Kenza Sabouni: The Financial Director Has Become the Pillar of Corporate Credibility

In an uncertain economic environment, the finance function has emerged as a central strategic lever.

Through the latest CFO Survey by PwC Morocco, Kenza Sabouni, audit partner at the prestigious international firm, deciphers the transformation of the CFO's role, between risk management, cash management, and digital transition.

For a long time perceived as a control and reporting function, the financial direction is undergoing a profound mutation.

Under the combined effect of geopolitical uncertainties, inflationary pressures, and technological transformations, the financial director is now imposing themselves as a key actor in the company's strategy.

This evolution reflects less a break than a rebalancing of powers, where finance becomes a true decision-making center, capable of arbitrating between performance, risk, and sustainability.

The lessons of the latest CFO Survey by PwC Morocco highlight more confident but also more demanding financial directions in their approach.

Between rigorous cash management, the progressive rise of artificial intelligence, and the strengthening of transparency obligations, Moroccan CFOs appear as seasoned pilots, capable of navigating in a structurally unstable environment, while seizing the opportunities offered by the dynamic economic dynamics of Morocco.

1- The study shows that the finance function becomes a strategic decision-making center, beyond its traditional role of control.

Does the CFO's growing power reflect a governance imbalance in companies or a necessary adaptation to a too complex environment?

In reality, it is a necessary evolution and not a deregulation.

The results of the CFO Survey are unequivocal: uncertainty reigns in the business world (instable geopolitics, accelerating technology, inflation, cost fluctuations, and regulatory pressure, ...).

It is no longer possible today to strictly compartmentalize strategy and finance and to limit the financial director to their traditional roles and responsibilities.

They play a preponderant role in the company, they must develop a global vision, measure the financial impact of strategic choices, and arbitrate between performance, sustainability, and risk.

Their growing power cannot be considered a governance imbalance, but a rebalancing: the Financial Direction becomes a decision-making force, a perfect balance between performance and risk management.

2- While 91% of financial directions say they are confident in the short term despite an unstable environment, how can we explain this paradox between declared optimism and the multiplication of risks (costs, geopolitics, regulation)?

This paradox is only an illusion.

If Moroccan financial directors show great confidence in the short term, it is not naivety or forced optimism; they believe in their ability to manage and above all in their resilience.

According to our study, the financial direction has adapted to the permanent instability.

CFOs show a certain but prudent and reflective optimism.

They consider that they are now better able to predict and manage these situations than before.

They trust their experience of past crises to navigate in uncertainty.

Morocco is experiencing dynamic growth thanks to structuring, innovative, and ambitious projects.

Government policies offer many opportunities to local companies, which explains the optimism of our respondents.

3- Cash management and the need for working capital are becoming a major priority.

Are we witnessing a return to a defensive logic of companies, centered on survival and liquidity, to the detriment of investment and risk-taking?

Putting cash and working capital at the forefront of priorities is a necessary adaptation to the current environment.

The CFO's role is to ensure the company's financial health and stability.

In an uncertain environment, it is essential to prioritize cash management and working capital to ensure the company's survival and growth.

This does not mean a return to a defensive logic, but rather a proactive approach to managing risks and seizing opportunities.

The CFO must balance short-term needs with long-term goals, ensuring the company's financial sustainability and growth.