The Financial Management Advisory (FMA) Oversight Role within the Investment Management Process
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1 The Financial Management Advisory (FMA) Oversight Role within the Investment Management Process Omar Najm, CMA Director, Financial Management Advisory Services - Enabling Services Renewal Program; Chief Financial Officer s Branch; Human Resources and Skills Development Canada November 24 th, 2010
2 AGENDA Background: The Investment Management Process Stage Gate The FMA Role: Financial Due Diligence Question Period
3 HRSDC S Investment Management Process HRSDC s Investment Management Process (IMP) Supports Deputy Minister Increased Accountability (Fed AA, FAA, MAF) Achieve Sound Stewardship and Value for Money in Major Investments and Projects Required by Treasury Board Secretariat (TBS) Leverages world renown Industry Practice (Stage Gate Process) Protocols tailored to GoC and HRSDC environments Ensures stronger focus on improved service delivery to Canadians
4 HRSDC S Investment Management Process Putting the IMP into Practice Ensure an Integrated & Horizontal view to managing projects Beginning with the Departmental Investment Plan Major Projects Investment Board: ADM-level Governance Committee Established by DM Establish Investment Plan Review, Recommend,& Approve Projects > $1M and Asset Plans Define the respective Cross-Functional roles & responsibilities Today s focus will be on the FMA role Establish Standardized Project Management/Review Practices &Templates
5 HRSDC S IMP Governance Major Projects Investment Review Committee (MPIRC) Director General level Steering Committee Reviews major projects through Gates 1 & 2 Major Projects and Investment Board (MPIB) Provides oversight through Gates, 4 & 5 of Stage Gate Process. Establishes annual departmental investment priorities Approves procurement plans & strategies for projects and assets
6 Executive Project Sponsor Develop sound business case & articulates planned realization of benefits Presents project to governance committees for authorization Project Team IMP Stakeholders Cross-Functional team with defined deliverables through planning & implementation stages Works with all stakeholder groups to develop project Supporting Teams (Finance, Risk Assessment Team, IMP) Provide guidelines/templates for planning, costing, & risk identification Review project documentation at each gate and performs due diligence review
7 Background of STAGE GATE Process Stage Gate Process Developed by Dr. s Robert G. Cooper and Scott J. Edgett Worlds most widely used innovation implementation system Conceptual and operational road map for moving a new project from idea to launch The process divides all of the effort into stages Each stage is separated by a decision point (gate) Where governance decides whether to continue with the project 7
8 The STAGE GATE Methodology Product Innovation & Technology Strategy Environment: Climate, Teams & Leadership Portfolio Management: Resources & Commitment An Idea-to-Launch Framework: Stage-Gate Methodology Stage Gate TM is part of an overall management framework that links: Project selection and delivery capacity management Incremental risk management (by Gate) Assesses project expenditures from a Portfolio View Business and Technology plans articulating overall strategic direction Organizational culture, including Governance and Roles and Responsibilities 8
9 HRSDC S IMP Stages & Gates STAGES Stages: where the activities of the project take place Gates: Where Provide the activities decision occur points according for management the project plan where they can assess progress and approve continuation of the project. The activities are those required to get to the next gate decision (e.g. project planning, build and develop solution, etc.) GATES Go/No Go decision points Can also be recycle Executive direction points 9
10 HRSDC Adaption of Stage Gate TM Which projects : Opportunity Concept Projects over $1M to Initiate, Plan, Develop/, Deploy/Install Planning/ Business Case Director General-level Major Projects Review Committee (DG MPRC) 1 Develop/ Deploy/ Install Major Projects and Investments Board (MPIB) Measure Performance and Benefits 2 Projects of high risk and/or impact to department Gate decisions are irrevocable resource commitments to project teams 10
11 STAGE GATE Process: Stage 1 Planning/ Documents completed during Stage 1 include: Gate 1 11
