The Evolution of the Canadian CFO: From Number Crunchers to Strategic Players By Michael Conway, FCA, ICD.D, and Lisa Dorian, CA.CIA, CRMA, CPA (IL) PUMPOHBHPDIJFGëOBODJBMPïDFSTXFSF WJFXFETJNQMZBTOVNCFSDSVODIFSTXIP XFSF BTTJHOFE UP BOBMZTF B USBOTBDUJPO BGUFS UIF IBOETIBLF CFUXFFO UIF $&0T ɨFTF EBZTDPSQPSBUFMFBEFSTLOPXCFUUFSUIBOUPFOHBHF JO EFBMT XJUIPVU UIF CFOFëU PG UIFJS $'0T JOTJHIUJMMVTUSBUJOH UIF GBDU UIBU UIF SPMF PG UIF $'0IBTFWPMWFE N Traditional CFO role is changing 5SBEJUJPOBMMZ UIF $'0T SPMF IBT CFFO UP NBLF UIFJSPSHBOJ[BUJPODPNQFUJUJWFBOEFïDJFOUXJUIB GPDVTPOTUSPOHCBMBODFTIFFUTBOEIFBMUIZJODPNF TUBUFNFOUT $'0T GPDVT PO TIBSFIPMEFS WBMVF FOTVSJOHUIFJSDPNQBOJFTBSFFOHBHFEJOHSPXUI UIBUJTCPUIQSPëUBCMFBOETVTUBJOBCMF *O UPEBZT DPNQMFY CVTJOFTT FOWJSPONFOU IPXFWFS$'0TBSFSFBDIJOHPVUTJEFUIFJSUSBEJ UJPOBM ëOBODF GVODUJPO UP JODMVEF UIF XIPMF PSHBOJ[BUJPOFWFSZUIJOHGSPNPQFSBUJPOTUPTBMFT BOE NBSLFUJOH BOE DPNNVOJDBUJPOT *O QVCMJD DPNQBOJFTUIF$'0JTBMTPCFDPNJOHFWFSNPSF DSJUJDBM UP UIF DPOëEFODF UIF DPSQPSBUF EJSFDUPS IBTJOUIFHPWFSOBODFTZTUFNPGUIFDPNQBOZBOE JOJUTVOEFSMZJOHPQFSBUJPOT CFOs need broader skill sets 4PXIJMF$'0TIBWFUZQJDBMMZDMJNCFEUIFDPSQP SBUFMBEEFSPOUIFTUSFOHUIPGUIFJSUFDIOJDBMTLJMMT JUJTXJEFMZBDLOPXMFEHFEUIBUUIF$'0SPMFIBT HSPXO GSPN UIBU PG B NFSF iOVNCFSTw QFSTPO ɨJT NFBOT UIBU $'0T NVTU CSPBEFO UIFJS TLJMM TFUT JG UIFZ XBOU UP NBLF B OBUVSBM QSPHSFTTJPO GSPN UFDIOJDBM FYQFSU UP DMJFOUGBDJOH FYFDVUJWF MFBEFS The role of the CFO encompasses: “CFOs must broaden their skill sets if they want to make a natural progression from technical expert to client-facing executive leader.” ɨJT UPQJD XBT FYQMPSFE JO B SFDFOU SFTFBSDI TUVEZ CZ UIF $BOBEJBO 'JOBODJBM &YFDVUJWFT 3FTFBSDI 'PVOEBUJPO$'&3' ɨFTUVEZBeyond the Numbers: The Evolving Leadership Role of the CFO DPOëSNFEUIBU$'0TBOEPUIFSTFOJPSëOBODJBMFYFDVUJWFTOFFEUPUBLFTUFQTUPCFBCMFUPGVMMZNFFU UIFTFOFXBOEFWPMWJOHEFNBOET "NPOHUIFLFZëOEJOHTUIFSFTFBSDITUVEZGPVOEUIBU$'0T t *OUFSQSFU BOE TVNNBSJ[F MBSHF BNPVOUT PG EBUB IJHIMJHIU LFZ JOTJHIUT BOUJDJQBUF USFOET BOE FYQMBJOUIFJSJNQMJDBUJPOTɨFZNVTUCFBCMFUPTJNQMJGZBOEDPNNVOJDBUFDPNQMFYJTTVFTGPSB