ACCA Uganda and Deloitte have launched the second edition of the Chief Finance Officer (CFO) Awards 2018, themed “Finance in a Digital World”.
The launch follows the huge success that the inaugural CFO Awards registered last year with six winners from a highly competitive process where Uganda Breweries Limited’s Alvin Mbugua walked away with the coveted CFO of the Year Award, while NSSF’s Patrick Ayota was the 1st runners up. Both have since moved on to bigger things in form of career growth with Mr. Mbugua now the Head of Sales, East African Breweries and Mr. Ayota as the Deputy Managing Director, NSSF.
The awards this year have been increased from five to eight to cater for the unique attributes of the different sectors. The eight awards are CFO of the year, Young CFO Award, Public Sector Award, Strategy Execution Award, Finance Transformation Award, SME Award, Not for Profit Award and Finance and Technology Award.
All winners shall have to demonstrate proficiency in the seven vital qualities (called the seven quotients in the ACCA report of Professional Accountants – The Future or the seven skills for success in the ACCA competency Framework) found at, https://www.accaglobal.com/gb/en/qualifications/why-acca/competency-framework/quotients.html.
These quotients or skills are intelligence, creativity, digital knowledge, emotional intelligence, experience, vision, and technical and ethical skills.
Speaking at the Launch, Beatrice Isagayite, the Head of ACCA Uganda said the CFO Awards provide a recognition platform for leaders of the finance function and draw attention to the required professional skills that should be adopted and demonstrated by leaders that will meet the needs of a rapidly changing business and economic landscape.
“At Deloitte, we have seen firsthand how the pressure and burden of the CFO role can seem overwhelming for those aspiring to the role. The Deloitte CFO Programme has been designed to help new and aspiring CFOs navigate the next steps of their careers, prepare them for the diverse responsibilities they will face in the CFO role and help them transition successfully,” Norbert Kagoro, the Managing Partner, Deloitte said.
He said, the roles and responsibilities of today’s CFOs and senior finance leaders are more varied and challenging than ever.
The CFO Award2018 Categories
The CFO awards were established in recognition of the fact that the finance function and the CFO’s role is pivotal in building sustainable business models which ultimately translate into value for the investors.
CFO of the Year
The CFO of the Year will have shown financial leadership, outstanding performance over a number of years and is the driving force behind the growth and profitability of their organization, striving for excellence in all aspects of the finance profession. The CFO/ Head of Finance should lead by example demonstrating leadership through their future-focus and proficiency in the seven vital qualities of professional accountants.
Public Sector Award
This should be a CFO or Head of Finance in a government ministry, agency or department demonstrating outstanding financial management and has demonstrated the vital qualities of professional accountants.
Not-for-Profit Award
This award will go to an outstanding CFO or Head of Finance, currently making a vital contribution to the financial leadership of a not-for-profit organisation andhas demonstrated the 7 vital qualities of professional accountants.
SME Award
This award will recognize a CFO or Head of Finance in a small and medium enterprise, who has demonstrated outstanding financial management and has contributed to the growth of the enterprise. Small and medium enterprises include all types of formal enterprises irrespective of their legal form (such as family enterprises, sole proprietorships or cooperatives), employing between 5 – 100 employees and total assets not exceeding UGX 360 million.
Young CFO Award
This award will recognise a rising star in the accounting profession, aged no more than 40 years and has demonstrated the 7 vital qualities of professional accountants.
Finance Transformation
This award recognises a CFO or Head of Finance who has championed transformative solutions in their finance functionand has been successful in redefining the role of finance within the organisation.
Strategy Execution Award
This award recognises a CFO or Head of Finance who has shown agility and resilience in dealing with serious and intense changes in the business environment, enabling the business to successfully adapt to new demands and challenges. This CFO or Head of Finance will have shown great leadership in creating the right (financial) conditions to execute the organisation’s strategy.
Finance & Technology Award
The Award recognises a CFO or Head of Finance who has invested in and unlocked technologies that have the power to transform the business and create new value. The CFO or Head of Finance has played a crucial role in designing and executing a successful business-aligned IT strategy and is a steward for technology driven change and develops and shares his or her knowledge and know-how of technology across the business.
