On September 18, we hosted a webinar “The Chief Value Officer — The Important Evolution of the CFO,” in collaboration with our colleagues from BDO in Ireland and ACCA.
The event offered attendees the chance to gain insight into current issues, including ESRS 1, the dual meaning of sustainability reporting, and the preparation and presentation of sustainability information.
The event built upon the ACCA and BDO report “The Chief Value Officer — The Important Evolution of the CFO,”* providing a forum for discussing pivotal findings and key messages related to the evolving role of the CFO. During the panel discussion, the experts addressed key topics such as the new challenges CFOs are facing, their potential to become business value drivers, and the importance of effective consulting and outsourcing relationships.
The webinar commenced with a presentation of the key findings and main points of the report “The Chief Value Officer — The Important Evolution of the CFO” and the special role of the CFO in the modern business environment.
Brian McEnery, the Managing Partner of BDO in Dublin stated: “Historically, the role of the CFO was largely confined to accounting and cost control. However, the modern business environment demands a more diverse skill set. The CFO must be capable of serving as a steward of financial assets, while also functioning as a strategic advisor capable of effectively managing change, risk, and driving innovation within the organization. The role of the CFO is evolving to become more value-oriented, which is crucial for the success of organizations.
It is important to consider how the role of the CFO is evolving beyond that of a traditional chief financial officer to encompass a more value-oriented approach, aligning it more closely with the role of a chief value officer.
The CFO is responsible for managing financial assets and for providing input into the company’s strategic direction, influencing all aspects of its operations. The CFO plays a pivotal role in shaping the organizational culture, developing new business lines, and managing multifunctional teams.”
Key topics that are important for today’s CFOs and managers were addressed. One of the key topics of discussion was the challenge of achieving a balance between the economic, environmental, and social aspects of organizations. Specific focus was placed on the integration of these elements into company structures and the alignment of short-term objectives with long-term sustainability strategies.
The participants engaged in a discussion on the concept of more holistic and non-financial value reporting, which goes beyond purely financial reporting. This presents new challenges for organizations: how to transform non-financial data into useful information for decision-making, and what role external regulation and internal motivation play in this process.
Furthermore, they discussed how external regulation can serve as a catalyst for fostering an internal passion for value creation. The speakers highlighted the increasing significance of stakeholders, including shareholders, employees, and the community, in developing an organization’s strategic direction.
One of the key themes was the extent to which organizations have revised their understanding of their role in society, particularly in the context of global challenges. For instance, the participants addressed the concept of the “Tragedy of the Horizon,” as articulated by former Bank of England Governor Mark Carney, and how this phenomenon is gaining traction in the business community.
Another topic of discussion was the reliability of the methods used to collect non-financial data and integrate it into reporting alongside classical financial indicators. It was highlighted by participants that engaging independent assessors is crucial to guarantee impartiality in the evaluation of non-financial KPIs.
The meeting also addressed the expanding role of finance teams in organizations, including their collaboration with other departments to assess internal processes and implement new approaches to business management.
The webinar concluded with a call for CFOs to proactively re-examine their roles within their organizations. In the context of unprecedented change, the role of the CFO as a strategic leader and champion of values is of the utmost importance. BDO in Ukraine is committed to providing robust support for the development of financial strategies and business innovations. We would like to thank the organizers and all participants for their active involvement in the discussions and look forward to continuing to support them in reaching new heights.
Please contact us for professional advice and support in financial management, auditing in accordance with the National Accounting Standards or IFRS, assessing financial performance, mitigating risks, obtaining practical recommendations, and ensuring compliance with international standards. The team of BDO in Ukraine is available to assist with any business development matters you may have.
*Source BDO Global Copyright © 2023 by the Association of Chartered Certified Accountants (ACCA). All rights are reserved. Used with permission from ACCA. Should you require permission to reproduce, store, transmit, or make any other similar use of this document, please contact insights@accaglobal.com.
