This technical paper has been prepared in response to the request in decision 15/CP.27 paragraph 6, and the terms of reference for the second review of the functions of the Standing Committee on Finance contained in the annex to that decision, which was affirmed by decision 15/CMA.4. The paper takes into account the relevant deliberations and conclusions of the Subsidiary Body for Implementation at its fifty-eighth session. It highlights how the Standing Committee on Finance has addressed recommendations from the first review while dealing with a significant increase in the volume of work and challenges delivering products well in advance of sessions of the Conference of the Parties. The paper also highlights the efforts of the Standing Committee on Finance to improve its work in various areas, including stakeholder engagement, user-friendliness and dissemination of products and gender-responsiveness in implementing its workplan.