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1、INTEGRATIVE THINKING:THE GUIDE TO BECOMING A VALUE-ADDING CFO 2023 Association of Chartered Certified Accountants July 2023About ACCA ACCA(the Association of Chartered Certified Accountants)is the global professional body for professional accountants.Were a thriving global community of 241,000 membe
2、rs and 542,000 future members based in 178 countries and regions,who work across a wide range of sectors and industries.We uphold the highest professional and ethical values.We offer everyone everywhere the opportunity to experience a rewarding career in accountancy,finance and management.Our qualif
3、ications and learning opportunities develop strategic business leaders,forward-thinking professionals with the financial,business and digital expertise essential for the creation of sustainable organisations and flourishing societies.Since 1904,being a force for public good has been embedded in our
4、purpose.In December 2020,we made commitments to the UN Sustainable Development Goals which we are measuring and will report on in our annual integrated report.We believe that accountancy is a cornerstone profession of society and is vital in helping economies,organisations and individuals to grow an
5、d prosper.It does this by creating robust trusted financial and business management,combating corruption,ensuring organisations are managed ethically,driving sustainability,and providing rewarding career opportunities.And through our cutting-edge research,we lead the profession by answering todays q
6、uestions and preparing for the future.Were a not-for-profit organisation.Find out more at INTEGRATIVE THINKING:THE GUIDE TO BECOMING A VALUE-ADDING CFOCFOs have an immense responsibility and career-defining challenge in helping their organisations navigate complex multi-dimensional problems,from man
7、aging limited resources to satisfying differing stakeholder needs.The CFO should no longer focus purely on the finance but support the creation of wider value.To do this,CFOs require a balance of skills,behaviours and mindset,which in this guide we term integrative-thinking capabilities.Further,thes
8、e capabilities will need refining and enhancement throughout a career.Informed by the views of senior finance professionals and talent developers,this report explores what is meant by integrative-thinking,its capabilities and guides on the key approaches to develop them.Although we address CFOs dire
9、ctly in this report,the insights are relevant to all accountancy,business and finance professionals working in business or in practice.AUTHORS:Sharon Machado,FCCA Head of Sustainable Business,Policy&Insights,ACCA Yen-Pei Chen,CA ACCA Freelance integrated reporting consultantWITH SUBSTANTIAL CONTRIBU
10、TION FROM:Professor Nick McGuigan,CA FCPA Professor of Accounting and Director of Equity,Diversity and Social Inclusion at Monash University,Australia and Professor of Accounting at Rostock University,GermanyDr.Alessandro Merendino Assistant Professor at the Centre for Business in Society,Coventry U
11、niversity(UK)ForewordFor many years now,ACCA has been supporting accountancy,business and finance professionals in leading their teams and organisations to navigate the many complex multi-dimensional problems organisations encounter.In my role as ACCAs chief financial officer(CFO),an example of a co
12、mplex-multi-dimensional problem that I am currently navigating,together with the finance team,relates to the implementation of ACCAs commitments to the UN Sustainable Development Goals(SDGs)and ACCAs net zero targets.This involves collecting,evaluating and integrating data with our finance systems,s
13、o that together with my ACCA executive board colleagues we make the best decisions to fulfil our commitments.The capabilities crucial to this task relate very much to my ability to think in an integrative way,going beyond just the financials,and to appreciate the different perspectives of ACCAs stak
14、eholders,who will have differing needs depending on where they are across the globe,and their stage of career or industry.The UNs SDGs place a greater emphasis on multi-capitals thinking,including climate and nature,brand and reputation,and employees.All this is against a backdrop of the curveballs
15、to which all organisations have to respond,such as geopolitical or economic circumstances well beyond our control,which demand agility and adaptability.I strive to continually develop in my role,so that I can support my organisation to succeed.This guide is both a call to action and a support to all
16、 finance professionals as they embrace complex multi-dimensional problems,and add broader than financial value to their organisations,society and the planet.It does so by linking insights from other diverse professions,before articulating the integrative-thinking capabilities CFOs require,and discus
17、sing the approaches professionals,organisations and educators can take to develop them.In turn,this guide should help CFOs of today and of the future fulfil this call to action and serve their purpose better.Raymond Jack CFO,ACCA4ContentsAbout the researchers 6Preface 7Executive summary 8 Navigating
18、 complex multi-dimensional problems and the role of CFOs 8 Integrated thinking by organisations demands integrative-thinking CFOs 8 Integrative-thinking capabilities of successful CFOs 9 Take the integrative-thinking development challenge 9Methodology 111.Whats integrative-thinking and why is it imp
19、ortant for CFOs?12 Businesses face complex multi-dimensional problems in an interconnected world 12 From profit to value 13 Complex multi-dimensional problems 14 A different approach to work 14 Knowledge gaps,time pressures and loneliness 14 Sheep with five legs 15 Skills,behaviours and mindsets 15
20、Related concepts for problem-solving 15 Integrated thinking and integrated reporting 16 Portrait of an integrative-thinking CFO 16 Continually becoming 16 Relating to others 18 The professional boundary 192.Developing integrative-thinking 21 The integrative-thinking capabilities gap 21 The developme
21、nt approaches and the responsibilities of the CFO 22 Understand your innovating and problem-solving capabilities 24 Challenge the organisations cultural ecosystem and the accountancy professions culture 25 Embark on shared learning 26 Explore your capabilities with immersive and challenging exercise
22、s 29 On the job:plan,do,reflect 32 Engage in development programmes 33Conclusion 36Acknowledgements 37Appendix 38 The skills,behaviours and mindsets explained 38References 435INTEGRATIVE THINKING:THE GUIDE TO BECOMING A VALUE-ADDING CFO|ABOUT THE RESEARCHERSYen-Pei Chen,CA ACCAFreelance integrated r
23、eporting consultantYen-pei Chen is a chartered accountant,corporate reporting consultant and integrated thinking advocate.Having started her career in tax practice,she has enjoyed a varied career in professional education publishing and in research and policy.She is currently working as a freelance
24、technical expert for the International Sustainability Standards Board(ISSB).In her previous role,Yen-pei led ACCAs thought leadership research and defined ACCAs policy positions on integrated reporting,corporate reporting and tax.In doing so,she engaged with policy-makers at EU,international and UK
25、policy makers,including the European Commission,the OECD,the IFRS Foundation,IFAC and HMRC to influence future policy direction.She has a special interest in integrated reporting and its impact on corporate culture,as well as the role that tax can play in a just green transition.Sharon Machado,FCCAH
26、ead of Sustainable Business,Policy&Insights,ACCA Sharon is the head of sustainable business within ACCAs Policy and Insights team.Sharon and her team generate future looking thought leadership research and influence policy relating to the technical domains of sustainable finance,ethics,governance,ri
27、sk,corporate reporting,tax,business law,audit and assurance.This work has the aim of driving better business through the role of professional accountants.Education enabling the conversion of technical knowledge into action is vital,and Sharon regularly incorporates this into her own work and that of
28、 the team.Her passion for education was gained from preparing students for the technical and professional demands of accountancy qualifications,which she did prior to joining ACCA in 2008.Since joining ACCA,her roles have also included shaping the ACCA Qualification and its digital transformation.Ab
29、out the researchersDr Alessandro Merendino Dr Alessandro Merendino is an Assistant Professor at the Centre for Business in Society,Coventry University(UK)He is an eclectic scholar with interest and expertise in corporate governance,accounting and big data for directors and the top management team.He
30、 is a qualified chartered accountant in Italy and the UK and a member of ICAEW(Institute of Chartered Accountants of England and Wales).He is passionate about supporting directors and businesses to develop tools and capabilities to improve corporate governance processes,make better strategic decisio
31、ns,use big data and implement hybrid business models and digital strategies.He has travelled the world,including North America,South America,Europe and Africa,to collect data and collaborate with colleagues and industries.He is the co-Chair of the 19th European Conference on Internal Audit and Corpo
32、rate Governance.Professor Nick McGuigan,CA FCPANick McGuigan is a qualified Chartered Accountant and Fellow of CPA AustraliaHe holds joint positions as Professor of Accounting and Director of Equity,Diversity and Social Inclusion at Monash University,Australia and Professor of Accounting at Rostock
33、University,Germany.Nick is directly involved in applied research,focusing on the enhancement of educational programs of accountants and business professionals.His research interests include student conceptions of learning,integrated thinking and reporting,creativity and innovation,systems design and
34、 behavioural change,where he is a sought-after international speaker.Nick is a Senior Fellow of the Higher Education Academy(UK)holds an Australian National Citation for Outstanding Contributions to Student Learning,an Australian Business Deans Council Award for Learning Innovation and is the recipi
35、ent of the prestigious Aspen Institute Global Ideas Worth Teaching Award(New York).AUTHORS:WITH SUBSTANTIAL CONTRIBUTION FROM:6INTEGRATIVE THINKING:THE GUIDE TO BECOMING A VALUE-ADDING CFO|PREFACEPrefaceAs discussed by ACCAs CFO in the foreword,senior accountancy,business and finance professionals h
36、ave an immense responsibility and career-defining challenge in helping their organisations navigate complex multi-dimensional problems,from managing limited resources to satisfying differing stakeholder needs.Although we address CFOs directly in this report,the challenges and the recommendations exp
37、lored in this report should be relevant to all accountancy,business and finance professionals working in business or in practice:our future and potential CFOs,even if not all think in these terms today.The CFO should no longer focus purely on the finance but support the creation of wider value.To do
38、 this,CFOs require a balance of skills,behaviours and mindset,which in this guide we term integrative-thinking capabilities.Now,many of these capabilities are already in the CFOs toolkit,usually first developed through qualification,but almost all will require some refining and enhancement throughou
39、t the professionals career.Therefore,this report seeks to assist CFOs and their talent developers by:1.exploring what constitute integrative-thinking capabilities and describing the underpinning skills,behaviours and mindsets required,and2.describing,enhancing and refining development approaches.7Na
40、vigating complex multi-dimensional problems and the role of CFOsCFOs today are regularly challenged by complex multi-dimensional problems that put all their technical,professional and interpersonal capabilities to the test.These problems are often associated with striving to achieve a fair balance b
41、etween stakeholders and the proper use of resources.Andreas Schleicher,director for education and skills at the Organisation for Economic Development(OECD),provides some thought-provoking examples:nseeking infinite growth versus managing the finite resources of the planet and well-being of people nv
42、aluing the financial economy over the real economy nmeeting the differing needs of the wealthy and the poor nensuring the appropriate use of technology given its implications for society,and nimplementing governance in a way that does not result in denying people a voice.While these problems are art
