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Elements and Performance Criteria

1. Review financial governance requirements
   • Identify financial governance and ethical requirements to determine application to operations
   • Access clarifications on application of financial governance requirements from authoritative and recognised sources
   • Review internal control procedures
2. Monitor adherence to compliance requirements
   • Monitor financial operations to identify incidences of non-compliance
   • Review sources of information on potential non-compliance
   • Monitor financial management information system to identify any indication of non-compliance
3. Liaise with others during breach management
   • Liaise with relevant regulatory authorities
   • Seek advice from relevant internal and external personnel on the classification and management of non-compliance
4. Monitor policy
   • Report on performance indicators
   • Identify variations in adoption of corporate governance requirements in operations
   • Implement solutions to facilitate compliance with internal control procedures

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: implementing processes for managing financial non-compliance liaising with stakeholders monitoring financial compliance requirements, including: monitoring information systems identifying and informing senior management and regulatory authorities of incidents of non-compliance seeking advice from internal and external personnel investigating instances of non-compliance obtaining and keeping up to date with financial compliance requirements preparing reports.

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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: analysis techniques relevant to review and interpret an identified non-compliance compliance requirements applicable to the organisation elements of a compliance management system financial responsibilities for compliance organisational standards for operations and ethics potential incidents of non-compliance procedures for managing incidents of non-compliance relevant legislation and organisational policies and procedures reporting processes on compliance management, including reports on non-compliance and remediation.

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