Oleksiy Kaplunov: iGaming Interviews ► Risk Inc Blog

In the fast-paced world of iGaming, financial leadership plays a crucial role in steering companies towards success. We had the privilege of sitting down with Oleksiy Kaplunov, the Head of Finance at RISK, to gain insights into his approach to financial management, team building, and navigating the unique challenges of the igaming industry. In this candid interview, Oleksiy shares his thoughts on industry knowledge, the qualities of an ideal iGaming CFO, and strategies for maintaining work-life balance in a high-pressure environment.

Industry Knowledge and the Role of a CFO

How much igaming industry knowledge is truly necessary for success as a CFO, and what are the most critical areas to understand?

Oleksiy Kaplunov: My answer oscillates between two extremes: from "extremely important" to "not important at all." Globally, it doesn't matter if you're the CFO of a corporation, a pharmacy chain, or a service company. Your core responsibilities remain the same – managing finances, reducing risks, increasing shareholder value, and overseeing cash flow. These general tasks are universal.

However, the devil is in the details, and that's what separates mediocrity from excellence. If you're a true professional, you need to understand what this business is about. You should know what influences it, where the money comes from in the iGaming industry, whether there's seasonality, and what potential fluctuations exist.

For example, during major events like the Euro championship, you can be up or down by significant amounts. In general, the business can have significant month-to-month fluctuations, with relative stability over the long term. The more context you have about what's happening in the industry, the more accurate your models will be.

You need to immerse yourself, but you don't need to know everything perfectly. It's crucial to understand the big picture, be able to "read the numbers," and know why they are what they are. You should be able to discern whether what's happening is normal or if it requires attention, whether it's a long-term trend or a situational issue that needs immediate action.

What does it take to be an ideal iGaming CFO?

Oleksiy Kaplunov: This is the most challenging question for me. A CFO doesn't operate in isolation; it's about the team. The CFO is the person who thinks and directs, but it's the team that executes. Without a strong, high-quality team and well-established processes tailored to your specific business model and its nuances, there can be no ideal CFO.

I dream of my work becoming routine. I believe the financial function should be predictable, cyclical, and, frankly, a bit boring. This would indicate stability in the business itself and a long-term understanding of development, allowing us to build long-term processes. However, these are turbulent times, and we often need to quickly change strategy and adapt our models.

An ideal iGaming CFO needs to understand business goals, possess deep and diverse financial knowledge, and be an expert in understanding what their team brings to the table. You don't need to be a better expert than your subordinates in their specific areas, but you need to be knowledgeable enough to ensure your team is delivering what's needed. You must be able to build a team and establish processes. And above all, be adaptive – our world demands adaptability.

Team Building and Leadership

Q: How do you build a high-performing finance team in the gaming industry? What are the key qualities you look for in team members, and how do you foster collaboration and trust?

Oleksiy Kaplunov: Understanding the culture you want to see in your people is crucial. During interviews, I try to gauge my emotional response to the person. Verifying hard skills expertise isn't difficult. It's important to have an idea of how often they'll communicate with other team members or cross-departmental colleagues and whether their communication style aligns with the existing company culture. Otherwise, there will be significant disruption.

The strength of my current team lies in finding highly independent individuals who are ready to take responsibility and solve problems. I no longer focus on the specialist level; I only join at the final stage to check if the person fits in terms of communication style and emotional component. Hard skills are the responsibility of their immediate supervisor.

For my direct reports, I look for mature responsibility. I want to be able to formulate a task, have them reformat it into actionable work, independently clarify their understanding, and report progress to me in a timely manner. They should involve me when it's important to move things forward or make a decision.

Time deficit is a significant challenge – we constantly need to switch between tasks. That's why it's crucial for my direct reports to be independent. This is also how they grow. I only give them what they're ready to handle. Sometimes you can delegate a task entirely, and the person will complete it independently, bringing you only the final result for approval. Other times, the process requires daily or weekly sync-ups, discussing the task, and checking progress every few days to ensure everything is clear.

I have the most comprehensive knowledge about our business, where we're heading, and why things are the way they are. This big picture is often not fully available to my team, so I need to provide that context.

Q: It sounds like you're comfortable with delegation and prefer a macro-management style. Is that correct?

Oleksiy Kaplunov: I don't have a choice. It's been a long journey to reach this point. Secondly, by default, I trust people. If you're already working with me, it means you have certain skills. I'm willing to take the risk that a person might fail a task. It's my job to have control points in place to know where things might go wrong and step in when needed. This is why I need reports and one-on-ones.

