Finance

Intelligent software, digital transformation & smart technology solutions for banking, financial and the insurance sector.

New Survey Finds Financial Controller Evolving into Strategic Risk Manager Role

Controller’s Job Dramatically Shifts to Internal Controls Oversight and Strategic Planning; 9 Out of 10 Controllers Report Role is More Stressful

12-Feb-2019
New Survey Finds Financial Controller Evolving into Strategic Risk Manager Role
FloQast, Inc., a provider of close management software created by accountants for accountants to close faster and more accurately, just released its 2019 survey “The Modern Controller: A Survey of Financial Controllers.” The research which includes survey results from more than 300 accounting and finance professionals, including over 200 controllers, reinterprets the controller’s role within a company as one far more complex and strategic than ever before.

Sponsored by FloQast and conducted by Dimensional Research through January 2019, the survey sought to identify the impact of controllers within today’s accounting vertical as well as understand how and why their roles have evolved. As new technology and business outcomes add to the stressors of maintaining a company’s financial health, the controller’s responsibilities now overlap with those traditionally given to the CFO.

“The modern financial controller does not fit the stereotype of the number-cruncher who hides in his office with his or her spreadsheets and ledgers and sends incomprehensible reports to the CFO who interprets those for the C-suite,” said Diane Hagglund, senior research analyst of Dimensional Research. “As the role of the CFO and the overall finance team has expanded, the controller understands how good data about business operations — both financial and non-financial — directly impacts the quality of decision making.”

Key finding in the report include:
  • The role of the controller has expanded to include risk management and internal controls: Almost all (95 percent) of respondents say their role is more strategic; while 69 percent characterize the controller as a risk manager that oversees internal controls. 
  • The CFO requires the controller to be more strategic: With the CFO taking on a more strategic role themselves as the right hand of the CEO, the controller has to backfill a lot of traditional CFO responsibilities and aid the CFO in planning. 73 percent say the controller’s role is changing because the CFO role has changed, while 90 percent report controllers are spending more time on strategic planning — a job historically done by the CFO. 
  • Advancements in technology mean required software competency: Given how core accounting is to most ERP systems, the controller now has to manage many IT systems. 78 percent of respondents say controllers now spend more time on IT management. Controllers say close management software is the innovation with the greatest potential to positively impact controllers, even when compared to cloud ERP or online accounting software. 
  • Job stressors have changed...and increased: 89 percent say the controller’s job is more stressful. Top stresses include management demands for speed (67 percent), higher volume of work (64 percent) and compliance demands (63 percent). More concerning, 64 percent have experienced pressure to “cook the books.” 
  • The controller is no longer a lone wolf: According to the survey, only a small number (31 percent) of controllers view themselves as the individual that prepares necessary financial reports. In midsize (74 percent) and large enterprises (82 percent), respondents were much more likely to view the controller as a risk managers with oversight of internal controls. 

“There’s a lot resting on the controller’s shoulders now. As complex software becomes more integrated into the accounting department’s daily lives and executives expect a faster month-end close, the controller is forced to get out of the nitty gritty and figure out how to manage a team that can perform a really fast close,” said Mike Whitmire, CPA*, co-founder and CEO of FloQast. “Leveraging close management software and other cloud-based financial tools allows them to be more efficient and strategic, providing more time to spend on planning.”

That said, despite the rapid transformation and steep expectations in maintaining satisfactory job performance, very few controllers are dissatisfied with their job. While 88 percent of the survey respondents have been offered outside job opportunities in the last year, only 11 percent of controllers are actually looking for jobs.

Receive a complimentary copy of the report by visiting www.floqast.com/controllersurvey.

First weekend of SCA sees smooth start as retailer transaction volumes unaffected

Merchants have not been negatively impacted following the introduction of SCA, Barclaycard transaction data shows

Barclaycard partners with TouchBistro to power payments for its award-winning restaurant ePOS solution

The integration of Barclaycard’s payments technology will drive efficiency and reduce human errors associated with the bill-paying process

Consumer security at risk as FCA announces delay to PSD2 strong authentication deadline

Highlights on the unacceptable length of the delay & misalignment of expectations when consumers are entitled to enhanced, secure digital experiences

Financial data sector cast as a cornerstone of the Financial Services industry

Manoj’s Karanth, Vice President & Global Head of Data Science & Engineering, Digital Business at Mindtree comments

Kaleyra and Epiphany partner to lead banks into open banking

The agreement will support banks in their digital transformation efforts, from basic PSD2 compliance to enabling core banking modernization

BHL Launches Digital Transformation via Applied Epic

Chartered Insurance Broker live on Applied Epic to gain a consolidated view across the entire business with a single application

Bank of Thailand secures integral phase of Corporate Excellence Strategy with SimCorp Dimension go-live

The deployment has given the bank greater control over its data and enabled higher levels of automation

Optimism in the logistics industry has fallen to its lowest level on record, says Barclays/BDO survey

Operators concerned by tougher trading conditions, no-deal Brexit fears and skills shortages

Tradeshift Gives Business Teams the Power of Payments with Tradeshift Go 2.0

More than 40% of Tradeshift customers currently use Go 2.0, allowing them to put commercial cards in the hands of employees across their organizations

Infor Joins Forces with Linklogis to Deliver Innovative Supply Chain Financing Solutions

Boosting customer business value through the power of Infor Nexus

Artificial Intelligence: a disruptive force in the UK financial services sector

AI is seen as tech disruptor frontrunner but firms are hindered by a skills shortage

InterGen Data, Inc. Receives Seed Funding to Expand Its Financial Services Artificial Intelligence Platform

A portion of this round will be allocated towards pilots, API integrations, and the machine learning development of 25 additional life events.

