Maxim is Ing People Power

8/6/2019 Maxim is Ing People Power

1/24

Maximising people power:

eective talent management in fnance

ACCOUNTANTS FOR BUSINESS

A joint report by ACCA and KPMG


2/24

2

Foreword by ACCA

As the global body or proessional accountants, ACCA

recognises the value that eective fnance unctions can bring

to every organisation. Whether in times o economic growth,

recession or gradual recovery, fnance proessionals need to

provide the inormation required by managers to make strategicdecisions and achieve day-to-day operational success.

Each member o the fnance team has an important role to play, whether striving

to be an inuential business partner, meeting fnancial reporting requirements or

delivering efcient transaction processing. The challenge is to create the appropriate

fnance unction structure and provide the necessary support to enable each individual

to deliver their role most e ectively. This requires a holistic approach to talent

management the implementation o integrated talent practices that bring together

the goals o the organisation and the needs o the individual.

This report has been produced through a successul collaboration between ACCA and

KPMG, drawing on both organisations insights and experience. It sends some clearmessages about the importance o integrated talent management or fnance, and

directly supports ACCAs global programme in 2011, Accountants or Business.

It should leave no doubt that developing talent is a vital issue or all fnance leaders,

and one that must be addressed i fnance unctions are to ulfl their potential and

provide the necessary support their organisations need to thrive in this increasingly

complex and challenging world.

H BdChie executive, ACCA


3/24

3maxmsng people power: effectve talent management

n fnance

FEW

The perormance o the fnance unction is invariably crucial

to the success o almost every organisation. This is something

we see consistently across the globe and at KPMG we have a

long track record o working with clients to build the capability

and impact o their fnance communities and through that, todeliver improved business perormance.

Finance directors are under increasing challenge to deliver maximum return on

investment in capability, and there is a universal desire to boost the strategic

and commercial impact o the unction; to move rom being a reactive provider

o management inormation to a proactive value-adding unction that shapes the

strategic agenda.

At KPMG we work with clients to do just this. And experience has highlighted several

key elements to our approach that make a dierence: our advisors have a deep

understanding o fnance unctions the roles, the processes, the outputs and we

tailor our activity accordingly. We dont do boilerplate.

We also take a holistic approach to talent management, looking at organisational

structures and career paths and competency rameworks as well as learning and

development interventions. And everything we do is aligned to the organisational

strategy and current situation.

ur work with ACCA has highlighted that these are consistent themes globally. This

report looks to summarise the key trends, with some suggestions and examples o

how companies and organisations have used a strategic approach to fnance talent

management to generate a competitive advantage or their organisation.

mk wii lih

Head o people & change, KPMG LLP (UK) Partner, KPMG LLP (UK)

Foreword by KPMG

MarkWilliamson

IanLithgow


4/24

4


5/24


n fnance

eui uy 6

dui 8

t i 2011 9

th bi iu: ii di 10

c udy: i i 11

fi ui i 13

sui h ii 14

c udy: d h bui 15

d 17

c udy: biiy k

j UK buidi iy 19

th di y 21

cui 22

Contents

CTET


6/24

6

Executive summary

This report provides a ollow-up to a March 2010 ACCA survey on talent management

practices across the fnance proession1. A key fnding o this research was that less than 20%

o organisations had a talent strategy that ully integrated talent identifcation, development,

deployment and retention activity across the fnance team. Most talent management practiceswere ound to be inormal, sometimes run in isolation, and oten unctionally based without being

part o an integrated, wider plan.

1 Talent management in 2010: foundations for growth, ACCA 2010

2 The value creation model for business: 2010 and beyond, ACCA 2010

This is a concern because fnance unctions now have a real

opportunity to make a dierence to their organisations success

whether in private or public sector, listed multinational or

ME. The economic crisis provided heightened visibility o the

value that proessional accountants bring, and the next decade

presents an enormous opportunity or fnance proessionals to

help create and sustain long-term value or organisations. But

this goal depends on the people within fnance and the way

that the organisation develops and applies their talents. In an

economic environment ocused on cost, the ability o employers

to realise and leverage the talent within their fnance unctions

will be more important than ever.

Integrated talent management brings together all three elements

o the value creation cycle2 that ACCA has previously identifed:

people, perormance and proessionalism. It recognises the

importance o identiying people with talent and potential, and

o creating targeted development opportunities.

It links recruitment and development structures with

competency rameworks, perormance appraisals and rewardsystems, creating clear standards and reerence points so

that a culture o high perormance can be developed. These

practices also help organisations sustain value, because great

talent programmes ensure the right behaviours and promote the

importance o proessionalism. Finance proessionals play a key

role in sustaining value or the long term, adjusting their ocus

according to the changing environment in which they work

and the challenges it creates. Integrated talent management

rameworks are an essential ingredient to creating and

sustaining value or the long term.

This report looks at how talent management can shape and

inuence the structure o fnance unctions, and highlights the

practices organisations should be adopting in order to deliverthe best possible talent development or fnance proessionals.

wH talent management matters

Talent management is high on the agenda or many CFs

because o the signifcant challenges aced by fnance

unctions. Finance teams are under various pressures: to

minimise their own costs as well as costs organisation-wide,

to generate maximum value in a period o slow economic

growth and to position the company to take opportunities that

arise as economic conditions improve, and to respond to new

regulatory and tax pressures around the world. In order to meet

these challenges and maintain a motivated pool o fnance

proessionals, CFs need to establish great talent practices.

talent management wtHn fnance

restrUctUrng

In order to improve fnance unction e ectiveness, CFs

typically consider restructuring fnance operations. The

preerred operating model or fnance will be determined

in part by the characteristics o the organisation and the

wider economic environment. However, talent management

must be incorporated into any planning or fnance unction

restructuring. The success o moves to streamline fnanceactivity, reduce transaction costs or improve the ability o

fnance to provide insight to operational managers depends

ultimately on the availability o individuals with the right mix

o knowledge and experience which must be acilitated by

eective talent management. Furthermore, the uture demands

and needs that will be placed on the fnance unction will

require dierences in the way talent is identifed, determined

and developed.

fnance fUncton effectveness

A CFs preerred model or fnance could incorporate a

number o elements: centres o excellence bringing together

specialists in disciplines such as tax or risk, shared services

to improve efciency, outsourced or oshored services toreduce costs and improve transaction quality and exibility,

and business partnering to provide analysis and support to the

organisation through commercially minded fnance business

partners (FBPs). The FBP role has become increasingly

important, positioning fnance as a key provider o business

analysis and insight to support decision making and

achievement o strategic objectives.


