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Fresh age CFO has to be an all-rounder to address rising complexities

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Now, it has fallen upon the CFOs to invent beyond the ambit of their responsibilities, and to total justice to his map the CFO has to search out recourse in technology

The unique age Chief Monetary Officer (CFO) has to be an all-rounder as he/she is required to assist watch over extra complex processes bobbing up out of as much as the moment regulatory norms and technological developments and be accountable to all stakeholders. This was identified by speakers at a gathering organised by Coimbatore Administration Association no longer too prolonged ago.

The aged CFOs’ roles and responsibilities had been mainly confined to retaining the sources, minimising risks, getting the firm’s balance-sheet lawful, and effective finance management. But the as much as the moment age CFO has grand greater tasks to assist watch over.

“Now, it has fallen upon the CFOs to invent beyond the ambit of their responsibilities, and to total justice to his map the CFO has to search out recourse in technology, acknowledged a observation quoting S Narayan, Member, Particular Financial Advisory Committee, Tamil Nadu Authorities, and frequent Financial Handbook to the Prime Minister.

“The CFO will must leverage technology to conform to the final discipline of compliance. States comparable to Maharashtra, Telangana and Tamil Nadu are an increasing number of adopting blockchain technology in maintaining observe of RT-PCR tests, property registration and finding solutions to grassroots concerns respectively,” acknowledged S Srinivas, CFO & Compliance Officer, Seshasayee Paper & Boards Ltd.

Discussing challenges for CFOs, Rakesh Patwari, Country Head Industry Model, HSBC Monetary institution Ltd, acknowledged that of slack the monetary panorama across the spectrum was changing. Particularly, within the closing two years, it was rather annoying on narrative of the outbreak of the Covid-19 pandemic.

Throughout the panel dialogue on “Rising contemporary challenges for CFO,” Editor of BusinessLine, Raghuvir Srinivasan, who chaired the panel dialogue, acknowledged that the methodology the responsibilities are delineated for a contemporary CFO make one in actuality feel that a CFO also can merely quiet be a astronomical human.

It has turn out to be a astronomical job for the CFO to address the monetary parts of the firm, assist an observe on the personnel, and observe the norms prescribed by the regulatory authorities. Srinivasan wondered whether the Institute of Chartered Accountants of India (ICAI) was readying the CAs to address the as much as the moment-day necessities. 

Sai Bommadevara, Managing Director, PWC Likelihood Assurance Companies, asserted that the worth of compliance would be grand decrease than the worth of non-compliance.

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Might perchance per chance 02, 2022

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