New Research Reveals the Key to Successful Midmarket Digital Transformation Begins with AP Automation

With manual, inefficient, high-cost processes, accounts payable is an ideal starting point for digital transformation

Capgemini and Majesco Become Alliance Partners

Relationship to bring insurance innovation and business transformation to the Life & Annuity and Group insurance market

HSBC and Walmart Join Forces on Sustainable Supply Chain Finance Programme

HSBC and Walmart announced the roll-out of a sustainable supply chain finance programme that pegs a supplier’s financing rate to its sustainability

The Financial Impact of Machine Downtime on a UK business

Businesses across the UK can be majorly impacted if a machine were to break down.

UK CFOs missing out on £6.7 billion each year by not taking advantage financial and accounting software

Two fifths of businesses who have not upgraded their software in the past five years cite ‘resistance to change’ as one of the main reasons

Amicis Solutions New Payments Solution Now Available in the Microsoft AppSource

Amicis Payments Empowers Businesses to Simply and Securely Process Payments Within the Microsoft Dynamics 365 Suite

Iptor launches feature rich financial modules as fast track into the flagship DC1 ERP suite

Iptor announces the launch of Iptor 1 for Financial Management - Iptor 1

Barclaycard partners with SAP to simplify corporate payments

Buyers will be able to take advantage of prompt payment discounts and flexible working capital, while suppliers will benefit from improved cashflow

LTI and ACORD Announce Collaboration to Drive Digital Adoption in the Insurance Industry

Joint effort accelerates digital implementations of standards and solutions

Billing is at the Center of Growth and Innovation in a New Digital Era of Insurance

Insurers must reimagine billing and payments to meet customer expectations for new and innovative products and services

TRANSPOREON Selects Chrome River for Pan-European Expense Technology Rollout

German-headquartered logistics technology leader moves employee expenses to the cloud

Citi Retains Top Honor as World’s Best Digital Bank 2018

Named Best Consumer and Corporate Mobile Bank and receives top awards in other regional categories

De Goudse has selected HubStor to simplify data management and leverage Microsoft Azure cloud infrastructure

De Goudse recently selected HubStor to transform its data storage and protection with Microsoft Azure cloud infrastructure

UK Finance Leaders Vote to Stay in EU or Very Close to It

Over 74% Plan to Accelerate UK Automation to Deliver Growth

Kinetica Delivers GPU-Accelerated Analytics Engine to SoftBank

Traditional big data technologies simply are not capable of handling the extreme data requirements of SoftBank’s business

ABeam Consulting, Supports OTO Group with Companywide Use of RPA for the Realization of Digital Transformation

For the OTO group, in addition to replacing its core system, there was a need for migrating data from their existing system to their new system

Basware Analytics Dashboard Offers Predictive Analytics Using Committed Spend

Basware introduced an analytics tool used to analyze absolute spend, identify the different entities driving spend and follow

Citi and Oracle Unlock Corporate Access to Treasury Services for Oracle ERP Cloud Customers

The Citi and Oracle ERP Banking as a Service (BaaS) Connector is now available

Moven Enterprise Expands Availability of AI Smart-Banking Solution with Global Launch

Successful work with TD Bank Group and Westpac improved institutions’ ability to acquire, retain and grow customers through increased speed to market

Temenos Ramps up AI Efforts to Power its Digital Banking Platform

Temenos to deliver data-driven, machine intelligence for faster innovation and enhanced customer experience

Centrum Financial Services deploys Encore Theme’s Supply Chain Finance Solution

The leading non-banking financial company has announced the deployment of Encore Theme’s supply-chain finance solution

NICE Launches X-Sight, the Industry’s First Financial Crime Risk Management Platform-as-a-Service Solution

X-Sight is designed to accelerate the transition to Autonomous Financial Crime Management with advanced analytics, AI and ML capabilities

Wolters Kluwer Launches Vanceo™ Mortgage

New software solution provides lenders with intuitive dashboards and role-based workflows for better compliance

Accenture - Leader in Everest Group 2018 Finance and Accounting Digital Augmentation Suite Assessment

Accenture’s transformative approach leverages multiple digital levers, including process automation, analytics, and AI

Seven Banks Join Forces to Transform Trade Finance

nnovative network open for corporates and banks which enables financing deeper into global supply chains and offers an easy way to join

HSBC and Marstone work for Digital Client Engagement Broadening Its Audience and Access to Wealth Management

HSBC Wealth Track™, a new Robo Advisor solution, is the first service to emerge from the partnership

Oliver Wight and Ernst & Young LLP collaborate to address enterprises’ planning challenges

Alliance focuses on addressing business planning challenges in the face of rising customer demands and evolving market landscape

Accenture and Leading Financial Institutions Invite Applications for 5th Annual FinTech Innovation Lab London

Program Expands to Support Insurtech Ventures, as New Data Shows UK investment surge