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1、28/07/2022INDEPENDEN T P U B L I C AT I O N BY#0820R AC O N T EU R.NE TTHE FUTURE COOBALANCING AGILITY WITH RESILIENCEPREPARING FOR THE NEXT RECESSION1003WHY ESG IS NOW THE COOS RESPONSIBILITY22Prepare for an ever-changing and uncertain future with our Executive Education Online Programmes.The same

2、Oxford education,virtually.Our world-renowned academic strength is right at your fingertips.R A C O N T E U R.N E T03raconteurraconteur.storiesDistributed inAlthough this publication is funded through advertising and sponsorship,all editorial is without bias and sponsored features are clearly labell

3、ed.For an upcoming schedule,partnership inquiries or feedback,please call+44(0)20 3877 3800 or email Raconteur is a leading publisher of special-interest content and research.Its publications and articles cover a wide range of topics,including business,finance,sustainability,healthcare,lifestyle and

4、 technology.Raconteur special reports are published exclusively in The Times and The Sunday Times as well as online at The information contained in this publication has been obtained from sources the Proprietors believe to be correct.However,no legal liability can be accepted for any errors.No part

5、of this publication may be reproduced without the prior consent of the Publisher.Raconteur Mediahose who head up opera-tions at many firms increas-ingly need an ambidextrous approach.On the one hand,they must deliver growth through busi-ness agility,which involves innovat-ing at pace.On the other,th

6、ey need to deliver a resilient organisation;one that is stable,secure and pre-dictable,where new operational threats and risks must be overcome.Marrying the two isnt easy.The litany of challenges that now test chief operating officers is long,whether it is digital and data-led transformation,the Cov

7、id pandem-ic,Russias war in Ukraine,soaring energy and commodity prices,sup-ply-chain constraints,the sustaina-bility agenda,evolving cyber risks or indeed new regulation.At the same time,COOs must work to ensure that firms stay ahead of the competition and generate new business.This years World Eco

8、nomic Forums Global Risks Report is a good illustration of why businesses need a belt-and-braces approach:42%of the 12,000 global business leaders surveyed said the outlook for the next three years would be“con-sistently volatile with multiple surprises”while 38%expected“fractured trajectories separ

9、ating relative winners and losers”.Yet many firms struggle to com-bine operational resilience with business agility,whether thats to do with siloed business units and the data they hold,legacy systems,tra-ditional ways of doing things or the sheer complexity of organisations.But the past few years h

10、ave shown that many firms are more resilient and agile than they may have thought able to adapt and thrive,as well as absorb shocks.“There are many lessons to be learned from the pandemic,in cir-cumstances where we were forced to be agile,”says Kate Stonestreet,global chief operating officer of law

11、firm Baker McKenzie.The challenge,she says,is to retain this flexibility moving forward and embed it in a companys culture.“This will position businesses well for the coming years,the potential downturn or any future crises we may face,”she explains.Stonestreet believes agile working enables firms t

12、o be resilient,allow-ing“real-time responsiveness”that creates strength in operations.It also facilitates efficient deci-sion-making if its underpinned by good governance that is aligned with strategy,”she says.“Agility,while not always easy to achieve,allows for a speed of response that is certainl

13、y necessary in the current climate.”There is an increasing realisation that,with the right people,process-es and platforms in place,resilience and agility can go hand in hand;that these qualities arent at logger-heads with each other but are instead complimentary.Both are fundamental to delivering b

14、usiness performance while minimising risk.And it is the COO,rather than any other top-level executive,who should be the one to deliver.“The COO the executive leader shadowing the CEO found them-selves at the centre of all business activities throughout the pandem-ic,and this position of enhanced inf

15、luence,visibility and,in many cases,mandate has been carried forward into many a post-pandemic operation,”says Maurice Evlyn-Bufton,chief executive officer of COO financial services advisory firm Armstrong Wolfe.“The chief operating officer also sits at the centre of each company and therefore is we

16、ll positioned to oversee the adoption of resilience and agile policies,and their govern-ance,”he says.“It is their influence on the CEO that is key to success.”Evlyn-Bufton likens the agility and resilience balancing act to For-mula One racing.While the objec-tive is to go as fast as possible to be

17、as responsive and agile as you can to changing circumstances you still need to use the brakes sometimes to ensure you finish the race.“Racing engineers work with this duality all the time,”he says.“It is a particular frame of mind that is needed to marry the two,as opposed to balancing them.”Having

18、a clear operational strate-gy and an organisational design in place matters.When looking to make a firm more resilient,a good start is to map all business process-es,work out whether you have the right talent,systems and technology to deliver on this,then prioritise change accordingly.“True resilien

19、ce comes from knowing when and how to rewire the processes,and that requires people in the organisation who understand the big picture,”says Nick Easen Paul Bradbury via GettyImagesPick the key initiatives that are fundamental to supporting and protecting the business Alison ColemanSenior contributo

20、r at Forbes,with articles published in The Guardian,Quarterly and Business and Management magazine.Nick EasenAward-winning writer covering tech,economics and business for BBC World News,CNN and Time.Jonathan EvansJournalist specialising in HR,SMEs and C-suite leadership,with work published in The In

21、dependent and Metro.Christine HortonLong-term contributor to specialist IT titles,she writes about technologys impact on business.Jim McClellandSustainable futurist,speaker and writer,he explores the space where economics,environment and social equity meet in business.Chris Stokel-WalkerTechnology a

22、nd culture journalist and author,with bylines in The New York Times,The Guardian and Wired.ContributorsTHE FUTURE COOOne foot on the accelerator,the other on the brakeDriving forward a successful business increasingly involves being both agile and resilient and its the COO who needs to marry those t

23、wo seemingly disparate goals S T R AT E GYTraconteur-mediaPublishing manager Matthew McCullochDeputy editorFrancesca CassidyManaging editorSarah VizardChief sub-editorNeil ColeCommercial content editorsLaura BithellBrittany GolobSub-editorsLorraine EamesChristina RyderReports editorIan DeeringDesign

24、/production assistant Louis NassDesignKellie JerrardColm McDermottSean Wyatt-LivesleyDesign directorTim WhitlockIllustrationCelina LuceySamuele MottaHead of productionJustyna OConnellfuture-coo-World Economic Forum,2022WHAT SHOULD COOS BE PREPARING FOR?Percentage of global leaders who said the follo

25、wing aligned with their outlook for the world over the next three years41.8%Consistently volatile with multiple surprises37.4%Fractured trajectories separating relative winners and losers10.7%Accelerating global recovery10.1%Progressive tipping points with increasing catastrophic outcomesPrint media

26、 cant generate leads.Wrong.Wrong.Some of the advertisers in this report will generate over 200 leads thanks to Raconteurs integrated print and digital campaigns.Email to find out more.Published in association withR A C O N T E U R.N E TT H E F U T U R E C O O0504Dr Sandra Bell,group head of organ-is

27、ational resilience at Novuna,a financial services firm.Her advice is always to focus on the people and culture;the rest will fol-low.“Organisations are complex socio-economic systems and will behave in unpredictable ways.To be resilient,you need people who can sense when things are going wrong,know

28、when to stand fast,yet are will-ing and able to alter what theyre doing to bring things back on course.”Having a high-performing team around the COO that collaborates effectively is crucial.The chief of operations must also have a firm eye on customers,be agile themselves willing to embrace change,c

29、hal-lenges and complexity with a strong commitment to deliver on short-and long-term goals,and to be accountable for them,too.Some businesses have advocated the introduction of new roles,such as operational resilience champi-ons,to support such initiatives.While these roles can help to priori-tise t

30、he delivery of operational resil-ience,though,they can also end up delineating it from business agility,which can be problematic for firms trying to bring the two together.Relying on top talent to bridge the gap between operational resilience and business agility is one thing but it isnt a fail-safe

31、 in the long term.Staff“churn”can leave firms vul-nerable.This is where COOs need to put in place robust and repeatable processes,with strong controls that are informed by data and its associ-ated tools(see box).Systematic approaches are vital,which is why some businesses have adopted“design thinkin

32、g”,which enables problem solving centred on customer needs.Others have followed the Six Sigma approach and other such tools that can support process improvements.The aim is to provide better structure to operating models,although wholesale adoption of such approaches can be daunting and time-consumi

33、ng.“It may not be feasible to do everything,so pick the key initia-tives that are fundamental to sup-porting and protecting the business,and think about whether you have the right organisational design in place to get you there,”says Jacqueline King,chief operating officer for DLA Piper,a global law

34、 firm.Any business can set a course to manage risk,contingency plan and put robust security in place,she says.“The art is to identify areas of opportunity in the mar-ket and to be one step ahead,while ensuring a flexible model is in place that allows the business to inno-vate and adapt to change.”Ne

35、w legislation,compliance and evolving government poli-cies are sparking investment in better frameworks,whether its fresh rules on operational resil-ience introduced by regulators,such as the Financial Conduct Authority in the UK,or the Euro-pean Commissions Digital Oper-ational Resilience Act.In so

36、me cases,a lack of action is no individual perspectives,the smart COO creates a vision for the whole organisation,”says Bell.“They cre-ate consensus by helping the differ-ent parts of the business to understand how the resilience of their part contributes towards it.”The same is true of business agi

37、li-ty.Companies will need to get both aspects right if theyre to be success-ful in the years ahead.The security and threat landscape is constantly evolving.And,firms dont stay at the top of their sector for long unless they are innovating at pace.Having a“living”business plan in place;one that evolv

38、es day to day,helps.“The trick is not to stifle the busi-ness with,say,watertight security procedures but allow for business flexibility with the right controls in place,”says King.Its that“flex”that every business is looking to master.The COO who gets it right on all counts will be worth their weig

39、ht in gold.Westend61 via GettyImagesmould and be agile as they press on with innovative products,but it serves as an example.If you have a chief information security officer,a business develop-ment lead and an operational resil-ience officer,its important that their goals are aligned.“Rather than si

40、nk into a whos right and whos wrong?battle at a business unit level,when the reality is that everyone is right from their True resilience comes from knowing when to rewire the processes,and that requires people who understand the big pictureData is key on every level to calibrate operational resilie

