Portfolio Financial Reporting
Description of Project
Our client, a major retail bank, embarked on a major programme of change in 2009. The drivers behind the programme where to meet its commitments to the Government due to an injection of public funds, as well as projects to keep itself compliant with new regulations and to introduce innovative products to the market place.
Due to the importance of the change programme the bank appointed a Director of Transition Management, with the remit to establish a new Change Function to provide the process and governance around the numerous projects and programmes that make up the Change Portfolio.
The Head of the Change Function requested Chaucer to provide urgent assistance with the setting up of a financial reporting framework for the Change Portfolio, to ensure that project financials were reported accurately and consistently to the Major Projects Committee (MPC) and other stakeholders.
Chaucer’s Scope
- Review of existing reporting framework and assess it’s “fit for purpose” status
- Propose and implement amendments to the reporting framework
- Ensure all relevant information is available and in a consistent format
- Provide clarity and confidence in the financial section of the monthly Status Reports submitted to the MPC
- Liaise with all stakeholders and prepare guidance notes and instructions to ensure consistent terminology and understanding for all Change Portfolio financial reporting
- Prepare process maps for monthly reporting following engagement with stakeholders
Benefits
By establishing clear terminology and common reporting formats for use by Finance, project managers and the Change Function; Chaucer was able to minimise ambiguity and double reporting of costs and benefits.
Chaucer was able to act as the clear interface between stakeholders (Finance, the Change Function and the project managers), facilitating information exchange and expediting escalation of issues and risks.
As the Change Function is a small team, Chaucer was able to free up team resources to focus on non-financial issues with the assurance that prioritised programme financial issues were being addressed in a timely manner.
By using project management methodologies, Chaucer produced a turn-around action plan to fit the tight timescale and rectify inconsistencies in reporting
Chaucer was also able to establish a clear and consistent financial summary report that was reported up to the MPC.
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