We have significant experience in the public sector. Our work provides public sector bodies with effective governance over their financial resources, providing:
This approach to information analysis provides public sector bodies the ability to make informed decisions.
Self Insurance Fund Evaluations
All public sector organisations that retain risk must ensure they have the finance to pay for their liabilities when they fall due and have made appropriate provisions in their accounts. It is imperative that public sector organisations fully understand the value and timings of these retained risks – retained either through policy deductibles or self insurance.
The assessment of claims due assists the public sector body in determining if its funds are sufficient to meet its financial obligations, if a financial injection is required and if so, the amount.
Increasingly, best practice, governance and governmental procurement demands that the public sector address the issue of value for money and whether current arrangements reflect this.
Our Partners have substantial experience in reviewing all types and sizes of local authorities, police and fire authorities. Our fully independent Risk and Insurance Review has been developed to provide the answers through robust analysis and tailored reporting.
Municipal Mutual Insurance Exposure Analysis
Many public sector organisations are exposed to a potential levy from the MMI due to receipts since 30 September 1993. Lumos can help organisations identify the level of their exposure to the levy and the potential liabilities.
Capital Investments
Public sector bodies undertake substantial capital investment and change programmes. The business cases for these investments (for example health and safety programmes) are often qualitative with little or minimal assessment of the financial benefits to justify the capital investment. In the cases where a financial return is assessed (for example infrastructure), these projects may complete with time and cost far exceeding the initial budget. Our capital investment modelling strengthens the project review process and ensures that resources are allocated only to projects that demonstrably maximise value.
An example of this type of exercise being undertaken successfully:
Our Partners helped a hospital groups’ submission for infrastructure funds by modelling the risks it anticipated facing during its build. The exercise identified the impact of the risks specific to the net resent value of the capital project, its internal rate of return and cash-flow implications. This assisted the client in understanding the expected and likely range of financial outcomes of the infrastructure project and with this information at hand they were able to map the likely stress points and then draw-up a plan to mitigate these risks.
Procurement and Bid Facilitation
Our consultants are experienced in responding to public sector Expressions of Interest and Invitations to Tender. They are adept with the intricacies of the processes and have successfully managed many central government bids from time and information planning to devising competitive delivery strategies as well as ensuring the bids tell a compelling sales story.
Additionally The Lumos Partnership can provide expertise in planning and drafting tender specifications.