#1350 FMIT - Widen the applicability beyond IT change request accepted

Financial management (FMIT) was formerly named "Financial management of IT" but despite the name change, the SFIA descriptions still refer to IT.  This prevents the skill being relevant to wider financial management contexts, for example of a service function, for which the skill descriptions are otherwise relevant. 

The impact on FMIT descriptions is minor, simply requiring the removal of "IT" from the overall description and Levels 6 and 5 descriptions.  Level 4 requires rephrasing to take out the IT context and further edits are proposed for streamlining and readability.  Proposed wording as follows:

• FMIT Overall: The overall financial management, control and stewardship of assets and resources used in the provision of services, including the identification of materials and energy costs, ensuring compliance with all governance, legal and regulatory requirements.
• FMIT Level 6: Develops financial planning processes and standards to support execution of business strategy and promotes adoption and adherence. Sets strategy and develops plans, policies and processes for the accounting, budgeting and, where applicable, charging of resources and services, including the definition of cost models and charging models. Sets, negotiates, agrees and manages all financial budgets and targets, ensuring that there is adequate funding for all targets and plans, especially to meet development and capacity needs. Analyses actual expenditure, explains variances, and determines options in use of available budget to meet real needs. Assesses financial performance and instigates required improvements.
• FMIT Level 5: Advises on financial planning and budgeting. Develops financial plans and forecasts. Monitors and manages expenditure, ensuring that all financial targets are met, and examining any areas where budgets and expenditure exceed their agreed tolerances. Assists with the definition and operation of effective financial control and decision making, especially in the areas of service, projects and component cost models and the allocation and apportionment of all incurred costs. Analyses actual expenditure, explains variances, and advises on options in use of available budget.
• FMIT Level 4: Monitors and maintains financial records to agreed requirements for compliance and audit. Assists with identification and calculation of process, service, project and component costs for financial planning and budgeting.  Collates required financial data and reports for analysis and to facilitate decision making.
   

Proposed change applies to Financial management

Current status of this request: accepted

What we decided

Skill description to be updated for SFIA 8 - including readability and addition of guidance notes.