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Elements and Performance Criteria

1. Maintain bank account
   • Open an official bank account
   • Monitor cash balances
   • Conduct investigations of discrepancies and suspicious transactions
   • Monitor transaction trends
   • Close an official bank account
2. Manage foreign exchange
   • Manage Foreign Exchange (FOREX) risk
   • Provide advice on current FOREX rates and risks
3. Develop fraud mitigation controls
   • Design controls to mitigate risk of fraudulent activities
   • Conduct assurance reviews on financial transactions

Range Statement

Range is restricted to essential operating conditions and any other variables essential to the work environment. Non-essential conditions may be found in the Companion Volume Implementation Guide.

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Performance Evidence

Evidence required to demonstrate competence in this unit must be relevant to and satisfy all of the requirements of the elements and performance criteria on at least one occasion and include: applying relevant legislation complying with delegations and policies, including cash management policies identifying risks and relevant risk control measures managing customer relationships negotiating with stakeholders producing comprehensive reports preparing accounting journals performing reconciliations using complex spreadsheet formulas and functions.

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Knowledge Evidence

Evidence required to demonstrate competence in this unit must be relevant to and satisfy all of the requirements of the elements and performance criteria and include knowledge of: Australian banking legislation, national and international banking systems, and international banking policies flow of transactions, including: receipts payments returns Foreign Exchange (FOREX) implications for contracts and the purpose of the FOREX budget nature and type of various transactions policies and procedures governing the use of special accounts types of risks and risk control measures relevant to banking and cash management various system interfaces relevant to the banking finance function.

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