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Business transformation 2014 - 2020

In the last six years, we have taken significant steps to reform the Company, including the thorough implementation under independent supervision of a comprehensive programme approved by the UK Government.

This programme required a significant amount of new and refreshed elements to be put in place, including rewriting our system of management control, as well as strengthening our bidding, contract management, internal audit and management assurance processes.

In so doing, we have made sure to drive our Values deep into our operations and decision-making. They challenge us constantly to strive for integrity, improvement, innovation and balance between stakeholder interests.

From 2019, we have been embedding the core elements of our transformation whilst launching new programmes of continuous improvement and working to mature our governance around an increasingly integrated ESG agenda.

Some of the key changes made since 2013 include:

Corporate governance and control

  • 100% new Board and Executive Management Team, Non-Executive Director presence on Board increased by 50% and new Committees of the Board created, including the Corporate Responsibility Committee.

  • New Corporate Responsibility Framework created and embedded.

  • Serco Management System (SMS) refreshed in full, including the definition of key controls and responsibilities.

  • Serco Code of Conduct refreshed in full and  now publicly accessible at codeofconduct.serco.com.

  • Serco ‘three lines of defence’ compliance assurance model refreshed in full, constituent elements at all levels upgraded and strengthened and new annual SMS self-assessment process introduced at Contract level.

Managed risk

  • New Enterprise Risk Management Function established, bringing together Insurance, Business Continuity, Compliance Assurance and Risk Management, and new Key Risk Indicator Dashboard introduced.

Living our Values, behaving with integrity and respecting human rights

  • New Serco Values adopted and embedded.

  • New Group Ethics & Compliance framework and strategy developed, new Ethics & Compliance Oversight Group established, supported by Divisional networks, and new real-time Ethics & Compliance dashboard of key indicators created.

  • New global ethics helpline and investigation process, ‘Speak Up’, implemented and new programme of mandatory ethics training introduced at all levels in all regions.

  • New third-party due diligence processes and tools implemented.

Quality service delivery

  • New system of Divisional Performance Reviews implemented, new monthly Contract performance dashboards developed and new Contract management tool implemented to drive best practice in managing contractual obligations.

Finance transformation

  • New Finance Function structure implemented, with all Divisional Finance Teams now reporting directly to the Group Chief Financial Officer.

  • New scope and intensity of financial reporting, review and forecasting, and associated governance and scrutiny at all levels.

  • New finance process model and data structures adopted and embedded globally.

  • Serco Group Finance Assurance Programme refreshed in full, with opportunities to strengthen and improve identified and implemented.