WPP Scangroup COO Miriam Kaggwa, who comes on board as a CFO Awards judge, warns that technical expertise is merely the baseline for modern finance professionals. She explains why the next generation of successful CFOs must evolve into multi-disciplinary leaders who can confidently translate complex numbers into a compelling commercial narrative
What prompted you to become a judge for the CFO Awards?
While at the CFO Awards in November last year, I was impressed by the rigour that went into the judging process. I concluded that it requires someone who has had robust experience and a proven track record of success as a leader, not only as a CFO but also as a recipient of what CFOs output, which in my case, I have had the privilege to being both, a CFO and a leader of an organisation.
How has the CFO role changed over time, and what will define a successful CFO in the next three to five years?
The role of the chief financial officer has undergone a fundamental transformation. Historically, finance leaders were primarily stewards of the books, focused on forecasting, reporting, cost cutting and closing the books. Today, in any high-performing organisation, the CFO is an indispensable partner at the strategic table, co-architecting the company’s future. Looking ahead, the next generation of successful CFOs will be defined by both their depth and their breadth of expertise. A successful CFO must now be a multi-disciplinary leader possessing a deep understanding of several key areas.
Regarding technology and AI, they must be fluent in emerging technologies, not just as a concept, but understanding its practical application in driving market strategy and operational efficiency. When it comes to macroeconomic factors, a global and local economic perspective is crucial for navigating volatility and identifying opportunities. In terms of strategic and commercial acumen, the modern CFO is a strategic thinker who is flexible and commercially minded. Finally, concerning leadership and collaboration, the days of the CFO operating from an ivory tower are over. A successful CFO must be their CEO’s most trusted advisor, a visible leader who can collaborate effectively across the organisation, and a credible voice to clients and stakeholders. Ultimately, the defining characteristic of a future-ready CFO is an insatiable curiosity and a passion for continuous learning.
What gaps do you see in the way we’re developing finance professionals, and how can aspiring CFOs develop skills beyond the technical?
While we excel at instilling deep technical and accounting knowledge, we often fail to teach its practical application in a commercial context. I consistently find it challenging to recruit individuals who not only understand the numbers and accounting but can also confidently engage with clients and contribute to commercial strategy. The missing skills sets are often the “softer” skills that are critical for success and are typically learnt on the job. These include commerciality, which is the ability to translate accounting principles into tangible business strategy and commercial outcomes. Another is communication, the skill to articulate complex financial information to non-finance audiences in a clear and compelling way. They also encompass executive presence, because as finance leaders move from the background to the front of the room, the ability to command respect and project confidence is non-negotiable. Lastly, negotiation and client engagement are vital, requiring the capacity to participate in and lead commercial conversations with clients.
Why is translating numbers for non-finance audiences increasingly important?
It is crucial because, in most organisations, the key decision-makers are not finance experts. For financial insights to have an impact, they must be communicated in a way that resonates with a non-finance audience. The goal is to move beyond the numbers to explain the “why”, the strategic value a decision will add to the company and the expected ROI, all in simple, accessible terms. Given that the vast majority of decision-makers are non-finance leaders, our ability to translate numbers into a compelling narrative is directly linked to our ability to influence and drive the business forward.
When evaluating candidates for the awards, what distinguishing qualities or competencies will you be looking for?
At the CFO level, technical expertise is the baseline, it is the price of entry. The true differentiators lie in leadership and impact. An exceptional finance leader demonstrates holistic leadership, managing effectively in all directions, up to the board, down to their teams, and across to their peers. Furthermore, they are strategic problem-solvers who think beyond the immediate numbers to solve critical business challenges and enable the organisation to advance to the next level. Ultimately, these qualities culminate in a leader who creates a tangible impact, whose presence and influence extend beyond their title.
What risk management challenges should CFOs be prioritising in 2026?
In 2026, CFOs must prioritise several key risk areas that extend beyond traditional financial oversight. The first is navigating the complexities of artificial intelligence. This presents a twofold challenge: CFOs must lead the strategic determination of where to play, whether AI is an efficiency tool, a monetisation engine, or both, while avoiding the bandwagon effect through deliberate investment. Beyond technology, another critical challenge lies in the authentic integration of ESG. The priority is to find the sweet spot where the ESG agenda genuinely complements commercial objectives. Finally, a crucial priority is the nuanced task of localising global strategies. It is essential to understand the unique dynamics of the markets we operate in and adapt our approach accordingly.