7/24


n fnance

EECUTIE UMMA

secUrng tHe talent ppelne

The challenge in bringing a preerred fnance model to lie is

that certain skills, capabilities and experience levels will be

required o the fnance proessionals who are employed. These

may not necessarily be available in the organisation, or evenin the wider recruitment market. The fnance model must

thereore take account o the current availability o skills, and

the potential or the organisation to develop desired skills in

uture among its retained fnance proessionals. Creating the

necessary talent pipeline can be particularly challenging or

FBPs, as these require commercial knowledge and strong soter

skills (communication and negotiation capability, or example),

as well as core fnancial expertise.

Aspiring FBPs, or example, will generally require ocused

development, oten involving rotations into non-fnancial

commercial roles, to help them develop the capabilities and

commercial insights they need. This pipeline creation is part

o an eective workorce planning strategy, which should be

developed and embedded within the organisation.

ntegrate talent management

Integrated talent management practices are the next stage

in the evolution o talent development and the development

o these processes is essential or CFs who aspire to run

great fnance unctions. What does great talent management

or fnance look like? ur report suggests a number o key

components, which cover all aspects o the individuals

employment experience.

ii

The organisation needs to clearly identiy what talent looks like the key skills and behaviours that fnance proessionals need

to have in order to deliver the organisational strategy.

rui d idii

ecruitment activity needs to take account o short-term and

long-term needs. ometimes experienced hires can fll core

vacancies while younger fnance proessionals are developing

their skills. Talent may also be recruited rom elsewhere in the

organisation, bringing individuals into fnance who have an

established business or commercial understanding.

cy k

These defne the technical, business and behavioural

competencies required in every fnance role at each level.They can be used to benchmark existing talent, identiy talent

gaps and develop structured career paths that enable fnance

proessionals to develop the necessary skills and competencies.

td d

ome fnance roles will be more critical to the success o

organisations. The developmental needs o individuals in these

roles should take priority where resources are scarce. ote that

junior roles can be as critical as more senior ones.

E Executive summary

chi i

Leading organisations oer a comprehensive range o learning

and development activities which can be selected to suit

individual needs. ecent trends include a shit towards

collaborative e-learning, while online fnance portals providingaccess to management tools, research and best practice are also

widely used. Experiential learning is particularly popular with

younger fnance proessionals, and could include secondments,

job rotations and stretch assignments. rganisations are

increasingly developing virtual fnance academies to provide a

structure to fnance training and ensure consistency.

suud h

rganisations need to develop structured career paths or

fnance personnel, so that individuals aspiring to reach a

particular position such as that o FBP can clearly see

the uture steps that could help them develop the skills,

competencies and experience necessary. From an organisational

perspective these are also helpul with strategic workorce

planning and succession planning in the business or institution.

p u d d

The objectives against which fnance proessionals are targeted

need to be aligned to the overall organisational strategy, with

rewards linked to individual achievements. Tools can also

enable individuals to benchmark themselves against desired

competencies or certain roles, helping them to manage their

own career development.

oi i

The talent management ramework needs to be regularly

assessed to ensure it continues to meet the requirements o thewider organisation and the fnance unction itsel.

tHe rve for transparenc

With pressure on costs across organisations, transparency o

talent management spend is increasingly important. Though

evaluating return on investment is notoriously difcult in this

area, new eort is being placed on fnding ways to measure

the impact o spending on dierent orms o learning and

development and other aspects o the talent management

ramework. In this way, spending can be targeted on activities

that have most impact on the creation o an eective,

strategically aligned and value-adding fnance unction.


8/24


9/24


n fnance

TALET MAAGEMET I 2011

Talent management in 2011

rganisations have changing needs o fnance, shaped by trends in the global business

environment. For many entities, large and small, growth will be tougher to achieve in the coming

years. This means squeezing every bit o value rom inputs and minimising costs are top priorities.

Finance unctions need to provide insight into value drivers, return on investment, cost controland strategic priorities. There is heightening demand or highly commercial accountants Finance

Business Partners (FBPs) who can apply their core technical knowledge to real business issues

and provide the fnance lens on organisational decision making. ACCA has previously highlighted7

how fnance proessionals play a key role in value creation applying their talent, skills and

business knowledge to drive great perormance across the organisation and increase value, but

also helping preserve value through their proessional ethos and competence.

Pressure on costs is triggering restructuring activity, not least in

the fnance unction. CFs appreciate the need to increase theefciency o their own systems and processes, seeking urther

economies o scale in transaction processing or maximising the

use o IT systems and automated processes.

Finance teams also need to respond to governmental pressures,

as tightening national budgets have increased attention

on corporate taxes around the world. rganisations need

specialists to manage their tax risks and costs. imilarly,

regulatory risks remain high, particularly in sectors such as

fnancial services, so fnance expertise in regulatory compliance

and reporting is also required. ther specialists are also valued,

in treasury, internal audit and looking ahead, carbon and

sustainability reporting, and recent ACCA research8 confrms

that risk management will also be a key priority and ocus

beyond 2011. In the same research9, 45% o business leaders

thought it quite likely that they would employ more fnance

specialists, while a urther 26% suggested this was very likely.

Moving rom the corporate to the individual perspective, talent

management is also partly about managing the aspirations and

aims o the workorce. The career expectations o many fnance

proessionals are changing. The youngest accountants in the

proession, Generation , place high value on development

opportunities and career progression but not necessarily along

traditional paths.

According to recent ACCA research, many wish to gain broadexperience10, initially ollowing a horizontal career path and

gaining experience in a range o roles within fnance, beore

potentially moving on to a more traditional, vertical career

trajectory. A signifcant number ultimately seek careers outside

o mainstream fnance roles. Managing the aspirations o the

youngest generation in fnance will be a big challenge or

organisations in the next decade, but equally, so will be the

ongoing management o the generation above them, Generation

, in a corporate world where fnance careers are becoming less

uniorm the emergence o career paths based on a corporate

lattice rather than a corporate ladder.

This combination o actors is creating new challenges or talent

management in fnance.

How do CFs structure the fnance unction and the roles

within it to ensure maximisation o resources and a strong

long-term talent pipeline?

How do CFs access the specialists they need must they

recruit or can internal talent be trained?

What is the best way to improve the commerciality o the

fnance unction and boost its internal credibility? How

can we develop FBPs to ensure they have sufciently deep

organisational understanding to be able to provide valuable

analysis and insight to operational divisions?

How can individuals in roles deemed less critical be

motivated and their expertise retained i they see training

priorities being ocused on others?

