Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 1.0.

ELEMENT 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes.

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

1. Establish financial system requirements

1.1 Consult relevant stakeholders and analyse existing financial plans to determine financial system requirements for efficient financial administration

1.2 Identify and record reporting and procedural requirements that affect the organisation for future reference

1.3 Include satisfactory security mechanism for internal financial audit controls in system specifications

1.4 Identify risks to financial viability and cost contingency strategies to manage risk

2. Design financial management systems

2.1 Access sources of competent assistance and use advice to secure financial records and assets

2.2 Ensure financial management system design provides accurate and timely information about organisation’s transactions, working capital and cash flow

2.3 Identify, acquire and implement installation of equipment and software needed for operation of system to support organisation’s transactions

2.4 Ensure financial reporting requirements are known and used by relevant personnel

2.5 Ensure established financial reports provide accurate and timely data required for financial decision making

2.6 Produce agreed schedules of account recording and reconciliation systems at regular intervals that support organisation’s service provision and business decisions

2.7 Ensure mechanisms for review of terms of trade and fee structures are suited to organisation’s needs and meet industry standards

2.8 Prepare financial reports at regular intervals in required format to meet external audit requirements

3. Prepare and review financial plans

3.1 Link financial plans to reviews of organisation’s strategic business plan to enable timely financial adjustments

3.2 Maintain probity in planning and implementation of financial management activities

3.3 Ensure financial plans provide reasonable basis for budgeting and ongoing financial management of organisation

4. Monitor and review financial reporting systems

4.1 Use financial reporting systems to evaluate organisational performance against agreed performance indicators, and enable timely adjustments to be made to business investments

4.2 Monitor financial reports and systems to ensure ease of use by staff authorised to manage organisation’s finances

Skill 

Performance Criteria 

Description 

Reading

1.1, 1.2, 2.5, 2.7, 4.1, 4.2

• Analyses and reviews complex textual and numerical information for relevance, accuracy and compliance with organisational and regulatory requirements

Writing

1.1-1.4, 2.4, 2.8

• Uses a range of text types and styles to document stakeholder consultation, identify relevant information from complex texts, determine risk factors and compile reports in required formats

Oral Communication

1.1, 1.2, 2.4, 3.2

• Engages in detailed oral exchanges using active listening and questioning techniques to establish facts and information
• Initiates points of clarification using language appropriate to the purpose and audience
• Uses clear and direct language to confirm understanding and agreement

Numeracy

1.1-1.4, 2.2, 2.7, 2.8, 3.1, 3.3

• Applies highly developed knowledge of accounting, budgets and financial planning to analyse and establish effective systems that meet organisational and regulatory requirements
• Establishes, evaluates and reviews complex mathematical information

Navigate the world of work

1.2, 1.3, 2.7-2.8, 3.1-3.3, 4.1, 4.2

• Takes a lead role in the development and implementation of systems to meet organisational goals and regulatory requirements
• Seeks to improve policies and procedures to better meet organisational goals

Interact with others

1.1, 2.1, 2.4

• Selects and uses appropriate conventions and protocols to gain and provide information relevant to financial management

Get the work done

1.1-1.4, 2.2, 2.3, 2.5-2.8, 3.1-3.3, 4.1

• Develops plans to manage relatively complex routine and non-routine tasks with an awareness of how they contribute to broader strategy and goals
• Sequences, schedules and monitors activities to meet timelines and other organisational requirements
• Anticipates potential problems and formulates contingency strategies
• Takes responsibility for high impact decisions in complex situations involving many variables and constraints
• Uses digital technologies to manage financial operations and actively investigates new technologies for strategic and operational purposes

Code and title 

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNSORG602 Develop and manage financial systems

FNSORG602A Develop and manage financial systems

Updated to meet Standards for Training Packages

Equivalent unit

Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 1.0.