The CFO’s & Controller’s Evolving Role in Value Creation

The finance world is transforming at an incredible pace, with CFOs and controllers taking on more strategic responsibilities and focusing on value creation like never before. To shed new light on where our profession is headed, here are insights from Myles Corson , the Global & Americas strategy and markets leader for 安永 Financial Accounting Advisory Services and also the host of The Better Finance Podcast.

Collaboration and AI: Beyond the Silver Bullet

The Future Finance Summit that took place in December felt more like a collaborative community than a traditional conference. Everyone there was eager to learn from each other — a true “wisdom of the crowd” moment. AI naturally took center stage, but as Myles pointed out, it isn’t a silver bullet.

Real transformation calls for intentional collaboration, robust data governance and a culture open to experimentation.

We used Microsoft’s approach as an example. They weren't looking for a quick AI fix. Instead, they invested in data lakes, built a strong governance framework and fostered an environment where people are encouraged to explore new ideas. It’s a glimpse of what modern digital transformation really looks like behind the scenes.

The Expanding Role of Controllers

That idea of preparation and adaptability surfaced as Myles walked conference attendees through EY’s latest research on the DNA of the corporate controller. A whopping 86% of controllers expect their roles to change significantly in the next five years, and many aren’t entirely sure how that change will unfold.

But it is clear controllers are moving far beyond the traditional transactional tasks. They’re becoming key partners in financial planning, shaping strategy and taking on more non-financial reporting responsibilities than ever before. In fact, nearly 90% of controllers are actively using data and analytics to drive insights, and an impressive two-thirds say they’re already using AI on a day-to-day basis.

Bridging the Gap Between AI Adoption and Innovation

AI adoption is accelerating, but hearing that so many controllers are using it daily shows just how quickly our profession is evolving. Yet Myles cautioned that there’s still room to grow since:

Only 20% of controllers see technology as a top driver of value, and just 10% say they have teams with a true innovation mindset.

This highlights the need for a cultural reset in finance. We have an opportunity to move from being a risk-averse profession to embracing experimentation, learning and adaption.

Addressing the Knowledge Gap Created by Automation

At the same time, automation is reshaping entry-level roles in finance, which means we need a new strategy to preserve the foundational knowledge that used to come from those manual processes. We’re seeing a real gap in how future professionals gain hands-on experience, and that puts it on finance leaders to find creative ways to keep building that deep institutional know-how.

The Rise of the Confident Controller

One of the more fascinating aspects of EY’s research was what Myles called the confident controller. They found that controllers in large organizations (>$20 billion in revenue) tend to lead the pack on innovation, talent development and non-financial reporting. They also see the role of the controller as a true destination rather than a stepping stone to CFO.

Meanwhile, in smaller companies, controllers often regard their position as a pathway to the CFO seat, which can mean they have less focus on big-picture, long-term transformation. Neither approach is right or wrong, but it does paint a clear picture of how company size and culture shape the controller’s role.

Merging Precision with Forward-Looking Strategy

The “Great Join” merges accounting’s precision with finance’s forward-looking vision. Controllers, with their deep historical knowledge, are uniquely positioned to drive AI-powered planning and forecasting.

But they can’t do it alone. They need to partner with other finance leaders and technology teams to ensure data accuracy, establish strong governance and develop a shared roadmap for AI’s potential. It all starts with controllers, though. If your data is off, your forecasts will be too, and that can quickly derail even the best strategy.

Communicating Vision

Now, onto the human side of transformation. Myles pointed out that 75% of CFOs have experienced at least one underperforming transformation in the past five years, often due to poor communication of vision.

Generally speaking, when people don’t understand where you’re headed or why you’re changing, they get nervous or confused. They might even resist.

As finance leaders, we have to paint a vivid picture of the future and explain how these changes will make our work smarter, more efficient and ultimately more fulfilling.

Myles pointed to Amazon’s six-page memo approach as a great example of how writing down a clear vision can align and energize a team.

The future of finance is about moving from a “rear-view mirror” approach to a “windshield view” and focusing on where our finance teams need to go.

Creating a Culture of Psychological Safety for Innovation

This is where the concept of psychological safety becomes so important. If people feel they can’t try new things without risking backlash, there’s no real innovation. Transformation is about creating an environment where experimentation is expected, even in traditionally precise, compliance-focused arenas.

It’s a mindset shift, but a necessary one if we want to keep pace with the rapid changes in our field.

Value Creation Over Cost Cutting

Myles said missed opportunities don’t show up on a balance sheet. We’re so used to counting costs and tangible assets, but how do you count the cost of never trying something new?

Cutting costs can only get you so far. The most exciting developments in finance, like data analytics, AI and the confident controller’s expanded role, are all about creating more value, not just trimming expenses.

Embracing Change to Unlock Opportunities

Change is certainly accelerating, but it’s also creating huge opportunities for those who embrace it. The ways we can create and measure value are expanding every day.