In the wake of everchanging business landscape and resultant risks and challenges, the role of financial community has evolved to address dynamic issues and challenges, said Koushik Chatterjee, Executive Director & CFO, Tata Steel Limited, while addressing the CII CFO Conclave. Chatterjee highlighted the role of CFO fraternity in bringing sound financial governance. He emphasized that in present circumstances when regulatory framework for new technologies like artificial intelligence has begun to take form and the threats and opportunities associated with it are becoming clearer, the finance professionals need to be more agile. He further mentioned the critical role of the CFO Community in driving sustainability including transition finance, capital requirement for de-carbonization, convergence of Financial and Non-Financial Reporting towards Integrated Reporting and enhancing business partnership.
He added that the CFO community is increasingly challenged to strike a pivotal balance between new initiatives with traditional finance function. While sharing his views at the conclave, S Sreenivasan, Co-chairman, CII National Committee for CFOs and President & CFO, Bajaj Finserv Limited, observed that as India prepares for India@100, a sizable investment in technology, manufacturing, healthcare, logistics, infrastructure, education and skilling to harness the real power of the demographic dividend is the need of the hour. There is a necessity to continuously invest in the entrepreneurial zest of the Indian population through start-ups to create future world class organizations. CFOs play a key role in financing this long-term saga. CA Priti Paras Savla, CCM, ICAI, & Chairperson Sustainability Reporting Standard Board of Institute of Chartered Accountants of India (ICAI), while speaking at the conclave said that ICAI has been a pioneer in establishing Sustainability Reporting Standards Board supporting the initiative of our nation in sustainability arena, supporting the robust regulatory mechanism by developing the Standard on Assurance Engagements, Sustainability Reporting Maturity Model, ESG Talk Shows, building the capacity of members and creating an impact on the stakeholders. As a Regulator in the country, ICAI has achieved the global recognition for maintaining highest standards in technical, ethical areas and for sustaining stringent education and examination standards. The ICAI has also an edge over technology for its’ members.
