Officials failing to meet benchmarks
Significant financial management constraints continue to face governments around the world, with new research revealing 48 per cent of public officials lack confidence in their organisation’s financial management capabilities.
The Deloitte survey of public officials from 200 government departments from 28 countries identified inadequate financial risk management as one of the challenges facing these organisations.
More than half reported that their organisation’s ability to audit its own financial accounts fell at or below the finance industry’s benchmark.
The majority (68 per cent) also said the need for updated data was an area of concern. For example, many indicated they did not have enough information to understand the full cost of delivering public services and that they lacked the appropriate data for measuring the return on investments from government programs.
Deloitte Touche Tohmatsu global public sector industry leader Greg Pellegrino has called on government leaders to “beef up” the finance functions within their organisations.
“There is evidence that progress is being made and we have found models around the globe that can be replicated successfully,” he said.
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
