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©2015 Deloitte LLP. All rights reserved.
Deloitte Finance ClubThe community for FinancialControllers and senior financialexecutives
Wednesday, 29th April 2015
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©2015 Deloitte LLP. All rights reserved.
Deloitte Finance ClubA few facts
• Established in May 1997 as the Financial Controllers’ Club, and renamedDeloitte Finance Club in 2013
• Provides an annual programme of technical updates and hot topic briefings
• Connects our members to relevant experts as well as over 2,200 membersacross the country
Deloitte Finance Club – Business Partnering: better decision-making through Finance insight (29 Apr 2015)2
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©2015 Deloitte LLP. All rights reserved.
Deloitte Finance ClubUpcoming programme
• Summer finance checklist 2015Thursday, 14 May 2015 – 8:30am-10:30am (arrivals from 8am)
Further dates and topics to be confirmed
Deloitte Finance Club – Business Partnering: better decision-making through Finance insight (29 Apr 2015)3
https://www.deloitte.co.uk/financeclub/register0514.cfm
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©2015 Deloitte LLP. All rights reserved.
Deloitte Finance ClubAgenda
• Managing legacy defined benefit pension schemes Mark McClintockPaul YatesJeff Cunningham
• Business Partnering: better decision-making Richard Hortonthrough Finance insight Malcolm Wilkinson
Deloitte Finance Club – Business Partnering: better decision-making through Finance insight (29 Apr 2015)4
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©2015 Deloitte LLP. All rights reserved.
Managing legacyDefined Benefitpension schemesHow to find a newsolution to alegacy issue
Mark McClintockPaul YatesJeff Cunningham
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©2015 Deloitte LLP. All rights reserved.
• Over the last 5 years there has beena growing trend of DB schemesclosing to the future accrual ofbenefits
• DB schemes increasingly becoming alegacy issue for FDs/CFOs
Deloitte Finance Club – Business Partnering: better decision-making through Finance insight (29 Apr 2015)6
Current market practice
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2009 2010 2011 2012 2013
Closed to futureaccrual
Closed to newmembers
Open
Both recently announced that they will close
Source : NAPF survey 2014
A changing pensions landscape
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©2015 Deloitte LLP. All rights reserved.
Road mapManaging risk
Insurance
• Partial buy in/out – olderpensioners?
• Longevity swaps
• Impaired Life annuities/ Medicalunderwriting
Closure to future accrual
• No further liability and risk buildsup
• Remove salary link?
Liability management
• Remove some liability andassociated risk
• Member “option” – in line withCode of Practice
Deloitte Finance Club – Business Partnering: better decision-making through Finance insight (29 Apr 2015)7
Overall riskreduction
Scheme funding
• Manage funding and contributionrequirements
• Consider funding options eg asset-backed contributions
• Ongoing expense monitoring
Asset management
• Hedging
• LDI, Dynamic de-risking
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©2015 Deloitte LLP. All rights reserved.Deloitte Finance Club – Business Partnering: better decision-making through Finance insight (29 Apr 2015)8
Scheme funding
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©2015 Deloitte LLP. All rights reserved.
Market conditions• Low Gilt yields• Poor equity returns over 2014 and early 2015
Legislative changes
• End of contracting out (if still open to accrual)• Budget 2014 – impact on transfers out / member
incentive exercises• Budget 2015 – reduction in Lifetime Allowance
Operational Issues• Recent benefit change / closure• Or planned closure• Changes to advisors
Deloitte Finance Club – Business Partnering: better decision-making through Finance insight (29 Apr 2015)9
Scheme fundingRecent developments
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©2015 Deloitte LLP. All rights reserved.Deloitte Finance Club – Business Partnering: better decision-making through Finance insight (29 Apr 2015)10
Scheme fundingMarket changes
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
Jan 2014 Mar 2014 May 2014 Jul 2014 Sep 2014 Nov 2014 Jan 2015 Mar 2015
FTSE over 15 year Gilt yield
Yie
ldp
/a
General Election7th May
?
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©2015 Deloitte LLP. All rights reserved.
