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Job

Description

Job Summary

Job Title: Chief Finance Officer

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Division / Directorate: Finance Directorate

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Band: Director

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Responsible to: Chief Executive Officer

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Accountable to: Chief Executive Officer

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Type of Contract: Permanent 

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Hours per week: Full Time

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Location: Trust Headquarters

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Budgetary responsibility: Finance Director; Trust-wide

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Manages: Finance Team, Commercial Development, Contracting, Procurement, Performance and Information (Estates)

Scope of the role

The Chief Finance Officer is responsible for all financial aspects of the Trust, both operational    and strategic including ensuring effective financial management and financial control, and for the performance of operational finances. The Chief Finance Officer will build close relationships with the Trust’s commissioning bodies both health and social care.

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The Chief Finance Officer oversees the Trust’s day to day finances and cash flow and works with senior staff to ensure the long term sustainability of the Trust’s activities and services, securing financial performance improvements right across the organisation, as well as identifying and driving commercial opportunities to maximise the Trust’s future development. The Chief Finance Officer is responsible for the ongoing financial monitoring returns/exception reporting as required.  In addition the role will require working with the QTS subsidiary within CNWL to produce the consolidated set of annual accounts for the Group.

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CNWL operates across three Sustainability Transformation Partnership (STP) areas and requires the CFO to be fully engaged in developing strong collaborative working.  Building relationships with key STP stakeholders is a key part of the CFO role to help shape the success of the Trust.

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As a member of the Trust Board of Directors, the Chief Finance Officer shares corporate responsibility with other directors, for the quality of services provided and the financial well-being of the Trust. All Trust Board members have a responsibility for patient safety, quality, productivity and financial management.

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The CFO will be key in promoting and delivering a diverse and inclusive workforce in all areas of the Trust.

Key Working Relationships

Internal:

  • Executive Directors

  • Non-Executive Directors

  • Direct reports and their teams

  • Managing Directors/Divisional Management Teams

  • Divisional Medical Directors

  • Divisional Nursing Directors

  • Associate Directors of Finance, Performance and Contracts (for Divisions)

  • Council  of Governors

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External:

  • NHSI/E

  • Internal and External Auditors

  • Counter Fraud

  • Commissioners (both Health and Local Authority)

  • Key suppliers

  • HFMA

  • Other Trust’s CFOs

  • STP colleagues

Corporate Responsibilities

  • Development of strategies for the provision of appropriately staffed high quality clinical services within available resources.

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  • Development of new, innovative models of care to constantly improve the safety, effectiveness and efficiency of care provided to patients at CNWL.

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  • Promotion of the Trust’s activities

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  • Sharing a corporate responsibility for policy and decision making, ensuring high standards of clinical and corporate governance and personal conduct in all staff.

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  • Leading the development of best practice in recognising and meeting the need of patients and staff.

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  • Acting as an ambassador for the Trust, developing a strong brand for CNWL and promoting the Trust to commissioners, service users and carers, the public, media and politicians.

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  • Participating fully in the overall management of the Trust, playing a full and active role in the Trust Board.

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  • Working with other Directors to ensure that the Trust meets all of its corporate responsibilities including finance, contracts, waiting times, corporate and clinical governance and health and safety.

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  • Ensuring that all activity and service objectives are effectively met in compliance with Trust Standing Orders and SFIs, scheme of delegated authority and employment legislation.

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  • Participating in the Directors on-call rota

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  • Undertaking relevant tasks outside normal responsibilities on behalf of the Chief Executive.

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  • Acting as a champion for equality and diversity, both as an employer and provider of service.

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  • Contribute to the maintenance of constructive and fruitful working relationships with all members of the health community to foster a strong culture of partnership working.

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  • Represent the Trust at local, regional and national stakeholder groups.

Strategy & Performance

  • Advise the Chief Executive, the members of the Trust and Divisional Boards, the Audit Committee and Council of Governors on all aspects of: Financial strategy, financial management, financial reporting and compliance with the applicable financial monitoring requirements

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  • PR/communications on aspects of finance issues;

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  • Financial and commercial risks and opportunities

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  • Financial systems (including payroll, procurement processes)

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  • Investment appraisal

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  • Cash flow and working capital management; raising of debt and other finance; covenant compliance; 

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  • Provide strategic leadership for finance across the organisation and help strengthen the finance function’s contribution to the Trust’s activities;

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  • Provide comprehensive financial services to the Trust including production of budget proposals, maintenance of effective budgetary control  systems, the provision  of accurate and timely information/advice and compilation of monthly management returns and end go year accounts for statutory and/or regulatory purposes;

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  • Participate fully in the leadership of the Trust reinforcing a climate of change to improve organisational efficiency and productivity.

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  • Work closely with the Chief Executive and the Board to develop and implement the strategy for the Trust.

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  • Contribute to the development and interpretation of NHS economic and financial policies and their impact on the Trust.

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  • To work with the clinical units and corporate directorates to drive improvements in productivity and efficiency to meet the annual improvement targets and deliver a financially sustainable position.

