The 4th edition of the BW CFO Awards 2020 started with the keynote address by Mr. S Ravi - Founder & Managing Partner, Ravi Rajan & Co.LLP / Chairman & Director, UTI Trustee Company Pvt. Ltd. & Former Chairman, BSE Limited

The Chief Financial Officer (CFO) is a key stakeholder in steering the growth of India Inc. and has indeed taken “center stage” within the organization’s strategic decision-making & execution. The CFO’s role has transitioned from the traditional functions of controlling the finance & accounts of the organization, to being core to the execution of corporate strategy – both organic & inorganic. The CFO over the years has increasingly become the chief flag bearer of Corporate Transparency, Governance, and Financial Leadership. 

The 4th edition of the BW CFO Awards 2020 started with the keynote address by Mr. S Ravi - Founder & Managing Partner, Ravi Rajan & Co.LLP / Chairman & Director, UTI Trustee Company Pvt. Ltd. & Former Chairman, BSE Limited 

“The whole compliance gamut has changed from 2007 to 2020, the amount of accounting standards, regulatory aspects a lot has changed,” said Mr. S Ravi the CFO’s role is absolutely difficult and important because of the number of rules and regulations that have come in – RERA, GST, compliances, and standards, etc. “There is always an oversight in CFOs work because CFO is the person who certifies the balance sheet,” said Mr. Ravi  

Mr. Ravi stressed on there big a huge change in the compliance setup with new acts, regulations and notifications “it’s the CFO who will be responsible to be on top of the whole compliance ecosystem” While the banks today are reluctant to lend today “The CFO is under a lot of pressure” added Mr. Ravi. 

Speaking about the rapid changes happening in the technology front Mr. Ravi said “from an ordinary signature to digital signature, checkbooks to RTGS, to the online filing of all returns makes the job of the CFO very important” While everyone thinks a CFO handles the accounts and the finance of a company “A good CFO is the one who also contributes to the other aspects of the group/company” added Mr. Ravi 

Talking about the challenges, Mr. Ravi said “If you look at Satyam, ILFS and other instances, apart from the promoter the most liable person has been the CFO and hence the CFOs risk is the highest in the company” The CFO is expected to on top of the game when it comes to governance and compliance and there are multiple regulators. “A CFO is tested when the company is going through trying times” added Mr. Ravi 

Coming to the COVID pandemic Mr. Ravi said “The pandemic has been a difficult situation, the CFOs are dealing with auditors remotely and they have done a commendable job” integrating technology with compliance has been the key during this pandemic but at the same time Cyber Frauds are taking place as well “Ransomeware, malware types of cyber frauds are happening across and therefore data protection is imperative, this is going to the next big challenge for the CFOs”