The Evolving Role of the Financial Controller: Embracing Technology and Strategic Transformation

The financial landscape is undergoing a profound transformation, and the role of the financial controller is at the forefront of this change. As technology, the strategic importance of financial functions, and corporate sustainability become increasingly crucial, the controller's responsibilities are shifting from a focus on value protection to one that emphasizes value creation. A new report from EY sheds light on this evolving role, highlighting the opportunities and challenges facing financial controllers in the years ahead.

Unlocking the Potential of Financial Controllers: Navigating the Transformation Spectrum

Embracing the Shift from Value Protection to Value Creation

The report from EY reveals that 86% of financial controllers expect significant changes in their career in the next five years. This shift is driven by the growing emphasis on technology, strategy, and data-driven decision-making. Controllers are now expected to move beyond their traditional roles of ensuring internal controls and regulatory compliance, and instead become trusted partners to the CFO, leveraging their expertise to identify new opportunities and recommend innovative policies."The controller of the future will be a trusted partner to the CFO right across the transformation spectrum," says Mike Verbeck, EY Global deputy vice chair for Assurance. "They will create value in their capacity as analysts, collaborators, innovators, storytellers and leaders of talented teams, as well as in their capacity as accounting and compliance experts."

Harnessing the Power of Technology and Data

The report highlights the significant role that technology, including artificial intelligence (AI), plays in empowering financial controllers to pivot towards a more strategic focus. Nearly nine in 10 controllers already utilize AI, which not only automates many of the basic tasks they once spent time on but also enables them to uncover powerful insights through data analysis.EY suggests that controllers should embrace this technological transformation and inspire their teams to see themselves as problem-solvers, leveraging data and AI to identify value-creation opportunities. CFOs, in turn, should empower their controllers by providing training in future-focused skills that build on technology use and strategic responsibilities.

Addressing the Talent Shortage in the Financial Sector

The report also sheds light on the broader challenge facing the financial sector: a shortage of talent. Many college students today are not pursuing accounting degrees, and even fewer are becoming certified public accountants (CPAs). This talent crunch is impacting the recruitment of financial professionals at all levels, from junior-level positions to CFOs.To address this issue, EY suggests that CFOs should focus on hiring individuals with an innovative and transformational mindset, who can adapt to the changing landscape and contribute to the strategic evolution of the finance function. Additionally, providing training and development opportunities for existing controllers can help build a strong, future-ready team.

Navigating the Evolving Landscape: Strategies for Financial Controllers

As the role of the financial controller continues to evolve, it is crucial for these professionals to embrace the opportunities presented by technology, data, and strategic transformation. By leveraging AI and data analytics, controllers can shift their focus from value protection to value creation, becoming trusted partners to the CFO and driving the organization's financial success.At the same time, financial controllers must be proactive in developing their skills and staying ahead of the curve. Continuous learning, collaboration with cross-functional teams, and a willingness to adapt to changing business needs will be key to thriving in this dynamic environment.By embracing the transformation and positioning themselves as strategic leaders, financial controllers can play a pivotal role in shaping the future of their organizations and the finance function as a whole.