4.3 Strategic partnering for value (level 2) & Strategic leadership of the finance team (level 1) Flashcards

1
Q

Strategic partnering for value (level 2) involves:

A
  • communicating insight to influence users
  • business partnering
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2
Q

Communicating insight to influence users:

A
  • Finance operations (level 4) will generate info and preliminary insight
  • the FF (level 3) will work with specialists to provide further insight to decision makers
  • at level 2 these insights will be passed on to finance professionals working as strategic partners
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3
Q

Strategic partners will

A
  • interpret and use FS along with other data to communicate this insight:
    • in an appropriate format
    • and at required frequency
    • to internal and external stakeholders
  • to influence users of this info in their decision making and implementation and control activities
  • FF must develop new competencies
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4
Q

Business partnering:

A
  • The FF will act as a bus partner influencing decisions to achieve the desired impact
  • It involves:
    *strategy formulation, implementation and communication
    • commercial decision making and negotiations
    • leading on business analysis
    • being a sounding board, trusted advisor and facilitator of productive bus decisions
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5
Q

The focus of the FF work is shifting from:

A
  • reporting historic performance to challenging managements thinking and driving decision making to influence future performance
  • role will include helping to align work of analytics team with bus priorities and help leaders understand the implication of their data
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6
Q

Business partnering services may be provided by:

A
  • individual FF employees deployed to work alongside departmental managers
  • a multi-disciplinary team in a centre of excellence
  • a mix of both with some local support but also an expert team tackling a particular problem or guiding a major initiative
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7
Q

Success in the role of business partnering requires a mix of

A
  • commercial acumen, analytical skills, an ability to build relationships, to communicate effectively and persuade
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8
Q

The head of the finance function is the

A

CFO and they are responsible for leading the finance team to achieved the desired impact

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9
Q

Strategic leadership involves (responsibilities of CFO):

A
  • lead the finance team to achieve the desired org impact
  • lead key initiatives to support org goals
  • liasing effectively with internal and external stakeholders
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10
Q

To do this the CFO will need to put

A

a team in place that has the appropriate skills, knowledge and experience to effectively execute all the FF activities

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11
Q

CFO’s are increasingly taking a more

A

active leadership role working alongside the CEO as a copilot in the success of the bus

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12
Q

Today’s CFO needs a wider skill set;

A
  • possessing strong analytical and communication skills
  • and mastering of areas outside of finance such as regulation, risk management, bus transformation, supply chain management and IT
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13
Q

The CFO is increasingly relying on

A

automation of key bus processes and relying more on technology to transform data into actionable insights that can influence and impact the org achievement of it’s goals

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