Leading with agility and precision

Catastrophe

On 26 December 1998, 115 yachts set off in Australia’s annual 628-nautical-mile Sydney to Hobart race, often regarded as the ‘Everest’ of sailing. Bencsik was among an amateur crew of seven on the 35-foot Midnight Rambler, one of the smallest in the fleet.

Within 24 hours, winds of cyclonic strength created breaking, mountainous seas in the unforgiving Bass Strait, which separates mainland Australia from Tasmania.

‘Larger, better-equipped yachts attempted to sail around the developing storm, but we made the decision to head directly into its path,’ Bencsik says. ‘Tactically, this seemed to be the best option – sailing up and across the large waves was risky but also the shortest way through.’

Six sailors perished in what would become the deadliest race in an event that has been staged every year since 1945. Another 55 yachtsmen were rescued, while seven yachts were abandoned, five sank and just 44 made it to Hobart. Bencsik and his crewmates’ little 35ft Aussie battler of a boat not only made it 10th across the finish line, but won the race overall on handicap.

Affinities

So is there a parallel between the demands of Bencsik’s CFO role at Teachers Mutual Bank, where he leads an 80-strong finance team, and blue water racing?

‘Ocean racing isn’t just about getting from A to B – it’s about strategy, planning and execution,’ Bencsik explains. ‘You analyse the weather systems and ocean currents, assess risks, anticipate your competitors’ moves and constantly adapt to the changing conditions. The same is true in a professional career: success in your CFO role hinges on building a strong team around you and having a sound business plan, anticipating competitor or market moves, and executing your organisation’s strategy with agility and precision.’

Ocean racing, like financial leadership, also requires problem solving in real-time, even when dealing with incomplete information.

‘Accounting brings the same sense of discipline, attention to detail, problem solving, making order out of complexity, and helping others to make informed decisions – all elements of the teamwork that being part of a sailing crew brings to the fore.’

Serial CFO

Leading to his current appointment in 2024, Bencsik had progressed through CFO roles at multiple organisations engaged in banking, insurance and fintech. His career has brought him deep commercial and corporate governance experience, with postings at home in Australia as well as in the UK and Middle East, and matrix reporting responsibilities across Europe, the US and Asia Pacific.

In joining Teachers Mutual, he became part of a newly assembled executive team at one of Australia’s largest mutual banks, tasked with leading a broader risk and growth transformation uplift. He was attracted to the core value of a member-owned bank, where profits are returned to benefit members.

As CFO, Bencsik has responsibility for group finance which includes external financial, regulatory and taxation reporting, financial performance, treasury management and internal audit. He also plays a vital role in the company’s strategic initiatives, managing the bank’s transformation office. He relishes the opportunity to drive growth, innovation and excellence in delivering superior outcomes that benefit all members.

Door-opener

Global portability was one of the reasons Bencsik pursued the ACCA qualification. ‘I was drawn to working across various geographic jurisdictions that would give me an understanding of different regulatory regimes, and an appreciation of the cultural nuances impacting a global banking business,’ he explains.

‘ACCA’s international recognition was a clear advantage. Its reputation for consistency across markets made it a portable credential, respected in the UK, Australia and across more than 180 countries.

‘When I moved from Australia to the UK with HSBC Bank in 2007, the value of ACCA provided me with a strong technical grounding across both accounting standards and professional environments. It also helped open doors to more strategic roles.’

Bencsik also obtained a company director’s qualification through the Australian Institute of Company Directors (AICD) – in partnership with ACCA – and finds the two complementary. ‘Together, the ACCA and AICD qualifications offer me a solid platform of knowledge to draw upon across areas such as financial leadership,’ he says.

Committed to supporting emerging finance leaders, Bencsik has been actively involved in mentoring through the Financial Executives Institute of Australia and his alma mater, the University of New South Wales. He maintains a strong connection with ACCA’s global community through member engagement and peer discussions via ACCA forums and CPD events.

Sailing-mad

Growing up in a suburb on Sydney Harbour, Bencsik was introduced to sailing at the age of eight. With 27 (and counting) Sydney to Hobarts under his belt, and a raft of international blue water races including the UK’s Rolex Fastnet, he feels honoured to have twice won the Cruising Yacht Club of Australia Ocean Crew Person of the Year Award (in 2001 and 2024).

However, his proudest achievement is his family: wife Annabel, and children Matthew, Sam and Sophie. While the kids have not followed their father into ocean racing yet, he hopes one of them ‘might join me in a Sydney-Hobart one day, before I hang up my sailing boots’.

Bencsik’s advice to his younger self? ‘The best things in my life have come about through various personal or career decisions that have scared me. So take a risk, back yourself and choose personal growth over expecting too much certainty.’

To the next generation of ACCA leaders, he would say: ‘Have the courage to lead with empathy, listen more than you speak, and do what is right, not what is easy. The legacy you leave behind is written in the choices you make that nobody sees.’