1. Introducing the CIPFA Financial Management Model The progression towards world class financial management

2. What is the CIPFA FM Model ?
Framework of 30 Statements capturing characteristics of best good practice across full spectrum of Financial Management
Each statement has supporting questions
Supported by a Self improvement Online Diagnostic tool to measure the strength of Financial Management against the framework

3. Why so important currently?
Financial Management has never been so important with current economic climate
No room for poor decision making
The model will identify Strengths / Development areas
Prioritise and create a clear Action Plan for improvement
Progress can be tracked

4. Scope of Framework Spans entire spectrum of FM
FM strategy/audit/financial reporting/stakeholder confidence
Wider than finance function
Focus on FM capability across the organization
Statements are focused on Leadership, Process, People and Stakeholders

5. How does it work ? A score is determined for each statement
Each statement has supporting questions
Questions assist in the scoring process
Supported by an Online Diagnostic tool to undertake the assessment based on gathering evidence

6. Evidence – ‘The Three Strands’
Document review
Interviews – specialist and sampling
Minimum of 24 interviews
Stakeholders interviewed include Audit Committee Chair and External Auditor
Electronic On Line Survey
Number of participants dependent on size and structure. Can accommodate large numbers and far reaching

11. Typical Project Plan Stage Task/Process Timescales 1
Initiation & Engagement
Jan 2
Documentation Review
Jan/Feb 3
Electronic Survey
Feb 4
Interviews 5
Review of Evidence
March 6
Vision for Financial Management 7
Reporting
April

12. Progression to World Class
Supporting
Performance
Driving Accountability
World
Class
Enabling
Transformation
Degree of challenge
The business positively seeks finance input into strategic and operational decisions because of the value added to the delivery of their objectives
Finance teams display relentless commitment to continuous improvement
Financial Information is accurate (right first time), timely and complete 12

13. CIPFA Support - Options
Self assessment, independent validation, application including independent assessment and reporting
Building resilience