41、nce and knowing when to invest in business agility.It is the glue that binds different business units,professions and functions that are trying to marry up the two.Dashboards,for example,are valuable management tools to measure performance,manage risk and inform decision-making.“If its not measured,

42、it cannot be managed”is the mantra.A“single pane of glass”,data-empowered view of the business is therefore vital.Real-time information is also imperative if a business is to be resilient and agile:no one wants to be looking in the rear-view mirror.It is all about forward-looking capabilities that a

43、llow constant readjustment,experimentation and optimisation.Data monitoring enables businesses to get an early indication that something is going wrong with operations so that it can be corrected before it escalates.More businesses are moving towards digital,data-led approaches to keep up with the c

44、ompetition,with some adding layers of data analytics,and incorporating machine learning and AI.But as businesses transform,new vulnerabilities,security concerns and threats to operational resilience must be taken into consideration such those thrown up when there is a wholesale shift of corporate da

45、ta to the cloud,for example.It is important to employ data-literate staff,so that they can make the most of the information your business generates.A new generation of data-savvy executives is rising through the ranks.As one chief data officer recently quipped,“These days,your talent is more likely

46、to speak Python (a programming language)than French.”“Transparency isnt a bad thing,”says Jacqueline King,chief operating officer of global law firm DLA Piper.“The flipside of this data is harnessing it to drive the business,for customer relationship management,for example.“COOs shouldnt shy away fr

47、om sharing operational information as it helps senior management with key decision-making.”How data deliverslonger an option.Regulated busi-nesses now must show that they can continue to provide services in the face of adverse and disruptive oper-ational events.They will also have to demonstrate tha

48、t they can antici-pate,prevent,recover from and adapt to such events and learn from them no small feat.But while its true that businesses have finite resources and COOs have to continually work out where to allocate time,resources and peo-ple King believes resilience and agility can complement one a

49、nother“if the organisational model is designed in the right way”.One of the reasons why resilience and agility are hard to deliver at the corporate level is that business units can be at odds with each other.It is not simply a matter of the IT,cybersecurity and operations teams being focused on secu

50、re,sta-ble services,while the marketing and sales teams want to break the How can COOs navigate their relationship with the CEO?The COO and CEO relationship is critical.Working together they need to sustain unwavering alignment,achieve deep trust and be in sync on the major opportunities,challenges

51、and risks.Covid tested these relationships.Regular casual catch-ups,often good dampeners for areas of tension,were lost and different parts of the organi-sation needed slowing down,while others needed accelerating at short notice.Priorities and strategic initia-tives changed,necessity made or-ganisa

52、tions more agile and both the CEO and COO roles changed.In this environment it was easier for gaps to grow,particularly as the demand on both roles skyrocketed.To address this,daily virtual calls and chat channels were introduced.CEOs and COOs also had to divide their roles more clearly as their abi

53、lity to work collaboratively was weakened.Operations were consumed with day-to-day business,addressing un-predictable staffing issues,solving problems and ensuring reliable sup-ply chains.The recent firing of the easyJet COO shows these tensions are still with us and that CEOs are in-creasingly impa

54、tient to put their stra-tegic initiatives back on the agenda.CEOs have learnt that big strategic moves are possible and time frames can be dramatically shrunk when the team is focused.The impact of Covid for COOs is not over,they need to refocus on the CEO relationship and make sure that cracks are

55、not al-lowed to grow.What are the COOs responsibilities to develop the new people proposition?The great resignation has shown that organisations of all shapes and sizes have struggled to respond to the changing demands of employees.As global operations con-tinue to be disrupted,so has the op-eration

56、al workforce.This concept of the remote work-force has highlighted the need to change the old approach to the em-ployee-employer relationship.COOs,as the largest employer of an organ-isation,must now consider how they can motivate,safeguard and engage employees across multiple locations a challenge

57、made greater when pop by visits,used to take the pulse of team members,are no longer a fre-quent and viable option.Typically,the COO has operated under the remit of revenue growth and cost savings,prioritising produc-tion and supply chain.With the talent shortage crisis posing a real threat to growt

58、h,the COO must step in.What is the role of the COO in building the business model?COOs are privately admitting to each other that they are not certain what their future business models will look like and how they will work economically.As group reporting is centralising with the CFO and data archite

59、cture with the CIO,what does that leave for the COO to do?The answer is,a lot.The era of sweeping single software solutions ended before Covid,so the organisational design and de-livery of the business model is firm-ly the COOs responsibility.Organisations typically run 300 processes,of which around

60、 100 are business-critical.This complexity needs simplifying,but addressing it all at once can be overwhelming.COOs are now dividing processes into groups and building them as stan-dalone applications that can interface with new and changing parts of the business.Understanding these busi-ness unit i

61、nterfaces and having the ability to plug and unplug sections is key.It enables an already pressurised operations team to improve smaller chunks by focusing on areas like the supply chain and customer interfac-es.It also enables them to be agile and address the sections most in need of innovation,can

62、 add most value to the customers and add the most competi-tive advantage to the organisation.As the talent shortage crisis poses a real threat to growth,the COO must step inI N S I G H TJohn JeffcockChief executive,WinmarkThe role of the COO has changed significantly in recent years.From the CEO rel

63、ationship to designing the future business model,COOs have their work cut out,says John Jeffcock,CEO of WinmarkIBM and Oxford Economics,2021WHAT THE CEO SEES AS MOST IMPORTANTPercentage of global CEOs who say implementation of the following has been important to the organisations strategy since the

64、beginning of 2020Empowering remote workforceAccelerating agilityReducing operating costsEngaging customers virtuallyEnhancing supply chain continuityBalancing business portfolio61%54%48%41%41%41%Advertise with Raconteur in The Times and reach more senior business decision makers than any other natio

65、nal title.Email to learn more about our calendar of over 80 reports in The Times.Download the full calendar of over 80 Raconteur special reports in The Times and Sunday TimesR A C O N T E U R.N E TT H E F U T U R E C O O0706Commercial featureCommercial featurenew rival and that transformation proces

66、s might last more than a year.But by the time the plan is finally put into place,the original business case might be out of date through market disruption,inflationary shocks or any of the myriad causes of change.“Agile is about looking to get benefits during the journey of that transformation throu

67、gh continuous improvements that can be introduced every step of the way,”Newton says.According to Martin Molloy,a part-ner at KPMG in the UKs technology advisory,a crucial factor for many organisations is a change that began about a decade ago.Before this,tech-nology used in the workplace was far su

68、perior to the technology staff had at home.But that has reversed with the prevalence of fast broadband,smart-phones,tablets and 5G.This is creat-ing profound changes to working pat-terns as businesses transform their processes accordingly and imple-ment work from home practices and allow staff to us

69、e their own devices.At the same time,technology is moving faster and the cycle times for innova-tion are shortening.These trends heap pressure on busi-nesses to be ready to adapt to the new realities that are impacting the expe-riences of both the customer and the employee,says Molloy.“These factors

70、 make it easier for new entrants into your market to be disruptive,”he says.“They can lure away your staff and your customers too,tempting them with the latest advances in technology.”This is how many of the Silicon Valley scale-ups of the past 20 years have re-in-vented markets and outmanoeuvred le

71、gacy businesses.Established players are respond-ing with their own agile develop-ment programmes.However,while improving enterprise agility is vital to keeping pace with market disruption,the process often falls flat,says Molloy.“The reason agile is often only par-tially successful is because its ea

72、sy to do software development and build new tech features and capabilities but if the users and the customers dont help to design them and know how to use them quickly,you dont get the value from them.We need to not only help the technology function become more flexible and in tune with the busi-nes

73、s environment,but also to educate everyone in the business about what agile means and how the new features work,”says Molloy.Another area that requires a com-plete rethink when shifting to agile working is the issue of budgeting and value creation.Traditionally,budgets are given to development teams

74、 annu-ally,and the team must have a clear plan of exactly what they are going to deliver in 12 months time before they get the finance.But agile teams cant plan forward in this way.They make continuous improvements,fail fast and work through trial and error,driven by how effective the changes are in

75、 driv-ing growth or reducing costs According to Allaster Finke,a direc-tor in the technology team at KPMG in the UK,businesses should move away from annual budgets towards more flexible monthly cycles.“When budg-ets are moving month to month,busi-nesses can reallocate their funding in a way that hel

76、ps them better respond to whatever pressure or demand the market has on them.Its much harder for an organisation that sets the budget annually to be able to change direction and make that rapid reaction,”he says.“If a team is being agile and fleet of foot,they might not know what they are going to f

77、inally deliver or when.So how do you work out budgeting for them and how do you incentivise your people?”adds Molloy.“People tend to be measured by annual cycles and on objectives that are financial and non-financial.But this may be incom-patible with an ever-changing envi-ronment where the goalpost

78、s are con-stantly moving around.”Clamp adds:“Businesses often tell us they are too siloed,too hierarchical,and too bureaucratic to respond to a rapidly changing world.They know they need to be more customer-centric,leaner,agile and better connected.”Becoming a connected enterprise isnt so much about

79、 turning around a super tanker as redesigning the old vessel in the form of dozens of fast-moving,highly-manoeverable speed boats.As the world becomes ever more unpre-dictable,enterprise agility is essen-tial in helping businesses to maximise value in the digital age.To find out more,please visit ho

80、me.kpmg/uk/connectedEnterprise agility is transforming the role of the COOAs companies emerge from the disruption of the pandemic,some are adopting agile working practices to great effectupply shocks,talent short-ages,digital revolution,a pandemic and political bombshells such as Brexit make for a v

81、olatile world.In the face of such instability,todays businesses are looking to reinvent themselves as agile,nimble organisations that can respond fast to the latest unexpected jolt to the system.But many long-established compa-nies struggle to create the agility they need to confront the challenges

82、of modern times.While they are under-going digital transformations and have introduced new technology to cope with change,many have failed to spread new-found agile ways of work-ing widely across their organisation.The role of the COO is shifting in response to this need for enterprise agility.“This

83、 has become the apogee of the COOs responsibility,”says Adrian Clamp,head of digital transformation at KPMG in the UK.“The COO is per-fectly placed to create the new struc-tures of an agile enterprise operating model.COOs are the best people to help a business to unlock the benefits of agile at scal

