In: Finance
What function does a bank’s CFO spend the majority of their time on?
The following are the major functions of CFO of a bank:
Responsible for accurate and timely presentation and reporting of financial information of the Bank.
Establish accounting policies and procedures wherever required.
Compliance with financial regulations and standards wherever applicable.
Communicate both the Bank’s expected and actual financial performance.
Overseeing the budget process, collecting of inputs and comparing the Bank’s actual performance vis-à-vis the budget estimates.
Flagging risks to the finances – operational, market etc. And developing strategies to counter / mitigate the same.
Formulating the accounting policy of the Bank, maintaining the internal accounts and reporting of financial results through various statements of accounts, Balance Sheet and Profit & loss Account (performing financial controller type function).
Policy work relating to Budget, including consolidation of budget for the Bank as a whole, notes to Board / Top Management, sanction of additional budget, review and amendment of Expenditure Rules.
Prepare the policy and broad guidelines regarding Business Continuity Planning (BCP); however, the same would be implemented by departments concerned. Strategy for BCP would be framed by Risk Monitoring Department.