Chief financial officer
The chief financial officer (CFO) or chief financial and operating officer (CFOO) is a corporate officer primarily responsible for managing the financial risks of the corporation. This officer is also responsible for financial planning and record-keeping, as well as financial reporting to higher management. In some sectors the CFO is also responsible for analysis of data. The title is equivalent to finance director, a common title in the United Kingdom. The CFO typically reports to the chief executive officer and to the board of directors, and may additionally sit on the board.
Qualification of UFC the H&S function/manager reports to CFO. 
Most CFOs of large companies have finance qualifications such as an MBA or come from an accounting background. A finance department would usually contain some accountants with Certified Public Accountant or Certified Management Accountant or equivalent status. The Sarbanes–Oxley Act of 2002, enacted in the aftermath of several major U.S. accounting scandals, requires at least one member of a public company's audit committee to be a financial expert.
Federal government of the United States 
The federal government of the United States has incorporated more elements of business-sector practices in its management approaches, including the use of the CFO position (alongside, for example, an increased use of the chief information officer post, within public agencies).
The Chief Financial Officers Act, enacted in 1990, created a chief financial officer in each of 23 federal agencies. This was intended to improve the government's financial management and develop standards of financial performance and disclosure. The Office of Management and Budget (OMB) holds primary responsibility for financial management standardization and improvement. Within OMB, the Deputy Director for Management, a position was established by the CFO Act, is the chief official responsible for financial management.
The Office of Federal Financial Management (OFFM) is specifically charged with overseeing financial management matters, establishing financial management policies and requirements, and monitoring the establishment and operation of federal financial management systems. OFFM is led by a controller.
The CFO Act also established the CFO Council, chair by the OMB Deputy Director for Management and including the CFOs and Deputy CFOs of 23 federal agencies, the OFFM controller, and the Fiscal Assistant Secretary, the head of the Office of Fiscal Service of the Department of the Treasury. Its mandate is to work collaboratively to improve financial management in the U.S. government and "advise and coordinate the activities of the agencies of its members" in the areas of financial management and accountability.
OMB Circular A-123 (issued 21 December 2004) defines the management responsibilities for internal financial controls in federal agencies and addressed to all federal CFOs, CIOs and Program Managers. The circular is a re-examination of the existing internal control requirements for federal agencies and was initiated in light of the new internal control requirements for publicly traded companies contained in the Sarbanes–Oxley Act of 2002.
While significant progress in improving federal financial management has been made since the federal government began preparing consolidated financial statements, the Government Accountability Office (GAO) reported that "major impediments continue to prevent [GAO] from rendering an opinion." In December 2006, the GAO announced that for the 10th consecutive year, the GAO was prevented from expressing an opinion on the consolidated financial statements of the government due to a number of material weaknesses related to financial systems, fundamental recordkeeping, and financial reporting.
At the same time, in calendar year 2007, the CFOC announced that for the second consecutive year, every major federal agency completed its Performance and Accountability Report just 45 days after the end of the fiscal year (2006).
Changing role 
In recent years, the role of the CFO has evolved significantly. Traditionally being viewed as a financial gatekeeper, the role of the CFO has expanded and evolved to a strategic partner and advisor to the CEO. In fact, in a report released by McKinsey, 88 percent of 164 CFOs surveyed reported that CEOs expect them to be more active participants in shaping the strategy of their organizations. Half of them also indicated that CEOs counted on them to challenge the company’s strategy.
The uneven pace of recovery worldwide has made it more challenging for many companies. CFOs are increasingly playing a more critical role in shaping their company’s strategies today, especially in light of the highly uncertain macroeconomic environments, where managing financial volatilities is becoming a centerpiece for many companies' strategies, based on a survey held by Clariden Global. CFOs are increasingly being relied upon as the owners of business information, reporting and financial data within organizations and assisting in decision support operations to enable the company to operate more effectively and efficiently.
The duties of a modern CFO now straddle the traditional areas of financial stewardship and the more progressive areas of strategic and business leadership with direct responsibility and oversight of operations (which often includes procurement) expanding exponentially. This significant role-based transformation, which is well underway, is best-evidenced by the “CEO-in-Waiting” status that many CFOs now hold. Additionally, many CFOs have made the realization that an operating environment that values cash, profit margins, and risk mitigation is one that plays to the primary skills and capabilities of a procurement organization, and become increasingly involved (directly via oversight or indirectly through improved collaboration) with the procurement function according to a recent research report that looks at the CFO's relationship with procurement.
CFOs in Europe 
A CFO in Germany is not the same as in Italy. Although the career path of CFOs in one country is quite homogeneous, there are major differences between countries. This already starts at income levels. The average wage of a CFO in a German company is around 9 times that of a CFO in Poland. There are two areas of CFO income in Europe: there are few countries, like France, Germany or UK, where CFO's of major companies earn more than 1 million Euro per year; and there are the other countries (Spain, Portugal etc.) where such a CFO does not make more than 1 million Euro per year. The reason for this major difference is not the economic development, but the different roles of CFOs in the countries. Although they have the same job title, they do not have the same responsibilities. Usually the CFO is responsible for financial and administrative areas, but in some countries they have more responsibilities, such as operational duties.
There are also some differences regarding age. The average age of a CFO in Europe is 50. While the average age of CFOs in Germany is 53, it is 41 in Russia. This could explain the higher income in Germany, as more experienced personnel will have more power and therefore more responsibility, than younger, inexperienced ones.
See also 
- Sarbanes-Oxley Act of 2002, section 407
-  McKinsey survey
-  Clariden Leadership Institute CFO Leadership Program: Changing Roles of CFO
-  The CFO and the CPO: One World, Two Worldviews
- Income levels of CFOs in Europe
- Tool for comparison of CFO duties
- Average age CFOs in Europe