The Small Countries Financial Management Centre
(SCFMC) was established as a charity (company limited by guarantee)
in the Isle of Man in June 2009. Its purpose is to contribute to
the growth and prosperity of small countries through capacity
building in the government financial
The SCFMC achieves this through the provision of targeted
executive education programmes conducted by practitioners and
academics to provide improved skills, deeper understanding and best
practice around financial regulation, risk management, and broader
management of government financial activities.
The Centre was established through a generous financial
commitment from the government of the Isle of Man. This funding
enabled it to develop and implement two-week core programmes in
2009 and 2016, which benefited a total of 193 officials from small
countries. The World Bank and the Commonwealth Secretariat were
both key partners in the establishment of the Centre and have also
contributed funding to its initial annual programmes.
The governance of the Centre is based on multilateral
principles. The chairman of the Board of Directors (currently
a former senior official of HM Treasury) is independent of any
official body or government. Developing small countries are
represented on the board by past participants from earlier annual
programmes elected by fellow alumni, with one each from the
Caribbean (St Vincent and the Grenadines), the Pacific (Vanuatu),
and from Africa and the rest of the world (Botswana). The chairman
of the Small States Network for Economic Development (currently
from Samoa) also serves ex officio on the board. Donor
countries and organisations are represented by an official from the
Isle of Man Treasury and by an official of the World Bank.
Additional seats on the board remain available for other donors as
further resources are mobilized. The past Executive Director, a
former senior World Bank official, is also a member of the Board.
The Chairman and Directors all contribute their services
The Isle of Man government provides further in-kind support,
notably through the provision of the facilities of the Isle of Man
The financial management of the Centre is provided pro bono by
KPMG LLC, the global accounting firm, and
administrative support for programme planning and implementation is
provided by PDMS
Ltd, the leading business systems company.
In addition to its close working relationship with the World Bank
and the Commonwealth Secretariat, the
Centre is indebted to a number of international bodies and
governments, which have provided advice and guidance on the
priorities for the content of the annual Small Countries Financial
Management Programme. The Programme Director, who has led the
design and implantation of the curriculum, is an Associate Fellow
of the Saïd Business School (SBS) at the University of Oxford.
Several other members of the SCFMP faculty teach at SBS or in
other entities at the University of Oxford.
The first week of the annual core programme is held in the Isle
of Man and second in Oxford. The faculty represents a blend of
leading academics and practitioners.
Plans are underway to expand the scope of the SCFMC's work
through annual short implementation workshops in the Caribbean,
Africa/Indian Ocean, and the Pacific, to which participants from
the core programme can return six, 18, and 30 months after they
have been in the Isle of Man and Oxford. The workshops will
be designed to give continued guidance and the further sharing of
experiences on the new approaches to their work engendered during
the original programme to ensure that the lessons from the
programme are embedded and sustained. These planned workshops will
also facilitate the inclusion of a geographic dimension by drawing
on specialized regional expertise.
The Centre also facilitates networking and sharing of best
practice among officials who have participated in its programmes
and, in the future, it plans to commission research and disseminate
knowledge products on small countries financial management and
The Centre is located at the Nunnery, an historic building on
the outskirts of Douglas and now part of the Isle of Man
College. The peaceful surroundings of the Nunnery are
ideally suited to executive education. In addition, the Centre is
fortunate to be able to use the exceptional facilities at the Fort
Anne for part of the Programme.
Find out which small countries have previously participated in the SCFMC programme.