FINANCIAL LEADERSHIP IN DIRE ECONOMIC STRAITS: MAINTAINING A COMPETITIVE EDGE

FINANCIAL LEADERSHIP IN DIRE ECONOMIC STRAITS: MAINTAINING A COMPETITIVE EDGE by Benjamin Chuka Osisioma

The corporate scandals which tore at the heart of the corporate environment in the period 2000 to 2010, had their roots in high level executive greed among senior corporate officials, loopholes in the laws and regulatory framework and executive abuses that border on insider dealing and conflict-of-interest situations. The global response has been immediate and far-reaching. Statutory and professional regulations have been tightened, loopholes have been closed, and the much touted self-regulation of accountancy profession has been compromised. This paper posits that the realities of present day dictate the exercise of financial leadership skills, as opposed to just financial management. Leaders in the financial sector must apply principles of transformational leadership and a large dose of emotional intelligence, if they will truly maintain a competitive lead in 21st century business environment. CFOs must have the vision to look beyond the core functions of finance and the fortitude to use their financial acumen and insights to drive new value and higher levels of business transformation and performance.