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Finance Professionals Meeting Today’s Business Challenges

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Presentation by Charles Tilley, Chair of the IFAC Professional Accountants in Business Committee and Executive Chairman, CGMA Research Foundation

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Finance Professionals Meeting Today’s Business Challenges

  1. 1. Finance Professionals Meeting Today’s Business Challenges Charles Tilley Chair, IFAC PAIB Committee Executive Chairman, CGMA Research Foundation ICAP CFO Conference 28 September 2016
  2. 2. Page 2 | Proprietary and Copyrighted Information • Global, regional, and local economic pressures, including: – Sustainable development agenda – Post-Brexit IMF global growth downgrade; bond yields at record lows – China deceleration, commodity prices, weighing on developing countries • Continued concern of threat of significant failures of individual companies • Response: more regulation of governance, reporting, assurance Recent Global Outlook
  3. 3. Page 3 | Proprietary and Copyrighted Information The Issues Facing Business – The Perfect Storm Globalisation Talent Technology / Digitisation Urbanisation Societal expectations / Regulations Environmental resource constraints
  4. 4. Page 4 | Proprietary and Copyrighted Information Value is more than financial Source: OCEAN TOMO LLC January,1,2015 The Most Important Determinants of Value
  5. 5. Page 5 | Proprietary and Copyrighted Information A Better Business Agenda Our goal: work towards better public sector and business – trusted for a better society PAIBs need to gain credibility and visibility in their organisations PAIBs must be part of the solution and help organisations respond to the challenges they face
  6. 6. Page 6 | Proprietary and Copyrighted Information CFOs and PAIBs Supporting the Business CFO Summit • Supporting effective governance, compliance and control, and business ethics • Effective, trusted, proactive in leadership, navigating the business, and strategic and operational decision making
  7. 7. Page 7 | Proprietary and Copyrighted Information • Shifting emphasis from maximizing profits for shareholders to maintaining value creation in a sustainable manner • Professional accountants as chief value officers can facilitate an understanding of value creation in an organization Chief Financial Officer to Chief Value Officer
  8. 8. Page 8 | Proprietary and Copyrighted Information An Evolution for the Finance Function – Financial Reporting to Integrated Reporting My main task is only to make sure the numbers are right. My main task is to make sure numbers make sense. My main task is to manage information flows. My main task is to explain how we create value with our capitals. My main task is to make sure we think integrated.
  9. 9. Page 9 | Proprietary and Copyrighted Information Research findings demonstrate many organisations are struggling to: Overcome bureaucracy and achieve agile decision making. Build greater levels of trust and improve collaboration. Take a long-term view and define the right metrics. Turn huge volumes of data into strategic insight. Build the decision- making skills of senior leaders. Joining the Dots: Decision Making for a New Era (CIMA 2016)
  10. 10. Page 10 | Proprietary and Copyrighted Information Rethinking the Business Model VALUEDefine Deliver Create Capture Markets Technology Society Risk and opportunity Identify stakeholders Prioritise stakeholders Identify needs of stakeholders Formulate value proposition Partners Resources Processes Activities Outputs Segments Channels Revenues Sharing SurplusCosts
  11. 11. Page 11 | Proprietary and Copyrighted Information PAIBs Are Critical in Meeting the Challenges • Need effective PAIBs to drive organizational success – Influence―drive better decisions about strategy and execution – Value―cause-and-effect between inputs and outcomes – Relevance―information to drive decisions – Trust―protection of financial and non-financial assets ….while operating in a rapidly changing, uncertain, and complex environment. • These are reflected in the 4 Global Management Accounting Principles and IFAC PAIB’s Competent and Versatile publication
  12. 12. Page 12 | Proprietary and Copyrighted Information A Profession Relevant to Professional Accountants in Business
  13. 13. Page 13 | Proprietary and Copyrighted Information • PAIBs facilitating better business and public sector – trusted for a better society • PAIBs have to be seen as part of the solution and help organisations respond to the challenges they face • PAIBs need to gain credibility and visibility in their organizations The Importance of the Professional Accountants in Business Agenda
  14. 14. Page 14 | Proprietary and Copyrighted Information IFAC Working Together with its Members and Regional Organizations Working together to ensure a profession relevant to PAIBs by: − Identifying trends and priorities for the profession − Sharing knowledge on emerging themes and issues − Equipping PAOs to better support their PAIBs − Advocacy: Identifying significant opportunities to place PAIBs and PAIB issues in the spotlight
  15. 15. Page 15 | Proprietary and Copyrighted Information Delivering Value to Your Organization • PAIBs need to build on their deep financial acumen by developing skills and competencies needed • Helping us to – Apply our professional qualities in complex and uncertain environments – Be strategically aware and with business understanding to enable our effective contribution to the achievement of business objectives – Engage in emerging areas such as Integrated Reporting, managing uncertainty and risk, and performance management & analytics • Engage with the ICAP PAIB Committee for support
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