But this crisis has revealed their essential character

The end of 2008 has not been any rest for financial managers. At the time when the crisis arose, they were full closure of the accounts. "For many, stop a budget noted the nightmare, says Olivier Courtois, partner and head of the segment operational finance at Ineum Consulting." Whenever they emitted a forecast, they should review it after a few days and the stock or commodity prices had evolved. "What must be added in a tormented context, Chief Financial Officer is more sought than usual, because ensure the strength of the undertaking becomes crucial. "A difficult and stressful period", admits, despite his twenty years of experience, Thibault de Tersant, DGA in financial affairs for Dassault Systèmes.

Even if, as Jean-Claude Leroy at Sanofi-Aventis, some have been landed recently, the crisis did not financial managers in the hot seat. However, it did change their priorities, as a first step, strengthening their role on purely financial aspects: find of cash and means of financing, optimize investments and the need for working capital following more closely the collection of client debts, reduce operational costs, evaluate the relevance of each investment, increase productivity... "It's a flying shorter term and fine of management processes," notes Eric Lovisolo, Chief Administrative and financial spring.

A "Business partner".

The finance function does not escape this research of optimization. After hosting their accounting and financial operations, the major groups are considering amplify the movement. The ambition is to standardise activities, tools, and the rules of conduct (such as reporting) to optimize the costs but also increase productivity and quality of financial processes. By unifying its processes, renegotiating its purchases and by consolidating its 13 French accounting departments into one, in Prague, chemist Rhodia has reduced the cost of its service finance by 25 in five years. "We have also improved the quality of our financial reporting." "The information is more complete and reliable", observes its financial Director, Pascal Bouchiat. "It is a complicated but process which has become inevitable," said Eric Menut, Chief Financial Officer of BP France, who spends one-third of his time to this transformation. A fortiori because outsourcing and efficiency allows the lead to have more time to focus on the core business of the company.

Because, in times of crisis, the role of a Chief Financial Officer is also to be a "business partner": give the patterns of "business unit" or Tools division to help better control their operations, optimize costs, enhance or simplify their organization... "To do this, it should not simply provide them with financial information, type net business or margins...". It must also be operational data. Say to a pattern of business he accuses a decrease in revenue does not help it to implement a plan of action. "With items on the satisfaction or on orders that have declined, may act", observes Olivier Blat, Director of finance and piloting of performance at Accenture.

One step ahead

In constant connection with the financial community, the Chief Financial Officer, has in the turmoil, ahead at the macroeconomic level. "In September, operational patterns did not see necessarily that activity will slow down." "The financial direction alerted them that they adapted their production", says Antoine Burel, financial Director, Legrand. What make the indispensable, especially in the CEO Financial Director. In the same way that a privileged adviser or a co-pilot, he proposed, with the ambition of such market or product management, industrial and commercial solutions, are associated financial policy... Thus, in Legrand, Antoine Burel is often asked to give its opinion on the strategic orientations of the group. A rise that should grow. "For the moment, financial managers are concerned about financial issues, such as the search of cash or the reduction of costs, believes Olivier Courtois of Ineum.". But this crisis has revealed their essential character. And when it is will be calmed down, they can play even more than before the role of co-pilot. Provided that they do not remain the nose in the handlebars and they continue to show to the DG and the CEO that they have a real added value to contribute. "A sign of this development, financial managers are increasingly also be Deputy Director-General (DGA). This is the case in Dassault Systèmes or Rhodia, where Pascal Bouchiat is a member of the General Management Committee. As Philippe Prétat, Chief Financial Officer of DHL, it is "a true partner" with the DG. Just as Michel Lamboley, Chief Financial Officer of Keolis, which "co-lead", said, the company with the President and has been named Chief Financial Officer of the year.

Guardian of the temple

The crisis requires another constraint to the Chief Financial Officer: whether anticipate. But the exercise is much more complex that stock market at the exchange rate from the price of raw materials, the environment is volatile. And forecasts difficult. So "in terms of predictive information all companies do not have the same level of maturity," said Ludovic de Beauvoir, a partner at PricewaterhouseCoopers. "Those who, until now, had not experienced problems of liquidity or financing were not necessarily put in place efficient predictive device."

Under the effect of a more severe regulation, Chief Financial Officer also has a role of guardian of the temple. It must be able to identify risks for the undertaking, to quantify and assess their impact on the business. Whether it is financial risk (cash management, investments,...) or operational risk (associated with the activity of production, security, or even the image of the company). This requires more internal control (already reinforced with the Sarbanes-Oxley Act), but also more upstream interventions: "To ensure the reliability of client billing, for example, the control volumes and prices is not sufficient." "It must control the entire process from the beginning up to the contract," provides Daniel Bacqueroët, DGA finance and administration of Brink's France.

These challenges, the profile of the Chief Financial Officer, him also evolved. It must always be a good technician, to become a manager of men and projects outstanding... and an excellent Communicator. "Especially with regard to the financial community, shareholders or banks that must explain the fundamentals of the company, its exposure to the economic conditions and adaptations made to the crisis", observes Thibault de Tersant. Or even to gain the confidence of leaders and convince the operational, which should accept these adaptation efforts... "Obviously, the accounting is no longer the sinews of war, notes Olivier Courtois. In large groups of the CAC 40, two-thirds of financial managers no longer have a profile finance and accounts but are passed by most operational functions or from offices of strategy.

The crisis has shown too, it must, finally, be of value and demonstrate an impeccable attitude. Thus, summarizes Philippe Audouin in Eurazeo "which was a common financial 10 years ago is simply a financial in the rank today." A wise...