A decade ago, the overwhelming focus of most CFOs was getting the basic financial processes and control frameworks right, and ensuring that the businesses had access to capital. Most CFOs spent relatively little time developing corporate strategy, or dealing with the media and government policymakers.
Fast forward a decade and CFOs face sharply raised expectations among their colleagues. As well as their traditional responsibilities, many must now oversee more proactive and rigorous risk management, while ensuring that strategic decisions create lasting value, not least in the emerging markets. In short, they must impose the professional rigor of the finance department across all areas of business activity. CFOs must also grapple with a new set of board-room dynamics. CFOs are answerable for ensuring that their bosses maintain appropriate risk management and financial discipline.
The Institute since its establishment enjoys long history of close association with the International accounting bodies and is an important member of the international standard setter body the International Federation of Accountants (IFAC). In addition to being an active member of the PAIB IFAC committee the Institute also formed ICAP PAIB committee to bring the numerous professional accountants in business and industry closer. The PAIB committee aims to provide avenues to professionals to grow learn and evolve largely through conferences, and other activities. The Institute has always catered to the need of its professionals and the CFO conference envisioned as a platform for the forerunners in the business and industry to engage and contemplate the challenges and solutions. The PAIB Committee initiated the CFO conference as a measure to bring together the business professionals in 2010 and the encouragement and appreciation from the members and business professionals made it a regular feature in ICAP.
The professional excellence awards the first of its kind in the countryhonor those professionals who have converted challenges to opportunities their innovations and brilliance. The awards now in its third year, are a humble gesture on our part to facilitate our professionals and to encourage the zeal to improve. I would like to express my sincere thanks for the support of the IFAC PAIB, Rodger Tabor, Vincent Tophoff and my colleague Mr Khalid Rehman, all my council members and of course our worthy members of the Institute. The success that we enjoyed today is largely due to your co-operation and support.
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