Despite a pervasive myth that they’re just financial stewards, Chief Financial Officers (CFOs) have moved beyond their traditional role and have become capability builders across the organization. Know more:
DESPITE a pervasive myth that they’re just financial stewards, Chief Financial Officers have moved beyond their traditional role and have become capability builders across the organization—acting as co-pilots to the CEO and taking a lead role in steering the organization. They’re still responsible for the finances of the organization, but they’ve also become the point person for tackling many of the issues facing businesses today.
Because CFOs are helping the CEO strategically drive the business forward, they are excellent candidates to champion and sponsor the capabilities that the company is attempting to build across the organization and understand how they contribute to the overall growth strategy.
Fifteen to 20 years ago, there was a major shift in the supply chain as manufacturing of products and provisioning of services moved to lower-cost jurisdictions. Many organizations became complacent with this supply chain structure and saw little reason to re-examine it. The finance function is best equipped to support ESG reporting because it already has the systems, controls and competencies for compiling and managing data from across the company and then generating reports for stakeholders. Because of this, the CFO is often the executive tapped to guide and manage the company’s ESG initiatives.
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