Here and there, the business world witnesses changes around various sectors and organisational functions, hence it is no surprise how Finance undergoes several transformation to keep up with the pace, making way to evolving chief financial officers.
In a recent Gartner CFO and finance executive conference, it was revealed that accelerated enterprise artificial intelligence spending and adoption is on the horizon, and CFOs will be responsible for effectively managing the costs and common problems — including cost overruns, misuse in decision making, loss of trust and rigid mindset.
It is then an undoubted truth that technological advancements and changes now come hand in hand with the Finance function, as what Ivan Phuah, finance transformation partner at PwC South East Asia Consulting, says, noting that they now see the function taking on greater roles in key areas of decision-making such as investments as it looks to become more relevant and value-adding to organisations.
Winnie Law, CFO, Transformation, Technology and Operations (TTO), Global Functions and Fit for Growth at Standard Chartered, mirrors these views as she sees that the role of the CFO has 'greatly evolved', with the requisites to be successful depending on how one can have a continuous learning and growth mindset.
Unlearn and relearning skills
In the road to evolution, amidst of the volatility and tech changes in the workplace, CFOs grapple with the role coaster ride of unlearning and relearning various skills to remain relevant in the business.
"Skillsets that once made a finance professional successful 10 years ago are no longer the same ones today," Law points out.
"The ability to adapt to market trends, to drive vision, to champion organisational change and influence business strategies has become the hallmark of a good CFO."
Winnie Law, Standard Chartered
Law says the fastest way to learn new skills is through taking on challenging roles and stretch assignments, those roles that stretches one beyond their comfort zone, even if they are lateral moves.
"The bigger the challenge, the higher the rewards," Law says. "As all growth comes from the other side of adversity and pressure. Pressure is a privilege that you should embrace and there are no shortcuts to success."
Digital quotient
As a CFO of today's world, Law concedes that the most challenging part is being increasingly 'disrupted' by new technologies.
"Organisations are requiring their financial information and insights at the click of a button and their needs from the CFO are evolving," Law says.
"In addition to IQ and EQ, we must all develop DQ (Digital Quotient) to be able to translate data into strategies."
She explains that increasingly, there is a war in the market for talents who can apply both traditional performance management techniques as well as data science, taking note that even when those combinations exist, the skills to then communicate, influence and
negotiate outcomes effectively at a strategic level is required of the finance function.
Law says despite this, organisations have not necessarily kept pace with the training, development and infrastructure required to support these changes in the workforce, which then poses a significant challenge for finance leaders, in attracting and retaining the right talents to build successful teams that can bring the organisation forward.
The forefront of transformation
On the other side of the hurdles and challenges, Law says the most interesting part of her role as CFO revolves around the fact that it is at the forefront of transformation in the organisation.
"My work with the TTO (Transformation, Technology and Operations) function, the ‘engine room’ of the bank, allows me to have a front row seat to the most amazing innovation and technologies in the areas of digital, AI, and cyber."
She adds that she gets to see how these technological advancements are applied and how they propel the organisation to the next level, translating into new solutions and services for clients and making it easier to get things done in the bank.
"This helps me to stay current and adapt to new ways of working," Law says.
Law leads the finance function that supports TTO and Global Functions, responsible for managing a significant part of the bank’s cost base. In this capacity, there are many roles that she plays, including being an ambassador and negotiator, representing the function and bridging connections across the bank to solve business problems.
Other days, Law serves as an ally and advisor, providing counsel to stakeholders to help them uplift performance and deliver on their financial goals.
She also describes herself as a trailblazer and disruptor, challenging conventional thinking and championing new ideas to unlock opportunities. In all aspects, she says the goal is always to build shareholder value and drive the organisation to deliver sustainable returns, which in turn gives them the license to invest in new technologies, products and services to support business growth.
Further, Law shares that the most rewarding part of her role is being able to develop other leaders and helping them fulfill their highest potential.
"It gives me great satisfaction to seeing my team grow and reach a level beyond what they had envisioned for themselves," she notes. "Leadership is about creating the right platforms, the right opportunities to help others rise, guiding and coaching them to be who they
are meant to become. It is both a responsibility and a privilege to pay it forward."
Law says these leaders will then in turn go on to develop other leaders, thereby building a ripple effect of future leaders.
Combatting stereotypes
There is a stereotype that says women can’t reach the top, "breaking the C-suite glass ceiling", because of family responsibilities, cultural conditioning, and other reasons.
Law admits that in the past, she had thought that there are ceilings for women when they reach a certain level, but she has come to realise later on that a lot of that was in her head.
"It took me a while to break this internal mental barrier and be comfortable in my own skin. Women tend to opt themselves out of the
running of the big job, before they even put their names in the hat," Law says.
"What I know now is that you do not win 100% of the shots that you do not take. So you need to take a shot, to be in the game."
She explains that for every ‘perceived’ glass ceiling, there are ceiling breakers: mentors and sponsors who believe in you and will advocate for you.
"Your only job is to focus on adding value and being so flat-out fantastic at what you do that no one can deny you the opportunities when they present themselves."
Law adds that it is important to have the right support system at home as work-life balance is easier said than done. Therefore, making a point at being fully present when one spends time with family while also be laser-focused when one is at work is crucial.
Advice for female leaders
As female leaders navigate around the common challenges among executives and the gender gap that come their way on their path to success, Law advises that they do not wait for the playing field to ‘level’.
"That may not happen in our lifetime but it does not matter," she says. "You, on your own, as you are, in your unique self, are enough."
She encourages women leaders to have the conviction to take the seat at the table, speak up, break boundaries and set new trends.
"Even if you do not tick all the boxes (yet), go for the big job anyways, there is nothing to lose and everything to gain. Be fearlessly your authentic self and relentless in your pursuits."
And finally, Law notes that they should always pay it forward by taking care of their team.
"You are nothing without your team. Create an environment where people are inspired to be the very best versions of themselves. When you get this right, you will lead your team to achieve extraordinary results, and most importantly, gain lifelong followership."