Scheme fundingFunding strategies
• Increased deficits likely to be unavoidable
• Consider short term and long term objectives
• Cash increasingly becoming no longer the only option for funding schemes
Deloitte Finance Club – Business Partnering: better decision-making through Finance insight (29 Apr 2015)11
Direct funding Covenant/security
Investment outperformance
Contingent contributions
Asset-backed contributions
Historical
Alternative
Progressive
Inflation linked contribution schedules
Contingent assets
Reservoir trusts
Parent company guarantees
Cash contributions
Contingent contributions
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©2015 Deloitte LLP. All rights reserved.
Selected pension funding partnerships
Diageo
Backed by:whisky stock
Size:~£400m
ITV
Backed by:business
securitisationand property
Size:~£250m
TUI Travel
Backed by:brand (with
schememerger)
Size:~£275m
AllianceBoots
Backed by:property
Size:~£275m
Centrica
Backed by:power
stations andintragroupreceivables
Size:~£450m
AGFA
Backed by:3rd party
receivables
Size:~£36m
Scheme fundingAsset-backed contributions
Deloitte Finance Club – Business Partnering: better decision-making through Finance insight (29 Apr 2015)12
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©2015 Deloitte LLP. All rights reserved.Deloitte Finance Club – Business Partnering: better decision-making through Finance insight (29 Apr 2015)13
Asset management
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©2015 Deloitte LLP. All rights reserved.
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
Jan 2014 Mar 2014 May 2014 Jul 2014 Sep 2014 Nov 2014 Jan 2015 Mar 2015
-300
-250
-200
-150
-100
-50
0
Jan 2014 Mar 2014 May 2014 Jul 2014 Sep 2014 Nov 2014 Jan 2015 Mar 2015
Hedging strategy(80% Equity, 20%Bonds with aninflation andinterest ratehedging strategy)
Lower risk(20% Equity, 80%Bonds)
Return seeking(80% Equity, 20%Bonds)
FTSE over 15 yearGilt yield
Schemes with a significant proportion of returnseeking assets
Assets predominantly gilts, corporate bonds andindex-linked gilts – or inflation and interest raterisks are effectively hedged through a swapportfolio.
Asset managementRecent funding progression
Deloitte Finance Club – Business Partnering: better decision-making through Finance insight (29 Apr 2015)14
Yie
ldp
/aA
sse
ts/L
iab
ilitie
s£
m
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©2015 Deloitte LLP. All rights reserved.
Asset managementCash-liability profile• Freedom & Choice can lead some members holding expensive long-dated and
inflation-linked cashflow reserves to exit the pension scheme
• This can change the risk profile of the scheme and would bring forward cashpayments from the scheme. If expected to be material investment strategy willneed to be reviewed
If longer term cash obligations for certain members exitthe pension scheme, then total remaining obligation canreduce in cost and risk
Deloitte Finance Club – Business Partnering: better decision-making through Finance insight (29 Apr 2015)15
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©2015 Deloitte LLP. All rights reserved.Deloitte Finance Club – Business Partnering: better decision-making through Finance insight (29 Apr 2015)16
Liability management
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©2015 Deloitte LLP. All rights reserved.
Under35
35-40 40-45 45-50 50-55 55-60 60-65 65-70 70-75 75-80 Over 80
Enhanced TransferValues (ETVs)
Typically deferredsunder 55
FlexibleRetirement
Options (FROs)
Typically deferredsover 55
Pension IncreaseExchange (PIE)
Pensioners
Closure to futureaccrual
Actives
Longevity Swaps,Buy-ins, Annuity
Purchase
Liability managementTargeting your exercise
Deloitte Finance Club – Business Partnering: better decision-making through Finance insight (29 Apr 2015)17
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©2015 Deloitte LLP. All rights reserved.Deloitte Finance Club – Business Partnering: better decision-making through Finance insight (29 Apr 2015)18
Expense monitoring
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©2015 Deloitte LLP. All rights reserved.
0.0%
0.1%
0.2%
0.3%
0.4%
0.5%
0.6%
0
100
200
300
400
500
600
700
800
£30m300 members
£200m2,000 members
£2bn20,000 members
Co
sta
s%
of
sch
em
ea
sse
ts
Pe
rm
em
be
rc
ost
£p
.a.
Scheme size
Average UK pension scheme running costs
Administration costs Investment costs Other costs
Expense monitoringIdentifying the costs
• Over £1bn is paid in professional fees in respect of UK defined benefit pensionschemes each year
• Investment charges constitute c. 20-40% of overall running costs for DB pensionschemes
Deloitte Finance Club – Business Partnering: better decision-making through Finance insight (29 Apr 2015)19
Recent Pensions Regulatorresearch showed:
• Per-member running costswere significantly higheramongst small schemescompared to medium and largeschemes.
