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| Sunday, 4 April 2004 |
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Business |  |
| News Business Features Editorial
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CIMA Janashakthi Pinnacle Awards : First awards show to recognise achievement of top financial team For the first time in Sri Lanka, a team award is being presented to the 'Finance Team of the Year' at the CIMA Janashakthi Pinnacle Awards. The awarding of the 'Finance Team of the Year' in Sri Lanka is the first of its kind in Sri Lanka. This award is the symbol of a growing trend which acknowledges the importance of financial teamwork. It also comes after a similar award was introduced at a much higher profile venue - the annual Financial Management Awards held in November 2003 by CIMA-UK, the CIMA Sri Lanka division's parent organisation based in the U.K. However, an element, which is not indicative of its UK counterpart, which was added, is awards in 3 categories so as to create level playing fields where similar companies (small, medium and large) can compete with each other for an annual award. When CIMA - UK presented this award - the first of its kind - to the Royal Bank of Scotland's manufacturing finance division, it was for their spectacularly accomplished work on one of the U.K's largest acquisitions of 2002 - the Royal Bank of Scotland's takeover of NatWest. Royal Bank of Scotland was selected because of their thoroughness and ability which allowed them to substantially improve their institution and caused significant cost savings in technology integration while ensuring that the quality and integrity of customer and reporting systems were maintained throughout, at high levels. Further to the Royal Bank of Scotland's triumph, there was also a meritorious commendation awarded to Unilever for their finance team's work in 2002. The thinking behind the award was the need to adequately recognise the accomplishments of finance teams in today's world. In fact, just as in the west, teams play an important, often thankless, role in Sri Lanka. The creation of best practices motivators such as these are hoped to counteract negative perceptions, both in the U.K and in Sri Lanka, which associate inadequate financial controls with the recent spate of large multinationals failing. According to Bertal Pinto Jayawardane, Chairman of the CIMA Janashakthi Pinnacle Awards organising committee, financial teams play a vital part in any company: "They are the central cog which facilitates success and holds everything together in any successful business", he said, "A well run professionally focused finance team works with team spirit and commitment towards influencing an corporation to deliver results to its maximum potential", he added. Pinto Jayawardane also went on to say that a modern finance team is a business partner that works closely with all other functions of an organisation to ensure that the company drives forward at a pace and adds value to its success by being the catalyst for implementing change, spurring on performance through well-focused Management Information Systems and ensuring 'best practices' in terms of corporate governance and risk management." He also provided several examples of recent global failures and outlined the cause-effect chain which could be attributed to the finance departments' inability to fulfill the modern role expected from a finance team. It is in this context that CIMA has now come forward to recognise and reward finance teams that have added value consistently and have contributed in their organisations' successes. Many committee members commented on how the role of finance teams has evolved significantly over the years - from their initial involvement as groups performing focused tasks to their current in solving an array of problems in a multifunctional setting. Today finance teams have progressed in terms of their task dynamics and incorporated concepts such as business synergy, creative problem solving, etc. where the potential for multitasking exists that is adaptable in varied environments. According to the committee, many in the industry believe that finance teams are often the unsung heroes in most organisations. This award is being given as a chance for those who have performed commendably to get the recognition that is appropriate to their effort. The Chartered Institute of Management Accountants (CIMA) was founded in 1919. At the time, the world of business found traditional accounting methods to be ineffective in providing the depth and scope of information required to manage the typical modern business. This became the reason for CIMA's birth. CIMA's core activities lie in evolving highly effective Business, Information and Finance strategies. The institute seeks to qualify students, support its members and enhance the knowledge of the business community at large. CIMA today represents over 78,000 registered students, over 61,000 members in 156 countries world-wide. CIMA Sri Lanka division began its life as the Ceylon Association of the Institute of Cost Accountants UK, in the year 1965. Subsequently, in 1973, it was made a branch of the UK body and in 1988 was elevated to the status of a division. During the recent years, the profession of Management Accountancy has grown both quantitatively and qualitatively. |
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