90th CIMA President Co-Chair of the Association of International Certified Professional Accountants Sarah Ghosh shares vision for a sustainable future

CIMA President Sarah Ghosh –Pix by Ruwan Walpola​ 

For me, it is all about having meaningful conversations. As I have travelled to different regions, I have noticed disparities, but I see these as opportunities to initiate change. It is crucial to openly discuss with senior leaders how they are encouraging opportunities for women and individuals who are neurodivergent. We need to address diversity in all forms within our organisations. This involves implementing mechanisms to break down barriers and support career progression for everyone. It is also important for men to act as allies and support women throughout their careers

The Chartered Institute of Management Accountants (CIMA) President and Association of International Certified Professional Accountants Co-Chair Sarah Ghosh was recently in Sri Lanka on an official visit. During her visit, she spent time with the Daily FT for an exclusive interview to share her vision on the way forward during her reign as the 90th President focusing on driving innovation, inclusion and sustainability. She is also putting great emphasis on diversity, empowerment, growing and promoting the role of finance professionals in creating value through ESG and serving the public interests. In addition, technology, demographic shift and evolving regulatory landscape were highlighted as key challenges faced by the accounting and finance profession.

Sarah is a proven finance leader with expertise in digital transformation and experience gained in multinational organisations, SMEs and start-ups. She currently works for the UK Civil Service, leading finance teams to enable the delivery of quality public services and support the Government Finance Function Strategy with a focus on sustainability and technology. Prior to this, Sarah held leadership positions across the finance, IT, and operations sectors, improving service provision and transforming processes using data analytics and machine learning.

In May 2023, Sarah was named among the 2023 Top 50 Women in Accounting in recognition of her work to raise the profile of women in leadership and commitment to driving diversity, equality, and inclusion in accounting and finance.

Following are excerpts:

By Charumini de Silva

Q: Could you elaborate on your journey from becoming a CIMA member to your current position as the 90th President of CIMA?

I began volunteering about 15 to 16 years ago, primarily within my regional area to rebuild my professional network after taking time off to have children. During that time, I attended events to meet people and gradually became more involved. Eventually, I was asked to Chair the area Board, then got nominated for the CIMA Council and invited to the Association Board as well. It was a combination of wanting to reconnect and then finding it an interesting place to understand more about the profession and its development strategy. I feel very fortunate to have been elected as the CIMA President and grateful to the CIMA Council for voting me in for this position. I look forward to the year ahead.

 

Q:  You are also the second successive woman to be elected President of CIMA and Co-Chair of the Association of International Certified Professional Accountants. What are your thoughts?

Historically, CIMA has had  three female Presidents. I am honoured to follow in the footsteps of other female Presidents, especially succeeding after Melanie J. Kanaka who was a Sri Lankan and continue this important work. As the Co-Chair of The Association of International Certified Professional Accountants, along with Okorie Ramsey, our focus at the board level is on strategic discussions to future-proof the profession. We explore ways to support our global membership and provide thought leadership. Our discussions revolve around adding value to the organisations we work with and being effective value creators. These discussions are crucial for shaping the direction of the profession and ensuring its continued relevance and impact.

The technology is already making a significant impact on our profession, but I see it as an opportunity. As tasks become automated, our focus shifts from data compilation to interpreting its meaning and implications for the future. This allows us to have more strategic conversions and offer deeper insights to businesses. Although technology is changing our roles, it presents an opportunity for growth and evolution

 

Q:  What are your key priorities and goals as the current President of CIMA?

The three areas of focus for my Presidential year are; innovation, sustainability and inclusion. I am eager to elevate the conversations around how technology is reshaping the finance sector and what opportunities it presents for us. Sustainability is another crucial topic; I want to explore how we can encourage purpose-led organisations and prioritise sustainability in the organisations we work with. I am also committed to promoting inclusion across all dimensions of diversity and ensuring that everyone feels valued and represented.

 

Q:  How do you envision driving diversity, equality, and inclusion within the accounting and finance profession?

For me, it is all about having meaningful conversations. As I have travelled to different regions, I have noticed disparities, but I see these as opportunities to initiate change. It is crucial to openly discuss with senior leaders how they are encouraging opportunities for women and individuals who are neurodivergent. We need to address diversity in all forms within our organisations. This involves implementing mechanisms to break down barriers and support career progression for everyone. It is also important for men to act as allies and support women throughout their careers. I strongly believe in the power of mentoring and coaching, and we have a fantastic mentoring program available to both men and women. Connecting with individuals who have already navigated similar journeys can provide valuable insights and guidance.