How can the organisation create a sufciently stimulating

career path to retain the talents o Generation ?

How can fnance assess return on investment in its people in

order to target learning and development and general talent

management spend most eectively?

Addressing these challenges requires a talent management

ramework developed rom a solid understanding o the

organisations strategy and hence its fnance capability

needs, but which takes into account the realities o talent

development in the modern world, the limitations and trade-osthat may be required.




10 Generation Y: realising the potential, ACCA 2010


10/24

10

Te big picture: organisational design

Finance unctions evolve over time and can experience successive redesigns as the organisations

they serve themselves grow and develop. ometimes fnance unction redesign ollows a period o

acquisitive growth by an organisation. uccessive bolt-ons o new operations can create a need

to streamline fnance activity and reduce duplication o eort. The needs o any organisation romfnance evolve throughout the business liecycle

econfguration o the fnance unction can contribute to a drive

to reduce costs oten a key actor behind restructuring and

streamlining, particularly in tough economic climates when

back ofce overheads are targeted. However, fnance unctions

are also restructured in order to improve their ability to add

value to the organisation and to help management decision

making. This applies regardless o whether the fnance team is

working in the public or private sector.

What issues do CFs need to consider when determining the

optimal fnance model or their organisation? As outlined in a

previous ACCA report11, the most appropriate model or fnance

is inuenced by a number o key actors:

business environment, including the economic cycle: fnance

may need to ocus most on cost and controls in recessionary

times, or example, or on compliance during a period when

regulators are highly active

organisational profle and strategy: the fnance unction must

reect the strategic priorities o the business, so or example,

emphasising custodial issues such as risk management in

an investment company or prioritising business analysis in a

high-margin oil company

organisational operating model: a group with highly

autonomous and geographically dispersed business units

may preer or the majority o fnance activities to be

undertaken locally, whereas a centralising model would bring

many fnance activities together at head ofce

organisational size and liecycle stage: smaller organisations

have less complex fnance unctions with individuals oten

ulflling multiple roles, whereas larger and typically more

mature organisations are likely to require more specialisation

and may have dierent priorities or fnance, such as a

greater requirement or risk management.

The preerred operating model or fnance will need to reect

the CFs strategy or fnance taking account o both the

expectations that the organisation has o fnance, and the

ambitions that fnance has or itsel. ome key questions need

to be considered in order to develop that strategy12:

What is the value-creating objective o the organisation?

Where and how can fnance best contribute to supporting

the organisation in value creation? (What do our internaland external stakeholders want and need rom the fnance

unction?)

How capable is fnance in delivering these objectives

currently?

How much will it cost and what metrics can be used to

measure success?

Could a new structure people, process, systems improve

the success o fnance in supporting the organisation?

The answers to these questions help to determine whether a new

model or fnance could improve efciency and added value.

11 Accountants for business, ACCA 2010

12 Accountants for business, ACCA 2010


11/24


n fnance

BacKgroUn

For most companies, talent

management activity ocuses on

the individual, and it is invariably

a tactical activity that takes place

locally. But or KPMG, fnance talent

management is a strategic driver o

value, and it is a key consideration at

the early stages o all major activity.

This is demonstrated in recent work

KPMG undertook with the UK arm

o a major European Lie Insurer.

riven by a need to restructure to

meet orthcoming regulatory changes,

along with a desire to separate the

fnance and risk unctions, the insurer

engaged KPMG to help redesign their

operating model. ten a technical and

process-driven activity, by engaging

talent management expertise rom

day one, KPMG was able to help the

client transorm their fnance unction

by designing an organisation that

delivers the overall strategy and has

fnance talent management principles

embedded at all levels.

approacH

eui i i

KPMG has a tested methodology

or helping clients redesign their

organisations, and a major element is

the development o design principles.

Working with stakeholders, KPMG

identifed the key strategic prioritiesor the organisation and captured

these in a set o organisation design

principles. These principles set out

the main eatures that the uture

fnance unction should embody

in order to support delivery o the

organisational strategy, and they

provided the ramework against which

the organisation design options could

be validated. ee table.

Uddi h o d- d

idi

The development o the organisational

structure was based on a series

o decisions, driven by the design

principles, and inormed by KPMGs

understanding o the trade-os and

considerations, always with talent

management a actor. In designing the

structure or the reporting teams, or

example, the client initially wanted

to align actuarial and management

reporting within one team. From a

business perspective this gives closer

alignment across all reporting activityand a more consistent approach.

But rom a talent management

perspective, consideration needs to be

given to the integration o actuarial and

accounting resource across the team

two disciplines that are oten described

as being like oil and water. And the

leadership o such a team poses

challenges: there are not many senior

fnance fgures with the credibility,

leadership capability and breadth o

actuarial and accounting experience to

eectively lead such a unction.

KPMG worked with the client

to highlight and manage these

considerations at each stage, ensuring

that the structure was not based

purely on process or unctional

analysis, but also with a thorough

view o the talent management

implications needed in order to make

the abstract organisational structure

a high-perorming fnance unction

in reality.

t h h

h ii

A similarly talent-driven approach

shaped the structure o the FBP roles.

The client was initially keen to

have a small number o very senior

roles, creating a heavy-hitting

director-style role.

From a talent perspective this can

cause succession planning issues

and creates difculties in building

a clear career path through to the

role. KPMGs experience shows that

unctions with a small number o very

senior roles can be orced to rely on

external recruitment into the roles as

the gap between these roles and the

rest o the unction represents too

large a step up or internal candidates.

This is an expensive structure, and a

demotivating one.

KPMG instead helped the client

develop an FBP team with a wider

range o roles: more junior FBPs acing

o to dierent levels o the business,

led by a handul o senior FBPs, some

o which had additional commercial

director-style responsibilities. The

result was an FBP team built on talent

management principles, and one that

provided employees with a clear career

path to the top o their proession.

TAET MAAGEMET I FIACE TAFMATI

esgn prncples context

c ui hi

d ubiiy

wnership o data and data quality in one place. eporting and

analysis team responsible or reviewing the overall picture and

ensuring dierent bases are aligned

c iii ud

i

Accounting team ocused on production o core accounting numbers.

Actuarial team ocused on core actuarial outputs. Both accounting

and actuarial teams support analysis o change

si bui

i by h

ui

Finance BP teams will be closely aligned to the business but pure MI

production will sit centrally, allowing the FBP team to ocus on value-

add analysis and decision support rather than numbers production

TAE hIG A ECEPT FM ThE GAIATI EIG PICIPE


12/24

12

From a business perspective it

generated a strong pipeline o talent at

all levels, and the commercial aspect

to the roles worked to prepare senior

fnance proessionals or broader

business roles.

ebddi i bhiu h

The structure in place, the

implementation was supported by a

range o talent management activities

designed to embed the changes.

