Finance Review Update - 14 December 2018
Helen Dingle, Chief Financial Officer
Thank you to everyone for your valuable input as part of the Finance Roles Review. We have used what you have told us to help inform our University’s approach to financial management support which has now been agreed by our University’s Executive Board (UEB).
It is clear from the review that we don’t need an organisation-wide restructure of financial management in order to deliver improvements in the service we offer. However, what is needed is a more consistent and joined-up approach between faculties, departments and the central finance function.
We will therefore be working with individual faculties and professional services departments to put in place a business partnering model, with clearly defined points of contact for delivering the service in each faculty or key area. We recognise that this is already in place and working well in some areas of the University.
As part of this we will strengthen ownership and development of financial management, reporting and policies; provide clear support processes; and improve links to central functions across the University. We will also agree and share a set of common financial management principles that we can all work to and will provide colleagues with additional training to support this approach.
We hope that this new approach will help provide greater consistency across the organisation. It will also help you better understand your area’s own financial performance and how it relates to the wider organisation.
We will use the insight and recommendations to also make improvements where needed to key processing functions in the Department of Finance. These functions are mainly in our Financial Services teams (including the Income Office, Supplier Payments, Procurement, Pay and Reward). We have also made clear connections between the financial management aspects of “procure to pay” activity and the roles of our Procurement, Payments and Travel & Business Expenses teams. Business process improvement work has already started in all the key processing functions and Heads of Section in Finance will continue to work closely with colleagues to deliver excellent services and support.
We are updating the FAQ’s and I will share these with you in due course. We will share our findings and recommendations in more detail at a series of workshops in the new year where there will be another opportunity to input into the new approach.