43、iculated at a macrolevel,the principles behind them should resonate with decision-makers in many organisations.Consider the challenge of transforming business models to execute sustainability-led strategies or of redesigning processes and systems to fulfil fast-evolving sustainability reporting and
44、assurance requirements.Today,such challenges arise against a backdrop of limited financial resources as well as human and natural resources the long-term survival and success of business can no longer be assured with a narrow focus on financial return alone.The need for CFOs to act as stewards of lo
45、ng-term value is emphasised throughout ACCAs sustainability,integrated thinking and reporting work.It is explored further in ACCAs companion report,Chief Value Officer the Important Evolution of the CFO(Webb 2023).Complex multi-dimensional problems are often difficult to define,approach and solve,an
46、d it can be hard even to know whether and when they have been fully solved.Such problems tend to require consideration of several inter-related factors at the same time.Therefore,it is unsurprising when business leaders say:WE HAVE TO CONSIDER EVERYTHING,EVERYWHERE,FOR EVERYONE,ALL THE TIME.CFOs are
47、 accountable for well-informed decision-making in their organisations,therefore are key to successfully Executive summaryINTEGRATIVE THINKING:THE GUIDE TO BECOMING A VALUE-ADDING CFO|EXECUTIVE SUMMARYnavigating these problems.To fulfil this responsibility in todays fast-changing and complex world,CF
48、Os need to change their mode of operation.Integrated thinking by organisations demands integrative-thinking CFOsAn integrated approach by organisations is essential to navigating these problems which by their nature too are integrated.This view,originally advocated by the International Integrated Re
49、porting Council(IIRC),is now propounded by the International Financial Reporting Standards(IFRS)Foundation(Value Reporting Foundation 2022).Accordingly,the way in which individual professionals must think and act is integrative.ACCA has identified the concept of integrative-thinking and believes it
50、to be closely related to,but not the same as,integrated thinking.Integrative-thinking relates to thinking and action at the individual rather than organisational level and encompasses many disciplines from within and outside the accountancy profession,such as psychology,architecture and software dev
51、elopment,including artificial intelligence engineering.Integrative-thinking capabilities of successful CFOsOur desk-based research and roundtables with senior finance professionals and talent developers have identified five integrative-thinking capabilities that are relevant to value-adding CFOs.Bei
52、ng a successful CFO is not a static end-state.Continual learning,and engagement with other people,are key to being the CFO that the organisation and the world needs.nContinually becoming:nurturing the five personal capabilities openness,humility,curiosity,courage and creativity that enable a CFO to
53、grow and evolve continually through time.FIGURE ES1:The five integrative-thinking capabilitiesExploringContinually becomingCo-creatingEmpathisingEmpowering8INTEGRATIVE THINKING:THE GUIDE TO BECOMING A VALUE-ADDING CFO|EXECUTIVE SUMMARYfamiliar setting or engagement with a variety of different stakeh
54、olders.Each complex multi-dimensional problem and exercise is an opportunity to reflect on ones own strengths and development areas,identify capability gaps and put in plans to continually improve.It is important for all development,but especially integrative-thinking development,that professionals
55、take ownership,whether to incorporate development approaches within their role or influence their organisations way of working or developing talent.Organisations also have responsibilities ranging from creating and supporting environments for knowledge sharing,active listening and feedback to promot
56、ing cross-departmental/functional working that enables exposure to new experiences.In this guide,we encourage you to explore the detail behind integrative-thinking and access developmental support,which is summarised as follows:nUnderstand your innovating and problem-solving capabilities:work and ev
57、olve ideation preferences,specifically those relating to creating,clarifying,developing or implementing ideas.nChallenge the organisations cultural ecosystem and the professions culture:take stock of the accountancy profession,the organisation and its operating environments culture in order to influ
58、ence future perceptions and drive productive engagement.nEmbark on shared learning:widen individual and collective skills,behaviours and mindsets by connecting with others in sharing knowledge and co-creation.nExplore your capabilities with immersive and challenging exercises:take yourself out of yo
59、ur comfort zone through exposure to different experiences that expand your integrative-thinking capabilities.nCarve out time for reflection:readdress any bias you may have to rush on to the next task before properly reflecting and using the insights in the cycle of:plan do reflect plan.nEngage in de
60、velopment programmes:take part in courses and your organisations talent development interventions to learn what integrative-thinking means in the context of your role and to develop better capabilities.nEmpathising:solving problems through understanding others viewpoints and seeing things from the p
61、erspectives of our interlocutors be they colleagues,business partners,clients or end-users.nExploring:searching out unfamiliar territory to learn about it,and inviting others to join in the exploration asking questions,modelling plausible scenarios and testing assumptions.nCo-creating:seizing the op
62、portunities that arise from collaborating with others,including people outside ones own organisation.nEmpowering:enabling team members and,in some cases,external stakeholders,to take actions and to influence outcomes.Take the integrative-thinking development challengeRoundtable participants have emp
63、hasised unequivocally that the way many CFOs approach their work today is becoming unsustainable,and that a fundamental change is needed to the way CFOs work and learn.The integrative-thinking capabilities comprise a combination of skills,behaviours and mindset,many of which are developed through th
64、e professional qualification process.Nonetheless,integrative-thinking is a reflective process,and it can feel difficult for anyone to challenge deep-seated assumptions,practices and personal habits.Furthermore,as the CFOs career and the complex multi-dimensional problems they face both evolve,so do
65、the required capabilities.Therefore,a broad range of continuing professional development(CPD)is essential.To ensure quality learning and development that is truly fit for the future,a combination of continuous and targeted approaches is best(Machado 2022).Common to most good learning and development
66、,however,is collaboration.Through collaboration,CFOs can learn about themselves and others,and develop new approaches to work.This guide proposes many exercises for CFOs and their colleagues to develop their integrative-thinking capabilities,including some in the form of role-play scenarios built ar
67、ound hypothetical complex multi-dimensional problems.Further,CFOs should seek different experiences to broaden thinking,for example pro bono work in a less 9CFOs TODAY ARE REGULARLY CHALLENGED BY COMPLEX MULTI-DIMENSIONAL PROBLEMS THAT PUT ALL THEIR TECHNICAL,PROFESSIONAL AND INTERPERSONAL CAPABILIT
68、IES TO THE TEST.INTEGRATIVE THINKING:THE GUIDE TO BECOMING A VALUE-ADDING CFO|EXECUTIVE SUMMARY10The immersive challenging exercise is one of the many integrative-thinking development approaches we encourage for all CFOs who aspire to add value,to help them to explore their capabilities,and is detai
69、led later in this guide.The research team acknowledge and are hugely appreciative of the willingness and approach taken by our participants to take the plunge into the complex multi-dimensional problem-solving game,and for their valuable insights(see Acknowledgements).Their efforts will help all CFO
70、s and aspiring CFOs to add more value and navigate complex multi-dimensional problems.Finally,our methodology incorporated desktop research,addressing:nmodels for innovation and problem-solving across many professions including outside of accountancy nthe broad technical,professional and interperson
71、al skills,behaviours and mindsets needed in business,finance and accountancy,including their development.MethodologySenior professionals and talent development experts in the field of accountancy,business and finance with experience of transformational change were invited to take part in one of seve
72、ral global plenary roundtables,each plenary then splitting into smaller breakout groups.Each breakout group was then immersed in a business game based on a complex multi-dimensional problem,supplied by Monash University and used in its business and finance leadership talent development programmes.Th
73、e approach taken by the breakout group and individual participants,specifically the skills,behaviours and mindsets explored,were observed by our research team.Thereafter,participants in their breakout groups and then in the plenary roundtable explored:nthe thoughts and emotions experienced as they u
74、nfolded during the game nthe skills,behaviours and mindsets required to approach the problems,including those that were deemed to require more development by senior accountancy,business and finance professionals,and nthe potential development approaches needed to address these.INTEGRATIVE THINKING:T
75、HE GUIDE TO BECOMING A VALUE-ADDING CFO|METHODOLOGYA practical methodology underpins what is fundamentally a practical insights project a practical guide helping CFOs appreciate and develop the integrative-thinking necessary to deal with multi-dimensional problems:ones that often call for value to b
76、e added beyond immediate financial return.11INTEGRATIVE THINKING:THE GUIDE TO BECOMING A VALUE-ADDING CFO|1.WHATS INTEGRATIVE-THINKING AND WHY IS IT IMPORTANT FOR CFOs?CFOs play an important role in helping their organisations to navigate through the risks that these interrelated challenges bring,an
77、d to seize opportunities.As gate-keepers of strategically important information,CFOs are responsible for ensuring their organisations are accountable for the decisions made.Our complex and interconnected world challenges CFOs to be forward-looking,adaptable,and strategically focused,with an ability
78、to think outside the box.CFOs may need to make judgements in the face of incomplete,complex,uncertain or ambiguous information.They may need to act without being able to reliably predict the outcomes.Furthermore,thanks to their expanding remit,CFOs may find themselves collaborating with a wider rang
79、e of people both inside and outside their organisations than ever before.Integrative-thinking is an approach to making the difficult choices that business leaders need to make when faced by todays complex multi-dimensional problems(Martin and Austen 1999).In this guide,we explore the mindsets,skills
80、 and behaviours that enable CFOs,as individuals,to become integrative thinkers and in so doing,help their organisations to thrive in todays interconnected world.The concept of integrative-thinking is closely related to integrated thinking as set out in the International Integrated Reporting Framewor
81、k(IIRC 2021),but it also encompasses approaches and philosophies that have been developed by people within and outside the accountancy profession.We will discuss this in further detail in the Skills,behaviours and mindsets section below.Businesses face complex multi-dimensional problems in an interc
82、onnected worldTo steer a successful business is to constantly confront complex multi-dimensional problems.1.Whats integrative-thinking and why is it important for CFOs?CFOs today face a set of challenges that put all their technical,professional and interpersonal skills to the test.From extreme clim
83、ate events,volatile geopolitics affecting access to markets,unpredictable public demands,fast-evolving sustainability reporting requirements,inflationary pressures,to global supply chain disruptions,the combination of headwinds that businesses face seems unprecedented.Complex multi-dimensional probl
