The Efficient and Effective Finance Function

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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: [email protected]

Future events: [email protected]

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