What does talent look like?

Facilitated by KPMG, the fnance

unction worked to understand and

redefne the defnition o talent.

Characteristics such as an increased

commercial ocus and stronger

leadership capability were identifed,

and this in turn shaped the talent

identifcation process.

A holistic approach to performance

management and reward

bjectives were centrally reviewed

to ensure alignment with the

business strategy, and reward and

recognition activity was similarly

consistent, ensuring that key talent

management levers were reinorcing

the same message

Activity was focused on critical roles

In any organisation some roles are

more important to the success o an

organisation than others. Using KPMGs

Critical oles methodology (see Figure 1)

the key roles within the organisation

those that had the biggest impact on

customers, regulators or key perormance

indicators were identifed, allowing the

client to prioritise time and resources on

these roles and thereby adopt a more

ocused approach towards its fnance

talent management.

tHe mpact of a talentrven

approacH to organsatonal

esgn

eviewing the organisation designactivity, the client recognised several

key dierences resulting rom the

talent-driven approach to operating

model developed adopted by KPMG:

evelopment o an organisational

structure grounded in reality, and

one that is designed with people at

its heart.

Involving talent management

experts rom the beginning led to

a deeper understanding o the

considerations at every stage, and

agged the importance o issues

such as building a strong talent

pipeline earlier than would normally

have been considered.

A realisation that genuine fnance

talent management is a strategic

activity that impacts on all levels

o the unction and not a tactical

activity that is separate rom wider

unctional changes.

si u

i

vu hi

dii

r

idii

d i

aiiy

yi

t

i

yi

FIGE 1: ThE TAGE I KPMG CITICA E METhG


13/24


n fnance

FIACE FUCTI EFFECTIEE

Finance unction eectiveness

The ultimate goal o talent management in fnance is to improve the efciency and eectiveness o

the fnance team.

The more eective fnance proves itsel to be, the better the

relationships it can develop across the organisation13. This

creates a virtuous circle. The better fnance perorms, the

stronger its reputation and the more willing other parts o

the organisation will be to work with fnance and listen to its

value-adding proposals.

There are a variety o models open to CFs when seeking to

improve the efciency o the fnance unction or restructure it

in a way more closely aligned to the organisations strategy.

Adopting the right model is an important element o integrated

talent management ensuring that resources are deployed in

the most eective manner globally. This could involve a numbero dierent approaches.

centres of excellence

Corporate centres o excellence in areas such as tax, treasury,

risk management or internal audit can enable technical

specialists to maximise their contribution to the wider

organisation in the most efcient way.

sHare servces

Many large organisations use shared service centres to handle

transaction processing or payables, receivables and the general

ledger, although increasingly there is a movement o higher

value activities and processes to third parties and sourcing

partners. Key benefts can include greater efciency and lower

or more variable costs.

oUtsoUrcng an offsHorng

There is now a well-established trend o outsourcing

transactional activities to third party specialists, oten in

oshore, lower-cost locations. The concept o near-shore

outsourcing has also emerged, relating to the relocation o

business processes to cheaper locations which have some

cultural links with the organisations home country, such as

Mexico or U businesses or Ireland and Eastern Europe or UK

businesses. Though initially limited to the most basic activities,

organisations are increasingly seeking to outsource mid-ofce or

higher-value processes and fnance services, such as statutory/regulatory accounting, fnancial reporting and tax even

budgeting, orecasting and fnancial analysis.

As well as lowering costs, outsourcing can give the organisation

access to best practice and experts in transaction processing,

and potentially greater exibility o resource, which can

accommodate the organisations changing needs during

ast-growth periods. utsourcing also rees up time or the

retained fnance team, enabling them to ocus on the highest

value-adding activity delivering insight and interpretation with

commercial awareness14.

BUsness partnerng

Finance business partnering is about supporting the whole

business to raise standards in key decision areas, taking a

orward-looking and commercial view supported by a richconsulting toolkit and high emotional intelligence to help

articulate dierent options and inuence decisions. We

believe that the FBP needs to be ree rom the distraction

o core fnance work to oer this level o support to their

internal customers. ur experience shows that the larger the

organisation, the greater the opportunity to scale the Finance

Business Partnering solution towards a purer model with

specialist provision15.

Adoption o such a model as part o a fnance transormation

process has major implications or talent management. I

activities that once provided the training ground or accountants

are increasingly outsourced, or example, new ways need to be

ound to enable the transer o knowledge rom senior to more

junior personnel. Where fnance roles are dispersed around the

world, this also has an impact on the career paths individuals

may need to ollow as they build up their experience. I fnance

personnel are required to act as business partners, talent

management processes need to be developed to ensure FBPs

have the necessary commercial and soter skills.

13 Collaborative working: why relationships matter in nance, ACCA 2010

14 Finance of the future looking forward to 2020, KPMG 2009

15 Mastering nance business partnering: the missing link to building nances inuence, KPMG 2011


14/24

14

ecuring te talent pipeline

o fnance unction reorganisation can expect to succeed without consideration o the talent

management implications. In act, the availability o certain skills or combinations o skills

could render a preerred plan undesirable. ight rom the start, any proposed fnance unction

model needs to take account o the ability to recruit, retain, develop and motivate individuals withthe appropriate skills. In the value creation cycle previously outlined by ACCA16, people orm a

critical element. I organisations are to generate value eectively, they need to be able to attract

and retain fnance proessionals with a range o technical and business skills, and to develop those

individuals to their ull potential.

Accessing people with the appropriate skills and capabilities

is particularly challenging in the area o fnance business

partnering. CFs want to be able to support operations with

individuals who combine fnance and accounting technical

knowledge with commercial sense and a deep understandingo the value drivers o that particular organisation. The FBP

role also requires highly developed soter skills the ability to

inuence, negotiate and communicate clearly. But how can

a technically adept fnance proessional shit rom being a

data analyser and provider o management inormation to a

trusted adviser and proactive, commercially astute business

partner? How can accounting proessionals make the leap rom

fnancial reporting, internal audit or regulatory compliance

roles to become credible FBPs? ecuring this talent pipeline is

challenging to say the least.

Employers can all too oten assume that employee skill sets,

behavioural competencies and individual motivation are easilychanged through the implementation o a new operating model

alone. But culturally changing the way people do their day

job and how fnance interacts with the organisation requires a

targeted ocus on talent management.

