Creation of a management committee and the company's finance function, and implementation of governance and financial performance tools on a continual basis.
The management committee is a body set up within a company to oversee and make strategic decisions relating to the finance function.
Its main objective is to ensure effective governance and sound financial management.
Setting up a management committee involves selecting key members of the company, including senior executives and financial experts, to sit on the committee. This committee will be responsible for monitoring and evaluating the company's financial performance, defining financial policies, assessing risks and making strategic financial decisions.
In addition, the implementation of permanent financial performance and governance tools is an integral part of this process. These tools may include financial monitoring and control systems, regular financial reporting, performance analysis, key performance indicators (KPIs) and other financial management tools. The aim is to establish a solid framework for effective and efficient financial management, ensuring transparency, informed decision-making and the maximization of corporate profitability.
The advantages of a management committee are manifold :
Specialized expertise: A management committee brings together members with specific financial and management expertise. Their combined knowledge and experience enable more informed and strategic decision-making.
Enhanced governance: The Management Committee provides a solid governance structure by overseeing the company's finance function. This guarantees responsible, transparent financial management that complies with current regulations.
Strategic decision-making: The Management Committee plays a key role in strategic financial decision-making. With a global view of the company, it can assess opportunities, risks and financial performance, enabling better-informed decisions geared to the company's growth.
Improved financial performance: By implementing ongoing governance and financial performance tools, the management committee can regularly assess the company's financial performance and identify areas for improvement. This helps to optimize the company's financial performance and achieve its objectives.