The Efficient and Effective Finance Function

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Transcript The Efficient and Effective Finance Function

The Efficient and Effective
Finance Function
11 November 2010
David Allen, FCMA, Finance Director (BIS)
Sara Shipton, FCMA, CIMA Member in Practice
Background
• BIS major change programme: Finance 2012
• Objective: increase the value provided by
and significantly reduce the costs of fin mgt
• Independent assessment sought from CIMA
• Processes: simple, standard, integrated, efficient
• Information: accurate, timely, supporting BIS
business
• Controls: robust
• People: policy savvy business partners to support
decision making
• Business planning: stronger, more responsive,
flexible
Redesigning a finance function
• CIMA’s future of finance work
• Research from other sources
• CIMA’s assessment of BIS
BIS: a different “shape”
External Reporting
& Experts
50%
40%
Mgt Info Systems
30%
20%
Performance &
Risk Management
10%
0%
Accounting
Operations
Mgt Accounting,
Info & Analysis
Directorate, Other
admin etc.
BIS
CIMA/Bath Survey
CIMA recommendations
• Standardise processes, more shared services
• Increase influence of finance
• Shift focus from stewardship to decision support
& performance management
BIS: Three stage journey
STABILISE
IMPROVE
TRANSFORM
Improving:
Business Planning;
Decision Support, Advice and Guidance;
Governance and Control;
Transaction Accounting to Mgt Reporting;
Implementing Standard and Shared Services.
Thank you!
Contacts:
Copies of summary: [email protected]
Future events: [email protected]