The starting point is to understand the skills that are required

or successul FBPs. Then the development support can be

created. The skills and capabilities are numerous: the ability to

act like a business entrepreneur, proactively working with the

organisation17; the ability to use technology most eectively

to support advanced data analysis; inuencing and conict

resolution skills to win the support o internal stakeholders;

communication skills to explain fnancial analysis in simple

terms to business leaders; initiative to identiy issues wherefnance can provide added value.

ome o these skills and capabilities may not be ully or

sufciently developed in young fnance proessionals, but they

can be encouraged through careully planned development

programmes. This is important, because CFs need to be able

to provide FBPs capable o meeting the needs o the businessoperations they support, who can inspire trust and respect.

I they do not, there is a risk o the FBP role being passed to

individuals rom a commercial, non-fnancial background who

are then taught the fnance undamentals they need. This would

weaken the inuence that fnance has in the organisation, and

arguably the quality o service that FBPs could provide because

some o the strengths o qualifed fnance proessionals the

ability to interpret numbers quickly and apply highly rigorous

analysis would be lost.

The development o FBP skills and capabilities can be

supported in a number o ways, including job rotation

programmes so that fnance personnel experience lie at thesharp end in other areas o the organisation, such as marketing

or any other primarily commercial role. Future FBPs could also

be encouraged through coaching or mentoring programmes or

by completing temporary secondments. Bringing non-fnance

proessionals into fnance or periods o time also helps the

transer o broader business knowledge.

uccessul business partnering requires a long-term talent

management approach. For example, when recruiting new

fnance trainees, candidates should be assessed or their

potential to become FBPs. This may inuence the type o

individual recruited.


17 Finance of the future looking forward to 2020, KPMG 2009


15/24


n fnance

TAET MAAGEMET A ThE FIACE IE

PATE E

18 Thriving not just surviving, KPMG 2009

19 ee Mastering nance business par tnering (KPMG 2010) or a more comprehensive analysis o these issues

20 University o Bath chool o Management

21 Accountants for the 21st century: where are you? Critical perspectives on accounting, July 2007, vol 18, issue 5

BacKgroUn an context

The capability o the fnance unction

and, crucially, its ability to interact

with and support the organisation, is

key to organisational success. Through

talking to clients, KPMG has ound a

positive link between strong company

perormance and close alignment

o the fnance unction with the

organisation18.

The key to this relationship lies in

the successul adoption o a fnance

business partnering model. And as

so oten, moving to an eective FBP

model involves managing a variety

o challenges; preparing the fnance

unction or a move to business

partnering, aligning FBPs with the

organisation and building an eective

FBP team are all key19, but ew issues

are more pressing than the need toensure talent management principles

are integrated into all activity.

ci iui

KPMG has worked with two clients

recently who, between them, have

tackled some o the key issues outlined

above. A global pharmaceutical

company came to KPMG or help

supporting the development o the

strategy and structure o fnance

business partnering within their

organisation as well as develop a

toolkit to assist fnance businesspartners with training, structures and

external best practice examples.

imilarly, KPMG has recently worked

with a predominantly UK-based

insurance group that was looking

to substantially increase the cost

efciency and commerciality o its

fnance unction. A major building

block in this process was the

development o a commercially aligned

business-acing FBP team.

wh i bui i? Kpmg i i

Finance business partnering is about supporting the whole business to raise standards in key

decision areas, taking a orward-looking and commercial view supported by a rich consulting toolkit

and high emotional intelligence to help them articulate dierent options and inuence decisions.

We believe that the FBP needs to be ree rom the distraction o core fnance work to oer this

level o support to their internal customers. ur experience shows that the larger the organisation,

the greater the opportunity to scale the fnance business partnering solution towards a purer model

with specialist provision.

Kpmgs tools an approacH

i h hi

qui

For both clients, the frst step was

to defne the changed requirements

or the FBP role. Through a series o

workshops and internal interviews,

KPMG worked with the clients to

identiy the key capabilities required

by FBPs. This was supplemented

by KPMGs industry experience and

external research, such as that which

showed an increasing demand or

strategic decision support, increased

cross-unctional collaboration and

improved training and development20.

The role defnition was accompanied

by an analysis o the current capability.

Here again, internal talent and

perormance management data was

supplemented by external research,in particular evidence showing that

accountants are over twice as likely to

preer working in a well-structured and

orderly environment21. This can bring

with it a discomort regarding change

and a reduced ability to read others

eelings, key pillars o the FBP role.

For the UK insurer, this analysis led

to an increased ocus on capabilities

such as leadership ability, commercial

acumen and strategic ocus, as well as

strong stakeholder management skills

and an ability to operate in a matrixenvironment.

i bk ui

With the role requirements

understood, KPMG helped the client

develop some bespoke solutions.

The existing competency rameworks

were reviewed, and the competency

requirements or the FBPs overhauled

to ensure the appropriate emphasis.

This was done alongside a review ocurrent capability. olutions included

the mapping o current sta into FBP

roles and coaching and mentoring or

existing FBPs.

suud h

A major deliverable was the

development o structured career

paths. A consistent theme rom

stakeholders, echoed by KPMGs

experiences across the industry, was

that FBPs were either too technical

(and not commercially-aware) ortoo generalist, lacking the technical

depth and experience required to add

genuine value.

KPMG thereore mapped the roles in

the fnance unction and worked with

the client to defne high-impact career

paths or potential FBPs, linked roles

that together provide broad experience

o the key fnance activities, such

as shared service environments

and some o the more technical

disciplines, as well as giving exposure

to the business and commercial areaso the unction.


16/24

16

Progression through these career

paths which were supported with

the relevant learning and development

interventions, as well as reward

and perormance management

levers will provide individuals

with both the technical fnance

understanding and the commercial

insight and interpersonal skills to

move into senior FBP roles equipped

to provide genuine strategic value

to the business. Building this careerpathways concept outside o fnance,

as well as developing a set o common

competencies across an organisation,

will also help identiy possible

internal candidates who could ft the

requirements needed to succeed in the

fnance unction.

a hi i i

For the global pharmaceutical

company, the development o

a capability ramework and

redefnition o roles was accompanied

by another major deliverable, the

development o a comprehensive suite

o learning interventions designed to

help build capability.

