Appointing an Interim CFO to Ensure Financial Stability and Regulatory Compliance in an Independent Statutory Authority in Victoria During a Critical Transition
The Brief
Future Leadership™ was engaged by an independent statutory authority to address a sudden leadership gap in its finance function.
The organisation faced the resignation of its Chief Financial Officer (CFO), followed shortly by the departure of the acting CFO, leaving the finance team without leadership during the critical year-end reporting period. Under the 2004 Public Reporting Frameworks, accurate and timely financial reporting was essential.
The CEO urgently required an Interim CFO with extensive experience in the government sector to manage compliance, ensure reporting accuracy, and stabilise the organisation’s financial operations during this transitional period.
Increase in General Management Skills
According to the American Management Association, only 14% of businesses consider themselves “well prepared” to handle a sudden loss in senior management. Add to that the fact that it takes at least four months to fill an executive role, and an Interim Executive experienced in operations makes a lot of sense!
Increase in Customer Experience Skills
These days experience is everything. What truly makes for a good experience? Speed. Convenience. Consistency. Friendliness. And human touch. Our Interim Executives deliver a great experience while improving your customer experience!
Increase in People & Culture Skills
Organisations are constantly changing as they respond to internal and external pressures. Continual process improvement can enable team engagement and lead to growth. Interim Executives bring fresh eyes and effective industry best practice to the execution.
Increase in Data Analytics
Complex challenges require critical thinking and in the age of information-overwhelm it is imperative to have analytical minds at the table. These skills range across finance, data science, systems and more. An Interim Executive can be the right person to optimise your inputs to maximise your output.
The Process
Future Leadership’s Interim Executive team rapidly responded to the CEO’s request, ensuring the organisation had the financial leadership it required:
- Immediate Action: Presented two highly qualified CFO candidates within 24 hours, both with extensive government sector experience and expertise in public reporting standards.
- Targeted Selection: The organisation selected an Interim CFO who aligned closely with their culture and had the required skills to navigate complex financial reporting and regulatory requirements.
- Seamless Onboarding: The appointed Interim CFO commenced within one week, taking immediate responsibility for year-end financial reporting and providing stable financial oversight.
Emerging Capabilities
Governance and Compliance
Establishes, champions, and measures the effectiveness of an organisation’s regulatory and reporting systems. Identifies and evaluates risks and develops strategies to mitigate risk.
Stakeholder Relations
Establishes rapport with stakeholders, builds and sustains trusted and collaborative relationships. Identifies and draws on relevant and diverse perspectives and integrates them to support productive interactions.
Commercial Acumen
Provides a deep understanding of relevant industry, marketplace, and business drivers to manage financial operations effectively.
Adaptability and Resilience
Demonstrates positivity, curiosity, and the ability to pivot when confronted with change, pressure, adversity, and disruption.
Strategy and Purpose
Gathers and examines diverse data points, presenting well-reasoned insights and reframing challenges.
The Outcome
The appointed Interim CFO successfully delivered critical outcomes during the engagement, including:
- Year-End Reporting: Ensured timely and accurate completion of financial reporting under the 2004 Public Reporting Frameworks, maintaining the organisation’s compliance with public sector standards.
- Operational Stability: Provided effective financial oversight, enabling continuity during the leadership transition.
- Extended Engagement: Due to exceptional performance, the Interim CFO’s initial three-month term was extended by six months, allowing the organisation sufficient time to conduct a thorough search for a permanent CFO.
The organisation’s leadership praised the Interim CFO for maintaining confidence and stability in its financial operations during a challenging period.
