Deloitte Insights Podcast

With the economic downturn impacting almost every industry, businesses have been challenged to cut cost while maintaining a strong enterprise. Some companies are reducing costs by bringing work normally performed by outside counsel or vendors in-house. As more companies do this, relationships between law firms, vendors and corporate legal departments are changing. Highlights: Many have speculated that the current downturn and corporate investigations resulting from failing businesses will lead to increase litigation in the next few years. In what areas might litigation be most prominent? As budgets tighten, what can law departments do to reduce costs without increasing their company's risk exposure? How can law departments capitalize on their information technology investments? Guests: David Williams, chief executive officer, Deloitte Financial Advisory Services LLP Mark Califano, head of Litigation, GE Capital

Today's turbulent economic environment calls for greater attention to risk management than ever before. Stressors such as low consumer demand, limited access to credit, market uncertainty and the global recession can increase risk exposures far above acceptable levels — especially if risk management activities don't receive the proper amount of attention. It sounds somber, but there's good news. The volatile environment has also highlighted risk management as a key driver of value for business leaders who embrace the opportunities that risk can create. And, a strategic view of risk can help executives protect and pursue enterprise value throughout the recession and beyond. Highlights: What does it mean to be “Risk Intelligent,” and how does that play into today's current environment? During a recession, leaders need to be especially vigilant about aligning business goals with risk management objectives. What is the significance of this alignment? Should companies continue to take risks in a down economy — or is that considered sheer recklessness? What are some ways cost reduction opportunities could actually improve risk management effectiveness? Guests: Sandy Pundmann, partner, Deloitte & Touche LLP Tim Lupfer, director, Deloitte Consulting LLP Wim Eysink, partner, Deloitte Netherlands

Despite the challenging times, there are still incredible opportunities for innovators. And technology is the home of innovation. Industry veterans still expect to see significant new disruptive capabilities emerge — both in products and services. Additionally, it is predicted that there will be many interesting new ways of doing business that result from this economic crisis. Yet, it will take more than just being a great technology company to survive in the current environment. Organizations that focus on being a well-run company by identifying new revenue sources and maximizing enterprise efficiencies may well discover that they can deliver more value with fewer resources and thrive in the global economy. Highlights: * Until recently, the technology industry was expected to be significantly less impacted by the economic downturn; however, it now appears that the impact of the global recession was simply delayed, and the industry wasn't immune after all. How surprising is it that it played out this way? * How does the current downturn in tech compare to the crash-and-burn scenario that occurred in 2001? * What do you expect to see either in mergers and acquisitions or in other creative uses of the sector's strong cash position? * Are there any immediate growth opportunities on which tech companies can potentially capitalize? Guests: John Ciacchella, principal and technology industry leader, Deloitte Consulting LLP Eric Openshaw, vice chairman and U.S. technology leader, Deloitte LLP

Thoughtful planning is an effective way to manage long-term costs and avoid expensive surprises. As companies develop strategies for managing through the economic downturn and evaluate their short- and long-term priorities, some leaders are factoring International Financial Reporting Standards (IFRS) into their plans today. Recognizing the value of planning ahead and the need to competitively position the organization for the future, forward-thinking leaders in the U.S. are taking steps now to prepare their organizations for IFRS. Highlights: -The economy is in challenging times, and companies have a lot on their plates. Why are we talking about IFRS now? -How are companies responding to recent Securities and Exchange Commission (SEC) developments regarding IFRS? -Converting to IFRS isn't just about a change in accounting policies. What areas will most likely be affected by a transition? -How will the role of chief financial officer (CFO) be changed by IFRS, and what can CFOs do to prepare? Guests: Donald J. (D.J.) Gannon, partner, Deloitte & Touche LLP Alfred Popken, principal, Deloitte & Touche LLP Joel Osnoss, partner, Deloitte & Touche LLP

When it comes to putting together a fraud risk program, executives may not know where to start, but just by figuring out which risks need to be addressed, and in what order, they've already won half the battle. Complacency is no solution: Preventing and detecting fraud is everyone's business. Highlights: What are some of the trends today that argue in favor of stronger fraud risk management on the part of organizations? What are some of the key elements of an effective fraud risk management program? What are some of the factors an organization may consider in order to determine how to respond to and assess allegations of fraud? What may be entailed in a “gap analysis?” Guests: James Cottrell, partner, Deloitte Financial Advisory Services LLP Mohammed Ahmed, senior manager, Deloitte Financial Advisory Services LLP

Welcome to the IFRS Summit with Sir David Tweedie: Top International Financial Reporting Standards' (IFRS) Challenges and Opportunities. Please listen as Christopher Caridi, vice president, assistant controller, Thomson Reuters; Chris Tanana, director of component financial control, Chrysler LLC; and Martin Wheatcroft, controller, vice president U.S. Accounting Services, National Grid, discuss IFRS adoption considerations and strategies with moderator Joel Osnoss, partner at Deloitte & Touche LLP. Recorded December 11, 2008, based on information available at the time.