84、e.They often see more clearly than others the need to con-nect functional silos,increase the pace of change and introduce new ways of working.They are typically the spon-sors of enterprise agility”he adds.Redesigning organisations to become responsive to change requires tech-nology,processes and peo

85、ple to work together in new ways.A route to achiev-ing this agility is adopting the approach of a smaller business,says Clamp.“Youre trying to mirror how a startup works,but youre doing it within a big company.A startup doesnt have all the functional silos of a larger business,or all the hierarchy a

86、nd cultural obstacles in place.You just have people innovat-ing rapidly together.Established busi-nesses need to mirror that model,but at scale,”he says.From Facebook and Google to Uber,Netflix,Amazon and Airbnb,the hyper-scale Silicon Valley startups of the past two decades have used agile methods

87、to create rapid global success.Now long-established giants are looking to adopt their methods.Banks and insurers are pushing ahead with agile methods as an explosion of innovation in fintech has created a range of new mobile-first fintech apps.Automobile makers are using agile to shift to elec-tric

88、cars.The race for net-zero carbon is being conducted through agile methods.Public sector organisations are also using agile methods to deliver more for less.For those who get agile right,the rewards are substantial.Organisations that adopt enterprise-wide agile work-ing are better equipped to naviga

89、te external and internal change at market speed.They produce value faster and achieve better growth on average.Their revenue growth is 37%higher than those that do not adopt agility according to MIT,while Forrester says their growth is 3.2 times higher than industry average growth.Clamp sees the mov

90、e to enterprise agility as an historic shift in manage-ment away from the Fordist,Taylorist model of standardised mass produc-tion of small tasks,the organising prin-ciple of business for over a century.An agile enterprise treats colleagues,not as individual cogs in a machine,but as the well-spring

91、of change and innovation.They work in small,cross-functional teams drawn from across departments to share knowledge and expertise in the drive to make continuous improve-ments which respond to the needs of the customers and their colleagues.However,this has dramatic implica-tions for the way the bus

92、iness is organ-ised and for the mind-set of everyone from board directors to staff.“Agility is needed in anything that drives change for the organisation,”says Mel Newton,a partner in the people consulting practice at KPMG in the UK.Agile methods can be used to implement new technology or to change

93、work processes,to move staff to different roles or target new cus-tomer groups,to enter a new market or respond to a change in regulation or a global pandemic.The methodology of agility originated in the early 2000s as a way of improving software development.Rather than creating,testing and introduc

94、ing new software then launching it fully formed on a certain day,software developers went agile.They created cross-func-tional teams alongside product testers and user interface experts to build the software,go live and then perfect it while it is being used.This means craft-ing a minimum viable pro

95、duct,then tinkering with it on the go as problems come to light,“fixing the plane while flying it.”Enterprise agility takes this approach business wide.In the present envi-ronment of post-pandemic infla-tion,supply shortages and the talent drain,agility is coming into its own.Companies are focusing

96、on the chang-ing behaviour and needs of both cus-tomers and employees.However,businesses pay too little attention to the cultural and people aspects of agility,says Newton:“An agile enterprise requires a completely new organisational culture and fresh ways of working.”A fresh approach is required fr

97、om the chief executive,CFO,CMO,CHRO and COO.Their main task is to invert the traditional power structure,step back and hand control over to their employees.She adds:“The people on the coalface,those who are actually run-ning these processes and doing the work and interacting with customers are the o

98、nes who know best about how to deliver the operations and are in touch with what customers need.”For C-suite leaders,empowering agile teams can be tough as it means giving up power bases they may have built up over many years.Senior execu-tives need to become“servant leaders”who facilitate the rest

99、of the team and empower them to lead change.At the same time,the organisation needs to become much more flexible and fluid and adopt a matrix structure.An example could be head office and support staff from human resources,finance,risk management and pro-curement working together to support the rest

100、 of the organisation.These staff spend some time in their own depart-ments then work in cross-functional teams helping with the creation of new programmes,changing processes,or assisting in new product development.“And thats quite a change of shape for most organisations,”says Newton.“It means heads

101、 of department lending their people to the rest of the business.And it means thinking about the pro-cesses of the entire business,not just their own individual roles.”Typically,says Newton,organisa-tions create a transformation plan to respond to a market risk such as a This is the apogee of the COO

102、s responsibility.The COO is perfectly placed to create these new structures,these new ways of operating.They are able to see the need for agility and to do something about it Businesses often tell us they are too siloed,too hierarchical,and too bureaucratic to respond to a rapidly changing world.The

103、y know they need to be more customer-centric,leaner,agile and better connectedSThe revenue growth for agile businesses compared to those who do not adopt agilityof CEOs acceded to the role from a COO positionMIT,2006Crist Kolder,202137%26%Crist Kolder,2021THE PERCENTAGE OF COMPANIES THAT HAVE COO RO

104、LES HAS INCREASED SINCE ITS 2018 NADIR30%31%32%33%34%35%36%37%2018201920202021R A C O N T E U R.N E TT H E F U T U R E C O O0908he chief operating officer has been described as the backbone of an organisa-tion;the glue that connects the com-mercial strategy of the business with delivery and executio

105、n.Yet unlike other members of the C-suite,there isnt a single description of what the role entails,nor is there a clearly defined route to becoming COO.Some COOs handle everything from HR and finance to marketing while others focus on overseeing research and development,product strategy and supply-c

106、hain logistics.This appears to make the opportu-nity open to all contenders.But with the business world cur-rently facing unprecedented chal-lenges,is there one function in par-ticular from which COOs are now more likely to emerge?The role of COO has evolved from a mostly operational focus to one cl

107、oser to that of a deputy CEO.Now,the COO has a mandate to handle traditional operational responsibili-ties while leading a companys most important strategic initiatives.Organisational psychologist Dr Lynda Folan,author of Leader Resilience:The New Frontier of Leadership,thinks that,while this may lo

108、ok like a logical evolution,for many businesses it isnt necessarily an effective structural decision.“The lack of definition of what this broader role requires and the distinct lack of forethought on the succession for these roles is a business risk.And it is even more so in the volatile business se

109、tting of today,where failure is not an option,”she explains.Many of todays COOs have come from the revenue-driving commer-cial side of the organisation the front end of the business because thats what drives the profits for many companies.But there are usu-ally a lot of strings to a COOs bow.“They m

110、ight have come up the commercial route but have also spent time in sales operations,cus-tomer success or professional ser-vices delivery,”says Mike Drew,head of the technology practice at executive search firm Odgers Berndtson.“Historically,COOs have come from a services and cus-tomer success angle

111、but were just as likely to see a COO come up via the front-end sales route as the back-end delivery route.“Either way,they need to be able to meet in the middle and act as the conduit between the back end and the commercial front end,”he says.Regardless of the business function they come from,a pote

112、ntial COO needs to have perspectives on strat-egy,customer success,operational mechanics and service delivery,as well as commercial acumen.The most suitable COO candidates are likely to be those with well-rounded backgrounds rather than narrow or specialist disciplines.“A marketing,HR or IT profes-s

113、ional is unlikely to become a COO,”says Rachel Davis,co-managing director of talent insights firm Armstrong Craven.“A finance direc-tor who has led multiple functions for example,procurement and IT,which often come under the umbrella of finance or a sales leader with intimate knowledge of customers,

114、markets,pricing,and therefore margins,would make a better candidate.”One of the ways in which the ideal COO candidate requirements have changed in the past two or three years of economic disruption relates to their leadership attributes.“A high emotional quotient and the ability to manage change qui

115、ckly with strong communication to bring the whole business along are critical and these aspects have defi-nitely come to the fore over the past two to three years,”says Davis.“Command-and-control styles are no longer delivering.”A successful COO understands the importance of the strategic partnershi

116、p between their role and that of the chief executive.Natalia Shuliak joined data analytics plat-form DoubleCloud as COO earlier this year.She says:“You cant be excellent at development,product and the commercial side of the business.At best,you can be great at two of those things.”The stronger the p

117、artnership of the COO and CEO,the greater the chances of them“building some-thing solid”,she says,which is why the COOs role is“never defined”.“For example,Im strong in go to market and building a predictable machine,which is what Ive done in different roles,including marketing,business development,

118、sales,and operations,”she explains.“As COO,I partner best with those who are great in development and product.”Others insist that the financial,economic and operational chal-lenges facing businesses today have created more opportunities to progress to COO from across all areas of an organisation.Kat

119、ie Lee,former UK chief growth officer at global media agency Wavemaker,recently became the companys COO.She sees the role as one that can adapt to the specific growth needs of the business and,as a result,is open to candidates from any part of the business and from a variety of roles.Nevertheless,Fo

120、lan insists that the recruitment of the COO should not be a default appointment from within the functional area of an organisations operations.With the breadth of the requirements of the evolving COO role,she thinks it unlikely that an executive with a traditional trajectory through oper-ations woul

121、d be an ideal candidate.Leading at executive level,with such a range of functions necessary,“requires staff development with a strategic focus”,she says,adding that companies will run into diffi-culties if this aspect is ignored.“The appointment will be prob-lematic unless the organisation systemati

122、cally prepares those iden-tified as having potential for the COO role.”And without a signi-ficant level of investment in that persons development before their appointment,she says,“they will likely face challenges in delivering the breadth of responsibility”.In most companies,the chief operating off

123、icer is second in command.If the chief executive is absent,its usually the COO who steps up,making them an obvious candidate for the top job.It is also a well-trodden path.Asos recently promoted its COO,Jos Antonio Ramos Calamonte,to chief executive,while earlier this year,former Salesforce COO Bret

124、 Taylor moved into a co-chief executive role.While the past few years have seen other function leaders make the transition to CEO with the chief finance officer and chief human resources officer being popular candidates for the top job the strategy-focused nature of the COO role makes it a natural p

125、athway to becoming chief executive.But what really counts for any contender is the ability to flex multiple muscles outside their specialism.“The CFO usually has a strong relationship with the CEO but,if theyre too focused on just the numbers or cost control of the business,they are unlikely to make

126、 a good CEO themselves,”says Drew.“Because the COO has such broad exposure,theyre less likely to fall into the trap of only being focused on one area.”Carl Uminski was co-founder and COO of digital product agency Somo until the start of this year,when he became its chief executive.“The CEO sets the

