THEINANCE F FUNCTION: A FRAMEWORK FOR ANALySIS

the finance function:

A framework for analysis

finance Direction initiative

business with CONFIDENCE

fmfac

The Finance Function: A Framework for Analysis forms part of

the FinanceDirection thought leadership programme of the

ICAEW Finance and Management Faculty.

Building effective finance functions is a key concern of

organisations and finance professionals. This report provides

a foundation for considering the key challenges involved and

a reference source for those analysing or researching the role

of the finance function.

ICAEW¡¯s Finance and Management Faculty provides

its members with up-to-date business ideas; the latest

management tools; unbiased and independent information

and helps them to become an effective part of the

management team. Membership is open to finance

professionals with an interest in financial management.

Further details are available at fmfac.

We welcome comments and enquiries on this report.

To contact us please email rick.payne@.

Additional copies of this report can be downloaded from

financedirection, where further information on

our work is also available.

September 2011

? ICAEW 2011

Dissemination of the contents of this report is encouraged. Please give full

acknowledgement of source when reproducing extracts in other published works.

No responsibility for any persons acting or refraining from acting as a result of any

material in this paper can be accepted by ICAEW or the authors.

ISBN 978-0-85760-285-5

p

THE FINANCE FUNCTION

FRAMEWORK ¨C FIGURE 1

USING THE FOLD-OUT DIAGRAM

Section 1 of this report provides an overview of the

framework shown in Figure 1, overleaf. The references

in Figure 1 correspond to the numbering structure

of the report in Sections 2,3,4 and 6. They can be used to

navigate to greater detail for each element of the framework.

p

Figure 1. A Framework of finance

activities and the drivers which

shape their implementation

Environmental

drivers

Accounting

drivers

? Political and social 6.1.1

? Representation 6.2.1

? Market 6.1.2

? Location 6.1.3

? Techniques 6.2.2

Inform

? IT 6.1.4

? Sector 6.1.5

? Regulation 6.2.3

? Professionalisation 6.2.4

Influence/direct

Finance activities

Strategy and Risk 2.4 and 4.4

3.10

Funding

2.5 and 4.5

3.8

3.9

Organisational

Activities

3.6

3.7

Management

and Control

2.3 and 4.3

3.5

3.4

3.3

3.1

Accounting

2.1 and 4.1

Organisational

drivers

? Ownership 6.3.1

? Size 6.3.2

? Strategy 6.3.3

? Structure 6.3.4

? People 6.3.5

? Culture 6.3.6

? Routines 6.3.7

3.2

Compliance

2.2 and 4.2

the finance function:

A framework for analysis

finance Direction initiative

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