A federal agency commissioned a strategic review of an Indigenous Prescribed Body Corporation (PBC) to address financial irregularities involving grant funds. With a need for enhanced financial governance and accountability, the agency sought a solution that would restore stakeholder confidence while ensuring sustainable financial management for the PBC.

Challenge

The PBC faced significant financial governance issues, including weak oversight of grant expenditures, a lack of clear financial controls, and stakeholder concerns about transparency. These challenges created tension between the PBC’s board, auditors, external accountants, and the broader community. The sensitive nature of the issues required an approach that balanced compliance with cultural considerations and community trust.

Solution

Through an inclusive and culturally respectful process, I engaged with a diverse group of stakeholders, including board members, auditors, and community representatives. I facilitated workshops to identify key concerns and collaboratively designed practical solutions that would reinforce financial accountability. Key initiatives included: • Strengthening financial processes and controls to improve oversight. • Imposing spending caps to prevent misallocation of grant funds. • Establishing an independent investment fund to ensure long-term financial sustainability. Using clear and culturally appropriate communication, I articulated the long-term benefits of these reforms and built consensus among stakeholders.

Outcome

The proposed recommendations were fully accepted by the PBC’s board, the federal agency, and the community membership. The strategic reforms: • Enhanced financial transparency and governance within the PBC. • Improved stakeholder trust and confidence in financial management. • Created a sustainable investment structure that supports the PBC’s future growth. By fostering collaboration and applying a culturally informed approach, I ensured that the changes were embraced and implemented effectively, positioning the PBC for long-term success.