Financial Officers have been tasked to focus on value addition rather than only focusing on numbers within the organizations they serve to fit into the future Chief Value Officer role. This was revealed during the ACCA Uganda and Deloitte CFO Network Forum which served as a launch pad for the 7th edition of the Chief Financial Officer (CFO) Awards, to be held on October 12th under the theme “The Future Proof CFO: The Emergence of the Chief Value Officer”.
In his keynote speech, Sanjay Rughani FCCA, CEO Standard Chartered Bank Uganda encouraged the finance officers to automate their work and focus on serving their stakeholders to be able to deliver additional value to their organizations.
“The question we need to ask ourselves as CFOs is “Are we relevant?” Sanjay, said, adding, “Research has said that there is an evolution of the world and we all know the that profession is also changing. More importantly, what is changing is what our stakeholders are demanding from us.”
Addressing the CFO Network Forum held at the Kampala Serena Hotel, Charlotte Kukunda, the Head of ACCA Uganda noted that the finance officers are now expected to deliver more value to their organizations other than finance management and reporting,
“The CFO role is fundamental to organizations; the role continues to evolve as organizations change. Chief financial officers are increasingly adopting a value-centric approach in their work and this represents an evolution towards a chief value officer role. The role of a chief value officer (CVO) is one that is increasingly used in the context of the broader reporting that organizations are now undertaking. The concept of value is fundamental to the management of performance in organizations and its adoption is a key element in their path to a sustainable future,” she said.
In a statement, Norbert Kagoro, Country Managing Partner of Deloitte Uganda said, “Once again, the CFO Awards are here to recognize and reward the exceptional value created by the finance teams in various sectors to keep organizations afloat amid local and global business dynamics. The Awards categories have been specially curated to cater to various aspects of the Role of the CFO with both local and global context in mind. I encourage you all to nominate finance leaders who have made an impact that matters to their Teams, the Businesses and environments as we continue to grow the profession and raise the mantle for future leaders creating value to communities.”
This year, the awards categories include the most coveted CFO of the year Award, Young CFO Award, Strategy Execution Award, Finance Transformation and Technology Award, Public Sector Award, SME sector Award, Not for Profit Sector Award, Compliance and Governance Award, Leadership Award and the Sustainability Award.
ABOUT THE CFO AWARDS 2023
The CFO Awards aim to highlight the critical role played by CFOs in driving financial stewardship, strategic decision-making, and sustainable growth within their organizations. By honoring exceptional leaders in the finance community, this initiative serves as a platform to inspire, connect, and elevate the standards of financial excellence in Uganda.
The CFO awards seek to:
Raise the profile of CFOs and their changing role in developing good operational and finance practices.
Recognize excellence and the essential role that finance functions play in helping to build resilient organizations and sustainable business models.
Create a platform for sharing best practice, drive awareness, inspire action and develop a community of finance leaders, committed to create more sustainable outcomes for their organizations.
Eligibility
One must be a Ugandan resident and member of a recognized professional body in good standing with their professional body
Have been a CFO or head of the finance function for at least three years (title of role may vary)
Not be nominated for more than 3 categories
Previous award winners are not eligible for the categories they have ever won, and all overall CFO of the year winners do not qualify for nomination in any category.
Nomination Process
Nominations start 26 July 2023 and will close 31 August 2023 via https://www.accaglobal.com/africa/en/cam/uganda-cfo-awards.html
The general public is encouraged to nominate a CFO/Finance Director that meets the set criteria and requirements of a specific category.
It’s important that nominations include statements and evidence of what the nominee has achieved to deserve winning the award.
All winners shall have to demonstrate the seven core (must-have) capabilities required of finance professionals that meet the future needs and demands and play a leading role in sustainable businesses. Refer to the ACCA Report Professional accountants at the heart of sustainable organization and the Career Navigator Tool via https://careernavigator.accaglobal.com/gb/en.html
Once the nominations are closed, an eminent panel of judges will shortlist and interview the top contenders for all the awards.
Capabilities in detail
Expertise – The functional responsibilities of your role; applying your technical expertise in order to benefit the organisation.
Ethics – Acting in accordance with fundamental principles of professional and personal ethical behaviour, ensuring the use of appropriate ethical frameworks and compliance with laws and regulations.
Digital – The proficient and ethical use of existing and emerging data technologies, capabilities, practices and strategies.
Sustainability – Applying integrated thinking and action to create, protect and communicate longterm value for the organisation, environment and society.
Related
Collaboration – The way in which you interact with others, engaging and communicating clearly with internal and external sstakeholders, being inclusive and influencing impactfully.
Insight – How you think and operate on an individual level: accurately analysing information, generating new ideas, making clear decisions, organising work, focusing on priorities and achieving timely results.
Drive – Your attitude and motivation: being determined and curious, motivating and developing yourself and others to achieve stretching goals, and acting with integrity.
