Search

CFOs fear dual pressure as “protector” and “growth driver”

More than 150 financial chiefs believe their teams are under “too much pressure” to be business protectors and growth drivers, according to a new survey.

LinkedIn Twitter

A survey of 200 CFOs and financial directors at UK firms, by business information specialist Dun & Bradstreet, also found that 59 percent of respondents face the dual pressures of more compliance responsibilities, and an increased focus on revenue-generating activity.

 

More than half (56 percent) of the financial leaders who responded feel board expectations are “unrealistic”, with 53 percent admitting that reduced resources “increase the risk” of serious mistakes.

 

Tim Vine, head of trade credit for UK & Ireland at Dun & Bradstreet, said: “Suddenly, teams who have reduced in size now have to manage a complex dual role – business gatekeeper and revenue creator.

 

“Despite the challenges CFOs clearly face, these two roles are not opposites. Protection and growth can go hand-in-hand, but only when they are underpinned and supported by the resource, tools and data to allow for smarter decisions that will grow the business.”

 

Two of the key business protection issues CFOs face are the implementation of IFRS9 and GDPR.

 

Vine explained that the role of the financial decision maker has transformed over the last few years and that while many (74 percent) financial leaders feel this has been a positive shift overall, it’s still a “major challenge”.

 

Nearly all (97 percent) of the CFOs and directors said their role has changed during the past three years. The responses also showed that:

 

- Almost two-thirds (59 percent) suggest their organisation sometimes rushes through the compliance process to support revenue-generating activity;

 

- More than half (55 percent) of CFOs and directors feel uncomfortable with the extent to which their business sometimes “gambles” on risk management;

 

- Financial leaders know how vital data is to making smart decisions, but are being held back by lack of skills (23 percent), lack of investment in tech (21 percent) and inaccurate data (20 percent).

 

LinkedIn Twitter
YOU MIGHT ALSO LIKE

Precise Mortgages’ parent announces flotation

Precise Mortgages has today (September 29) floated on the London Stock Exchange

Older consumers face financial exclusion

Older consumers are at risk of being financially excluded, according to a recent occasional paper published by the Financial Conduct Authority (FCA)

FCA warns of enforcement action over complaints policies

The Financial Conduct Authority (FCA) has warned enforcement action will be taken against consumer credit firms who are seriously failing to comply with its complaints policy
LATEST IN ANALYSIS

The CS Interview

Renaissance man
LinkedIn Twitter

Renaissance man

Features

Engineering a self-service solution in car finance
LinkedIn Twitter

Engineering a self-service solution in car finance

Opinion

"It’s up to the financial services industry to help teach students the necessary skills to manage their finances"
LinkedIn Twitter

"It’s up to the financial services industry to help teach students the necessary skills to manage their finances"

Dispatches

Lloyds results reveal £2bn of debt in forbearance
LinkedIn Twitter

Lloyds results reveal £2bn of debt in forbearance

Upcoming events

TRI Conference: Special Situations & Turnaround


TRI Awards 2017


Mortgage Conference 2017


F5 Conference 2017

Credit Strategy

Did you find our website useful?

Thank you for your input

Thank you for your feedback

creditstrategy.co.uk – an online news and information service for the UK’s commercial and consumer credit industry. creditstrategy.co.uk is published by Shard Financial Media Limited, registered in England & Wales as 5481132, Axe & Bottle Court, 70 Newcomen St, London, SE1 1YT. All rights reserved. Credit Strategy is committed to diversity in the workplace.
@ Copyright Shard Media Group