XJEFDSPTTTFDUJPOPGBVEJFODFTJODMVEJOHJOWFTUPSTCPBSENFNCFSTFYFDVUJWFTBOEFNQMPZFFT t /FFEUPëOEBCBMBODFCFUXFFOUIFSPMFTPGDSJUJDBOEBEWPDBUFUPIFMQUIFNBOBHFNFOUUFBN PCKFDUJWFMZFWBMVBUFHSPXUIJOJUJBUJWFTBOENBOBHFSJTLBOEPQQPSUVOJUJFT t /FFEUPEFWFMPQBTUSPOHVOEFSTUBOEJOHPGBOPSHBOJ[BUJPOTPQFSBUJPOTNBSLFUTBOEDVTUPNFST BOEVOEFSTUBOEIPXUIFDPNQBOZNBLFTNPOFZ5PEPTPUIFZNVTUEFWFMPQTUSPOHSFMBUJPOTIJQ CVJMEJOHTLJMMTɨFZNVTUBMTPNBJOUBJOBIJHIMFWFMPGJOUFHSJUZJOPSEFSUPFBSOBOESFUBJOUIF USVTUPGQFFSTDPMMFBHVFT$&0TBOECPBSET t /FFEUPJNQSPWFUIFJSLOPXMFEHFJOSJTLNBOBHFNFOUBOEDPSQPSBUFHPWFSOBODFXIJMFDPOUJOVJOH UPTVQQPSUFYFDVUJWFEFDJTJPONBLJOH t /FFEUPIBWFBCFUUFSVOEFSTUBOEJOHPGHMPCBMNBSLFUTBOEPGUIFëOBODJBMJNQMJDBUJPOTPGEPJOH CVTJOFTTBDSPTTCPSEFSTBOE t /FFEUPHSPXTQFDJBMJ[FEIJHIMZTLJMMFEUFBNTBOEFOIBODFUIFJSMFBEFSTIJQTLJMMTUPJODSFBTFUFBN FêFDUJWFOFTTɨFZNVTUBMTPMFBSOIPXUPFTUBCMJTIDMFBSPSHBOJ[BUJPOBOEUFBNHPBMTFTUBCMJTIB WJTJPOBOEIFMQUIFJSUFBNNFNCFSTBQQSFDJBUFBOFOUFSQSJTFXJEFQFSTQFDUJWF$SFBUJOHTUSPOH UFBNT XJUI VQHSBEFE UBMFOU XJMM BMMPX $'0T UP EFMFHBUF UIF NPSF UFDIOJDBM BTQFDUT PG UIFJS SFTQPOTJCJMJUJFTTPUIFZDBOGPDVTPOTUSBUFHZ The importance of professional development ɨFTLJMMTBOEFYQFSJFODFSFRVJSFEUPQFSGPSNFêFDUJWFMZBTB$'0BSFTJHOJëDBOUMZNPSFFYUFOTJWFUIBO UIFZPODFXFSF"DDPSEJOHMZ$'0TOFFEUPCFPOUIFMPPLPVUGPSUIPVHIUQSPWPLJOHSFTFBSDIUBSHFUFE QSPGFTTJPOBMEFWFMPQNFOUBOEOFUXPSLJOHPQQPSUVOJUJFT ɨF*$"#$T1%QSPHSBNQSPWJEFTNBOZDPVSTFTUPIFMQEFWFMPQUIFTFTLJMMT*OBEEJUJPOQSPHSBNT BOEOFUXPSLJOHPQQPSUVOJUJFTPêFSFECZ'&*$BOBEBDPOOFDU$'0TXJUIPUIFS$'0T/FUXPSLJOH XJUIQFFSTBOETIBSJOHLOPXMFEHFDBOIFMQZPVTPMWFDIBMMFOHJOHJTTVFTBOEBEWBODFJOZPVSDBSFFS Vision and leadership; 4`ca`cReVcVa`ceZ_XR_U performance; D`TZR]cVda`_dZSZ]Zej, :_W`c^ReZ`_eVTY_`]`Xj, :__`gReZ`_,R_U >R_RXZ_XSfdZ_Vdd complexity. Published by the Institute of Chartered Accountants of British Columbia Michael Conway, FCA, ICD.D, is the national president and CEO of FEI Canada. Lisa Dorian, CA.CIA, CRMA, CPA(IL), is the chair of FEI Canada, and the vice-president of MDA Training N.A. December 2012 6
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