The CIPFA FM Model: assessment of financial management in public service organisations
Good financial management is a key corporate discipline and a feature of successful organisations. CIPFA believes that applying the CIPFA FM Model will help ensure robust financial management arrangements, shaped to support your organisation in the challenging times ahead.
In a period of global austerity, public sector organisations will depend on three core contributions from financial management: assurance that finances are under control; help to manage costs and maximise value for money; and support in realising ambitions and the benefits of change programmes.
Seldom has this span of contribution been more relevant. As organisations contend with greater demands and fewer resources they must increasingly look to new and creative business models. At the same time, keeping a firm grip on the organisation’s finances and driving efficiency are critical both to service delivery and to public credibility. CIPFA’s Financial Management (FM) Model is structured around these three themes of securing stewardship, supporting performance, and enabling transformation.
Its scope ranges from the essential controls that should be in place to safeguard assets and demonstrate accountability, to the aspirations of top quality organisations. Its purpose is to help organisations to carry out a health check on their own FM fitness to deliver their goals, and to identify and plan improvements.