TORONTO, May 12, 2016 /CNW/ - Innovation and leadership were in the spotlight as Chartered Professional Accountants of Canada (CPA Canada) presented its annual Awards of Excellence in Public Sector Financial Management.
Two innovation awards were handed out last night at the Ottawa event with one going to the Canadian Nuclear Safety Commission (CNSC) for its new Financial Guarantee Program. Statistics Canada was the other winner with its Financial and Administrative Process Review and Automation team being honoured.
Susanne Robertson, CPA, CA, Chief Financial Officer of the Canadian Museum for Human Rights (CMHR), received the Financial Leadership (CFO) award.
"The awards are an affirmation that we have valued leaders and programs in the field of public sector financial management," says Joy Thomas, president and CEO, CPA Canada. "Raising awareness about outstanding innovation and leadership helps to strengthen the management of public finances in this country."
2016 Innovation award
The Innovation award honours ground-breaking work that has made a significant contribution to financial management within the Government of Canada.
The CNSC's Financial Guarantee Program requires all licensees for radiation devices, nuclear substances and Class II nuclear facilities to have sufficient funds to safely terminate activities in the event of a default (such as failure to comply to licence requirements or bankruptcy). Without the guarantee program, funding and coordinating decommissioning activities fell to the CNSC; financial exposure was pegged at $60 million.
When it became clear that complying with the new guarantee program was administratively and financially prohibitive for industry, CNSC aggressively explored innovative approaches to find a workable model and developed a financial instrument that is in effect a hybrid between traditional insurance policies and surety bonds.
Turning to the Statistics Canada team, it was recognized for an aggressive initiative that transformed the delivery of the agency's corporate services.
The project made delivery of financial and other corporate services more strategic and maintained operational support for programs at a reduced cost. The entire initiative was based on the principles of simplicity, reliability, responsiveness, accountability and efficiency.
2016 Financial Leadership (CFO) award
The Financial Leadership (CFO) award honours individuals who exhibit excellence and/or leadership in accounting, management and strategy within the Government of Canada.
Robertson's legacy at the CMHR is synonymous with effective financial management. She played a major role in the development of all aspects of the CMHR, the first new national museum created in over 40 years and the first to be built outside of Ottawa. The care and due diligence that Robertson exhibits on a day-to-day basis is credited with ensuring the museum's financial viability.
In its first full year of operations CMHR welcomed 400,000 visitors and has over 150 part and full-time employees and over 200 volunteers. It has already won 27 local, national and international awards for digital media, design accessibility, interactive exhibits, engineering and more. It was also named one of the top five "coolest new attractions in the world" by New York's Travel + Leisure magazine.
The annual Awards of Excellence in Public Sector Financial Management, for eight years now, have promoted and encouraged a commitment to quality, enhancement and leadership. The awards are the only national program in Canada to recognize outstanding financial management leaders and initiatives within the federal public service.
The Chartered Institute of Public Finance and Accountancy of the United Kingdom is the Platinum sponsor of the awards and was a founding partner in the program.
For more information on the awards and winners, visit: cpacanada.ca/PSFMawards
About CPA Canada
The new Canadian designation, Chartered Professional Accountant (CPA), is now used by Canada's accounting profession across the country. The profession's national body, Chartered Professional Accountants of Canada (CPA Canada), is one of the largest in the world with more than 200,000 members, both at home and abroad. The Canadian CPA was created with the unification of three legacy accounting designations (CA, CGA and CMA). CPAs are valued for their financial and tax expertise, strategic thinking, business insight, management skills and leadership. CPA Canada conducts research into current and emerging business issues and supports the setting of accounting, auditing and assurance standards for business, not-for-profit organizations and government. CPA Canada also issues guidance and thought leadership on a variety of technical matters, publishes professional literature and develops education and professional certification programs. cpacanada.ca
SOURCE CPA Canada
For further information: Tobin Lambie, Principal, Media, CPA Canada, T: 416-204-3228, C: 647-302-3761, [email protected]