• Larger schemes received agreater number of services ineach cost area.
Source: The Pensions Regulator:Defined benefit scheme running costresearch
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©2015 Deloitte LLP. All rights reserved.
Expense monitoringThe Deloitte Pensions Master PlanThe Deloitte Pensions Master Plan is a multi-employer defined benefit pensionscheme.
• A new pension arrangement for companies to transfer existing schemes into
• Each company has its own segregated section
• Each section can benefit from lower charges
20
Deloitte Pensions Master Plan
Independenttrustee
Pensionscheme
Trustees
Sectiontrustees
•Asset and liability transfer•Wind up old pensionscheme
XYZplc
Deloitteclient
•XYZ’s pensionresponsibilities areunchanged by the transfer
Deloitte Finance Club – Business Partnering: better decision-making through Finance insight (29 Apr 2015)
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©2015 Deloitte LLP. All rights reserved.Deloitte Finance Club – Business Partnering: better decision-making through Finance insight (29 Apr 2015)21
Expense monitoringThe Deloitte Pensions Master Plan
Reduced costs Economies of scale from a larger pool of assets
Improved governance An independent trustee and governance framework
No loss of control Trustees, investments and other advisers unchanged
High quality advice Deloitte act as scheme actuary and administrator
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©2015 Deloitte LLP. All rights reserved.Deloitte Finance Club – Business Partnering: better decision-making through Finance insight (29 Apr 2015)22
Expense monitoringConsider all costs
Investment Fees
Actuarial Fees
AdministrationFees
CovenantFees
Investmentfees
Administrationfees
Legalfees
Pension schemeexpenses
Independenttrustee fees
Covenantfees
Actuarialfees
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©2015 Deloitte LLP. All rights reserved.Deloitte Finance Club – Business Partnering: better decision-making through Finance insight (29 Apr 2015)23
Summary
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©2015 Deloitte LLP. All rights reserved.
Road mapManaging risk
Deloitte Finance Club – Business Partnering: better decision-making through Finance insight (29 Apr 2015)24
Insurance
• Partial buy in/out – olderpensioners?
• Longevity swaps
• Impaired Life annuities/ Medicalunderwriting
Closure to future accrual
• No further liability and risk buildsup
• Remove salary link?
Liability management
• Remove some liability andassociated risk
• Member “option” – in line withCode of Practice
Overall riskreduction
Scheme funding
• Manage funding and contributionrequirements
• Consider funding options eg asset-backed contributions
• Ongoing expense monitoring
Asset management
• Hedging
• LDI, Dynamic de-risking
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©2015 Deloitte LLP. All rights reserved.
Business PartneringBetter decision-making throughFinance insight
Richard HortonMalcolm Wilkinson
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©2015 Deloitte LLP. All rights reserved.Deloitte Finance Club – Business Partnering: better decision-making through Finance insight (29 Apr 2015)26
Deloitte Finance insightFinance Business Partnering research
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©2015 Deloitte LLP. All rights reserved.Deloitte Finance Club – Business Partnering: better decision-making through Finance insight (29 Apr 2015)27
About the researchAnalysed survey responses from 75 FDs
26.7%
44.0%
8.0%
5.3%
1.3%4.0%
10.7%
Participants by role
Chief Financial Officer
Finance Director
Controller
Finance TransformationLead
Finance BusinessPartner
Head of Finance
Others
9.3%
17.3%
6.7%
4.0%
9.3%14.7%
26.7%
2.7%
9.3%
Participants by industry
BIPS
CB
ER
FSI
HLS
MF
PS
RE
TMT
16.0%
21.3%
16.0%12.0%
10.7%
24.0%
Participants by revenue
Less than £250 million
£250 million to £1 billion
£1 billion to £3 billion
£3 billion to £5 billion
£5 billion to £10 billion
More than £10 billion
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©2015 Deloitte LLP. All rights reserved.Deloitte Finance Club – Business Partnering: better decision-making through Finance insight (29 Apr 2015)28
Upward trend in demandPartnering activities expect to increase further
Decreased,4.1% Stay the same,
20.3%
Increased,66.2%
SignificantlyIncreased,
9.5%
Change in demand for Business Partnering activities2012-14, percentage of respondents
SignificantlyDecrease, 1.4%
Decrease, 1.4%
Stay the same,14.9%
Increase,59.5%
SignificantlyIncrease,
23.0%
Anticipated change in demand for Business Partneringactivities 2014-17, percentage of respondents
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©2015 Deloitte LLP. All rights reserved.
