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In a rapidly changing environment, driven by increasingly global markets, global competition, financial regulation and the outward movement of capital from east to west, these roles are evolving and CFOs in the Middle East will also find themselves at a turning point.
"If CFOs want to concentrate on their strategic roles they need to streamline their scorekeeper and custodian roles, focus more on integrating financial and non-financial information, and build talented teams to share the workload. Based on the strategic objectives of the company and the nature of the regional markets, the CFO has to take the lead in defining his role,"
says Omar Bitar, Managing Partner of Advisory Services at Ernst & Young Middle East.
The survey showed that 20% of respondents attributed the expansion of their role to globalization.
97% of respondents acknowledge that CFO roles have grown broader, but nearly a third believe that they do not have enough understanding of the wider issues their businesses face.
35% felt that CFOs should dedicate their time to working as strategic business partners to the CEO, whereas only 26% felt that this is what they do.
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Posted by Eman Hassan
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