Mauritius’ MCB hosts event on increasing role of CFOs in supporting businesses
The Institute of Chartered Accountants in England and Wales (ICAEW) finance expert Rick Payne largely dissected the major changes occurring in the finance sector, where more and more complexities abound, and it is increasingly critical for CFOs to keep abreast with the latest strategies. (Image: Cecilia Samoisi)
“Can CFOs do more to support businesses?” was the theme tackled yesterday, September 10, 2014 at the Mauritius Commercial Bank Ltd (MCB) forward thinking event 2.
The foresighted event was held at MCB St-Jean in the presence of Arthur Bailey, President of the Institute of Chartered Accountants in England and Wales (ICAEW), and Rick Payne, ICAEW’s expert on finance.
This forum followed on the heels of the ‘Green is the new goal’ event held in April, where MCB focused on sustainable development, and was held in front of hundreds of CFOs and CEOs from different fields, to help them look at their businesses from a new perspective.
Arthur Bailey’s presence during the event acted as a testimony of how ICAEW wants to empower Mauritius by helping the island nation to train and produce fully qualified chartered accountant from a prestigious world leader in finance and accountancy, on the island itself.
“I am delighted to be here to support MCB in this event this afternoon. Mauritius, as an international financing hub, is the right place to be for a financial and professional service provider,” said Arthur Bailey.
“We at ICAEW are committed to provide support to businesses basis our technical expertise in industrial and economic research,” he noted.
“Team work is what success is all about. MCB and ICAEW are working together to provide professional assistance and we believe that our support will help to fast track the progress of Mauritius,” he added.
Rick Payne, for his part, largely dissected the major changes occurring in the finance sector, where more and more complexities abound, and it is increasingly critical for CFOs to keep abreast with the latest strategies.
Strategy is a complex maze to negotiate, but in order to respond effectively to the ever changing landscape, CFOs must learn to look in the past and learn from prior experience.
“We should be willing to learn from our past experience to do things better in the future,” he said.
Furthermore, in this era where the role of CFOs is shifting drastically, one must realize that “being an effective CFO relies on being accepted by top management,” as voiced by Rick Payne.
Thus, in this process, the equation between a CEO and his CFO is very important when it comes to business.
He also focused on the importance of empathy in the success of any organization.
“One should put himself into the shoes of the other in order to understand how the other person thinks. This will, in turn, help to not only improve communication but also develop trust in the organization,” he added.
Finally, according to Rick Payne, an organization should be willing to give communication the right level of importance to allow the CFO to do the right thing in order to help his business find the right path.
- By Marie-Lorry Coret and Cecilia Samoisi
ICAEW is a leading professional membership organisation that promotes, develops and supports over 142,000 chartered accountants worldwide.
It provides qualifications and professional development, shares knowledge, insights and technical expertise, and protects the quality and integrity of the accountancy and finance profession.
As leaders in accountancy, finance and business, its members have the knowledge, skills and commitment to maintain the highest professional standards and integrity.