year in review 2018 Paperturn - Page 32



GOOD GOVERNANCE
IS KEY TO MAINTAINING
FINANCIAL
STABILITY
Ashley Francis, executive director of
UCT’s Finance Department, reflects
on the university’s finances in 2018.
budgeting and reporting, which
underwent a rigorous screening
exercise early in 2018. As a result,
approval was received by the end
of that year to implement a new
budgeting tool to optimise and
streamline operations. This tool will
be rolled out during the second half
of 2019, at the start of the 2020
budgeting process.
In terms of operational excellence,
the department is reviewing the
feasibility of a shared service model
within the Finance Department.
This will enable us to reduce costs,
improve controls and boost service
levels all round. Work will begin in
2019 relating to the As-Is and To-Be
scenarios.
We also commenced a full review
and possible redesign of our
research finance administration.
This is intended to improve the
GOOD GOVERNANCE IS KEY
TO MAINTAINING FINANCIAL
STABILITY
After three years of student protests
and disruptions to the academic
programme, the Finance Department
found its operational rhythm in 2018
and the leadership was able to work
at fully executing and implementing
the department’s strategic goals. The
institution’s finances emerged strong
and stable from what was a difficult
period in the higher education sector
nationally, thanks to robust financial
policy planning and implementation,
discipline and good governance.
STRATEGIC GOALS
The Finance Department continues
to respond effectively to its four
strategic goals, which were adopted
in 2017. Among these are agile
30

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