The changing role of the CFO
This report, drafted in partnership with ACCA (Association of Chartered Certified Accountants), discusses the future of the finance function, and in particular the future role of the CFO.
“The changing role of the CFO” 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, which discussed the way in which the role of finance leadership is evolving.
- Regulation requirements are increasing and CFOs have an increasingly personal stake in regulatory adherence.
- The challenges of globalization are creating a need for finance leaders to develop a finance function that works effectively on the global stage and that embraces diversity.
- Technology is evolving very quickly, providing the potential for CFOs to reconfigure finance processes and drive business insight through ‘big data’ and analytics.
- The nature of the risks that organizations face is changing, requiring more effective risk management approaches and increasingly CFOs have a role to play in ensuring an appropriate corporate ethos.
- There will be more pressure on CFOs to transform their finance functions to drive a better service to the business at zero cost impact.
- There will be a greater role to play in strategy validation and execution, because the environment is more complex and quick changing, calling on the analytical skills CFOs can bring.