Application
This unit requires the application of skills and knowledge required to implement organisational improvement programs. The unit encompasses reviewing current improvement programs, contributing to strategic development, developing options for improvement and establishing systems to support changes.
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.
This unit requires the application of skills and knowledge required to implement organisational improvement programs. The unit encompasses reviewing current improvement programs, contributing to strategic development, developing options for improvement and establishing systems to support changes.
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.
Prerequisites
Not applicable.
Elements and Performance Criteria
Elements and Performance Criteria | |||
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 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
REQUIRED KNOWLEDGE&SKILLS |
Knowledge requirements include: principles of cost-benefit analysis principles of internal control (including statutory requirements) principles of resource management knowledge of recording and information management systems knowledge of planning techniques (eg SWOT analysis techniques) financial legislation (eg taxable transactions, reporting requirements) sound knowledge of financing options ethical considerations for compliance |
Skills requirements include: recording, gathering and consolidating financial and resource information planning skills for scheduling and timetabling implementation capacity to maintain confidences and operate with discretion interpersonal skills and communication skills (eg liaising, listening, consulting) report writing and preparation numeracy skills for calculation of data |
Evidence Required
EVIDENCE GUIDE | |
Assessment of performance requirements in the unit should be undertaken in an industry context. The Evidence Guide identifies the critical aspects, knowledge and skills to be demonstrated to confirm competency for the unit. Competency is demonstrated by performance of all stated criteria including the Range Statement applicable to the workplace. | |
Overview of assessment requirements | |
To achieve competency in this unit, a person must be able to demonstrate: knowledge of standard financial analysis management techniques ability to review programs ability to contribute to strategic development ability to develop options for improvement ability to establish systems to support change knowledge of organisational policies and procedures | |
Critical aspects of evidence | |
Evidence required for demonstration of consistent performance: | Competence in this unit must be assessed over a period of time in order to ensure consistency of performance over the Range Statement and contexts applicable to the work environment. |
Delivery/assessment relationship to other units: | This unit may be assessed on its own or it may be assessed with other units that cover related skills and knowledge. Evidence is most relevant when provided through an integrated activity, which combines the elements of competency for the unit, or a cluster of units of competency. |
Assessment requirements | |
Method of assessment: | For valid and reliable assessment of this unit, evidence should be gathered through a range of methods to indicate consistent performance. Assessment of this unit of competence will usually include observation of processes and procedures, oral and/or written questioning on underpinning knowledge and skills and other methods as required. |
Context of assessment: | Assessment of performance requirements in this unit should be undertaken within the financial services industry context and should cover aspects of personal/financial responsibility and accountability. Aspects of competency, including the attainment of relevant knowledge and skills, may be assessed in a relevant workplace, a closely simulated work environment, or other appropriate means that clearly meet industry competency requirements. |
Resources required for assessment: | Assessment of this unit of competence requires access to suitable resources to demonstrate competence. Assessment instruments, including personal planner and assessment record book. Access to registered provider of assessment services. |
Range Statement
The Range Statement relates to the unit of competency as a whole. It allows for different work environments and situations that will affect performance. The following variables 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. If bold italicised text is shown in Performance Criteria, details of the text are provided in the Range Statement. | |
Financial projections may include: | forecasts (eg annual, quarterly) sales and revenues tax liabilities employee costs profits and losses rates of returns |
Resource management techniques may include: | process analysis activity analysis material resource planning and programming scenario planning business process re-engineering benchmarking value added management |
Long term financial objectives may include: | debt retirement self financing downsizing expansion unit cost reduction sales targets |
Environmental factors may include: | inflation competitors' behaviour market share consumer demand skills shortages technology trends |
Standard financial analysis techniques may include: | cost-benefit analysis 'what if' analysis time series bivariate and multivariate analysis |
Organisational strengths and weaknesses may include: | recording systems work practices attitudes to risk market profile decision making authorities skills profiles debt to equity ratio |
Variations in projected organisational outcomes may include: | budget expenditures profits and losses rate of investment returns unit costs sales and revenues throughput times response times quality measures |
Improvement options may include: | technical change organisational change process redesign total quality management debt rescheduling cash flow monitoring recruitment cost-benefit analysis external advice |
Management processes may include: | internal reporting sign-off authorities program responsibilities lending approvals |
Expenditure and revenue items may include: | revenue producing expenditures discretionary expenditures 'stay in business' expenditure supplier payments sales commissions fees |
Recognised communication processes and techniques may include: | staff meetings newsletters memos documented procedures and staff manuals workshops task forces cross functional teams |
Sectors
Not applicable.
Employability Skills
The required outcomes described in this unit of competency contain applicable facets of employability skills. The Employability Skills Summary for the qualification in which this unit of competency is packaged, will assist in identifying employability skills requirements.
The required outcomes described in this unit of competency contain applicable facets of employability skills. The Employability Skills Summary for the qualification in which this unit of competency is packaged, will assist in identifying employability skills requirements.
Licensing Information
Not applicable.