This ongoing Q&A series features some of today’s top risk management and insurance professionals.
Frank Campagna has an impressive resume – he serves as managing director of CBIZ Risk & Advisory Services, a national audit practice, and he specializes in internal audit outsourcing, SOX, business continuity planning, process improvement, ERM, and plenty more areas too numerous to list.
He also recommends some dropping some pretty “old school” risk management tactics, which he says is the wrong focus.
1. What’s your professional/educational background?
MBA, Master’s in Accountancy and Financial Information Systems.
2. What makes your job interesting or particularly challenging?
The element of entitlement and the turning point of allowing yourself to make bad choices– illegal or unethical. That makes this job interesting. The challenge is to think like a fraudster– put yourself in their shoes to think how someone could curtail policies, or fool the system.
3. When you’re not working, what are you doing instead?
I love the game of basketball to clear my head, and I love music — to take my mind off everyday grind.
4. What career accomplishment are you most proud of?
Finishing my MBA with a newborn in the house (my first child). The stress in the home is very thick at that time.
5. What one challenge do you think is primary for risk management to recognize right now?
It is very general, and old school. Too many people in management trust “their” people. Going back to #2 above, the power and ability to “take what you have coming to you” and finding a way to get money out of a company is a risk for everyone. No one is above it… not family, not friends, and certainly not acquaintances.
6. How would you tackle it?
What we at the companies that employ world-class internal audit and risk management… create a sound internal controls environment that includes anti-fraud reviews and an annual risk assessment (understanding the changing environment of everyday business life).
7. What do you see as the top three risks for the coming year?
Cyber security without a doubt, interest rate changes, SOX requirements (that continue to evolve with the PCAOB).
8. Which risks are occupying your time right now?
Cyber security (data security — Cloud included — and data classification), Misappropriation of funds (A/P, third party providers).
9. What one fact about you would surprise people to know?
I am very frugal and I am much more of a saver than a spender.
10. What’s your favorite joke?
So, these two antennas were getting married.
The wedding was great, but the reception was terrible!
Want to be featured on an upcoming 10 Questions series post? Send an email to lwbean AT gmail DOT com.