The Changing Role of the CFO

The excellence in the traditional roles of transaction processing and financial reporting is now taken for granted, and a set of new challenges, CFOs are facing, emerges.
 
These included issues in the area of regulation, globalization, technology, risk, transformation, stakeholder management, finance reporting, and talent management.
 
The ACCA/IMA report draws on discussions from the ACCA Accountants for Business Global Forum, as well as insights from ACCA–IMA roundtables held in Shanghai, New York, Moscow and Zurich in 2012.
 
Key Takeaways:
  • Regulation requirements are increasing and CFOs have an increasingly personal stake in regulatory adherence.

 

  • The basic building blocks will be awareness and understanding of how different business models play out in particular regions or countries together with the different strategic challenges and opportunities faced.

 

  • Tomorrow’s CFOs and their finance functions need to leverage knew technologies, spending less time on recording and verifying the numbers, and more time making the data connections and explaining the number implications to the business.

 

  • The board has higher expectations on the adequacy of longer-term financial plans from the board from CFOs and your finance function.

 

  • The CFOs should make the whole finance model work together effectively with both shared services and retained finance function.

 

  • Stakeholder management and relationships will become important as increasingly CFOs become the face of the corporate brand.

 

  • Increasingly the CFO and the finance function will need to be involved in investment decisions with social and environmental as well as financial outcomes.

 

  • Once the domain of HR, the practices to develop the best people in finance are now firmly on the CFO’s radar and they are typically cited as a key priority. 

 

 

 

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