What do boards expect from CFOs?
Korn/Ferry has released an interesting, though not earth-shaking, document with advice for CFOs on audit committee expectations.
I recommend a read of “Great Expectations: Boards want more from CFOs, and building strong ties to the audit committee is the foundation.”
In order to achieve world-class outcomes, CFOs should:
- Have an owner’s mentality. View the business issues through an owner’s lens, and own the results.
- Push past the must-do’s. Drive the discussion of critical issues beyond the prescribed regulatory requirements.
- Get your hands around risk. Guide the enterprise risk management process hand-in-hand with the audit committee.
- Showcase the bench. The whole finance team, not just the CFO, should be familiar to the board.
- Get familiar. Actively develop personal relationships with the audit committee. This is one case where familiarity breeds confidence.