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Elements and Performance Criteria

1. Forecast future financial resource needs
   • 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
2. Analyse current asset performance and capacity
   • 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
3. Set business targets and compliance mechanisms
   • 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
4. Manage financial risk
   • 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
5. Monitor compliance with financial projections
   • 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