KPMG developed a series o fnance

academy modules aimed specifcally

at building FBP capability, accessed

through a fnance portal, a bespoke

solution providing deep external and

internal content (through multimedia

channels) or FBPs at the touch o a

button. The scope o the Academy

was global, and crucially it washeavily sponsored by the fnance

leadership team, who also contributed

to the content.

cuii d i

For both clients, KPMG worked

hard to ensure that key stakeholders

across the business were involved

at all stages o the work. This had

several benefts: most obviously, the

inormation received was invaluable

in shaping the role requirements. But

there was also a strong engagement

beneft, with business customers

eeling a sense o ownership and

responsibility or the success o the

FBP roles they helped defne.

And last, by communicating a

commitment to building a more

strategic and business-ocused

unction, the fnance team was able

to gain internal respect, credibility

and support or their activity at the

earliest possible stage, a contributor to

a successul transition to an eective

FBP model.

resUlts

Measuring the strategic impact ochanges to the FBP role is extremely

difcult: the role holder seeks to shape

and inuence the activity and outputs

o others across the business and

within the fnance unction, and setting

quantitative objectives to measure this

can have the unintended consequence

o orcing a ocus on delivery o

data and MI: just the sort o tactical

responsibilities many FBP models seek

to move away rom.

However, KPMG has worked with

clients to put qualitative measures in

place, such as a regular stakeholder

survey to quantiy customer perceptions

regarding the quality o FBP support

they receive. At a more targeted level,

the global pharmaceutical company

is now receiving over 20,000 hits

per month on its fnance portal, rom

around 80 dierent countries, and

take-up o the e-learning modules is

consistently strong.

The longer term impact o a

talent-ocused approach to developingthe FBP role is expected to be the

creation o a strong pipeline o

technically adept fnance proessionals

perorming strongly as commercially-

ocused FBPs, genuinely aligned to

their business stakeholders.


17/24


n fnance

ITEGATE TALET MAAGEMET

Integrated talent management

Creating an appropriate fnance model depends on the development o an integrated talent

management strategy. The key elements o any talent strategy cover the whole employee liecycle,

including the defnition and identifcation o talent, recruitment and resourcing, perormance

management and reward, learning and development, succession planning and career management.

Integrated talent management brings together all three

elements o the value creation cycle22 that ACCA has previously

identifed: through people, organisations create value by

successully recruiting fnance proessionals with the right skills

and then undertake development interventions to drive great

business perormance. These practices also help organisations

sustain value, because great talent programmes ensure the right

behaviours and promote the importance o proessionalism.

efnng talentFundamental to any talent strategy is the defnition o what

talent looks like: this must be specifc to the organisation and

clearly linked to the overall strategy. Understanding the skills and

behaviours needed to deliver organisational success at any given

stage in the business cycle and recognising that these will

change over time is key, and should shape all talent activity.

recrUtment an talent entfcaton

ecruitment activity reects the current and uture needs

o fnance. I looking to build a strong supply o FBPs, or

example, in the short-term it may be quicker and cheaper or

the organisation to recruit external fnance proessionals who

already show strong commercial awareness and capability

in the soter skill set area. Longer-term planning can theninclude the recruitment o fnance trainees with the behavioural

capabilities appropriate or succeeding in the FBP role in uture.

It may also be worth looking internally in the organisation or

individuals who already have business skills and commercial

knowledge, but who are interested in gaining a proessional

accounting qualifcation.

competenc frameworKs

Competency rameworks defne the technical, business and

behavioural competencies required in every fnance role and

at each level to deliver organisational success. These can be

used to benchmark existing talent as well as highlighting any

skills gaps that need to be flled through internal developmentor recruitment. They also serve as a reerence point or

understanding career paths across the organisation. Along with

the defnition o talent, rameworks should be regularly reviewed

to ensure they remain relevant and ft or purpose.

sUccesson plannng an worKforce plannng

Eective management o the talent pipeline identiying

successors to key roles and uture skills gaps is an important

part o any proactive talent strategy. Aligning this with a

workorce planning model and approach that helps identiy the

strategically vital skills and puts in place a resourcing strategy

to build them is a undamental component at the heart o

eective talent management.

targete evelopmentWith limited resources, development activity needs to be

ocused on critical roles those that have most impact on

the organisations ability to gain competitive advantage or

achieve strategic goals and key individuals. They could be

in business partnering, compliance or other specialist (eg tax)

roles depending on the specifc organisation and sector, and

criticality will be judged based on the roles impact on key

actors such as high-value customers, regulatory requirements

or priority markets. Critical individuals may not always

be the most senior lower-level roles may be critical or

organisational perormance.

compreHensve learnng

The range o learning and development options open to fnanceis extensive. Leading organisations oer a comprehensive range

o learning activities which can be selected to suit individual

needs (both in terms o content and training time availability).

ecent trends include a shit towards collaborative e-learning,

or example23. nline fnance portals are also increasingly

common, giving proessionals in dispersed locations access

to management tools and techniques, technical knowledge

sources and research.

Experiential learning is particularly popular with younger

fnance proessionals24, and could include secondments, job

rotations, shadowing and stretch assignments designed to

stretch an individuals capabilities beyond what might beexpected at their current experience level. Use o stretch

assignments or appointments is particularly relevant in times

o cost pressure, when training and development budgets are

limited25. ACCA research also consistently highlights the value

o coaching and mentoring across the proession26.


23 The future of professional development, ACCA 2009

24 Generation Y: realising the potential, ACCA 2010

25 Fighting back through talent innovation: talent management under threat in uncertain times, CIP 2009

26 Paths to the top: best practice leadership development for nance professionals, ACCA 2007


18/24

18

In order to support a systematic approach to fnance training

and development, organisations are increasingly developing

virtual fnance academies. These provide a structure to

training, ensure consistency across the organisation, access to

knowledge management and inormation on industry trendsand development, and link learning to career pathways and

role planning. They can be aligned to perormance and talent

management systems, and can oer the employer a wealth o

detailed management inormation and transparency relating to

employee perormance and development.

strUctUre career patHs

In order to create the talent pipeline required or key fnance

roles, such as FBPs, organisations need to create structured

career paths along which individuals can progress. These could

include rotations through key fnance roles, secondments to

operational areas and even external secondments. Transparent

career paths help keep employees engaged and motivated, but

also give a blueprint or the organisation on where critical roles

exist, how these can be sourced and an idea on the training and

learning interventions required to support this.

performance measUrement an rewar

The objectives against which fnance proessionals are

targeted need to be aligned with the overall organisational

strategy, with rewards linked to an individuals success

in achieving their targets. Tools that enable individuals to

benchmark themselves against desired competencies or

certain roles can also help fnance proessionals understand

their own strengths and weaknesses, gain a realistic sense o

career development opportunities and encourage ownership o

capability and skills development.

ongong revew

Integrated talent management is a dynamic process.

rganisations and economies rarely stand still. emands

made o fnance will also continue to change. Thereore, the

talent management ramework needs to be regularly assessed

to ensure it continues to meet the requirements o the wider

organisation and the fnance unction itsel.

