Required skills

welldeveloped communication skills to

evaluate an organisations financial performance risks using questioning of personnel and management for confirmation

liaise with others share information listen and understand

use language and concepts appropriate to cultural differences

highly developed research skills for accessing and managing financial services information

welldeveloped literacy skills for analysingfinancial information and risk factors and preparing forecasts risk management options and clear written advice

numeracy skills for financial calculations and analysis estimating and forecasting

IT skills for developing and using integrated financial systems spreadsheets and databases and internet information

learning skills to maintain knowledge of risk management principles processes and procedures

high level problem solving skills to identify risk factors that have the potential to impact on organisations and to develop options to resolve these issues when they arise

organisational skills including the ability to plan and sequence work and correctly schedule risk and financial performance monitoring and reporting

Required knowledge

ethical considerations for compliance

financial legislation such as

taxable transactions

reporting requirements

methods of storing recording and updating financial information

principles of internal control including statutory reporting

principles of risk management and budgetary control

understanding of organisational structures and lines of management authority

The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria required skills and knowledge range statement and the Assessment Guidelines for the Training Package

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the ability to

apply standard financial analysis techniques and knowledge of an organisations attitude to risk to identify financial risk

develop risk management processes

analyse financial histories and establish processes to minimise risks

Context of and specific resources for assessment

Assessment must ensure

competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment

access to and the use of a range of common office equipment technology software and consumables

access to an integrated financial software system and data

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge The following examples in combination are appropriate for this unit

evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency

verbal or written questioning on underpinning knowledge and skills which may include formal examinations

setting and reviewing workplace projects and business simulations or scenarios

evaluating samples of work

accessing and validating third party reports

Guidance information for assessment

Risk exposure may include:

Factors supporting or driving risk may include:

Standard financial analysis techniques may include:

Risk management options may include:

Financial recording systems may include:

Data sources may include:

Asset structures and liabilities may include:

Variances and parameters may include:

Inventories may include:

Organisational attitudes may include: