About the workshop
Financial models provide leaders in the Public Sector with the insight needed to inform major strategic decisions. It is crucial for finance professionals to create accurate models based on relevant data to provide leaders with the metrics needed to drive organisational direction. However, without the correct resources and information, it can be difficult to build an accurate and outcome driven financial model. To access the funding and data needed for a successful financial model, finance professionals must actively engage with internal stakeholders throughout the modelling process.
In the turbulent environment of the Public Sector, budget changes and staff restructures are inevitable and often interfere with financial modelling. To adapt to changing variables, it is imperative that finance professionals are equipped with the skills to accommodate uncertain parameters in their financial models. Through the use of software and organisational skills, finance professionals can keep complex models user friendly and visually appealing to meet the needs of senior management and internal stakeholders.
This workshop is designed to equip you with the practical tools and skills to create a clear and comprehensive model that can be easily interpreted and manipulated. You will rapidly enhance the hard and soft skill sets to create a precise and informed financial model whilst working in an uncertain and political environment.
This workshop will be delivered using a blend of theory and practical interactive approaches:
1. Technical overview and review of research into financial models in the public sector
2. Practically building a financial model using laptops*
3. Discussions of soft skills, implementation challenges and outcomes
*Delegates are requested to bring their own laptop to the workshop if this is not possible please let us know.
- The role of financial modelling in a Government context
- Understand your stakeholders, services, people, resources and outcome needs
- Determine resource and service delivery consumable costs
- Explore financial impacts of new frameworks, digital transformation and shared service trends
Design your model to meet organisational expectations and deliver value
- Establish model dimensions, define fixed and variable parameters
- Case-by-case benchmarking to ensure best practice outcomes
- Ensure the right assumptions are made - Are they realistic? Do they reflect what is really happening?
- Set clear standards for models to maintain modelling quality and consistency
Data sourcing, analysis and dealing with large datasets
- What is the differences or similarities between analytics and modelling
- Overview of challenges with accessing robust and consistent data from a range of sources
- Incorporate innovative types of qualitative and quantitative data to broaden analysis
- Extract relevant information, identify cost drivers and conduct unit cost analysis
Financial modelling with uncertain and emerging variables
- The cornerstones of a flexible model, managing variable uncertainty
- Incorporate sensitivity analysis to mitigate risk and increase accuracy
- Apply controls to ensure models are achievable and produce robust financials
- Common pitfalls of complex financial models and tools to overcome them
Technical skills think-tank: Advanced financial modelling tools and functions
- Shortcuts to increase efficiency when building a robust, thorough financial model
- Review aggregate functions to simplify complicated and conditional calculations
- Speed up variable calculations with relative, absolute and mixed referencing
- Techniques and tools to measure model effectiveness through evaluative methods
- Methods to conduct thorough pilot testing to scrutinise a financial model
- Ensure financial models integrate properly
- Understand the importance of best practice model documentation and specification to benefit multiple users
Translate modelling into effective management action plans
- Help your organisation to identify savings targets, add value and develop savings or revenue plans
- Clarity on how to use models to plan for long-term viability, and understand systems and processes to facilitate change
- Ensure action plans in place to achieve savings or increased revenue targets
- Effective articulation and presentation of complex ideas that achieve stakeholder expectations
Developing the model for finance and non-finance employees
- Explore information presentation tools
- Assist operational management to understand the financial ramifications of their service
- Ensure model can be understood, maintained, and updated without reliance on subject matter expertise
- Ensure technical changes can be made to model with rebuilding
Soft skills think-tank: Essential soft skills to support best practice financial modelling
- Routinely consult with management to embed senior-level engagement and awareness
- Liaise with business and faculty teams to understand needs and inform decision making
- Practical exercise - Use a model to present with influence and make better decisions collaboratively
To make sure you get the learning solution that’s right for you, we offer different levels of tailoring to suit your needs. Choose from three levels of customisation:
1.Off the Shelf
Love what you see? Great! Choose this option to take one of our most popular courses and bring it in-house for your team. Includes a pre-course consult session with our facilitator to make sure we hit the mark, and deliver the right learning experience for you.
Make sure you get the most from the course you choose, by tailoring the content to get the right fit for you. Speak to our team, who will work with you to pick and mix from a curated bank of training modules to help customise your learning experience.
Not on the list? Let us know what you’re looking for and we will find the right solution. Our team of learning specialists will work with you to develop a unique training course for your business. Through an in-depth consultation process, we will work with you to profile your learning needs and build a bespoke program from the ground up.
Speak with one of our team today to find which option is right for you.