Each of these roles has an integral contribution to the overall performance of any enterprise. The reliance on a cross-functional team approach to managing risk while seeking to optimize returns on investments is what unifies these diverse teams together (Allen, 1992). The role structure of financial management depends on the transformational leadership skill of the CFO, Controller and senior management staff of the accounting and finance function (Rosen, Granbois, 1983). This team's combined validation and support for a given strategy is critical for tits success, without it nothing will happen and employees will not see the need to also change (Rosen, Granbois, 1983).
Excellently run financial teams also create a culture of accountability, authenticity, transparency and trust throughout their teams as well (De Loo, Verstegen, Swagerman, 2011). This is accomplished through the continual use of information sharing meetings and open door policies with regard to all planning and implementation meetings throughout a company. Further, the CFO is responsible...
The Controller of an enterprise is responsible for translating the strategic plans and goals of the organization into reality (Allen, 1992). This requires the Controller to be adept at team building, creating a culture rich with authenticity and trust, while also creating a culture of complete disclosure as well (De Loo, Verstegen, Swagerman, 2011). The highest-performing and most ethical teams have these attributes and excel as a result.
References
Allen, D. (1992). Financial management: The leading edge of management accountancy. Management Accounting, 73(12), 53-53.
De Loo, I., Verstegen, B., & Swagerman, D. (2011). Understanding the roles of management accountants. European Business Review, 23(3), 287-313.
Rosen, D.L., & Granbois, DH (1983). Determinants of role structure in family financial management. Journal of Consumer Research, 10(2), 253-253.
