Application
This unit describes the skills required to perform translations of organisational strategic objectives into program and resource terms. It includes developing linkages between strategic planning and financial management, establishing and maintaining strategies to address risk management and taxation, determining resource requirements in financial terms, and developing financial bids and estimates.
This unit applies to those working in the public sector providing specialist financial support.
The skills and knowledge described in this unit must be applied within the legislative, regulatory and policy environment in which they are carried out. Organisational policies and procedures must be consulted and adhered to.
Those undertaking this unit would work autonomously, performing complex tasks in a familiar context.
No licensing, legislative or certification requirements apply to unit at the time of publication.
Elements and Performance Criteria
ELEMENTS | PERFORMANCE CRITERIA |
Elements describe the essential outcomes | Performance criteria describe the performance needed to demonstrate achievement of the element. Where bold italicised text is used, further information is detailed in the range of conditions section. |
1. Develop linkages between strategic planning outcomes and financial management processes | 1.1 Provide financial management authority and autonomy within organisational and program structures to enable outcomes to be achieved. 1.2 Structure financial processes to ensure manageable linkages to program outputs while retaining internal controls. 1.3 Organise activities to be funded or managed into programs and sub 1.4 Develop linkages to outputs and outcomes in accordance with the organisation’s business and longer term plans. |
2. Establish and maintain a financial risk management strategy | 2.1 Identify and measure current and potential risk exposures, including alternative profiles. 2.2 Implement and monitor cost effective policies and procedures for minimising and managing exposures. 2.3 Document and review financial risk management policies and practices. 2.4 Identify and resource learning, development and support needs to assist staff to effectively manage risk. |
3. Establish and maintain a taxation strategy | 3.1 Determine exposure to applicable state or territory and federal taxes and develop a strategy to increase taxation awareness within the organisation. 3.2 Seek, provide and use strategic taxation advice in the development of the strategy. 3.3 Establish and maintain a cost-effective strategy to capture, quantify, minimise and pay taxation liabilities in accordance with law. |
4. Establish resource requirements in financial terms | 4.1 Determine physical asset and human resource requirements in accordance with program requirements. 4.2 Use financial analysis techniques to evaluate and approve alternative and new resource allocation proposals. 4.3 Establish processes to allocate resources efficiently, effectively and economically in accordance with prioritised strategic and operational plans. 4.4 Establish service delivery requirements. 4.5 Develop and maintain a strategic asset plan and submit it for approval. |
5. Develop financial bids and estimates | 5.1 Cost organisational initiatives and prepare bids and/or estimates in accordance with budgetary processes and requirements. 5.2 Link bids and/or estimates to organisational priorities, based on substantiated information and logical assumptions, taking account of resource constraints and organisational needs. 5.3 Develop bids and/or estimates to reflect outstanding liabilities and receipt collections and prepare to meet critical submission dates. 5.4 Prepare supporting documentation to justify bids and/or estimates. |
Evidence of Performance
Evidence required to demonstrate competence must satisfy all of the requirements of the elements and performance criteria. If not otherwise specified the candidate must demonstrate evidence of performance of the following on at least one occasion.
interpreting organisational information in financial terms
adjusting communication to suit different audiences
preparing strategies and reports requiring precision of expression
undertaking financial analysis
costing and preparing bids and estimates
accessing information and legislation electronically or in hard copy
applying environmental and work health and safety procedures relating to working in the public sector
Evidence of Knowledge
Evidence required to demonstrate competence must satisfy all of the requirements of the elements and performance criteria. If not otherwise specified the depth of knowledge demonstrated must be appropriate to the job context of the candidate.
public sector legislation including work health and safety and environment, policies and processes relating to public sector finance
ethics/codes of conduct
operational planning processes
financial risk management
applicable state/territory and Commonwealth taxes
government budget cycle including budget and additional estimates, budget processes and guidelines
Senate committee hearings
appropriation structure/funding mechanisms (including those including Commonwealth/state/territory relationships)
costing policies and procedures
principles of accrual accounting
Assessment Conditions
This unit contains no specific industry-mandated assessment conditions. Guidance on suggested and recommended conditions and methods can be found in the Implementation Guide.
Assessors must satisfy the NVR/AQTF mandatory competency requirements for assessors.
Foundation Skills
Foundation skills are embedded within the elements and performance criteria of this unit.
Competency Field
General