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”
Mgt Info Systems
External Reporting
& Experts
50%
40%
30%
20%
10%
0%
Performance &
Risk Management
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: claire.stafford@bis.gsi.gov.uk
Future events: Louise.Ross@cimaglobal.com