84、ems are problems that often:nare difficult to define ninvolve complex systems nare difficult to approach,and nare such that it is difficult to know when you have fully solved them.As Principles for Connected Corporate Reporting Standard Setting(ACCA 2021a)outlines,businesses are part of the complex
85、system that constitutes our modern society and our planet.The way each organisation manages its key resources and relationships affects the value that it generates for economies,societies and nature.Conversely,organisations external impacts can ultimately affect their ability to create value for the
86、mselves.AS GATE-KEEPERS OF STRATEGICALLY IMPORTANT INFORMATION,CFOs ARE RESPONSIBLE FOR ENSURING THEIR ORGANISATIONS ARE ACCOUNTABLE FOR THE DECISIONS MADE.12INTEGRATIVE THINKING:THE GUIDE TO BECOMING A VALUE-ADDING CFO|1.WHATS INTEGRATIVE-THINKING AND WHY IS IT IMPORTANT FOR CFOs?From profit to val
87、ueThe remit of CFOs has expanded significantly in recent years.Interviews for the ACCABDO report,Chief Value Officer the Important Evolution of the CFO(Webb 2023)highlighted that CFOs are increasingly adopting a value-centric approach in their work.Effectively,this represents an evolution towards a
88、chief value officer(CVO)role,away from a traditionally finance-focused remit towards one that is accountable for value in all its different forms.The chief value officer In their book,The Chief Value Officer:Accountants Can Save the Planet,Mervyn King and Jill Atkins(2016)argue that companies need t
89、o move from the traditional shareholder-centric governance model to one that embraces multiple stakeholder perspectives,if they are to create value in a sustainable manner.As the books title suggests,accountants and CFOs should drive this change in their organisations,by becoming CVOs.Being a CVO me
90、ans becoming a steward not only for your organisations financial resources,but all resources that the organisation relies on to create value.It also means ensuring that the organisation creates value in a way that is meaningful for all its key stakeholders(Figure 1.1).Although CVO is rarely used as
91、a job title,ACCA has found that some CFOs are increasingly fulfilling the role of the CVO.Doing so requires a deeper understanding of the business model,more proactive engagement with colleagues across the organisation,and a more forward-looking mindset than the traditional CFO role.The pandemic,dis
92、ruptions to supply chains and the uncertain geopolitical environment have further pushed CFOs towards this forward-looking view of value.As a CFO interviewed for Chief Value Officer the Important Evolution of the CFO(Webb 2023)commented:I think disruptions are going to intensify over time.We need to
93、 be aware of the risks of devaluing as well and what can impact that.It is not just that you are not selling things.It is a much bigger picture around“how do the customers perceive your business?”,or“are you adding value to your employees more than just what they are getting paid?”EXAMPLE:How green
94、are electric cars?An example of businesses interdependency on society and planet is the electric vehicles industry.As a low-emission form of transport that helps to reduce air pollution in cities,electric vehicles have the potential to create positive environmental outcomes.On the other hand,the bat
95、teries in electric scooters are made of lithium,often mined in global south economies under poor working conditions.Therefore,while the electric vehicles industry creates direct positive environmental outcomes in the countries where the cars are driven,negative social and environmental outcomes aris
96、e from its value chain,in the sourcing of raw materials.This poses a risk for the reputation of electric vehicle companies,leaves them open to legal challenges and future regulation and taxation,and could,ultimately,affect investors assessments of companies value.FIGURE 1.1:A model of valueEnablersC
97、onvertersStakeholdersOperations and processesDataTechnologyPerformance management and measurementInvestors and other financial stakeholdersCustomersEmployeesCommunityRegulatorsFinancialManufacturedIntellectualHumanSocial and relationshipNaturalReturnSource:Adapted from Webb 2023Creating and maintain
98、ing value is a cyclical activity,so there is a process of return of value from the stakeholders to the enablers.SuppliersALTHOUGH CVO IS RARELY USED AS A JOB TITLE,ACCA HAS FOUND THAT SOME CFOs ARE INCREASINGLY FULFILLING THE ROLE OF THE CVO.13INTEGRATIVE THINKING:THE GUIDE TO BECOMING A VALUE-ADDIN
99、G CFO|1.WHATS INTEGRATIVE-THINKING AND WHY IS IT IMPORTANT FOR CFOs?A different approach to workMuch has been written about how businesses and organisations need to transform to function more effectively in todays complex world.But what does this mean for CFOs and future CFOs?How do they need to evo
100、lve to thrive in this environment,and guide their organisations through the turbulence of change?Roundtable participants have emphasised unequivocally that the way many CFOs approach their work today is becoming unsustainable,and that a fundamental change is needed to the way CFOs work and learn.Kno
101、wledge gaps,time pressures and lonelinessThe CFO has always been,and remains,the person to whom the senior leadership go for well-considered answers,reliable numbers and calm reassurance.Yet gone are the days when deep technical expertise in finance sufficed to meet the demands of the job.The senior
102、 accountancy,business and finance professionals at our roundtables recognised knowledge gaps in a wide range of subjects:Complex multi-dimensional problemsBroadening beyond their traditional remit,CFOs are increasingly involved in shaping business strategy.As a result,in one way or another,many of t
103、he complex multi-dimensional problems that companies face land on the CFOs desk.The sourcing of raw materials in the electric vehicles example above is one such problem.Our roundtable participants said that the complex multi-dimensional problems that they have faced recently include:nattracting and
104、retaining talent nintegrating data and technology systems nmanaging cost in the face of inflation nexpanding into new markets,and ntaking up senior leadership positions in new sectors or geographies.As accountancy careers evolve,aspiring future CFOs are likely to face many complex multi-dimensional
105、problems on their way to the top:technology is driving transformative change,career paths are becoming more diverse and the job for life is firmly in the past(ACCA 2020a).The path to the CFO role could involve multiple sideways moves:from one function to another,from one sector to another,from one j
106、urisdiction to another.At the same time,senior accountancy,business and finance professionals recognise that it would simply not be realistic for them each to become an expert in all these areas.CFOs have to juggle many emerging issues simultaneously,while the demands made on their core accountancy,
107、business and finance expertise continue to grow in difficult economic conditions.Prioritisation is essential and yet often extremely difficult.The awareness of knowledge gaps in new subject areas can generate anxiety and self-doubt.This is exacerbated by the sense,often expressed by roundtable parti
108、cipants,that the role of the CFO can be a lonely one.Roundtable participants shared an evident desire to connect with and learn from others:both accountant peers and non-accountants.AS ACCOUNTANCY CAREERS EVOLVE,ASPIRING FUTURE CFOs ARE LIKELY TO FACE MANY COMPLEX MULTI-DIMENSIONAL PROBLEMS ON THEIR
109、 WAY TO THE TOP.Below are some other complex multi-dimensional problems that ACCA has explored in previous publications.nReporting Scope 3 greenhouse gas emissions scope and data availability challenges mean that it is almost impossible to be certain that Scope 3 emissions have been fully captured a
110、nd measured(Shah 2022).nHybrid working policies multiple interrelated factors such as legal and tax implications;staff safety,skills development,career progression and well-being;talent retention and attraction;and the organisations strategy need to be considered together to design policies that wor
111、k for the whole organisation (Piper 2022).nPerformance management and analysis in turbulent times,annual plans and forecasts can quickly become outdated,and if performance measures are aligned to an outdated plan,they will produce dysfunctional goals(ACCA et al.2022).14INTEGRATIVE THINKING:THE GUIDE
112、 TO BECOMING A VALUE-ADDING CFO|1.WHATS INTEGRATIVE-THINKING AND WHY IS IT IMPORTANT FOR CFOs?Skills,behaviours and mindsetsWhat would a future-fit CFO,adept at tackling the complex problems of our world,look like?How will CFOs and future CFOs need to evolve?We believe that the skills,behaviours and
113、 mindsets of CFOs will all need to adapt.Related concepts for problem-solvingOf course,complex multi-dimensional problems are not new:professionals in different fields have been working with them for a long time.Figure 1.2 summarises three concepts that have emerged from this experience.Although the
114、y have emerged from different fields,design thinking,open innovation and systems thinking share common principles.Some of these are summarised in the overlapping areas between the circles in Figure 1.2:ncollaborating with stakeholders outside ones own team or organisation npursuing opportunities tha
115、t provide value for all those involved ndealing with complexity and uncertainty,and nempathising with those who hold different points of view.Arguably,all three design thinking,open innovation and systems thinking emphasise the importance of asking meaningful questions as a prelude to finding soluti
116、ons.Sheep with five legsOne accountancy firm partner used the Dutch expression,sheep with five legs(a jack of all trades),to describe the multiple demands placed on the CFO.It is unrealistic to expect one person to acquire deep expertise in many fields.Instead,the emphasis needs to move to collabora
117、tion:working in an integrated way with colleagues who have different areas of expertise.With this approach,the learning habits of CFOs would also change:favouring acquisition of broad awareness of new subject areas rather than deep knowledge in each subject.For CFOs with a background in accountancy,
118、who are accustomed to precision,rigour and discipline,learning in this new way could require them to unlearn what they have learned,in the words of one roundtable participant.Making this shift requires a fundamental change in mindset both for the CFO and for those in their organisation.As one CFO re
119、presentative noted,one of the biggest challenges would be getting out of the expected role of the CFO.FIGURE 1.2:Concepts that enable problem solvingDESIGN THINKING:design thinking is a human-centred,non-perfectionist problem-solving approach based on iterative improvements.The website of the design
120、 company,IDEO,provides a useful explanation of design thinking and how it is applied(IDEO n.d.),OPEN INNOVATION:born from business strategy,open innovation has been advocated in particular by Henry Chesbrough in his book Open Business Models:How to Thrive in the New Innovation Landscape(2006).Open i
121、nnovation is a distributed innovation process based on purposively managed knowledge flows across organisational boundaries(Chessborough and Bogers 2014)emphasising external cooperation over the secrecy that prevails in traditional research and development.SYSTEMS THINKING:born from science and engi
122、neering,systems thinking is a point of view that approaches problems by seeing them as parts of larger,dynamic systems.This recognises,for example,that teams may improve their individual performance and yet compromise organisational success,if they do not understand their roles in the wider organisa
123、tion(WICI and IIRC 2013).A system may encompass non-human components.For example,systems thinking can provide insight when making business decisions that consider the natural environment,as a video from United Utilities,a UK water company,shows(United Utilities n.d.).THE EMPHASIS NEEDS TO MOVE TO CO
124、LLABORATION:WORKING IN AN INTEGRATED WAY WITH COLLEAGUES WHO HAVE DIFFERENT AREAS OF EXPERTISE.Design thinkingOpen innovationSystems thinkingAsking questionsCollaboration,co-creationDealing with uncertainty,empathyPartnering for shared value15INTEGRATIVE THINKING:THE GUIDE TO BECOMING A VALUE-ADDING
125、 CFO|1.WHATS INTEGRATIVE-THINKING AND WHY IS IT IMPORTANT FOR CFOs?Portrait of an integrative-thinking CFOIs it possible to paint a picture of an integrative-thinking CFO?Although it would be difficult,and perhaps counter-productive,to pin down the precise skills,behaviours and mindset of such a CFO