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  • Appraise current and forecast outcomes of operational strategies; apply rigorous generally accepted commercial disciplines and techniques in assessing viability of business cases.

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  • Effectively manage financial agreements between the Trust and its commissioners, suppliers and other stakeholders to ensure appropriate recovery of costs.

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  • Ensure that the Trust complies with all statutory financial and other requirements (e.g. VAT and Inland Revenue)

Governance

  • Oversee all financial systems and internal controls,  policies  and  procedures  and  ensure contemporary best practice including the development and modification of accounting systems when required;

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  • Develop and implement an effective financial risk management strategy for the protection of the Trust’s assess and to mitigate financial risks. This will include:

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  • Ensuring that the Trust’s financing profile is cost effective and long and short term requirements are properly matched;

    • Maintaining stringent liquidity;

    • Maintaining a cost effective insurance program;

    • Maintain, raise awareness of and monitor compliance with the Trust’s Standing Financial Instructions. Provide effective management and control so that the Trust meets its financial targets and achieves its statutory financial duties.

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  • Provide the financial framework and guidelines for the Trust’s annual plans ensuring consistency with long-term strategy and objectives

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  • Interpret and understand historic and prospective financial performance data so as to identify trends and area of concern and report on financial performance to the Board and stakeholders and regulators as appropriate.

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  • Ensure that the Trust continues to implement national policies relating to finance, in a way which maximises the financial benefit and stability of the organisation.

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  • Ensure with the Trust Secretary that proper systems of governance are in place in line with best practice and to ensure the Audit Committee is fully engaged with maintaining such systems

Infra-structure Support Services

​(Estates, Procurement, Contracting, Commercial Development, Information and Performance)

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  • Ensure that the services provided to the clinical services are appropriate and are value for money, with focus on internal and external quality measures such as benchmarking data

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  • To develop strategies to support the reduction in cost of infra-structure support services whilst maintaining the quality and safety of those services

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  • Ensure effective engagement and management of outsourced services

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  • To ensure that the Trust maintains legally compliant services

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  • Ensure that the services are professionally run and support the Trust in meeting its objectives

Clinical Contracting

  • Ensure that the Trust has a support function to enable it to manage its contracts in an appropriate way that maximises the income and minimises the risks around the contracts

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  • To play a role in formulating national policy around NHS Standard and Public Health contracts

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  • Either directly or through legal advice ensure that any partnerships or other legal structures for supporting the delivery of care are properly established and that appropriate advice has been given in advance of the risks and benefits of such arrangements.

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  • To pursue international opportunities through Healthcare UK.

Leadership & Human Resources

  • Ensure that the Trust has a support function to enable it to manage its contracts in an appropriate way that maximises the income and minimises the risks around the contracts

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  • To play a role in formulating national policy around NHS Standard and Public Health contracts

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  • Either directly or through legal advice ensure that any partnerships or other legal structures for supporting the delivery of care are properly established and that appropriate advice has been given in advance of the risks and benefits of such arrangements.

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  • To pursue international opportunities through Healthcare UK.

Communication, Partnership & Working Relationships

  • Maintain relationships with external professional advisers including but not limited to the Trust’s advisers, bankers and other providers of finance, insurance providers and as appropriate the Trust’s lawyers and management consultants.

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  • Develop and nurture relationships with commissioners and be perceived as a partner who is striving to enhance the patient experience.

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  • Manage relationships with internal and external audit functions and, play a leading role in liaison with any regulatory bodies.

Person Specification

Key

CV = Curriculum Vitae, A = Assessment, Ap = Application, I = Interview

Qualifications

Essential:

  • Qualified Accountant (CV, Ap)

  • Educated to degree level (CV, Ap)

  • Evidence of continuing professional development (CV, Ap)

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Desirable:

  • Master’s Degree or Equivalent (CV, Ap)

Experience

Essential:

  • Currently operating at Board level or below in complex health and social care organisation NHS Trust (CV, Ap)

  • Experience of successfully leading and managing a diverse team (I)

  • Proven project management skills, with evidence of delivering large scale projects (I)

  • Demonstrable experience of leading and effectively managing change in large complex environments (I)

  • Experience of large scale budget and manpower management (I)

  • Experience of delivering a stepped change in service delivery /culture shift (I)

  • Experience in managing challenging financial situations including turnaround (CV, Ap, I)

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Desirable:

  • Significant experience in NHS (I)

  • Prior experience of working in a Foundation Trust or private sector (CV, Ap)

Knowledge

Essential:

  • Detailed knowledge and understanding of current financial issues impacting the NHS (I)

  • Good understanding of Health Care Commission Standards and Monitor Governance arrangements (I)

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Desirable:

  • Good understanding of working approaches which improve quality whilst also enabling cost improvements to be achieved (I)

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Skills

Essential:

  • Excellent leadership skills

  • Good communications with the ability to influence at all levels

  • Excellent analytical skills

  • Team Player

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