CFO's guide to governance

Governance in particular plays a prominent role on the next S curve of CFO leadership

Many companies have had their business model upended due to structural changes in customer and employee behaviour, supply chain disruption or new ways of working. These are challenging times for boards and CFOs will be at the heart of conducting the required transformation.

The role of the CFO has always been centre stage when it comes to not just good financial management, but good governance, and this guide is a timely addition to the resources available to CFOs and other board directors.

Michael Izza, CEO, Institute of Chartered Accountants in England and Wales

Regardless of the type of institution, from exchange traded, portfolio business of privately held, your responsibilities as CFO will be vast.  The number of functions reporting into you, has only risen over the last decade, and the number of tasks you oversee has diversified from the traditional budgeting, planning and risk mitigation.

Equally importantly the CFO is now responsible for the human element of the finance function, as well as holding an increasing presence in the boardroom and communication with shareholders. 

When things are going well, it is essential to understand why.  When things are not going well, it is important to have a set of guardrails to fall back on.  Governance provides the backbone for your success.

Effective governance for CFOs incorporates models, frameworks and mindset that prioritise value creation.  They resist inaction, miscommunication and loading of unnecessary risk.

From managing the digitisation process, procurement, investor relations, M&A transactions and strategy, regulatory compliance to internal audit – good governance will provide you with the safety blanket to ensure you are not blowing in the wind.

With important changes in digital transformation and the role of financial planing and analysis (FP & A), it is increasingly important to use the right tools and capabilities to make informed decisions to align finance and strategy.  This has resulted in CFOs playing a more prominent role in the Boardroom.

Governance in particular plays a prominent role on the next S curve of CFO leadership

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