The chief financial officers (CFOs) of global banks are wielding increasing influence as senior management expect them to sharpen their focus on strategic issues rather than concentrate solely on monitoring and reporting financial information, a new survey finds.

The study, conducted by Ernst & Young and CFO Research Services, reveals that in order to rise to the standard now expected of them, CFOs must first improve their financial operations, which have become disjointed and inefficient in the wake of rapid growth in the industry.

Only after they achieve a firm financial base can CFOs become true strategic partners, helping to evaluate new products, provide leading indicators on business performance and drive merger and acquisition opportunities.

The survey, which involved executives at 14 of the world’s largest banks. found that CFOs who bring their business acumen to bear on strategy can have a lasting impact on their firm and the industry.

Banks are aiding this evolution of the CFO by centralizing responsibility for a wide variety of finance roles to allow a CFO’s holistic perspective to flow to all parts of the organization.

“Banks that bring their CFOs to the strategic planning table will be the real winners in the years ahead,” explains Andre de Haan, Ernst & Young’s banking industry leader in Canada. “CFOs have the knowledge to guide their organizations and help navigate these tumultuous times.”

“Finance has always played a crucial role at the world’s leading banks, but the job is evolving,” says Sam Knox, vp and director of research at CFO Research Services. “CFOs need to spend less time keeping score and more time leading.”

“CFOs are elevating their game to meet the demands of today’s market conditions,” says T.J. Letarte, head of Ernst & Young’s Americas’ Finance and Performance Management practice for financial services. “In addition to the important work they’ve always done monitoring and reporting, they’re also helping to provide their firms with a comprehensive, actionable view of risk. By doing so, they’re creating more competitive institutions that can face future challenges more resiliently.”