Bank CFOs 'need strategic focus'
The latest E&Y report highlights the changing role of CFOs of global banks in the wake of the credit crisis
CFOs of global banks must sharpen their focus on strategic issues rather than
monitor and report financial information, according to a report by
Ernst
& Young and CFO Research Services.
Rapid growth in the industry has led to financial operations which have
become disjointed and inefficient and only when CFOs can improve the financial
operations, can they become true strategic partners, help evaluate new products,
provide leading indicators on business performance and drive merger and
acquisition opportunities.
‘Finance has always played a crucial role at the world’s leading banks, but
the job is evolving,’ Sam Knox, CFO Research Services vice president and
director of research, says. ‘CFOs need to spend less time keeping score and more
time leading.’
The Finance Operating Model Matters, which involved a survey of executives at
14 of the world’s biggest banks, found CFOs who brought their business acumen to
bear on strategy could have a lasting positive impact on their firm and the
industry.