Strong financial management of a change initiative’s budget and incurred costs is a key requirement for gaining sponsor and stakeholder approval and maintaining their ongoing confidence and support.
An organisation’s finance function should be at the heart of the financial governance of a portfolio, programme or project budget and it is key that there is engagement and support from this function through budgeting and re-forecasting cycles and any financial approval gates.
Financial risk and opportunity management should also report through financial governance, and this should also be a channel for any proposed changes that incur additional cost.
The refinement of costs as the lifecycle progresses and confidence levels for estimates improve should similarly be controlled through financial governance.
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