126、,Figure 1.3 captures the five capabilities that have been repeatedly referenced,in the academic literature as well as in the roundtables and interviews that we have conducted for this guide.The centre of the circle represents the personal capabilities mostly,the mindset but also to some extent,the s
127、kills of an integrative-thinking CFO.The four outer segments of the circle illustrate how an integrative-thinking CFO relates to and interacts with others.The inner circle and the outer segments are inextricably linked.A CFOs personal capabilities drive the way in which he or she interacts with peop
128、le.At the same time,it is only through engaging with and relating to others that a CFO can continually develop his or her personal capabilities.FIGURE 1.3:The five integrative-thinking capabilitiesIntegrated thinking and integrated reportingAll three concepts above can be seen to have influenced the
129、 integrated reporting movement,which formed in the wake of the 20072009 global financial crisis.Although a reporting framework,the International Integrated Reporting Framework is rooted in the idea of integrated thinking,which it defines as follows.Integrated thinking:the active consideration by an
130、organisation of the relationships between its various operating and functional units and the capitals that the organisation uses or affects.Integrated thinking leads to integrated decision-making and actions that consider the creation,preservation or erosion of value over the short,medium and long t
131、erm.IIRC 2021This definition focuses on what needs to happen at the organisational level rather than at the individual level.Even so,it highlights three interconnected areas where CFOs can usefully apply design thinking,open innovation and systems thinking:Various operating and functional unitsBreak
132、ing down siloes to enable collaboration and co-creationInteractions between different capitalsEmpathising and partnering with others in the wider social,environmental and economic ecosystem for shared valueShort,medium and long termEvaluating decisions over longer future time frames and dealing with
133、 uncertaintyAll these related concepts help to inform the ways in which a CFO can respond effectively to complex multi-dimensional problems and bring value to their organisation in the process.As explained above,we refer to such a CFO as an integrative-thinking CFO in the following sections.Explorin
134、gContinually becomingCo-creatingEmpathisingEmpoweringContinually becomingThe portrait of an integrative-thinking CFO is not a static one,but one that grows and evolves continually through time.Informed by the psychotherapist Carl Rogers book,On Becoming a Person:A Therapists View of Psychotherapy(19
135、77),the reference to becoming emphasises that being a value-adding CFO is not an end-state.Rather,it is a constant process of evolution,self-exploration and learning.This process involves being open,humble,curious,courageous and creative.nOpen to different perspectives and ways of thinking,challengi
136、ng ones own biases.Diverse opinions and diverse individual objectives really contribute to a healthy board discussion.If we were all non-diverse in terms of our goals,we wouldnt have had such a rich debate and we could have made the wrong decision as a business.Diversity really helps to get to the r
137、ight answer.An entrepreneur and CEOALL THESE RELATED CONCEPTS HELP TO INFORM THE WAYS IN WHICH A CFO CAN RESPOND EFFECTIVELY TO COMPLEX MULTI-DIMENSIONAL PROBLEMS AND BRING VALUE TO THEIR ORGANISATION IN THE PROCESS.16INTEGRATIVE THINKING:THE GUIDE TO BECOMING A VALUE-ADDING CFO|1.WHATS INTEGRATIVE-
138、THINKING AND WHY IS IT IMPORTANT FOR CFOs?An example is a CEO who sees himself sic as too busy to deal with the internal pressures of managing the firm and the external pressures of managing the shareholders,capital market,etc.,but who understands that the two worlds are inexorably linked.He sees th
139、is as a bind and decides to cope by splitting the job in two and handing off the external job to a chairperson.This typical non-integrative solution involves accepting the bind and separating two previously integrated activities.A more integrative thinker would not see the challenge as an insurmount
140、able bind,but rather as a tension to be creatively and flexibly managed.A CEO skilled at integrative-thinking would not resort to disintegrating the causal map,but might recognize the need,for example,to act as the integrative link between the internal and external worlds.He or she might seek creati
141、ve ways to take on a thinner,but higher value-added slice of each job in order to maintain integration.The integrative CEO recognizes that tension will not disappear with this solution.Rather than deliberate an“either/or”choice,the integrative CEO chooses a course of continued fine-tuning,which make
142、s the ideal resolution an ongoing process.This is not the same as not choosing it is about ensuring that you are solving the right problem.Martin and Austen(1999)nHumble:acknowledging the limits of ones knowledge,accepting that one does not always know the answer.The CFOs got to be willing to admit
143、failure Theres going to be a lot of failure.An audit committee chairmanWeve learnt efficiency doing things well one at a time.Now weve got to learn that things can be difficult.An accountancy firm partner nCurious:continually learning,staying ahead of wider drivers of change,listening to and learnin
144、g from others.Its about asking:“How sustainable is this line of thinking?”You build and train yourself in terms of:“What are some of the mistakes that Ive made?”“What are the lessons that I actually take from this line of learning?”And“how have I used the lessons that Ive gained?”“Do I need to chang
145、e my line of thinking so that I get to a different result?A sustainability chief executive nCourageous:being prepared to step out of ones comfort zone,challenging the status quo,embracing uncertainty,and taking risks.Accountants always want to find more facts.Analysis paralysis you can kind of get s
146、talled with that as an accountant.An entrepreneur and CEO nCreative:experimenting,innovating,discovering and developing ones hidden strengths,learning from trial and error.Common to successful CFOs is the ability and confidence to work at the margins ie to iteratively think and act on the informatio
147、n that is currently available.Often,it is this that supports creativity.A finance directorThe ACCABDO report,Chief Value Officer the Important Evolution of the CFO(Webb 2023),notes that becoming a value-adding CFO can involve the change from being Dr No to Dr How:shifting from seeing decisions as tw
148、o between opposing,binary choices towards dynamically working through how the organisation might achieve its objectives,given the constraints and range of opportunities that it faces.The following scenario,from an article by integrative-thinking advocates Roger Martin and Hilary Austen(1999),illustr
149、ates a situation to which many CFOs today can relate.It also shows the application of all five qualities described above.Continually becoming.a CVOOne direction in which some CFOs see themselves evolving is towards the role of the CVO.This is seen as a journey of growth;as one CFO commented:I think
150、you can start out as a CFO and then become a chief value officer.You need to know the fundamentals of financial finance and accounting.But I think as you gain experience and you put yourself out there more,you understand the business 28 and you can build relationships with people around the company.
151、You could then become that chief value officer.You start as a CFO but then you become a chief value officer(Webb 2023).Another CFO implied that the process of becoming a value-adding leader should have no limits:Regardless of our title our role ultimately originates from our mindset,where we positio
152、n ourselves,what we think we can do,and what we are willing to do.I think mindset is very important,andwe should not limit ourselves.Regardless of my job title,I am responsible for the companys business development and future,which is the most important thing.With this kind of mindset I can create v
153、alue in my position(quoted in Webb 2023).17INTEGRATIVE THINKING:THE GUIDE TO BECOMING A VALUE-ADDING CFO|1.WHATS INTEGRATIVE-THINKING AND WHY IS IT IMPORTANT FOR CFOs?the unknown environment,and deal with variable stakeholders on a daily basis.In order to improve my learning curve,I started networki
154、ng and communicating with many people.I spent as much time as possible meeting up with as many people as possible from the business environment to grasp local specifics of doing business in the UAE and Dubai in particular.Life experience can be grasped from anywhere and from everyone.I learn at work
155、,on the street,communicating with variable sic people no matter what position they are in.I treat everyone the same way as all people around me are my clients and I am their client.A consultancy firm partner nCo-creating involves seizing the opportunities that arise from collaborating with others,in
156、cluding people outside ones own organisation.As open innovation highlights,when done well,co-creation can become a source of competitive advantage.Technology such as blockchain and distributed ledgers make it possible to co-create with stakeholders in other parts of the world(Vaidyanathan 2017).Done
157、 well,co-creation enables value to be shared,benefiting all those involved.Nikki Adams is director of a UK-based medium-sized accountancy practice.While in lockdown,the firm prepared a three-year strategic plan.We sat down and agreed what our values are as a group,what we want to achieve for our cli
158、ents,and everybody understands how they fit into that jigsaw puzzle.The senior managers are part of that process so even though they may not own shares in the business,they are emotionally invested in it.(Quoted in ACCA 2020b)nEmpowering:an important role of leadership is enabling team members and,i
159、n some cases,external stakeholders,to take actions and to influence outcomes.This is essential if our integrative-thinking CFOs are to instil integrative-thinking throughout the organisation.Many SMPs encourage an entrepreneurial spirit among their employees.Desmond Yiong,owner of an accountancy pra
160、ctice in Singapore,encourages a highly open collaborative culture and the firm maintains strong links with its alumni.We welcome the entrepreneurial spirit if an employees aspiration is to set up their own firm,we can help pass them work.Staff are encouraged to discuss their ambitions openly during
161、appraisals,and even to use the firms infrastructure as a sort of incubator.Other staff have also left to take up CFO roles in Taiwan and become valuable client contacts.(ACCA 2020c)Relating to othersAs we have seen above,key aspects of solving problems depend upon engaging with other people:empathis
162、ing,collaborating and sharing value,for example.Throughout our roundtables,participants have repeatedly highlighted interpersonal skills communication,negotiation,presentation and active listening as those skills that CFOs most urgently need to develop.Importantly,the way we relate to and interact w
163、ith others also shapes who we are.The Nguni Bantu expression ubuntu(I am because you are)has been borne out in developmental psychology,which underline how profoundly we,as individuals,are shaped from the very start of our lives by social interactions.The following words describe how an integrative-
164、thinking CFO interacts with others.nEmpathising enables solving problems through understanding others viewpoints and seeing things from the perspective of our interlocutors be they colleagues,business partners,clients or end-users.Interpersonal communication is most effective when we listen to and s
165、eek to understand the person in front of us.Understanding someones basic motivation can help us to meet their needs even when these have not been explicitly expressed.Controversially,I think active listening and empathy are the most important skills an accountant in this space can have.Owner of a sm
166、all-to-medium-sized practice(SMP)I used to work previously at an organisation that supported those who were incarcerated.I have been inside correctional facilities,I got to go home at the end of the night.I wasnt a resident,but it helped me understand what we were doing as a business.CFO(quoted in W
167、ebb 2023)nExploring:the Latin root,explrre,means to search out,encompassing the different ways in which we can travel through and search out unfamiliar territory in order to learn more about it for example,asking questions,experimenting and modelling plausible scenarios.In order to solve a problem t
