year university student, joining International Moscow Bank (IMB) in a department responsible for attracting and servicing large corporate clients. Just to mention, when IMB was established in 1989 it was the first international bank in the Soviet Union, and counted top-tier European and Asian banking conglomerates among its shareholders. When I started at IMB in 2003, my clients hailed from the pulp and paper industry, wood processing, and various mechanical engineering sectors. My first major project involved arranging long-term project financing for the acquisition of a plywood plant in the Kostroma region.

      Working as a corporate banker entails navigating a blend of politics, networking, and financial analysis. Key to success in this role is the ability and willingness to negotiate with people who have divergent interests. Typically, these are formidable negotiators, as well as being ambitious and self-assured professionals. Banking served as an excellent training ground for a novice specialist like myself. I spent roughly a decade in banking, four of which were in Europe. During this time, I provided various types of loans to major CIS companies, spanning trade and working capital financing, syndications and intricately structured loans for constructing new factories and acquiring competitors.

      By the late 2000s, it became evident to me that the banking industry would undergo contraction and consolidation, leaving many specialists unemployed. As someone who harbored aspirations of entrepreneurship and desired a shift from banking to production or service provision, I took the risk of becoming self-employed.

      In 2011, I launched my own company specializing in corporate finance consulting, knowing that I could draw on a decade of experience working in major international banks, developing projects, and engaging in B2B sales. These experiences helped me to build a successful business with clients across CIS and European countries, which continued to thrive until the end of 2015. Unfortunately, geopolitical events led to the cooling of relations between the EU and Russia, coupled with significant reductions and even the end of financing for businesses from CIS countries by most European and major international banks, resulting in the closure of my company.

      In 2016 I returned to employment, this time as a senior financial manager (previously, as a consultant, I had worked more as an advisory CFO or type of financial advisor to the CEO or owner). For four years, besides supervising legal and some other departments in the position of CFO, I led the financial department and oversaw operations and development in a crowdsourcing logistics project spanning more than ten countries. Together with its CEO, we visited the largest and fastest-growing metropolises in the world and settled companies from Turkey to Brazil, launching operations within just a few weeks upon each visit. Subsequently, in early 2020, I transitioned to work for a leading financial marketplace. Alongside setting up financial management from scratch and formalizing and automating financial and operational processes, my primary goal was to prepare the company for an IPO on NASDAQ. Once again, a «black swan» occurred – while geopolitical events thwarted our main objective, the experience presented valuable challenges and the opportunity to work with an exceptional team I managed to assemble in the company, particularly in the finance department.

      In mid-2022 I returned to the international business arena, currently leading the finance and legal departments, and overseeing operations in an international team of highly talented software developers and mathematicians engaged in algorithmic trading. We confront new ambitious challenges amidst the changing economic landscape.

      Wrapping up my introduction, I’d like to highlight my enduring passion for learning, conducting analytical work, dealing with vast and fragmented datasets, and optimizing processes while assisting colleagues, and imparting knowledge to employees. In addition to corporate careers in banking and finance, I completed my dissertation in economics (equivalent to a Ph.D.) at the Institute of Economics of the Russian Academy of Sciences in 2015.

      My current professional interests revolve around establishing flexible and sustainable financial and operational management in technological businesses, international development, automation of operations, and corporate finance topics. I hope that the experiences I have shared in this book will prove valuable to you and your companies, aiding in the creation of a team of likeminded individuals passionate about their work in a conducive corporate atmosphere. Above all, I aim to guide you, your colleagues, stakeholders, and your company to which you dedicate a significant part of your life, steering you on a path of development and improvement toward ambitious goals shared passionately by all involved parties.

      Now, let’s turn to the theme and structure of the book. I’ve broken it down into ten chapters, each exploring the four key components of a financial leader’s work: people management, decision support, asset management, and risk control. However, it cannot be said that the first two or three chapters exclusively address HR issues, while the few subsequent chapters discuss decision-making, and so on. In reality, all chapters to a greater or lesser extent touch on issues related to these four components of the financial director’s activities. Traditionally, the finance department