Author

Ramona Dzinkowski, journalist

As a tropical paradise, Jamaica’s white sand and crystal waters bear witness to lazy days of relaxing in the sun and swimming with dolphins. Unless, of course, you’re a single mother of two, a finance chief at a multi-million-dollar company, a professor of accounting and the right-hand woman to the country’s head auditor.

Meet Kingston native Shellyann Jackson FCCA, CFO of the consumer and pharmaceutical business at LASCO Distributors Limited, adjunct lecturer at The University of the West Indies and audit committee director in the Auditor General’s Department of Jamaica.

‘It’s your job to mitigate as many risks as possible’

Risk focused

Shellyann’s role at Lasco also extends to chief risk officer (CRO), which involves her leading the company in the development of a sophisticated enterprise risk management (ERM) system. She is also the primary contact with EY, the company’s external ERM systems implementation consultants.

Since taking on the role, Shellyann has set about overhauling the company’s risk management framework and processes. ‘I was charged with the responsibility to ensure that the different documentations were completed and that all the managers understood the risks affecting their departments,’ she explains.

CV

2021
Adjunct lecturer, The University of the West Indies

2018
CFO and CRO, Lasco Distributors

2015
Assurance and audit manager, PwC

2013
Senior accountant, PwC

2009
Audit trainee manager, Grant Thornton

‘When it comes to risk, you’ll never be bulletproof, but as the head of finance, it’s your job to mitigate as many risks as possible by putting appropriate controls in place.’

‘In the public sector, the focus is on stewardship, compliance and delivering value’

Since Covid-19, the company has dramatically increased its focus on supply chain risk, she explains. ‘Depending on factors beyond our control, we still have a lot of containers coming in at the same time,’ she says. ‘Stocking up on inventory not only impacts cashflow, but also poses the risk that products might expire. We’re also talking about fluctuating freight charges, damage charges and detention charges. All those supply chain factors pose risk.’

Public interest

When Shellyann isn’t heading up the finance function at Lasco or teaching audit principles and techniques at The University of The West Indies, she is protecting the public trust in her role on the Auditor General’s audit committee. Meetings are held quarterly, unless there is something urgent to discuss. The scope of the responsibilities involves providing strategic oversight to ensure efficiency, service quality and strong internal controls within the ministry, through reviewing audit reports, advising on systems and structures, approving risk-based audit plans and evaluating internal audit performance and compliance.

‘What’s interesting as a public sector audit committee member is that you’re ensuring that taxpayer funds are being spent in accordance with the different legislations stipulated by the country,’ she explains. ‘As one example, if a parish council receives funding, we have to ensure that it’s meeting agreed upon directives.’

Lasco Distributors

Lasco Distributors is a publicly listed company that distributes pharmaceutical and consumable products in Jamaica. It operates through its consumer and pharmaceutical divisions. Annual revenue for 2024 was around US$186.67m. Lasco’s primary market is Jamaica but it is expanding its footprint in the Caribbean and North America.

While the core principles of governance, risk management and internal controls are the same as the private sector, she explains, the context and priorities in the public sector differ. ‘In the private sector, the focus is on profitability, shareholder value and market competitiveness. In the public sector, it’s about stewardship of taxpayer funds, compliance with legislation and delivering value to the public.

‘I noticed that qualified accountants appeared to have strong career prospects’

‘The public sector also tends to have more rigid regulatory frameworks and is held to a different level of scrutiny and transparency. Decisions often involve balancing financial prudence with social responsibility, which brings a unique set of challenges and considerations.’

Humble beginnings

Although Shellyann’s current roles signify the height of achievement, her career had humble beginnings. ‘I began my journey through what was then called the HEART trainee employment programme,’ she explains. ‘I got my first experience in accounting as an accounts receivables trainee with a local company.’

While there, Shellyann had the opportunity to interact with accountants and auditors. ‘I found they were extremely knowledgeable, professional and commanded a high level of respect,’ she recalls. ‘I also noticed that qualified accountants appeared to have strong career prospects.’

‘ACCA helped me develop a global perspective on financial management and governance’

Soon after, Shellyann began her audit tenure with Grant Thornton, during which time she earned her ACCA qualification. ‘ACCA provided the technical foundation I needed and opened doors in both audit and finance,’ she says. ‘It gave me credibility, increased my confidence and positioned me for upward mobility. Ultimately, it helped me develop a global perspective on financial management and governance.’

As to how Shellyann has managed to meet her career goals, it’s involved years of pursuing education and training, she explains; she has an MBA in finance from the University of Leicester in the UK, a BSc in applied accounting from the Oxford Brookes University and obtained her CPA, CGA designations through the joint membership recognition with ACCA.

‘I got a minimum amount of sleep daily, but I strongly believe that the way to progress in life is to study, and by studying we’re able to create opportunities,’ she says, adding that a supportive family was ‘critical in ensuring that I was able to study’.

Family affair

With such a role model, it’s not surprising that both Shellyann’s daughters are pursuing careers in business. ‘My 24-year-old is now doing her first accounting designation and is currently working as an auditor while pursuing her CPA,’ she says. ‘My 17-year-old is still in high school and thriving in her business subjects, especially accounting. I couldn’t be prouder of the strong, focused young women they’re becoming.’

Top tips for leadership success

According to Shellyann Jackson, four key skills are essential for CFOs:

  • Strong strategic thinking skills will align financial decisions with the overall goals of the business.
  • Develop deep financial expertise and analytical ability to interpret data and guide decision-making.
  • Engage clearly with both financial and non-financial stakeholders.
  • Adaptability, integrity and a strong sense of accountability are non-negotiable.

On any given Sunday, when Shellyann’s not at work or meeting her many other commitments, you can find her in the kitchen preparing the week’s menu for her family (including her two pit bulls). ‘I love to cook,’ she says. ‘It’s my art form and relaxation time.’

But sometimes, even Shellyann can’t resist the draw of the white sand and crystal waters. ‘There’s a beach by the name of Frenchman’s Cove where a river meets the sea,’ she says. ‘You can sit under the palms and listen to the water hit against the rocks or just lie down and listen to the birds. It’s very relaxing.’

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