“A recent McKinsey survey found that the CFO’s role has become broader and more complex than even 2 years ago.  Today’s CFO has an average of 6.2 reporting functional areas with a corresponding increase in responsibilities including board engagement and taking the lead in digital transformation initiatives.” In order to adapt to the constant changes within the role, a modern CFO must be passionate about innovation and value creation.

No one knows more about these ever-changing aspects of the role than the Chief Financial and Operating Officer for Global Pharmaceutical R&D at Johnson & Johnson, Darren Snellgrove. He will be speaking at the Chief Financial Officer Exchange to share his experience managing transformation initiatives for value creation and defining a master plan while being able to properly execute it. He is passionate about innovation and even co-authored a cover story for Strategic Finance Magazine “Why Innovation Should be Every CFO’s Top Priority.”

A current CFO knows there is more to the job than just finance. Financier Worldwide states, “Traditionally, they (CFOs) were charged with tasks such as safeguarding assets, cash flow management, understanding and managing risk, financial reporting, interpreting performance and general financial planning and analysis.” Each CFO must be able to uniquely add to the strategies of the company in order to help them develop. In addition to their traditional roles, risk management has also become an important task of the CFO. Being able to asses risk and minimize capital loss in the workplace has become an essential job function for the CFO.

As the role of the CFO continues to expand, so will the need for their position.  CFOs must have the capacity to evolve now more than ever. With the constant creation of new technology and the ever present need for top talent, the ability to quickly adapt is imperative to a modern day CFO.

For more information about how you can join Darren at the CFO Exchange, check out their website:

https://www.iqpc.com/events-cfo-exchangeus

By Theresa Patterson, Marketing Coordinator

Sources:

                      https://www.financierworldwide.com/evolving-role-of-the-cfo#.XaDWTkZKgdU

                      https://www.mckinsey.com/business-functions/strategy-and-corporate-finance/our-insights/the-new-cfo-mandate-prioritize-transform-repeat