Unit of competency Outline

Date retreived
22/07/2026 9:55 AM AWST

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Lead financial strategy development

Lead financial strategy development

Unit of competency
National Code
BSBFIN801
State Code
OCE77
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
080101 - Accounting
Original Release Date
16/03/2021
Nominal Hours
90
Description
This unit describes the skills and knowledge required to lead the development of financial strategy for an organisation or work area. It covers the use and interpretation of financial information to support business decision making, analysis and enterprise planning. The unit includes the forecasting of future financial requirements and development of business targets in compliance with financial projections.The unit applies to senior management, including strategic business analysts and executive managers, who use cognitive and creative skills to review, critically analyse and generate ideas and provide solutions to complex problems.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Prepare financial strategy
  • 1.1 Establish capacity of existing financial systems by analysing financial reports
  • 1.2 Forecast financial data and business system requirements including additional expenditure requirements
  • 1.3 Consult relevant stakeholders, including financial advisers, about financial information to support decisions
  • 1.4 Prepare recommendations and assessment indicators for budget expenditure or for modification of existing projections according to organisational and legislative requirements
  • 1.5 Present recommendations to relevant stakeholders
2. Implement financial strategy
  • 2.1 Identify resourcing requirements to implement financial recommendations
  • 2.2 Communicate recommendations to relevant stakeholders including organisational staff
  • 2.3 Support staff in implementation of recommendations
  • 2.4 Monitor actual income and expenditure against budgets
3. Monitor implementation of financial strategy
  • 3.1 Identify deviations from budgets that generate an adverse effect on budget objectives
  • 3.2 Promptly develop action plans to remedy significant deviations from budget objectives and projections
  • 3.3 Revise budget priorities to meet operational contingencies and risk management
No information
No information
Replaces
State Code National Code Title Type
AUL78 BSBFIM801 Manage financial resources Unit of competency
AUH83 BSBMGT803 Use financial and economic information for strategic decision making Unit of competency