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Financial and risk management

About financial and risk management

Our teams are uniquely placed to comment on how well public finances are managed and governed, and our experience covers a broad range of essential business skills and disciplines.

Given the scale of government spending, and the unique challenges government faces, it is essential that good practice is shared.

Our knowledge and insights can help government:

  • monitor and control planned expenditure;
  • identify links between resources, outputs and outcomes to understand and improve value for money;
  • manage risk effectively, to support innovation and mitigate service failure;
  • improve processes for managing fraud and errors;
  • ensure complex decisions are underpinned by robust financial analysis; and
  • be transparent and accountable

The reports and guidance on this page contain analysis, case studies and advice for government to deliver better financial and risk management.


Climate change risk: A good practice guide for Audit and Risk Assurance Committees

This guide will help ARACs recognise how climate change risks could manifest themselves and support them in challenging senior management

Good practice in annual reporting

This interactive guide sets out good practice principles for annual reporting with examples from public sector organisations


Fraud and error: good practice guidance

The guidance draws together our insights showing how more can be done to counter an increased risk of fraud and error

Bundles of £20 pound notes

Tackling the tax gap

This report examines the effectiveness of HMRC’s approach, in partnership with HM Treasury, in reducing the tax gap.

More publications →

Opinion and comment

Climate Change risk: Are We Doing Enough, Fast Enough?

Read our blog about the potential risks from climate change and what ARACs can do

Achieving excellence in Public Sector reporting

We’ve developed a set of principles and examples outlining good practice in Annual Reporting

Infographic: £850 billion: approximate annual UK government spend on public services, social security payments and major capital projects

Our experts

Mfon Akpan

Mfon leads our Financial and Risk Management Hub. She is a Big Four trained multi-disciplinary Risk, Assurance and Governance professional with over two decades of cross-border leadership experience across the financial services industry and beyond.

Mfon has held roles at a number of blue-chip institutions, including the World Bank Group as a Risk Management Specialist, Standard Bank Group where she was the Chief Risk Officer and Regional Head of Risk for its operations in Nigeria and across West Africa, respectively, and Barclays Group Plc where she was an Audit Director.

Mfon is a Sloan Fellow from the London Business School, a Fellow Chartered Accountant (FCA), a Certified Risk Manager (CRM) and a British Chevening Scholar.

Follow Mfon on LinkedIn.

Claire Rollo

Claire has led our audits of fraud and error in benefit expenditure since 2015. She uses insight from this work to help departments and other bodies respond to specific fraud and error challenges, sharing best practice with colleagues across the NAO and government to reduce losses from fraud and error.

Steven Corbishley

Steven’s work focuses on improving financial transparency. Working across a number of government departments, he has promoted the use of Annual Reports and Accounts as mechanisms for holding bodies to account. For example, as our first Director auditing the Whole of Government Accounts, his commentary provided unique insights into the UK’s public sector balance sheet.

Steven is on the judging panel for the annual Building Public Trust Awards, making recommendations on which public sector annual reports are ‘best in class’.