Regulation ‘biggest challenge for CFOs’
Manama, May 16, 2013
The role of chief financial officers (CFOs) in Bahrain is becoming far more forward-looking, and they see increasing regulation as their greatest challenge, according to the Institute of Chartered Accountants in England and Wales (ICAEW).
A total of 20 CFOs gathered for ICAEW's CFO Club in Bahrain, to discuss the changing role of key finance professionals, reported the Gulf Daily News, our sister publication.
The CFO Club in Bahrain event, sponsored by Standard Chartered, was held at the Capital Club.
Questions considered included the greatest challenges, main priorities, and drivers of change for finance professionals over the next two years.
One of the biggest concerns highlighted was the increasing burden of regulation and cost of compliance, especially in the local banking and finance industry.
"The modern CFO is far more than head bean counter," said ICAEW regional director Peter Beynon.
"They are expected to be strategic business leaders, frequently called upon to be ambassadors for their firm, and to act as co-pilot to the chief executive. This means being able to identify both potential risks and opportunities and design approaches that allow them to meet future challenges head-on," he added.
The CFO Club in Bahrain was launched last year and now holds regular events in the country.
It is the third CFO club established by ICAEW in the region following on from the success of CFO clubs in Dubai and Abu Dhabi.
"The modern CFO needs opportunities to talk to peers, share knowledge and discuss mutual concerns, which is why we are delighted to be able to facilitate events like this," said Standard Chartered Bank in Bahrain chief executive Hassan Jarrar.
"In the modern, fast-paced global economy developments are rapid, so it is vital to be able to have this sort of open dialogue, which we feel adds value to Bahrain's financial community," he said.
ICAEW has more than 140,000 members globally, over 900 of whom are based in the Middle East.
There are more than 87 ICAEW chartered accountants and over 300 students training to become chartered accountants in Bahrain. – TradeArabia News Service
More Finance & Capital Market Stories
- NBAD approves 40pc cash dividends
- NBAD sees 8-10pc loan growth
- Al Basel Group launches investment arm
- Union Insurance posts $18m profit
- Oman warns banks on conflicts of interest
- Japan to lend Tunisia $480m
- 400 to join anti-laundering seminar in Riyadh
- Lebanese insurer to head Prague Club
- UAE's first REIT plans $135m IPO
- Bahrain banking industry outlook 'positive'
- New India Assurance opens Bahrain branch
- Qatar sets up mixed business incubator
- Kuwait budget spending up 8pc in April-Jan
- Thomson Reuters to host Mena IFR awards
- ADIB offers smartphone industry investment
- Gulf Finance House to start $3bn Tunisia project
- KFH completes ICT project upgrade
- Egypt urban annual inflation slows to 9.8pc
- BIBF signs deal with Palestinian institute
- Bahrain’s GDP set to expand 12pc
- KFH-Bahrain rebrands priority banking
- Bank Nizwa wins top Islamic bank award
- Qatar labour costs may jump: IMF
- Kuwait Q3 trade surplus hits $23bn
- Dubai trade growth up 7.6pc to $362bn
- Deloitte appoints new managing director
- Al Ramz tops UAE trading in Feb
- IFC in $150m loan deal with Bank Audi
- SME funding focus for Abu Dhabi forum
- Insurance House posts second year of profit