127、strategy,manages investors and is accountable for the direction of the business.But its the COO who gets it there,”he says.A chief operating officer naturally makes a good CEO because they know how the company operates,and its strengths and weaknesses,he says.“However,the role immediately is less op

128、erational,less firefighting,less doing and more strategic,which doesnt suit all personalities.”FreshSplash via GettyImagesshapecharge via iStockFrom COO to CEOOne of the most challenging positions in the boardroom,yet the role of chief operating officer is without a clear job description and progres

129、sion routeThe COO:an ill-defined but crucial roleAlison ColemanA high emotional quotient,the ability to manage change quickly and strong communication are critical O P E R AT I O N STA marketing,HR or IT professional is unlikely to become a COOCrist|Kolder Associates,2021PATH TO THE CEOImmediate pre

130、vious position of sitting CEOs from companies in the Fortune 500 and S&P 500COOPresidentCEOCFOOtherFounderExternal InternalDivisional presidentOperating executivePresident/COOBoard director0.6%12.9%10.3%1.2%0.6%7.3%1.9%4.6%5.7%0.3%1.0%3.4%3.1%0%0.7%0%1.2%25.6%5.4%14.2%Were Hiring!If youre a talented

131、 individual,why not join us on a journey of transformation to digitise our business?Were actively recruiting across AXA UK for the following disciplines:To join our shared adventure helping our customers protect what matters most to them,explore career opportunities with AXA UK today!jobs.axa.co.ukT

132、echnology,Digital,Data,Analytics&SecurityR A C O N T E U R.N E TT H E F U T U R E C O O1110he world economy is close to entering a recession,per-haps as soon as this year.And to avoid taking too much of a financial hit,businesses specifi-cally COOs will need to prepare.Last month,Citigroup forecaste

133、d a near 50%probability of a reces-sion occurring within the next 18 months.In reaching this assess-ment,the investment bank pointed to the continuing rise in inflation and of interest rates as the main drivers of the economic downturn.The economic outlook in the UK is more complex than in other dev

134、el-oped nations.While it,too,has been battling the toxic mix of external economic headwinds including the war in Ukraine the UK is also grappling with the dual challenge of higher import costs and a weaker pound because of Brexit.The Bank of England governor,Andrew Bailey,sounded the warn-ing last m

135、onth that the UK is heading towards a far steeper down-turn than other major economies.more than elsewhere and high energy prices,rising interest rates and fast-moving exchange rates will continue to impact firms bottom lines for the rest of the year and beyond,”he adds.Even if the definition of a r

136、ecession is not met in the next 18 months,the UK still faces a lengthy period of economic downturn.Rising infla-tion is expected to grind growth to a halt next year,with only Russias economy predicted to perform worse than the UK among the G20.For COOs,though,estimating the timing and length of a re

137、cession isnt a current priority.Given the economic environment,a recession appears inevitable.And for the chief operating officer,the focus now is on getting ahead of the curve so that they can avoid having to make hasty business decisions in the mid-dle of a financial crisis.While the role of the C

138、OO lacks a single agreed-upon description,COOs are typically responsible for all areas of business operations,which can include marketing and sales,production,and research and behaviour and bake flexibility into the business operations so that they can quickly adapt to the changeable economic landsc

139、ape.“A recession may impact your customers before it impacts your business.Be prepared to double down on whats working,pivot your business,or find innovative ways to grow or create a difference for your customers and teams.”Recessions never impact con-sumers or sectors equally.And some businesses ar

140、e already starting to broaden their client base to prepare for the expected economic down-turn later this year.“We are looking to mitigate business risks through the development of a diverse client portfolio,”explains Christiane Jauch,COO at digital consultancy OMMAX.“This means diversifying the ran

141、ge of industries we work with,broadening our scope of activities and work packages,and being open to greater variety in contract types and work lengths.”A 2019 study by Bain on how busi-nesses reacted to the recession of 2007 to 2009 highlights the impor-tance of diversifying your client base.After

142、analysing nearly 3,900 companies,Bain found that the businesses that stagnated in the aftermath of that recession did not have a contingency plan in place when the financial crash happened.As a result,they switched to a sur-vival mode when the downturn hit,forcing them to make deep cuts to their sta

143、ff and business outputs.In contrast,the businesses which grew during the recession adopted a strategic mindset that included diversifying their client base.In addition,these businesses embraced emerging digital technologies,in the months leading up to the reces-sion,which made them more resil-ient t

144、o the economic shock.Joshua Zerkel is head of global engagement marketing at Asana.He believes COOs will need to adopt a similar strategic mindset if their business is to weather the incoming recession.“This is not the time to throw spaghetti at the wall.You cant do everything.This is the time to th

145、ink strategically and focus your efforts on activities youre certain will move the needle.“COOs have a direct role in this.To create more productivity during a recession,they need to encourage the managers they work with to revisit their workload.If theres any-thing they are doing that isnt directly

146、 connected to the actual goals of the company,the COO needs to step in and tell them to stop.This is the time to focus solely on things that actually matter,”he says.But communicating this strategic mindset to your wider team is easier said than done.Recessions and times of economic instability are

147、anxious periods for most people,regardless of their pay grade.And as inflation rises and warnings about the perilous state of the UKs econo-my continue,its likely that without clear communication,employees will panic and question whether their job is secure.Zerkel believes that this question-ing wil

148、l lead employees to focus on mundane tasks that add little real value to the business in an attempt to prove their worth and show how busy they are to their employer.“When we feel anxious we tend to focus more on busy work just to feel were doing something,rather than the more strategic and purposef

149、ul work.We find ourselves essentially doing the digital equivalent of shuf-fling papers around our desks.”Research from Asana found that the average worker spends about 60%of their time on mundane Economists believe theres a 50-50 chance of a recession in the next 18 months.Past financial crises sho

150、wed us that acting fast and preparation are key,but what steps can chief operating officers take today to protect their businesses tomorrow?Commercial Eye via GettyImagesJonathan Evans Inflation has spread across the different sectors of the UK economy more than elsewhereTDont downplay the downturnS

151、 T R AT E GYChief executives and chief operating officers have one of the closest and most critical relationships in the business world.While most jobs are defined by the structure of the organisation or by the work an individual does,the scope of a COOs role is often decided by the wants and needs

152、of the CEO.In this sense,the existence of the COO role is a nod to the complexities and the sheer number of commitments that are placed on CEOs today.Although most CEOs still set their companys overarching strategy and tactical direction,the truth is that few have the time to bring these strategies

153、to life.Organisational and project management skills are essential,as COOs look to transform the CEOs vision into a reality.Frequently,this involves the COO acting as a change champion within a business by taking on the responsibility for delivering results on a day-to-day and quarterly basis.Danni

154、Rush is COO at Virgin Experience Days,Virgin Incentives and Virgin Experience Gifts.She says the COO must be fully aligned with the CEOs visions.“In our business,we create the vision as a team and ensure we are all on board.Being able to communicate clearly and help people buy in and be excited by t

155、he business vision should be the number one goal.”The single element most critical to the success of a CEO-COO pairing is the quality of communication between the two individuals.Without a clear line of communication,COOs may struggle to develop and implement the chief executives strategy.The need f

156、or effective communication between CEO and COO takes on extra significance during a recession when both C-suite leaders face additional pressures to manage within and outside their business.During periods of slower growth,such as a recession,investors may look for reassurances that the senior manage

157、ment team has a strategy to weather the economic storm.Similarly,COOs may face challenges to the operational output and culture of the business as employees begin to worry about their job security.Christiane Jauch is chief operating officer at digital consultancy OMMAX.She believes that CEOs and COO

158、s can successfully counteract these twin challenges by meeting and communicating regularly.“A recession means more daily interactions,with the CEO working in a closer partnership.Theres also a greater level of short-term planning and an emphasis on flexible business operations.”The relationship betw

159、een a CEO and COO will inevitably be tested during a recession.But by increasing levels of communication and agreeing on an effective strategy,they can work to prepare their business to overcome the challenges that arise as a result of the economic disruption.Chief concernsduties,including respondin

160、g to emails and searching for docu-ments,rather than focusing on meaningful activities that fit into the overarching strategy set by the COO and chief executive.Zerkel expects this figure to rise if there is a recession.But tackling the rise of pointless work and refocusing all employees on activiti

161、es that deliver strategic value will require COOs to talk openly about the possi-bilities of a recession and what the business is doing to prepare,which they can be reticent about.“COOs should be honest and say,yes we are in a time of uncertainty and there are things beyond our control but here is w

162、hat we are going to do to address it,”says Zerkel.“People want clarity,and COOs should explain the strategy they and other C-suite leaders have set,and how everyone,from the CEO to the intern,has a part to play.”Rush agrees,adding that the suc-cess of a COOs strategy for combat-ing a recession hinge

163、s on how it is communicated to the wider team:“Business leaders need to be open with their employees and external partners.Make time to see people face to face and encourage Q&A ses-sions among your key groups.”She adds that having a solid com-munication strategy in place is also crucial“so there ar

164、e no surprises and youre fully transparent,and work together to come out stronger”.Clearer communication is only one part of the overarching strate-gy that COOs must adopt in order to manage their business through an incoming recession.Incorporating digital technologies into business operations shou

165、ld also be prioritised.During a reces-sion,most companies implement aggressive cost-reduction measures to counteract the economic disrup-tion.These measures typically involve across-the-board pay cuts and some employee lay-offs.But they might also extend to a reduction in technology investment.Such

166、reductions,however,overlook the fact that the businesses which advanced rather than receded dur-ing the recession upped their investment in technology,both in the lead-up to and throughout the whole of the financial crisis.The benefits of upping technology investment during a recession are twofold.I

167、ncorporating digital tech-nologies such as automation and data-driven decision-making can help COOs to reduce costs within their business,which subsequently enables them to gain an edge over their competitors by reducing the price of their products.Next and most importantly the adoption of digital a

168、nd advanced analytics makes businesses more flexible by improving the amount of data and insights they have access to.They can help COOs understand how the recession is impacting their business and where to change their operational performance.Jauch is improving the digital capabilities of her busin