12 STAGE GATE Process: Stage 1 1 O p p o r t u n i t y I d e n t i f i c a t i o n 2 C o n c e p t I n i t i a t i o n P l a n n i n g / 4 D e v e l o p / B u i l d 5 D e p l o y / I n s t a l l & S t a b i l i z e P P A E P A Activities supported by FMA during Stage 1 include: High level estimate of project financials (+/- 100%) Work Plan Funding/Resource requirement for Stage 2 (+/- 10%) 12
13 STAGE GATE Process: Stage 2 Planning/ Documents completed during Stage 2 include: High Level Business Requirements Gate 2 Project Management Plan & Project Charter Preliminary Project Approval () Submission (if req d) 1
14 STAGE GATE Process: Stage 2 Planning/ Activities supported by FMA during Stage 2 include: Gate 2 with Options Analysis +/- 50%) Development of TB Submission (if req d) Input to the resource costing for the Project Plan Funding/Resource requirement for Stage (+/- 10%) Presentation to Sr. Executive Committee (MPIRC) 14
15 STAGE GATE Process: Stage Planning/ Documents completed during Stage include: Gate, Charter, & Project Management Plan Effective Project Approval () submission (if req d) 15
16 STAGE GATE Process: Stage Planning/ Activities supported by FMA during Stage include: Gate to & Deploy +/- 10%) Development of TB Submission (if req d)+ Presentation to Sr. Executive Committee (MPIB) 16
17 STAGE GATE Process: Stage 4 Planning/ Documents completed during Stage 4 include: Project Status Report Gate 4 Presentation to Sr. Executive Committee (MPIB) 17
18 STAGE GATE Process: Stage 4 Planning/ Activities supported by FMA during Stage 4 include: Sound Project Execution practices and controls (FMF) Presentation to Sr. Executive Committee (MPIB) 18
19 STAGE GATE Process: Stage 5 Planning/ Documents completed during Stage 5 include: Project Close Out Report Benefits Realization Reporting Plan Gate 5 Presentation 19
20 STAGE GATE Process: Stage 5 Planning/ Activities supported by FMA during Stage 5 include: Transfer solution and A-base budget to Ongoing Operations Project Close-out (including lessons learned) 20
21 FMA Role on Major Projects Major FMA implication commences in Stages -5 and Gates 1-5. If project is seeking funding when seeking its project authorities, FMA is heavily implicated in formulation of & TB Submissions. Planning/ 21
22 Timing of IMP Gates vs. Project spending Key decisions and plans are established and reviewed prior to the projects major spending is undertaken. Example of a Project Planning and Delivery Roadmap Stages Stage 1 Opportunity Stage 2 Concept Stage Planning and Stage 4 Develop and Phase 5 Deploy/Install and Stabilize 4 Months 8 Months 9 Months 12 Months 15 Months Quarterly Spend Rate and Head Count $ $ $ Persons Persons Persons 0 Persons June Apr. Jan. Oct. July Apr. Jan. Oct. July Apr. Jan. Oct. July Apr. Jan. Oct. July Year 1 Year 2 Year Year 4 Year 5 Project Gates 1, 2 and Major Spend Period 22
23 FMA Due Diligence Checklist : Gate 1 Planning/ Key Elements Problem/Opportunity Definition Proposals for next stage Financial Due Diligence Have financial benefits of the opportunity been reasonably quantified? Are all costs included in proposal, are they valid and are they being captured consistently? Has the opportunity funding source been identified, and confirmed, for the next stage of activities. Has high-level cost for overall project been identified in high-level business case? Recommendations Do you have any recommendations for the project team at this stage before continuing on to the next stage of work? 2
24 Role of the FMA : Stage 2 Planning/ Duties completed during Stage 2 include: Provide guidance to project team in developing the project plan and activity based funding requirements for next stage (+/- 10%) and the remainder of the project (+/- 50%). Ensure costing between project documentation and costing templates required to support the TB Submission (if req d) align and reconcile. Exercise challenge function with rigor to ensure costing for Stage remains within +/- 10% Feed into financial due diligence report to brief members of MPIRC. 24
25 FMA Due Diligence Checklist : Gate 2 Planning/ Key Elements Project Charter and Plan Source of Funds Options Analysis Options / Risk Analysis Proposals for Next Stage Financial Due Diligence Have all relevant costs from stakeholders and enablers been accurately captured in the project charter and project plan? Has the source of funds been verified? Has costing for each option received been developed in consistent manner? Are costing for each option of sufficient quality for consistent options analysis? Have all costs been included for each option? Have life-cycle costs been verified? Have costing for next stage been developed in a consistent manner? Are next stage estimates documented and consistent with the project management plan? Detailed Work Plan Are costs for Stage (Planning/) activities detailed and complete at +/- 10% for Stage Planning and +/- 50% for the remainder of the project? Recommendations Do you have any recommendations for the project team at this stage before continuing on to the next stage of work? 25
