Ravensbourne College of Design and CommunicationFinance Strategy 2005-2012Year Three: 2007/2008Page 1Q:\Intranet Masters\financial strategy 2007 08.doc
The Financial Strategy 2005-2012 is an integrated approach to deliver the College’s missionand corporate objectives while ensuring the long-term viability of the organisation. It isreviewed each year as part of the overall planning process. Its purpose is to:
Set priorities and manage operations that recognise the financial constraints andopportunities.
Identification and quantification of future resource needs, including the need forinvestment to protect future productivity
Evaluation of strategic opportunities for collaboration, e-learning and new teachingmethods, and for business development
Making an integrated response to funding initiatives and opportunities that create long-term financing implications.
Management of resources in a manner that satisfies external stakeholders withoutdamaging the mission and culture of the organisation
Mitigation of financial loss
Distinct responsibilities for creating, delivering and monitoring the Financial Strategy residewith the Governors, the Director, Members of the Senior Management Team, the Director ofFinance and Managers. In addition, Ravensbourne believes that it should communicate thestrategy to key stakeholders, including staff, students and external bodies with an interest inthe institution. To facilitate this process the strategy will be placed on the college intranet.
Governors are ultimately responsible for the viability of the College and therefore have aduty to set the strategic direction and to ensure that the financial strategy is robust andeffective, and that it is properly aligned with the Mission, Corporate Plan all otherstrategies and objectives. Detailed scrutiny of the Financial Strategy and Plan isundertaken by the Finance and General Purposes Committee
The Director provides strategic leadership and management to deliver the agreedobjectives and plans
The Senior Management Team has a collective responsibility for informing strategicdirection and integrating the various elements into the corporate and the financial plan ,and an individual and collective responsibility for delivering the agreed objectives
The Director of Finance leads the process of developing the financial strategy andadvising on financial issues
Managers need to take ownership of the strategic financial issues as they plan andmanage the core activities of the institution.