The role of the CFO has evolved tremendously over the last decade. No longer do CFOs just provide financial data and ratios to the CEO and other executive management team members. CFOs today are strategic thinkers and protectors of strong business practices and controls.
“CFOs are a change agent and team partner with the CEO,” Paula Kinnamon, CFO of Green Country FCU in Sand Springs, Okla., tells the Leaguer. “CFOs today are expected to think outside of the box and be forward thinkers on how to better serve our members in a constant changing electronic and social media age.”
While Kinnamon has worked in the financial services industry for 25 years, she’s only been with Green Country FCU since March of this year.
“Green County FCU is the smallest organization that I’ve had the privilege to work,” notes Kinnamon. “The other financial institutions I’ve work with have ranged in assets from $200 million to $3 billion.”
Regardless of the size of the organization, Kinnamon believes the following are the three key competencies for a successful CFO:
Understanding the credit union goals
Understanding the credit union membership and financial needs
Understanding the credit union’s financial data, monitoring closely the credit union’s financial data so that loan term goals can be properly set and achieved by working closely with the CEO