Financial management stands as the bedrock of organizational success, intricately shaping the fiscal health of business entities. In such a landscape, individuals wielding significant influence through their crucial role in guiding organizations through budgeting, financial analysis, and regulatory compliance are the controllers. For them, adaptability and astute problem-solving become imperative to navigate its complexities successfully. Among those standing out in mastering these challenges is Shivinder Ghuman, a seasoned Controller with a distinguished career spanning diverse sectors, including insurance, healthcare, and publicly traded companies.

Shivinder received a Master degree from Punjab University and a Level 3 and 4 of CGA from Kwantlen Polytechnic University, and then finishing her last courses of CPA’s at UBC adding academic depth to her extensive practical experience. Her journey reflects a fine balance between strategic financial management and hands-on operational expertise. With a proven track record, Shivinder excels in critical areas such as year-end close, month-end financials, cash flow forecasting, intercompany transactions, variance analysis, and overall financial analysis. From successfully addressing audit challenges in the medical industry to managing acquisitions and expanding branches in AMC Insurance, Shivinder's trajectory reflects not only technical competence but also a strategic and adaptive approach to financial management.

Beyond her professional accomplishments, Shivinder is a strong advocate for education, emphasizing the importance of continuous learning and hard work. Her journey serves as an inspiration for aspiring leaders, especially women, encouraging them to overcome challenges and strive for success in their careers.

Take us through the formative years of your life.

I began my academic journey by completing a master's in mathematics. I then moved to Canada in 1994. Initially, I didn't delve into the professional opportunities presented by the CPA BC (Certified Professional Accountants of British Columbia) Association, despite being invited to join and work on obtaining my CPA (Charted Professional Accountant) designation. During those early years in the new country, my focus was on exploring and adapting to my new surroundings.

After spending a few years working as an accountant, the realisation of my untapped potential became apparent. This led to the subsequent decision to pursue the CPA designation and that can be attributed to the influence of my husband. He played a crucial role in pushing me to consider my career options. However, I independently conducted thorough research, as mentors were limited during that time. But now, the landscape has significantly evolved for aspiring CPAs today, with abundant mentors available to guide and support individuals in following the right path to pursue their careers.

"My success mantra revolves around perseverance, continuous hard work, & a collaborative teamapproach. Rather than dwelling on problems, Ibelieve in actively seeking solutions"

Take us through your vast professional journey in the field of finance.

I consider myself fortunate to have worked in various industries, including publicly traded companies in the information technology sector, the mining industry, a retail company specializing in medical equipment for hospitals and clinics, and ultimately in AMC Insurance, a distinct sector in the insurance industry. Although the core accounting principles remain consistent across all industries, each sector has its own set of policies and criteria to follow.

In my diverse career, I've gained insights into different aspects of financial management. For instance, in the medical industry, the focus was on buying and reselling with a keen eye on profit margins. Contrastingly, in publicly traded companies, the emphasis shifted towards engaging with fund investors and managing shares. This varied exposure has enriched my skills, particularly in analytics, review processes, and problem-solving.

As the CFO at AMC Insurance, overseeing 10 branches, I've further honed these skills. During my tenure in the medical industry, for instance, we navigated an audit challenge that required innovative problem-solving. In AMC Insurance, the focus has been on acquisitions, expanding from 9 to 11 branches. This involves reviewing the financials of potential acquisitions, proposing offers, and managing working capitals in a dynamic environment.

Tell us about the primary areas of expertise that you possess as a finance leader.

As a finance leader, my primary areas of expertise lie in leadership, analytics, and financial management. I actively mentor and support my team, creating an environment for career growth. I emphasize collaboration and teamwork, recognizing and leveraging the unique expertise each team member brings to the table. This approach has proven successful in managing a team of four individuals, where the focus is on collective achievement rather than a hierarchical structure.

Additionally, I've overseen multiple branches, collaborating closely with ten managers, honing my mentoring and communication skills. In financial management, I excel in analyzing profit margins, cash flows, and reviewing variances. This expertise ensures a robust financial foundation for projects or teams under my purview.

Introduce us to AMC Insurance. What are the various responsibilities you shoulder as the company’s CFO?

AMC Insurance Service, established in 2000, has a rich history dating back to the 1920s with the acquisition of pioneering multiple companies. At AMC Insurance, which stands for Advanced Matchless Coverages, our commitment is to offer the best insurance policies tailored to customer needs. With almost seven decades of combined experience, AMC Insurance Service is dedicated to staying ahead of the curve, providing advanced coverage, matchless service, and local expertise tailored to the unique needs of clients in British Columbia, Canada.

As the CFO, my responsibilities include overseeing external accountants, liaising with lawyers, and managing personnel. My role at AMC involves a broader skill set, encompassing people management, dealing with external professionals, and enhancing overall leadership capabilities. Over my three years at AMC, working with various managers has allowed me to develop the skills needed to understand and collaborate with individuals possessing diverse strengths and weaknesses.

What are the challenges in you encounter in your profession and how do you overcome them?

The major challenge in transitioning between companies lies in understanding their existing practices and introducing new ideas for enhanced efficiency and results. Proving oneself in a new environment is crucial, especially when established practices are deeply ingrained. Introducing changes requires careful observation and advising on better approaches.

In my current role, I noticed inefficiencies in accounting practices and collaborated with software companies to explore solutions. Implementing changes aimed at streamlining processes and making them more time-effective became a priority. Navigating this challenge involved understanding software capabilities and finding ways to enhance the overall efficiency of the accounting team.

Reflecting on my journey, pursuing the CPA designation while being a full-time working mother of three posed its own set of challenges. However, with the support of my husband and family, I successfully managed to balance these responsibilities.

Tell us about your key professional milestones? What has been your success mantra and what is the vision for future?

The most significant accomplishment in my professional journey has been attaining the CPA designation after completing my studies. This achievement, alongside my successful exam clearance, marked a pivotal moment. Currently serving as the CFO of the company, managing all branches, and holding a leadership position is undeniably the greatest achievement in my life.

One of my most key achievements occurred when my professor recognized my skills and entrusted me with teaching a practical software course to my fellow students. Successfully taking on this leadership role not only earned me a recognition letter but also a strong endorsement from my professor, showcasing my capability and potential as a valuable asset to universities and employers.

My success mantra as a business leader revolves around perseverance, continuous hard work, and a collaborative team approach. Rather than dwelling on problems, I believe in actively seeking solutions. Looking forward, I aspire to take my career to the highest level by opening a consulting firm. I aim to provide valuable advice on financial matters and numbers, ultimately realizing my vision of establishing my own public practice company.

What would you advice aspiring women leaders/ entrepreneurs?

Prioritize education, work hard, and believe that nothing is impossible. With family support, women can achieve anything. I credit my success to the values instilled by my late father and believe that it's never too late to start or learn something new. Regardless of age, marital status, or other commitments, hard work and dedication always pay off. The main hurdle of the career journey is to take first initial step and then keep moving and one day you will accomplish your career goal. If I can do it, you can too.

Shivinder Ghuman, Chief Financial Officer, AMC Insurance

Shivinder Ghuman is an adept and experienced Controller with a distinguished career spanning various sectors. Her expertise lies in strategic financial management, hands-on operational proficiency, and a demonstrated track record in complex financial tasks.Her proactive problem-solving approach and strategic mindset set her apart in the world of financial leadership.

Hobbies: Besides number crunching, Shivinder's passion lies in cooking. She loves to cook for others, finding fulfillment in their appreciation for her dishes. Were she not occupied as a CFO, she would eagerly pursue a career as a chef. One of her cherished aspirations is to open up her own restaurant.