Integrated talent management I


19/24


n fnance

FIACE TAET MAAGEMET: CAPAIIT FAMEK

F A MAj K IIG CIET

BacKgroUn

As part o a large organisation-wide

cost optimisation programme, KPMG

worked with one o the UKs largest

building societies to improve talent

management within their fnancial

management unction.

The team was made up o around 130

individuals, the majority o whom had

a high degree o technical knowledge,

typically underpinned by a proessional

qualifcation.

espite this strong technical expertise,

the fnancial management team

was not well-regarded within the

company. Poor accuracy o data and

reporting skills, a perceived lack o

decisiveness, and limited knowledge

o the building society and fnancialmarket as a whole meant the fnancial

management team were not providing

constructive insight or challenge, or

assisting the organisation in making

strategic decisions.

As a result, the building society had

a fnance team who, although very

strong technically, were ineective

in translating this expertise into

eective organisational support.

The team needed to be strategically

aligned to the organisation

and more proactive in order tounction across the organisation

as genuine commercially-ocused

business partners.

approacH

KPMG was asked to review the

approach to talent management

within fnancial management. Working

with the client, a set o capability

development principles and some

critical success actors were defned.

cbiiy d iiKey to KPMGs methodology is the

development o guiding principles.

These provide the link between

organisational strategy and talent

management activity, and act as

an anchor throughout the work:

all activity is validated against the

principles to ensure it is strategically

aligned and adding value.

cii su f

As with the above principles, KPMG

worked consultatively with the client to

identiy the key actors necessary to the

success o the activity. nce defned,

the interventions were developed to

ensure that they incorporated the

critical activity on which success is

recognised as being dependent.

While the principles defned the

talent management requirements or

the business, KPMG also evaluatedevery employee against the capability

ramework developed in conjunction

with the client. This evaluation, along

with the individuals stated goals and

aspirations, shaped the creation o a

bespoke development plan.

The next stage was or KPMG to

work with the client on developing a

capability transormation programme

that would ensure both the unction as

a whole and its individual employees

eectively contributed to delivering the

building societys strategy.

capaBlt transformaton

There were two main elements to the

fnance talent management led by

KPMG: the development o a fnancial

management capability ramework,

and the construction o a blendeddevelopment portolio to build the

required capabilities.

FIGE 2: ECEPT FM ThE CAPAIIT EEPMET PICIPE

strategc prncples programme an nterventon

prncples

Individual must take increased ibiiy

d hi or their learning and

development

Individuals across fnancial management must

have a i d i and

best practice is shared

This must be a ui-id h that

is exible enough to accommodate both

team and individual needs while providing a

i d hih quiy i

a bdd h to delivery is key a mix o

on the job training, classroom based learning,

and coaching and mentoring

Provide ki d m i capability

to identiy best practice and instil a

iuu i uu

sme within fnancial management will be

involved in materials d d diy

ebddd i h

d

Capability development will not work in isolation it must be

integrated into all people and perormance management processes,

such as retention, talent development, reward and promotional criteria

td d dy The capability development interventions and activities are targeted at

specifc development needs and at driving up the overall capability ofnancial management.

on-attendance and non-completion will not be acceptable, which

would mean by not completing the required training the individuals

objectives cannot be met or the year

FIGE 3: ECEPT FM ThE CITICA CCE FACT


20/24

20

fii biiy

k

rawing on both the clients business

strategy and extensive experience o

working in talent management across

fnancial services, KPMG developed a

ramework with three distinct capability

categories as show in Figure 4.

a bdd i ii

buid biiy

The development o the capabilities

was supported by a blended portolio

o products as show in Figure 5

cy dd h

A fnal key element o the talent

management activity was the

development o career paths or the

fnance population: by setting out the

typical career progression, the key

thi biii These ocused on defning the core technical accounting and fnance

skills needed by fnance proessionals

ebi kd esigned to build understanding o the company, the current fnancial

market and the changes it is going through. Building these capabilities

would allow the client to add commercial value and move beyond being

technical experts

Bhiu biii Based on the clients leadership behaviours and values, these defned

the behavioural traits that are undamental to operating eectively and

proessionally across the business

c ii Bespoke modules were developed or the client and the existing

portolio was mapped against the new capabilities

m d

kd u

Activities such as key industry speakers and access to recommended

books or journals assisted the fnancial management team in keeping up

to date with market conditions

o-h-jb i A structured approach to knowledge transer on the job, allowing instant

application o skills acquired

chi d i The use o business subject matter experts to share expertise and

develop junior employees, with the added beneft o a reduction in key

man dependency

e-i A cost-eective, easily measured and highly exible intervention

wk hdi djb i A centrally coordinated approach to building capability within key talentpopulations through work allocation

FIGE 4: CAPAIIT CATEGIE

FIGE 5: A EE PTFI F PCT

roles within the unction and the skills

and capabilities they would build, the

client was able to boost individual

development (and through that,

engagement and retention) and also

ensure a strong talent pipeline moved

through the critical roles, delivering

strong perormance in the areas where

this had the highest impact.

resUlts

Quantitative measurement o the

impact o talent management activity

on business perormance is notoriously

difcult. The business is naturally

tracking spend on talent management,

and KPMG is working with them to

map spend on capability-specifc

training against changes in capability

levels; identiying the correlation

between the two can then be used to

defne the return on investment in

development interventions.

There are qualitative measures

in place to track stakeholder

perceptions o the fnancial

management unction, both

rom across the business and

internally. Likewise, retention and

engagement across key segments

is tracked. Initial eedback has

been strongly positive, with

fnancial management participants

recognising the investment made in

them and the positive commercial

impact it has had, and business

stakeholders both acknowledging

the commitment to commercialising

the unction and starting to see

the impact in their dealings with

fnancial management.


21/24


n fnance

THE IE F TAPAEC

Te drive or transparency

Experienced managers particularly in fnance look or hard quantitative evidence to evaluate

return on investment. This is a challenge in the talent management arena, where so many o the

benefts and impact are qualitative.

A KPMG survey o H and talent directors27 identifed that

many did not fnd it easy to justiy their desired levels o talent

spending in terms o business benefts, and were also hard

pressed to capture the real cost o existing talent activities

across their organisations.

ne approach is to use a range o qualitative measures. These

could include surveys o stakeholder satisaction in relation to

the quality o FBP support provided, or example. imilarly,

employee surveys can provide snapshots o how people eel

about the learning and development provided, the clarity o

career paths and their general level o engagement.

