Unit of competency Outline

Date retreived
22/07/2026 3:48 PM AWST

Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.

Manage financial compliance

Manage financial compliance

Unit of competency
National Code
BSBFIN502
State Code
OCF46
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
19/10/2020
View on TGA
State Implementation and Classification
Approved Date
16/03/2021
Field of Education
081199 - Banking, Finance And Related Fields, N.e.c.
Original Release Date
16/03/2021
Nominal Hours
55
Description
This unit describes the skills and knowledge required to manage financial compliance in an organisation or work area. It includes planning financial management processes, implementing necessary change and monitoring effectiveness of the performance of changes implemented.The unit applies to managers in a wide range of organisations and sectors who have responsibility for ensuring financial compliance within work teams. They support the management of financial resources to ensure that they are managed in line with team, organisation and wider compliance requirements.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Plan for financial compliance
  • 1.1 Identify financial compliance legislation, regulations, codes of conduct applicable to organisation or work area
  • 1.2 Analyse and document identified legislation, regulations and codes of conduct according to task requirements
  • 1.3 Identify priority risks from risk analysis
  • 1.4 Plan risk mitigation strategies for identified risks
  • 1.5 Establish indicators to measure financial compliance
2. Develop and implement strategies for financial compliance
  • 2.1 Develop strategies to support financial compliance
  • 2.2 Communicate financial compliance strategy to relevant staff
  • 2.3 Ensure relevant staff follow financial compliance strategy
3. Evaluate compliance
  • 3.1 Monitor financial compliance processes
  • 3.2 Review and adjust financial compliance procedures
  • 3.3 Improve financial compliance systems using evaluation data
No information
No information
No information