The Problem: A Fragmented Financial Governance Landscape
Across Europe—and globally—Chief Financial Officers face an increasingly complex environment. Fragmentation in financial governance frameworks, inconsistent CFO role expectations, and uneven recognition of competencies across jurisdictions hinder both mobility and performance. This impacts multinational corporations and constrains the development of emerging market CFOs who seek alignment with international standards.
CEN/TC 476: Standardizing CFO Competence and Ethics
To address this, the European Committee for Standardization (CEN) created Technical Committee 476. CEN/TC 476 focuses on developing standards for competence, professionalism, and ethical conduct for finance professionals, particularly CFOs. The goal is to ensure harmonization, recognition, and public trust in the CFO role across Europe.
ICFOA’s Role: A Bridge Between Europe and the World
As a Liaison Organisation to CEN/TC 476, ICFOA brings together CFO associations from Europe and beyond. Representing ICFOA in this work are Nicolaas van Wyk, MBA, CEO of CIBA – Chartered Institute for Business Accountants and ICFOA board member, and Riccardo Baraldi, ICFOA board member representing ANDAF – Associazione Nazionale Direttori Amministrativi e Finanziari. Together, they ensure that the perspectives of international CFOs and those from developing markets are represented.
Working Method: Inclusive, Consensus-Based, and Technical
CEN/TC 476 operates via national standards bodies, working groups, and public consultations. ICFOA, as a technical contributor, helps align these standards with real-world CFO practices and international frameworks.
The End Product: A European Standard for CFO Competence
The committee is developing a European Standard (EN) covering knowledge areas, skills, and behaviors. It will be used by universities, employers, regulators, and certification bodies as a benchmark.
Benefits for European and Global CFOs
EU CFOs benefit through mobility, clarity, and professional recognition. Global CFOs gain access, credibility, and influence—contributing to a unified, high-standard CFO profession.