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Financial management environment & context

Developments in financial management

Developments in financial reporting

Financial management transformation initiatives

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$700M per pay period

$ annual spend TP

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Status of FMT governance:

DM level (Engaged)

ADM level (Advisory Council in place)

DG level (launching the Council this month)

DFMS Cluster groups (SAP, PeopleSoft, Freebalance, etc… are fully engaged and ready to transition

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Policy framework

Rules are risk based

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The PIC is part of the suite of the new FM policies and is considered as foundational to sound FM across departments. Those of your departments who have been lucky enough to participate in MAF know how the PIC has been positioned. Thus while each policy was created for specific purposes, the PIC clearly is a key piece of the story.

So in relation to accounting officer responsibilities see the first point, the first requirement of the Policy which recognizes the broader span under 16.4 1 b. So the policy is aligned with that provision of the FAA and does not diminish it.

Ensuite, la politique se concentre les autres exigences sur le contrôle interne des rapports financiers.

You can see some important differences as compared to the SOX approach.

Chaque ministère fait une évaluation annuelle, axée sur les risques sur l’efficacité des contrôles internes. Grâce à ce processus résultats sont produites et des actions correctives identifiées. cela fournit la base pour l'élaboration du rapport annuel des résultats de l'évaluation et des plans d'action.

Also the departmental audit committee is engaged.

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Recognized need for better consistency between policy instruments

Ensures flexibility for back-office consolidation

Involves several instruments:

Directive on Revolving Funds

Directive on Vote-Netted Revenues

Policy on Common Services

BC exemption no :PST-1000-5001

6.3.1.3 When exercising payment authority for interdepartmental settlements pursuant to section 33 of the Financial Administration Act, ensuring that:

a risk-based approach is applied to monitoring and statistical sampling of creditor-initiated interdepartmental settlements to ensure payment authority is performed in accordance with the requirements of paragraphs 6.3.1.1 and 6.3.1.2 above; and

all debtor initiated interdepartmental settlements are verified in accordance with the requirements of paragraphs 6.3.1.1 and 6.3.1.2 above.

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Decisions: 1) sufficient 2) unable to assess 3) the proposal has substantial financial and/or risk issues, as noted aboveIn my capacity as Chief Financial Officer of (department name), I have reviewed the (Memorandum to Cabinet / Treasury Board submission) and the supporting information that I considered necessary, as of the date indicated below. Based on this due diligence review, I make the following conclusions:

The nature and extent of the proposal is reasonably described and assumptions having a significant bearing on the associated financial requirements have been identified and are supported, with the following observations (add as applicable):

Significant risks having a bearing on the financial requirements, the sensitivity of the financial requirements to changes in key assumptions, and the related risk-mitigation strategies have been disclosed, with the following observations (add as applicable):

Financial resource requirements have been disclosed and are consistent with the assumptions stated in the proposal, and options to contain costs have been considered, with the following observations (add as applicable):

Funding has been identified and is sufficient to address the financial requirements for the expected duration of the proposal, with the following observations (add as applicable):

The proposal is compliant with relevant financial management legislation and policies, and the proper financial management authorities are in place or are being sought through the proposal, with the following observations (add as applicable):

Key financial controls are in place to support the implementation and ongoing operation of the proposal, with the following observations (add as applicable):

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Ministerial concern regarding funding requests by departments

Completeness and reliability of cost estimates prepared to support Cabinet decision making

Attention to cost containment strategies in the development and consideration of decision options

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CGA Canada has now joined the Unification process.

Education is provincially regulated. Not all provinces have entered into unification discussions.

A framework for uniting the Canadian accounting profession

Professional environment: Canadian and International

Next steps unification framework:

Canadian accounting profession is provincially regulated;

Any decisions regarding merger proposals would be made provincially; and

Unification status interactive map.

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CPA Professional Education Program

Anticipated Key Target Dates

Fall 2013:

CPA Professional Education Program will be available

Fall 2014:

Final full offering of the CA UFE

Fall 2015:

The first CPA Common Final Examination will be written

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The FI to CFO has now been approved by the Comptroller General. Communication was forwarded to departments the week of October 21st to announce the revitalized career path. It can be found on the FM

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Competencies are defined by the Public Service Commission as being “the characteristics of an individual which underlie performance or behaviour at work”.

Competencies provide a glimpse into the preferences, attributes, personality and values of an individual.

