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Special Feature Dawn of the Sup
What 2014 Has in Store for the New Heroes of Business
Brendan Walsh, American Express
A global study among 500 chief financial officers by American Express has highlighted how the economic crisis has significantly elevated the profile and influence of the CFO within large companies. With CFOs becoming increasingly called upon to act as agents for change, innovation and international growth, all whilst having to maintain a steady hand on the tiller of their firm’s finances, is this the dawn
of a new hero for business? Here, Brendan Walsh, the Senior Vice President of American Express Global Corporate Payments Europe, explores what the New Year has in store for the average CFO as they begin to embrace their evolving persona.
A
s 2013 begins to feel like a distant memory, what does 2014 have in store for CFOs and how is their role evolving?
The ripple effects of the economic downturn are still being felt by UK PLC, yet business confidence continues to rise as recovery gathers pace. Companies are focusing on keeping costs under control whilst also exploring avenues for growth, both at home and overseas as rapid globalisation continues.
The CFO’s role and responsibilities have changed significantly over the past five years. As well as
maintaining control of the firm’s finances, CFOs have become increasingly influential when it comes to business strategy, growth, managing risk and delivering value – both internally and for customers.
A Catalyst for Change
With changing market conditions having such a significant impact on business over the past five years, it comes as no surprise that the role of the CFO has undergone something of a transformation. The finance professional is now more important than perhaps ever before.
The downturn has significantly enhanced the finance function’s profile and influence within the company. CFOs find that their role now involves spurring the wider organisation to execute necessary changes and in many cases, they are directing risk-management efforts to ensure the company has met its compliance obligations. Only a minority serve in the same capacity as they did before the downturn.
In order to make informed decisions to effect organisation-wide change and take the business forward, it will be essential for CFOs to have clear and accessible data at their fingertips. Good