The unit has application across all sectors of the financial services sectors and can be applicable to those job positions such as quality assurance officers and project managers.

ELEMENT

PERFORMANCE CRITERIA

1. Review programs

1.1. Program costs and estimates are compared with budget allocations and financial projections

1.2. Impact of revenue, cost and operational changes on program together with project completion costs plus program objectives are analysed and estimated using standard financial analysis and resource management techniques

1.3. Program outcomes and performance are evaluated against objectives to identify variations, contingencies, and scope for review and development

1.4. Financing options, including costs and timeframes and expected returns are assessed against program goals and objectives

2. Contribute to strategic development

2.1. Long term financial objectives and resource management objectives are developed to support organisational goals and aims

2.2. Trends and environmental factors are identified through consultation and using standard financial analysis and resource management techniques

2.3. Realistic assessments are made of financial and resource management implications of external influencing factors on future objectives and present position

2.4. Organisational strengths and weaknesses are evaluated against external relationships and environmental factors

3. Develop options for improvement

3.1. Causes of variations in projected organisational outcomes are identified and appropriate contingency plans are developed and implemented to minimise losses

3.2. Organisational plans are regularly reviewed to encompass changes to the operational environment and assess factors influencing achievement of objectives

3.3. Improvement options are identified and evaluated against organisational weaknesses

4. Establish systems to support change

4.1. Strategic reviews monitor program allocations including analysis of resource management needs, information technology needs and management processes

4.2. Expenditure and revenue items are monitored to ensure compliance with budget and variations identified

4.3. Aims and goals of identified changes are communicated systematically to staff and personnel using recognised communication processes and techniques

4.4. Information on changes is readily available and procedures and guidelines are developed to promote absorption of changes into organisational practices

Required skills

high level communication skills to:

determine and evaluate resource implementation strategies by consulting with staff on internal control procedures and using questioning and active listening as required

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

well-developed research and analysis skills for accessing and managing complex information

well-developed literacy skills for interpreting and analysing complex documentation including relevant organisational policies and strategies and producing reports

numeracy skills to accurately analyse, record and store data in accordance with organisational requirements

IT skills for accessing and using spreadsheets and databases and using internet information

learning skills to maintain knowledge of changes to organisational improvement requirements

problem solving skills to identify any issues that have the potential to impact on the operational effectiveness and efficiency of the organisation and to develop options to resolve these issues when they arise

organisational skills, including the ability to plan and sequence work

Required knowledge

ethical considerations for organisational compliance with legislation

financial legislation such as:

taxable transactions

reporting requirements

planning techniques such as SWOT analysis techniques

recording and information management systems

principles of cost-benefit analysis

principles of internal control including statutory requirements

principles of resource management

current industry financing options

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 management techniques to review programs

contribute to strategic development

develop options for improvement

establish systems to support change.

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.

organisational policies and procedures documentation and operational data for analysis

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

observing processes and procedures in workplaces or role plays

verbal or written questioning on underpinning knowledge and skills

setting and reviewing workplace projects and business simulations or scenarios

evaluating samples of work

accessing and validating third party reports.

Guidance information for assessment

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.

Financial projections may include:

employee costs

forecasts:

annual

quarterly

profits and losses

rates of return

sales and revenues

tax liabilities.

Resource management techniques may include:

activity analysis

benchmarking

business process re-engineering

material resource planning and programming

process analysis

scenario planning

value added management.

Long term financial objectives may include:

debt retirement

downsizing

expansion

sales targets

self-financing

unit cost reduction.

Environmental factors may include:

competitors' behaviour

consumer demand

inflation

market share

skills shortages

technology trends.

Standard financial analysis techniques may include:

'what if' analysis

bivariate and multivariate analysis

cost-benefit analysis

time series.

Organisational strengths and weaknesses may include:

attitudes to risk

debt-to-equity ratio

decision making authorities

market profile

recording systems

skills profiles

work practices.

Variations in projected organisational outcomes may include:

budget expenditures

profits and losses

quality measures

rates of investment return

response times

sales and revenues

throughput times

unit costs.

Improvement options may include:

cash flow monitoring

cost-benefit analysis

debt rescheduling

external advice

organisational change

process redesign

recruitment

technical change

total quality management implementation.

Management processes may include:

internal reporting

lending approvals

program responsibilities

sign-off authorities.

Expenditure and revenue items may include:

'stay in business' expenditure

commissions

discretionary expenditures

fees

revenue producing expenditures

sales

supplier payments.

Recognised communication processes and techniques may include:

cross-functional teams

documented procedures and staff manuals

memos

newsletters

staff meetings

taskforces

workshops.

Unit sector

Accounting

This unit contains employability skills.