Since the global financial and credit crisis in 2008-9, the CFO is required to interact with the CEO and the rest of the business more frequently than earlier. The relationship the CFO has with the rest of the organization and business units has matured rapidly as a result of a series of accounting scandals, and the increased regulation that has followed.

The rapport between the CFO and the board of directors, audit committee, and stakeholders has also become vital for the efficient performance of the company.

Stakeholders have found that The CFO has a considerable, positive impact on how the business processes and the organization are governed. The lack of risk management and compliance has likely contributed to some of the corporate dysfunction we have seen in recent years.

Therefore, the role of the CFO is enlarged with several additional responsibilities often together with the internal audit and audit committee functions; The role of the CFO is now extended to provide an oversight of financial reporting and disclosures.

  • Overseeing the daily, monthly, quarterly and annual financial reporting and disclosure process
  • Monitoring and implementing accounting and finance policies and principles
  • Overseeing the A&F performance of the external auditors
  • Overseeing regulatory compliance, ethics, and whistleblower procedures related to A&F issues
  • Monitoring the internal control over financial reporting process
  • Cooperating with the internal audit and treasury functions
  • Monitoring the overall risk management policies and practices with management

9th Annual European GRC Summit