The four roles of finance
ICAEW and Deloitte's eLearning module, Work, clarifies the four roles of finance and how digital technologies may change the balance of these roles in future. Finance functions are expected to play four diverse and challenging roles.
The two traditional roles are that of Steward, preserving the assets of the organisation by minimising risk and getting the books right, and Operator, running a tight finance operation that is efficient and effective.
Meanwhile, it's increasingly important for finance to be Strategists, helping to shape overall strategy and direction, and Catalysts, instilling a financial approach and mindset throughout the organisation to help other parts of the business perform better.
Digital technologies will not ultimately change these roles, however, what will change is how these roles are delivered, by whom, and the structures that enable this. You may have to change the balance of your time across these different roles, potentially shifting to have a strong focus in a particular area.
Traditional roles:
Steward
- Objective
- Focus
- Roles
Operator
- Objective
- Focus
- Roles
Newer roles:
Catalyst
- Objective
- Focus
- Roles
Strategist
- Objective
- Focus
- Roles
How the CFO role is evolving
In his webinar, Visualising finance transformation in a digital world, part of ICAEW’s 2018 virtual conference on digital disruption, Tim Leung, a Management Consultant at Deloitte, explained the time spent on these different roles would undergo a significant shift in the future.
According to regular surveys of 290 CFOs by Deloitte, CFOs currently spend 44% of their time carrying out strategist and catalyst roles while 56% focus on steward and operator tasks.
Leung confirmed revealed that the research also showed that CFOs aim to change their focus on to the more strategic roles. When CFOs are asked what they aspire to do in future, they stated that they hope to increase the amount of time they spend on tasks associated with strategist and catalyst roles by nearly 20%, with a corresponding decline in the time spent on steward or operator roles (see table below).
“While these four faces will still exist in a digital world, the way that their core functions will be delivered is likely to change. The role of the CFO will become more complex, but also more interesting and rewarding. Organisations will look for CFOs to offer innovative solutions for their businesses,” he said.
How much time CFOs spent on average carrying out these roles |
||
Currently | Aspire to | |
---|---|---|
Strategist | 22% | 33% |
Catalyst |
22% | 31% |
Steward | 27% | 17% |
Operator | 29% | 19% |
Learn more
This content is an extract from: Tim Leung's webinar: "Visualising finance transformation in a digital world" and from ICAEW and Deloitte's eLearning module: "Work".
Finance in a Digital World
Make sure you're ready for the changes that digital technologies are bringing to finance functions and accountancy work. Complete eLearning, watch webinars and read bite-sized summaries on the opportunities and challenges brought by automation, artificial intelligence and big data.
How will digital technologies impact your work?
This eLearning module explores how finance work will change in future. It helps you understand your current role and how digital technologies may change it and includes first-hand experiences of two accountants who have already seen their roles in finance change.
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