The role of the financial controller is undergoing a profound transformation, with advancements in technology, shifting business priorities, and a growing need for strategic involvement in decision-making. At the Argyle Financial Controller Leadership Forum held on November 19, 2024, a panel of industry experts from leading organizations shared their insights on how the role of the controller is evolving and what it takes to succeed in today’s fast-changing business landscape.
Here are some key takeaways from the discussion:
1. Balancing Traditional and New Roles
The core responsibilities of financial controllers—such as financial reporting, compliance, and data analysis—are being reshaped by technological advances and the growing demand for strategic foresight. How do controllers balance these traditional tasks with the need for innovation and forward-thinking?
Julian Cifliku, Division Financial Controller at The Kroger Company, explained that when he started in finance, his role was largely about manual data entry and reporting. Today, however, technology has significantly changed the landscape. “It’s no longer enough to just focus on historical data; we need to think strategically,” Julian emphasized. He explained that, for example, when building long-term financial models, controllers must consider external factors like economic shifts, regulatory changes, and demographic trends, alongside internal data. “The key now is to think in terms of the future—2 to 3 years ahead—not just react to what’s happening today.”
Dan Miller, CFO at RightRev, also stressed the importance of curiosity in this role. He pointed out that controllers must go beyond the numbers and engage with other departments—like sales, marketing, and distribution—to better understand the business and its customers. “You have to make time to understand the dimensions of how customers buy, how teams interact, and how that all feeds into financial performance,” he said.
2. Collaborating Effectively with CFOs and Business Partners
As controllers take on more strategic roles, the need for effective collaboration with CFOs and other business partners has never been more important. But how can controllers ensure their insights are heard and valued across the organization?
Philip Peck, Vice President of Advisory Services at Peloton Consulting Group, emphasized the importance of clarity in defining roles and responsibilities. “Controllers have unique insights into how the end-to-end value chain of the business works. But they must collaborate with the CFO and other teams, ensuring alignment on strategic goals without stepping on each other’s toes,” he said. To streamline this collaboration, he recommended leveraging technology for data governance and automation. By automating routine tasks, controllers can free up capacity to focus on higher-value contributions, such as strategic analysis and business insights.
For Samantha Singer-Guindi, Financial Controller at Levy Restaurants, cultivating a strategic mindset within her team has been key to enhancing collaboration.
“In the past, our role was mainly focused on looking at data and ensuring accuracy. But now, we need to go beyond that—we need to understand the trends and share insights proactively.” –Samantha Singer-Guindi, Financial Controller at Levy Restaurants
Samantha also shared how taking courses in emotional intelligence has helped her build stronger, more collaborative relationships with her CFO. “Having a seat at the table during business development conversations is essential for controllers to become true strategic partners,” she added.
3. Managing Automation and Risk in a Digital Era
The rise of automation and digital tools brings new challenges, particularly around risk management. How can controllers best prepare for this shift while ensuring they manage risk effectively?
Dan Miller spoke about the evolving nature of risk management. While controllers have traditionally focused on financial risks, the scope now includes global risks, compliance issues, and unforeseen events like COVID-19. “We have to evolve alongside our business, continuously reassessing the risks that might fall outside of our traditional scope,” he said. Visibility and integration with the broader business are essential to identify risks early and avoid surprises.
Julian Cifliku echoed this, stressing the importance of keeping the finance team well-informed about emerging risks and new technologies. “You can’t afford to keep your team in the dark when it comes to automation tools or potential risks,” he noted. “A well-informed team is much better equipped to anticipate and mitigate problems.”
For Samantha Singer-Guindi, fostering cross-team communication is one of the most important ways controllers can manage these risks. “It’s no longer enough to just handle the finances in isolation. We must embrace change and collaborate with teams we may not have worked with as closely in the past. That’s how we identify risks early and adapt quickly.”
4. Fostering Innovation and Talent Development
As financial controllers take on more strategic roles, fostering a culture of innovation and developing talent within their teams becomes a top priority.
Samantha shared how she’s focused on breaking the traditional narrative around controllership positions. “The role of the controller is evolving, and it’s important to help our teams see the bigger picture,” she said. She prioritizes developing her assistant controllers by involving them in broader business conversations, helping them understand how finance impacts the organization as a whole. She also encourages cross-training and lunch-and-learns to expose her team to different parts of the business and foster a collaborative culture.
Philip Peck shared his experience of helping an organization in academia transition to a more agile model. “When change is introduced, some teams adapt quickly, while others take longer,” he said. “But when you give teams the right tools, training, and development opportunities, they thrive.” The key, he noted, is embracing change and equipping teams with the skills needed to navigate new business realities.
For Dan Miller, agility is critical as business models become more complex.
“In my controller role, I used to set things up and keep them running, but today’s environment demands more flexibility. You can’t stick to a rigid mindset—you have to embrace change and develop the capabilities within your team to support it. –Dan Miller, CFO, RightRev
5. Measuring and Demonstrating the Value of the Controller Team
One of the key challenges facing controllers is demonstrating the value they bring to the organization. As their roles evolve, how can they show their impact?
Julian Cifliku believes that attitude and trust are the most important factors in measuring value. “Skills can be taught, but attitude is what makes a team successful,” he explained. “You need people who are willing to go outside the box and take ownership of their work.” He also stressed that building trust within the team is essential. “Trust is built when you give your team a project and expect them to give you the truth, whether it’s good or bad. When you have trust, the team becomes loyal and engaged.”
Samantha Singer-Guindi added that finance is more than just a cost center. “Finance drives strategic decisions, and that’s something we must communicate to the broader business. If there were no finance function, the organization wouldn’t be able to make informed business decisions,” she said. By positioning themselves as strategic partners, controllers can help their teams understand the broader value they provide.
6. Tools and Technology for Identifying Financial Risks
As financial environments become more complex, leveraging technology to identify and manage risks is critical.
Julian Cifliku highlighted the importance of using forecasting tools to prepare for long-term uncertainties. “When forecasting for a store or unit, you need to consider both internal and external factors. Tools that offer checks and balances are crucial in managing future risks,” he explained.
Philip Peck shared an example of a client that used scenario planning to navigate the post-COVID landscape. “They didn’t just plan for contingencies; they created an operational playbook that could be adapted as conditions changed,” he said. Running simulations to understand potential outcomes in a volatile environment helps companies stay prepared.
Dan Miller discussed how AI could transform risk management. “Traditional forecasting and risk management processes work, but the future is in predictive analytics,” he said. “Imagine using AI to track trends in real time, automatically adjusting forecasts and risk models based on new data.”
7. The Future of the CFO-Controller Relationship
Looking ahead, what will the relationship between CFOs and controllers look like? For Samantha Singer-Guindi, it’s about creating a true partnership. “The future is a collaborative relationship where controllers and CFOs work together toward common business goals,” she said. “We need to merge financial data with business strategy, breaking down silos to create a seamless flow of information.”
Final Thoughts
The role of the financial controller has evolved dramatically. As the business landscape grows more complex, controllers are increasingly expected to be strategic leaders, leveraging technology, fostering cross-departmental collaboration, and adapting to change. The Argyle Financial Controller Leadership Forum underscored the importance of curiosity, agility, trust, and communication in the evolving world of finance.
By embracing new tools, investing in talent development, and aligning with organizational strategy, controllers can position themselves as indispensable partners in driving long-term business success.
Watch the full panel discussion here:
