The CFO’s Office is committed to identifying and addressing Strategic Initiatives to improve financial management for the University community. We serve the University by facilitating forward-thinking collaborative partnerships between our stakeholders, both internal and external, to address common challenges and to pursue the opportunities that we identify.
Financial Management Support Initiative (FMSI)
In alignment with the Plan for Pitt Goal 6: Build Foundational Strength, the Provost and the Chief Financial Officer have created a University-wide initiative to leverage resources and expand the financial-knowledge base across all academic, research, and business units. The FMSI Working Group and support team are building a coordinated collaborative network of stakeholders that includes experts in the CFO’s and Provost’s Office and across the campus to identify and solve high-level, high-impact business, financial, and data issues.
FMSI Goals and objectives:
Goal: Build and support a financial management support network
- Build a collaborative network with stakeholders to identify and solve financial, data, and business issues.
- The Offices of the Provost and Chief Financial Officer will spearhead the University-wide initiative and partner with the Chancellor and Senior Vice Chancellor areas.
- Re-institute regular workshops/community forums and/or communications with stakeholders about financial and business developments.
Goal: Transform the finance framework
- Work with stakeholders to identify high-level, high-impact priorities that will strengthen the financial support of the academic, research, and business units.
- Standardize financial administrative processes to ensure data quality, design more efficient processes and procedures, and ensure consistent compliance with federal and state laws along with University financial guidelines through a culture of accountability.
- Strengthen internal controls.
- Work with stakeholders to develop meaningful financial metrics that will transform the financial reporting system to facilitate decision making.
Goal: Institutionalize the financial management support initiative and team
- Integrate the initiative and support team into the formalized CFO and University organizational structures.
- Institutionalize best practices, ongoing training, and an effective communications plan.
- Continue to establish, document, and share best practices.
- Determine ongoing support needed for stakeholders and senior administrators.
We will achieve our goals using the following approaches:
- Include stakeholders in making decisions that affect their business processes and systems.
- Solicit suggestions and ideas from business and academic units.
- Use a collaborative approach to problem solve.
- Embrace creativity and innovation as driving forces.
- Challenge the traditional ways of doing things.