Finance function relationship
Finance function relationship

The following In-house Advisor practice note provides comprehensive and up to date legal information covering:

  • Finance function relationship
  • Key elements
  • The finance perspective from Robert Mowbray
  • The need for a business plan
  • Accounting and cost visibility
  • Budget
  • Management information

Key elements

  1. Regular exchange on issues of common interest

    1. relationships with other parts of the organisation

    2. challenges faced by the organisation

    3. stakeholder management

    4. compliance risks

  2. Consensus on legal department business plan

    1. getting buy in (or understanding resistance) from Finance before the budget process

    2. getting support for resource allocations and coherent use by the business

    3. getting support for legal awareness raising

  3. Legal support for Finance

    1. formalities and filings

    2. funding commitments

  4. Financial training for the legal team

    1. accounting treatment of deals done and exposures

    2. analysis for decision making

    3. financial implications of project acceleration or delay

As in the case of HR, see Practice Note: HR function relationship management.

There are three strands to the relationship—your roles as manager, as a peer and as a service provider.

See Practice Notes: Gaining influence within your organisation,

Working well with other functions on regulatory compliance,

Getting buy-in for coherent use of the legal team and

Measuring and reporting performance of the legal team.

The finance perspective from Robert Mowbray

The need for a business plan

All parts of a business should prepare a business plan. The business plan produced by the legal department will outline what the department will be doing over the next 3-5 years to add real value to the business. Without a business plan it will be difficult for the department to take the necessary steps to develop the capabilities of the department as

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