In this series of ‘Emma Meets', Emma Peterson, Director of Recruit 121 Finance & Accounting Solutions, finds out more about the sponsors of the Finance Awards Wales 2024.
Finance Awards Wales is designed to recognise, attract and invest in the talented finance professionals working in Wales, showcasing the best of the best in the finance industry. In this edition, Emma Meets Dewi Morgan, Head of Finance, CIPFA.
What motivated CIPFA to sponsor the Public Sector Team of the Year award at the Finance Awards Wales this year?
We are proud of CIPFA’s heritage as the leading specialist public sector accountancy body both in the UK and internationally, and CIPFA’s role in setting the standard for public sector finance. We see sponsorship of the Public Sector Team of the Year as an excellent opportunity to demonstrate our commitment to the sector and to show the rest of the finance world that the public sector has as much to offer in terms of innovation and financial leadership as the private sector or the third sector. We certainly don’t see ourselves as the “poor relation” of the finance world and see this sponsorship as an excellent way of raising our profile in Wales.
Why is recognising excellence in public sector teams important, and how does it align with CIPFA's mission and values?
CIPFA is the only international accountancy membership and standard-setting body globally dedicated to public financial management. CIPFA believes that improving public services is the key to changing lives for the better and that good public financial management is central to achieving this ambition. As such, CIPFA is committed to making a real difference to the world we live in and this support revolves around the importance of the finance team in any organisation. Our public sector cannot make the difference it needs to do without the support of its finance team, which often works in the background without receiving – or seeking – wider recognition. In view of this, we see that events such as Finance Awards Wales as a chance for our teams to have the recognition and encouragement that they deserve.
From your perspective, what are some of the unique challenges faced by public sector teams, and how does this award contribute to addressing those challenges?
One of CIPFA’s core beliefs is that the challenges faced by our members, and by public sector bodies more broadly, are different and often more complex than for other organisations. For example, public finance professionals operate in highly political environments with competing stakeholder demands; they must focus not just on financial outcomes but the outcomes for the people and communities they serve.
We are fully aware that finance teams are always under constant pressure, whether in the public, the private or the third sector. The particular issue in the public sector is that the financial strength or weakness of the organisation is often a result of political decisions as well as the competence of management. These kinds of external factors mean that forecasting the fiscal strength of the organisation is influenced by forthcoming elections and the state of public finance as a result of political decisions made in the past.
How can recognising and celebrating public sector teams contribute to fostering innovation within the sector, and how does CIPFA encourage this?
In my experience, public sector teams tend to be very shy with regards to putting themselves forwards for awards such as these. Recognising and celebrating public sector teams is an opportunity for the teams to show how they can be as innovative as teams in other sectors, and some public sector finance teams may lack the confidence to put themselves forwards in this way. Taking part in the awards will give teams a chance to share experiences and learn from each other, not necessarily the technical aspects of the work but ideas for building teams, caring for staff welfare and creating positive work environments. CIPFA recognises this by continuously developing its member support services that give members the confidence to take managed risks, which they may have been reluctant to do in the past.
In your view, how does recognising and awarding entire teams, as opposed to individuals, positively impact the overall performance and morale within public sector organisations?
We have been very concerned that highlighting certain individuals within the public sector teams could create a negative effect, particularly since so many public sector bodies are complex organisations where finance work requires input from so many people. There is a public sector ethos that officers are not there for personal recognition but for the public good, although there is absolutely nothing wrong with recognising exceptional achievement in their chosen field of work.
Can you share examples of how CIPFA is actively involved in promoting excellence and best practices within public sector financial management?
CIPFA plays a vital role in the development of policy and technical guidance in public financial management, governance, financial reporting and audit for public sector finance managers. It is the standard-setting body for a range of public sector financial issues. We do this whilst being constantly aware that CIPFA, at heart, is a membership institute. Anyone involved in any aspect of public sector finance, whether a CIPFA member or not, is guided by the standards set by the Institute, and the excellence in public sector financial management that CIPFA not only promotes but also sets the guidance for.
How does CIPFA support the professional development of individuals within public sector teams, and what initiatives does the organisation have in place?
The CIPFA Professional Accountancy Qualification (PAQ) is at the heart of our mission to build trust by strengthening public financial management. It delivers world-class public finance management training that focuses on technical competency, ethical principles, sustainable public value, and strategic thinking. The skills and knowledge which our students develop are fundamental to the core roles and responsibilities of public finance professionals.
Public services around the world are facing unprecedented change and challenges, from new regulations and transforming work practices through to a global pandemic that continues to impact all facets of society. Helping public finance professionals respond to these challenges and prepare for the issues of tomorrow is core to CIPFA's mission. We believe that lifelong learning and a commitment to continuing professional development are key to supporting a robust, resilient and ethical public finance profession.
It is for this reason that we have brought together the full range of knowledge, skills and approaches we believe are required by public finance practitioners, in our key competencies for public sector finance professionals.
