Client: Healthcare Trust
Requirement: Risk Advisory
Location: Southeast Africa
Lead Partner: Richard Smith
Re-establishing financial control
RSM was engaged by a Healthcare trust based in Yorkshire, UK in order to support the Director of Finance & Information (DFI) in re-establishing financial control and subsequently rebuilding the finance function of the Trust.
Our role was primarily focused on three key objectives; support the creation of a financial strategy, review and redesign of the Finance Team structure and interaction with operations and interim support.
Robust strategies mitigate risk
The outcome of our work was:
- a review of the underlying financial position of the Trust which secured £5.1 million investment into the Trust;
- the creation of a robust financial strategy, integrated into the operational strategy of the Trust;
- support to the management team with the provision of greater analytical financial;
- information and advice, leading to improved decision making capabilities;
- restructure of the finance function; and
- a review of the balance sheet, giving the Trust certainty over its working balances.
We initiated from day-one a systematic approach to knowledge transfer. This was done through:
- courses and one-to-one training;
- mentorship – each person within finance was allocated an RSM consultant as a personal coach;
- guided experience – as the assignment drew to a close, we tapered the support to allow the organisation to take on new responsibilities while having the comfort of our support if required; and
- documentation – we produced detailed documentation for all new processes.
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