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Relationships Of Necessity

Optimize has an interesting piece on how trends such as increasing regulation is altering the relationship between CIOs and CFOs. They argue that "in effect, the door between the CIO and CFO offices is opening wider, and the executives are building a path to regular interaction that allows the IT function to excel in meeting the business' needs, not simply to comply with regulatory mandates or budgetary strictures."

We're seeing the same - what starts as a project to satisfy regulations or mitigate risk ends with a broader business improvement mandate. They make the case: "Several factors have an immediate impact on the level of collaboration between finance and IT. First, increased scrutiny of financial reporting has contributed to a significant number of earnings restatements in the past year. In the United States, we saw 414 restatements in 2004, compared with 270 in 2001, according to Huron Consulting Group's latest "2004 Annual Review of Financial Reporting Matters." That fact underscores the need to design and coordinate information and technology systems across the enterprise-something to which CIOs have been calling attention for years and which CFOs are now demanding."

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Posted July 20, 2006 in LogMatters | Permalink

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