This unit describes the skills and knowledge required to undertake financial management within a work team in an organisation. It includes planning and implementing financial management approaches, supporting team members whose role involves aspects of financial operations, monitoring and controlling finances and reviewing and evaluating effectiveness of financial management processes.
It applies to managers in a wide range of organisations and sectors who have responsibility for ensuring that work team financial resources are used effectively and are managed in line with financial objectives of the team and organisation.
No licensing, legislative or certification requirements apply to this unit at the time of publication.
Elements and Performance Criteria
Elements describe the essential outcomes.
Performance criteria describe the performance needed to demonstrate achievement of the element.
1 Plan financial management approaches
1.2 Clarify budget/financial plans with
1.3 Negotiate any changes required to be made to budget/financial plans with relevant personnel within the organisation
2 Implement financial management approaches
2.1 Disseminate relevant details of the agreed budget/financial plans to team members
2.3 Determine and access
3 Monitor and control finances
3.2 Monitor expenditure and costs on an agreed cyclical basis to identify cost variations and expenditure overruns
3.3 Implement, monitor and modify contingency plans as required to maintain financial objectives
4 Review and evaluate financial management processes
4.1 Collect and collate for analysis,
4.2 Analyse data and information on the effectiveness of financial management processes within the work team and identify, document and recommend any improvements to existing processes
4.3 Implement and monitor agreed improvements in line with financial objectives of the work team and the organisation
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
1.1, 1.2, 2.1, 2.3, 3.1-3.4, 4.2, 4.3
Interprets and analyses information to determine activities required
1.1, 1.4, 4.1-4.3
Records information in correct forms and prepares materials which convey detailed and factual content in accordance with internal procedures
1.2, 1.3, 2.1-2.3
Presents information about financial issues and requirements to a range of audiences using structure and language to suit the audience
Uses active listening and questioning to clarify information and to confirm understanding
1.1-1.3, 2.1-2.3, 3.1-3.4, 4.1-4.3
Uses a wide range of mathematical calculations to analyse numeric information in budgets or financial plans
Navigate the world of work
2.2, 3.3, 3.4, 4.3
Recognises, understands and adheres to organisational requirements in undertaking own work
Interact with others
1.2, 1.3, 2.1, 2.2, 3.1, 2.3, 4.2, 4.3
Uses a range of strategies to connect, collaborate and cooperate with other work colleagues in activities requiring collective effort and diverse skills and knowledge
Get the work done
1.1, 1.4, 2.3, 3.1-3.4, 4.1-4.3
Uses logical processes in planning, implementing and evaluating complex tasks and developing alternative strategies in achieving goals and timelines
Uses a range of digital technologies to access, filter, compile, integrate and logically present complex information from multiple sources
Finance - Financial Management