Time spent on partnering activitiesOn average, 23% of total Finance capacityTime spent on Business Partnering activities as a percentage of total Financecapacity
Deloitte Finance Club – Business Partnering: better decision-making through Finance insight (29 Apr 2015)29
3%
1%
16%
25%
27%
21%
4%
No Business Partnering activity
0 to 5%
5 to 10%
10 to 20%
20 to 30%
30 to 50%
More than 50%
Percentage of respondents
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©2015 Deloitte LLP. All rights reserved.Deloitte Finance Club – Business Partnering: better decision-making through Finance insight (29 Apr 2015)30
Output of partnering activitiesNot consistently used in decision-making
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©2015 Deloitte LLP. All rights reserved.
Decision support and Finance BusinessPartnering role definitions
Time spent by Business Partnersgathering data and using spreadsheets
Deloitte Finance Club – Business Partnering: better decision-making through Finance insight (29 Apr 2015)31
Reasons for insight not being usedRoles not clearly defined & use of spreadsheets
45%
49%
5%
No, we do not have definitions
We have definitions but they arenot consistently applied
Yes, we have definitions that areconsistently applied
1%
3%
4%
32%
41%
19%
0 to 5%
5 to 10%
10 to 20%
20 to 30%
30 to 50%
More than 50%
Percentage of respondents
Percentage of respondents
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©2015 Deloitte LLP. All rights reserved.
Wants over needsNeed to meet expectations underpins prioritisationMethods used to prioritise requests from the business
Deloitte Finance Club – Business Partnering: better decision-making through Finance insight (29 Apr 2015)32
1%
11%
65%
19%
3%
Based on internal controls and external reporting requirements
Partially based on need to exceed expectations of the Business
Based on the need to meet or exceed the expectations of the Business
Partially based on a diagnosis of Business opportunities
Based on diagnosis of the business opportunity and the ability ofFinance to the impact performance
Percentage of respondents agreeing with statements
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©2015 Deloitte LLP. All rights reserved.Deloitte Finance Club – Business Partnering: better decision-making through Finance insight (29 Apr 2015)33
Where time is spentPriorities focus on calendar-based activities
1.4
1.5
1.6
1.6
1.5
2.1
2.3
2.5
2.2
2.1
2.8
2.1
2.5
2.5
2.4
2.6
2.2
2.8
2.8
3.5
3.3
3.3
1.9
2.0
2.4
2.5
2.5
2.6
2.6
2.7
2.8
3.0
3.0
3.1
3.2
3.2
3.2
3.2
3.3
3.5
3.8
4.0
4.3
4.4
Brand equity
Research & development efficiency or effectiveness
Marketing efficiency or effectiveness
Competitive & environmental analysis
Merger & Acquisition advice
Channel profitability
Workforce planning/compensation
Supply chain optimisation
Supplier/contract management
Risk management
Demand planning
Capital allocation/investments
SG&A cost optimisation
Project management
Customer profitability
Operations optimisation
Pricing optimisation
Working capital management
Product profitability
Standard performance reporting
Forecasting
Budgeting and planning
Prioritisation
Automation
Scale of 1 to 5, 1 = lowest priority/lowest level of automation, 5 = highest priority/highest level of automation
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©2015 Deloitte LLP. All rights reserved.
A framework for Finance Business PartnersDeloitte framework describes value adding roleThe Framework identifies focused interventions that allow Finance BusinessPartners to create value for the business
Deloitte Finance Club – Business Partnering: better decision-making through Finance insight (29 Apr 2015)34
FB
Pe
na
ble
rs
• The underlying enablers required to effectivelydeliver desired Business Partner activities areidentified
• Aspects such as information, capability and capacityare key to empowering the Finance function todeliver these value add activities
De
live
ryo
fs
trate
gy
• The Deloitte Finance Business PartneringFramework identifies four ways through whichBusiness Partners can add value
• If the Finance function is not actively engaged inthese debates there is a opportunity for it toreposition itself and become a ‘player’ not a‘scorekeeper’ in the eyes of the Business
• Each value driver can be associated with FinanceBusiness Partner activities that can add significantvalue to an organisation and help to unlockopportunities
The Framework translates Business strategy into Finance-led interventions that deliver quantified value...
