Financial Governance
The implementation of the Sarbanes/Oxley regulations is intended to direct visibility to financial transactions and to add credibility to SEC reporting. It commands the appropriate attention of executive management since key officers must attest to the accuracy of publicly issued financial statements and sign off on their validity.
Concurrently, financial governance also implies the underlying strategy employed by the utility enterprise to manage its operations in such a manner as to achieve its financial goals. As the industry moves back to basics and renews its commitment to operational excellence, many organizations find that the management systems must be revamped as well. The approach employed to drive business success when deregulation looked imminent may no longer ensure success under the re-regulation business model.
UII is an industry leader, helping many of the country's largest utilities to evaluate - and revise - their approach to financial governance. UII has refined a structured, yet tailored approach to working with executive and senior management to craft and implement a financial governance approach that achieves the objective of paramount importance.
Financial Governance - proactive management of the core business
processes in such a manner as to positively affect financial outcomes.
UII works closely with clients to understand critical management and control elements that direct financial governance.
Translating business strategy into operation requirements
Creating a unified vision of financial governance
Ensuring operational alignment around financial plans
Assessing the current state of core business processes and identifying gaps in executing the financial governance vision
Aligning processes to support the governance vision and approach
Ensuring that performance management and reward systems drive appropriate behavior in support of the financial goals and objectives