Unit of competency
Modification History
Release 1. This is the first release of this unit of competency in the DEF Defence Training Package. |
Application
This unit describes the skills required to maintain the bank account, manage the foreign exchange and develop fraud mitigation controls. This unit applies to those working in the public sector Finance Domain who would be required to undertake financial management activities related to banking activities as part of their duties. 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, particularly those related to financial management activities. Those undertaking this unit would be working under minimal supervision and/or supervising small teams while undertaking financial management tasks. They would perform complex tasks in familiar context. No licensing, legislative or certification requirements apply to this unit at the time of publication. |
Pre-requisite Unit
Not applicable. |
Competency Field
Financial Management |
Unit Sector
Not applicable. |
Elements and Performance Criteria
ELEMENTS |
PERFORMANCE CRITERIA |
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Elements describe the essential outcomes. |
Performance criteria describe the performance needed to demonstrate achievement of the element. |
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1 |
Maintain bank account |
1.1 |
Open an official bank account |
1.2 |
Monitor cash balances |
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1.3 |
Conduct investigations of discrepancies and suspicious transactions |
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1.4 |
Monitor transaction trends |
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1.5 |
Close an official bank account |
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2 |
Manage foreign exchange |
2.1 |
Manage Foreign Exchange (FOREX) risk |
2.2 |
Provide advice on current FOREX rates and risks |
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3 |
Develop fraud mitigation controls |
3.1 |
Design controls to mitigate risk of fraudulent activities |
3.2 |
Conduct assurance reviews on financial transactions |
Foundation Skills
Foundation skills essential to performance are explicit in the performance criteria of this unit of competency. |
Range of Conditions
Range is restricted to essential operating conditions and any other variables essential to the work environment. Non-essential conditions may be found in the Companion Volume Implementation Guide. |
Unit Mapping Information
No equivalent unit. |
Links
Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=6bdbab1e-11ed-4bc9-9cba-9e1a55d4e4a9