Evolving Role Of CFOs In Organisation
CEO and CFO are the best people in an organisation because they know the departments' people, processes, policies, and performance.
Today, the CFO is not just limited to the control and audit aspects but rather looks forward to the growth of the company, said Paras Bafna, Group CFO, Tynor Orthotics (P), on Friday.
Bafna was speaking as part of a panel discussion at the BW CFO World's Finance Leadership & Strategy Summit 2023.
Adding to the growing vitality of the CFOs in an organisation, Rashmi Mohanty, CFO, SBI Cards & Payment Services, attributed the following reasons for this change: "Post-pandemic, the focus on financial prudence has come in a big way. Moreover, today's CFOs are more exposed to the external world as there is an increasing demand from investors, lenders, bankers, and also regulators to get a CFO on the table as they know exactly what is running in the veins of an organisation."
Underscoring the challenges in establishing synergy between the CFO and CEO, Karun Gupta, Head of Finance, Salesforce India, said, "Traditionally, the CFO has been considered more of a domain function, which is more responsible for the compliance, financial management, and audits. So, CEOs are not always appreciative of their understanding of the business and the strategies that they bring to the table."
Expounding on the imperative role of ESG (environmental, social, and governance) and CFO in a company, Ashish Agrawal, Director, Resurgent India, stated, "If you want to remain in business, you have to have the ESG elements in your organisation. From the funding point of view, you can see that a lot of funds are available for the company that is ESD compliant. One of the key roles of the CFO is to raise funds. So, as a CFO you have to ensure that all the checks and the parameters of the ESG are there in your organisation."
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