
As reported by Financial Management, retiring professionals can take decades of experience with them when they leave, but finance leaders can take steps to prevent the loss of corporate knowledge.
Succession planning should be part of the corporate culture, said Amy West, CPA, CGMA, executive vice-president and CFO of AHRC New York City, an agency that works with people with developmental and intellectual disabilities. West, who is also chair of the AICPA & CIMA not-for-profit conference, suggested that succession planning, which is often undertaken for the CEO or board chair, should be done for any critical staff function throughout an organization.