The 3rd Annual CFO Strategies Forum Saudi Arabia, which opened at the Radisson BLU hotel in Riyadh, emphasized the need for a rapid and continuous increase in global relationships of culture, people, and economic activity. In his opening address, Syed Moazam Ali Shah, Group Head of Finance at the Supreme Foods Group, stressed why companies in the Kingdom cannot ignore the ever changing global trends and adapting, and urged CFOs to actively assess the events of the past year. The pervading theme of the forum was while the economic fundamentals of the region remain strong, relative to other parts of the world, there is still much uncertainty and risk aversion in today's organizations. Organized by French business information group naseba, notable industry gurus in attendance included Dr Ahmad Al Meghames from the Saudi Organization for Certified Public Accountants, Ahmed M. Al-Jogaiman from Saudi Electricity Company, and Paul Louis Gay from Almarai Company. Furthermore, a delegation of the Middle East's future industrial leaders was also in attendance, including Sultan Al Hokair, Mishal Al Mutlaq, Tarad Al Hasan and Faisal Al Hamdan. IMB and Wipro - two of the world's leading financial services providing companies - further urged the CFOs in attendance to asses and adapt. Praveen Sharma, Finance and Accounting Practice Head, Middle East and Africa at IBM, actively challenged attendees to be the "fact-based voice of reason in the midst of uncertainty." Sharma also highlighted how CFOs can help ensure they are equipped with the right skills and knowledge to provide strategic insights for their organization. Suraj Nair, Partner of Finance and Accounting at Wipro Arabia Limited, focused on how the shared services model for finance is now used by over 80 percent of the Fortune 500 companies and enables CFO to focus more on value-added activities like managing risk and acting as an advisor to the business. Educational workshops were also held at the summit - focusing on IPO readiness, sukuk, the innovative financial world from a CFO's perspective, and how CFOs can drive efficiency and accuracy in enterprise risk management processes. Thursday (today) discussion will focuses on challenges that will be faced by tomorrow's CFOs. Key topics include an overview of the changing trends of implementing IFRS in Saudi Arabia, expectations of the CFO in driving the organization forward, corporate governance, and how CFOs can drive efficiency and accuracy towards a sustainable future.
