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The evolving role of the CFO
From gatekeeper to change-maker: today’s CFO rewrites corporate leadership, steers digital transformation, and drives long-term strategy
 
Featured | Management | Strategy
Author: Amanda Akien , Features Writer
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Once guardians of budgets and balance sheets, CFOs are now architects of strategy and transformation. The Super CFO, a global CFO survey, finds that ‘super CFOs’ are emerging to combat challenges. Finance leaders have moved from reporting performance to designing it. Enter the Chief Value Officer (CVO), reflecting finance’s role in total value creation. Value is no longer defined by profit but by the Integrated Reporting Framework’s six capitals.
The CFO role has transformed over the last two decades, moving beyond traditional accounting and control functions. Historically, CFOs focused on financial stewardship, including financial reporting and recording transactions. A reactive role has transformed into a strategic partner to the CEO, acting as a ‘co-pilot,’ identifying future opportunities. This double act is critical in managing modern economic unpredictability: the CEO focuses on market opportunities while the CFO steers the organisation through financial stress-testing and scenario planning.
The CFO role is strategic leadership that delivers long-term value to stakeholders. Businesses face more demands from boards, investors and regulators. “Over the past 10 years, the role of CFO has changed from one of financial management and compliance to a strategic leadership tasked with driving change,” says Dan Benson, managing director at executive search firm Morgan Philips Group. This strategic leadership shift has expanded the CFO’s mandate to include greater internal collaboration and external focus.
Deana Murfitt, COO and Executive Coach at Breakfast People, concurs: “The modern CFO is market-facing, having moved away from the confines of the traditional finance function. CFOs are now true business leaders: analysing market trends, pitching to Venture Capital (VC) and representing the corporate voice.”
An unforgiving business landscape fuels this transformation: supply shocks, inflation spikes, and investor scrutiny. CFOs have swapped the back office of spreadsheets for the unpredictability of boardroom strategy. While changes happened before
 