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Contents Preface Abbreviations CFO INSIGHTS: Delivering High Performance CFO INSIGHTS: Delivering High Performance xiii 1 What it Takes to be a High-Performance Business Pursuing ever-higher levds of performance The link between finance mastery and high performance at Caterpillar Identifying and evaluating high-performance businesses High performance and enterprise value creation Continuous improvement CFO Insights: lessons from the masters 2 High-Performance Leadership High-performance leadership through the lens of the CFO Maintaining fiscal discipline in the face of trade-offs The CFO as change agent and team builder Recruiting and retaining talent: a CFO imperative Maximizing your opportunities for impact CFO Insights: lessons from the masters 3 Masters of Finance Framework Delivering outstanding growth and profitability Why is finance mastery important? The five capabilities that lead to finance mastery About our research Tailoring the finance mastery framework to support corporate strategy What is the journey to high performance? Why does finance mastery change over time? How do you know if you have achieved finance mastery? The Hackett Group on finance mastery CFO Insights: lessons from the masters Value-Centered Culture Finance in the center of the value-creation process Developing a value-centered culture How can finance help foster a value-centered culture? The journey t o a value-centered culture The Hackett Group on value-centered culture CFO Insights: lessons from the masters Enterprise Performance Management Transforming finance in the journey to value-based management Effective performance management How do the most successful organizations approach EPM? Sustaining high performance,over time EPM capabilities drive value and enable strategy execution The Hackett Group on enterprise performance management CFO Insights: lessons from the masters Finance Operations Driving corporate-wide benefits through high-performance finance operations Finance: building an efficient engine Finance operations: service capability, not simply efficiency High performers embrace best practices selectively CFO Insights: lessons from the masters Capital Stewardship Converting future initiatives into value Capital stewardship is a critical skill in creating high performance Focus on explaining how capital investments will generate future value Developing a rigorous capital allocation process The Hackett Group on capital stewardship CFO Insights: lessons from the masters Enterprise Risk Management Managing risk in a volatile industry environment The changing definition of enterprise risk management A risk management framework 170 179 182 183 185 185 191 192 The components of good risk management Regulatory requirements and compliance The Hackett Group on: enterprise risk management CFO Insights: lessons from the masters 9 Managing the Change Journey to High Performance Pacing change in finance to the rate of business change Change management: a finance imperative Continuous renewal: managing for the upside Measurement: developing your talent pool Finance and the transformation journey CFO Insights: lessons from the masters 10 High Performance in the Public Sector Implementing a finance transformation program The case for government trqnsformation The challenge What is high-performance government? The high-performance business framework: What does it mean for government? CFO Insights: lessons from the masters 11 12 High-Performance Finance in Latin America Latin America through the lens of the CFO High-performance finance in Latin America High-Performance Finance in Eastern Europe Czech Republic Russia Czech Republic and Russia through the lens of the CFO High-performance finance in Eastern Europe 13 High-Performance Finance in Asia Asia through the lens of the CFO Economic trends: growth and more growth Regional challenges and choices The emerging Asian finance model Regional priorities today - and in the future 14 High-Performance Finance in Japan Japan through the lens of the CFO High-performance businesses in Japan: the impact of growing polarization High-performance businesses in Japan High-performance finance in Japan 15 High-Performance Finance in China China through the lens of the CFO Applying the Asian finance model in China Multinationals in China State-owned enterprises (SOEs) Local independent Chinese enterprises Achieving high-performance finance in China Biographies Index