Cfo Thought Leader

The way Dan Murphy sees it the CFO position demands that leaders always be kept on high alert. It’s a mindset that had led him to habitually monitor updates and alerts related to key vendors, including banking institutions. And so it was, in first quarter 2023 when Murphy recalls spotting a vague tweet hinting at possible financial instability at Silicon Valley Bank.Despite the tweet’s uncertain implications, Murphy recognized the risks inherent in relying solely on one bank. He proposed a strategic move to company management: diversify the company’s financial reserves by transferring a substantial amount of their assets to JPMorgan as a precautionary step. His decision was not based on confirmed financial trouble at Silicon Valley Bank, but rather on a principle of risk management that prefers caution in the face of potential financial upheaval.The board approved his recommendation, and the funds were shifted in time, safeguarding the company from any financial disruption that followed when Silicon Valley Ba