Welcome to the IFRS Summit with Sir David Tweedie: Top International Financial Reporting Standards (IFRS) Challenges and Opportunities. Please listen as Sir David Tweedie, Chairman of the International Accounting Standards Board (IASB) and the architect of IFRS, is interviewed by Robert Bruce, the UK's leading commentator on accounting and financial reporting issues. Recorded December 11, 2008, based on information available at the time.

Going green has never been more popular, especially now that a new U.S. administration is set to push the environment to the forefront of its agenda. Many businesses have already taken the lead by voluntarily implementing environmental programs, many of which focus on information technology (IT), particularly when it comes to cutting down on energy consumption. In the future, though, companies that have based policies on incremental or cosmetic changes run the risk of either playing catch up or going out of business. By contrast, those companies that adopt a more structured approach to deploying and managing their green technologies will be in the best position to capitalize on what's being called the next wave of green IT. As surfers know, it's much better to be riding a wave than to be rolled over by it. Highlights: - What do you see as the next wave in green IT? What's been termed the first iteration of green technology? - How can all units and functions of an organization be brought in to support sustainability programs? - Companies may have already taken internal steps to improve processes and cut waste, but if they're going to take that giant leap forward they will have to look to the development of new green technologies. What kinds of technologies will help companies make that leap? - Green IT solutions can be both far-reaching and expensive. How can companies undertake these solutions, especially during a severe downturn when they're trying to rein in costs? Guests: Lynda Pak, director, Deloitte Consulting LLP John Winstanley, associate partner, Deloitte MCS Ltd

If prizes were given out to industries that had the most cost overruns, delays and inefficiencies, aerospace and defense (A & D) would probably win hands down. On average, new weapons systems are coming in two years late, saddling taxpayers with nearly $300 billion in unanticipated costs. Human nature is partly to blame: Too many contractors presume a “sunny day” scenario, projecting budget requests that are based on nothing going wrong. But things are about to change. The industry is going to have to make some painful adjustments as Washington is forced to devote more of its resources to shore up the ailing economy. For the foreseeable future sunny days are likely to be few and far between. Highlights: * Why have so many efforts to reform the acquisitions system fallen short of expected results? * How can earned value management provide A & D program managers with accurate and reliable feedback on cost and schedule performance through the life cycles of their programs? * What kinds of challenges has supply chain complexity created for the A & D industry? * How do political considerations influence the procurement process? Guests: Tom Captain, vice chairman, Deloitte LLP John Coykendall, principal, Deloitte Consulting LLP Rod Mateer, partner, Deloitte & Touche LLP

We are under attack, and we may not know about it until it's too late. Over the last ten years, almost on a daily basis, cyber criminals have been mounting attacks against federal agencies and private industries, exploiting the same technologies and interconnectedness that have streamlined business and made life so convenient for consumers. Vandalism, fraud, identity theft and corporate espionage carried out by gangs of tech-savvy intruders are siphoning more than 100 billion dollars out of the economy annually. But it's the threat to national security that has really gotten Washington's attention. The burden of safeguarding sensitive data and computer networks falls on federal agencies, organizations, users and administrators alike; and while cybsersecurity systems may be expensive to build and maintain, the cost of doing nothing is greater by far. Highlights: -Which threats to cybersecurity should the government and private industry be most concerned about? -How can both the government and the private sector determine which data to secure, and at what level, when there is so much of it and not all data are equally critical? -Nine out of 10 chief information officers and chief security officers see cybercrime as a major business risk. Are organizations giving the priority to cybersecurity that they should? -What exactly is a cyber mindset, and how do we get from here to there? Guests: Colonel Gary McAlum, senior manager in the Federal Government Services Practice, Deloitte & Touche LLP General Harry Raduege, chairman, The Deloitte Center for Network Innovation, Deloitte & Touche LLP Amit Yoran, chairman and chief executive officer of NetWitness Corporation and previous director of the National Cyber Security Division of Homeland Security

Until recently, few people knew what a Sovereign Wealth Fund (SWF) was, even though some of these funds have been in existence for decades. An SWF certainly doesn't always look or act like other investment vehicles. These special-purpose investment funds are owned by foreign governments whose policies may sometimes differ from the policies of the countries where they invest; thus SWFs sometimes generate controversy. To help ensure an appropriate level of comfort with the activities of SWFs, representatives of 26 countries hammered out a voluntary agreement called the “Generally Accepted Principles and Practices” (“GAPP”) for SWFs, commonly referred to as the “Santiago Principles.” If these principles work as intended, they should go a long way to achieving another important goal of the Santiago meeting — maintaining a stable global financial system and the free flow of capital and investment. Highlights: -The International Working Group of Sovereign Wealth Funds began its work in May 2008, and the Santiago Principles were unveiled in October. What were some of the motivating factors that led to this agreement, and why did the process from inception to final agreement move so rapidly? -Is it possible to distill the 24 Santiago Principles into major themes? -How might these principles help in establishing trust and allaying concerns about political or national security implications? -Given the current volatility of the global financial system, is the impact of SWFs likely to be dimininished, especially since much of their wealth comes from trade surpluses, which are shrinking, and commodities, whose prices have plummeted? Guests: Frank Dubas, partner, Deloitte & Touche LLP Omar Fahoum, chairman and chief executive officer, Deloitte - Middle East Aase-Aamda Lundgaard, partner and audit leader, Deloitte – Norway

