CATALYZING BUSINESS

SHARED FROM:

     CFOs: CATALYZING BUSINESS?

     ACCOUNTANTS TODAY, AUGUST 2010

 

Since finance function is one of the core elements in measuring and managing business performance, an effective finance function is vital to a strong, stable and sustainable business.  Therefore, improving the caliber of the CFO will enhance the quality of financial management.

Skills and Knowledge Demanded of the Finance Function
1	Statutory accounting
2	Management accounting
3	Information systems
4	Project accounting
5	Financial and corporate reporting
6	Investor relations
7	Tax planning and compliance
8	Asset management
9	Supply chain management
10	CSR and governance
11	Risk management
12	Internal audit
13	Treasury
14	Training and coaching
15	Remuneration

CFO will no longer be the stereotypical accountant preoccupied with budgets, but also one who embraces strategy and leadership.  From a survey study by IBM Global CFO done in 2010, it was deduced that CFO

• Need to play their part in the wider corporate strategy
• Should be able to gather, digest and deliver complex information and messages fast, accurately and effectively
• Acts on said information to enable decision-making
• Should think beyond the ordinary to identify and explore new opportunities and fresh business models
• Should be mining relatively unexplored areas such as
• Corporate governance
• Risk management
• Sustainability
• Green technology

PRIMARY SKILLS FOR SUCCESSFUL CFOs (SUEVEY BY Egon Zehnder International’s Financial Officer Practice)
1	Ability to influence and collaborate with CEO Learn strong strategic thinking skills to serve as an effective business partner
2	Build strong relationships with investors, opinion leaders and other influential stakeholders Able to walk a fine line between building this web of collaborations, while ensuring genuine objectivity and independence Responsible for identifying and managing risks
3	Ability to deliver business results
4	Adopt a cautious but entrepreneurial approach to risk
5	Able to Build business models project forecasts based on anticipated trends supported with high quality financial information and useful value indicator