CFOs Face More Regulation and Risk Management: ACCA and IMA Report Outlines Future Roles of the CFO
NEW YORK & MONTVALE, N.J.--(BUSINESS WIRE)--According to a new report published by ACCA (the Association of Chartered Certified Accountants) and IMA® (the Institute of Management Accountants), CFOs will face many challenges in the future, including global economic uncertainty and volatility, fluctuating energy prices, and turbulent currency markets, along with a shift in economic power.
“The Changing Role of the CFO” presents the future landscape for the CFO, and it is available online at http://www.imanet.org/PDFs/changingrole.pdf
The report identifies emerging priorities that will impact the future role of the CFO and cites nine future key issues that will shape the finance function’s top job, including regulation, globalization, technology, risk management, transforming finance, stakeholder engagement, strategy, integrated reporting, and talent. Highlights include:
Jamie Lyon, Head of Corporate Sector at ACCA, says, “We see more pressure on the CFO role than ever before. Apart from the sheer breadth of the role now, it really is a question of having enough time in the day to prioritize and deal with all the issues that need to be dealt with. Businesses are asking a lot from their top finance leaders right now, and we don’t see this getting any easier, particularly with the current level of volatility and business uncertainty. It places the finance function and finance leaders under great pressure and scrutiny, but it also continues to provide great opportunities for finance to influence the organization. The CFO role of the future will be unique, requiring a special blend of capabilities and skills.”
Raef Lawson, Ph.D., CMA®, CPA, vice president of research at IMA, added: “This comprehensive, global study highlights the challenges faced by today’s CFOs. The results of this study will help shape our joint research agenda as we provide thought leadership for finance and accounting professionals.”
This report reflects the perceptions of CFOs and finance leaders who participated in an ongoing engagement program through ACCA’s Accountants for Business Global Forum, in which IMA also takes part. Findings are based on discussions with CFOs at roundtable events held in Shanghai, New York, Moscow, and Zurich in late 2012.