Finance

Q&A With Mike Edwards, Chief Financial Officer and
Julie Hencler, Financial Controller

Michael has been Falvey’s chief financial officer since September 2000. He has a Bachelor of Science in Accounting from Providence College and an MBA (with concentrations in Finance and Entrepreneurship) from the F.W. Olin Graduate School of Business at Babson College. Mike was named CFO of the Year as part of Providence Business News’ 2021 “C-Suite Awards”. This program recognizes top C-level executives for public, private, and nonprofit companies who are innovators, trailblazers, role models, and leaders in the community.

Julie started as a staff accountant at Falvey in 2005. She was promoted to senior accountant in 2007, then assistant controller in 2009, and earned her current role of controller in 2011. She holds a Bachelor of Science in Accounting from Rhode Island College and an MBA from Providence College.

How does your department support Falvey Insurance Group (FIG) as a whole?

ME: From a customer’s view, our department is in charge of safeguarding the cash because we collect premiums and pay claims. We take pride in accurately reflecting the activity in a bordereaux format, delivering timely reports to end users.

From an internal standpoint, we manage the business activity and ensure that FIG operates efficiently. We communicate financial ratios and activity to help management make confident business decisions that lead to sustainability and operational excellence. We also take pride in working with other business units. Comming up with cost-effective solutions that allow FIG to continue to grow.

What is your department’s area of expertise?

ME: Our expertise is rooted in accounting and finance. We welcome the opportunity to work with other business units to create solutions that address reporting or compliance questions. We have worked hard to develop skills in budgeting and technology. Becoming a well-rounded group that can converse with the different departments.

JH: I always like to say we are the last line of defense; we are the last to view an invoice, or click approve on a wire payment, or send a bordereaux to a syndicate. The finance staff has developed a deep understanding of our controls and compliance requirements. It may not be flashy or exciting, but having expertise in these areas is one of our most important roles.

How has your department evolved over time?

ME: Over time, the complexity and requirements of Falvey’s business have grown. Embracing a growth mindset, our group has broadened their skill set to go beyond straight debits and credits and into technology and analysis. The finance staff is able to work together to solve problems and share knowledge.

JH: As Mike said, things are becoming more complex and data driven. It has been great to watch the team evolve from process-oriented to more of an analytical mindset. Recognizing trends in the business that we can share with our stakeholders.

What differentiates your finance department from others in the market?

ME: Being a small entrepreneurial company has allowed our staff to wear many different hats. We do not specialize in any one area, but we allow the staff to think and solve problems while working amongst the various business units.

JH: Our biggest strength is the cross training of our department. Many large organizations have employees performing only one task, so an individual never really grasps how their work affects others in the organization. When we send an invoice or issue a claim payment, our team members know how that will affect our financials. What bordereaux report it will appear on and in what period, and what other departments within Falvey will be affected. This understanding of not only how but why is paramount in the output of accurate data.

What is your favorite success story from your department?

ME: There is no one story that defines the finance group. The biggest joy is seeing newly graduated accounting students join FIG and, through hard work and determination, carve out fulfilling careers. By not skipping steps in the process, the group as a whole has become well versed in Falvey’s business and are seen as trusted advisors by others in the organization.

JH: Every time we bring on a new employee, I watch our team take that person under their wing and help them grow. This is our greatest success story: our camaraderie. Regardless of how busy everyone is, team members jump in to help each other get the task done. Whether it’s figuring out a bordereaux that just won’t balance or stuffing checks in envelopes to get them in that day’s mail.

What’s something that excites you about the future of your department?

ME: The digitization of the workplace accelerated in the last year. We expected this to take place in the next five years, but it arrived in 2020 and is here to stay. Our workforce is flexible and optimistic about the new opportunities that are showing themselves every day. This growth mindset is helping us implement a new accounting software that can connect to our business intelligence software. We want to continue to be transparent with the data and enable our management team to utilize this data to make solid decisions.

JH: I am most excited about the technological advances we have planned for the coming months and beyond. As a company, operational excellence has been a major focus and the finance department is taking this challenge head-on. We look forward to becoming more efficient. But even more importantly, opening up opportunities for our team members to grow through these efficiencies. I know the team is ready to take on these challenges and I am excited to support them through the process.