Profile: Vincent Sheridan
Author:
Vincent Sheridan
[Fulltext] As Vincent Sheridan, FCA, prepares to become Chief Executive of the VHI, Accountancy Ireland caught up with him to ask what he is most looking forward to in his new role.
"After 10 years as Chief Executive in a Life and General business composite, the time had come for a change and, at 52, I have enough time left to hopefully make a significant contribution".
Vincent says he is looking forward to the change and the challenge of a new business and a new organisation. "The VHI is a tremendous brand and has perhaps the largest client base in the country outside of the public utilities. There has been significant development within the company in recent years and I am particularly looking forward to working with the young and dynamic management team that is now in place. The Government has signalled its intention to free up the medical insurance market and consider changing the statutory status of the VHI. There is no shortage of significant challenges. Also, I detect a real sense among staff in the VHI of making a contribution to customers and this is a tremendous environment in which to work."
Like so many Chartered Accountants working in industry, Vincent takes pride in his professional qualification. "Even though I have not occupied a financial role in business for many years, my membership of the Institute has always been of huge importance and pride to me. Invariably on forms I enter 'Chartered Accountant' under the heading of occupation."
Council
Invited to join Council last year, Vincent says that he enjoys the experience enormously and has "come to appreciate the work that Council members have put in over the years on my behalf!"
"As a member of Council I was asked to chair the Committee for Accountants in Business. This has been most interesting and I have gained an appreciation of the work done for Members in Business by the staff of the Institute under the direction of Simone Doran. There are now very active committees for many sub-sets of accountants engaged in sectors such as banking, insurance, public services, and risk management. The big challenge is to identify how best the Institute can engage with accountants in business so as to achieve greater relevance for them."
Last year must have been an interesting time to be on Council given that so many important issues for the profession have been on the agenda in areas like regulation, education and training, and the talks with the CPA?
"Yes, the Council has faced particularly significant issues over recent years in its role as Regulator of the profession, as public attention has focused with increasing intensity on standards and ethics in business. I happen to believe that Regulation is central to what the Institute is about and thus we must meet and be seen to meet our responsibilities as guardians of the highest standards. I believe the Institute is meeting this challenge. The work going on to review and update the training and entry requirements into the profession is also of huge importance."
And speaking of the training and entry requirements, how important or useful is the CA qualification as a foundation for a career in business?
"I am convinced that training as a Chartered Accountant is an excellent foundation for a career in business. I am also convinced that the initial training contract within a Professional firm of Chartered Accountants is of particular value and I would like to see it remain as the principal training route for CAs. Frequently when trying to come to grips with a particular issue, I find myself reverting to the basics I learned while training, e.g. where is the double entry!"
Is there any advice that you would offer to someone starting out on a career in business?
"It would be presumptuous of me to give any advice to younger members entering a career in business. Already they know far more on many issues than I will ever master. However, since you ask the question, the advice I would give is that they should continue throughout their working life to ask the question "Why"? There will be no shortage of people to instruct on how, where, and especially, when, but many who give such instruction cannot answer the more important question of why. The answer to this question often leads to change and improvement."
CPA Talks
One issue which was very much in the news in the last quarter of 2000 was the talks that the Institute initiated with the Institute of Certified Public Accountants in Ireland.
Asked for his view of the talks which took place, Vincent says, "I am in favour of the CPA merger, but the decision not to proceed with the proposal is clearly the correct one, given the current feedback from members. One of the benefits of the merger would be to start the process of achieving greater control over the use of the term 'accountant'. As the biggest and most respected body of accountants in Ireland, the ICAI should take the lead in the process of consolidation and rationalisation of accountancy bodies. In this context a merger with the other main Irish-based body would represent sensible progress. It was encouraging that reports on the discussions between the two Institutes indicated that our respective objectives were strongly aligned."
Financial Services Regulation
We mentioned already the issue of regulation of the accountancy profession. What is your view of the recent Government announcement on the regulation of financial services?
"The first point to make is that the decision of the Government was long overdue and that the making of a decision represents significant progress. There remain, however, more questions than answers on how the new structure will work. I am strongly in favour of a single regulator for financial services. It is absolutely essential, however, that the financial solvency of the Institutions being regulated be clearly established as the fundamental priority of the Regulator. Consumer protection depends in the first instance on financial stability. Other consumer related protection measures can also be imposed, but they should have regard to solvency requirements and also the cost-benefit analysis. It is questionable, for example, as to whether some of the consumer protection measures introduced in regard to UK financial products impose more cost than benefit on consumers."
Earlier, I asked you what advice you would give to someone starting out on a career in business. Can you remember the best and the worst advice you were ever given?
I think the best advice I was ever given was always to have a purpose and be seen to have a purpose in what one was doing. I hope I have forgotten the worst advice ever given!!
What about relaxation?
I played a lot of rugby in my younger days and remain involved with Blackrock College RFC. In more recent times I have taken up golf and while I enjoy it enormously, it still comes more under the heading of work rather than relaxation!
Vincent is married to Aileen They have a family of three boys and a girl. Their eldest son recently qualified as a CA, the next two boys are in UCD and their daughter is in 5th year at school.
Accountancy Irleand Vol 33 No 2 April 2001