A discussion paper, released today for consultation, acknowledges that the significant public sector efficiency savings which have already been made and asks members of the finance profession how in future they intend to deliver changing objectives with smaller budgets.
Today the Chartered Institute of Public Finance and Accountancy (CIPFA) has launched Emerging Stronger: Shaping the finance function to meet new and future challenges. The paper emphasises that top performing organisations require top performing finance functions. It asks finance leaders to consider the contribution their teams already make to delivering the organisations’ objectives efficiently and effectively. It provides ideas to help them to address the key challenges in developing a finance function that is outward looking and fit for the future, and almost inevitably being smaller.
The paper identifies four key areas in which finance must contribute strongly; leading innovation, adding value, managing risk and cutting costs. This in turn focuses thinking on four critical roles: innovator, business partner, steward and provider/commissioner. The paper argues that through these core roles the finance function has the opportunity to showcase its importance in taking the organisation forward and to emerge stronger post austerity.
Ian Carruthers, Director of Policy and Technical at CIPFA, commented,
“This paper seeks to bring together the knowledge and experiences of finance professionals to help develop the finance function. Public sector organisations are facing unprecedented challenges. The need for a high performing finance team to lead innovation, add value, manage risk and cut costs has never been more urgent.”
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Notes to Editors:
CIPFA, the Chartered Institute of Public Finance and Accountancy, is the professional body for people in public finance. Our 14,000 members work throughout the public services, in national audit agencies, in major accountancy firms, and in other bodies where public money needs to be effectively and efficiently managed. As the world’s only professional accountancy body to specialise in public services, CIPFA’s portfolio of qualifications are the foundation for a career in public finance. They include the benchmark professional qualification for public sector accountants as well as a postgraduate diploma for people already working in leadership positions. They are taught by our in-house CIPFA Education and Training Centre as well as other places of learning around the world. We also champion high performance in public services, translating our experience and insight into clear advice and practical services. They include information and guidance, courses and conferences, property and asset management solutions, consultancy and interim people for a range of public sector clients. Globally, CIPFA shows the way in public finance by standing up for sound public financial management and good governance. We work with donors, partner governments, accountancy bodies and the public sector around the world to advance public finance and support better public services. This includes the development of local professional qualifications in African countries like Lesotho and Nigeria and in Europe in post conflict states in the Balkans.