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Financial Control and Compliance Group

What is the Financial Control and Compliance Group?

The Financial Control and Compliance Group (FCCG) was established in January 2018 to undertake detailed scrutiny of University level quarterly financial reports, prior to consideration of the University's financial position by the Budget Steering Group (BSG). The FCCG provides assurance to the Executive Team on financial control and compliance.

Membership

The membership of the FCCG provides a breadth of perspective from qualified accountants, who have the expertise to scrutinise and challenge detailed financial data:

Terms of Reference

1. To scrutinise, on a quarterly basis, the University’s financial performance and financial health, and to advise the Budget Steering Group on areas of material risk or concern.

2. To identify trends in performance and advise corrective action in response to actual or forecast variances, escalating to the Budget Steering Group as necessary.

3. To monitor financial control indicators, and to manage compliance risk.

4. To recommend operational targets for finance KPIs (eg. Debtor days) and monitor performance against these targets.

5. To identify improvements to systems, processes and reporting, and share best practice.

6. To identify potential cost savings and comment on the effectiveness of the Simplify, Collaborate, Deliver programme with regards to cost savings.

7. To develop clear and simple reports for the Budget Steering Group on key financial areas.

8. To consider financial reporting system developments with the objective to minimise the time spent preparing committee reports and management accounts.

Agendas and Papers - Members only

The agenda and papers for FCCG meetings are available for members to access here.

More information:

For more information regarding the Financial Control and Compliance Group, please contact Claire English, Finance Office: C.English@warwick.ac.uk.