CIMA President outlines need for finance transformation across the Middle East
October 28, 2009
Speaking at the Grand Millenium Hotel in Al Barsha yesterday evening, CIMA (Chartered Institute of Management Accountants) President Aubrey Joachim delivered a keynote speech on how the ongoing economic crisis has demonstrated a need for change across the Middle East. He emphasised the way in which companies operating in key financial hubs like Dubai, Abu Dhabi, Bahrain and Saudi Arabia, are putting their competitive position at risk by failing to transform their finance functions to help improve decision making at every level.
He outlined how organisations have been looking to their Finance and Accounting functions to work closely or ‘partner’ with the business and help improve decision making and support value creation. This has resulted in a need for a new breed of finance professional that is able to get more involved in decision making across the organisation – a role management accountants are best placed to fulfil.
Joachim was adamant that this new way of working presented an exciting opportunity for the Middle East as the region’s relative resilience to the downturn puts it in an advantageous position to transform the finance function. He stressed the need for true finance business partners to be adept at challenging and countering strategic decisions across the organisation as opposed to simply acting as a support to departments across the business.
He closed his speech by saying that despite the current buzz around cost-cutting, the potential for further cost savings is probably limited. Joachim emphasised that we need to see a new form of finance business partner across the Middle East that is able to make a difference and help create value in these difficult times.
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