169、ess,OMMAX,in anticipation of a reces-sion in the near future.“Weve always been a growth-focused company but were now also focusing more on costs and effi-ciency of processes with cost devel-opment.”There should,she says,be“continuous investment in digitisa-tion”with a focus on driving effi-ciency an

170、d automation of processes in areas such as reporting,data transparency,finance,capacity planning,staffing,technology and culture management.Boosting digital capabilities much the same as improving communica-tion within a business and diversify-ing clients are steps best taken before the start of a r

171、ecession.Based on the research,its clear that the COOs who are proactive in prepar-ing their business for a recession fare considerably better than those who adopt a reactive approach.Asana,2022COOS WILL NEED TO REDRESS THE BALANCE OF WORK TO WEATHER DISRUPTIONPercentage of global knowledge workers

172、time spent on the following types of work This is not the time to throw spaghetti at the wall.Focus your efforts on activities youre certain will move the needledevelopment.And an effective COO knows how the company functions on a strategic,operational and tacti-cal level to deliver its products.Dan

173、ni Rush is COO at Virgin Expe-rience Days,Virgin Experience Gifts and Virgin Incentives,and agrees with this view.She notes that the oversight of operations and,in turn,the businesss internal and external pressure points places COOs in the best position to prepare their companies for a recession.“A

174、robust COO will have their ear to the ground to ensure the econom-ic landscape is factored into their decisions,and envisage the impact on their customers and teams.”She adds that,during a recession,COOs must closely monitor customer National Institute of Economic and Social Research,2022National In

175、stitute of Economic and Social Research,202250%probability of a global recession,according to Citigroup0.2%drop in gross domestic product forecast for Q3 and0.4%the forecast drop in Q4,marking two consecutive quarters of contraction,a commonly used definition of recessionReuters,2022Work about workS

176、killed workStrategic work26%33%14%9%60%58%Meanwhile,the National Institute of Economic and Social Research pre-dicted,in May,that Britain will enter a technical recession by the second half of this year.“The likelihood of seeing a reces-sion in major economies like the US,the Euro area,and the UK by

177、 the end of 2022 or in 2023 has increased sig-nificantly,”says Tommaso Aquilan-te,associate director of economic research at Dun&Bradstreet.“Inflation has spread across the different sectors of the UK economy 20212022Jacoblund via iStockR A C O N T E U R.N E TT H E F U T U R E C O O1312 The chief op

178、erations officers role has never been broader.From transitioning to remote and hybrid working to managing supply chain disruptions,their remit is wide and the challenges many.So,what can COOs do to tackle some of the things keeping them up at night?COO IN 2022:PROBLEMS AND SOLUTIONS INVESTING IN DIG

179、ITAL TECH CAN HELP COMPANIES WEATHER DISRUPTION THE OPERATIONAL COST OF NOT REDUCING CARBON FOOTPRINT Percentage of global CxOs who say the following are the top five climate-related issues already impacting companies FOOTPRINT CHANGES IN FOCUSPercentage of COOs who say they plan to make changes in

180、the following areas in 2022 ADDRESSING THE SUPPLY CHAIN TO PREPARE FOR DISRUPTIONPercentage of COOs who say they plan to manage uncertainty in the business environment by doing the following things in 2022 44%43%36%29%28%22%18%17%17%17%17%of global operations leaders cite easy-to-use technology as a

181、 key factor in how they recruit and retain employeeshave implemented,in some capacity,emerging technologies that allow employees in physical operations to do some or all of their work remotelythat have already implemented AI and automation report increased employee retentionSamsara,202254%91%95%INVE

182、STING IN TECH CAN HELP WITH EMPLOYEE RETENTION INVESTING IN DIGITAL TECH CAN SMOOTH THE REMOTE WORKING JOURNEY Percentage of global operations leaders who say the following were the biggest changes they made to facilitate working from home45%48%Increased budget for investment in technology to suppor

183、t remote workOperational impact of climate-related disasters27%47%Adapted existing technology to support remote workRegulatory/political uncertainty20%42%Adjusted network policies to support third-party accessPressure from civil society4%40%Changed procedures to support third-party accessNeed to mod

184、ify industrial processes4%40%No change needed,we were prepared for remote workCost of climate change mitigationWorker shortagesADigital transformation initiativesBCovid-19 variants requiring remote or restricted workingCInventory managementGContinued global supply chain disruptionsDIntegrating new a

185、cquisitionsHMaking our supply chain more sustainableEIncreasing investment in the compliance functionIRethinking our real estate footprintFGlobal trade and regulationsJReducing our carbon footprintKADBCDAEEFFGHIJK95%60%THE TOP CHALLENGES FACING COOS Percentage of global chief operating officers who

186、said the following were their top challenges in 2022Expanding into new marketsNew facilitiesReshoring operationsNearshoring operationsOffshoring operationsAcquisitionsRelocating facilities48%28%28%22%27%25%18%of global operations leaders agree that digitising operations improves their ability to wea

187、ther disruptionsof organisations have increased their monitoring of powered assets in response to rising fuel costsFortinet,2021Deloitte,2022PwC,2022PwC,2022PwC,2022CKR A C O N T E U R.N E TT H E F U T U R E C O O1514Commercial featureCommercial featureInspiring the next generation of COOsHow AXA UK

188、&Irelands COO function is transforming the company into a more efficient and effective businessWhen it became clear that hybrid working would become a firm part of AXA UK&Irelands employee blueprint,and that returning to the office full-time would be relegated to the past,COO Shali Vasudeva was sure

189、 to co-sponsor,with HR,the business Smart Working strategy,as part of its ambition to become one of the worlds most inspiring companies to work for.“Historically,some leaders have felt the need to see their teams in the office.Ive always been a massive fan of hybrid working and Im just so pleased at

190、 how weve overcome one of the biggest obstacles around this.Ive seen productivity improve in certain areas because theyve got that flexibility,so I think were in a good place to showcase this,”Vasudeva says.Allowing for localised team agreements around remote work,reinventing both the office and the

191、 tech tools required to support collaborative hybrid working and examining what flexible hours look like in reality are all key components of how Vasudeva and her team are spearheading how AXA UK&Ireland is bringing the future of work into the present.There has been a focus on categorising different

192、 jobs and the level of flexibility possible,while localised charters give managers the freedom to discuss with their teams and develop a hybrid working plan that works for all colleagues in that function.Offices have been adapted with rows of desks cleared to create more collaborative spaces,with th

193、e intention of“travelling with purpose.”This is a work in progress,Vasudeva acknowledges,as people have expressed a desire for more physical interaction with each other,without necessarily a more frequent presence in the office.“We need to continue to work on the team connections,as people have said

194、 they need to feel physically connected.We want to make sure this is balanced and that our arrangements dont become too rigid.Well continue to test and learn to make sure it works for the individual,the team,the wider business and,of course,our customers,”Vasudeva adds.Part of that is making the bes

195、t of what happens after you migrate over 10,000 people to collaborative tech tools to keep hybrid teams working productively and seamlessly.This includes working through what different teams and individuals expectations are for being online throughout the day,in an increasingly flexible,self-led way

196、 where appropriate.“There are lots of things we have introduced,like having a three-page rule on producing papers,so people arent having to do lots of work on things that dont get read.And little things like not always replying all to emails,or expecting an immediate response when working flexible h

197、ours if it isnt necessary,”says Vasudeva.She adds:“Through those changes were saying,What can we do to provide more flexibility,while reducing the workload,so its more manageable and meaningful?Because its a combination of all those things that make smart working successful.”The role of the COO in t

198、he future of work The impact of hybrid working on AXA UK&Ireland is not just a happier and more balanced workforce,but one that is becoming more diverse thanks to the ability to attract people from a broader talent pool,observes COO Shali Vasudeva.This goes hand in hand with AXA UK&Irelands diversit

199、y and inclusion efforts(D&I),which has seen it named as one of the Times Top 50 Employers for Women for the second year running.Female representation on the businesss management committee is 44%and the percentage of women in executive roles across AXA UK&Ireland is 39%,up 7%since 2020.To keep D&I hi

200、gh on the agenda,the management committee has quarterly D&I updates and regular coaching,including one to one sessions from thought leaders and members of the firms employee networks.It has signed the Women in Finance Charter as part of its commitment to continue reducing the gender seniority gap.In

201、itiatives include policies around menopause and domestic violence,as well as creating a selection framework that includes diverse shortlists and interview panels.A new learning and development programme,Emerge,is also launching specifically to support its female senior talent pool.The fact that Vasu

202、devas role sits across AXA UK&Irelands business units makes the COO role an ideal D&I champion,she believes,giving the example of how she has raised expectations of the companys recruitment partners.“Its vital that we have diversity in candidate selection and we work closely with our recruitment par

203、tners to achieve this and get the best person for the role,”Vasudeva says.Vasudeva described how collecting data on candidates and new hires and their employee base to understand their makeup in terms of diversity is key to how AXA approaches D&I.This data collation has shaped policies,identified th

204、e need for new employee networks and aims to build a culture of belonging.“Weve been asking,Whats our actionable activity that we want to pursue from a D&I perspective?So we need to start with baseline data and work out targets that align with all our business functions,as well as our personal objec

205、tives,”she says.The COO as a D&I championhree years after Shali Vasudeva joined AXA UK&Ireland as chief operating officer(COO)in 2019 the first time the role was introduced at a UK and Ireland level she knew shed reached a turn-ing point in terms of creating a genuine pathway for aspiring COOs to fo

206、llow in her footsteps.“When I joined,I asked about suc-cession planning,and I think I had one person who was remotely interested in doing my role in the future.I can safely say that this year,Ive spoken to about 15 people who would love to do my role if the opportunity arose,”Vasudeva says.TThe insu

207、rance sector aims to help real people with real issues,so we need talent to come in and be able to think about what innovation they could bring and help us think less like an insurer and more like a retailer in terms of how we engage with customersDebunking the insurance sectors reputation as a comp

208、lex,legacy sector is also something Vasudeva is passion-ate about to ensure continuous injec-tion of fresh blood into its ranks.“The insurance sector aims to help real people with real issues,so we need talent to come in and be able to think about what innovation they could bring and help us think l

