Three new teams within the Vice Presidency for Finances
In 2017, the Vice Presidency for Finances created three new departments, in addition to the Accounting Service already in place. Each of these departments is now fully operational, helping to ensure the smooth running of the Vice Presidency for Finances – and EPFL as a whole.
The three new departments are Management Control; Planning, Budget and Treasury; and Internal Control and Risk Management. They supplement the work of the Accounting Service. This new structure was created in direct response to Senior Management’s desire to strengthen financial management and governance for all of the School’s administrative and academic staff.
The Management Control Department’s mission is to ensure that EPFL’s management bodies are provided with relevant and clear financial information in a timely manner, so that they can make informed decisions concerning all aspects of the School’s financial resources and monitor their impact. This department is also in charge of producing financial reports for donors on how their funds are used. In addition, it plays a key role in continuously improving management processes, procedures and tools, in close collaboration with all those involved in EPFL’s financial management, particularly the financial managers within the School’s other Vice Presidencies, schools, colleges and other entities.
Planning, Budget and Treasury
In addition to managing the overall budget process, the Planning, Budget and Treasury Department contributes to the School’s medium- and long-term strategic financial planning. It also manages day-to-day cash flows, plans future cash-flow needs and develops funding and investment strategies. In addition, it is tasked with analyzing, validating and coherently communicating key institutional data, particularly those needed for performance analyses and international academic rankings.
Internal Control and Risk Management
The Internal Control and Risk Management Department coordinates EPFL’s risk analysis and the monitoring and implementation of mitigation measures with a view to protecting everything that adds value to EPFL, including its human capital, reputation and facilities and its financial, tangible and intangible resources. This department is also responsible for monitoring the internal control system (ICS), which ensures that the School’s activities are in compliance with legal requirements. In addition, it coordinates the many internal and external audits of all EPFL-related entities. Finally, it manages the School’s insurance contracts and carries out internal control assignments. Bringing all of these responsibilities together in one department has helped to increase efficiency.