In-person conferences are back…finally!

Have you attended your first in-person conference since the onset of the pandemic? I did last week. It was my first time around so many prominent professionals in more than 18 months. 

When I joined Fortune in March, we were a year into the pandemic and working remotely. At the time, I wondered if I’d get the chance to attend my first Most Powerful Women Summit (MPW) in person. Would it be completely virtual or postponed? To my delight, Fortune’s conference of dynamic leaders convened in Washington, D.C. October 11-13.

My experience started out with meeting my colleagues who I’ve come to know virtually. As safety was top of mind, the CLEAR Health Pass app was used to provide employees and attendees a way to upload proof of vaccination and negative COVID-19 tests. We all wore face masks, but I could still see the warmness of my colleagues’ smiles through their eyes. 

Technology has definitely allowed us to collaborate during this time. But having occasional in-person interaction offers another layer of connection with the team. Many CFOs are in support of hybrid work for that reason. I think Mala Singh, chief people officer at Electronic Arts, said it best during an MPW virtual event on September 30: “People want to come back into our offices for the moments that matter.” 

For some of the attendees, it was their first time attending a large-scale conference since the onset of the pandemic as well. It was exciting to meet finance leaders I’ve interviewed on video calls, like Maria Ferraro, CFO and chief inclusion and diversity officer at Siemens Energy AG. I’ve interviewed Square CFO Amrita Ahuja over the phone, but it was great to hear her assessment of Bitcoin live and in person. 

I did expect to learn from prominent women in the Fortune 500, leading female founders, and leaders in politics, the arts and NGOs. But I had no idea how much more profoundly the lessons would resonate with the added opportunity to talk with other attendees over coffee or dinner about it. As the saying goes, it was a vibe. 

It would take a few essays to write about all of the wisdom shared. But here’s some insight from leaders involved in the world of finance:

Suzanne Clark, president and CEO, U.S. Chamber of Commerce: The labor crunch is “one of the biggest problems threatening the country,” Clark told the audience. “When demand outpaces supply, then any CEO has got to think about what they’re doing to retain workers, to be sympathetic to their workforce, to be a best-in-class employer—whether that’s wages, benefits, flexible schedules, access to childcare, better training.”

Carrie Schwab-Pomerantz, president, Charles Schwab Foundation; SVP, Charles Schwab & Co., Inc.: “There’s a direct correlation between people who invest in their 401(k) plan and those who have investment accounts outside of work,” Schwab-Pomerantz said citing 2021 research from Ariel Investments and Schwab. 

Mellody Hobson, co-CEO and president, Ariel Investments; co-chair, Fortune’s MPW Summit: There tend to be significant disparities in terms of both race and gender in access to the financial markets over the long term, Hobson noted. But during the pandemic, “a lot of new, first-time investors are younger, and they’re participating at the same rate, regardless of race,” she said of the research. “That was the most exciting piece of data that we had.”

Thasunda Brown Duckett, president and CEO, TIAA: “Here’s what I do,” Duckett explained. “I write down everything that matters. I’m an executive, I’m a mother, I’m a philanthropist. I’m a daughter, sister, friend, and we allocate. Because the truth is we do not have 150%, it’s only 100%. So, you have to allocate.”

After more than 18 months of living in unprecedented times, it’s good to know that in-person conferences are making a comeback. I may be biased, but I think MPW has set the bar. I also think the pandemic has taught us that virtual gatherings can complement or continue the conversations of annual in-person conferences. Next on my agenda is our virtual CFO Collaborative event on October 27. We’ll be discussing the role of finance chiefs in redefining the future of work. If you are a CFO and interested in attending, please reach out to me directly and I can connect you with our team. 

Here’s to emerging stronger from the pandemic.

See you tomorrow.

Sheryl Estrada
sheryl.estrada@fortune.com

Big deal

SOX compliance is the mandatory annual audit in which a public company provides proof of accurate financial record keeping, in accordance with the Sarbanes–Oxley Act of 2002. An annual survey, released by The SOX & Internal Controls Professionals Group and conducted with KPMG US and Workiva Inc., asked SOX compliance professionals to weigh in on technology challenges. Most respondents reported the use of data analytics was still “at basic levels for sample selection, scoping, and evaluating severity of control failures,” according to the report. The use of automation in compliance analysis is at a minimum, according to respondents. Just 4% said they are using a moderate amount, compared to 70% who are not using automation at all. In addition, 75% said they use multiple systems for their SOX processes. The survey findings are based on 464 respondents. 

From the State of the SOX and Internal Controls Market Survey, courtesy of The SOX & Internal Controls Professionals Group

Going deeper

Reshaping Services: The investment implications of technological disruption takes a look at how advances in A.I., big data, cloud computing, and machine learning are impacting health care, finance, and logistics. Released by PGIM, the asset management arm of Prudential Financial Inc. on October 14, the research found that in these industries, "where infrastructure costs are high, client bases are sticky and regulations abound," technological disruption isn't a hindrance. For example, "neobanks" or fintechs are not a threat to big institutions. In the U.S. and Europe, neobanks are "largely targeting unbanked and disengaged segments of the market rather than prime consumer and business lending clients that are the bread and butter of established consumer and commercial banks," according to PGIM. And "robo-advisors" have not taken away the need for traditional wealth managers, the research found.

Leaderboard

Anthony "Tony" Terry was promoted to EVP and CFO at Marriott Vacations Worldwide Corporation, effective October 16. Terry joined Marriott Vacation Club International, a division of Marriott International, in 1996 as manager of financial accounting. He then rotated into executive roles covering new product development, brand management, and product supply management. Terry most recently served as SVP of global operational finance. Prior to joining the company, he worked at The Walt Disney Company and at Arthur Andersen LLP.

Jonathon "Jon" Singer was named CFO at Breg, Inc., an orthopedic bracing and billing services company. Singer previously served as CFO and COO of Surgalign Holdings, a global, publicly traded spine technology company. Prior to joining Surgalign, he worked in health care finance, including roles in specialty pharmaceuticals, radiation safety and services, and medical devices. Singer also held senior roles in operations and business strategy. He started his career at global accounting firm KPMG LLP.

Overheard

“What we’re doing is looking for state level policies that do promote financial literacy at an earlier age and lifting those up.”

—U.S. Secretary of Education Miguel Cardona on starting personal finance lessons as early as possible, as told to CNBC.