> The DNA of the CFO - Core competencies remain key
The DNA of the CFOCore competencies remain key
Shown: Percentage of respondents Base: all respondents (669)
Just under half agree that the crisis has caused them to refocus on controls and reporting, at the expense of more strategic activities.
“It’s still really important that people have good, old-fashioned basic finance. We’ve seen what can happen if you don’t.” – Robin J Stalker, CFO of Adidas
While the overall trend is for CFOs to expand their activities across both strategy and operations, this does not mean that the fundamental responsibilities of a finance department have become less of a concern for them. If anything, the recent financial crisis has reinforced the need for CFOs to pay close attention to cash, cost management and working capital.
This necessary focus on the fundamentals prevents CFOs from playing as big a role in broader corporate strategy as they would like.
Only 37% of CFOs agree that they have enough time to focus on this area, while just under half agree that the crisis has caused them to refocus on controls and reporting, at the expense of more strategic activities. This is despite the fact that 75% of respondents say they currently spend 50% or more of their time on strategic aspects of the role.
Les Clifford, Partner, Assurance and UKI CFO program chairman, +44 20 7951 8600
Paul Wood, Partner, Advisory Services and EMEIA Finance Leader for Performance Improvement, +33 1 46 93 77 22
Ernst & Young refers to the global organization of member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.