The strategic CAO
New expectations, new opportunities for today’s Corporate Controller and Chief Accounting Officer
As stakeholders ask for more, a new CAO profile emerges
Chief Accounting Officers (CAOs) face a perfect storm of disruptive developments. Their traditional mandates as performance scorekeeper for the enterprise remains as important as ever. But stakeholders – the C-suite, regulators, the capital markets, customers and employees – keep raising the bar. Each round of advances in data/analytics and process automation, in turn, lifts service-delivery expectations. The new baseline includes virtual closes, customized dashboard reporting, reciprocal data-sharing with suppliers, and actionable insights for the middle and front office.
By necessity, CAOs are adapting to a landscape in which rapid market shifts, regulatory uncertainty and relentless technology change are the new normal. By choice, the best CAOs are taking the initiative, acquiring hard skills beyond core accounting, but also focusing on the soft leadership attributes they need to lead their organizations.
Today’s CAO: Beyond the numbers to strategic value driver
To keep their organizations forward-looking in the C-suite, CAOs need to focus on four foundational capabilities.
1
Governance and compliance
Deliver tech-enabled excellence in a dynamic Governance, Risk and Compliance environment, as new value frameworks such as ESG emerge.
2
Event-driven transactions
Maintain control and compliance and provide valuable insights during transactions such acquisitions, divestitures, IPOs, and restructurings.
3
Business transformation
Drive and identify tech-enabled opportunities to unleash value, while building mindsets to help the business future-proof.
4
Business alignment
Collaborate with leadership teams, and tailor service delivery to the changing priorities of the business.
The modern CAO transcends the boundaries of traditional accounting roles to become a key strategic partner in steering organizational success. They must not only demonstrate prowess in managing numbers but also serve as catalysts for innovation, guiding their enterprises through complex challenges and opportunities with foresight and agility.
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