Assessor Resource

BSBFIM801
Manage financial resources

Assessment tool

Version 1.0
Issue Date: April 2024


This unit describes the skills and knowledge required to manage financial resources in a complex environment for a substantial business unit or organisation.

Leaders are typically required to forecast future financial resource needs, analyse current asset performance and capacity to a standard expected in a commercial environment, and to set business targets. There is a requirement to manage compliance mechanisms, to manage financial risk within agreed plans and mechanisms, and to monitor compliance with financial projections.

It applies to the management of financial resources relating to complex and diverse operations or projects and is an important aspect of work for managers or leaders.

It may relate equally to small-scale activities within a small to medium-sized organisation or a significant activity in a large organisation.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)


Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1 Forecast future financial resource needs

1.1 Establish and report on the capacity of existing financial systems

1.2 Forecast financial data and business system requirements

1.3 Analyse forecasted requirements

1.4 Prepare and plan budget forecasts according to organisational and statutory requirements

1.5 Prepare and present recommendations for budget expenditure or for modification of existing projections

2 Analyse current asset performance and capacity

2.1 Analyse the costs of, and returns from, assets and liabilities using standard accounting techniques to identify extent of debt and equity financing

2.2 Establish management responsibilities and legal requirements for reporting, in consultation with relevant organisational staff

2.3 Analyse and interpret financial reports and key information

2.4 Analyse and evaluate the effects of financial decisions on the ability of the organisation to meet planned outcomes

3 Set business targets and compliance mechanisms

3.1 Collect comparative and trend information and confirm needs for future budget and associated resources

3.2 Complete negotiations to secure resources in accordance with relevant shortterm and longterm needs

3.3 Allocate resources against the budget to maximise organisation’s performance

3.4 Maintain accurate and uptodate records of resource allocation and usage according to organisational and legislative requirements

3.5 Develop and review management systems which enable timely collection, management and processing of information

3.6 Complete and accurately report records of budget performance and expenditure according to organisational procedures and statutory requirements

3.7 Evaluate and improve budget audit mechanisms and compliance requirements as required

4 Manage financial risk

4.1 Identify and analyse financial risk factors

4.2 Document and manage financial risks according to organisational policies and procedures

4.3 Implement procedures to regularly review financial risk management activities

5 Monitor compliance with financial projections

5.1 Identify deviations from budgets that generate an adverse effect on budget objectives

5.2 Promptly develop action plans to remedy significant deviations from budget objectives and projections

5.3 Monitor and review financial documentation against organisational objectives

5.4 Revise and renew budget priorities to meet operational contingencies and risk management

5.5 Manage costs to targets set in the budget

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assingnment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1 Forecast future financial resource needs

1.1 Establish and report on the capacity of existing financial systems

1.2 Forecast financial data and business system requirements

1.3 Analyse forecasted requirements

1.4 Prepare and plan budget forecasts according to organisational and statutory requirements

1.5 Prepare and present recommendations for budget expenditure or for modification of existing projections

2 Analyse current asset performance and capacity

2.1 Analyse the costs of, and returns from, assets and liabilities using standard accounting techniques to identify extent of debt and equity financing

2.2 Establish management responsibilities and legal requirements for reporting, in consultation with relevant organisational staff

2.3 Analyse and interpret financial reports and key information

2.4 Analyse and evaluate the effects of financial decisions on the ability of the organisation to meet planned outcomes

3 Set business targets and compliance mechanisms

3.1 Collect comparative and trend information and confirm needs for future budget and associated resources

3.2 Complete negotiations to secure resources in accordance with relevant shortterm and longterm needs

3.3 Allocate resources against the budget to maximise organisation’s performance

3.4 Maintain accurate and uptodate records of resource allocation and usage according to organisational and legislative requirements

3.5 Develop and review management systems which enable timely collection, management and processing of information

3.6 Complete and accurately report records of budget performance and expenditure according to organisational procedures and statutory requirements

3.7 Evaluate and improve budget audit mechanisms and compliance requirements as required

4 Manage financial risk

4.1 Identify and analyse financial risk factors

4.2 Document and manage financial risks according to organisational policies and procedures

4.3 Implement procedures to regularly review financial risk management activities

5 Monitor compliance with financial projections

5.1 Identify deviations from budgets that generate an adverse effect on budget objectives

5.2 Promptly develop action plans to remedy significant deviations from budget objectives and projections

5.3 Monitor and review financial documentation against organisational objectives

5.4 Revise and renew budget priorities to meet operational contingencies and risk management

5.5 Manage costs to targets set in the budget

Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Establish and report on the capacity of existing financial systems 
Forecast financial data and business system requirements 
Analyse forecasted requirements 
Prepare and plan budget forecasts according to organisational and statutory requirements 
Prepare and present recommendations for budget expenditure or for modification of existing projections 
Analyse the costs of, and returns from, assets and liabilities using standard accounting techniques to identify extent of debt and equity financing 
Establish management responsibilities and legal requirements for reporting, in consultation with relevant organisational staff 
Analyse and interpret financial reports and key information 
Analyse and evaluate the effects of financial decisions on the ability of the organisation to meet planned outcomes 
Collect comparative and trend information and confirm needs for future budget and associated resources 
Complete negotiations to secure resources in accordance with relevant shortterm and longterm needs 
Allocate resources against the budget to maximise organisation’s performance 
Maintain accurate and uptodate records of resource allocation and usage according to organisational and legislative requirements 
Develop and review management systems which enable timely collection, management and processing of information 
Complete and accurately report records of budget performance and expenditure according to organisational procedures and statutory requirements 
Evaluate and improve budget audit mechanisms and compliance requirements as required 
Identify and analyse financial risk factors 
Document and manage financial risks according to organisational policies and procedures 
Implement procedures to regularly review financial risk management activities 
Identify deviations from budgets that generate an adverse effect on budget objectives 
Promptly develop action plans to remedy significant deviations from budget objectives and projections 
Monitor and review financial documentation against organisational objectives 
Revise and renew budget priorities to meet operational contingencies and risk management 
Manage costs to targets set in the budget 

Forms

Assessment Cover Sheet

BSBFIM801 - Manage financial resources
Assessment task 1: [title]

Student name:

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I declare that the assessment tasks submitted for this unit are my own work.

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Result: Competent Not yet competent

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Assessment Record Sheet

BSBFIM801 - Manage financial resources

Student name:

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Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

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Date:

Student signature:

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