CFOs for the future
The role of the chief financial officer (CFO) is one that is fundamental to organisations in establishing financial prudence and integrity. Yet for many the role is broader than this. What do we consider the role to include and how should we ensure that, as a profession, we are developing the next generation of multi-skilled individuals that organisations require.
Following skill sets are important for the CFO role in any organization:
- Financial acumen
- Strategy and business acumen
- Risk and control
- Technology and data
- Leadership
- Supply chain
- Investor management
- Consulting
- Transactions
In addition to the skill sets above, there are 6 main areas the CFO for future shall be focusing on:
Stakeholder Focus: The CFO will come to predominantly focus on stakeholder and investor management rather than safeguarding and reporting.
Strategy formulation: The CFO will have a leading responsibility for business strategy formulation, validation and execution through responsibility for its achievement.
Growth optimization: The focus of the role shifts from principally historically based cost control to growth optimisation.
Wide view of performance: The role will encompass measurement of all aspects of the strategic objectives of the organisation (eg as indicated by the six capitals of integrated reporting i.e. financial, manufactured, intellectual, human, social, and natural.)
Forward insights: CFO will provide greatest value to their entities through forward insight rather than retrospective reporting, becoming a chief performance officer.
Career progression: Increasingly will have the CFO role as the next progression in their career development.
For further information and or assistance to develop your skill sets as CFO for the future, please contact us.
