Asian News - Asia: CFOs dealing with shifting landscapes
Source: Asia Insurance Review | Apr 2016
The CFO continues to oversee a sea change as new digital technologies have caused finance departments to change the way they have traditionally operated, while at the same time CFOs are increasingly tasked with operational oversight as the role of COO and CFO increasingly becomes one.
As more and more tasks are automated and the CFO adds value in different ways, it makes sense that companies looking to become leaner assign many of the COO’s duties to them. Of 200 of the world’s largest companies, 15% of CFOs are already involved in operations, and they are best positioned to deal with the economic and governmental pressures. As companies look to become leaner and more agile, this trend will continue in 2016, and CFOs must be prepared to cope with the new responsibilities.
Radical game change
On top of that, CFOs are also being tasked with Big Data and analytics – a Deloitte survey revealed 18% of organisations say that their CFO is now in charge of analytics – second only to the “business unit or division head”.
Throw into the mix, regulatory changes, risk management challenges, with unexpected aviation crises, and pandemics like the recent Zika scare, and it is evident that the industry is going through a radical game change.
It is then timely that the 10th Anniversary of the Insurance CFO Summit series organised by Asia Insurance Review and EY will tackle these new issues that have changed the whole world! What has the last decade taught us? And what will the next decade bring? How can CFOs now become the stewards of innovation, being in the driver’s seat?