'The size of the crisis is largely determined by the psychology of the moment'

Hard-edged diagnostic of business critical in downturn

Costs and prices always decline. Competitive position determines options. Customers and profit pools don’t stand still. Simplicity gets results. These are the four laws that Breakthrough Imperative — How the Best Managers achieve outstanding results discusses in detail. A mastery of these apparently simple-sounding laws can be the foundation on which to build your management strategy, advises Mark A. Gottfredson, a co-autho r of the book, and Partner, Bain & Company, Inc., US.

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'Focus on fair value and liquidity measures'

Tasks ahead for audit committees

Foremost in the list of ‘ten to-dos for audit committees in 2009’ that Mr Sammy Medora, Chairman of KPMG’s Audit Committee Institute, draws up is this imperative: “Closely monitor the impact of the economic crisis on the company; focus on financial forecasts and early-warning indicators.” Understand the crisis’ impact on the company’s earnings, cash flow, liquidity and compliance with debt covenants, and monitor key indicators of trouble, he explains, during the course of a recent email interaction with Business Line.

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'Larger corporations are investing considerably in risk management technologies...'

Seven best practices in risk management

Process and oversight to drive implementation of robust risk management procedures is the responsibility of the board, and a significant trend around the globe is of independent directors playing an active role in overseeing the risk management functions of corporations, says Mr Neville M. Dumasia, Head of Governance, Risk and Compliance Services, KPMG.

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