168、ogether,it may be necessary to encourage colleagues and team members to have their own private moments of seeking out(Rowe 1987)questioning,teasing out and testing assumptions before arriving at a common solution.We registered a new IT company in the UAE United Arab Emirates and must set up all proc
169、esses from scratch,including finance functions.As an absolutely new person to the Gulf region,I have to learn everything from the very beginning,everything related to the business environment and understand how to manage things in the most efficient way in 18INTEGRATIVE THINKING:THE GUIDE TO BECOMIN
170、G A VALUE-ADDING CFO|1.WHATS INTEGRATIVE-THINKING AND WHY IS IT IMPORTANT FOR CFOs?The professional boundaryYOU CAN START OFF WITH WILD THINKING,BUT YOU ALSO NEED PARAMETERS TO GUIDE YOUR WILD THINKING.A SUSTAINABILITY CHIEF EXECUTIVEAs shown above,each integrative-thinking CFO brings their unique h
171、umanity to their role.In doing so,they will need to be guided by the objectives of their organisation.The more closely their own aims can align with their organisations objectives,the easier it will be to fulfil the CFOs role.nPurpose:Whats your organisations purpose?What do you want its future to h
172、old?nStrategy:How will your organisation achieve its purpose?In todays complex world,clear strategic focus (IIRC 2021)will help to steer CFOs as they navigate the multiple competing demands on their organisations and on themselves.We talk about the organisations future because,like the CFO themselve
173、s,the organisation will also grow and evolve over time.In a fast-changing world,the organisations purpose and strategy may need to change,either incrementally or,sometimes,fundamentally.The integrative-thinking CFO plays a role in shaping the change that will be needed.CASE STUDY:From one mosquito t
174、o a room full of mosquitosMark de Lat,a former partner at a medium-sized Dutch accountancy firm,sees himself as a temperate radical,disrupting the traditional accountancy system from the inside:a mosquito,as he calls this.In 2015/16,Marks firm,Eshuis,changed its strategy to pursue its ambition of he
175、lping clients to be more successful.Part of what being successful meant was to have a positive social and economic impact in the regions where the clients businesses operate.We created a long-term vision and asked our colleagues and clients to join us on this journey.Seven years on,although growth w
176、as not the main goal,the firm has grown from having around 100 staff to approximately 250.In a time of talent shortages,they have had no problems recruiting new staff because we address our ambition and on this ambition,our new colleagues come in.The long-term vision galvanised the staff and made fo
177、r a committed and happy workforce.One of the learnings is:dont take care of happy clients.Take care of happy people.Because happy people take care of happy clients,not the other way around.Eshuis is now a B Corp.Mark believes that Eshuis has benefited from approaching its strategic transformation as
178、 a long-term transition,rather than as a more time-bound change-management project.By articulating and pursuing its long-term ambition,Eshuis created a movement,instead of an organisation.Mark is now pursuing a PhD,while continuing to drive change within his firm and the accountancy firm network.He
179、has realised that his calling is to create a room full of mosquitoes,all buzzing together.We spend 80,000 hours working in our lifetime,as he says.How do we want to use this time?I will hopefully use the next 20,000 hours that I have available to teach my colleagues to ask all the right questions,so
180、 they can be stewards of a sustainable society.19IN A FAST-CHANGING WORLD,THE ORGANISATIONS PURPOSE AND STRATEGY MAY NEED TO CHANGE,EITHER INCREMENTALLY OR,SOMETIMES,FUNDAMENTALLY.THE INTEGRATIVE-THINKING CFO PLAYS A ROLE IN SHAPING THE CHANGE THAT WILL BE NEEDED.INTEGRATIVE THINKING:THE GUIDE TO BE
181、COMING A VALUE-ADDING CFO|1.WHATS INTEGRATIVE-THINKING AND WHY IS IT IMPORTANT FOR CFOs?20INTEGRATIVE THINKING:THE GUIDE TO BECOMING A VALUE-ADDING CFO|2.DEVELOPING INTEGRATIVE-THINKINGThese skills,behaviours and mindsets are reflected in ACCAs Career Navigator,our capability development tool,albeit
182、 with slightly different descriptors(ACCA n.d.a).Unsurprisingly,the skills,behaviours and mindsets most traditionally associated with the professional accountants initial professional development(qualification)are well maintained in continuing professional development but perhaps,with the exception
183、of finance and accounting,not to the level necessary to cope with multi-dimensional problems.The skills,mindsets and behaviours required most and that could benefit from further development relate to co-creating,empowering,and higher-order exploring skills of extended and multi-capitals thinking.Thi
184、s means that professionals also need to focus on the continually becoming capability.While ethics is a core component of the profession,outside the qualification process and on the job development,there appears to be little focus on this.Unfortunately,theres no magic formula for acquiring the optimu
185、m combination and balance of these skills,behaviours and mindsets.Nonetheless,some of these capabilities are more frequently required and some can be developed with greater sufficiency than others.The integrative-thinking capabilities gapOur roundtables of senior accountancy,business and finance pro
186、fessionals and talent developers collaborated to identify the skills,behaviours and mindsets related to the five essential capabilities.Participants considered how frequently they would be required to help navigate multi-dimensional problems(shown on the horizontal axis of Figure 2.1)and their cover
187、age across the many forms of professional development open to members(shown on the vertical axis).2.Developing integrative-thinkingTo be the CFO required for the future,appreciating the skills,behaviours and mindsets underpinning the five integrative-thinking capabilities is half the journey,the oth
188、er half being embedded in continuing professional development.FIGURE 2.1:The skills,behaviours and mindsets required to navigate multi-dimensional issues and their coverage in continuing professional developmentNote:A short descriptor for each skill,behaviour and mindset capability has been provided
189、 within the Appendix.Interconnected thinkingCollaborationCommunicationAgile and adaptableContinual developmentCuriousDecision-makingStrategic thinkingApplies materialityMulti-capitals thinkingMulti-stakeholder awarenessEvaluationInclusion and diversitySelf-aware from which to growInnovativeRisk mana
190、gementLeadershipApplies multiple frameworksFinance and accounting competenceTransition managementExtended and open thinkingWorking at the marginEthicsEmpathyCompetent with technologyConflict managementMulti-timeframe awarenessConfidenceMulti-form analysisTime efficientValue chain analysisCurrency wi
191、th policy and regulation Continual professional development by membersRequired to support dealing with multi-dimensional issuesInfrequently SometimesOftenMost of the timeAlmost alwaysLittleReasonable but insufficientSufficientExcellentKey:Continually becomingExploringCo-creatingEmpoweringEmpathising
192、21INTEGRATIVE THINKING:THE GUIDE TO BECOMING A VALUE-ADDING CFO|2.DEVELOPING INTEGRATIVE-THINKINGWhen such interventions are well combined they tend to fulfil the dimensions of capability acquisition and development identified and explored within the research reported in Developing the Skills of the
193、 Sustainable Business and Finance Professional(Machado 2022).Each of these elements is a component of all education today,from primary to tertiary,so senior accountancy,business and finance professionals in the future will expect a mixed-development approach featuring them all.The development approa
194、ches,as they are later described,also indicate the capabilities they support,and to improve understanding of each skill,behaviour or mindset there is an explanation within the appendix.CALL TO ACTION In order to navigate multi-dimensional problems,accountancy,business and finance professionals are e
195、ach urged to reflect on the skills,behaviours and mindsets they most need and their own current possession of these.This can then form the basis of a development plan.The development approaches and the responsibilities of the CFODevelopment for many is synonymous with attending a course but,while th
196、eres considerable value in courses,the identified skills,behaviours and mindsets require a combination and variety of interventions that may originate from the policy requirements of the profession,the organisation,learning programmes,or the individual professionals own initiatives.nThe professions
197、policy requirements include a relevant initial qualification and CPD that fulfils the five principles embedded in ACCAs code of ethics(ACCA n.d.b).nOrganisational interventions may include governance and talent development processes and systems that support collaboration for co-creation.nLearning pr
198、ogrammes may cover both professional and personal development.nProfessionals own initiatives will include taking personal ownership,which will need to incorporate immersing themselves in challenging and reflective activities.The five ethical code principlesIntegrity to be straightforward and honest
199、in all professional and business relationships.Objectivity not to compromise professional or business judgements because of bias,conflict of interest or undue influence of others.Professional competence and due care to:attain and maintain professional knowledge and skill at the level required to ens
200、ure that a client or employing organisation receives a competent professional service based on current technical and professional standards and relevant legislation,and act diligently and in accordance with applicable technical and professional standards.Confidentiality to respect the confidentialit
201、y of information acquired as a result of professional and business relationships.Professional behaviour to comply with relevant laws and regulations and avoid any conduct that the professional accountant knows or should know might discredit the profession.The dimensions of good learning and developm
202、ent programmesMotivationDriving the achievement of the learning purpose and supporting lifelong learningDigital and DataSupporting the development of L&D strategy and its implementation across content,production,delivery and monitoringRelevanceMeeting learner and stakeholder needsPerson and PeoplePl
203、acing learners and their tutors at the heart of learning and its approach,at an individual,cohort and community levelSustainabilityBusiness models employ an integrated approach to environmental,social and financial mattersReliabilityDelivering learning outcomes that are trusted irrespective of diffe
204、rent learning approaches for a given capability or learnerFIGURE 2.2:The six dimensions underpinning good learning and development(L&D)Source:Machado 202222INTEGRATIVE THINKING:THE GUIDE TO BECOMING A VALUE-ADDING CFO|2.DEVELOPING INTEGRATIVE-THINKINGOur research has uncovered six distinct integrati
205、ve-thinking development approaches exemplifying these dimensions.The approaches are each is discussed in turn but they should be used in combination:nUnderstand your innovating and problem-solving capabilities.nChallenge the organisations cultural ecosystem and the professions culture.nEmbark on sha
206、red learning.nExplore your capabilities with immersive and challenging exercises.nSet aside time for reflection.nEngage in development programmes.Setting expectations for learning and development for future finance professionalsVeronica Boix Mansilla,an education design expert,speaks passionately an
207、d evidences the dimensions with a mix of approaches in her webinar on the topic of preparing our youth for a world of increasing complexity and interdependence at the March 2023 OECD education and skills-development knowledge-sharing session(Boix Mansilla 2023).Source:Boix Mansilla 2023CALL TO ACTIO
208、NAccountancy,business and finance professionals have a responsibility to:nengage with other leaders and the talent development function to influence the organisational approach that they and the finance function need so as to learn and discharge their roles better nengage with their professional bod
