“In the last decade in particular, CFOs have faced a raft of changing regulations and enhanced governance requirements. They have had to get increasingly comfortable with new technology and automation, and they have needed to step into the limelight as prominent communicators and influencers. The modern CFO has fully embraced change to become a valued strategic partner, able to navigate complex organizations and lead an increasingly dispersed workforce.”
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Managing during a crisis takes on a different set of priorities, according to a six-time CFO. “The first — respond as effectively as you can to short-term needs while preserving cash and liquidity. Second, build engagement between finance and procurement teams. And third, ensure efficiency and be more responsive to quickly changing demands and shifting priorities.”
CFOs are continually evaluating their risk exposure as unpredictable becomes the new normal. A recent survey from Euler Hermes exposed that 90+% of CFOs predict that the risk strategy in their organizations will change, with significant challenges in managing cash flow. “Many CFOs have a gap in their financial analysis when it comes to customer and customer behavior, particularly at such an unpredictable time as now.”
With business disruptions mounting and the COVID-19 crisis continuing to impact companies, CFOs should hone their leadership skills in three areas. According to a recent publication from The Wharton School of Business – “As leadership advisors to C-suite executives, boards, and investors, we have found that successful leaders do three things well: They have the right Priorities, the right people (Who), and the right Relationships to achieve results.” The study identifies which two CFOs tend to do well, and which one falls short.