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New research by the ACCA and BDO has revealed that the role of the chief financial officer is growing to include driving business decisions and reporting on the non-financial areas of operations.
The news comes as more organisations move towards sustainability, meaning that the role of a CFO must evolve beyond finance to include sustainability and social aspects.
Over 100 CFOs and business leaders from around the world took part in roundtables and in-depth interviews to contribute their insight into how the traditional role of the CFO is changing, resulting in the report ‘Chief value officer – the important evolution of the CFO’.
The report found that the concept of value is fundamental to the management of performance in organisations, outlining that its adoption is a key element in their path to a sustainable future.
CFOs are also increasingly adopting a “value centric” approach in their work, which represents an evolution towards encompassing the ‘chief value officer’ role within a more traditionally financially focused remit.
In addition, the development path for those aspiring to be CFOs requires an increasingly broad range of experience which embraces both formal and informal learning activities. The report noted that professional bodies and practices need to engage with this finding.
Helen Brand, chief executive of ACCA, said: “We already know that CFOs are increasingly acting as strategic leaders and advisers in their organisations. The CFO role is one that has moved significantly from the traditional view, while retaining the core responsibilities.
“Now there’s a real opportunity for them to satisfy the value agenda and evolve the role for the next generation of CFOs.”
Albert Lopez, global head of business services and outsourcing at BDO, added: “There are many CFOs from across the world who are embracing this wider concept of value and our research highlights many positive stories.
“Embracing the sustainability agenda and delivering against it is a key role that our profession must play to help ensure that we have a positive future.”
