A KPI is updated in the finance model, but the narrative, the PowerPoint deck, and the Q&A crib sheet each carry slightly different versions. Nobody is being careless. The process just has no single source of truth, no definitions file and no change control.
The market experiences this as inconsistency. Over time, inconsistency erodes credibility, invites tougher analyst questions and can trigger regulatory attention.
I see this pattern repeatedly, and it points to a bigger question: is IR the right function to fix it?
Yes. IR sits at the intersection of strategy, finance and governance. It is usually the first function to see the data friction, inconsistent KPIs and narrative drift that keep investors asking the same questions quarter after quarter.
Most companies still treat Investor Relations as a communications output team. That misses one of the biggest strategic levers in the business.
To move from reactive to strategic, IR must own the requirements, not just the output.
This is how I see the operating model: IR owns the Information Stack (definitions, evidence and what matters). Finance and FP&A own the Numbers (source systems, controls and financial close process). IT owns the Plumbing (storage, permissions and audit trails). And the CFO owns the Mandate (the steering group that resolves trade-offs between speed and assurance).
One practical reality is that not every IR team is set up to run transformation on its own. This needs sponsorship, cross functional execution, the right skills, and clear accountability.
With a mandate, this is how it should be done:
- Define the Top 10 investor-critical metrics.
- Create a single definitions pack (owner, calculations, historic changes).
- Implement lightweight change control.
- Automate consistency checks.
IR earns the right to be strategic by reducing rework and lowering disclosure risk.
Question for CFOs and Heads of IR:
Is your IR team empowered to drive upstream change, or are they just the “comms arm”?
I’ve put together a one-page operating model for “Investor Information Stack Governance.” Let me know if you’d like me to send it over.