In the same way you can walk into a high-end clothing store and be fitted for a custom-tailored suit, you may soon have the opportunity to go to your doctor's office and receive a custom-tailored treatment for your ailments. It's called personalized medicine — therapeutics and diagnostics that are targeted for specific ethnic, familial and other demographic groups based on their genetic profiles, certain biomarkers and environmental exposure. Not only are these treatments likely to be more effective, but they also have the potential to reduce adverse side effects and improve your quality of life. Highlights: * How can personalized medicine be beneficial for all stakeholders — businesses and consumers alike — as well as society as a whole? * Why is personalized medicine becoming more attractive to pharmaceutical companies than the so-called blockbuster drugs that have long bolstered their bottom line? * How can life sciences companies attain a high return on investment from personalized treatments in spite of the fact that the markets for them are smaller than they are for most conventional drugs? How can health plans rationalize covering the expense of personalized therapeutics for their members? * Health care innovations can challenge the status quo, and personalized medicine is unlikely to be an exception. What kind of disruption may this technology cause, and how slowly or rapidly might it be adopted? Guests: Terry Hisey, vice chairman, U.S. Life Sciences leader, Deloitte LLP Paul Keckley, Ph.D., executive director, Deloitte Center for Health Solutions, Deloitte LLP

Who are you? How do you define your identity? Chances are you aren't thinking of your passwords, usernames and personal identification numbers as an integral part of who you are, but in fact, our virtual identities (IDs) are assuming ever greater importance in both our private and professional lives. What's more, from a business perspective, virtual identities are actually part of an organization's data assets, as well as a potential liability. Imagine the potential consequences of identity theft or unauthorized access to your medical records. With companies becoming more virtual, enterprises urgently need to manage identity assets across multiple applications and systems, and even among their ecosystem of business relationships. It may not be possible to destroy our digital identities once they're created, but it is certainly possible to protect them. Highlights: What are some of the ramifications of the convergence of real-world identities with digital identities that can occur in credit card transactions, for example, or in e-commerce? Why has it become so important for businesses to put in place programs to manage identities — not just of employees, but also of stakeholders, customers, third party contractors and vendors? Not all data are equal. How do you weigh the value and risks of each data asset to set priorities? We all know how much time and aggravation we spend trying to juggle or even remember all of our various passwords and usernames. How can an identity access management program make it easier for people to obtain the information they need while still making sure that information is secure? Guests: Mark Ford, principal, Security & Privacy Services, Deloitte & Touche LLP Rena Mears, partner, Security & Privacy Services, Deloitte & Touche LLP

Try starting out on a trip without a map, a global positioning system (GPS) or enough gas in your tank, and see how far you get. Companies contemplating a merger, acquisition (M & A) or divestiture, take heed: All those dreams of capturing synergies through higher revenues and lower costs may turn to dust if you don't incorporate information technology (IT) into the integration process from start to finish. By failing to invite IT to the party, companies may overpay for an acquisition and suffer buyer's remorse down the road. And once the transaction is completed, IT still has a crucial role to play in whether the expected synergies actually deliver on the promise of the deal. Here's the bottom line: Integration without IT is no integration at all. Highlights: -To what degree does leaving IT out in the cold contribute to deal failures? -In what ways can IT put all the relevant information together to support the targeted M & A goals, such as revenue growth and asset efficiency? -What is the role of the chief information officer (CIO) in merger, acquisition and divestiture activities? What are the key elements of data management that need to be addressed? Guests: Peter Blatman, principal, Deloitte Consulting LLP Mark Walsh, principal, Deloitte Consulting LLP

Remember that song from Sesame Street, “It's Not Easy Being Green”? Well, it's true. Because green investments can be made across several core business dimensions — a company's products and services, workforce and workplace and supply chain — it can be difficult to get a handle on what is often a confusing mix of projects, goals, values and promises. That's why it's vital for companies to implement an approach based on benchmarks that can help them organize and prioritize their green projects and then measure whether they're paying off as intended. Going green isn't just a public relations exercise or a wish list; it's a business, and it should be treated as one. Highlights: -What are companies doing overall to reduce their carbon footprint? -How can you gauge how you're doing compared to other companies' or other industries' sustainability initiatives? -As new generations of technological devices come on line consumers discard their older devices, and that can represent a threat to the environment. What recycling programs have companies put in place, and how successful have they been to date? -In what ways can sustainable initiatives combat environmental issues while also contributing to economic growth, accelerated technology development, business innovation — and not least, the bottom line? Guests: David Lewis, head of Environmental Affairs at Nokia Siemens Networks Chris Park, principal, Deloitte Consulting LLP