Boardroom Financial Essentials (BFE)

Directors will gain insights and improved understanding of financial reporting, facilitating more effective oversight of financial governance, including:

IMPROVING YOUR FINANCIAL COMPREHENSION FROM A DIRECTOR-LEVEL PERSPECTIVE AND YOUR ABILITY TO UTILIZE FINANCIAL KNOWLEDGE TO MAKE PRUDENT BOARDROOM DECISIONS

• Enhance your ability to understand and critically assess the data, key components and nuances of financial statements, as a director, and understand the cycle of financial planning and reporting
• Recognize the fundamental differences between board and management responsibilities for financial reporting
• Increase your awareness of how to use financial ratios to assess financial performance
• Familiarize yourself with the complexities of the financial decision-making encountered by board members: real world examples

EFFECTIVELY WORKING WITH EXTERNAL AUDITORS AND AUDIT COMMITTEES

• Gain an overview of the auditor’s role and key elements of an audit
• Identify common issues board directors might encounter in audit committee reports
• Understand how directors can relate elements from an audit findings report to their assessment of the organization’s financial statements
• Develop critical thinking and questioning skills related to audit reports and financial statements

CAPITAL BUDGETING: WHAT YOU NEED TO KNOW TO ADD VALUE TO THE BUDGET APPROVAL PROCESS

• Learn how to approach capital budgeting decisions presented by management
• Know what you must consider as a director to assess the budget
• Spot important issues that board directors may encounter in capital budget requests
• Advance your critical thinking and questioning skills related to capital budget requests

USING KEY PERFORMANCE INDICATORS TO EVALUATE OVERALL PERFORMANCE AND MONITOR PROGRESS ON THE STRATEGIC PLAN AND OPERATING PLAN

• Enhance your understanding of KPIs as critical indicators of success
• Assessing management’s plans to deliver against KPIs
• Approaching discussions about key performance indicators and how they should be reported publicly
• Develop an understanding of the differences between financial and non-financial performance indicators

ENHANCING UNDERSTANDING OF THE ROLE OF THE BOARD IN M&A TRANSACTIONS

• Identify the deal structure, terms and motivation for the M&A transaction
• Be able to provide appropriate advice and perspectives to senior management
• Fulfill the responsibility of protecting and increasing stockholder value

This course is ideal for directors of all industry and organization types who want to acquire a fundamental level of financial competency from a director-level perspective, or enhance their proficiency, and improve their ability to respond to their financial governance obligations.

After completing all components of the course, participants will develop their skills and abilities, as directors, to:

• Distinguish various types of financial statements and their implications for their organization
• Boost ability to utilize financial information to make prudent boardroom decisions
• Effectively work with external auditors and audit committees
• Utilize financial data and analysis more effectively to add value to budget and boardroom discussions
• Apply key performance indicators to evaluate overall performance and to identify financial concerns
• Enhance awareness of the role of the board in capital allocation and in evaluating M&A transactions

Participants will obtain the knowledge and insights to fully realize the role of the board in financial oversight today. They will also improve their understanding of the financial information provided to them and the consequences of their decisions and actions.

This program uses a blended online learning structure that weaves together best practices in adult education with opportunities to engage with peers. The structure includes:

Independent online learning (approximately four hours)

This is a critical component of the course (and includes an e-learning module, videos, readings, and more). It introduces key concepts and will prepare participants for effective participation in the live session and ensure they are ready to apply learnings from the course to their board work. The required independent learning should be completed prior to the live session. It is meant to be completed at a pace that works best for each participant.

Live, instructor-led session (approximately four hours)

This instructor-led online session will focus on the application of concepts covered through independent learning. Attendance at the live session is required for successful course completion. The live session includes class discussions, breakout group discussions and exercises, Q & A with instructors and other experts, and live interactive panel discussions.

Supplemental resources and tools

Participants will receive supplemental resources to augment the required components of their independent learning packages.

Learning sustainment and engagement opportunities

Following course completion, participants will be invited to join an Alumni Portal, becoming part of a community where they gain access to tools and resources to help apply course learnings in real-life settings. They will also have opportunities to engage in discussion forums with course peers to exchange questions, ideas and experiences and apply their newly acquired knowledge and skills.