How to navigate a remote close during COVID-19

In this episode of the NextWave Private Equity Podcast, Karim Anani, Financial Accounting and Advisory Partner, and Lukas Hoebarth, Strategy & Operations Partner, join Winna Brown to discuss how to manage a remote close in today’s volatile financial and regulatory environment.

While there has been a growing trend towards virtual close for several years, the need for this capability has not only been accelerated but thrust into an incredibly volatile environment. Unforeseen complexity due to macroeconomic uncertainty, regulatory change, remote ways of working, incomplete information, workforce uncertainty and cybersecurity risks threaten vital systems of control that must now pivot to cover the risk mitigation they were designed to provide.

Private Equity CFOs and finance teams are instrumental in connecting the dots throughout the organization and will play a pivotal role as the business partner to the CEO. Analysis of short-term liquidity forecasts, tax implications and business plans will impact investment decisions and expose resource constraints across the private equity portfolio in the weeks and months to come.

In order for CFOs to cultivate successful remote close outcomes, they must focus on:

  • Communication: holding regular meetings and establish expectations for communication
  • Collaboration: establish and maintain healthy ways of remote working
  • Preparation: organize a PMO to map the close calendar, identify exposure and predict/solve for different scenarios
  • Motivation: keeping spirits high and nurture positivity 

Learning outcomes

Five complexities will drive additional focus on the upcoming reporting cycle:

  1. Delays in the close process due to remote ways of working, personal distraction and impact of available (or unavailable) technology
  2. Different/additional analysis will be required to “close the books”
  3. Incomplete information from upstream operational activities and suppliers
  4. Sensitivity of data in a remote working environment brings cybersecurity and potential vulnerabilities into question
  5. The ability to ensure the controls environment is sufficient to ensure accuracy for stakeholder signoff 

For your convenience, full text transcript of this podcast is also available. Read the transcript


Episode 07

Duration 29m 00s

In this series

series overview
(Event List - Manual)

How to navigate a remote close during COVID-19

This episode discusses how to manage a remote close in today’s extremely volatile financial and regulatory environment.

Episode 07

29m 00s


Why the CFO is becoming private equity’s quarterback

This episode explores the evolving role of the private equity CFO.

Episode 06

17m 15s


Mike Lo Parrino

EY Americas Financial Services Organization Private Equity Leader

What 2020 and beyond looks like for global private equity

This episode explores the outlook of private equity and its key focus areas in 2020 and beyond.

Episode 05

18m 26s


Andres Saenz

EY Global Private Equity Leader

Why private equity can endure the next economic downturn

This episode of the NextWave Private Equity podcast reviews the industry’s evolution since the 2008 recession and its position for growth.

Episode 04

26m 16s


Andrew Wollaston

EY Global Reshaping Results, Restructuring and Strategy and Transactions Private Equity Leader

Pete Witte

EY Global Private Equity Lead Analyst