A new future for CFOs but no compromise on integrity and compliance
KUALA LUMPUR: 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 addition to their core role as the finance and accounting leader, the future roles of CFOs include bringing professionalism to the business and build integrity and trust ( role of corporate governance).
Being a business partner and steward requires a balancing act.
They must also contribute to good decision making by adopting integrated thinking, such as 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. — Bernama