Financial controllers in Asia-Pacific are preparing for radical change in their roles over the next five years, according to the 2024 EY DNA of the Financial Controller Report.
According to EY, the shift will be opening big opportunities for those who can embrace data and technology, although there is uncertainty about what this change will mean and many financial controllers are not getting the support they need to manage it.
The survey, which polled more than 1,200 financial controllers across 28 countries and territories, reveals that 88% financial controllers in Asia-Pacific expect their roles to change dramatically by 2030, with 35% anticipating a heightened focus on value creation – actively supporting business growth – a departure from the traditional strongholds of value protection and optimisation.
Twenty-three percent of financial controllers surveyed also expect their roles to demand completely different – and perhaps even “unknown” – skills by the end of the decade, while 12% say their future role will be similar to today’s.
"The role of financial controllers is evolving rapidly. Beyond traditional roles around ensuring compliance and efficiency, financial controllers in Asia-Pacific are driving finance transformation, innovation and growth," says Mike Wright, assurance leader at EY Asia-Pacific. "This shift is crucial for steering enterprises toward creating long-term value."
Wright believes that if financial controllers have the adequate resources, this can be a real opportunity for the profession to transform the entire Finance function and shape the future with confidence.
The survey also reveals that many financial controllers have positioned themselves well for the imminent changes to their roles, as they are ahead of most finance leaders in relation to the growth of artificial intelligence (AI), with 71% already using the technology for daily tasks.
In addition, 84% of those polled says they are using data to provide strategic insights – something that AI will only serve to improve.
However, many financial controllers are not getting the support they say they need to help them become value creators, as one in 10 say they do not have the necessary staff and 11% report that they lack the required budgets.
In addition, financial controllers are not universally focused on the areas necessary for future development, with just 44% saying innovation will likely be a critical aspect of the role, putting them at odds with more senior leadership – 52% of whom say it is important.
