Page 18 - Strive "Records Management"

9
B U S I N E S S R E C O R D M A N A G E M E N T

F I N A N C I A L M A N A G E M E N T

M A N A G E M E N T I N A C T I O N

Changing approaches to
Financial Management

R e c o r d m a n a g e r s n e e d t o s t a y
a b r e a s t o f c h a n g i n g t r e n d s i n
f i n a n c i a l m a n a g e m e n t . c h a n g e s t o
f i n a n c i a l m a n a g e m e n t p r o c e s s e s
w i l l i n e v i t a b l y a f f e c t t h e
i n f o r m a t i o n s y s t e m s n e e d e d t o

s u p p o r t t h e m a n d t h e r e c o r d s
g e n e r a t e d b y t h e m . e a c h c o u n t r y
w i l l h a v e d i f f e r e n t e x p e r i e n c e s
w i t h f i n a n c i a l m a n a g e m e n t , A s
t h e c o u n t r y ’ s o w n f i n a n c i a l
c i r c u m s t a n c e s a n d p o l i t i c a l a n d
c u l t u r a l f a c t o r s w i l l c r e a t e
d i f f e r e n t r e q u i r e m e n t s . T h e m o s t

s u c c e s s f u l s y s t e m s a r e t h o s e t h a t
THE VOLUME, SCOPE AND h a v e b e e n t a i l o r e d t o m e e t
COMPLEXITY OF FINANCIAL
RECORD s p e c i f i c c o u n t r y n e e d s .

Financial records are voluminous. The
records of financial transactions are one
of the largest categories of records
found in government.The benefit of
managing these records translates into
large savings in office space. Most of
these records need to be kept for
relatively short periods of time (often
only 6 or 7 years, depending upon the
relevant legislation), but during that
time they are vital for controlling fraud
and corruption. Records related to
financial policy are smaller in volume
compared to records of transactions,
but policy records are very important
for the process of developing and then
executing policies. These records can be
of considerable historical significance
and need to be identified by as having
archival value.

(Roper, 1999)