The event built upon the ACCA and BDO report “The Chief Value Officer — The Important Evolution of the CFO,”* providing a forum for discussing pivotal findings and key messages related to the evolving role of the CFO. During the panel discussion, the experts addressed key topics such as the new challenges CFOs are facing, their potential to become business value drivers, and the importance of effective consulting and outsourcing relationships.
The speakers of the session were:
- Brian McEnery, Managing Partner, BDO in Dublin,
- Kostas Kontogiannis,
- Romay Wahl,
- Clive Webb, Head of Business Management, ACCA.
The webinar commenced with a presentation of the key findings and main points of the report “The Chief Value Officer — The Important Evolution of the CFO” and the special role of the CFO in the modern business environment.
Brian McEnery, the Managing Partner of BDO in Dublin stated: “Historically, the role of the CFO was largely confined to accounting and cost control. However, the modern business environment demands a more diverse skill set. The CFO must be capable of serving as a steward of financial assets, while also functioning as a strategic advisor capable of effectively managing change, risk, and driving innovation within the organization. The role of the CFO is evolving to become more value-oriented, which is crucial for the success of organizations.
It is important to consider how the role of the CFO is evolving beyond that of a traditional chief financial officer to encompass a more value-oriented approach, aligning it more closely with the role of a chief value officer.
The CFO is responsible for managing financial assets and for providing input into the company’s strategic direction, influencing all aspects of its operations. The CFO plays a pivotal role in shaping the organizational culture, developing new business lines, and managing multifunctional teams.”
This was followed by a panel discussion where experts discussed important issues:
- The CFO’s evolving role with responsibilities extending beyond traditional financial reporting.
- Opportunities for CFOs to become a driving force for business growth.
- The role of robust advisory and outsourcing relationships to ensure success and value creation.
Key topics that are important for today’s CFOs and managers were addressed. One of the key topics of discussion was the challenge of achieving a balance between the economic, environmental, and social aspects of organizations. Specific focus was placed on the integration of these elements into company structures and the alignment of short-term objectives with long-term sustainability strategies.
The participants engaged in a discussion on the concept of more holistic and non-financial value reporting, which goes beyond purely financial reporting. This presents new challenges for organizations: how to transform non-financial data into useful information for decision-making, and what role external regulation and internal motivation play in this process.
Furthermore, they discussed how external regulation can serve as a catalyst for fostering an internal passion for value creation. The speakers highlighted the increasing significance of stakeholders, including shareholders, employees, and the community, in developing an organization’s strategic direction.
One of the key themes was the extent to which organizations have revised their understanding of their role in society, particularly in the context of global challenges. For instance, the participants addressed the concept of the “Tragedy of the Horizon,” as articulated by former Bank of England Governor Mark Carney, and how this phenomenon is gaining traction in the business community.
Another topic of discussion was the reliability of the methods used to collect non-financial data and integrate it into reporting alongside classical financial indicators. It was highlighted by participants that engaging independent assessors is crucial to guarantee impartiality in the evaluation of non-financial KPIs.
The meeting also addressed the expanding role of finance teams in organizations, including their collaboration with other departments to assess internal processes and implement new approaches to business management.
The webinar concluded with a call for CFOs to proactively re-examine their roles within their organizations. In the context of unprecedented change, the role of the CFO as a strategic leader and champion of values is of the utmost importance. BDO in Ukraine is committed to providing robust support for the development of financial strategies and business innovations. We would like to thank the organizers and all participants for their active involvement in the discussions and look forward to continuing to support them in reaching new heights.
Please contact us for professional advice and support in financial management, auditing in accordance with the National Accounting Standards or IFRS, assessing financial performance, mitigating risks, obtaining practical recommendations, and ensuring compliance with international standards. The team of BDO in Ukraine is available to assist with any business development matters you may have.
*Source BDO Global Copyright © 2023 by the Association of Chartered Certified Accountants (ACCA). All rights are reserved. Used with permission from ACCA. Should you require permission to reproduce, store, transmit, or make any other similar use of this document, please contact insights@accaglobal.com.