In order to remain relevant, competencies must evolve with the role or job

Number 1 benefit of competencies for an employee: An excellent marketing tool –ability to provide real life work examples that are validated by managers.

Number 1 benefit for employers: to ensure the “right fit” within an organization –ability to hire personnel who have the right skills and knowledge for the job.

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The behavioural competencies incorporate the Key Leadership competencies that have been developed by OCHRO. FIs are able to develop their leadership competencies throughout their career – not just upon becoming a manager or executive.

Function competencies are based on the four major groupings of functional activity. Accounting and reporting include revenue management and internal controls and planning and resource management include cost accounting.

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Employee guide has a self-assessment tool that enables individuals to assess themselves against the competencies required for their current position and of future positions.

Manager’s guide includes tools and resources needed for staffing and recruiting, learning and development and performance assessment.

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This year marks the end of the design and development phase of the FI curriculum. The next logical step for the curriculum is to look at translating these courses onto an e-learning platform as well as explore the development of “soft skills” such as leadership and management.

Core curriculum in place

Developed in conjunction with the Canada School of Public Service

The curriculum includes four streams: Basic – foundational knowledge, including the three required training courses (F111 – FM Control Frameworks; F112 –Budgeting, planning, reporting and evaluation cycle; and F113 – Financial Systems); Functional – the “how to” stream of the curriculum (case based); Strategic –includes the strategic series designed to help develop the critical thinking of FI-03 and FI-04; and the development stream – behavioural type courses (communication, project management, change management, etc) for the FI community.

Consists of courses and training events that address the knowledge and skills required of all financial professionals to meet their legal responsibilities

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Environment of fiscal restraint emphasizes the importance of learning plans

The responsibility for professional development is shared by both the employee and management

As part of the development of “soft skills” such as leadership and management, OCG is looking at leveraging the knowledge and learning already available with service providers such as academia and the private sector.

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• Competition process

• Interviewing

• Networking

Expectations are high.

CFOs need employees who are effective, efficient and able to demonstrate sought after behaviours.

To succeed, you need to meet and even exceed performance expectations.

Commit yourself to ongoing learning.

What are you looking for in an organization or job? What is important to you?

What are you looking for? How do you learn best?

What tools do you have at your disposal? (competency profiles, manager/peer feedback, evaluations, self-assessments, learning curriculum, career path, personal learning plan)?

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Most applications must be submitted on-line through Publiservice

If paper applications are accepted, use the format required in the poster

Include ALL requested information & documentation

If some information/documentation is missing, you may be screened-out

The application form can be used as a screening tool

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Increases your chances of obtaining what you are aiming for:

Prepares you to make a great first impression!

Demonstrates keen interest in the position

Demonstrates your professionalism and knowledge of the organization

Even if you are not successful, you will be better prepared for future competitions

Avoids wasting everyone’s time (reputation is everything

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- One of the best venues for learning about how you can improve your performance is during the performance management meetings with your manager

- The onus is on you to make these meetings as informative as you can.

- Come prepared.

- Research the performance expectations for your level and ask your manager to measure you against them – you can use the competency dictionary and tools in the employee guide, which we’ll discuss in a few minutes.

- Or bring the performance expectations for the job you would like to have and ask your manager where you need training or work experience in order to move to the next level

- For example, if you are an FI-02, review the competency expectations for FI-03s so you tailor your development and learning to successfully meet the requirements of a more senior position

- Set goals and then check in with your manager on your progress so that you can recalibrate as needed

- Take the information from your performance appraisal and use it to shape your learning plan – look for formal and on-the-job learning

- Take advantage of mentoring programs if they exist in your organization

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If you want to take charge of your career, you need to think beyond applying on competitions to move ahead.

Once you are confident in your skills and experience, you need to figure out how to open doors to new opportunities

There are many ways to do this, but you have to know yourself well, take initiative and be willing to learn

First though, you need to make sure you have the soft skills that you’ll need to get the attention of potential employers – skills like leadership, collaboration, communication, and making connections.

Talk to your manager about taking on a stretch assignment, either in your current group or elsewhere within the organization.

Look for roles that allow you to develop leadership.

Or if working alone is your forte, look for opportunities to collaborate with others.

Start making a name for yourself by getting involved.

Think about joining a departmental committee or an interdepartmental working group. Or step forward to take on a role with FMI (we’re always looking for volunteers and it’s a great way to network).

The more people who know you, the greater the chance that doors will open for you.

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