FINANCE & MANAGEMENT Leadership Insight – Rachel Grimes

Leadership Insight – Rachel Grimes

Rachel Grimes is the Chief Financial Officer, Your Career Business Technology, Finance Strategy, Transformations Can you provide a brief history of your Describe your working life as Chief and Programs for career? Financial Officer Technology, Finance Westpac Banking Strategy, Transformation and Progress at Corporation. Rachel is One of the great things about an Westpac Group. also the President of the accountancy career is its potential to take International Federation you in unexpected directions and provide It’s really exciting! My decision to become of Accountants (IFAC). unexpected moments. Who on earth an accountant has led me to a role in Rachel holds a Bachelor thinks that they’ll one day meet Presidents, which I’m actively involved in society’s of Business (Accounting) Prime Ministers, Princes, a Pope and Neil technology-led transformation. Today, from University of Technology Sydney and is Armstrong as part of an accountancy career? Banks are considered important technology a FCA, FCPA and FIPA. companies. In a few short years, people My alma mater, University of Technology globally have had their relationship with Sydney, provided great career foundations banking and their personal finances and Price Waterhouse, my first job, provided transformed in countless beneficial ways. on-the-job insight across many industries. I started in audit and specialised in banking, In addition to helping shape the direction but even then, I was also able to assist of Westpac’s application of new technology, other clients including global sports talent my team helps ensure there’s enough management company, IMG. funding and resources to support legacy systems and the acquisition of emerging BT Financial Group came calling in 1998 technologies to make our customers’ lives with an opportunity too good to pass up. easier. It was an opportunity to challenge myself on the basis that the harder path often You were appointed President of IFAC in provides the most learning. 2016. What was the journey to becoming President? From 2007-2014, I was Westpac’s Director, Mergers and Acquisitions and in that I joined the ICAA in Australia in 1994, time, I had the opportunity to work on the became a Fellow in 2002, and 2006 was initial public offering for BT Investment appointed a Director. When I became Management. In 2008 I co-led the St. ICCA President in 2011, I was the second George and Westpac merger to help make female to hold the title and helped Westpac Australia’s second biggest bank by lay the foundations for the successful market capitalisation. amalgamation of the Australian and New Zealand member bodies by aligning their In 2014, I was appointed Westpac’s Chief education and technology platforms. Financial Officer for Technology and this year added a new portfolio, Westpac In 2011, I was presented with a unique Finance Function Transformation, an opportunity to join the IFAC Board opportunity to merge the application of representing Oceania. Olivia Kirtley was technology with finance department needs. elected IFAC President in 2014 and I We’ll be exploring how robotics and AI can thought it would be a great opportunity free the bank’s finance function to provide to learn from an industry and business increasingly valuable advice to the business. figure, rather than from someone with

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a public accounting background. The What advice would you give to someone Who or What inspires you most in selection process included both a mock considering entering the accounting business? presentation and press conference, as well profession? as an eight-person interview panel! I was I admire people who are prepared to take elected Deputy President in November Put your hand up for every opportunity and a risk and back themselves, particularly 2014 and President in 2016 for a two-year expect the unexpected! Ours is the only those that can execute an idea and deliver term that concludes at World Congress of truly global profession so go out and take real outcomes be it Bill Gates, Steve Accountants 2018. advantage of it! An accountancy career Jobs or Elon Musk. Elon Musk springs to provides a global passport to go see the mind. He’s taken big risks with his own Can you tell me about your time as world and work where you are inspired. personal fortune to keep his visions alive. President so far and the initiatives you Crucially, I would always advise to bring Irrespective of whether Tesla cars or SpaceX have undertaken? your skills back to your home country and succeed, let alone his Hyperloop, he has contribute to the community. forever changed the way the world views I inaugurated a Technology Advisory Group both space exploration and electric vehicles. shortly after becoming President. The TAG What in your view are the most pressing is comprised of global experts who have issues for accountants? What is the most important business deep experience in how technology is lesson that you have learned in your career already changing the profession. There are two big ones. The first is the to date? profession must self-regulate. Accountants In 2017, I led the chief executives of IFAC’s and auditors are experts in their profession Ethics is fundamental to professional largest member bodies to IBM’s Watson and must be respected as such. Ethics accountants. I emphasise to my team that headquarters in New York to see first-hand should never be compromised – they it takes a lifetime to build a reputation and how this remarkable AI program worked, underpin our profession and must be as a moment to destroy it. Take care of your and where they also learned about Block onerous on all components of the value reputation and your personal brand. Chain, Cyber security and Data—collectively chain. To suggest auditors should have the A, B, C, and D of technology. stronger ethics than those of preparers is What traits do you admire most in others? madness. Visiting Member Bodies around the world I love people who say “yes, and” rather than is part of the role and it is wonderful to see The second is to ensure every accountant “yes, but”— they naturally view challenges the depth of relationships in developed moves forward on technology. How to stay as opportunities to make a positive countries. But nothing highlights the up to date; how to build cyber-security difference. I also regard very highly those importance of member bodies when you and data expertise; and how all that will who give back to their community. visit a country that does not have one. IFAC translate to the provision of higher value, has been assisting around the world to more insightful client advice. How do you unwind? help countries develop their accountancy profession. You are also a Chair on a number of I have a deep passion for sport, I love the different committees and have actively competition and I’ve have been fortunate I’m also super excited about the World served a number of charities, so how do to see many great contests. I particularly Congress of Accountants in November. I you create a work/life balance? like tennis and cricket but all live sports are get to complete my presidential term in interesting. In recent months I’ve seen ice my home town, Sydney, by welcoming I think work/life balance is a crazy term! hockey, basketball, and rugby. Sport helps thousands of accountants from around Why put work first in that equation? inform a lot of life’s lessons—especially the world. I’d really encourage everyone to I believe in balance and that includes around ethics— and is a big part of my life check out the remarkable events program charitable work as it makes me a more equation! and get in early for tickets. balanced person and I encourage my entire team to volunteer. Every accountant has IFAC hosts World Congress of Accountants unique skills to assist charities; and from every four years in partnership with local the workplace to broader society, voluntary member bodies who bid for the right work helps unite people from different to host the event. CPA Australia and backgrounds in a common cause. I am a CAANZ conceived a great joint bid years supporter of education as it breaks the ago and from that moment have worked poverty cycle and delighted to be the Chair cooperatively to put together what is going of Surfing Australia’s Finance and Risk to be a truly world-class event. Committee. Surfing will make its debut at the 2020 Tokyo Olympics—I can’t wait!

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