However, greater insight into the impact o talent management

spend is increasingly sought. With cost control set to be a

major goal or organisations and their fnance unctions, interest

in value-or-money and return on investment is high.

With this in mind, KPMG is developing the concept o a

talent cost calculator, designed to be a tool to help identiy

correlations and causal relationships between spending on

talent management and improved perormance and business

metrics. The tool incorporates all expenditure within the talent

management area rom recruitment through to retention

activity, perormance recognition, training and leadership

development as well as data on employee populations

covering salary costs, retention, etc. evelopment o the talent

cost calculator is in its early stages, but KPMG is working with

clients to gather the data and inputs with which to begin the

analysis, and the medium-term goal is to build and grow adatabase and tool that allow increasing insight into talent spend

and the measurable impact it has across the business.

27 KPMG survey o H and talent directors, May 2009


22/24

22

Conclusion

Integrated talent management sits at the heart o fnance unction eectiveness and is thereore

o critical importance. It is an essential requirement i fnance unctions are to meet the changing

and challenging demands made o them, and ensure they have appropriate proessionals with the

right skills and competencies available in the right place at the right time. This is a key actor insupporting the value creation cycle, whereby fnance proessionals apply their talents and skills to

support organisational perormance and enable value to be sustained or the long term.

In the drive to develop the most efcient and eective

fnance unctions, CFs have shown themselves willing to

adopt new structures and operating models. et identiying

the most appropriate fnance unction structure cannot be

undertaken in isolation. It must be designed in the context o

the prevailing economic climate and the specifc organisational

characteristics. Fundamentally, talent management issues mustbe considered rom the start to ensure that the preerred fnance

unction model is achievable.

This can be particularly challenging when seeking to develop

fnance business partners fnance proessionals who

work closely with operations to provide a fnance lens on

organisational decision making. This is a high-profle fnance

role, and one with the potential to add great value to the

organisation. But it also demands a broad mixture o skills and

competencies, which can usually only be developed through a

structured training and development programme.

Ensuring the talent pipeline is owing properly or FBP and all

other fnance roles takes time and commitment. It requires an

integrated talent management ramework containing a number

o key elements:

defnition o what real talent looks like

recruitment (internal or external) o individuals with

appropriate skills, capabilities and development potential

competency rameworks to defne the key talent

requirements in every fnance role

targeted development to ensure limited resources are

ocused on the most critical fnance roles

comprehensive learning, with a range o development

options available to suit individual and corporate needs

structured career paths to help individual fnance

proessionals develop their skills and careers in line with

organisational needs

perormance measurement and reward to align fnance

proessionals and their achievements with the delivery o

organisational strategy

ongoing review to ensure the talent management ramework

continues to meet fnance and organisational needs.

Adopting an integrated approach to talent management oers

a tremendous opportunity to add value and build the inuence

o the fnance unction within organisations: too oten the

people and talent implications o activity are overlooked or

misunderstood. ur experience shows that the organisations

that put talent management at the heart o their fnance unction

are building the capability that gives the fnance unction andthrough them the wider organisation a competitive advantage

and invaluable source o dierentiation in an economic climate

where that has never been more important.


23/24

aBoUt tHe aUtHor

Ji ly

Jamie Lyon is head o employer services

at ACCA. He is a qualifed accountant and

holds extensive experience in training,

learning and development across theaccountancy and fnance proession.

Prior to ACCA he spent over a decade

in industry as an accountant holding a

variety o fnance and accounting roles

working in the UK and internationally.

aBoUt acca

ACCA (the Association o Chartered Certifed Accountants) is the global body

or proessional accountants. We aim to oer business-relevant, frst choice

qualifcations to people o application, ability and ambition around the world who

seek a rewarding career in accountancy, fnance and management.

Founded in 1904, ACCA has consistently held unique core values: opportunity,

diversity, innovation, integrity and accountability. We believe that accountants

bring value to economies at all stages o their development. We seek to develop

capacity in the proession and encourage the adoption o global standards. ur

values are aligned to the needs o employers in all sectors and we ensure that,

through our qualifcations, we prepare accountants or business. We seek to open

up the proession to people o all backgrounds, and remove artifcial barriers,developing our qualifcations and their delivery to meet the diverse needs o trainee

proessionals and their employers.

We support our 140,000 members and 404,000 students in 170 countries,

helping them to develop successul careers in accounting and business, based on

the skills required by employers. We work through a network o 83 ofces and

centres and more than 8,000 Approved Employers worldwide, who provide high

standards o employee learning and development. Through our public interest

remit, we promote appropriate regulation o accounting and conduct relevant

research to ensure accountancy continues to grow in reputation and inuence.

au Bui

ACCAs global programme, Accountants or Business, champions the role o fnanceproessionals in all sectors as true value creators in organisations. Through people,

process and proessionalism, accountants are central to great perormance. They

shape business strategy through a deep understanding o fnancial drivers and seek

opportunities or long-term success. By ocusing on the critical role proessional

accountants play in economies at all stages o development around the world,

and in diverse organisations, ACCA seeks to highlight and enhance the role the

accountancy proession plays in supporting a healthy global economy.

aBoUt Kpmg

KPMG LLP, a UK limited liability partnership, is a subsidiary o KPMG Europe LLP

and operates rom 22 ofces across the UK with nearly 11,000 partners and sta.

The UK frm recorded a turnover o 1.6bn in the year ended eptember 2010.

KPMG is a global network o proessional frms providing audit, tax, and advisory

services. We operate in 150 countries and have more than 138,000 proessionals

working in member frms around the world. The independent member frms o

the KPMG network are afliated with KPMG International Cooperative (KPMG

International), a wiss entity. KPMG International provides no client services.


24/24

einformationcontainedinthispublicationisprovidedforgeneral

rposesonly.W

hileeveryefforthasbeenmadetoensurethatthe

ormationisac

curateanduptodateatthetimeofgoingtopress,

ACCA

dKPMGacceptnoresponsibilityforanylosswhichmayarisefrom

ormationcontainedinthispublication.opartofthispublication

may

reproduced,inanyformat,withoutpriorwrittenpermissionofAC

CA.

ACCAFebruary2011.

ACCA

29 Lincolns Inn FieldsLondon WC2A 3EE

United Kingdom

+44 (0)141 582 2000

Date post:	07-Apr-2018
Category:	Documents
Upload:	waqas
View:	217 times
Download:	0 times

Maxim is Ing People Power

Documents