209、ess like an insurer and more like a retailer in terms of how we engage with custom-ers.It requires people to build solu-tions that are innovative and creative,”says Vasudeva.“It seems an underrated industry to work in at the moment,but I genu-inely think the sector is going through an exciting set o

210、f innovations around technology,analytics and data.”The COO at the centre of AXA UK&Irelands transformation Changing the dialogue around what tech and data mean in the insurance industry to excite a new generation of talent is something Vasudeva sees as a firm part of the COO role.In fact,the transf

211、ormation she has led,with tech and data at the centre,is transforming AXA UK&Ireland into a business that has gone from“doing things four ways,four times,”to,“doing things once,effi-ciently and effectively.”This is what Vasudeva notes has been and will continue to be the most significant impact of h

212、er role so far;one that has brought greater collab-oration and improved controls across AXA UK&Irelands federated struc-ture of separate business units,each of which has its own leadership and financial framework.Its not been an easy feat for a role that spans IT,resilience and security,data,change,

213、strategic partnerships,property and procurement,and third-party risk.Vasudeva and her team have been instrumental at eliminating duplication and finding more scala-ble ways of doing things across the business,particularly when it comes to overhauling its tech systems,from collaborative working tools

214、 to those that streamline customer claims and overall customer service.For example,machine learning is being deployed across customer prop-erty claims and so far has demon-strated a 25%reduction in claims being re-routed due to the tools improved accuracy.This technology is also cap-turing relevant

215、data from customer calls,assessing how much it would cost to fix a vehicle versus write it off,making the right decision as soon as the claim is notified.The secret is simplicity“Our teams need to be equipped to be able to do things in an agile way,using modular plug and play architecture that allow

216、s you to continue to develop services;moving away from legacy to make them more future proof and dura-ble,”says Vasudeva.She adds:“The simpler we can make it,the more were able to be agile.We know complex technology drives complex pro-cesses,which can translate back to the customer in a negative way

217、.Something that were adamant about is that these have to be business programmes,rather than technology programmes,where the customer is at the heart of how we design the transformation.”A new area of the COO remit is man-aging and strengthening strategic partnerships,extending the stream-lining proc

218、ess to this area by building a new team focused specifically on big partners like Salesforce,Microsoft,and outsourced partners,which Vasudeva describes as extensions to AXA itself.“We used to have multiple partner relationships and multiple versions of software being used across the business.As were

219、 becoming more dependent on some of them,bringing a number of the outsourcing arrange-ments together from a technology per-spective has become really important,”says Vasudeva.The next 18 months will see AXA UK&Ireland direct a“significant budget”towards continuing this transformation,ensuring all ne

220、w technology works together within a“common architecture”that sits within a cloud framework.“Were probably about two thirds of the way,in terms of commissioning the new and decommissioning some of the old.Cloud technology is the only way to go in terms of your infra-structure setup,because of the fl

221、exi-bility,agility and security it gives you,”she says.Cultivating resilience in the face of pressureDelivering such a radical transformation for the business doesnt come without its pressures,Vasudeva acknowledges,which is why,from a professional devel-opment and wellbeing perspective,shes made it

222、a big priority to cultivate resilience,collaboration,and a culture of continuous learning,especially as the COO function has also been at the fore-front of crisis management.“Youve got to stay calm,because you always end up torn between having a great plan and transformation agenda,with all the comp

223、onent parts you need,then having to redirect your attention,to be able to respond to something that you hadnt expected.That requires a hell of a lot of resil-ience,”Vasudeva says.She adds:“And when you look across an organisation where change is new,that also requires a different level of resilience

224、.Everybody hits that brick wall in the middle of a big change programme some people respond to it better than you expect,and others can find it more chal-lenging so understanding those dynamics means you need to stay resilient,have strong leadership,communicate with each other and stay focused on th

225、e bigger picture and ultimate objectives.”Vasudeva says AXA UK&Ireland car-ries out more training now.The compa-nys business partnering model helps it to collaborate more closely across dif-ferent business units.This,she says,means“we better understand what the business wants to do,and work together

226、 to develop how we do it.”This level of collaboration has meant a greater focus on stakeholder manage-ment and an increased need to update and continuously upskill within the COO function as customer needs and expec-tations evolve.Vasudeva points to the establishment of the organisations data academ

227、y and the new technology academy to support employees and help them develop the skills needed to power the business forward.“What was right 12 months ago is going to keep changing.Were only as good as our team,so its important we give them the support and the access to tools to be able to do their r

228、ole,and allow them to grow as the world evolves,”Vasudeva says.For more information please visit axa.co.uk/aboutOur teams need to be equipped to be able to do things in an agile way,using modular plug and play architecture that allows you to continue to develop services;moving away from legacy to ma

229、ke them more future proof and durable39%The percentage of women in executive roles across AXA UK&IrelandThe percentage of women on AXA UK&Irelands management committeeAXA UK&Ireland,202244%AXA UK&Irelands COO Shali Vasudeva pictured leftT H E F U T U R E C O O16hen Sheryl Sandberg resigned as COO of

230、 Meta the parent company of Facebook,WhatsApp and others in June,the public statements didnt always match what was reported as the on-the-ground reality.She was praised by Mark Zucker-berg,Facebooks founder and CEO,as an“amazing person,leader,part-ner and friend”.But press reports suggested that the

231、 relationship had ruptured.(Meta did not respond to a request to comment for this story.)Sandbergs stint lasted a great deal longer than the five years she signed on for:she was the yin to Zucker-bergs yang for 14 years.Her replace-ment is 44-year-old Javier Olivan,and he is entirely different to hi

232、s predecessor.In both COOs ways of working it is easy to see how the CEO-COO relationship can play out.“The COO is a relatively modern phenomenon that has grown a lot more in the last 20 years,”says Stefan Stern,visiting professor at enable you to do strategic stuff with the board,or be an external

233、rela-tions person,”he says.COOs also need a high emotional IQ to be able to handle tricky inter-nal operations and to rein in the CEO on occasion,or to tell them no.“You need to be valued and trusted on your own level of competence,to the extent the CEO is prepared to take feedback from you,”says Co

234、op-er.Yet COOs also have to check their ego at the door.While its inevitable that anyone holding a job starting with a“C”will want to be in the C-suite,and even-tually lead it one day,they need to recognise who is in charge.Sand-bergs high media profile,and her willingness to speak on subjects that

235、Zuckerberg tried to shy away from,might have been a source of tension between the two.“Good leadership teams are often double acts,”says Stern.Noticing how other duos decide to part com-pany might help other executives to avoid the same pitfalls.In terms of models to follow,Munchbach recommends a th

236、ree-pronged approach.CEOs need to think carefully about exactly why they are bringing in a COO,and therefore be aware of their short-comings.They need to trust that person.And they need to under-stand that it is a partnership.“When the rubber hits the road,it is the two of you in the room figuring o

237、ut what are we going to do about a recession?,”she says.“The hard choices are made between us.”cautions Sir Cary Cooper,professor of organisational psychology at Alliance Manchester Business School.“If the COO is in the pockets of the CEO,then you dont get as effective management.”A good COO should

238、be able to give unencumbered feedback,rath-er than slavishly sycophantic words,Cooper believes,pointing to a politi-cal rather than business-based exam-ple of a dysfunctional relationship.Bayes Business School(formerly Cass)at City,University of London.“Its a recognition that one superhe-ro boss can

239、t do everything.”CEOs who install a COO are those who have come to the understanding that they are not vainglorious and need help running their business.For companies like Meta formerly Facebook splitting responsibilities for a multibillion-dollar business makes sense.Stern even believes its a vital

240、 role for medium-sized busi-nesses,although responsibilities will be different.“The hierarchy is pretty flat between them,”he explains.“If people are talking to the COO,they think theyre getting through to the CEO as well because they work so closely together.”“There are a lot of interesting lens-es

241、 on the dynamic of these relation-ships,”says Cory Munchbach,COO of BlueConic,a customer data plat-form with bases in the US and Europe.Munchbach became COO at the company after graduating up the ranks.“I was employee number 17,”she says.For her,the reason her relationship with CEO and company co-fo

242、under Bart Heilbron works is the level of trust between the two.Munchbach hasnt escaped the realisation that she,like Sandberg and Claire Hughes Johnson,who until April 2021 was COO at tech giant Stripe,are all women answer-ing to male CEOs.“You can look at this in a couple of different ways,”she sa

243、ys.“On the one hand,you have an opportunity to be in the room where it happens.But were still not seeing enough women get into the top seat.”“They need to have a good working relationship but if its too close,there can be difficulties with that,”01Meta CEO Mark Zuckerberg with former COO Sheryl Sand

244、berg02Zuckerberg with the man stepping into Sandbergs shoes,Javier Olivan0102Bloomberg/Contributor via GettyImagesChris Stokel-WalkerMaking team CEO-COO a winning combination The tech giant recently changed its COO what can we learn from the change?C-S U I T EWThey need to have a good working relati

245、onship but if its too close,there might be difficulties“When we saw Boris Johnson and Dominic Raab going on the air-waves all the time,he was a COO in some sense,”he says.“Someone needed to let this man know his behaviour was not appropriate.”For Munchbach,the ability to speak truth to power is cruc

246、ial.“At the end of the day,we can have a very strong disagreement,but knowing were approaching it from a company-first perspective,”she says.Division of labour is also impor-tant in the CEO-COO relationship.The strongest COOs are independ-ent and able to put their own mark on a company,while not con

247、tradict-ing the CEOs output.Theyre often seen as a chief of staff,or given a specific responsibili-ty.In Sandbergs case,she was tasked with keeping the govern-ments and politicians that were reg-ularly monitoring Meta,onside.“They need to give feedback on how the operations are actually going,”says

248、Cooper.“If one role is more stra-tegic,and the other is more opera-tional,there have to be clear lines of communication between the two,and unencumbered feedback.”While every CEO-COO relation-ship is different,Cooper believes the strongest ones place their CEO at the crux of external engagement,whil

249、e the COO is more focused on internal operations.“As a CEO,youre dealing with all the stake-holders,but you have to know whats going on and trust your operations person that they will deliver,and are delivering,to Crist|Kolder Associates,202110.5yearsof experience before becoming COO,less than any o

