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Last updated on 2024年8月9日

What are the essential components of a financial governance framework?

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Financial governance is the process of ensuring that a program's financial resources are managed effectively, efficiently, and ethically. It involves setting clear roles and responsibilities, establishing policies and procedures, monitoring and reporting on financial performance, and addressing risks and issues. A financial governance framework is a set of tools and practices that support and guide financial governance in a program. In this article, we will discuss the essential components of a financial governance framework and how they can help you achieve your program objectives.

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Hitesh Chopra

Strategic IT Leadership and Digital transformation executive, Certified Independent Director, EXECUTIVE MBA INSEAD…
Ruperto Agustín Chapo?an Quiroga CIP, PMI (PfMP, PgMP, PMP, ACP, RMP, PMO-CP)?, SFC?, SS YB.

Mech. Elec. Eng. | Portfolio Manager | Program Manager | Project Manager | Risk Manager | Agile | WEE | BIM | PMO |…

1 Financial strategy

A financial strategy is a high-level plan that defines the financial goals, priorities, and principles of a program. It aligns with the program vision, mission, and scope, and provides direction for financial decision-making and resource allocation. A financial strategy should address questions such as: What are the expected costs and benefits of the program? How will the program be funded and sustained? What are the financial risks and opportunities? How will the financial performance be measured and evaluated?

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Hitesh Chopra

Strategic IT Leadership and Digital transformation executive, Certified Independent Director, EXECUTIVE MBA INSEAD , Former-Accenture, Atos | PMP| PgMP | PfMP | ITIL Expert
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Financial Strategy help us define clear and comprehensive financial policies and procedures in alignment with organization objective. To develop this - Have internal control in place to ensure integrity financial risks carefully evaluated and mitigation plan created Financial Planning and budget in alignment with organization objectives Compliance and audits in place to ensure effectiveness of governance process

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2 Financial policies and procedures

Financial policies and procedures are the rules and guidelines that govern the financial operations and transactions of a program. They ensure compliance with relevant laws, regulations, standards, and best practices, and promote accountability, transparency, and efficiency. Financial policies and procedures should cover topics such as: How are the financial roles and responsibilities defined and delegated? How are the financial plans and budgets prepared and approved? How are the financial records and reports maintained and audited? How are the financial controls and safeguards implemented and reviewed?

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3 Financial plan and budget

A financial plan and budget is a detailed document that outlines the estimated income and expenditure of a program for a specific period of time. It reflects the financial strategy and objectives of the program, and serves as a tool for financial management and control. A financial plan and budget should include elements such as: What are the sources and amounts of revenue and funding? What are the categories and items of costs and expenses? What are the assumptions and contingencies? How are the variances and deviations tracked and reported?

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4 Financial monitoring and reporting

Financial monitoring and reporting is the process of collecting, analyzing, and communicating the financial data and information of a program. It enables the program stakeholders to assess the financial status and progress of the program, and to identify and address any financial issues or risks. Financial monitoring and reporting should involve activities such as: How often and to whom are the financial reports prepared and distributed? What are the key financial indicators and metrics? How are the financial results compared and evaluated against the financial plan and budget? How are the financial feedback and recommendations incorporated and acted upon?

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5 Financial risk management

Financial risk management is the process of identifying, assessing, and mitigating the potential financial threats or uncertainties that may affect the program's objectives, outcomes, or benefits. It involves establishing a risk appetite, a risk register, and a risk response plan for the program. Financial risk management should consider factors such as: What are the internal and external sources of financial risk? How likely and how severe are the financial impacts? How can the financial risks be avoided, reduced, transferred, or accepted? How can the financial risk exposure be monitored and controlled?

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6 Financial evaluation and learning

Financial evaluation and learning is the process of reviewing and reflecting on the financial performance and achievements of a program. It involves measuring and comparing the actual financial results against the expected financial outcomes and benefits, and identifying and sharing the financial lessons learned and best practices. Financial evaluation and learning should address questions such as: How well did the program meet its financial goals and priorities? What were the financial successes and challenges? What were the financial gaps and opportunities? How can the financial governance be improved for future programs?

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Ruperto Agustín Chapo?an Quiroga CIP, PMI (PfMP, PgMP, PMP, ACP, RMP, PMO-CP)?, SFC?, SS YB.

Mech. Elec. Eng. | Portfolio Manager | Program Manager | Project Manager | Risk Manager | Agile | WEE | BIM | PMO | Contract Management | ISO 21500 (Industries Energy, Mining, Telecommunications and Construction)
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The essential components of a financial governance framework could contain: ? Clear policies and procedures that define the roles and responsibilities of the different actors and establish financial decision-making. ? An effective internal control system to ensure that financial resources are used effectively and efficiently and financial risks are minimized. ? An effective financial reporting system can help stakeholders take action to address any financial issues identified. ? An effective internal audit system can help ensure that regular audits of financial processes are carried out and that action is taken to address any identified issues.

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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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Arjun Murthy

Enterprise Risk & Management Consultant | Driving Global Strategies | 15+ Years of Diverse Experience in Big 4 & Top GCCs | IIM Kozhikode alumnus
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A financial governance framework typically includes: 1. Policy Setting: Clear policies for financial management and accountability. 2. Risk Management: Identifying, assessing, and mitigating financial risks. 3. Internal Controls: Mechanisms to ensure accuracy and reliability in financial reporting. 4. Audit Functions: Regular audits to verify financial integrity and compliance. 5. Reporting Systems: Timely and accurate financial reporting for decision-making. 6. Regulatory Compliance: Adherence to applicable laws and regulations. 7. Stakeholder Engagement: Involving stakeholders in governance processes.

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Andreas Hauser

Projektmanager bei BMW Financial Services / Central & Southeastern Europe
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In my view a financial governance framework needs to also include - Managing Data Quality and Integrity ie. how to ensure accuracy, completeness, and consistency of financial data? how to implement data validation and reconciliation? how technology and automation is applied to enhance data quality and reduce manual errors. - Use of Technology and Tools ie. which technology infrastructure supports efficient and effective financial reporting? - how do data analytics and visualization tools enhance reporting capabilities?

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What are the essential components of a financial governance framework?

1

2

3

4

5

6

7

1 Financial strategy

2 Financial policies and procedures

3 Financial plan and budget

4 Financial monitoring and reporting

5 Financial risk management

6 Financial evaluation and learning

7 Here’s what else to consider

Program Management

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What are the essential components of a financial governance framework?

1

2

3

4

5

6

7

1 Financial strategy

2 Financial policies and procedures

3 Financial plan and budget

4 Financial monitoring and reporting

5 Financial risk management

6 Financial evaluation and learning

7 Here’s what else to consider

Program Management

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