Review

Financial Management – balancing financial risk and return

Progress

Progress against operational objectives
2007 priority Achievement

Optimise financial operational processes.

Significant work commenced in 2007 to improve quality and timeliness of outputs, process and control for financial management and regulatory reporting. Key deliverables are expected to be implemented in 2008.

Develop and deliver a treasury system.

New system developed and awaiting full implementation.

Implement a new expense management system and purchasing workflow approach.

Analysis and development progressed but implementation delayed until 2008 due to third party supplier issues.
2008 priorities
  • Introduce a revised investment framework.
  • Complete finance programme of work for reporting and ensure benefits realised.
  • Review and document finance control framework.
  • Implement new expense management system and purchasing workflow approval.
  • Conduct preliminary planning and analysis for IFRS 4 Phase 2 “Accounting for Insurance Contracts”.