250、ther sector except healthcareKevin Dietsch via Getty ImagesON AVERAGE,A COO IN A FORTUNE 500 OR AN S&P 500 TECHNOLOGY COMPANY HAS HAD.Advertise with Raconteur in The Times and reach more senior business decision makers than any other national title.Email to learn more about our calendar of over 80 r

251、eports in The Times.If youre looking at this advert,then your prospects are too.R A C O N T E U R.N E TT H E F U T U R E C O O1918Major changes are on the horizon for the COOs role.Is it a case of evolve to survive or face extinction?he COOs role has largely been to ensure that opera-tional processe

252、s run smoothly and efficiently,to estab-lish the strategy for productivity and performance and to work with the C-suite to set the corporate vision and culture.Then the Covid pandemic changed everything.Organisations are navigating a new hybrid workforce,ongoing sup-ply chain disruption,geopolitical

253、 uncertainty and shifting customer demands.In many cases it is the COO,rather than another member of the C-suite,who is spearheading operational changes in the post-pan-demic world.And they are well placed to do this.Crisis manage-ment is the COOs area of expertise,notes Abigail Vaughan,COO for HR a

254、nd payroll specialist Zellis.Resilience is now a priority for build-ing organisations back stronger.“Changes to the workplace and the pace of business post-pandemic,together with rising customer expectations,require stamina,resil-ience and contagious positivity,”says Vaughan.“It feels like were awak

255、ening from hibernation.And as the COO you need to help wake people up as fast as possible to avoid being left behind.”But while COOs are taking the lead in rebuilding their enterprises,how does that translate to the new hybrid working landscape?Does the COO need to learn new skills for this evolving

256、 environment?James Bradley is COO at facilities management provider the Churchill Group.By its nature,Churchill has staff who work onsite and in loca-tions that vary from offices to trains,so Bradley is well versed in the chal-lenges of dealing with a disparate workforce.He says internal commu-nicat

257、ions are important when navi-gating the management of a distrib-uted workforce.“Meaningful and effective com-munications are key to cultural cohesion across the business and ensuring that were all working to the same goals,”he says.Vaughan has also found she has to sync up more with other teams in t

258、he company.“Long gone are the days when every department could pursue its own objectives and it would come together at some point.“To maximise the impact of change,all areas of the company Nolan says operations in the digi-tal world have become more compli-cated as customers expect to be served and

259、attended to in different ways,usually with a multichannel approach to the business.“COOs need to manage the expectations of technology and infrastructure against the commercial demands of the business.Finding that balance can be challenging because the role is evolving,”he says.But could the COO evo

260、lve to the point of becoming extinct?Liz Parnell,COO at Rackspace Technology,believes so.“COOs traditionally focus on KPIs and metrics,delivery and revenue but much of that is already automated,”What will the COO of the future look like?Christine Hortonneed to work together on the same things.Otherw

261、ise,siloes and frus-trations arise and not only do your own employees become disengaged because it feels difficult to get things done but your customers become aware of it.”More than ever,COOs must be adaptable.Simon Nolan is senior partner at executive search firm Page Executive and believes this m

262、eans understanding and adopting new technologies and the supply chains that relate to their industry.“The pace of change is unrelent-ing.The mark of a successful COO is one who can move with the times and implement new skills needed for their business,”he says.The mark of a successful COO is one who

263、 can move with the times and implement new skills for their businessR E C R U I T M E N Tshe points out.“Now its about peo-ple and understanding the needs of employees as we navigate new hybrid-working styles.To a great extent we are now chief empathy officers.People have always been a businesss mos

264、t valuable asset,but the ability to listen to and under-stand the needs of employees has never been more important.”Parnell says that COOs will need to use their intuition and emotional intelligence for the business:to add value in breaking down internal silos;integrate new business and understand t

265、heir workforce.As long as they continue to listen to staff feedback during the changes,trust will remain intact.“The key skills required now are transparency,honesty and empa-thy,and clarity in communication and flexibility a decision made today may no longer be the right one in two months time.So,a

266、wareness and humility to adapt are vital for this working era,”she explains.Parnell suggests that,while every organisation is working towards a better-defined post-pandemic real-ity,“the truth is that no one has this figured out”.This,she says,is clear from the diversity of approaches,“from Elon Mus

267、k expecting staff in the office full time,to other compa-nies experimenting with a four-day working week.“The return to the office will likely be slow and will rely on encourage-ment.The challenge will lie with middle management who will be implementing behavioural changes and it will be a great tes

268、t of their leadership skills.“My advice to them is to lead by example,to be able to honestly and authentically feed back the benefits of the in-person,onsite experience.”Opinions,though,are divided as to what the future COO will look like or whether they will exist at all.Parnell is adamant that the

269、 role at least as we recognise it is on its way out.“I dont see the role of COO existing in five to 10 years because of the current evolution of the work-place,”she says.“Well see the role morph into empathy officers who take the lead to advocate on behalf of their employees,with being head of busin

270、ess integration to break down silos for the betterment of an organisations future.”Vaughan says she doesnt believe that every company needs a COO or that the role is needed all of the time.The role,she says,“usually grows out of a specific need to fix something and as organisations evolve and mature

271、,the need for the role should be kept under review.”But she adds that,when it is needed“what will remain true is that it will be a broad,multifaceted role,with responsibilities specific to the context youre working in and require the role holder to be highly collaborative and able to adapt.”Nolan ma

272、intains that the role of COO will retain its position as a crucial part of any senior leadership team,regardless of a businesss size,industry or commercial interests.He says:“It is in the best interest of any company looking to be ahead of the curve to have a COO.The COO is the person who has to del

273、iver on behalf of the customer and drive success.”It will be a broad,multifaceted role,with responsibilities specific to the context youre working in TWith the role changing extensively,what should hirers look for in a COO?Dr Becca Franssen,partner at international executive search firm Perrett Lave

274、r,pinpoints the new key elements.1 Spend time on the job descriptionOne of the most important elements of a C-suite executive search is a clear job description that will attract the right talent for the role.Identify exactly what roles and responsibilities your COO will undertake,and how they will b

275、e expected to provide value to the organisation.Make sure it captures immediate and long-term duties to help your company thrive and grow.This is particularly important for organisations undertaking change programmes.It can be tempting to keep a job description intentionally vague,in the hope of kno

276、wing the right candidate when you see them but a clear job description helps candidates evaluate their expertise against the brief and submit tailored documentation to help you make the right decision.2 Identify the right qualities for the roleThe COOs role is flexible.They oversee the daily running

277、 of an organisation but also need to be able to step into the shoes of the CEO.While there isnt a defined set of skills needed for every COO,particular qualities immediately set the right candidate apart from the competition.Adaptability is paramount.In a fast-changing business landscape,the ability

278、 to think and act quickly under pressure has never been more important.Resilience is also essential,as is the need for problem-solving skills that can turn potential roadblocks into opportunities.3 Think outside the box Discard assumptions of what makes a typical COO and look beyond your immediate n

279、etworks and recruiting pools.Continue to challenge your preconceptions when youre interviewing,reviewing CVs and writing job descriptions.While a potential candidate might not have gone to the most prestigious university or received the best degree,they could have other characteristics that uniquely

280、 suit the role.A consequence of thinking outside the box is that it naturally leads to greater progress in D&I recruitment practices,addressing bias around gender,faith,race,age,ethnicity and sexuality.Executive search firms play an important role in helping organisations uncover leaders who represe

281、nt a range of backgrounds,languages,education and life experiences.By identifying potential candidates who dont seem the most obvious fit,you might challenge even your own assumptions about what the next COO will look like.Hiring a COO is also an opportunity to challenge organisational inertia:to th

282、ink differently and creatively about processes and systems and to ask important questions about why things are done a certain way.Being open to different types of candidates can help the business grow and evolve.4 Seek transformational leadersThe Covid-19 pandemic has accelerated the need for digita

283、lly literate minds across senior management.There is a need not only for business growth but also for business transformation.The search for a chief transformation officer(CTO)has multiplied across executive searches,with many companies seeking to hire an outstanding candidate to spearhead innovatio

284、n.But a CTO isnt always needed if there is a COO who will lead transformation and innovation from the outset.Candidates who show a data-driven,analytical and creative mindset are ideal for companies recruiting their next COO.5 Consider compatibilityInvolve a variety of stakeholders during the select

285、ion process to see how the potential COO would add to the team.While the successful candidate will need to fit in,be cautious of finding someone who is too similar,as that can lead to group think and,ultimately,stagnation.Consider the roles breadth.A good COO needs to be analytical and engage with p

286、eople across every level of the business.Understanding the dynamics of an organisation can be just as important as understanding cash flow or strategy planning.5 tips to recruit a COOCrist|Kolder Associates,202136%of companies in the Fortune 500 and S&P 500 have a sitting COO,compared with 42%in 201

287、0 nortonrsx via iStockR A C O N T E U R.N E TT H E F U T U R E C O O2120Commercial featureCommercial featureIts not harmonised.Digital transfor-mation projects are very much ongo-ing,but theyre not advancing very fast.So what we see is that the partnerships are actually partially being hindered by t

288、he lack of readiness of the incumbent bank in terms of IT.What has been the role of the COO in the rise of fi ntech startups?There are a few things that fi n-techs need to learn very fast and one of them is compliance.At the same time,they need to be ready to work with banks,utilise their data effec

289、tively and ensure they are successfully train-ing their AI models.Many fi ntechs are using AI to provide products and ser-vices better,faster and cheaper.All of this makes fi ntech COOs extremely important.The most successful COOs think of their fi ntech world as an eco-system,and they understand th

290、e role of incumbents in that ecosystem,as the custodians of data and assets.Increasingly,they also understand the role of big tech in that ecosystem and what,for example,cloud services can provide as a differentiation point.Those that strike the right partnerships and dont try to do everything in ho

291、use are likely to be the most successful.How do your programmes help leaders prepare for the future of fi nancial services?Firstly we conduct world-class research.The Oxford Future of Finance and Technology Initiative,for instance,directly addresses the changing role of the incumbents,the competitio