Our business is so large and complex that I physically can't micromanage. I'm happy to delegate and teach my team to delegate further. Recently, one of my team members went from having one direct report to eight. 

Q: Your team is known for being active in team building. How important is this aspect of team development?

Oleksiy Kaplunov: Team building is one of our initiatives, and I fully support it. We've been planning more of these as we've grown larger. A big challenge is that we're remote, so we need to unite and introduce people to each other.

Personally, I have weekly one-on-ones with each direct report. I only reschedule in extreme cases. It's only by having a calm hour-long conversation with someone that you truly understand how they're doing, what's happening, and what motivates them.

We also have an "all hands end of week" meeting where we spend an hour talking about non-work topics. We manage to discuss work plenty at other times, so this is important for building connections.

With team leads, we have a similar call on Mondays. Even if it's just about movies or weekends, it's important. It's an alternative to water cooler conversations and gives a sense of belonging.

Stress Management and Work-Life Balance

Q: Can you share your strategies for managing pressure and maintaining a healthy work-life balance?

Oleksiy Kaplunov: This is a challenging topic, and I'm still on the journey to mastering it. What helps me is going to the office. The commute allows me to switch gears mentally. It creates a better separation between work and home. Even when I work from home, I change clothes to create that mental shift.

Planning also helps – writing down tasks and crossing them off daily, weekly, and monthly. This organizes work and prevents losing track of tasks. Main sources of additional stress are unexpected ad-hoc requests and issues which can arise in different areas of our functions or projects. Everything else about your job, you know.

It really helps when you have a team that can handle things efficiently. You can simply redirect tasks. Second, those lists and planning I mentioned earlier are crucial. Spending time with family, engaging in sports - these help. It's a long-term way to manage stress.

I'm still searching for the perfect balance. I know how to not show stress, but internally, there can be a lot of it. I've learned to postpone tasks, give them time to settle. I won't solve a problem on Saturday but will calmly return to it on Monday.

At RISK, being a CFO means adapting and adjusting quickly to constant changes in business, legislation, regulations, and conditions that the world faces today.

Q: How do you approach communication with the CEO? How do you align financial goals? Is this process always peaceful, always on the same wavelength?

Oleksiy Kaplunov: It's important to be on the same wavelength. The CEO provides vision and direction. On one hand, you need to be a support, ensuring he doesn't worry about financial matters. On the other hand, you need to highlight red flags when necessary. Trust is critical here. The CEO needs to believe in your expertise and your words. I need to believe in his role above me. I'm very happy with the contact we have. Otherwise, the ship won't sail. At RISK, everything comes down to key people; our success is about people. This is super critical.

Q: What advice would you give to graduating students who aspire to become CFOs in the long term?

Oleksiy Kaplunov: It's crucial to understand the path of a financial professional. You need to determine if you're ready to be a manager and manage other people. There are ideal experts who excel at deep analytical work, but for whom communication is a major source of stress. Without quality communication skills, it's impossible to become a great CFO. I know other examples, but I don't like them 🙂

At some point, you stop doing things with your own hands and exclusively communicate and take responsibility for other people. Other people become your hands, and their mistakes become your mistakes. You need to understand this and choose what's closer to you. It doesn't happen instantly; you need to try it out.

Q: How long does it take? Five years or faster? 

Oleksiy Kaplunov: Five years is not enough if we're talking about a large company or a factory. Managing 3 people versus 20 is a significant difference. It could take 8-10 years.

I was an auditor at a Big Four firm, and this growth was an organic part of your development there. You work, you become senior, they give you juniors to manage. If you can't handle it, you're let go. I felt quite early that team management was my thing, that I enjoyed working with people.

Roughly speaking, you might spend 3 years as a specialist-expert, gaining hands-on experience, and then years in team management roles to have these chances. Transitioning from an executor to a leader is challenging. RISK provides such opportunities, which is great. In general, you might sit for years waiting for a window of opportunity.

Conclusion:

Oleksiy Kaplunov's insights provide a valuable glimpse into the world of financial leadership in the iGaming industry. From understanding the nuances of the igaming market to fostering a high-performing team and managing personal stress, Oleksiy's experiences offer valuable lessons for aspiring financial leaders. His journey underscores the importance of not just technical skills, but also emotional intelligence and the ability to navigate the complex, fast-paced world of iGaming finance.

As RISK continues to grow and adapt in this dynamic industry, it's clear that with leaders like Oleksiy at the financial helm, the company is well-positioned to face future challenges and opportunities. His balanced approach to leadership, combining deep industry knowledge with strong people skills, serves as an inspiring model for current and future finance professionals in the igaming industry and beyond.