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David Allen, FCMA, Finance Director (BIS) Sara Shipton, FCMA, CIMA Member in Practice

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

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David Allen, FCMA, Finance Director (BIS) Sara Shipton, FCMA, CIMA Member in Practice

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  1. The Efficient and Effective Finance Function 11 November 2010 David Allen, FCMA, Finance Director (BIS) Sara Shipton, FCMA, CIMA Member in Practice

  2. 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

  3. 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

  4. Redesigning a finance function • CIMA’s future of finance work • Research from other sources • CIMA’s assessment of BIS

  5. BIS: a different “shape”

  6. CIMA recommendations • Standardise processes, more shared services • Increase influence of finance • Shift focus from stewardship to decision support & performance management

  7. 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.

  8. Thank you! Contacts: Copies of summary: claire.stafford@bis.gsi.gov.uk Future events: Louise.Ross@cimaglobal.com

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