Goldman Sachs’ ‘business culture’ was referenced this week by the Department of Justice investigating the huge vast 1MDB fraud in Malaysia.

How often do we now hear the word ‘culture’ banded around when companies fail and when they are trying to get things right.

But another word should explain more about what makes companies successful in the long run and that is ‘purpose’.

If everyone at the board level down understands what they are trying to do – create long term value, not just profit, an organisation is far more likely to be successful.

Value creation in all aspects, including wider social and environmental value, is what ensures the great companies of the world keep on delivering profits- to drive further innovation and maintain shareholder and wider stakeholder support.

Profit generation will naturally flow from value creation. But short-term profit at all costs, will almost inevitably come at a price- long term value eroded by reputational damage.

Finance is key to this. Being the one function that is in tune with all that’s happening across an organisation and having the means to measure every aspect of it, be it financial or non-financial, puts the FD at the heart of the business model.

So an FD thinking about the organisation’s purpose at all times- will ensure a culture fit for purpose in a fast-changing world defined by disruption. Corporates like India’s Tata group of companie have been thinking this way for generations- and will continue to thrive for generations to come.