The role of the Chief Financial Officer (CFO) is changing. As the banking industry continues to grapple with a multitude of risk and capital regulations, CFOs are finding their role has expanded. Where the traditional CFO was concerned primarily by custodial and operational finance tasks feeding the financial assessment of the business, today they are required to be custodians of the risk appetite of the bank (along with the Chief Risk Officer and Head of Compliance). 

This new remit encompasses regulatory implementation, data governance, and the end-to end change process. As such, CFOs are now spending more time driving regulatory strategy, organizational transformation, data analytics, and operational digitization such as cloud-based reporting and calculation accuracy. 

CFOs are advised to quickly adapt to this new set of responsibilities, as it presents them with a significant opportunity to take the lead in defining a business and operational strategy that is more adaptable to the changing role of a bank within the current economic cycle and to the prospect of further regulation. In this paper we explore the expanded role of the CFO, the challenges they are facing, and what they should consider going forward.

For more information about this paper and to discover how we’re helping firms form future-focused regulatory strategies, contact Tej Patel, Partner, Capco UK.