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Elements and Performance Criteria

1. Forecast future financial resource needs
   • Establish and assess 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 modifying existing projections
2. Analyse current asset performance and capacity
   • Analyse costs and returns associated with assets and liabilities using standard accounting reports to identify the extent of debt and equity financing
   • Identify management responsibilities and legal reporting requirements in consultation with relevant enterprise staff
   • Analyse and interpret financial reports and key information
   • Analyse and evaluate the effects of financial decisions on organisational ability to meet planned outcomes in relation to specific activities or timeframes
3. Set business targets and compliance mechanisms
   • Collect comparative and trend information and confirm needs for future budget and associated resources
   • Complete consultation on relevant short-term and long-term needs
   • Allocate resources for the budget to maximise organisation's performance
   • Maintain accurate and up-to-date records of resource allocation and usage in accordance with organisational requirements
   • Develop and review management systems which enable the timely collection, management and processing of information
   • Complete and accurately report records of budget performance and expenditure in accordance with organisational procedures and statutory requirements
   • Evaluate and improve budget audit mechanisms and compliance requirements
4. Manage financial risk
   • Identify deviations from budget that adversely affect organisational 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 manage risk
   • Manage costs in accordance with budget targets
5. Forecast future financial resource needs
   • Establish and assess 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 modifying existing projections
6. Analyse current asset performance and capacity
   • Analyse costs and returns associated with assets and liabilities using standard accounting reports to identify the extent of debt and equity financing
   • Identify management responsibilities and legal reporting requirements in consultation with relevant enterprise staff
   • Analyse and interpret financial reports and key information
   • Analyse and evaluate the effects of financial decisions on organisational ability to meet planned outcomes in relation to specific activities or timeframes
7. Set business targets and compliance mechanisms
   • Collect comparative and trend information and confirm needs for future budget and associated resources
   • Complete consultation on relevant short-term and long-term needs
   • Allocate resources for the budget to maximise organisation's performance
   • Maintain accurate and up-to-date records of resource allocation and usage in accordance with organisational requirements
   • Develop and review management systems which enable the timely collection, management and processing of information
   • Complete and accurately report records of budget performance and expenditure in accordance with organisational procedures and statutory requirements
   • Evaluate and improve budget audit mechanisms and compliance requirements
8. Manage financial risk
   • Identify deviations from budget that adversely affect organisational 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 manage risk
   • Manage costs in accordance with budget targets

Range Statement

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Performance Evidence

Evidence must demonstrate the candidate's consistency of performance over time.

Candidates must:

prepare a financial resource plan/budget

monitor and manage financial resources over a full planning cycle

effectively communicate financial reports and operational execution

make adjustments to suit changing circumstances and respond to unusual situations.

identify and analyse potential risks of any type

identify financial information and to follow relevant accounting procedures

apply decision making skills

use interpersonal skills to:

maintain appropriate relationships with colleagues

establish trust

value and be open to, the opinions of others

work as part of a team

listening actively

negotiate effectively

timetable and schedule reports and lodgements

use problem-solving, initiative and enterprise skills to prepare budgets and to monitor their implementation

use research skills to identify asset management valuations

apply applicable professional standards

manage risk

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Knowledge Evidence

The candidate must demonstrate an in depth technical and theoretical knowledge of:

accounting, financial statements and cash flow

communication processes and methods

compliance requirements

cost of capital, capital structure and working capital

finance and investment decisions

goals of financial resource management

legislation, codes and by-laws relevant to organisation’s operations

principles of financial management

relevant legislation

risk and return

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