...it also identifies the enablers required to build the trustand common language essential for success
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©2015 Deloitte LLP. All rights reserved.
A framework for Finance Business PartnersSetting a strategy to support value generationDeveloping a successful partnering organisation requires Finance to be clear whattheir role is in value creation in the Business
Deloitte Finance Club – Business Partnering: better decision-making through Finance insight (29 Apr 2015)35
Make and moveproducts
Plan the Business Sell productsGrow thebusiness
Example Business Partnering activities
What are theopportunities toimprove businessvalue drivers?
What focusedinterventions shouldFinance prioritise (i.e.specific activities)?
What tool, talent,organisation willsuccessfully enablethis?
1
3
2
DELIVERY OF STRATEGY
Revenue growth Operating margin Asset efficiency Market expectations
Information & analytics
Talent & capabilities
Business alignment & capacityEn
ab
lers
Focused interventions
Efficiencyinitiatives
DemandPlanning
integration
Multi-channelstrategyanalytics
Customernegotiation
support
Cost to serveExternal /
CompetitorBenchmarks
Incentivestructuredecisionsupport
MarketingROI analysis
Productprofitability
analysis
Inventoryturnover &
obsolescence
Make or buydecisionsupport
Productionplanning
Pricingoptimisation
support
Capexappraisal
Sustainabilityanalysis
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©2015 Deloitte LLP. All rights reserved.
Finance Partners must drive andprotect value
• Lead from the front
• Deliver strong end-to-end analyticalsupport to influence decisions
• Integrate the Enterprise and drivetradeoffs
• Develop talent to create futurebusiness leader capabilities
• Manage risk using scenario planning,modelling and simulation
• Be the guardian of integrity andvalues
• Drive and protect value
• Innovate and educate
Deloitte Finance Club – Business Partnering: better decision-making through Finance insight (29 Apr 2015)36
A vision for Finance Business PartnersHow well have you defined the role?
Pro-active
Fast
Insight
Strategicperspective
Involved
Foresight
Influencing
Innovative
Storytelling
Challenging
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©2015 Deloitte LLP. All rights reserved.
A robust approach to building key capabilitiesEnsure talent development drives valueBuilding a finance development programme and talent strategy that increasesFinance’s ability to drive value in the organisation requires it to be routed in adefinition of Finance’s role in delivering the value opportunities in the business
Deloitte Finance Club – Business Partnering: better decision-making through Finance insight (29 Apr 2015)37
Financeimpact
Dynamicdevelopmentprogramme
Capabilities key toFinance value events
Key Finance value events
Priority business value opportunities
• What business impact measures best representthe intended Return on Investment of thedevelopment spend?
• What combination of tactical developmentinterventions will have a strategic andaccelerating impact on Finance capability?
• What skills, knowledge, behaviours and mindsetsare consistently needed for successfulFinance Value Events?
• Where does Finance need to getinvolved/lead/orchestrate to bring insight andinfluence value decisions?
• What are the key value-creating opportunitiesthe business needs to pursue to deliver on thestrategy?
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©2015 Deloitte LLP. All rights reserved.