209、y and educators on their needs,and nundertake continual self-development.Different scopesAcross age groupsAcross curriculumAcross learning environmentsAcross cultural and geopolitical outlooksSmall extensionsEarly yearsSoc.StudiesSchoolsSouth-NorthArt/humanitiesSTEMHealth PEValue/EthicsHomeCultural
210、Instit.Com.CentersDigitalPublicAdvanced ageYear-long threadsEast WestTraditional/modern23INTEGRATIVE THINKING:THE GUIDE TO BECOMING A VALUE-ADDING CFO|2.DEVELOPING INTEGRATIVE-THINKINGUnderstand your innovating and problem-solving capabilitiesHave you ever taken part in an innovation or problem-solv
211、ing co-creation session with colleagues and reflected on how different their approach to problems is from yours?If so,you may go on to wonder:Given our differences in views,how can we coalesce on a solution?Interestingly,having differing innovating and problem-solving capabilities can be a positive,
212、as long as the individuals are aware and seek to work with others to create a well-balanced and functional group for such activities.Elements to consider in creating this balance include the following.nAssessing current innovation capabilities:for instance,by seeking 360-degree feedback where feedba
213、ck candidates are selected by a third party for a potentially more complete and unbiased view.Alternatively,there are innovation skill assessments,many of which can be accessed free of charge;for example,the General Innovation Aptitude Test 2.0 helps map the innovation capabilities required for diff
214、erent types of innovation(Bijin 2013).The kind of innovations needed to create a breakthrough,to disrupt a rigid corporate mindset,to begin incremental change or to sustain stability amid turmoil will all require different capabilities.nUnderstanding problem-solving preferences:typically there are f
215、our methods of solving problems,and individuals tend to be biased towards one.Creators generate many ideas and potential solutions,some of which are relevant but many are not,therefore their creations usually need challenging and reworking.But creators are needed to innovate or generate solutions.CA
216、LL TO ACTIONAccountancy,business and financial professionals and their organisations should:nexplore the innovation capabilities they require nunderstand their own and their teams problem-solving preferences,so that all four methods can be employed appropriately.Clarifiers ask lots of questions to g
217、ain understanding and tend to stay focused on the problem and goals or to identify obstacles,thereby supporting others in the development of solutions.Developers engage in both clarification and creation but with a view to evaluating alternatives,including making improvements,therefore transforming
218、an idea into a feasible and practical solution.Implementers focus on getting the project done,and therefore will identify the concrete steps needed to implement ideas and keep activities on track.nWorking with others to supplement innovation capabilities and problem-solving preferences:once one has
219、appreciated ones own capabilities and preferences,it is advisable to ensure that all four preferences are represented within the innovation or problem-solving group.When undertaking activities,pay attention to the thoughts,emotions and experiences of group members as they unfold.nEmploy a continual
220、improvement mindset based on do,reflect and learn for next time.This approach will support continual improvement.24INTEGRATIVE THINKING:THE GUIDE TO BECOMING A VALUE-ADDING CFO|2.DEVELOPING INTEGRATIVE-THINKINGChallenge the organisations cultural ecosystem and the accountancy professions cultureMult
221、i-dimensional problems always have a human multi-stakeholder aspect,therefore an organisation with a culture that is aligned and positively resonates with its stakeholders is better placed to navigate such problems.This makes understanding,working with and,as necessary,evolving the organisational cu
222、lture an imperative.Culture can be influenced top-down through organisational governance,processes and systems,but equally individuals and teams will shape culture from the bottom up.Key steps include the following.nUnderstanding your own ways of operating and those of key stakeholders is critical t
223、o a successful organisational outcome,and can be done in several ways.Observe and evaluate how you and others respond in situations with both familiar and unfamiliar aspects.Conduct industry,community and stakeholder analysis to improve understanding of the culture of the operating environment and p
224、erceptions of the organisational culture.nEvolve and communicate the professions culture.The capabilities are a way of articulating key elements of the professions broader way of working,hence how its culture is perceived.The way of working and being needs to evolve as the business environment,the b
225、usiness and as careers do,for example when switching to a different industry or country.EXAMPLE:Observation and evaluation of the professions cultureThe roundtable participants were exposed to a multi-dimensional problem that included the following features:nincomplete information nfinancial and non
226、-financial considerations npotential conflicts between the overall exercise purpose and individual objectives.Commonly observed reactions and capabilities across the roundtables included the following.nInitial discomfort at being immersed in an unfamiliar situation was followed by the mitigating act
227、ion of drawing on the traditional strengths of the accountancy profession,specifically to:analyse the available information request further information,including access to specific necessary expertise not possessed by the participants clarify what they did not fully understand or was unfamiliar.nOpe
228、nness to actively listening to others was a prelude to constructively challenging and brainstorming.nWorking at the margins,specifically adopting agile and adaptable iterative decision-making to accommodate:information that was incomplete or delivered piecemeal,and the time constraints set.CULTURE C
229、AN BE INFLUENCED TOP-DOWN THROUGH ORGANISATIONAL GOVERNANCE,PROCESSES AND SYSTEMS,BUT EQUALLY INDIVIDUALS AND TEAMS WILL SHAPE CULTURE FROM THE BOTTOM UP.EXAMPLE of the need to evolve capabilities relating to cultureI moved country to another English-speaking country and did not expect a different c
230、ulture,but I found they were so much further-ahead looking.The experience forced me to rethink my way of being,it helped evolve my mindset and not assume we all are the same.This was a career-defining moment for me and has become a core component to my success.An entrepreneur and CFO25INTEGRATIVE TH
231、INKING:THE GUIDE TO BECOMING A VALUE-ADDING CFO|2.DEVELOPING INTEGRATIVE-THINKINGEmbark on shared learningEven if a CFO is equipped with the necessary capabilities,they may not be able to deploy them,often because the organisations governance,processes and systems encourage siloed ways of working ac
232、ross departments a concern highlighted by many roundtable participants.These participants went onto cite consequences of limited knowledge and skill-sharing,leading to ineffective exploring and co-creating activities,and in turn weaker demonstrations of:nempowering capabilities,such as those linked
233、to leadership,decision-making,transition management,working at the margins(setting and operating within tolerable levels of error),and ncontinually becoming capabilities,associated with confidence,time efficiency,innovation and agility.In any case,even if siloed working is not an issue,the range com
234、bined with the rapid pace of change associated with multi-dimensional problems means that all professionals need to update the currency of their skills,behaviours and mindsets.Create environments for collaborationOrganisational governance,processes and systems provide part of the solution,in particu
235、lar those aspects related to creating an environment that encourages collaboration,including:nopen ways of thinking naccess to knowledge nvaluing people,and nhigher capability decision-making and its implementation.EXAMPLES of how the profession can articulate its human side nThe purpose of the prof
236、ession:Accounting for a Better World(ACCA n.d.c).nThe capabilities and broad roles of the profession:Professional Accountants at the Heart of Sustainable Organisations(ACCA 2021b),ACCA Career Navigator(ACCA n.d.a)and Chief Value Officer the Important Evolution of the CFO(Webb 2023).nProfessionals th
237、inking beyond finance:Finance Functions Opportunities(Webb 2022),Risk Culture:Building Resilience and Seizing Opportunities(Johnson 2023),Green Finance Skills:The Guide(Skelton 2023),and Global Talent Trends 2023(ACCA 2023).CALL TO ACTIONEach accountancy,business and finance professional has a role
238、in evolving the professions culture and helping others to understand it better.Professional accountancy bodies and other organisations representing the accountancy profession must also act to change perceptions,both within and outside of the profession.Roundtable participants also highlighted the ne
239、ed to recalibrate the perception others have of the accountancy profession,specifically relating to human capabilities,such as co-creating and empathising.The profession,collectively,has a responsibility for communicating and demonstrably evidencing its culture,as this is a key means of changing lon
240、g-standing misperceptions of what it means to be an accountant.26INTEGRATIVE THINKING:THE GUIDE TO BECOMING A VALUE-ADDING CFO|2.DEVELOPING INTEGRATIVE-THINKINGSome further suggestions for shared learning follow.Develop and disseminate insights with active listening to feedback Ensure that all staff
241、 across the organisation are aware of the megatrends that may affect the organisations industry,business and employees.In doing this,accountancy,business and finance professionals will be enhancing all their continually becoming and exploring capabilities.Insight can be developed using a variety of
242、resources,including leveraging the insights from trade and professional bodies(ACCA n.d.f)or by identifying insight champions from across the organisation,who have as part of their job a responsibility for horizon scanning for drivers of change relevant to the organisation and its value chain.Across
243、 much of ACCAs research,investigations of insight are usually related to:ntechnology nenvironment nsocial considerations neconomic conditions ngeopolitics nevolving regulation nthe future of work.CASE STUDY:An organisational approach to creating environments for collaborationThe problem:Our ways of
244、working have gone from being a face-to-face organisation to a hybrid one.The communication channels we use do not easily facilitate co-creation.This means decision-making for specific complex multi-dimensional problems can seem more siloedThe collaboration solution:To resolve this and improve proble
245、m solving,we have created virtual cross-functional working groups with the purpose of jointly understanding problems and developing solutions.While,initially,function representatives will suggest their individual functional solutions,through active listening and questioning they are able to apprecia
246、te other perspectives from which to develop more integrated solutions.Function representatives are recruited via a combination of self-volunteering and being requested to join the group.Further,to ensure we do not draw on the same individuals,we seek to galvanise interest and raise awareness via our
247、 organisations knowledge-sharing sessions,both synchronously in“townhalls”and asynchronously though our intranet.We always ensure there is finance function representation,even if the matter does not directly appear to be financial,because often there will be a dynamic connection to finance.Amalgamat
248、ion of the views of several roundtable participantsOpportunities to join communities for capability developmentThe role of the senior accountancy,business and finance professional is potentially lonely because there are only ever a few within an organisation.Therefore,there are limited opportunities
249、 within the organisation for networking and capability development with others who have similar professional experiences.Taking part in communities for networking,coaching or mentoring others and vice versa provides great opportunities to broaden and deepen ones capabilities.Provided here are just a
250、 few opportunities for professionals to consider:nsocial media for members(ACCA n.d.d)nconnecting with other practices(ACCA n.d.e)nvolunteering(Reach Volunteering n.d.)nprofessional accountancy networks(LinkedIn n.d.a).INSIGHT CAN BE DEVELOPED USING A VARIETY OF RESOURCES,INCLUDING LEVERAGING THE IN
