The Deloitte CFO Signals™ survey also revealed the following results (estimates are adjusted averages to reduce the effect of outliers):
-- Potential detrimental impacts of the "fiscal cliff" in the United States became the most worrisome risk for CFOs this quarter, surpassing global economic stagnation and the European crisis. But only one in five CFOs expected the U.S. to go "over the cliff" by the end of 2012, even though there is strong concern about political gridlock in Washington.-- Despite the focus on the fiscal cliff, the European crisis still ranks in the top three of CFO's most worrisome risks, but about 60 per cent of CFOs have no plans for addressing changes in the European situation, either because they have planned only for the status quo to continue or have no specific plans for any particular scenario.-- Overall, CFOs say their companies' top four challenges include revenue growth from existing markets (60 per cent), framing and/or adapting strategy (37 per cent), talent (33 per cent) and prioritizing investments (29 per cent). For Canadian CFOs, talent was tied with revenue growth from existing markets as their top challenge.-- Improving finance's ability to be a business partner is a constant struggle. To better serve their business units, CFOs said they most want to improve finance's capabilities around strategic planning (52 per cent), IT/information management (48 per cent), and budgeting and financial planning (47 per cent).-- Major change initiatives, changing regulatory requirements and strategic ambiguity are the three biggest job stresses for CFOs, while board relationships and demands appear to be a growing source of stress.
To download a copy of the survey, please visit: http://www.deloitte.com/view/en_US/us/Services/additional-services/chief-financial-officer/cfo-signals/751a4454c034b310VgnVCM2000003356f70aRCRD.htm.
The Deloitte CFO Signals survey was conducted for the fourth quarter of 2012. Seventy-seven per cent of the 86 CFO respondents were from companies with more than $1 billion in annual revenues, and three fourths were from publicly traded companies. There were 17 Canadian CFOs who took part, representing 20 per cent of the total surveyed.
Each quarterly CFO Signals report analyzes CFOs' opinions in five areas: CFO career, finance organization, company, industry, and economy. For more information about Deloitte's CFO Signals, or to participate in the survey, please contact canadiancfo@deloitte.ca.
About Deloitte's CFO Program
Deloitte's CFO Program harnesses the breadth of Deloitte's capabilities to deliver forward-thinking perspectives and fresh insights to help CFOs manage the complexities of their role, drive more value in their organization, and adapt to the changing strategic shifts in the market. For more information about Deloitte's CFO Program, please contact canadiancfo@deloitte.ca or visit www.deloitte.com/us/cfocenter.
As used in this document, "Deloitte" means Deloitte LLP and its subsidiaries. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries.
About Deloitte
Deloitte, one of Canada's leading professional services firms, provides audit, tax, consulting and financial advisory services through more than 8,000 people in 56 offices. Deloitte operates in Quebec as Samson Belair/Deloitte & Touche s.e.n.c.r.l. Deloitte & Touche LLP, an Ontario Limited Liability Partnership, is the Canadian member firm of Deloitte Touche Tohmatsu Limited.
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.
Contacts:
Hill+Knowlton Strategies Canada
Mary Warner
416-413-4761
Mary.Warner@hkstrategies.ca
Deloitte Canada
Vital Adam
Senior Manager - Public relations
+1 514 393-5281
viadam@deloitte.ca
