Risk and Finance

Not all crises are created equal. For professionals in the business world who deal with the financial risks of their operations (primarily risk managers, controllers, accountants, certified public accountants, chief risk officers, and chief financial officers), the COVID-19 crisis has turned out to be the first crisis in two decades where they haven’t been the ones to take the fall.

Just think about it. In 2000, investors’ overly high expectations—but just as much the overly ambitious plans of CFOs, CROs, and CEOs—led to the sudden end of the internet hype. Stock prices plummeted, and countless internet companies went bankrupt. In the “new economy,” after all, spending money had supposedly been more important than making money. Or… maybe not.The internet crisis subsequently led to large-scale accounting fraud suddenly coming to light in other industries. However, due to deteriorating market conditions, executives at companies such as the American utility firm Enron (which went bankrupt) and the supermarket group Ahold (which was bailed out) were no longer able to keep their fraud under the radar. Major accounting scandals followed worldwide.Private equity, which has been on the rise in the Netherlands since the turn of the century, has also given rise to a number of problems. It turned out that some parties had been too eager to burden their private equity investments with debt.These issues led to stricter laws and regulations. Consider, for example, the Dutch Corporate Governance Code or the U.S. Sarbanes-Oxley Act. Regulators such as De Nederlandsche Bank (DNB) and the Netherlands Authority for the Financial Markets (AFM) were given increasing responsibilities and power, which in turn led to the professionalization of finance and risk departments at large corporations.

Rise of the Chief Risk Officer

However, this professionalization could not prevent another financial crisis from emerging. The credit crisis beginning in 2007 primarily affected the financial and banking sectors. Shortly thereafter came the euro crisis, which plunged the eurozone and all of Europe into crisis. It was precisely at the heart of the capitalist system (the financial sector) that risk rules were systematically circumvented and flouted. Compliance proved not to be the solution. A deep economic crisis ensued. Banks faltered or went bankrupt. The European Central Bank (ECB) had to come to the rescue. This crisis led to the rise of the chief risk officer in the boardroom. Especially in financial organizations, the CRO role has since become central. The CRO is not only concerned with rules and compliance but also with encouraging good behavior. These days, this combination is also referred to as “Hearts & Minds.”Back to the beginning. How different the situation is with the COVID-19 crisis. The economic crisis that began in 2020 was not caused by large-scale fraud or risky behavior, but by a health crisis. Financial professionals are literally above suspicion in this crisis. This is not a crisis caused by excessive debt, excessive risk, or poor accounting practices. The crisis was primarily caused by COVID-19 severely restricting everyone’s freedom of movement.The fact that finance professionals or chief financial officers are not the scapegoats does not mean, however, that they had it easy during this crisis. On the contrary, revenue losses in many industries were unprecedented in 2020. Whether it involves private equity investments, publicly traded companies, or family businesses, for the CFO, the crisis means it’s all hands on deck.

Integrated reporting

Finally, this applies not only to risk management or risk control. Certified public accountants have also become busier. Consumers and investors, made wary in part by the crises of the past two decades, are demanding much greater transparency and “a good story” from companies. That “good story” means: do you deal transparently and fairly with customers, suppliers, employees, and other stakeholders? But also: what does the supply chain look like? How sustainable or circular is it? For organizations, this increased social pressure means they must no longer report solely on financial matters, but also on issues such as sustainability and good governance. This is known as integrated reporting. What began with the Sustainability Report, in which companies describe their sustainability aspirations, is increasingly becoming a central part of business operations and, consequently, accounting practices.

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The National Investment Institution as a catalyst for innovative technology

This month, the Dutch cabinet is expected to decide on the establishment of a National Investment Institution (NII). Although most political parties recognize its added value, there are doubts whether the money will disappear into a bottomless pit. Tjarda Molenaar and Juul Vaandrager of the Dutch Private Equity and Venture Capital Association outline how the NII can develop into a successful driver of innovation. ‘Make sure the market has the lead.’

