KUALA LUMPUR, Dec 21 (Bernama) --
Amidst changes in their future roles due to disruptions in the business
environment, CFOs must continue to stand up for integrity and corporate
governance and be vigilant with compliance. This was the unanimous view
of participants at the recently concluded CFO Dialogue organised by the
Malaysian Institute of Accountants (MIA) and the Chartered Institute of
Management Accountants (CIMA).
In a disruptive world characterised by the speed of digitisation, new technology, increased regulation, big data, unstable oil prices and political upheavals, CFOs must be even more mindful of managing risks whilst keeping an eye on trust and accountability.
The Dialogue was attended by leading CFOs and C-suite professionals from the industry. It was unanimously agreed that too many CFOs are living in the past, bogged down with the day-to-day running of the finance function. CFOs need to have the mindset that change is the new constant and they need the following attributes to be adaptable to the changes:
In a disruptive world characterised by the speed of digitisation, new technology, increased regulation, big data, unstable oil prices and political upheavals, CFOs must be even more mindful of managing risks whilst keeping an eye on trust and accountability.
The Dialogue was attended by leading CFOs and C-suite professionals from the industry. It was unanimously agreed that too many CFOs are living in the past, bogged down with the day-to-day running of the finance function. CFOs need to have the mindset that change is the new constant and they need the following attributes to be adaptable to the changes:
- Agile and be proactive in understanding the changes
- Be articulate to get the message across
- Have the fortitude to take the challenges and changes head on
- Support and guide their teams instead of dictate
In addition to their core role as the finance and accounting leader, the future roles of CFOs will entail the following:
- They must bring professionalism to the business and build integrity and trust (role of corporate governance). Being a business partner and steward requires a balancing act.
- Contribute to good decision making by adopting integrated thinking, i.e. cutting through silos to connect the relevant people and information from across the organisation so that leaders can see the big picture and that all relevant insight is available for good decision making.
- Manage an increased complexity of risks that result from big data and digitisation
- Be on top of the business model as what is relevant today may be obsolete in two or three years’ time.
- Provide insights from Big Data to drive good decision making and have the agility to respond fast and strategically.
- Bring value and insights to the Board, not just financial reports on historical information.
- Being visionary and think long-term, outside the box of a traditional CFO
On the future skills and competencies for CFOs in the new business world, MIA President Dato’ Muhammad Faiz Azmi, in his opening address at the CFO Dialogue, said: “CFOs need leadership skills, business skills, people skills in addition to technical skills and these must all be underpinned by ethics and integrity.”
SOURCE : Chartered Institute of Management Accountants (CIMA)
FOR MORE INFORMATION, PLEASE CONTACT:
Name : Siew Lian
Tel : 012 5023 985
Email : chan.siewlian@cimaglobal.com
--BERNAMA
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