Financial Officers have been tasked to focus on value addition rather than only focusing on numbers within the organizations they serve to fit into the future Chief Value Officer role.
This was revealed during the ACCA Uganda and Deloitte CFO Network Forum which served as a launch pad for the 7th edition of the Chief Financial Officer (CFO) Awards, to be held on October 12th under the theme “The Future Proof CFO: The Emergence of the Chief Value Officer”.
In his keynote speech, Sanjay Rughani FCCA, CEO Standard Chartered Bank Uganda encouraged the finance officers to automate their work and focus on serving their stakeholders to be able to deliver additional value to their organizations.
“The question we need to ask ourselves as CFOs is “Are we relevant?” Sanjay, said, adding, “Research has said that there is an evolution of the world and we all know the that profession is also changing. More importantly, what is changing is what our stakeholders are demanding from us.”
Addressing the CFO Network Forum held at the Kampala Serena Hotel, Charlotte Kukunda, the Head of ACCA Uganda noted that the finance officers are now expected to deliver more value to their organizations other than finance management and reporting,
“The CFO role is fundamental to organizations; the role continues to evolve as organizations change. Chief financial officers are increasingly adopting a value-centric approach in their work and this represents an evolution towards a chief value officer role. The role of a chief value officer (CVO) is one that is increasingly used in the context of the broader reporting that organizations are now undertaking. The concept of value is fundamental to the management of performance in organizations and its adoption is a key element in their path to a sustainable future,” she said.
In a statement, Norbert Kagoro, Country Managing Partner of Deloitte Uganda said, “Once again, the CFO Awards are here to recognize and reward the exceptional value created by the finance teams in various sectors to keep organizations afloat amid local and global business dynamics. The Awards categories have been specially curated to cater to various aspects of the Role of the CFO with both local and global context in mind. I encourage you all to nominate finance leaders who have made an impact that matters to their Teams, the Businesses and environments as we continue to grow the profession and raise the mantle for future leaders creating value to communities.”
This year, the awards categories include the most coveted CFO of the year Award, Young CFO Award, Strategy Execution Award, Finance Transformation and Technology Award, Public Sector Award, SME sector Award, Not for Profit Sector Award, Compliance and Governance Award, Leadership Award and the Sustainability Award.