Unit of competency Outline

Date retreived
23/07/2026 5:24 AM AWST

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Manage financial resources

Manage financial resources

Unit of competency
National Code
BSBFIM801
State Code
AUL78
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
25/03/2015
View on TGA
State Implementation and Classification
Approved Date
15/09/2015
Field of Education
081199 - Banking, Finance And Related Fields, N.e.c.
Original Release Date
15/09/2015
Nominal Hours
80
Description
This unit describes the skills and knowledge required to manage financial resources in a complex environment for a substantial business unit or organisation.Leaders are typically required to forecast future financial resource needs, analyse current asset performance and capacity to a standard expected in a commercial environment, and to set business targets. There is a requirement to manage compliance mechanisms, to manage financial risk within agreed plans and mechanisms, and to monitor compliance with financial projections.It applies to the management of financial resources relating to complex and diverse operations or projects and is an important aspect of work for managers or leaders.It may relate equally to small-scale activities within a small to medium-sized organisation or a significant activity in a large organisation.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1 Forecast future financial resource needs
  • 1.1 Establish and report on the capacity of existing financial systems
  • 1.2 Forecast financial data and business system requirements
  • 1.3 Analyse forecasted requirements
  • 1.4 Prepare and plan budget forecasts according to organisational and statutory requirements
  • 1.5 Prepare and present recommendations for budget expenditure or for modification of existing projections
2 Analyse current asset performance and capacity
  • 2.1 Analyse the costs of, and returns from, assets and liabilities using standard accounting techniques to identify extent of debt and equity financing
  • 2.2 Establish management responsibilities and legal requirements for reporting, in consultation with relevant organisational staff
  • 2.3 Analyse and interpret financial reports and key information
  • 2.4 Analyse and evaluate the effects of financial decisions on the ability of the organisation to meet planned outcomes
3 Set business targets and compliance mechanisms
  • 3.1 Collect comparative and trend information and confirm needs for future budget and associated resources
  • 3.2 Complete negotiations to secure resources in accordance with relevant shortterm and longterm needs
  • 3.3 Allocate resources against the budget to maximise organisation’s performance
  • 3.4 Maintain accurate and uptodate records of resource allocation and usage according to organisational and legislative requirements
  • 3.5 Develop and review management systems which enable timely collection, management and processing of information
  • 3.6 Complete and accurately report records of budget performance and expenditure according to organisational procedures and statutory requirements
  • 3.7 Evaluate and improve budget audit mechanisms and compliance requirements as required
4 Manage financial risk
  • 4.1 Identify and analyse financial risk factors
  • 4.2 Document and manage financial risks according to organisational policies and procedures
  • 4.3 Implement procedures to regularly review financial risk management activities
5 Monitor compliance with financial projections
  • 5.1 Identify deviations from budgets that generate an adverse effect on budget objectives
  • 5.2 Promptly develop action plans to remedy significant deviations from budget objectives and projections
  • 5.3 Monitor and review financial documentation against organisational objectives
  • 5.4 Revise and renew budget priorities to meet operational contingencies and risk management
  • 5.5 Manage costs to targets set in the budget
No information
No information
Replaces
State Code National Code Title Type
D0711 BSBFIM701A Manage financial resources Unit of competency
Replaced By
State Code National Code Title Type
OCE77 BSBFIN801 Lead financial strategy development Unit of competency