accordgroup.org.uk /value-for-money
Theme
Increase
transparency in
reporting VFM
Objective: What has
Accord committed to?
Implementation:
What has been delivered?
Prepare an annual fully compliant
Value for Money Self-Assessment
Statement in accordance with
regulatory requirements.
n The Group continues to prepare an annual VFM selfassessment statement which meets the requirements of
the regulatory standards
n The Group’s VFM self-assessment statement has been
externally validated and is made available on the Group’s
website
n The Group’s Board of Management receives assurance
based Value for Money reports
n There is a clear line of sight with the objectives of the
Group Business Plan and the Group VFM strategy
n The Group’s leadership and management teams are fully
conversant with the significance of ensuring Value for
Money services are delivered, captured and reported
n Membership of Accord’s VFM working group is formed
of senior management from across the group to ensure a
VFM culture is embedded on a top down basis
n Each of the Group’s departments, teams and major
functions have prepared a value for money action plan.
These have been peer reviewed by senior management
to ensure the actions and deliverables are sufficiently
challenging.
n The Board approved VFM strategy is supported by an action
plan with 27 strategic initiatives, actions and outcomes.
Demonstrate to stakeholders how
we are delivering against Business
Plan objectives
Incorporate VFM in all PDR
performance appraisal
documentation – VFM objectives
relevant to each role are set.
Each department within the Group
to have a local VFM action plan with
measurable outcomes.
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Accord Group