251、SIGHTS FROM TRADE AND PROFESSIONAL BODIES(ACCA N.D.F)OR BY IDENTIFYING INSIGHT CHAMPIONS FROM ACROSS THE ORGANISATION.Where feasible,other interventions to drive collaboration can include:nsecondments into other departments and even other organisations,as these can encourage the development of long-
252、lasting and,often,strategic collaborative relationships nusing consultants not just to solve multi-dimensional problems but also to support the finance function in developing skills currently lacking and creating collaboration opportunities with experts external to the organisation nencouraging prof
253、essionals to contribute actively to networks and communities.27INTEGRATIVE THINKING:THE GUIDE TO BECOMING A VALUE-ADDING CFO|2.DEVELOPING INTEGRATIVE-THINKINGIdentifying relevant insights requires everyone within the organisation,but especially the finance function,to relate the above factors to the
254、 organisations value-creation model of inputs(enablers),processes(converters),and business and other stakeholder outputs and outcomes(recipients)(Figure 2.3).Successful dissemination of insight includes ensuring that it is seen as relevant to each individuals role.Therefore,the way in which insights
255、 are explained may require tailoring for different recipients and need to be supported by more formal governance,strategy and risk training appropriate to each role.Further,once insight has been disseminated,feedback is needed,and so all,especially senior accountancy,business and finance professiona
256、ls,need to be in active listening mode.The benefit of this is twofold:firstly,the whole organisation can support the decisions made or understand their impact and rationale,and secondly,the finance function,who will invariably have a role in responding,are more likely to be empowered in discharging
257、their role.Empower the role of the CFO and their teamFurther,empower CFOs and their teams by:nincluding and encouraging these professionals to express their views in key decision-making groups,and ncreating opportunities for others across the organisation to get to know the finance function and thei
258、r broader skills,so that they are more likely to understand and value the professional accountant.These activities also support better appreciation of the professions culture.FIGURE 2.3:A simplified version of the Frameworks value-creation modelEnablersConvertersStakeholdersOperations and processesD
259、ataTechnologyPerformance management and measurementInvestors and other financial stakeholdersCustomersEmployeesCommunityRegulatorsFinancialManufacturedIntellectualHumanSocial and relationshipNaturalReturnSource:Adapted from Webb 2023Creating and maintaining value is a cyclical activity,so there is a
260、 process of return of value from the stakeholders to the enablers.SuppliersSome ways of getting to know nHold lunch and learns to support knowledge of what other teams and roles do.nCreate buddying systems across different teams,right across the organisation,including groups of peers together with t
261、hose in roles at both higher and lower levels.nArrange for members of the finance team to spend time with other teams.nArrange ask me anything sessions where questions can be submitted anonymously to the finance function.nCFOs should actively seek out those who appear to be least interested in the f
262、inance function,enabling them to understand why and how that lack of interest has originated.CALL TO ACTIONAccountancy,business and finance professionals should influence organisational governance,systems and processes,both to support both their development and to discharge their role better.Profess
263、ionals should also be proactive in helping others appreciate the value of the profession.Those responsible for the design of organisational systems should consider how effective they have been in supporting how multi-dimensional problems are addressed,so as to consider future improvements.Designed p
264、rocesses and systems should include:ncollaboration-friendly environments to bring people together and support cross-functional working ndisseminating insights and active listening to feedback on insights,such that all roles understand what they mean for their own function as well as the organisation
265、 nmechanisms to empower the CFO role and ensure it is understood better throughout the organisation.28INTEGRATIVE THINKING:THE GUIDE TO BECOMING A VALUE-ADDING CFO|2.DEVELOPING INTEGRATIVE-THINKINGWhile stretching exercises are of value to individuals,they can be more impactful when undertaken in gr
266、oups,because multi-dimensional problems often have a multi-stakeholder angle and require a mix of skills,mindsets and behaviours.A core component of ACCAs research methodology was to immerse our roundtable participants in a multi-dimensional problem from which they could reflect on the capabilities
267、needed,their own strengths and the capabilities that needed development.Explore your capabilities with immersive and challenging exercisesBy their nature,complex multi-dimensional problems tend to present stretching scenarios,even for the well-versed senior accountancy,business and finance professio
268、nal,in part because each problem tends to present something different.Therefore,stretching exercises promote practising the continually becoming capabilities;highly demanded exploring capabilities of exercising curiosity,evaluation,husbanding multi-capitals,and extended thinking;and many of the empo
269、wering capabilities.An immersive stretching exercise for your own and team developmentThe following set of exercises could be used as part of a team development session.THE OBJECTIVE nTo appreciate and practice the capabilities required to approach multi-dimensional problems.nTo reflect on and ident
270、ify strong capabilities and those requiring development.THE EXERCISES AND RULESCASE:Windfarm1.Create a group of ideally three and no more than six members,where each group member chooses one of the following UN SDGs:Goal 7:Affordable and clean energyGoal 12:Responsible production and consumptionGoal
271、 14:Life below water.Each goal must be chosen by at least one person within the group.2.The group members are on the board of directors of a conventional power generator and have to reach consensus on the following case.During the discussion,every board member has to act as an ambassador for their c
272、hosen SDG.3.Your company would like to green its operations.An opportunity has arisen to buy an insolvent company whose only major asset is a licence for a huge offshore wind farm off the coast of an economically depressed region which would benefit highly from the construction and operation of this
273、 installation.Environmentalists warn about the risk to local marine biodiversity,and the already struggling local fishermen would lose another fishing area.4.You have 10 minutes to develop a solution that takes account of the three SDGs.5.You have 2 minutes to present your case and explain your solu
274、tion,pointing out the tensions and synergies between the three SDGs.6.Reflect on the capabilities you possess and those that require development by considering your responses to the following questions.a.What capabilities(skills,behaviours and mindsets)were required to approach the problem?b.How did
275、 your emotions and thoughts evolve as you engaged with the exercise?c.Which of the identified capabilities do you think you possess,and which require some development?And would those who you work with or know you agree?The answer to question a,in particular in discussion with others will help identi
276、fy and clarify the broad set of different skills required,almost all of which will assist with approaching other problems.Your responses to questions b and c are vital in supporting the capabilities for driving decisions1 highlighted in ACCAs Career Navigator,which are crucial for continual developm
277、ent(ACCA n.d.a).NOTE:The case in steps 13 above could be replaced with any of the following four cases 1 Drive relates to your attitude and motivation:being determined,motivating and developing yourself and others to achieve stretching goals,being curious and open to new approaches and acting with i
278、ntegrity.29An immersive stretching exercise for your own and team development ALTERNATIVE CASESCASE:Offshoring1.Create a group of ideally three and no more than six members,where each group member chooses one of the following SDGs:Goal 1:No poverty,Goal 5:Gender equality,Goal 13:Climate action.Each
279、goal must be chosen by at least one member of the group.2.The group members are on the board of directors of a company which has to reach consensus on the following case.During the discussion,every board member has to act as an ambassador for their chosen SDG.3.Your company has the opportunity to sh
280、ift labour-intensive,but physically not very demanding,parts of its manufacturing to a developing country with extreme poverty.Unemployment there is especially high among women,resulting in an extreme gender pay gap.The country is also known for its rather lax environmental regulation.CASE:Nuclear w
281、aste facility1.Create a group of ideally three and no more than six members,where each group member chooses one of the following SDGs:Goal 3:Good health and well-being,Goal 8:Decent work and economic growthGoal 10:Reduced inequalities.Each goal must be chosen by at least one member of the group.2.Th
282、e group members are councillors of a small town in the Australian outback which has to reach consensus on the following case.During the discussion,every councillor has to act as an ambassador for their chosen SDG.3.A mining billionaire would like to open a privately operated nuclear waste deposit ac
283、cepting nuclear waste of the highest grade from all over the world for a very lucrative income.At the same time,the national government is prepared to underwrite an unconditional guarantee for the secure deposit of the nuclear waste(including natural disasters and terror attacks)and to grant generou
284、s tax exemptions for the operation.The billionaire promises the town and its inhabitants long-desired local infrastructure(such as water mains,a water treatment plant,a new school building,a public swimming pool,etc)and 500 new jobs.CASE:Refugee camp1.Create a group of ideally three and no more than
285、 six members,where each group member chooses one of the following SDGs:Goal 2:Zero hungerGoal 11:Sustainable cities and communities,Goal 15:Life on land.Each goal must be chosen by at least one member of the group.2.The group members are members of a local council which has to reach consensus on the
286、 following case.During the discussion,every councillor has to act as an ambassador for their chosen SDG.3.A local council in a developing country has been requested by the national government to accommodate a new camp for 25,000 refugees,which would mean a 25%increase in population.The food supply i
287、n the whole country is already under immense stress due to recent droughts and an economic recession.Most parts of remaining available council land are covered by a forest with many endangered species.CASE:Bottling drinking water1.Create a group of ideally three and no more than six members,where ea
288、ch group member chooses one of the following SDGs:Goal 4:Quality educationGoal 6:Clean water and sanitationGoal 9:Industry,innovation and infrastructure.Each goal must be chosen by at least one member of the group.2.The group members are public servants in the local administration of a city in a dev
289、eloping country who have to reach consensus on the following case.During the discussion,every public servant has to act as an ambassador for their chosen SDG.3.A multinational drinking-water bottling company has approached your city and applied for a licence to draw annually 1bn litres of water from
290、 a pristine aquifer that couldnt be tapped into previously owing to a lack of public money.The company offers to pay either for the schooling of 10,000 children for the next 30 years or the desperately needed water mains and sewerage system.INTEGRATIVE THINKING:THE GUIDE TO BECOMING A VALUE-ADDING C
291、FO|2.DEVELOPING INTEGRATIVE-THINKINGSource:Adapted from exercises Monash university use within their business and finance leadership talent development programmes30INTEGRATIVE THINKING:THE GUIDE TO BECOMING A VALUE-ADDING CFO|2.DEVELOPING INTEGRATIVE-THINKING nCollaborate with others possessing diff
292、erent capabilities from your own.Choose a group sharing a common goal or working in a common context providing an opportunity to engage with others in different professions,experience different perspectives that may challenge your capabilities,for example volunteering in the community or at the loca