‘Startups and corporates can strengthen each other’

Constantijn van Oranje recently took charge of the private-sector entity of Techleap, the organization dedicated to strengthening the Dutch tech ecosystem. In this new role, he aims, among other things, to build an ambitious AI hub in Amsterdam – The Stack – and to help Dutch tech companies grow and conquer the global market. He has a clear message for those currently hitting a wall: ‘Do not let yourself be limited. Do what is best for your company. If we do not have things in order here, you should seek your fortune elsewhere.’

What is needed for the Dutch innovative startup ecosystem to produce European market leaders? And what role can investors and companies play in this? Maarten Goossens (Anterra Capital) and Yves Boland (Corbion), both active in the agrifood and biotech sectors, are clear on this: ‘Create competitive conditions.’

Constantijn van Oranje (Techleap): ‘Do not let yourself be limited’

‘Startups and corporates can strengthen each other’

‘Private equity and impact go hand in hand’

Jorge Vazquez (Randstad): ‘Non-negotiable investments’

‘We need to work together to help startups grow’

Heleen Herbert: ‘Strengthening the investment funnel’

‘Pensions should not be a black box’

Marike Bonhof (Ymere): ‘Small investment, huge impact’

The relationship between CEO and CFO requires constant nurturing

Making pensions more accessible… that is the mission of BeFrank, the new knowledge partner of Management Scope. On the fifteenth anniversary of the defined-contribution pension provider, CEO Kaya de Lange and Commercial Director Jan Hein Rhebergen look back and ahead. How a challenger in the market is now leading the way in the transition to the new pension system. ‘We see that people really appreciate having a say in their pensions.’

Marike Bonhof, CFO of housing association Ymere, faces major social challenges. There is a need to build and improve sustainability, while simultaneously investing in the livability of neighborhoods. Not everything can be done at once, even though it really should be, she notes. When it comes to investments, she sometimes encounters skepticism. ‘Sustainability would cost too much, and above all disadvantage tenants. I have shown that affordability, livability, and sustainability go together excellently.’

Close collaboration between CEO and CFO is no longer merely a functional necessity but has become a strategic requirement. Mutual trust is crucial in this regard but cannot be taken for granted. Take the time to build a bond of trust, and do so preferably before a difficult period sets in, was the message at Deloitte’s CFO dinner in the Church Hall of the H’ART Museum in Amsterdam. ‘Then almost all friction can be resolved.’

‘Pensions should not be a black box’

Marike Bonhof (Ymere): ‘Small investment, huge impact’

The relationship between CEO and CFO requires constant nurturing

Linde Jansen (PostNL): ‘Finance is a frontrunner’

After a long career at brewer Heineken, Linde Jansen moved to postal company PostNL in the spring of 2025 for her very first role as CFO. She could immediately get involved with a new strategy. Jansen is not a CFO who only focuses on the numbers: ‘As finance, we are truly transformation leaders, not transformation supporters.’

The CFO as Challenger and Driving Force

The experts at our roundtable shed light on financial management for a sustainable future. Determining the pace at which to proceed is where the CFO should lead the way. ‘The CFO determines the pace at which the organization takes the steps.’

NIS2 Directive: Cybersecurity Is a Joint Responsibility

Europe is preparing for the digital age. Unambiguous European regulations, directives and rules are of significant importance in the digital society and economy. In this light, organizations should not see the NIS2 directive as merely adding to regulatory burdens, but primarily as an opportunity.

Gavin van Boekel (Heijmans): ‘The CEO-CFO partnership has become more important’

At construction company Heijmans, Gavin van Boekel forms a tandem with the CEO. This creates a unique dynamic. Even though, according to Van Boekel, they are fairly complementary, it remains necessary to seek out the friction. ‘I would find it very dangerous if we were constantly in agreement. Then you become each other’s echo chamber, while what we need to do is arrive at the best outcome together, achieving the synergy of one and one makes three.’

