GRAND RAPIDS – Close to one-third (30 per cent) of chief financial officers (CFOs) surveyed said the most significant change in their roles over the past five years has been an increase in strategic planning. Eighteen per cent of respondents indicated they have taken on an expanded leadership or management role within the company.
The survey was developed by Robert Half Management Resources, which provides senior-level accounting and finance professionals on a project and interim basis, and conducted by an independent research firm.
CFOs were asked, “In which one of the following areas has the role of CFO changed most significantly over the last five years?” Their responses:
More strategic planning – 30 percent
Expanded leadership or management role -18 percent
Focus on increasing profitability – 14 percent
Increased focus on corporate governance initiatives – 11 percent
Increased interaction with other departments – 8 percent
None/don’t know – 16 percent
“The accounting and finance functions play a prominent role in business,” said David King, executive vice-president of Robert Half Management Resources. “The CFO is in a unique position to guide strategic planning and risk management decisions affecting diverse and wide-ranging areas of the company.”
King also noted the increased level of responsibility for financial executives. “The CFO has been specifically identified as one of two executive officers who must certify their company’s compliance with corporate governance and financial reporting rules and regulations; and, many are directly involved with managing and reporting directly to their firm’s board of directors.”
This column was written by Mark Cox of ConnectIT
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