The role of chief financial officers (CFOs) in Bahrain has become more holistic, requiring an understanding of many business aspects, according to Institute of Chartered Accountants in England and Wales (ICAEW).

This emerged from discussions when CFOs and senior financial professionals gathered for the first ICAEW finance leaders meeting at the Ritz-Carlton Bahrain, Hotel and Spa to discuss the changing role of today's CFO, reported the Gulf Daily News, our sister publication.

Speakers at the event agreed that the CFO's role in Bahrain is beginning to evolve, becoming a more strategic position which can complement the work of the chief executive.

They also noted in order for CFOs to realise their full strategic contribution, they must broaden their skillsets beyond finance to develop an understanding of the fast-moving global markets as well as the IT infrastructure, business development and human resource issues that now impact their role.

Panellists at the event included Arab Banking Corporation Group CFO Brendon Hopkins, Gulf International Bank managing director and CFO Stephen Williams and Al Arab News Channel CFO Matthew Rogers.

The discussion was moderated by Economic Development Board chief economist Dr Jarmo Kotilaine.

The panellists observed that while CFOs are increasingly required to demonstrate greater strategic value to their organisations through undertaking, for example, risk assessment, strategic decision making and business development, their traditional role as a financial steward has become more important following the global financial crisis.

Similarly, with internal competition for capital intensifying, companies are required to have better models for measuring financial performance.

CFOs must be able to put in place robust financial reporting and auditing standards in addition to evaluating the company's operational procedures.

'The CFO is taking on more and more responsibility, and the role is becoming more central than it ever has been,' ICAEW regional director for the Middle East, Africa and South Asia Michael Armstrong said.

'However, this means CFOs will need to develop the additional skillsets they need in order to achieve this potential.

'Peer-learning, knowledge-sharing and meeting fellow finance professionals is a great way to better understand the evolution of the CFO function, which is why ICAEW continues to encourage events like the finance leaders forum.' - TradeArabia News Service