KUALA LUMPUR – The chief financial officer will emerge as one of the C-suite’s most critical roles in reframing the future of the enterprise post-pandemic, said consultant Ernst & Young (EY).
Describing their future priorities, 86% of more than 800 CFOs and senior finance executives from EY’s DNA of the CFO survey said they will be required to protect their organisation today while enabling future growth.
At the same time, 84% agreed that achieving a balance between short-term results and creating long-term value will become a priority, including traditional mandates such as corporate reporting, along with new ones like overseeing digital transformation.
EY PLT Malaysia managing partner Datuk Rauf Rashid, in a statement today, said Covid-19 has been a significant disruptor, causing unprecedented challenges.
However, he said, the pandemic has also brought about some positive changes, including leadership styles with a focus on technology, and long-term value creation.
He said CFOs should seek to lead in the development of a value framework that allows the organisation to measure and communicate not only financial value, but also consumer, human, environmental, social and governance values.
“In short, I foresee the exciting transformation of the CFO to a ‘chief value officer’ in the near future.”
According to EY, as CFOs deliver on these priorities, they will need to enhance their relationships with fellow C-suite peers.
In the survey, 52% of respondents reported limited to no collaboration with the chief human resources officer, with 44% saying the same of their relationship with the chief marketing officer. – Bernama, December 14, 2020
