Chief Financial Officers Rising to Challenges of Credit Crunch
The economic downturn has raised the senior finance executive's profile in organisations worldwide, with more chief financial officers (CFOs) involved in strategy development and prioritising risk management than this time last year, according new research from the Association of Chartered Certified Accountants ACCA).
Surveying more than 450 CFOs worldwide on how current global economic conditions are shaping the role and perceptions of today's CFO, the research report, called "The CFO's new environment", claimed 83 per cent of respondents said the finance chief's role was more important than a year ago, with 70 per cent saying the finance function receives more boardroom backing now than a year ago.
The CFO is more involved in strategy - 72 per cent of survey respondents agree that finance now works more closely with business units in strategic planning, while two thirds agree that the CFO is now more involved in the creation of a medium and long term corporate strategy.
And communication levels have increased, with 77 per cent saying that they have either increased or plan to increase the amount of internal communication carried out by their company, while two thirds say they have increased or plan to increase the amount of external communications. …