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Survey: CFOs Seek Greater Skills for Managing Financial Risk

24.06.2011
The role of the corporate finance department is moving more deeply into the areas of financial risk management, performance management, and enhanced nonfinancial and statistical reporting, according to new survey titled the "Finance Capabilities and Needs Survey." That is in addition to the better-understood missions that involved dealing with numerous changes in accounting regulations.

The 19-page study, by consulting and audit firm , suggests that the executives see a need to improve their skills and knowledge in those areas as the role of corporate finance continues to expand. with nearly 200 CFOs, controllers, or vice presidents or directors of finance. They were asked to assess their skills and professional development priorities in more than 100 questions divided into the categories of process capabilities, technical capabilities and organizational capabilities.

The global financial crisis was raised as a factor driving change throughout the survey, Protiviti said, especially in answers related to process capabilities, a category that included financial transactions. Respondents said they believed financial risk management was the area where improvement was most needed, "a strong indicator that financial executives are working to ensure that they and their organizations are not caught off guard by events or financial risks they face in their day-to-day operations and activities," the consulting and audit firm said. After financial risk management came foreign taxes and tax planning as the second and third-most areas in need of improvement, in the view of the executives in the survey.

Protiviti noted these findings, as well:

* International Financial Reporting Standards was the area in need of most improvement priority among technical capabilities. Others of the top five technical-capabilities categories citied were Extensible Business Reporting Language, readiness for adopting new and pending accounting rules, and fair value accounting and reporting uncertainties to the IRS. The last two items were tied for fourth in the survey.

* Organizational capabilities were rated higher by respondents than skills in other survey categories, although they still see room for improvement. Contacts and networking, negotiation and dealing with confrontation were listed as top areas for improvement. The recent signes of economic improvement have made recruiting and retention higher priorities in finance, too.