# Risky Business: Trend of expanding strategic role of Financial Leaders increases scope for mistakes Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2017-04-26 Category: BUSINESS Category URL: https://financedigest.com/category/business Meta Title: UK Financial Leaders Facing Evolving Roles and Pressures Meta Description: Discover how the role of UK financial leaders has evolved over the last three years, with a focus on balancing traditional accounting tasks and strategic Tags: featured Tag URLs: featured (https://financedigest.com/tag/featured) URL: https://financedigest.com/risky-business-trend-of-expanding-strategic-role-of-financial-leaders-increases-scope-for-mistakeshtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/0o1a9049-2739-1736843921147-compressed.jpg) - In a recent survey, 97% of UK Financial Leaders say their role has changed over the last three years - Seventy-one percent of respondents believe finance teams under too much pressure to be business protector and growth driver - Over half of respondents (56%) feel board expectations are unrealistic, with 53% admitting reduced resources increase the risk of serious mistakes - Fifty-nine percent of respondents [say their role includes more risk](https://www.financedigest.com/bank-of-england-says-it-will-unwind-bond-market-intervention-once-risks-have-subsided.html "Bank of England says it will unwind bond market intervention once risks have subsided") and compliance responsibilities and increased focus on revenue-generating activity An independent study commissioned by Dun & Bradstreet has shone a light on the complexities of the modern Financial Leader role – highlighting a community under intense pressure to balance traditional accounting tasks with more strategic revenue-generating activities. Of the 200 UK Financial Leaders surveyed, almost three-quarters (71%) believe finance teams are under too much pressure to be business protector and [growth driver](https://www.financedigest.com/automotive-balance-shaft-market-competitor-analysis-winning-strategies-and-growth-drivers-2025.html "Automotive Balance Shaft Market Competitor Analysis, Winning Strategies and Growth Drivers 2025") and 56% believe their board has unrealistic expectations. Exploring the evolving nature of their role, almost all (97%) financial leaders surveyed [say their responsibilities have changed over the last three years](https://www.financedigest.com/veterinary-suture-kit-market-will-generate-new-sales-opportunities-in-upcoming-year-says-fact-mr.html "Veterinary Suture Kit Market Will Generate New Sales Opportunities In Upcoming Year, Says Fact.MR"). Most pointed to a growing emphasis on strategic responsibility, with [59% revealing their job](https://www.financedigest.com/u-s-job-growth-picks-up-in-june-unemployment-rate-rises-to-5-9.html "U.S. job growth picks up in June; unemployment rate rises to 5.9%") now includes more risk and compliance responsibilities. Dun & Bradstreet’s Tim Vine, head of Trade Credit for UK & Ireland, explains, “The [role of the financial decision maker has transformed](https://www.financedigest.com/the-root-of-all-good-sustainabilitys-role-in-digital-transformation.html "The Root of All Good: Sustainability’s role in Digital Transformation") over the last few years and, while many (74%) financial leaders feel this has been a positive shift overall, it’s still a major challenge. Suddenly, teams who have reduced in size now have to manage a complex dual role – business gatekeeper and revenue creator.” Yet [despite their expanding role](https://www.financedigest.com/astrazeneca-says-its-covid-shot-still-has-role-despite-global-glut.html "AstraZeneca says its COVID shot still has role despite global glut"), 60% of respondents say their team has decreased in size over the last three years. As a result, 53% admit reduced resources increase the risk of serious mistakes being made. Almost two-thirds of respondents (59%) suggest their organisation sometimes rushes through the compliance process to support revenue-generating activity and 55% reveal they feel uncomfortable with the extent to which their business sometimes gambles on [risk management](https://www.financedigest.com/crypto-investors-step-up-risk-management-after-last-years-meltdowns.html "Crypto investors step up risk management after last year’s meltdowns"). To meet the expectations of their businesses and fulfil their roles effectively, the majority of respondents (45%) believe data is “extremely important” to make [smart decisions and forecasts](https://www.financedigest.com/smart-exoskeleton-market-competitive-landscape-analysis-with-forecast-by-2031.html "Smart Exoskeleton Market Competitive Landscape Analysis With Forecast by 2031"). The biggest data benefit cited by 43%: helping collate customer intelligence. However, 57% of [financial leaders admit their business](https://www.financedigest.com/financial-advice-for-starting-your-own-business.html "Financial advice for starting your own business") lacks the ability to access accurate and current data. The biggest barriers respondents see are: a lack of skills (23%), lack of investment in technology (21%) and inaccurate data (20%). As a result, almost two-thirds (65%) admit it’s difficult to find and capitalise on strategic opportunities. “The UK’s financial leaders know how powerful data analysis and smart use of [technology can be in helping them meet business](https://www.financedigest.com/2016-the-year-of-technology-financing-the-year-of-business-growth.html "2016 – THE YEAR OF TECHNOLOGY FINANCING, THE YEAR OF BUSINESS GROWTH") expectations in their new joint role as business guardian and revenue driver,” continues Vine. “Despite the [challenges they clearly face](https://www.financedigest.com/factbox-the-challenges-automakers-and-now-tesla-face-with-humanoid-robots.html "Factbox-The challenges automakers, and now Tesla, face with humanoid robots"), these two roles are not opposites. Protection and growth can go hand-in-hand, but only when they are underpinned and supported by the resource, tools and [data to allow for smarter decisions that will grow the business](https://www.financedigest.com/how-can-financial-institutions-make-the-most-of-data-for-their-business.html "HOW CAN FINANCIAL INSTITUTIONS MAKE THE MOST OF DATA FOR THEIR BUSINESS?  "). If financial leaders are to fulfil this duel objective, they must [gain support for the data](https://www.financedigest.com/wall-street-gains-dollar-climbs-on-solid-data-debt-ceiling-progress.html "Wall Street gains, dollar climbs on solid data, debt ceiling progress") and analytical capabilities needed to empower their insight.” --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---