Enabling Environment for effective financial management

Key areas that provide an enabling environment for effective financial management and therefore analysis include; good governance, good leadership, proper integration of staff with in the financial management
function and appropriate financial policies and procedures.
Governance
 The governance structure should be appropriate and the governing body active.
 The vision and mission should be clear and consistently stated, known and shared.
 The organisational core values should be clearly stated, known and shared.
 Clearly defined strategy that helps planning and implementing activities. Minutes of board and management meetings should be kept including action points which are followed up.
Leadership
 Board and management exercise effective leadership.
 The leadership should set priorities and provide a clear direction for the SACCO
 The leadership directs, motivates and manages staff well
 The organisational structure is clear and appropriate for effective leadership
 The SACCO should have adequate infrastructure, facilities and technology to carry out its activities
Financial policies and procedures
 The SACCO should have an appropriate and documented financial policy and procedures
 Staff should be aware of and comply with the stated policies and procedures

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One Response

  1. Reblogged this on Kenya's Co-operative Movement and commented:

    This will be my main blog.

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