From survival to revival: How CFOs can succeed in an upended economic landscape

As the COVID-19 pandemic and its countless disruptions persist, many CFOs are focused on bridging the material changes to the finance function with understanding how to resiliently respond to and prepare for a continually evolving future. Now more than ever, it is especially important for CFOs to improve what they can control by reassessing policies, strategies, and workflows across the enterprise to best protect performance. Explore our resources and insights on four specific areas that CFOs should prioritize now to safeguard a path from survival to revival in our next economic normal and beyond. Plus, learn ways in which CFOs can use their unique position to respond to recent social and environmental initiatives by helping instill a culture of corporate responsibility committed to governance and social and environmental sustainability.

COVID-19, the global economic downturn, and increasing calls for social justice have prompted many organizations to review their commitment to corporate responsibility. They are revisiting their roles in the community and their policies on environmental sustainability, equality in the workplace, and social responsibility.

 

Their goal is to understand their current responsibility posture and how it can be enhanced to more positively impact the communities their businesses serve.

 

For example, some organizations are becoming involved in low-income housing development, public-private partnerships, Opportunity Zones, New Markets Tax Credits, and impact investing. Others are applying the lessons learned during the pandemic to improve their ability to operate while also supporting local communities and individuals.

 

As leaders of change, CFOs are in a unique position to drive these initiatives by implementing an environmental, social, and governance (ESG) framework. An ESG model helps organizations monitor the impact of diversity, equity, and inclusivity programs in their workplaces as well as among suppliers and vendors. With the right framework and enterprise-wide visibility, finance leaders can help create a culture in which commitment to social and environmental sustainability elevates a sense of responsibility among employees, customers, and investors.