The Finance Capability ChallengeDefine required mindset, skills and behaviours
For each of the key competencies, there is a clear definition of what thecompetency title means and three levels of proficiency are defined using specificexamples from the business
Deloitte Finance Club – Business Partnering: better decision-making through Finance insight (29 Apr 2015)38
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©2015 Deloitte LLP. All rights reserved.Deloitte Finance Club – Business Partnering: better decision-making through Finance insight (29 Apr 2015)39
Align operating model to achieve “more with less”High quality insight is key for effective partnering
Centre of Excellence
• Organised by knowledge set• Expertise focus• “Best Practice”
Development• Issue/knowledge intensivee.g. Tax, Treasury, Analytics
Shared Services
• Consolidated organisation• Operational focus• Standardised services• Process intensive• Multiple businesses or
locationse.g. Record to Report,Purchase to Pay
Business Partner
• Aligned with function/unit• Line/management focus• Knowledge & know-how
transfer• Decision/action intensive
Site support
• Work is distributed todivisions /entities forspecific service needs
• Required for specific input/data capture
• Manually intensivee.g. Credit Control
Value
Lo
ca
tio
n
Insight optimisation enablers
Lo
cal
Cen
tral
Low High
Vision
A clear view of how strategic imperatives translate intofinancial performance – for the Centre of Excellence(CoE) and finance business partnering (FBP) agenda
Capability
Hiring & training the right people with the right skills –for the CoE and business partners
External profile
Value of the CoE and the FBP agenda needs seniorsponsorship from top down
Information
High quality analytics and MI through optimisation ofdata, processes, applications and technology – theCoE feeds the FBPs
High value Finance model
Knowledge based / alignedwith value map
Low cost / defined servicelevel
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©2015 Deloitte LLP. All rights reserved.
To recapSix key takeaways
1 Deloitte’s research into Finance Business Partnering has analysed the surveyresponses of 75 senior Finance executives from UK headquartered organisations
2In over half of organisations the business does not use the insight produced byBusiness Partners on a consistent basis. Moreover, in only eight per cent oforganisations does the business view this output as their primary source of insight
3 Demand for Decision Support and Finance Business Partnering activities increasedbetween 2012 and 2014 and is expected to increase over the next three years
4The average Finance function focuses a quarter of its total capacity on deliveringBusiness Partnering activities. Business Partners prioritise cyclical, calendar-basedactivities such as budgeting and planning
5 The typical Finance Business Partner spends 36 per cent of their time gatheringdata and using spreadsheets
6Only five percent of respondents have clearly defined Business Partnering roles thatare applied and communicated across their organisation. Deloitte analysis showsthat organisations with defined roles are more likely to have Business Partners thatdisplay the skills required to guide, influence and challenge the business
Deloitte Finance Club – Business Partnering: better decision-making through Finance insight (29 Apr 2015)40
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©2015 Deloitte LLP. All rights reserved.
Upcoming Finance insightWhere we’re focusing next
How can CFOs attract and retain the best talent?
Which skills are the most important for improving Finance functionalperformance?
Which Finance skills have the biggest impact on businessoutcomes/performance?
How can Finance deliver accurate and timely reporting that is alsoinsightful and actionable?
What technologies can be easily implemented to aid reporting andanalytics?
What skills and behaviours are needed to generate insight andcommunicate it to stakeholders?
Deloitte Finance Club – Business Partnering: better decision-making through Finance insight (29 Apr 2015)41
Financetalent
Managementinformation
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©2015 Deloitte LLP. All rights reserved.
Deloitte Finance ClubUpcoming programme
• Summer finance checklist 2015Thursday, 14 May 2015 – 8:30am-10:30am (arrivals from 8am)
Further dates and topics to be confirmed
Deloitte Finance Club – Business Partnering: better decision-making through Finance insight (29 Apr 2015)42
https://www.deloitte.co.uk/financeclub/register0514.cfm
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©2015 Deloitte LLP. All rights reserved.
Deloitte Finance ClubContacts and resources• Malcolm Wilkinson +44 20 7007 1862 malcolmwilkinson@deloitte.co.uk
• Richard Horton +44 20 7007 7274 rhorton@deloitte.co.uk
• Mark McClintock +44 2890 53 1429 mamcclintock@deloitte.co.uk
• Paul Yates +44 20 7007 2238 pjyates@deloitte.co.uk
• Jeff Cunningham +44 20 7303 0141 jefcunningham@deloitte.co.uk
• James Bates +44 20 7303 0094 jbates@deloitte.co.uk
Resources:
• Deloitte Finance Club home page: www.deloitte.co.uk/financeclub
• UK Accounting Plus (formerly IAS Plus): www.ukaccountingplus.co.uk
• Annual report insights 2014: www.deloitte.co.uk/annualreportinsights
• Future of UK GAAP: www.deloitte.co.uk/futureofukgaap
Deloitte Finance Club – Business Partnering: better decision-making through Finance insight (29 Apr 2015)43
mailto:malcolmwilkinson@deloitte.co.ukmailto:rhorton@deloitte.co.ukmailto:mamcclintock@deloitte.co.ukmailto:pjyates@deloitte.co.ukmailto:jefcunningham@deloitte.co.ukmailto:jbates@deloitte.co.ukhttp://www.deloitte.co.uk/financeclubhttp://www.ukaccountingplus.co.uk/http://www.deloitte.co.uk/annualreportinsightshttp://www.deloitte.co.uk/futureofukgaap
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©2015 Deloitte LLP. All rights reserved.