Investors discuss the Wennink Report

Kees van Kalveen (Triodos): ‘Positive impact and intrinsic motivation’

Digital resilience is a matter for top management

René van Vlerken (Euronext): ‘The end goal is a European capital market’

Mark Rutten (Swinkels): ‘We can make bigger investments’

CFO, take control of the profit forecast

Sandra Phlippen: ‘A CO2 tax is not a punishment’

Mirjam van Thiel (Acomo): ‘A CFO is more than the financial conscience’

‘Sustainability does not stand alone’

Financial vulnerability in the Netherlands

Bas Brouns (KLM): ‘Our main aim is increasing the margin’

The CFO as strategic navigator in a new world order

Bas Brouns has been working in various financial positions at KLM for almost 30 years. As CFO since April 2024, he is ultimately responsible for the finances of the Dutch airline. Brouns took his seat in the financial cockpit at a crucial moment. KLM needs to invest billions in fleet renewal, while profitability is lagging behind that of sister company Air France. But, ‘KLM seems not made for quick growth.’

International tensions and an escalating trade war are causing great uncertainty. The role of CFOs – who will have to adapt to new trade flows and be alert to new market opportunities – is more strategic than ever. But there is also reason for optimism, was the message at Deloitte’s recent CFO dinner at the H'art Museum in Amsterdam. ‘Companies that dare to reposition themselves, will see new opportunities opening up.’

Bas Brouns (KLM): ‘Our main aim is increasing the margin’

The CFO as strategic navigator in a new world order

Frederik van der Schoot and Gerbrand ter Brugge (Oaklins): 'An Opportunity Might Come Only Once'

Mergers and acquisitions specialist Oaklins Netherlands – part of an international organization with offices in over 40 countries – is the new knowledge partner of Management Scope. (Managing) partners Frederik van der Schoot and Gerbrand ter Brugge discuss trends in corporate finance as well as recurring themes from conversations with various clients. ‘If you want the transaction or IPO, if it is financially feasible and the market is favorable: just do it. You must act when you can.’

CFO Survey Deloitte: How to survive the CFO Triangle

According to Mohamed Bouker, partner at Deloitte, the question every chief financial officer should be asking themselves is how, in a world filled with economic uncertainties, the smart use of artificial intelligence (AI) can be leveraged to meet sustainability obligations and future-proof their organizations. The CFO who best connects the three lines of the CFO triangle will be tomorrow’s winner.

CFOs, Be Honest About the Feasibility of Sustainability Ambitions

In recent years, businesses have set bold sustainability goals, but optimism is now being tempered by a more realistic understanding of the complexities and costs involved in the transition to sustainable models, says Mohamed Bouker, partner at Deloitte. His advice: prioritize transparency and honesty with stakeholders, even when it’s uncomfortable.

The CFO as Challenger and Driving Force

How do you include sustainability in the financial management of an organization? How do you deal with the tensions between short-term results and long-term goals, and how quickly can you become more sustainable? These are questions that every CFO needs to deal with. The experts at our roundtable shed light on financial management for a sustainable future. Determining the pace at which to proceed is where the CFO should lead the way.

From Changemaker CFO to Chief Value Officer

Navigating towards sustainability and innovation? It falls on the CFO to redirect the company's course. The financial leader faces a multitude of responsibilities: from CSRD reporting obligations and monitoring economic and geopolitical uncertainties to exploring sustainability and technology opportunities. Embracing this means letting go of some of the established ways of working. A leap into the unknown, was the theme at Deloitte's CFO Dinner in the Kerkzaal of H’ART Museum in Amsterdam. But, who dares wins.

Leon van Riet (NN Group) on the Pension Transition: ‘Time to Dive In’

‘With less than four years left to achieve the pension transition, it is crucial for companies to take action,’ says Leon van Riet, CEO Life & Pensions at NN Group. The ongoing debate about the new pension system is causing a wait-and-see approach among board members, with the conceivable result of running into time constraints. ‘For fifteen years, there has been talk about adapting the system, and now it is time to implement the law.’