UK CFOs, Finance Making Progress into More Strategic Roles, Research Finds

Posted by Thomas Sutter, Global Solutions Centre of Excellence
The oft-repeated phrase “CFO’s must become more strategic” that has permeated finance stories for what seems like decades may now be becoming a reality.
And it’s not just the position of the CFO itself. Throughout the finance department, people are taking a more strategic role in the business.
One clear signal of the shift is the reporting hierarchy in today’s businesses. According to McKinsey, on average, five functions other than finance now report to the CFO. These include risk, regulatory compliance and M&A functions, as well as IT and digitalisation. And almost four in ten CFOs said they spent the majority of their time over the past year on strategic leadership, organisational transformation and performance management.