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New research has revealed that one third of chief executives feel their CFO is underperforming.
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A third of CEOs don't rate CFO performance
15 December 2014
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The survey, commissioned by KPMG, shows that CEOs want their CFOs to be providing strategic input but often believe their CFO is tied down in costs and compliance issues, wading through the numbers.
Chief executives said they expect CFOs to make decisions with a value perspective and to challenge strategy from a risk perspective. CEOs also said they want their CFO to focus on growth.
Randy Wong, KPMG Asia-Pacific leader, financial management, said the report contains both good and bad news for CFOs.
“The good news is that CEOs believe the CFO’s role will increase in importance over the next three years, compared to other C-suite roles. The bad news is that almost a third of the surveyed CEOs don’t believe their CFOs understand or assist enough with the business challenges they are facing,” Mr Wong said.
Previous surveys conducted by KPMG reveal a clear discrepancy between the actual performance of CFOs and the expectations of their bosses, he added.
‘When KPMG asked CFOs a year ago about their roles, 60 per cent were happy with the overall performance of their finance function, and on average less than 10 per cent of CFOs rated any of their finance processes or services as a weakness.
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“CFOs must focus on the key areas of concern – taking a more strategic approach; improving their talent management skills; leveraging technology and data better; and streamlining reporting and control tasks so that they are not bogged down in compliance and regulatory issues,” Mr Wong concluded.
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