Looking in the Mirror

One area that McLeod Governance has never fully understood has not been more embraced by organisations of all ilk is the concept of self assessment.

Done well self assessment is a very powerful tool in the diagnosis and ultimate rectification of a deficient control environment.  Also it allows an organisation to measure its own computation of where things are at and where they should / could be.

It is in this context that we recently read the United Kingdom National Audit Office’s Financial Management Maturity Model.

The questions contained within are not new – and nor should they be.

The Model gives a concise and structured framework to determine where an organisation sits on the continuum of the desirable

The organisation has in place financial management practices that are leading edge and allow it to anticipate both challenges and key opportunities, in order to optimise its performance

to the less desirable

The organisation has some financial management practices in place but they are inadequate in that there are many gaps which affect the day to day running of the organisation.

It would be time well spent for those interested in better practice financial management to consider the issues raised.

It would be time better spent if the same organisations had the courage to answer honestly and act on any deficiencies identified.

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