Research was conducted during the early stages of the credit crisis. But our assessment takes into account the recent changes in the global markets. Although the first reaction of the finance function in this climate may be to revert to the ‘control and compliance’ activities of the past, true leaders in finance will partner with their business leaders to address these issues head on and better position themselves for the future. However, finance functions should also continue to fulfil their traditional accounting and compliance responsibilities with maximum efficiency.