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Governance and public sector management

Ensuring Consistent, Robust, and Timely Project Data for ADB

  • Project Name: Financial Management Information Dashboard
  • Region/Country: Southeast Asia/Philippines
  • Sector and Themes: Governance and public sector management
  • Year: 2019
  • Project Leaders: Sevil Maharramova
Ensuring Consistent, Robust, and Timely Project Data for ADB
ADB staff exploring the new Financial Management Information Dashboard.

I am very impressed. You just saved us money, time, and effort.

—Jesper Petersen, advisor and head, Portfolio, Results, Safeguards, and Gender Unit, Central and West Asia Department, ADB

Development challenge

A 2018 review of ADB’s financial management found that available financial management data was limited and inconsistent, making it difficult to perform robust analysis. There was a lack of effective tools to monitor and report on projects and portfolio financial management performance. The various manual tools that existed within ADB operations departments used inconsistent assumptions and data definitions. These issues adversely impacted management decisions on how to improve ADB project processing and implementation and strengthen systems and institutions in its DMCs.

Solution

A team from ADB’s Procurement, Portfolio, and Financial Management Department (PPFD) and the IT Department developed the Financial Management Information Dashboard (FMiD), a real-time monitoring and reporting solution on financial management compliance and performance for ADB management and staff. FMiD modernized business processes for providing relevant data and analytics. It also provided timely and relevant analytics to support the strengthening of governance and institutional capacity of DMCs.

Knowledge products and services delivered

FMiD provides relevant and consistent real-time data on a project’s financial management performance, as well as analytics on DMCs’ public financial management systems. The tool is accessible to all staff and ensures that there is “one source of truth” when analyzing and reporting financial management data. FMiD was introduced to users through technical briefings and workshops, and via an online tutorial explaining key functionalities and reports available through it.

Impact and results

FMiD was successfully launched in the first quarter of 2020. As of 31 December 2020, FMiD ranked fourth by number of users among existing ADB dashboards, with 178 users and 1,901 total views during its first year of operation. FMiD was used for presentation performance ratings and compliance for the second and fourth quarters of 2020 Operations Review Meeting reports, and for the monitoring of the ADB Corporate Results Framework indicator in the Development Effectiveness Review.

ADB Director General for Information Technology Department Shirin Hamid
Director General for Information Technology Department Shirin Hamid explained how the Financial Management Information Dashboard provides “live” data on the financial management performance of a project.

Lessons for Replication

System enhancements introduced made financial management data readily available from eOps, the integrated system that manages ADB’s project-related information and documents. Thus, financial management monitoring and reporting of compliance with loan covenants and agreements can easily be performed. FMiD is designed as a dynamic reporting tool, and PPFD will continue to incorporate more reports and analytics depending on the needs of ADB’s operations departments and data available in eOps. The project also highlights the importance and strength of interdepartmental collaboration and the “One ADB” approach, building on seamless and effective cooperation between PPFD and IT department teams.

ADB Director General Risa Teng
ADB Director General for Information Technology Department Shirin Hamid explained how the Financial Management Information Dashboard provides “live” data on the financial management performance of a project.

We appreciate that FMiD was developed in close collaboration with those who are dealing with data in the Information Technology Department and they have ensured the consistency of the definition and data sources with the ADB Data Dictionary.

—Ayumi Konishi, former special senior advisor to the president, Office of the President, ADB

Thank you for setting up the financial management portfolio analysis tool. It is helpful to monitor the status promptly and manage the projects efficiently.

—Sorin Chung, financial management specialist, Southeast Asia Department, Urban Development and Water Division, ADB
Hashtags:
#FinancialManagement #BusinessProcess #Innovation #Digitalization #Reporting #Analytics #Strategy2030 #Monitoring #Performance #DataAnalysis
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