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Reinventing the CFO: How Financial Managers Can Transform Their Roles And Add Greater Value by Jeremy Hope

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CHAPTER SIX

THE CFO AS REGULATOR OF RISK

When we work together in organizations the tendency towards a blinkered view of the future is usually increased by various social pressures and management systems.

—Matthew Leitch

MOST CFOS HAVE BEEN trained in the disciplines of “internal control.” These were usually concerned with setting clear authority levels, ensuring that financial processes were correctly managed, and meeting audit requirements. But this whole subject has exploded onto the corporate agenda in the wake of a number of high-profile governance scandals and the ensuing Sarbanes-Oxley (SOX) legislation. The new regulatory regime has forced CFOs to review their control systems, and many have been found wanting. Only 40 percent of CFOs ...

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