MADISON, Wis. (12/13/13)--Replace "bean counter" with "guardian of financial health." Add growth strategies to the equation of math and finance. Put together, you have today's chief financial officer, according to a new white paper from the CUNA CFO Council.
"Portrait of a Modern CFO" paints a picture of a CFO who meets compliance challenges as well as balances financials. It provides an industry perspective of CFOs' evolving roles, at an individual and business level.
The paper cites the International Federation of Accountants, which said today's CFOs are expected to:
- Be the guardian of the organization's financial health;
- Participate in driving the organization toward achieving its objectives;
- Increase support of strategic and operational decision-making in a business partnering capacity; and
- Fulfill traditional stewardship responsibilities related to governance, compliance and control, and business ethics.
The white paper presents the typical four categories of CFOs--finance experts, performance leaders, growth champions and generalists--and offers ways for current CFOs to assess their strengths.
Three credit union CFOs are interviewed in the white paper: Robert Reh, CIO, Nassau Financial FCU, Westbury, N.Y.; Brian Hughes, vice president of finance, wealth and business solutions, Sun FCU, Maumee, Ohio; and Paul Meissner, CU of America, Wichita, Kan.