CFOs need to change their mode of operation to successfully navigate complex multi-dimensional problems according to our new research
Chief financial officers (CFOs) have an immense responsibility and career-defining challenge in helping their organisations navigate complex multi-dimensional problems.
Businesses and other organisations face significant challenges in introducing sustainability into their business models and strategies. They also face increased sustainability reporting and assurance requirements. Their processes and systems will need to be updated and transformed to manage these.
These challenges arise against a backdrop of limited financial resources as well as human and natural resources. The long-term survival and success of business can no longer be assured with a narrow focus on financial return alone.
Today’s CFOs and senior business professionals require a combination of skills, behaviours and mindset, described as ‘integrative-thinking capabilities’, according to ACCA’s latest research ‘Integrative thinking: the guide to becoming a value-adding CFO’.
Report author Sharon Machado, head of sustainable business at ACCA said ‘CFOs and professionals who are ultimately accountable for well-informed decision making must be integrative in their own thinking. They need to consider the balance across the resources and meeting of differing stakeholder needs. Often, this will be in the face of incomplete, complex, uncertain or ambiguous information. CFOs need to act without being able to reliably predict the outcomes. In a fast-changing world, the organisation’s purpose and strategy may need to change, either incrementally, or sometimes, fundamentally.’
What are the integrative-thinking capabilities required by CFOs?
This guide explains the CFO’s five must-have integrative-thinking capabilities, and details how they are required for impact in navigating complex multi-dimensional problems, which are also explained.
• Continually becoming – constantly evolving through nurturing personal capabilities.
• Empathising – understanding other viewpoints and perspectives.
• Exploring – searching out unfamiliar territory.
• Co-creating – seizing the opportunities that arise from collaborating with others.
• Empowering – enabling colleagues and stakeholders to take actions.
The guide also outlines development needed for integrative thinking by providing insight on six approaches professionals should take to develop their integrative-thinking capabilities.
Raymond Jack, CFO of ACCA, commented: ‘This guide is both a call to action and a support to all finance professionals as they embrace complicated problems, and add broader than financial value to their organisations, society and the planet. It will help CFOs of today and of the future serve their purpose better.’
Being a successful CFO is not a static end-state. Continual learning, reflection and engagement with other people, are key to being the CFO that the organisation and the world needs.
For more information, read the guide at our website.
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About ACCA
ACCA is the Association of Chartered Certified Accountants. We’re a thriving global community of 241,000 members and 542,000 future members based in 178 countries and regions, who work across a wide range of sectors and industries. We uphold the highest professional and ethical values.
We believe that accountancy is a cornerstone profession of society that supports both public and private sectors. That’s why we’re committed to the development of a strong global accountancy profession and the many benefits that this brings to society and individuals.
Since 1904 being a force for public good has been embedded in our purpose. And because we’re a not-for-profit organisation, we build a sustainable global profession by re-investing our surplus to deliver member value and develop the profession for the next generation.
Through our world leading ACCA Qualification, we offer everyone everywhere the opportunity to experience a rewarding career in accountancy, finance and management. And using our respected research, we lead the profession by answering today’s questions and preparing us for tomorrow.
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