CFO Award 2023 Categories in detail
Public Sector Award
This award will go to an outstanding Head of Finance, Assistant Commissioner, Principal Accountant or Senior Accountant in a government ministry, parastatal, agency or department who has demonstrated outstanding financial management, value creation and the seven vital qualities as identified in the ACCA report.
Not-for-Profit Award
This award will go to an outstanding CFO or Head of Finance currently making a vital contribution to the financial leadership of a not-for-profit organization, has a track record of ensuring that the donor funds are appropriately spent and accounted for in accordance with the relevant and applicable reporting framework of the entity and donors and has exhibited value creation and impact in the implementation of donor projects. The winner will also have demonstrated the seven vital qualities of professional accountants.
SME Award
This award will recognize a CFO or Head of Finance in a Small and Medium-sized Enterprise (SME), who has demonstrated outstanding financial management, contributed to the growth of the enterprise, and have demonstrated the seven vital qualities of professional accountants.
Small and Medium-sized Enterprises (SMEs) include all types of formal enterprises irrespective of their legal form (such as family enterprises, sole proprietorships, or cooperatives), employing between 5 – 100 employees and total assets not exceeding UGX 360 million.
Young CFO Award
This award will recognize an accounting professional who quickly rose to the position of CFO/Head of Finance, is 40 years and below and has a proven track record of good financial performance with an added advantage of having turned around an entity from loss making to a profit making enterprise.
The Young CFO will have shown attributes of innovation, exceptional professional competence and made an impact on their organization in addition to demonstrating the seven vital qualities of professional accountants.
Compliance & Governance Award
The Compliance and Governance Award will recognize the CFO/ Head of Finance who is a champion in helping the business achieve its goals in a way that is open, honest, ethical and principled, should have demonstrated extensive contribution to building and implementing policies, procedures and systems designed to detect and prevent compliance breaches. He or she should have led the development of a value driven strong compliance culture and best practices that secure buy-in from executives, managers, employees, contractors and business partners all at levels. This award also recognizes individuals, who have gone above and beyond to raise awareness, encourage and facilitate good governance. Individuals who have built strong and influential relationships and partnerships with a variety of stakeholders or taken on a high-profile project that had a positive impact or demonstrated effective leadership in the achievement of departmental and organizational objectives and demonstrated the seven vital qualities of professional accountants.
Strategy Execution Award
This award recognizes a CFO or Head of Finance who has shown agility and resilience in dealing with significant disruptions and changes in the business environment, enabling the business to successfully adapt to new demands and challenges. This CFO or Head of Finance will have shown great leadership and innovativeness in creating the right (financial) conditions to execute the organization’s strategy as well as actively contributed/participated in the implementation of the organizational strategy. The awardee will have demonstrated how their contribution to strategy increased the value of their organization and demonstrated the seven vital qualities of professional accountants.
Finance Transformation and Technology Award
This award recognizes a CFO or Head of Finance who has championed transformative solutions in their finance function and has been successful in redefining the role of finance within their organization. It also seeks to recognize CFOs who have invested in and unlocked technologies that had the power to transform the business and will have played a crucial role in crafting and executing a successful business-aligned IT strategy to provide businesses with value delivery. The winner will have demonstrated revolutionary results in digital agility, leadership and execution to enhance the structure of the finance function and value creation in their organization and demonstrated the seven vital qualities of professional accountants.
Sustainability Award
This award will recognize a CFO or Head of Finance who has demonstrated leadership in creating long-term value by integrating sustainability measures into strategies, standard processes and procedures as well as reporting on Environmental, Social, and Governance (ESG) impacts in their annual reports. The CFO will have demonstrated exceptional management of natural environmental and social resources through a clear strategy (including risk management), procedures and suitable governance structures. The awardee will have demonstrated how the sustainability programs that they championed increased the value of their organization. and demonstrated the seven vital qualities of professional accountants.
Leadership Award
This award will recognize a CFO or Head of Finance who has demonstrated excellence and foresight in leadership for themselves, team members and their organization through the technical mastery and assertive flexibility, fostering cohesion with other departments, proactive contribution to organizational strategic decision making, building influence and trust with team members steering the next generation of finance leaders. The awardee will have given an account of how their leadership has transformed their teams, enhanced collaboration and human capital development in the organization and demonstrated the seven vital qualities of professional accountants.
CFO of the Year Award
This is for your information only and not to be nominated for. Judges will determine the winner of this category.
This award will go to an outstanding CFO or Head of Finance who has demonstrated financial leadership and outstanding performance over several years. The individual should have demonstrated great contribution towards addressing post COVID-19 pandemic and geo-political related challenges in their organization. This CFO or Head of Finance leads by example and demonstrates leadership through their future-focus and displays the seven vital capabilities of professional accountants.
The CFO of the year will have demonstrated that they are Chief Value Officers of their organizations.