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How can you establish effective project governance?

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Project governance is the framework of roles, responsibilities, processes, and practices that guide and control the execution of a project. It ensures that the project aligns with the strategic objectives, meets the expectations of the stakeholders, and delivers the desired outcomes. In this article, you will learn how to establish effective project governance for your corporate accounting projects.

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GBENGA OMOLERE

FINANCE MANAGER
Dilip Harishkumar Berwani

CFO | Financial Controller | Head of Finance | Country Manager | Business Partner | Ex Vodafone
Tomi Akinwale ACCA, ACA, ACTI, B.TECH, FMVA, AAT.

Tax | Deloitte | Financial Reporting | Unlocking Your Career Potential

1 Assess the project scope and complexity

The first step to establish effective project governance is to assess the scope and complexity of the project. This will help you determine the level of governance required, the key stakeholders involved, the risks and issues to be managed, and the resources and budget needed. You can use tools such as project charter, scope statement, work breakdown structure, and risk register to define and document the project scope and complexity.

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GBENGA OMOLERE

FINANCE MANAGER
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How do you establish effective governance? What makes for a good governance model: Step 1: Get the right people on board. Step 2: Define and agree the boards role. Step 3: Employ and support a chief executive. Step 4: Provide strategic leadership. Step 5: Make board meetings count and involve the right people.

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Dilip Harishkumar Berwani

CFO | Financial Controller | Head of Finance | Country Manager | Business Partner | Ex Vodafone
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For robust project governance should have: Comprehensive Scope Definition: Clearly articulate project scope and objectives, such as defining software features in an IT project, to prevent scope creep and align financial planning. Risk and Complexity Analysis: Conduct a thorough risk assessment, considering factors like regulatory compliance and material sourcing challenges in a construction project, to ensure financial plans accommodate project intricacies. Stakeholder Alignment: Foster alignment among stakeholders on project scope and goals. In a marketing campaign, involve stakeholders in defining objectives, promoting transparency and minimizing misunderstandings for effective project governance.

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Oluwole Salau HND, MBA - Finance.

Global AP Accountant at WTS Energy
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Without governance, chaos reigns. This statement holds true in any situation requiring structure and systematic persistence. And, in the highly competitive and result-driven world of project management, there is absolutely no room for workplace chaos. Imagine trying to run a tech giant without rules, checks, or a strategic plan. That’s a recipe for disaster. In understanding project governance, you’ll need to grasp the concept behind its three foundational pillars a dynamic trio of structure, people, and information. Running a project without order is like driving blindfolded. Give it a go yourself if you’re not convinced, but if you value order and efficiency, then you get the importance of it.

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2 Define the project governance structure

The next step is to define the project governance structure, which consists of the roles and responsibilities of the project team, the project sponsor, the project steering committee, and other relevant stakeholders. The project governance structure should clarify who has the authority and accountability for making decisions, providing guidance, resolving conflicts, approving changes, and monitoring performance. You can use tools such as RACI matrix, stakeholder analysis, and communication plan to define and communicate the project governance structure.

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Dilip Harishkumar Berwani

CFO | Financial Controller | Head of Finance | Country Manager | Business Partner | Ex Vodafone
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To establish effective project governance, we should have: Roles and Responsibilities Clarity: Define roles clearly; for instance, in an ERP implementation, designate responsibilities for financial data migration, ensuring accountability. Decision-Making Protocols: Establish decision-making processes, especially in significant financial commitments. For example, in a system upgrade, set approval levels to streamline decision-making and prevent delays. Communication Framework: Develop a communication plan, like regular financial updates in a cost optimization initiative, ensuring transparency and alignment with strategic goals.

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3 Establish the project governance processes

The third step is to establish the project governance processes, which are the set of rules and procedures that govern how the project is planned, executed, controlled, and closed. The project governance processes should align with the organizational policies, standards, and best practices, and ensure that the project delivers quality results within the agreed scope, time, and cost. You can use tools such as project management plan, project schedule, project budget, quality plan, and change management plan to establish and document the project governance processes.

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Dilip Harishkumar Berwani

CFO | Financial Controller | Head of Finance | Country Manager | Business Partner | Ex Vodafone
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To establish effective project governance involves: Financial Control Mechanisms: Enforce regular budget reviews, exemplified in construction projects through periodic financial assessments, ensuring adherence to budget constraints. Performance Monitoring: Define financial KPIs, like monitoring sales revenue in a product launch, enabling proactive adjustments to financial strategies based on real-time performance. Audit and Compliance Procedures: Implement audit procedures for financial compliance, demonstrated in regulatory projects through periodic audits to ensure adherence, mitigate risks, and maintain governance integrity.

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4 Implement the project governance practices

The fourth step is to implement the project governance practices, which are the actions and behaviors that demonstrate the adherence to the project governance framework. The project governance practices should foster a culture of transparency, accountability, collaboration, and continuous improvement among the project team and stakeholders. You can use tools such as status reports, dashboard, meetings, audits, reviews, and lessons learned to implement and evaluate the project governance practices.

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Tomi Akinwale ACCA, ACA, ACTI, B.TECH, FMVA, AAT.

Tax | Deloitte | Financial Reporting | Unlocking Your Career Potential
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To implement prectices, Clearly articulate the project's goals, deliverables, and expected outcomes. Define the project scope in detail to avoid ambiguity and potential scope creep.

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5 Monitor and review the project governance performance

The fifth step is to monitor and review the project governance performance, which is the measurement and analysis of the effectiveness and efficiency of the project governance framework. The project governance performance should provide feedback on how well the project is meeting its objectives, satisfying its stakeholders, and complying with its processes. You can use tools such as key performance indicators, balanced scorecard, stakeholder satisfaction survey, and governance maturity assessment to monitor and review the project governance performance.

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6 Adjust and improve the project governance framework

The sixth and final step is to adjust and improve the project governance framework, which is the process of identifying and implementing changes and enhancements to the project governance framework based on the feedback and lessons learned from the previous steps. The project governance framework should be flexible and adaptable to accommodate the changing needs and expectations of the project and its stakeholders. You can use tools such as change request, issue log, risk register, and action plan to adjust and improve the project governance framework.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Corporate Accounting

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How can you establish effective project governance?

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1 Assess the project scope and complexity

2 Define the project governance structure

3 Establish the project governance processes

4 Implement the project governance practices

5 Monitor and review the project governance performance

6 Adjust and improve the project governance framework

7 Here’s what else to consider

Corporate Accounting

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