Evolving role of CFOs in new era By Rakesh Sud Director- ACMC (AIMS) Acharya Institute Of Management & k+ Connections on Linked In

Today we live in a changed world World is a village Expectations higher Social networking is King Expectations from Accountants/CFO are hitting the roof

Evolving role of CFOs in new era- how I fit- almost 3 decade of experience CA/CWA/CISA/CISSP/DISA Consultant in AFF Reckitt & Colman CFO/CEO in mid size Company Africa – Audit and CFO Roles 28k Linked in Connections Now teaching at AIMS & consulting for Industry Acting as a CFO or a CFO advisor to many units

CFO role evolves Now he is CEO’s key business partner

We even hear of OUTSOURCED CFO I have done that role for a US Company for just under a year I am effectively an Outsourced CFO or advisor in Finance to CEO/Management for many small units

CFO is like a doctor Free advise required at parties

CFO are expected to be strategic thinkers who can deliver business results.

No more number-crunching CFO role is currently undergoing a profound transition.

Most CEOs of leading companies seek a CFO who can help them manage the business complement their skills offer leadership financial expertise IS TAKEN FOR GRANTED.

Today’s CFO’s Challenge not improving their business expertise acquiring the professional and personal skills to manage their complex relations with the CEO.

Key competences for successful CFOs. ability to influence and collaborate with the CEO strong strategic thinker troubleshoot and manage the risks inherent in corporate strategies

Experience in business units outside headquarters is often the best way for aspiring CFOs to sharpen their leadership and strategic skills.

To enjoy real influence with the CEO, the CFO also requires credibility both inside and outside the company. This involves building strong relationships with investors and opinion-leaders, as well as the CEO’s other direct reports internally.

Despite this network of close relations- Core values of CFO are objectivityindependence

Despite this network of close relations, CFOs are the guardians of good business practices and controls. CFO job to troubleshoot and manage the risks inherent in corporate strategies Guard against the tendency to use their veto power to kill off initiatives just because they are risky.

Successful CFOs Achieving the right degree of independence and collaboration is a tough balancing act, report the survey’s participants. This may explain why some of the most successful CFOs have experience in line and staff roles, enabling them to perfect both sets of skills.

The ability to deliver business results is a key competence for top CFOs. careful but entrepreneurial approach to risk. Talk about business models, rather than financial statements, and support their views with value indicators.

CFOs become: agents of change creating smarter work patterns throughout their organisation insights that drive performance and help achieve better results.

The reality – CFO to CEO Outstanding CFOs with all of these skills and the right personal chemistry with their CEO have the ability to become his/her right-hand person. And finally succeed him

We are in Demand unique perspective and financial discipline ensures that we are in greater demand in the company-wide strategic decision-making process

Final parting Words Network like crazy Remain credible Think out of box Chinese walls down Don't be a leash