Editor’s note: In today’s A Day in the Life, Deven Lim (pictured), CEO at Lockton Singapore, shares with FutureCFO audiences why he enjoys working with CFOs, how he started his career in a scholarship programme, and what book has made the most impact on him in his professional life.
FutureCFO: What does a typical day look like for you?
Deven Lim (DL): At risk of butchering the famous quote from Forrest Gump, “The day is like a box of chocolates, you never know what you’re going to get!”
Part of the excitement of my role is not really knowing what I will face in a given day.
I typical start the week with a list of strategic tasks that I set out to accomplish – People to call or meet, reports to complete, or internal discussions to move the business forward.
The day then typically takes its own course with unscheduled meetings or client opportunities which requires my time and attention. I gauge success by the week rather than the day.
With that said, my typical day consists of numerous meetings, both internal and external, with approximately three or four lunches or dinners a week thrown in for good measure.
I live by my calendar, and the gaps in-between meetings are spent catching up on emails, administration work and most importantly, pushing forward the strategic vision for the organisation.
I try my level best to balance each day with time to think and make decisions, but there are days where I am required to just power through and show up, catching up later in the evening on important but non-urgent tasks.
FutureCFO: What excites you the most when you work with the Finance Function?
DL: I am blessed to be working with an extremely competent CFO in my organisation.
On top of managing the finance department to ensure daily operations of the firm flows smoothly and the books are balanced, Hardeep (Heer) takes on the role of confidant, gatekeeper and positive provocator to me and the rest of the management team.
Hardeep is extremely involved in the business and has intimate knowledge of our key clients and sales pipelines, as well as investment projects. His voice at the management table layers financial considerations to our business decisions and ensures that our actions are financially prudent.
One of the beautiful mysteries of life is the fact that CFOs typically get the pleasure of being de facto insurance manager for their firms, handling the renewal and administration of their company’s insurance programmes.
This makes CFOs are single largest liaison point in our book of clients and prospects, which requires us to understand the needs and wants of CFOs in their role and helping them make measured and educated decisions when it comes to handling insurance for their companies.
This typically involved finding a balance between cost and insurance coverage to meet the objectives and risk management philosophies of our clients and providing input to CFOs on the nuances of insurance.
A CFO’s day is generally ruined when the unfortunate and always unforeseen occurence of an insurance claim happens, and we earn our keep in these situations by providing a steady hand to guide and walk the CFO and his team through the claims process, advocating for the organisation to ensure a fair and equitable pay out.
Deven Lim, CEO, Lockton Singapore
I enjoy working with CFOs, as the CFO tends to bring pragmatism and an intimate understanding of their firm’s position, priorities, and strategy to the table. This translates into a very grounded and realistic view of what can or cannot be done, which makes my job as CEO and client advocate clearer.
FutureCFO: Can you share an experience which was key to your professional growth?
DL: I started out my career in a scholarship programme hosted and organised by the Singapore College of Insurance and sponsored by the MAS called the Insurance Executive Scholarship Programme.
The intent of the scholarship was to provide graduates like myself with a structured learning journey into the world of General Insurance, culminating in completing the Associate Chartered Insurance Institute exams (ACII). This is the Insurance equivalent of the ACCA exams and provides aspiring insurance practitioners with a solid foundation into the intricacies of insurance.
I found the ACII to be a very useful certification throughout my career thus far, providing me with a source of knowledge, but more importantly, confidence that I had the necessary knowledge to provide clients with the right advise.
Whilst in my opinion, nothing beats the experience of spending years honing my craft as an insurance professional, knowing I have what is considered a premier qualification in my trade provides a lot of comfort and assurance that I am trained properly for the job. The cherry on the cake was the network of other insurance professions who have grown together with me in my career.
Later in my career and just after I assumed the role of CEO, I joined the Singapore Leaders Network Fellowship, which is a nine-month long programme consisting of 65 Singaporean leaders with the objective of preparing Singaporeans for global roles in organisations. The course helped me build a network of like-minded individuals who often are going through the same challenges as me.
FutureCFO: Is there anything outside work—such as a travel experience, a book, participation in a sport event or any volunteering experience—that serves as an important inspiration to your work or life?
DL: The book that made the most impact to me in my professional life is “Extreme Ownership” by Jocko Willink.
In the book, Jocko Willink, a retired US Navy Seal writes about taking ownership in everything that happens in our world and provides practical and actionable advice on dealing with challenges and executing decisively, using his military experience to provide context.
This resonates with me, as I believe taking ownership provides a solid foundation to build a thriving organisation on.
If all employees, division heads, and the C-Suite takes ownership of their actions and decisions, challenges will be met head on with very little in the way of finger pointing or responsibility shirking, with everybody pulling in the same direction.
Another one of my hobbies outside of work is endurance sport.
Having completed a marathon in 2011, I have recently embarked on triathlon training with a coach. I find the rigor and discipline required to train for the sport akin to running an organisation, with the added bonus of being a very good stress reliver (It’s neigh impossible to worry about the P&L when you’re doing sprints around a 400-metre track!)
