CFOs tasked on innovative, resilience

Chief financial officers (CFOs) have been urged to remain innovative and resilient in their operations despite the challenging business environment.

The call was made by experts at the CFO luncheon organised by the Franco Nigeria Chamber of Commerce and Industry and sponsored by Mazars.

Director of Accounting Standards Directorate, Financial Reporting Council of Nigeria (FRCN), Dr. Iheanyi Anyahara, said there was no organisation irrespective of size, type, location and sector, without a range of risks that cause long-term harm if not properly managed.

Manager, Quality and Risk Management, Mazars, Dr. Chinedu Uchechukwu, said CFOs should start creating resilient business strategies that make considerable progress on sustainability as a means of long-term value creation and innovation.

Uchechukwu said CFOs should start focusing on separate sustainability strategies rather than business strategies, while setting sustainability priorities that are driven by risk management.

He said finance heads should start conducting scenario planning and strategic foresight, while engaging investors in a long-term vision of the business.

He charged CFOs to understand value creation and develop integrated thinking principles.

Consul General of France, Laurence Monmayrant, said the role of CFO relates to traditional bookkeeping and corporate governance but that modern CFOs need to be creative to provide value for their organisations. She said French presence in Nigeria remains strong with over 70 companies domiciled in the country.