The Riyadh FP&A Board held its third in-person meeting on 25 November 2024 at the Regus Esplanade. The session brought together 28 senior finance leaders from organisations such as NADEC, Twaik Holding, Al Romansiah, Al Watania for Industries, Almarai, Honeywell, and others. It focused on the vital FP&A team roles and the key capabilities required for success in modern finance.

This event also marked a double celebration: the first anniversary of the Riyadh FP&A Board and the 260th global gathering of the International FP&A Board— significant milestones in the journey of fostering excellence in Financial Planning and Analysis.
 

Figure 1: Riyadh FP&A Board №3, November 2024

The was sponsored by OneStream Software in partnership with IWG and Michael Page. In this article, we recollect how the International FP&A Board closed the year and share the key insights from this dynamic event.

Opening Highlights

The session opened with the Riyadh FP&A Board members’ reflections on the most crucial capabilities for modern FP&A professionals. The attendees set the tone for the discussion by stressing the importance of business acumen, cross-functional collaboration and communication, and agility for FP&A professionals in navigating an increasingly complex business environment. However, the value of other skills, including analytical capabilities and the ability to work with Artificial Intelligence (AI), could not be underestimated.

Five Critical Roles for Your FP&A Teams

The forum’s discussion was centred not on capabilities but on what is required for building the best-in-class FP&A team. These five critical roles, outlined in the picture below, collectively ensure strategic alignment, operational efficiency, and enhanced stakeholder engagement. At the event, we briefly discussed their core responsibilities.

Figure 2

• The FP&A Analyst excels in data-driven support for decision-making.
• The FP&A Architect designs integral financial systems and the “bridge” between Finance and IT functions.
• The FP&A Data Scientist drives innovation through advanced analytics and predictive modelling.
• The FP&A Storytellers transform data into compelling stories to inspire actions among decision-makers.
• The FP&A Influencer breaks down organisational silos, fostering trust and collaboration across departments

Together, these roles are like a symphony, which enables FP&A teams to navigate complexities and add measurable value to the business.

Two Emerging FP&A Roles

The Riyadh FP&A Board members also explored the two emerging roles: FP&A Interpreter and Connector. While the first sits between the analysts and business, providing raw materials for storytellers, the second links everyone and everything within the organisation. Not all organisations may have these within their FP&A team’s structure, but it is worth exploring their potential.

Figure 3: Riyadh FP&A Board №3, November 2024

Group Work Insights

Close to the end of the meeting, attendees were organised into several groups to discuss practical approaches and suggestions for building the best-in-class FP&A teams. They discussed three crucial aspects: Leadership, Functional Skills and Business Partnering.

Figure 4: Group Work, Riyadh FP&A Board, November 2024

The first group presented the following insights to the Board:

• Takeover and Influence Processes: FP&A leaders were encouraged to take ownership of budgeting and influence processes, emphasising cost optimisation and ROI.
• Team Leadership: Delegation and empowerment within FP&A teams were highlighted as critical leadership skills.
• Communication and Vision Setting: These are crucial components that allow us to achieve business goals and set up a clear plan for incremental progress.

Figure 5: Group Work, Riyadh FP&A Board, November 2024

The group that discussed Functional Skills suggested several initiatives that can help us build better FP&A departments. Some of their crucial insights included the following:

• Bridging Business and Finance: FP&A teams are pivotal in facilitating Change Management and bridging organisational gaps.
• Storytelling in FP&A: FP&A Storytelling was described as an art that requires a thorough understanding of stakeholders' emotional and rational drivers.
• Trusted Advisor Role: FP&A professionals must actively engage with the business and present a holistic view of internal and external factors.
• 360° Perspective: A comprehensive understanding of stakeholders and predictive negotiation strategies were emphasised during the Riyadh FP&A Board.

Finally, the third group emphasised the importance of FP&A bird' s-eye views on the organisation and suggested fostering cross-functional collaboration and engaging with non-financial stakeholders. Additionally, the audience identified several challenges in building a multidisciplinary FP&A team, such as limited data science expertise, resistance to advanced technology adoption, and gaps in soft skills like communication and influence.

Figure 6: Group Work, Riyadh FP&A Board , November 2024

Conclusions

The Riyadh FP&A Board concluded by reaffirming the critical role of FP&A in driving organisational agility, innovation, and strategic alignment. Participants had an opportunity to share their thoughts in an informal setting during networking, which took place after the meeting. At the next meeting of the International FP&A Board in Riyadh in February 2025, we will explore the hidden potential of FP&A Storytelling.

Figure 7: Networking, Riyadh FP&A Board №3, November 2024