In an era where financial stability and technological advancements drive global economies, the role of Chartered Global Management Accountants (CGMAs) has never been more crucial. These professionals play a pivotal role in ensuring financial transparency, strategic business planning, and economic resilience. In an exclusive interview with the Sunday Observer, Venkkat Ramanan, Vice President – Asia Pacific at AICPA & CIMA, shares valuable insights into how CGMAs are shaping Sri Lanka’s financial sector, the significance of strategic business planning, and how Sri Lankan professionals can remain competitive on the global stage.
With over 20 years of international experience spanning finance, technology, and professional education, Ramanan is a thought leader who collaborates with key stakeholders in the public, private, and regulatory sectors. A Chartered Global Management Accountant (CGMA) and a Fellow of The Chartered Institute of Management Accountants (FCMA), he has also honed his expertise through executive programs at prestigious institutions such as the University of Oxford’s Saïd Business School and INSEAD Singapore.
CGMAs and financial stability in Sri Lanka
Q: How have CGMAs contributed to financial stability in Sri Lanka?
CGMAs play a crucial role in ensuring financial stability through:
* Implementing rigorous risk management practices.
* Providing strategic financial planning and advisory services.
* Enhancing transparency and accountability in financial reporting.
When AICPA and CIMA united nearly a decade ago, one of the key realizations was the need to establish a globally recognized identity for management accountants. The CGMA designation was introduced to provide an exclusive, internationally trademarked credential that sets members apart from other accounting professionals. This ensures that those who hold the CGMA title possess a unique qualification that cannot be used by any other institution. Financial stability is built upon strong governance practices, both in the public and private sectors. Good governance is essential for ethical business operations, and CGMAs are at the forefront of upholding these principles within their organizations.
Additionally, rapid technological advancements are transforming the financial sector, creating a gap between traditional educations and evolving job market requirements. Today’s students are often trained for professions that may no longer exist upon graduation. CGMAs help bridge this gap by integrating technology into business models, ensuring their organizations remain competitive and future-ready.
While there is often a misconception that technology replaces people, it actually reshapes skill sets and enhances creativity. The adoption of Artificial Intelligence (AI) and other digital tools is still in its early stages, with only a small percentage of professionals globally utilizing AI in their daily work. To remain relevant, businesses must prioritize talent development, equipping their workforce with the necessary skills to leverage technology effectively.
The CGMA competency framework emphasizes a well-rounded skill set, comprising technical expertise, business acumen, leadership capabilities, people skills, and digital proficiency. This holistic approach enables CGMAs to provide strategic insights that drive economic development. As companies succeed, they contribute to government revenue through taxes, ultimately fostering national economic growth.
CGMAs in strategic business planning
Q: What role do CGMAs play in strategic business planning?
CGMAs are instrumental in:
* Analysing financial data and forecasting economic trends.
* Advising on investment opportunities and growth strategies.
* Aligning financial management with long-term business objectives.
Traditionally, Chief Financial Officers (CFOs) focused solely on financial stewardship—ensuring accurate financial reporting and regulatory compliance. However, the role has evolved significantly. Today’s CFOs serve as co-pilots to Chief Executive Officers (CEOs), working collaboratively to shape corporate strategy.
Understanding risk management is a key component of strategic business planning. Contrary to popular belief, risk is not inherently negative—it enables companies to pursue growth opportunities while implementing safeguards to mitigate potential downsides. The ability to assess risk and allocate resources effectively is a fundamental responsibility of modern CFOs.
Resource allocation extends beyond financial capital; it includes talent management, technology adoption, operational efficiency, and supply chain optimization. CFOs must determine how best to utilize available resources to achieve strategic goals, balancing investment with cost management to drive sustainable growth.
A key aspect of strategic planning is talent development. Organizations must focus on three essential elements:
1. Mindset – Cultivating an open-minded approach to change and innovation.
2. Skillset – Enhancing technical and leadership capabilities.
3. Toolset – Leveraging the right technologies to improve efficiency and decision-making.
By fostering a culture of continuous learning and adaptability, companies can empower their finance teams to become proactive business partners, driving organizational success.
Sri Lankan CGMAs and global competitiveness
Q: How do Sri Lankan CGMAs remain competitive in the global job market?
Sri Lankan CGMAs distinguish themselves through:
* Pursuing advanced certifications and lifelong learning.
* Gaining diverse work experiences and international exposure.
* Staying updated with global financial standards and best practices.
The CIMA-CGMA qualification is a globally recognized credential that opens doors to international career opportunities. However, qualifications alone are not enough. Sri Lankan CGMAs are known for their resilience, adaptability, and curiosity—traits that set them apart in competitive global markets. One of the most defining characteristics of Sri Lankan professionals is their eagerness to learn and ask critical questions. This inquisitive nature, coupled with a strong work ethic, allows them to excel in dynamic environments. While technical knowledge provides a foundation, the ability to adapt and apply that knowledge in real-world scenarios is what truly differentiates a successful CGMA.
Q: What is your message to society regarding professional growth and development?
Talent development is a shared responsibility between individuals and organizations. It is essential to:
* Prioritize continuous learning and skill enhancement.
* Foster a culture of knowledge-sharing and mentorship.
* Adapt to evolving industry trends through unlearning and relearning.
The concept of learn, unlearn, and relearn has never been more relevant. Education should not end with a degree; professionals must actively seek new knowledge to stay ahead in a rapidly changing world. The pace of transformation today is exponentially faster than it was a decade ago, making adaptability a key success factor.
As Ramanan reflects on his own journey, he emphasizes the importance of staying connected with younger generations and embracing emerging technologies. The ability to bridge generational and technological gaps ensures long-term relevance and success.
Ultimately, a commitment to lifelong learning, curiosity, and adaptability is what will drive both individual and collective progress in the ever-evolving financial landscape.
As Sri Lanka navigates economic challenges and embraces digital transformation, the role of CGMAs becomes increasingly significant. These professionals not only uphold financial stability but also contribute to strategic decision-making, risk management, and global competitiveness.
By fostering a mind-set of continuous learning and innovation, CGMAs can drive meaningful change in their organizations and society at large. With a strong foundation in governance, technology, and leadership, Sri Lanka’s finance professionals are well-positioned to thrive on the global stage.
