The key to operationally managing organizations is in their systematization. When we speak of management systems, we refer essentially to the rational processes of management of a certain activity and the elements that come together in these processes to make them possible; elements that it is necessary to plan, organize, direct, control and evaluate adequately to achieve the proposed ends.
One of the essential activities in the management of organizations is the economic-financial one that responds to a fundamental premise: the economic-financial objectives of organizations are oriented to generate sufficient profitability and liquidity to guarantee their competitiveness, continuity and development.. Economic Management pursues the objective of profitability, and Financial Management that of liquidity, through control and mastery of the key variables that affect all areas of the organization.
In addition, Economic-Financial Management may be essential if it affects the structure of the sector in which the organization operates or its competitive advantages and, therefore, condition its strategy.
Economic-Financial Management in organizations is essential for the generation of value. Hence the importance of adequate Economic-Financial Management, that is, of its planning, organization, direction, control and evaluation.
These aspects more than justify the innovative effort made by AUREN for the design and preparation of the GEF 55001 EX: 2004 Standard General rules for the implementation of an Economic-Financial Management System (SGEF).
This Standard is a proposal for the systematization of Economic-Financial Management through the implementation and maintenance of a SGEF that brings together the set of policies, objectives and goals, procedures, tools for analysis, control and evaluation, supports for improvement, elements of identification and measurement of management processes and results, etc., that will support Economic-Financial Management.
This initiative aims to become an important guide for the organization, and especially for the Economic-Financial Management, by establishing the basic structure, scaffolding or skeleton on which the Economic-Financial Management must be supported. It is about taking advantage of all the steps taken by the organization so far to structure and systematize it properly, so that it facilitates the advance, development and continuous improvement of the Economic-Financial Management of the organization.
The implementation of the GEF 55001 Standard allows the organization to properly manage the activities of the organization aimed at determining its economic and financial objectives and the means to achieve them, establishing budgets for income and expenses and, therefore, for collections and payments, recording all transactions - explicit and implicit - that the economic-financial information is produced and facilitated punctually, truthfully and uniformly, always within the framework of satisfying the needs of its internal agents and border agents, and of the adaptation to the desired profitability and liquidity and environmental conditions; and all this within a framework of respect for the applicable legal regulations at all times.
The GEF 55001 Standard is designed by AUREN in a similar way to the generally accepted management assurance Standards such as ISO 9001, ISO 14001, OSHAS 18001, UNE 16602: 2002 EX, ISO / IEC 17799, SA 8000, GRH 27001… with those that keep singular parallels. Consequently, the GEF 55001 Standard can be part of the set of standards of an Integrated Management System of the organization.
Figure 1 represents the essential aspects of the GEF 55001 Economic-Financial Management Standard.
Broadly speaking, the content that describes the central aspects of this Standard can be summarized in the following compliance requirements:
1. Policy: The management must define an Economic-Financial Policy that declares the intentions and principles of the organization in relation to its behavior in matters of Economic-Financial Management, as a framework for action to establish its objectives and goals in terms of Economic-Financial Management.
2. Structure and Responsibilities: The mission, responsibilities, functions, tasks and hierarchical and functional relationships of the people who manage the SGEF must be defined. The responsibility of the management, the appointment of a representative of the management for the management system, as well as determining the responsibilities of the staff must be specified.
3. Planning: Objectives and goals of the SGEF must be defined, and economic-financial management programs must be established to achieve these objectives and goals. In addition, it must be based on a previous initial analysis that allows planning to determine what the organization will need in terms of Economic-Financial Management. All applicable legal requirements must also be identified.
4. Implementation: The organization must identify and document all its processes regarding Economic-Financial Management, taking as a reference the economic and financial cycles of the organization, following the requirements of the GEF 55001 Standard.
5. Control of Actions: The actions carried out in matters of Economic-Financial Management must be controlled effectively, through the establishment of measurements and supervision of the results, and the identification of non-conformities and the implementation of timely corrective and preventive actions.
6. System Evaluation: The necessary monitoring, measurement, analysis and improvement processes must be put into operation to ensure the conformity of the SGEF, and to continuously improve its effectiveness and efficiency. For this, the organization must periodically carry out internal audits and carry out management reviews.
7. Continuous Improvement: The effectiveness and efficiency of the SGEF must be continuously improved, by determining the scope and use of applicable Economic-Financial Management tools.
Figure 2 represents the continuous improvement cycle of the SGEF
Figure 2: Continuous Improvement Cycle
Once the implementation of the SGEF is completed, the certification of the system can be obtained, if the result of the Audit is compliant, by granting the Economic-Financial Management Mark.
The maintenance of the Certification must be subjected to periodic controls, in order to determine if the SGEF continues to function properly and complies with the requirements of the GEF 55001 Standard.
Other paintings
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Objectives of the implementation of an economic-financial management system according to the GEF 55001 EX: 2004 standard |
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Clarification |
It pursues the definition, delimitation and specification of the scope of the Economic-Financial Management within the organization |
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Simplification |
Like any normalization act, it is essentially an act of simplification of the economic-financial management processes |
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Communication |
It tries to establish and improve the channels of information and internal participation in the organization and consequently, to facilitate appropriate decision-making at the appropriate management levels |
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Effectiveness and efficiency |
Determines that the organization:
Follow economic-financial management procedures appropriate to your strategy and structure Obtain the economic and financial resources qualitatively and quantitatively necessary and at the appropriate cost Ensure the protection of the economic-financial assets and sources of financing of the organization Avoid duplication of tasks and the execution of useless work in terms of economic-financial management Avoid idleness and oversizing of the economic and financial resources of the organization Comply with legal regulations Have an adequate economic-financial management control system to measure, report and evaluate its effectiveness and efficiency |
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Integrability |
It provides a comprehensive vision of the economic-financial management process and as such, contributes to excellence in business management. |
The implementation phases of an SGEF according to the GEF 55001 Standard are represented in Figure 3.
Figure 3: SGEF Implementation Process
The SGEF standardized in accordance with the GEF 55001 Standard allows the organization, among other aspects:
Advantages of the implementation of the 55001 standard
- Support an adequate management of the economic-financial activity of the organization. Systematize said activity. Promote economic-financial management as a differential factor of competitiveness, with the corresponding gain in image and reputation. It seeks to guarantee the profitability and liquidity of the organization and with it its sustainability. Endorse the social responsibility of the organization in front of its interested agents. Help to plan, organize and control actions, strategic and operational, in the economic-financial sphere of the organization. Establish systematically, continuous and safe management of economic and financial resources, their improvement and safeguarding and the use of both internal and external opportunities for their improvement in the company. Allows System Certification