Q:  What are the key challenges that the accounting and finance profession is faced with, and how do you believe they can be addressed?

We have identified three primary challenges reshaping our profession. Firstly, technology is transforming the way we work, prompting discussions on up-skilling to leverage data effectively. We are focusing on understanding the narratives behind the data, not just its delivery. Secondly, there is a demographic shift, making it challenging to attract younger generations to finance and accounting. Gen Z, entering the workforce, values organisational purpose and sustainability are influencing our learning pathways; like our Finance Leadership Program, which emphasises digital platforms and skills over exams. Lastly, navigating the evolving regulatory landscape poses a significant challenge. With new regulations emerging around environmental, social and governance (ESG) and data governance, we must stay informed and adaptable to maintain our role as trusted advisors amidst increasing complexity.

 

Q:  What role do you believe technology will play in shaping the future of accounting and finance and how can professionals prepare for these changes?

The technology is already making a significant impact on our profession, but I see it as an opportunity. As tasks become automated, our focus shifts from data compilation to interpreting its meaning and implications for the future. This allows us to have more strategic conversions and offer deeper insights to businesses. Although technology is changing our roles, it presents an opportunity for growth and evolution. As leaders of the industry, we are committed to helping our members stay relevant by providing resources on emerging topics like technology, ESG, sustainability and inclusion. Lifelong learning is crucial in staying current and adding value to organisational decisions.

I have had a fantastic experience in Sri Lanka, especially with the convocation event where we welcomed over 350 new exam completes and members to the accounting profession. It is incredibly encouraging to see that people are still drawn to careers in finance and accounting. We aim to leverage our extensive membership base of around 700,000 members to shape the accounting profession worldwide.

 

Q:  Can you share any strategies or best practices for effectively managing change and leading teams through periods of transition or uncertainty?

We are living in a time of constant change and uncertainty, where stability is rare. Factors like geographical tensions, inflation and Government decisions are reshaping the landscape for organisations. Managing change effectively requires strong communication, engagement empowerment and empowerment of teams. With the pace of change accelerating, leaders need to be mindful of the impact on their teams and involve them in decision-making processes. It is about ensuring that changes are well-understood, supported and aligned with the organisation’s goals.

 

Q:  How can you encourage collaboration and teamwork within finance teams, especially in diverse and dynamic environments?

It is essential to empower teams to take ownership of their ideas and initiatives. Encouraging team members to share their insights and suggestions fosters a culture of innovation and ownership. When employees feel heard and valued, they are more likely to contribute ideas that can drive positive change within the organisation. This ultimately, leverages the collective expertise at all levels and can lead to meaningful improvements in how the organisation operates.

 

Q:  Your observations on members in Sri Lanka and students pursuing this qualification? What are the new plans to enhance this qualification in Sri Lanka?

I have had a fantastic experience in Sri Lanka, especially with the convocation event where we welcomed over 350 new members to the accounting profession. It is incredibly encouraging to see that people are still drawn to careers in finance and accounting. We aim to leverage our extensive membership base of around 700,000 members to shape the accounting profession worldwide. Through our qualifications, continuing professional development (CPD) programs and research leadership initiatives, we strive to provide valuable resources and expertise to professionals across different regions including those in Sri Lanka. This knowledge transfer enables our members to contribute effectively to their organisation’s decision-making processes.

Our Finance Leadership Program plays a crucial role in developing sustainable finance practices. We offer ESG certificates to equip members with essential skills in environmental, social and governance matters. Furthermore, our collaboration with Oxford University’s Business School offers an Executive Leadership Qualification, catering to senior-level professionals. During my visit, I met with Chief Finance Officers (CFOs), and C-suite leaders in Sri Lanka who have provided valuable insights into the challenges they face. Understanding how we can support them and make their teams more effective is essential. Overall, it has been a wonderful visit and I am excited about the opportunities ahead in the year.

Managing change effectively requires strong communication, engagement empowerment and empowerment of teams. With the pace of change accelerating, leaders need to be mindful of the impact on their teams and involve them in decision-making processes. It is about ensuring that changes are well-understood, supported and aligned with the organisation’s goals

 

Q:  Anything else you would like to add?

It is important to recognise that diversity goes beyond gender alone. Our focus extends beyond gender diversity to all dimensions of diversity and we are dedicated to increasing representation across the profession in all aspects. Inclusion is not just a one-day affair of the year. As we celebrate this year’s International Women’s Day, CIMA is committed to broadening the conversation to include all dimensions of diversity.