CFMA’s 2023 Annual Conference & Exhibition will again feature several sessions organized by the Specialty Trade Committee. Here is a quick look at three of those sessions, starting with a Saturday morning presentation:
Fraud & Internal Controls for Small to Mid-Size Specialty Trade Contractors – Saturday, July 15th 8am
Large companies, including contractors, can put in place perfect segregation of duties and just about every other appropriate internal control you can think of. This session will focus on specialty trade contractors that do not have that ability due to size and more limited staffing. The session starts at 8:00 AM with a panel of three specialty trade CFOs who will share experiences they have encountered with fraud in their careers and focus on what controls they have found to be most effective in preventing and detecting fraud.
Following the panel, there will be presentations by two Certified Fraud Examiners who are founders and CEOs of companies focused on helping contractors improve profits, while streamlining back-office processes. Our two dynamic presenters will do a deep dive on internal controls for contractors that are most effective in smaller environments, as well as explore the world of fraud investigations with an interactive case study on how to uncover what really happened. This is one session not to be missed, filled with practical knowledge to take back to your companies and clients.
Managing the Challenges of the Modern Specialty Trade CFO – Monday, July 17th 10:30am
The role of the specialty trade CFO/Controller is ever evolving. The demographics of your company — such as the specialty, client base, locale, employee base, size, and corporate structure — are a few of the variations that impact the role. On Monday, July 17, a panel of three CFO/Controllers will lead a discussion on:
- How they identify themselves as agents of change
- The importance of putting “people” first
- The opportunities they find to engage with the operations team
- What keeps them up at night
Given the variety of business areas this role impacts, there will be plenty to discuss. We look forward to this lively session and hope you join us!
Captive Insurance – Panel Discussion – Tuesday, July 18th 2:30pm
Insurance for the specialty trades can pose a particularly difficult, expensive, and time-consuming issue. Most specialty trade contractors have much more limited resources than GCs. There is a lot of buzz about the cost savings that becoming a member of a captive program can offer, but what exactly is a captive and how does it differ from “off the shelf” insurance? Captive insurance can provide large cost savings by pooling your company with other companies who believe that as a group they can create cost savings on insurance premiums.
There are many challenges that are specifically difficult for a specialty trade contractor starting with the entry cost into a lot of these programs and the additional time and energy needed. Members of captives are expected to give their time to the group in addition to keeping a closer eye on your own risk management in house. There are also complex tax issues that can arise when dealing with returns on premiums and investments. Being a smaller fish in a larger pond is ideal when dealing with pooling your risk but as a specialty contractor will you be able to find a group that is willing to take on a construction company, which is a particularly risky business?
Join us & hear firsthand experiences from experts who have found success and participate in the opportunity to ask questions to those who have been through the process.