292、n provided by fi ntech and big tech,and rising roles of digital plat-forms and technologies such as AI and blockchain within fi nance.We dissem-inate these research fi ndings in public and through white papers and aca-demic papers,as well as announce-ments and webinars.The second part,which is just

293、as important,is that a lot of this research and knowhow goes into our digital pro-grammes,such as the Oxford Fintech or the Oxford AI in Finance Programmes.We also have a very popular programme on digital dis-ruption and platforms where we look beyond fi nancial services by examining disruption from

294、 AI,blockchain and dig-ital platforms across industries.Pinar is director of Oxford Fintech Programme,Oxford AI in Fintech and Open Banking Programme and Oxford Digital Disruption and Platforms Programme,as well as teaching on the Oxford Cyber Security for Business Leaders Programme.She also serves

295、as the Director of the Oxford Future of Finance and Technology(Fintech)InitiativeThe new breed of COOThe business landscape has transformed,leaving organisations seeking COOs who combine traditional operational leadership skills with agility,diplomacy and strategic thinking.Sad Business School facul

296、ty explores the new breed of COOhe pace of change and scale of complexity facing busi-nesses has accelerated dra-matically over the past decade.From geopolitical and technological dis-ruption to supply chain volatility and the rapid rise of the ESG agenda not to mention a global pandemic it is organ

297、isations with true agility which have thrived while those slow to react have suffered from complacency.Though the buck will always stop with the CEO,behind every successful fi g-urehead is their trusted operational lieutenant,keeping the cogs turning.More often than not that person is the COO,and th

298、ey play an essential role in executing on the strategy of their boss.But just as the skills required in a successful CEO have changed in light of a disruptive,fast-moving business environment becoming the norm,so have that of the COO.Naturally,companies have traditionally sought COOs with core opera

299、tional skills.Yet while these skills are still key,the COO also now has to be tech-savvy and able to understand people,strat-egy and fi nance,which is the language of business and drives decisions and performance.“A good COO is likely to have a grounding or some experience in all of these,”says Joel

300、 Shapiro,profes-sor of fi nancial economics at Sad Business School,University of Oxford.“As a language,fi nance allows COOs to communicate with teams within the fi rm,set priorities,get feedback and understand the economic land-scape.As a decision-making tool,it helps quantify costs and benefi ts,un

301、derstand where funding is coming from and make the best choices for stakeholders.”Dealing with complexityThe most successful organisations were already demonstrating an abil-ity to adapt to other volatile circum-stances,but the extreme nature of the Covid-19 crisis exposed COOs whose skill sets had

302、not evolved.In dealing with supply chain disruption,employee displacement and demand shocks among other things,COOs were over-whelmed by complexity.The urgent need to act quickly and effectively has-tened the requirement for a new,holis-tic breed of COO.The COO has always been an unu-sual role in th

303、at,while clearly a de facto number two to the CEO in most instances,it also has a distinctive area of responsibility.As the operational head,COOs have always been perfor-mance-oriented and able to set,and meet,both short-term and long-term operational goals,with a clear focus on results.That hasnt c

304、hanged.What has changed,however,is the need for COOs to deal with the increasingly blurred boundaries between where a company ends and where its suppliers,partners and con-tractors begin.It means working with lots of different parties with different relationships to each other and dealing with the c

305、omplexity and fl uidity of the boundaries between them.The most important relationship,however,is the one between the COO and the CEO.Building one that is pro-ductive in terms of style and substance is vital to the success of a COO.Each CEO-COO dyad will differ depending on the competences and motiv

306、ations of each person.Crucially,simply separat-ing operations and strategy into distinct domains with the COO handling oper-ations and the CEO handling strategy is no longer likely to bear fruit.They now regularly overlap,meaning the COO has to be strategically aware and savvy.“COOs need to be able

307、to infl u-ence,getting things done by engaging others,”says Tim Morris,emeritus pro-fessor of management studies at Sad Business School,University of Oxford“They deal with a lot of other power-ful executives,including those running substantial divisions or large functions and reporting to the CEO,so

308、 things will get done by persuasion,agreement and negotiation rather than blunt command and control.They need to build good connections inside and outside the organisation with strong direction and an ability to communi-cate that.“But the most important competency is decision-making,which we expect

309、of all good leaders.Strong decision-mak-ing is about both what you decide and how you execute that.This is why strat-egising is central to being a successful COO.You might think strategy is not a core skill for COOs but its actually vital.Decisions have to be strategically and operationally sound.”E

310、mpowering leaders Its clear that to succeed today and in the future,COOs need a holistic and strategic set of capabilities that empower them to drive their organi-sation through complexity and disrup-tion.The Oxford Strategic Management Executive Programme leverages con-tent from three leading onlin

311、e Oxford programmes to provide core leader-ship,strategy and fi nance skills that drive a competitive advantage in com-panies.It helps create COOs that know how to manage teams,make informed fi nancial decisions and achieve organi-sation-wide strategic objectives.Those who complete the programme wal

312、k away with the ability to success-fully navigate change and uncertainty using an integrated approach to man-agement.Exclusive insights gained from the research and experience of leading faculty from the University of Oxford and over 60 guest experts power par-ticipants of the programme with the lea

313、dership knowledge to think critically about the current business landscape and drive effective decision-making.“We are a young,vibrant,and entrepreneurial business school deeply embedded in the worlds most prestigious university,”says Richard Whittington,professor of strategic management,Sad Busines

314、s School,University of Oxford.“We deliver cutting-edge education and ground-breaking research that trans-form individuals and organisations.Our online programmes help companies meet the challenges of a fast-changing world by empowering leaders to chal-lenge conventional wisdom as well as grow and pr

315、osper.”Joel,Tim and Richard are direc-tors of the fl agship Oxford Executive Finance,Oxford Executive Leadership and Oxford Executive Strategy online programmes which form the Oxford Strategic Management Executive Programme Join the next cohort in August 2022 or February 2023For more information ple

316、ase visit studyat.sbs.ox.ac.uk/new-breed-of-cooThe most important competency is decision-making,which we expect of all good leaders.Strong decision-making is about both what you decide and how you execute thatTHow has fi ntech evolved to challenge the dominance of incumbent fi nancial institutions?F

317、intech has really begun to trans-form competition across differ-ent fi nancial services,whether thats international money transfer,invest-ments,pensions,budgeting,trading or personal fi nance management.But the challenge to the dominance of incum-bents is still at the level of single ser-vices,where

318、 the customers are starting to prefer some fi ntech products com-pared to traditional ones.As a result,we dont see a large-scale dethroning of banks.Digital banks are providing competition,no doubt,but they follow a platform business model,which typically means providing a current account,a savings

319、account at most,and then using many fi ntech partners to onboard them and offer other ser-vices.Through the platform model customers interact with different com-panies rather than getting everything from the digital bank itself.To what extent are disruptors and incumbents now working together?They a

320、re learning to work together.Incumbents had a defensive position at the beginning,but thats changing.However the cul-tures of disruptor and incumbent fi rms are also quite different.The disruptors are digital born;theyre small and agile and dont have much experience with compliance.Incumbents tend t

321、o be bloated and very compliance focused.So the cultures are quite different.Crucially,our research has found that incumbents struggle to open up their data to disruptors in partnerships designed to facilitate data-driven innovation,because its so dispersed.Rise of the fi ntech COOQ&APinar Ozcan,pro

322、fessor of entrepreneurship and innovation and director of several digital fi nance online programmes at Sad Business School,University of Oxford,discusses the evolution of fi ntech and the role of COOs in their successThe most successful COOs think of their fi ntech world as an eco systemWhen Alpine

323、 F1 won the Hungarian Grand Prix last year,gracing the podium for the fi rst time since 2013,the media rightly directed the plaudits to Esteban Ocons exceptional driving.But the efforts that went into this fi ne accomplishment stretched much further than the race circuit.The Formula One teams victor

324、y in Hungary was the culmination of an impressive transformation at the executive level,marked by changes to the management team,new structures and a strategy to strengthen the leadership capabilities of its senior managers.In 2021,the team sent 24 staff to Oxford Sads Executive Leadership Programme

325、 and two to its Strategic Innovation Programme,with the intent to harness the group afterwards to work on specifi c projects across the business to enhance its leadership capability.Among the many benefi ts was an immediate impact on evaluating how the teams values are put into practice.“We wanted o

326、ur middle and senior managers to have more skills at a strategic level,such as how to lead complexity and change.These are all areas we are living and breathing every day,”says Alastair Pemberton,head of talent at the Alpine F1 Team.“Nearly every person who came out of the Oxford programme asked the

327、 same question:whats our vision?“As a result,weve been working with the group to look at how our vision translates into how we work with and treat our people.Weve now got a group of people who are challenging our technical directors and senior managers.Its been extraordinarily healthy for the busine

328、ss.”Ready,steady,goR A C O N T E U R.N E TT H E F U T U R E C O O2322he job of a successful COO is a constant balancing act,juggling the demands of day-to-day operational efficiency goals within the strategic arc of longer-term commercial objectives.The remit is as extensive as the responsibility is

329、 significant with authority comes accountability.Faced with growing financial and legal obligations in respect of envi-ronmental,social and governance investment(ESG)criteria,plus associated regulatory requirements,companies might naturally turn to their multitalented COO for help.But going forward,

330、is the COO the right person for the job?At first glance,the fact that ESG impacts nearly every department makes allocation hard.If not exactly new,ESG remains a relatively imma-ture function in many organisations.As a result,the ownership picture is still evolving in terms of company structure and j

331、ob titles.consultancies or have an internal sustainability department.Some policy might be mandatory,but much of it is more of a nice-to-have time-zapper and most firms just dont have the capacity for this.”Putting in place a steering group such as a sustainability committee,is one way that smaller

332、organisa-tions can make the most of the personnel available to them and share the time cost of navigating a sea of ESG options stretching out far beyond compliance.But as the market matures more of the optional extras will fall within statutory guidelines.Legislation is both here,and happening.With

333、effect from April,the UK became the first G20 country to enshrine in law requirements for its largest companies and financial insti-tutions to report climate-related risks and opportunities.The mandatory disclosures follow recommendations from the Task Force on Climate-Related Financial Disclosures.In the built environment sector,the net of statutory disclosure is already tightening around climate