293、l school.In doing so,this will also help the accountancy profession reset peoples perception of it.nWelcome exposure to a variety of different organisational types and/or roles.This approach is linked to more flexible careers or dynamic-path career development based on a personal growth agenda;this
294、is termed a lattice career in ACCAs learning for the future research(ACCA 2018).nSeek experiences that demand courage.Often,by its nature,a stretching experience takes the learner into the unknown,and so requires a degree of courage.Features of useful stretching exercisesStretching exercises of valu
295、e to accountancy,business and finance professionals incorporate the following features.nConduct finance function-aligned activities in a setting unfamiliar to you.For example,if you are working in a profit-making organisation,consider providing finance and accounting services to a charity.Opportunit
296、ies can be found in the local community or via online sources.EXAMPLE:Adding value through pro bono supportEva Janoskova used her finance director capabilities in one of the most deprived regions of Cambodia,supporting Salariin Kampuchea,an education and youth empowerment centre offering free Englis
297、h,computer and life skills courses to vulnerable children.Salariin Kampuchea depends heavily on donations,it needs to demonstrate that the money it receives is properly accounted for.So Janoskova helped the manager of the centre with financial reporting by improving the use of existing accounting so
298、ftware to speed up the reporting.She also undertook a review of the existing reporting system and the controls that were in place.It was a really good experience,spending some time in another country and learning about its culture,says Janoskova.I also enjoyed seeing a different sector.I work in a n
299、ormal corporate world,so it was interesting to see how hard it is for small entities to manage their reporting requirements.Source:extract from Percy(2016)Professionals are in demand for pro bono work and there are many opportunities to do offer it.A quick internet search and sites such as Search op
300、portunities|Volunteering will produce an abundant number of opportunities for professionals to make a difference(Reach Volunteering n.d.).EXAMPLE:CourageI used to hate presenting,it made me feel nervous and became a major source of anxiety.Therefore to build my confidence and skill in communicating
301、with a wide range of stakeholders I signed up to deliver a series of debating podcasts on topics related to my field but new to me,therefore they also required research,collaborating with other experts,agility and adaptability.After each podcast I take the time to reflect on what I can do better nex
302、t timeSMP ownerCALL TO ACTIONAccountancy,business and finance professionals should actively seek exercises that stretch their skills,behaviours and mindsets as these will often drive continually becoming capabilities.31INTEGRATIVE THINKING:THE GUIDE TO BECOMING A VALUE-ADDING CFO|2.DEVELOPING INTEGR
303、ATIVE-THINKINGOn the job:plan,do,reflectThe sequence plan,do,reflect and use ones reflections to improve is a common performance-development approach advocated by talent-development experts,and is a component of all good organisational objective-setting and appraisal schemes.Yet,how many of us can t
304、ruly say that we exert enough energy in the reflect to improve phase?All too often we move on to the next job on our to-do list,consequently missing simple yet effective opportunities to practise continual development and self-awareness capabilities in the best context our jobs!Hence the opportunity
305、 to identify the gaps among our capabilities is missed.Lessons learnt exercises should address all aspects of the problem-solving process but especially how you personally experienced the business-model stages:ninputs:identifying,defining and understanding the problem nprocesses:from developing opti
306、ons and selecting the solution to implementing the chosen solution,which will include working with others noutputs and outcomes:assessing the result and whether it did solve the problem.Evaluate your model for thinkingIdeally,lessons learnt should also cover“simulating and modelling your thinking fo
307、r future success”.Simply put,this is about extending lessons learnt to appreciating your mindset and emotions as applied to these phases.How frequently have they led to success?And could a different way of thinking have been more successful or efficient?CFO and talent developerOn the job,plan,do and
308、 reflect can and should also be used during the active phases of navigating multi-dimensional problems.Important elements include:nincorporating a break to reset,zoom back up to the big picture and check on the views of the various stakeholders before delving back into the detail ncreating a non-jud
309、gemental environment for people to ask what they may consider to be silly questions but are often questions that others may be reluctant to ask ndrawing on the mentoring and coaching that can come from networks and communities(see Opportunities to join communities for capability development on page
310、27).CALL TO ACTIONAccountancy,business and finance professionals should invest in continually improving by reflecting on the way a problem was approached and thought about,including the emotions that emerged.32Engage in development programmesCourses,qualifications and talent management facilitate de
311、velopment of all the capabilities.If the programme embodies the dimensions of good learning and development,especially motivation,and person-and people-centricity,then the usually trickier mindset-and behaviour-related capabilities can also be developed.These include those concerned with the appetit
312、e for continual development,curiosity,agility and adaptability,confidence and self-awareness that enable one to grow.Some of the suggested programme features relate to:nthe importance of integrating and balancing the different capabilities;mechanisms for triangulation between these should operate fr
313、om day one of the programme npractical organisation-relevant awareness of the wider world,for instance,related to the themes identified in the section above on disseminating insights.Given the themes,wider-world learning will almost certainly include learning from other professions.Making the learni
314、ng practical is key,and this may necessitate some tailoring to the organisational function or level of the role(operational,managerial or leadership),which in turn reduces the risk that the learning will be perceived as a compliance exercise.INTEGRATIVE THINKING:THE GUIDE TO BECOMING A VALUE-ADDING
315、CFO|2.DEVELOPING INTEGRATIVE-THINKINGThe need for learning tailored to the individuals role and level across the organisationThere is an increasing need to consider all forms of stakeholder,for example the environment is a stakeholder as it provides many of the resources upon which our organisation
316、relies,yet not enough people within organisations have the ability(environmental science language)to understand what the environmental scientists are telling us.Learning that is tailored for the role is necessary across the organisation this will help as all absorb new technical matters from which t
317、o drive effective decision-making.The above is based on a combination of roundtable participant comments and ACCA research(Skelton 2023 and ACCA 2020d).EXAMPLE:Integrating with the wider worldA multi-disciplinary team of researchers from the UK(Coventry University)and Australia(Monash University)rec
318、ently organised an immersive professional event for ACCA members,in the form of an artist-led dinner exchange,where senior finance professionals were bought together to discuss digital and sustainability challenges.Multiple artists with diverse specialisations,including performance-based practice an
319、d ecological systems thinking,co-designed and facilitated the performative-intervention.Using mixed media,the artists stimulated integrative thought and feedback among participants through considered facilitation,immersive conversation,interacting with fungal art installations that bought people int
320、o contact with nature to produce music and a networked language,as well as listening to thought-provoking audio recordings that reimagined accountancy futures.By stimulating outside-the-box thinking among participants,the unconventional dinner asked individuals to address questions and provocations
321、about sustainability and digital issues,concluding with actionable steps to implement in their organisations.To create accountability,senior professionals wrote their takeaways on the tablecloth,taking pictures and agreeing to post the outcomes on social media.This learning approach,tailored to seni
322、or professionals,aimed to facilitate the absorption of new knowledge and perspectives,including non-human,to drive forward integrative and effective decision-making.Monash and Coventry research-led event in May 2023 with ACCA members.Research approach based on McGuigan and Ghio(2019).33INTEGRATIVE T
323、HINKING:THE GUIDE TO BECOMING A VALUE-ADDING CFO|2.DEVELOPING INTEGRATIVE-THINKINGConfidence can also be built by objective setting and appraisals that focus on:nthe return on investment,such that organisational goals can be achieved at the quality expected,and ncharacter,ie the individuals behaviou
324、rs and mindset an aspect missed by many organisational talent development systems.EXAMPLES:A variety of engagement approachesEXAMPLE 1:Alternatives to Violence ProjectGood storytelling and empathetic reasoning require a human connection.Accountants need emotional intelligence and empathetic reasonin
325、g to be able to connect to others and create that human engagement.In turn,the connection between accounting information and the organisational and client context is supported.To develop these capabilities,Monash University adopts an unusual approach by applying immersive experiences from the Altern
326、atives to Violence Project(AVP)to their Communicative Capabilities course,which is tailored to accounting graduates.Traditionally,AVP is a training programme used within prisons around the world to enable participants to deal with potentially violent situations in effective ways.When applied to prof
327、essional training,AVP immersion can assist in working through uncertainty,empathising with other perspectives foreign to ones own,building good relationships with other people,communicating well in difficult situations,recognising the skills one already possesses and learning new ones,being true to
328、oneself while respecting other people,and understanding why conflict happens.AVP embraces the shared experience of participants,interactive exercises,games and role-plays to examine the ways in which we respond to complex situations.Finance professionals need to learn context,understand the emotiona
329、l and human elements of a given problem and learn how best to engage.This out-of-the-box style of thinking can enable finance professionals to transform their communication to create effective client connections.EXAMPLE 2:Multi-capitals and stakeholder awarenessThe University of London Masters Progr
330、amme for professional accountants includes a business simulation that requires learners to assume one of many roles,all of which are exposed to the same real-world multi-dimensional problem.The project necessitates analysis across financial,environmental and social factors.Throughout the project,par
331、ameters are altered,for instance:nnew data emerges to encourage scenario analysis nlearners must assume a different senior management team role,in turn appreciating stakeholder analysis.At several points they are asked to re-assume a senior finance role.Alan Parkinson,University of LondonCALL TO ACT
332、IONAccountancy,business and finance professionals should:ninvest time and effort in development programmes in combination with other forms of development nmake the programme a living part of their role.nBuilding confidence among professionals.This vital aspect includes:breaking traditional perceptio
333、ns,held by many professionals and those who interact with them,that accountancy is purely counting and process focused,and moving towards the reality of a more human-centred profession(see section on Challenge the organisations cultural ecosystem and the professions culture on page 25)developing practical appreciation of a variety of thinking and interaction(engagement)approaches.34CONFIDENCE CAN