Deloitte Finance ClubRecent seminars• Revenue recognition and the TMT sector – Wednesday, 26 March 2014
• Accounting for real estate and a Tax update – Wednesday, 23 April 2014
• Finance IT systems – Wednesday, 7 May 2014
• Summer finance checklist – Thursday, 17 July 2014
• Football Finance and Fraud: an inevitable cost of doing business? –Wednesday, 1 October 2014
• Managing pensions risks and costs and a Tax update –Wednesday, 22 October 2014
• All change! Key trends and developments in the UK insurance market –Wednesday, 19 November 2014
• Holiday finance checklist 2014 – Wednesday, 10 December 2014
• The rise of omnichannel: what it means for Finance – Wednesday, 25 March2015
Deloitte Finance Club – Business Partnering: better decision-making through Finance insight (29 Apr 2015)44
http://www.deloitte.co.uk/email/DFC-revenue-recognition.pdfhttp://www.deloitte.co.uk/email/DFC-Real-estate-Tax.pdfhttp://www.deloitte.co.uk/email/Tjt5tUwru.pdfhttp://www.deloitte.co.uk/email/DFC-SummerFC14.pdfhttp://www.deloitte.co.uk/email/DFC-Football-Finance-Fraud.pdfhttp://www.deloitte.co.uk/email/DFC-pensions-tax.pdfhttp://www.deloitte.co.uk/email/DFC-Insurance.pdfhttp://www.deloitte.co.uk/email/DFC-HolidayFC14.pdfhttp://www.deloitte.co.uk/email/DFC-Retail.pdf
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©2015 Deloitte LLP. All rights reserved.
©2015 Deloitte LLP.Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”), a UK private company limited by guarantee, and its network of member firms, each ofwhich is a legally separate and independent entity. Please see www.deloitte.co.uk/about for a detailed description of the legal structure of DTTL and its member firms.
Deloitte LLP is the United Kingdom member firm of DTTL.
This publication has been written in general terms and therefore cannot be relied on to cover specific situations; application of the principles set out will depend uponthe particular circumstances involved and we recommend that you obtain professional advice before acting or refraining from acting on any of the contents of thispublication. Deloitte LLP would be pleased to advise readers on how to apply the principles set out in this publication to their specific circumstances. Deloitte LLPaccepts no duty of care or liability for any loss occasioned to any person acting or refraining from action as a result of any material in this publication.
Deloitte Pensions Master PlanThis document provides general information about the Deloitte Pensions Master Plan. It is the responsibility of employers and trustees to satisfy themselves that anytransfer into the Deloitte Pensions Master Plan is appropriate for their needs and the needs of pension scheme members. Employers and trustees retain responsibilityfor the remainder of the ceding pension scheme post-transfer. Independent professional advice should be sought where appropriate. Trustees should always seeklegal advice in advance of a transfer.
Deloitte Finance Club – Business Partnering: better decision-making through Finance insight (29 Apr 2015)45
Deloitte Finance ClubDeloitte Finance ClubDeloitte Finance ClubDeloitte Finance ClubManaging legacy Defined Benefit pension schemes��Road mapScheme fundingScheme fundingScheme fundingScheme fundingScheme fundingAsset managementAsset managementAsset managementLiability managementLiability managementExpense monitoringExpense monitoringExpense monitoringExpense monitoringExpense monitoringSummaryRoad mapBusiness PartneringDeloitte Finance insightAbout the researchUpward trend in demandTime spent on partnering activitiesOutput of partnering activitiesReasons for insight not being usedWants over needsWhere time is spentA framework for Finance Business PartnersA framework for Finance Business PartnersA vision for Finance Business PartnersA robust approach to building key capabilitiesThe Finance Capability ChallengeAlign operating model to achieve “more with less”To recapUpcoming Finance insightDeloitte Finance ClubDeloitte Finance ClubDeloitte Finance ClubSlide Number 45
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