What governments look for in a CFO.

• Author: Pate, W. Patrick
• Position: Management & Careers - Chief financial officers

The CFO is broadly responsible for financial risk management, financial planning, record keeping, and reporting and related compliance--but this role has evolved since the Great Recession to focus more on leadership.

One of the government chief executive officer's most important roles is building a good team made up of individuals who can ensure that services and programs are delivered and can also build good departmental teams. The chief financial officer (CFO) is an important member of the executive team, setting the tone for the relationship between the staff and operating areas of the organization. Is the CFO expected to be the chief enforcer of rules, requirements, and regulations; the technical expert on financial and budget practices and procedures; or the one who provides financial guidance to colleagues and policymakers? The answer is usually yes, yes, and yes. The CFO's overall mission is to maintain the organization's financial integrity while supporting the delivery of direct governmental services. The CFO must understand the principles of public service and the unique leadership requirements of working in the public sector. He or she must gain the trust of elected leaders and the community by promoting financial transparency along with ethical and reliable financial reporting.

The CFO is broadly responsible for financial risk management, financial planning, record keeping, reporting, and related compliance. But this role has evolved since the Great Recession. CFOs have taken on a greater leadership role that includes having more of a say in the organization's overall decision making--a tacit acknowledgement that the financial woes of the recession were compounded by a number of related debt and market dynamics. This way of thinking will likely grow more entrenched as many governments continue to dig themselves out of the recessionary environment and move in new directions in these fast-changing economic times.

THE ATTRIBUTES OF A GOOD CFO

Many now see the CFO's foremost role as that of a trusted advisor. (1) In addition to providing fiscal services, protecting assets, and ensuring compliance, today's CFO is also expected to act as a catalyst and strategist--that is, using financial prowess to allocate resources and using knowledge and acumen to influence outcomes. A good CFO is reliable in the following areas: (2)

* Reported Numbers. Takes the time and effort to make sure that the information provided by the CFO's office is...