Mike Pocrnich Joins Element Financial Advisory as Finance Manager, Bringing Over 20 Years of Expertise in Non-Profit Accounting and Financial Analysis

    MINNEAPOLIS, MN, August 12, 2024 /24-7PressRelease/ -- With over 20 years of experience in non-profit accounting, auditing, and financial analysis, Pocrnich's deep expertise and commitment to financial precision and strategic leadership will greatly benefit the firm's service capabilities.

A Minneapolis native, Pocrnich holds a BA in Accounting from St. John's University and is skilled in various ERP and CRM systems, including those in the Microsoft suite. He began his career at CliftonLarsonAllen as a Senior Auditor, where he was instrumental in managing non-profit audits, strengthening internal controls, and mentoring junior staff. His significant experience in financial forecasting and reporting has been a hallmark of his career.

At Element Financial Advisory, Pocrnich will deliver CFO and Controller services to a varied client base, including governmental and non-profit entities. He excels in creating financial forecasts and navigating the complexities of state and federal grant administration. Previously, as Controller at Beltz, Kes, Darling & Associates (now BerganKDV), Pocrnich led annual audits and provided vital financial support to clients.

Pocrnich's professional skills extend to staff management and client relations, with a notable ability to communicate intricate financial details effectively. His responsibilities include overseeing accounts payable, payroll, and ensuring adherence to financial compliance. His long-term application of accounting standards such as GAAP, FASB, and GASB reflects his dedication to accurate and strategic financial management.

"Mike's wealth of experience and distinctive skill set are invaluable additions to our team," said John Smith, CEO of Element Financial Advisory. "His proven expertise in financial forecasting, grant management, and client relations aligns perfectly with our goal of delivering exceptional financial advisory services. We are delighted to welcome Mike and anticipate the significant impact he will make."

Emphasizing Sustainability: Integrating ESG Considerations

The growing importance of environmental, social, and governance (ESG) considerations is reshaping both business practices and consumer expectations. Financial institutions are increasingly incorporating ESG factors into their investment strategies and product offerings.

Sustainable Investment Options: The rising interest in sustainable investments has led financial institutions to offer green bonds, ESG-focused mutual funds, and other products that align with environmental and social responsibility goals.
Climate-Risk Management: With climate change's increasing impact, financial institutions are integrating climate-related risks into their risk management frameworks. This includes performing scenario analyses and developing strategies to ensure long-term sustainability.
Socially Responsible Practices: Beyond environmental issues, there is a growing focus on supporting social causes. This includes investing in underserved communities, promoting workforce diversity and inclusion, and supporting initiatives that address social challenges.

The Evolving Financial Landscape: New Entrants and Collaboration

The financial services sector is evolving, with new players such as fintech startups and tech giants disrupting traditional models with innovative solutions.

Collaboration and Competition: Traditional financial institutions are collaborating with fintech startups to access cutting-edge technologies while also competing by launching their own digital solutions and adopting agile development methods.
Open Banking: Open banking APIs facilitate seamless data sharing and foster partnerships between traditional banks and fintech companies, enhancing customer experiences and driving innovation.

As 2024 unfolds, the financial industry faces both challenges and opportunities. Embracing customer-centric approaches, innovative technologies, and responsible practices while navigating regulatory changes will be key to thriving in this dynamic environment.

Preparing for Increased Regulatory Scrutiny in 2024

The regulatory landscape for financial institutions in the U.S. is becoming more complex as we move through 2024. Bank leaders must address several critical issues to meet heightened supervisory expectations and ensure robust risk management. Anticipating developments in key regulatory areas will help organizations stay ahead of examination priorities, identify potential vulnerabilities, and demonstrate commitment to compliance.

Liquidity and Interest Rate Risk: Financial institutions are under pressure to manage liquidity and interest rate risks amidst competitive conditions. The 2023 update to the "Interagency Policy Statement on Funding and Liquidity Risk Management" highlights the need for effective contingency funding plans.
Third-Party Risk Management: Enhanced guidance on managing third-party risks requires institutions to maintain robust risk management programs throughout the lifecycle of third-party relationships. Updated guidance demands alignment with strategic goals and compliance with relevant laws.
BSA and AML Compliance: Institutions must continually improve their systems to combat sophisticated financial crimes and money laundering. The integration of AI into compliance programs adds complexity, with regulators closely monitoring AI's impact.
Cybersecurity: Effective cybersecurity is crucial, requiring investment in advanced solutions, regular testing, and comprehensive employee training. The OCC's updated Cyber Supervision Work Program emphasizes the need for multi-factor authentication and robust incident response.
Operational Resilience: Institutions must ensure they can withstand and recover from disruptions, including cyber incidents and natural disasters. This involves assessing business continuity plans and disaster recovery strategies.
Crypto and Digital Asset Regulation: The regulatory environment for crypto and digital assets remains uncertain. Financial institutions must balance innovation with safeguards, as regulators work on legislative proposals to bring clarity and protection to the crypto market.

"In navigating challenging financial regulations, we provide essential guidance and expertise," said Mike Pocrnich. "At Element Financial Advisory, our team is committed to helping financial institutions effectively address these complexities. By adopting proactive strategies and focusing on key regulatory areas, organizations can meet rising expectations and uphold sound risk management."

About Mike Pocrnich

Mike Pocrnich brings over 20 years of specialized experience in non-profit accounting, auditing, and financial analysis. Based in Minneapolis, Pocrnich holds a BA in Accounting from St. John's University and is skilled in various ERP and CRM systems, including Microsoft products. He began his career as a Senior Auditor at CliftonLarsonAllen and now serves as Finance Manager at Element Financial Advisory, providing CFO and Controller services to a diverse client base.

About Element Financial Advisory

Element Financial Advisory is a premier financial services firm located in Minneapolis, offering comprehensive CFO and Controller services to government entities, non-profit organizations, and businesses of all sizes. Our team of experienced professionals is dedicated to delivering personalized financial solutions that drive success and sustainability.

For more information about Mike Pocrnich and Element Financial Advisory, please visit www.elementfinancial.com

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