OneFinance Q&A - August 2022
August 31, 2022
Q. What is OneFinance, and what is its goal?
A. OneFinance is one of three strategic pillars in a multi-year Operations strategy that will improve our ability to help the University deliver its mission. Focused on funding Yale’s mission, simplifying and standardizing financial services to make life easier, and promoting a culture of financial integrity, insight, and stewardship of Yale resources. Executive Sponsors: Stephen Murphy, VP Finance & Chief Financial Officer, Armin Dontes, Deputy Dean, YSM Finance & Administration, and Shannon Smith, University Controller.
Q. How is OneFinance going to work? Will there be backfill? Is there a project plan and roles we can see (as career advancement opportunities)?
A. OneFinance will have resources (both staff and financial) associated with it to ensure that there is proper support to achieve its goals. Some individuals that are currently filling roles at the university will be asked to provide significant support over the multi-year program. In many cases, those individuals will be backfilled to continue the important and critical operational work that happens daily. We will post or communicate other positions that are available for staff and highlight them in our communications. As the project plan becomes clearer and we have a better understanding of the roles and resource needs, we will provide updates so staff is aware of both developmental opportunities, as well as roles being posted to the program. If you are interested in the program and how you might be able to participate, please talk to your manager.
Q. Is there anything outside of training happening to strengthen internal controls?
A. OneFinance will focus on strengthening internal controls in multiple ways. Training is certainly one of those ways, but far from the only way. There is a critical component of creating a culture that supports, encourages, and rewards strong internal controls. Another will be focusing on policies, procedures, and processes – both current and those that need to be changed or implemented – and determining how to train, provide tools and resources, manage, and measure the implementation of these policies, both at the time they are launched and on an ongoing basis.
Q. Will there be regular communications on the progress of OneFinance? From whom?
A. As the program progresses, more information, progress updates, actions required, and more will be shared. We will also have regular updates to the community and be supported by the OPMO and Internal Communications.
Q. How long do we expect the OneFinance formal program to last?
A. It will be a multi-year program.