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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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.’

Heleen Herbert: ‘Strengthening the investment funnel’

How do we ensure that Europe not only produces innovative startups, but also helps them grow into the champions of the future? Julia Padberg (SET Ventures) and Alex Bakker (Photon Capital) represent different links in the investment chain of the emerging digital energy economy that is enabling the energy transition. ‘Major core companies and technologies are important, but too little attention is paid to the ecosystem surrounding them: the enabling layer.’

Building an economy that brings broad prosperity to the Netherlands not only today, but also twenty years from now. Since Heleen Herbert took office as Minister of Economic Affairs and Climate Policy in February of this year, she has been working ‘extremely hard’ toward this goal. With a background in the business world – she previously worked at NS and Heijmans – Herbert is more than familiar with the challenges entrepreneurs face. And with what it will take to make investment, innovation, and growth possible again. ‘I like to take a broad view of the entire investment chain.’

‘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

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

Investors discuss the Wennink Report

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

Digital resilience is a matter for top management

What will it take to make Peter Wennink’s master plan a success? How can investors contribute to the necessary growth and innovation? Investors Ruulke Bagijn of Carlyle AlpInvest and Harm de Vries of Innovation Industries discuss the opportunities and challenges. ‘This momentum can be an unparallelled catalyst.’

We hear more and more often that the chief financial officer is increasingly becoming a strategist. Kees van Kalveen, CFO of Triodos Bank, has a down-to-earth view on this. ‘The stability of the financial system forms the basis. From there, thinking with on the future of the organization is simply part of the job.’ Creating social and financial value is Triodos' raison d'être and, according to Van Kalveen, should be the intrinsic motivation of every company.

Digitization forms the basis of the economy and is rapidly changing how organizations function. But dependence on digitization increases vulnerability. It is therefore critical for organizations to have their digital resilience in order. This is only possible if cybersecurity is not seen solely as a technical IT issue, but also as a strategic issue for which the top management of the organization is ultimately responsible. Chantal Vergouw of KPN identifies three strategic shifts that will be decisive in this regard.

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’

Euronext CEO René van Vlerken has concerns about the Dutch and European capital markets. The urgency for the creation of a European capital market has grown enormously, and so consolidating it is his most important challenge. ‘There is enough capital, but the market in Europe is too fragmented.’

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.

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

Mark Rutten has been CFO and a member of the executive board of brewer Royal Swinkels since 2024. He came over from competitor Heineken, where he worked abroad for many years. His ambitions at Swinkels? To think more internationally and be a little bolder when it comes to investments. ‘Yes, that is probably the opposite of what you would expect from a CFO.’

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

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

CFO Survey Deloitte: How to survive the CFO Triangle

CFOs, Be Honest About the Feasibility of Sustainability Ambitions

The CFO as Challenger and Driving Force

From Changemaker CFO to Chief Value Officer

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.

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.

The CFO as Challenger and Driving Force

From Changemaker CFO to Chief Value Officer

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.’

Deloitte CFO Survey: Finance and Artificial Intelligence Make a Great Combination

CFOs are enthusiastic about the opportunities that artificial intelligence (AI) offers. They are, however, often still searching for practical applications. These applications do exist. For instance, according to findings from the latest semiannual Deloitte CFO Survey, AI can already be used to meet all the reporting obligations outlined in the Corporate Sustainability Reporting Directive (CSRD).

NIS2 Directive: Cybersecurity Is a Joint Responsibility

Mindful of increasing digitalization and the growing impact of technology, 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, according to Elly van den Heuvel and Simone Pelkmans of Deloitte. Plus: how to get started in five steps.

Deloitte CFO Survey: The CFO’s View of The Digital Future

Dutch CFOs are making substantial investments in artificial intelligence, as revealed in the latest edition of the semi-annual Deloitte CFO Survey. Sustainability and cost-consciousness are also high on the CFO's agenda. Nevertheless, organizations are far from future-proof.

The Wtp: Urgent Advice to Employers

Through a series of interviews with pension experts, insurer elipsLife in recent months analyzed the pluses and minuses of the Future Pensions Act (Wtp), with which all pension plans must comply by January 1, 2028. Joost de Visser's conclusion: employers are too passive. Which is unwise because the transition is complex and takes a long time. In this essay, he describes the main pension choices employers need to decide on.