Release 

Comments 

Release 3

This version first released with FNS Financial Services Training Package Release 8.1.

Pre-requisite unit updated.

Release 2

This version first released with FNS Financial Services Training Package Version 3.1

Update to pre-requisite unit code

FNSACC521

Provide financial and business performance information

ELEMENT 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Assess financial risk exposure

1.1 Identify and measure magnitude and volatility of organisational risks to determine extent of risk exposure and implications for financial strategies

1.2 Identify key factors supporting or driving risk exposure and establish timeframes to monitor and improve performance

1.3 Compare short-term and long-term financial outcomes and projections with actual cash flows using standard financial analysis techniques to determine effects on liquidity and budget adjustments

2. Develop risk management processes

2.1 Ensure risk management options include assessments of alternatives, criteria for success and estimates of long-term and short-term effects

2.2 Identify and evaluate key ethical, legislative and organisational considerations for risk management options

2.3 Develop strategies using standard financial analysis techniques to identify financial flows, trends in returns and adjustments in asset values

2.4 Establish financial recording systems to monitor and evaluate changes in market conditions and business needs using range of data sources

2.5 Develop risk management strategies that optimise mix of asset structures and liabilities in operations and ensure flexibility to meet changing environments

3. Analyse financial histories

3.1 Evaluate financial performance using trends and patterns that identify magnitude and volatility of financial exposures

3.2 Compare long-term and short-term financial outcomes with forecast outcomes to assess variances and parameters in performance and reliability of financial advice

3.3 Identify and analyse incidents and factors increasing or diminishing financial performance using standard financial analysis techniques

4. Establish processes to minimise risks

4.1 Develop and review recording systems to monitor financial outcomes and to guide and document decision making

4.2 Maintain and establish inventories to ensure up-to-date records on value of assets and liabilities

4.3 Assess contribution of organisational attitudes to risk taking and incorporate in risk analysis process

4.4 Develop, review and communicate parameters for variances in financial outcomes to support financial decision making

Skill 

Performance Criteria 

Description 

Reading

1.1, 1.2, 2.2, 3.1, 3.2

• Uses highly developed research skills and critically analyses complex financial information

Writing

2.3, 2.4, 4.2, 4.4

• Prepares written analyses and forecasts that clearly explain relationships between data and advice

Oral Communication

4.4

• Participates effectively in verbal exchanges using active listening and questioning to gauge organisational attitudes and obtain feedback on proposed options

Numeracy

1.1, 1.3, 2.3, 2.4, 3.1-3.3, 4.1, 4.4

• Performs mathematical calculations and uses a range of mathematical problem-solving techniques to analyse trends and forecast financial data

Navigate the world of work

2.2

• Recognises and responds to relevant ethical, legislative and organisational requirements in managing risk and meets expectations associated with own role

Get the work done

1.1-1.3, 2.1-2.4, 3.1-3.3, 4.1-4.4

• Plans and sequences complex activities, and correctly schedules risk and financial performance monitoring and reporting
• Plans and implements new systems and processes with strategic implications for the organisation
• Uses systematic analytical problem-solving processes in complex, routine and non-routine situations, gathering information and identifying and evaluating options against criteria
• Evaluates effectiveness of systems and processes to inform decisions on how to implement improvements
• Creates tools and systems to enhance the decision-making process
• Uses digital technologies to access, organise and analyse complex data

Code and title  

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNSACC609 Evaluate financial risk

FNSACC609A Evaluate financial risk

Updated to meet Standards for Training Packages

Minor edits to clarify intent of element

Prerequisite updated

No equivalent unit

Release 

Comments 

Release 3

This version first released with FNS Financial Services Training Package Release 8.1.

Pre-requisite unit updated.

Release 2

This version first released with FNS Financial Services Training Package Version 3.1

Update to pre-requisite unit code