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