26 FMA Due Diligence Checklist : Planning/ Key Elements TB Submission Document Financial Due Diligence Is the required financial and costing information provided by activity, as required? Does the financial information reconcile with all the supporting Gate 2 project documentation? Have all internal stakeholders been consulted in the formulation of the TB submission? Has the submission been routed through the respective Quality Assurance teams to ensure adherence to TB format specifications (i.e. SCU)? 26
27 Role of the FMA : Stage Planning/ Duties completed during Stage include: Provide guidance to project team in developing the project plan and funding requirements for the remainder of the project. Ensure costing between project documentation TB costing templates supporting TB Submission align and reconcile. Exercise challenge function with rigor to ensure costing remains within +/- 10% for remaining stages (4 & 5) Feed into financial due diligence report to brief members of MPIB. 27
28 FMA Due Diligence Checklist : Gate Planning/ Key Elements Source of Funds Research, Prototype, Proof of concept Proposals for next stage Recommendations Financial Due Diligence Has the source of funds been confirmed? Are the activity costs been accurately captured in the project costing? Have preliminary estimates been updated/confirmed? Have costing for next stage been developed in a consistent manner? Are next stage estimates documented and consistent with the project management plan? Do you have any recommendations for the project team at this stage before continuing on to the next stage of work? 28
29 FMA Due Diligence Checklist : Planning/ Key Elements TB Submission Document Financial Due Diligence Is the required financial and costing information provided by activity, as required? Does the financial information reconcile with all the supporting Gate project documentation? Have all internal stakeholders been consulted in the formulation of the TB submission? Has the submission been routed through the respective Quality Assurance teams to ensure adherence to TB format specifications (i.e. SCU)? 29
30 Role of the FMA : Stage 4 Planning/ Duties completed during Stage 4 include: Ensure accurate tracking and monitoring of project costs. Monitor actual project spending vs. the +/- 10% costing for the Develop and stage of the solution. Feed into financial due diligence report to brief members of MPIB. 0
31 FMA Due Diligence Checklist : Gate 4 Planning/ Key Elements Financial Due Diligence Project Charter and Plan Source of Funds Project Plan Execution Controlled Testing / Pilots Deployment Recommendations Are all relevant costs from stakeholders and enablers accurately captured in project documents? Is the source of funds strategy plausible? Have activity costs been monitored and accurately captured in project documentation? Have activity costs been monitored and accurately captured in project documentation? Has the availability of funds been confirmed for deployment? Do you have any recommendations for the project team at this stage before continuing on to the next stage of work? 1
32 Role of the FMA : Stage 5 Planning/ Duties completed during Stage 5 include: Input into the Benefits Realization Reporting Plan will the anticipated benefits been realized? Why or why not? Feed into the financial due diligence report to brief CFO and MPIB members. 2
33 FMA Due Diligence Checklist : Gate 5 Planning/ Key Elements Deployment / Installation Transition & Replacement Benefits Recommendations Financial Due Diligence Have activity costs been monitored and accurately captured? Have project close-out financials been accurately captured? Do you have any recommendations for the project team at this final gate?
34 Best Practices & Lessons Learned Project Close-Out Report: Summarizes project results Details activities required to transition from development to production Identifies extent to which project objectives were met and benefits realized. Documents best practices Documents lessons learned Provide final financial status performance report
35 Thank you! / Merci! Questions? 5
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