The changing CFO role The CFO role continues to evolve. It is no longer just the scorekeeper for the organisation rather it is one of a strategic advisor who works closely with the chief executive officer to deliver on the goals of the organisation and to create value for its stakeholders. As such it is a role that looks to a broader view of performance but at its core retains a strong technical and ethical backbone which facilitates trust. The breadth of the role is illustrated by Figure 2.
FIGURE 2: The reality of the CFO role
Stakeholder management
Consulting skills
Financial acumen
Business acumen
Value acumen
Data acumen
Project management
Change management
upon it. The challenge for the finance team is to develop and maintain the relevant skill sets. To negate the impression that it is a function focused on historic performance rather than highlighting future opportunities. A function that is comfortable with both financial and non-financial data and views performance in a comprehensive manner. The reality is for most organisations that the CFO is the CVO.
With the stewardship of the assets of the organisation the CFO is very much acting as a chief value officer. Many of the CFOs who contributed to the research saw their role as fundamental to the organisation. A role which required a comprehensive skill set both of technical and interpersonal skills. Rather than creating a new C-level role concerned with value, many CFOs felt that they were already delivering
Developing the relevant skills The CFO role has stepped beyond pure financial acumen. Whilst that remains at its core, the CFO of tomorrow needs to develop the required skill set through a range of interventions and experiences that are beyond the traditional career path. Mentoring, networking, continuous learning and a broad range of workplace experiences are all essential for tomorrow’s CFOs.
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