CFOs find themselves stretched thin, with 51% of the 769 surveyed finance leaders across Asia Pacific, Europe, America and the Middle East saying that they can’t focus on strategic priorities because they’re busy with operational responsibilities, an EY report says.

The report cites that CFO's role is being disrupted by digital innovation, the proliferation of data, a volatile risk environment, increasing regulation and a growing circle of demanding stakeholders. CFOs who don’t proactively define their role in response to these major forces could compromise their ability to shape strategy with the CEO and drive the innovation necessary for sustainable growth, EY cites. 

EY report finds that CFOs also believe the demand for an operational focus will increase in the future; 64% agree that they will be increasingly asked to take on wider operational leadership roles beyond finance.

Delivery of data and analytics will be one of the most critical components for tomorrow’s finance leaders according to 57% of finance leaders surveyed.

Fifty-eight percent of finance leaders say that they need to build their understanding of digital, smart technologies and sophisticated data analytics.

Younger finance leaders are more likely to feel responsible for the ethics of decision making within their organization, with 78% of finance leaders 39 or younger reporting this, but the older generation also feels this responsibility, with 69% stating that they feel responsible.