Financial controllers switching gears to proactively drive growth as big changes beckon for future role

• Inaugural report shows that majority of financial controllers (Singapore 87%, global 86%) expect role to change drastically over next five years
• Huge potential to shape financial controller role, with focus expected to shift to “value creation” (Singapore 25%, global 39%), but insufficient support received to make this change
• About a quarter (Singapore 23%, global 26%) expect future role to demand very different or “unknown” skills

Financial controllers in organizations around the world are braced for radical change in their roles over the next five years, opening big opportunities for those who can embrace data and technology. However, many are uncertain about what this change will involve, and many are not getting the support they need to manage it, according to the 2024 EY DNA of the Financial Controller report.

The survey canvasses the views of more than 1,000 financial controllers across 28 countries and territories, including 40 financial controllers and senior finance leaders in Singapore. It reveals that almost 9 in 10 (Singapore 87%, global 86%) financial controllers expect their roles to change dramatically by 2030, with a heightened focus on value creation (Singapore 50%, global 39%) anticipated – actively supporting business growth – a departure from the traditional strongholds of value protection and optimization.

Unknown skills

About a quarter (Singapore 23%, global 26%) of financial controllers and senior finance leaders surveyed expect their roles to demand completely different – and perhaps even “unknown” – skills by the end of the decade. Just a small proportion (Singapore 13%, global 14%) say their future role will be similar to today’s.

The survey shows that many financial controllers and senior finance leaders have positioned themselves well for the imminent changes to their roles. They are ahead of most finance leaders in relation to the growth of artificial intelligence (AI), with more than half of respondents (Singapore and global 62%) already using the technology for daily tasks. In addition, most financial controllers and senior financial leaders (Singapore and global 88%) are using data to provide strategic insights – something that AI will only serve to improve.

However, many are not getting the support they say they need to help them become value creators. 8% of Singapore respondents (global 10%) say they do not have the necessary staff and 13% (global 20%) report that they lack the required budgets.

Ronald Wong, EY Asean and Singapore Financial Accounting Advisory Services Leader, says:

“The role of the financial controller is on the cusp of significant change. While it is not clear exactly how this will play out, it is evident that financial controllers must now deliver at a high level on multiple challenges at once. They need to strike a balance between delivering short-term performance and enabling long-term value, and their responsibilities now stretch far beyond the balance sheet.

At the same time, driving long-term value requires investment, not just in technology but upskilling people and ensuring a right talent mix. With the right level of support, there will be a huge opportunity to shape the financial controller role and transform the function so that it can look to the future with confidence.”

Harnessing technology

Although there is clear recognition that the role of the financial controller is in flux, and despite the adoption of data insights and AI, the survey also suggests that more support may be needed to fully harness the power of emerging technology. When asked what the term “value creator” meant to them, only 13% of Singapore respondents (global 20%) ranked searching for opportunities to use technology as one of the top three ways of creating value, while the majority cited driving company growth (Singapore 73%, global 70%). This highlights that many finance leaders are overlooking the capacity of technology to create value and fuel growth.

Even though many financial controllers and senior finance leaders see value creation as the future focus of their role, for now, a large proportion remain focused mainly on value optimization, rather than on seeking out opportunities for growth. The top three areas that finance leaders are focused on are identifying opportunities for new value opportunities (Singapore 28%, global 24%); using data insights to recommend strategic opportunities (Singapore 28%, global 31%); and cost-saving strategies (Singapore 25%, global 46%).

Wong says: “The first step in any successful transformation is building recognition of the need for change. While it is clear this exists within most finance functions, financial controllers need to actively lead in developing the technological skills and knowledge that are required to unlock their value-creating potential and enhance the brand of controllership with their leaders.

The divergence between ‘confident controllers’ and their peers when it comes to innovation, particularly their use of tech and data, is stark. These leaders provide the ideal model for less seasoned controllers to work toward in terms of skills and focus, and with the right support and approach, they can show how the role of the financial controller can be a force for true value creation and innovation.”

Notes to editors

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About the survey

This survey was conducted online in May and June 2024. Responses were collected from 840 financial controllers including 280 group financial controllers, 280 divisional financial controllers, and 280 regional financial controllers. Additionally, responses from 280 senior finance leaders – including CFOs – were collected to understand their view of the financial controller’s role. Respondents are from 28 countries – 46% from the Americas, 36% from EMEIA, and 18% from Asia Pacific – and 19 industry segments. To participate in the survey, respondents were required to work for organizations with $1b or more in annual revenue. In addition, 14 in-depth qualitative interviews were conducted with financial controllers from global organizations and EY subject matter professionals.