Boards must step up technology and innovation knowledge to govern their business, while the CFO must develop their role in IT risk management, says accounting body ACCA.
Microchips. Image: Shutterstock
Boards must consider oversight—and their skill levels—when it comes to managing new technology and innovation in their business, according to a report by the Association of Chartered Certified Accountants (ACCA).
The report, Race for Relevance: Technology opportunities for the finance function, questioned more than 50 senior accounting executives about the opportunities and challenges presented by new technology.
In addition, the whole board should look at its own skill sets, and consider using non-executives to help plug gaps in technology and innovation knowledge. The report also highlighted the importance of the chief financial o
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