Chief financial officers taking bigger role in risk management: Research
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Chief financial officers are likely to have a greater role in risk management in 2014, according to research from American Express Co. and CFO Research, which is a part of CFO Publishing L.L.C.
Finance executives around the world say they have become more influential as a result of the economic downturn. This is especially true in the United States, where 85% of CFOs report seeing an increase in influence, according to the sixth annual American Express/CFO Research Global Business and Spending Monitor released Monday.
In certain countries, such as Hong Kong, Spain, Brazil and France, CFOs have predominantly adopted the role of “steward,” overseeing organizations' assets, directing risk management efforts, and ensuring compliance, the survey of 529 CFOs from around the world found.
As a result of their enhanced role in directing their business operations, CFOs are seeking professional development opportunities to acquire the skills they need.
“From adding to risk management acumen to developing a better feel for international business, fostering conflict resolution abilities to learning how to forge strong internal alliances, CFOs around the world will be tasked with developing the skills that further the unique aims of their companies,” the report stated.
The survey, conducted in March, included in-depth interviews with 14 senior finance executives around the world and 529 completed responses. Approximately one-third of the respondents were from middle-market companies, defined as those with between $500 million and $1 billion in annual revenues.
