Financial oversight has become a crucial skill for board directors navigating today’s complex business landscape. With economic uncertainties, regulatory changes, and technological advancements reshaping industries, strong financial governance is essential for providing stability and strategic direction. Virginie Costa, with three decades of experience in finance across the luxury, beauty, and consumer goods sectors, offers valuable insights as both a C-suite executive and the audit committee chair of a publicly traded company.
From Luxury Brands to the Boardroom
Virginie’s career spans three decades across varied industries. “I’ve done country CFO, regional CFO, regional CFO and COO, global CFO,” she explains. Her experience with premium brands like Burberry and Godiva has shaped her approach to financial governance. What hasn’t she done? “I’ve never overseen commercial teams,” Virginie admits. “When I was Chief Operations Officer, it was primarily technology, procurement, supply chain, these types of operational activities. Never did commercial teams or sales or marketing. This focus on operational finance gives her particular insight into the mechanics behind the numbers, knowledge that proves invaluable in her board role.
When asked why financial oversight matters more than ever, Virginie doesn’t hesitate. “There’s something to be said about the tone at the top. The audit committee has a duty to champion ethical behavior, especially in periods of financial pressure and uncertain environment. She approaches financial reports as both historical records and future indicators. “I always like to say, you want to hope for the best but prepare for the worst.” This preparation becomes critical in today’s unpredictable business climate. “Change is constant,” she notes. “A few years ago we had Covid, the most global pandemic ever. Before that there was the financial crisis. There’s always something going on.”
Three Keys to Better Oversight
For audit chairs looking to strengthen their approach, Virginie offers practical advice:
Redefine the Committee’s Purpose – “The audit committee is not just to ensure the integrity of financial reporting. It’s also to go beyond compliance. We must challenge assumptions, pressure test forecasts, and ensure reporting is truly effective.”
Build Strong Relationships with Auditors – “The internal auditor must have a direct line : speed dial, to the audit committee,” she emphasizes. This independence creates an essential check on operations.
Systematize Risk Management – “There are great tools to do proper risk mapping , evaluate likelihood of risks, assess impacts, and review constantly,” she advises. “Tariffs is a good example. Maybe for some companies, tariffs was at the bottom of the likelihood of risk. Today it might be on the upper end.”
Strengthening Teams and Tools
Looking ahead, Virginie sees financial teams’ capabilities becoming increasingly crucial. “Financial oversight is as strong as the team behind the processes,” she points out. Audit committees must evaluate not just numbers but the people producing them. She remains optimistic about technology’s role, drawing on her early career experience. “When I started as a public auditor at KPMG, we didn’t have computers, cell phones, or internet. We went to clients with binders and tons of papers.”
Rather than fearing AI will replace finance professionals, she sees it enhancing their work. “It will change the nature of jobs, but I see it as a tool and opportunity to focus on what adds value for the longer term.” For Virginie, the audit committee’s name might need updating to reflect its evolving role. “Strengthening financial insight is a matter for everyone,” she says. “It’s such a pleasure to enable the board and management team to thrive and use finances to better equip the entire company for the future.”
To continue the conversation, reach her through website or check out her LinkedIn profile.
