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.’

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

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.’

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.’

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

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’

When companies revise their profit forecasts, it can have enormous consequences for their share price. Guidance on profit forecasts can therefore directly determine company value and access to capital. How should a CFO best deal with this?

Sustainable transition is inevitable, says Sandra Phlippen, chief economist of ABN AMRO, as all countries will reach a point where the cost of inaction exceeds the cost of the transition. The pace of sustainability is primarily determined by politics and policy. ‘We must, after all, recognize that the public and private sectors have different responsibilities. You cannot ask individual companies to compromise their competitive position to do something good for the world.’

After a long stay abroad, Mirjam van Thiel is back in the Netherlands as group CFO of Acomo, a holding company of ten companies focused on plant-based foods. Van Thiel's goal: to establish roots in her own country and grow with her organization. ‘People want healthy and tasty food, food security, and sustainably produced food. We are working on all these themes and see many opportunities for our companies to grow autonomously.’

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’

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.

‘Sustainability does not stand alone’

Europe wants to remain competitive and lead the way in sustainability. A mission impossible? Despite the geopolitical headwinds, three ESG professionals from private equity investors are optimistic. ESG has been fully integrated into all their investment processes. The emphasis, however, is shifting towards a more business-like approach. ‘Sustainability is becoming less ideological.’

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

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

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

NIS2 Directive: Cybersecurity Is a Joint Responsibility

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

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.

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.

NIS2 Directive: Cybersecurity Is a Joint Responsibility

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

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.

The First 100 Days as CFRO of APG Asset Management

On her first hundred days as Chief Finance & Risk Officer, Barbara Bakker says: ‘An exciting time for asset managers.’

The Three-Pronged Approach Called Partner Pension Becomes A Complicated Puzzle

The regulations regarding partner- and orphan pension, among many other things, will change under the new Future Pensions Act (Wet Toekomst Pensioenen or WTP). Employers who want to avoid financial problems for surviving relatives should take action now, according to senior sales consultant Joost de Visser of elipsLife. ‘January 1, 2028, is closer than you think.’

Sustainability As Key Role For The CFO

A key role is reserved for the CFO in the sustainability transition of companies, who in practice occasionally appears to struggle with its interpretation. According to Pim Rossen and Alexander Tamminga of strategic consulting firm Kearney, now is the time to introduce a new paradigm with a better balance between short- and long-term value creation. ‘Adapt existing KPIs to the transformation phase of the company.’

CFO, Seize Your Role as Catalyst and Strategist

The role of the chief financial officer (CFO) is changing rapidly. The cliché of the old-fashioned Chief Financial Officer as an ‘accountant who only looks back’ has long since ceased to apply, but the issues the CFO needs to deal with have expanded to such an extent that new competencies are required of him or her. The authors identify five focal points for CFOs who want to develop their role as catalysts and strategists.