More than a quarter S-E Asia CFOs haven't transformed key finance functions: Deloitte

ALTHOUGH a large majority of South-east Asia chief financial officers (CFOs) recognise the importance of transforming key areas of their finance functions to adapt to the new normal, more than 25 per cent of them have yet to do so, according to a survey conducted by Deloitte.

This is especially so in the areas of business finance, risk monitoring and compliance, as well as data analytics and management, the consulting firm said in a report dated Thursday (Dec 9).

Timothy Ho, CFO programme leader for Deloitte South-east Asia, said: "For most South-east Asia CFOs, their focus was initially to ensure operational and business continuity. This year, CFOs are now focusing on long-term priorities to become more agile to support the evolving business needs."

He said it is "imperative" for CFOs and their finance functions to pivot from operational finance to financial insights and turn their attention to developing new finance roles and their accompanying skillsets.

"Specifically, they will need to take on more frontline roles and become the ultimate owner of data within the organisation," Ho added.

Almost three-quarters (73 per cent) of the survey respondents indicated that their organisation will continue remote working - a means to supplement finance teams with talent amid a skills shortage.

A NEWSLETTER FOR YOU

Friday, 8.30 am

Asean Business

Business insights centering on South-east Asia's fast-growing economies.

Sign Up

Ho said that in the future, finance will be about managing across functions, building the right combination of talent and capabilities, as well as owning and operating a "strong organisation-wide" data foundation.

"It is becoming increasingly clear that doing one or two things exceptionally well and working in isolation are unlikely to cut it," he noted.

Deloitte surveyed and interviewed 105 South-east Asia-based CFOs and finance leaders across different sectors for the study.