By Caroline Nassuuna
Communications Officer
Institute of Certified Public Accountants of Uganda
Chief Financial Officers have been urged to expound and understand the evolving role of finance executives in driving team performance. This was during the MAT Abacus CFO Leadership Academy panel discussion that took place on Thursday, 23 January at Onomo Hotel in Kampala.
During the discussions, Mr. Paul Patrick Ikopit, Director at NCBA Bank Uganda and Chairman Board - Audit Committee remarked that finance officers are moving away from technical mastery, where they were only required to use their financial knowledge and skills.
“Today financial operations are about leadership excellence. Finance managers are becoming strategists who enhance future business performance, agents of change and operators who focus on championing efficient operating models. They are stewards who aspire to control risk and asset preservation,” explained Ikopit.
Although the transition is never easy, it is achievable if finance operators obtain a sound understanding of how their businesses operate. This also involves recruiting a strong team. Ideally, this team should have people who have better skills than their manager.
He further explained the dynamics involved in dealing with seniors and understanding their expectations.
“Finance leaders should have the ability to tell a compelling financial story. Gone are the days when finance people would present bullet points. Presently, they are expected to explain their figures with compelling financial stories,” said Ikopit.
On the other hand, Coach Esther Kasirye, a renowned leadership coach, urged finance officers to be visionary thinkers who can bring success to the organisation.
“Finance leaders need to embrace emerging finance technologies such as AI, blockchain and automation to enhance efficiency,” remarked Coach Kasirye.
She added that finance executives who aspire to be transformational leaders should possess a blend of financial expertise, strategic vision and leadership skills that drive organisational growth.
The CFO Leadership Academy is a programme organised by MAT Abacus Business School in partnership with the Institute of Certified Public Accountants of Uganda (ICPAU). It was designed to equip CFOs with the requisite leadership skills to enable them adapt to strategic shifts in the environment.
It is a one-year programme, split into 4 quarters with 3 classes in each quarter. The 23 January 2025 panel discussion was the third session in the third quarter of the 2024/25 edition of the programme. The fourth and final quarter of the 2024/25 programme begins on 20 February 2025 and ends on 17 April 2025.
The 2025/26 programme begins on 22 May 2025. Enrolment is in progress via https://matabacus.ac.ug/cfo-leadership-academy/
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