Finance professionals are uniquely positioned to drive sustainable practices within organisations due to their deep understanding of financial intricacies. Their expertise in risk management, strategic planning and resource allocation is invaluable in navigating the complex sustainability challenges faced by modern businesses.
This was one of the key messages to come out of an event in June held by ACCA, the International Federation of Accountants (IFAC) and Accountancy Europe. Educators, experts and industry leaders came together to shed light on the changing reporting landscape and the imperative for finance professionals to acquire new skills, behaviours and mindsets.
By harnessing their existing skills and leveraging their analytical prowess, the audience heard, finance professionals can become catalysts for positive change, influencing decisions that benefit both the bottom line and the planet.
To fully unlock their potential, finance professionals need to broaden their horizons
New mindset
To fully unlock their potential, finance professionals need to broaden their horizons beyond traditional financial analysis and embrace a comprehensive understanding of sustainability principles, the panellists agreed. This expanded skillset includes proficiency in sustainability reporting, impact measurement, sustainable investing and a deep understanding of how sustainability issues impact business performance.
Education is the cornerstone of finance professionals’ journey towards sustainable operations
A continuous learning mindset will be needed in order to manage the urgency and significance of this paradigm shift. Education is the cornerstone of finance professionals’ journey towards sustainable operations. As the reporting landscape evolves, professionals must expand their knowledge to interpret and use diverse types of information and data. By upskilling in areas such as data analytics, technological advancements and regulatory frameworks, finance professionals can make informed decisions that align financial objectives with broader environmental and social goals.
Panellists at the event – from Unilever, the IFRS Foundation, the OECD and Professional Accountancy Education Europe – shared their views on how individuals can succeed in their own roles; the frameworks that should be applied when developing education programmes for finance professionals; the types of education and information that might become available for finance professionals; and the importance of collaboration and knowledge sharing.
Collaborative effort
Various organisations are actively working to build these education platforms that will help finance professionals navigate the intricacies of sustainability reporting. By fostering collaboration between industry, academia and regulatory bodies, these initiatives promote a culture of continuous learning and enable the integration of sustainability principles into financial practices.
By building partnerships, finance professionals can leverage collective expertise
Collaboration and knowledge-sharing is also vital. Industry conferences, workshops and forums provide invaluable opportunities for finance professionals to network, exchange ideas and learn from each other’s experiences. By engaging in cross-sectoral dialogues and building partnerships, finance professionals can leverage collective expertise to overcome challenges and seize opportunities.
Only through collective action and education can the profession unlock the potential for finance to be a force for good.
More information
Watch the full event, and see the key recommendations from the experts.
