Financial management FMIT

(modified)

Supporting the effective use and control of financial resources.

Guidance notes

(new)

This skill usually applies to specialist financial management roles - not to managers responsible for their own operational or project budgets.

Financial management needs to be aligned to business strategies and to working practices in areas such as - but not limited to - governance, risk management, portfolio, programme and project management, asset management.

Activities may include - but are not limited to...

  • financial management, control, and stewardship of assets and resources
  • supporting decision-making
  • budgeting, forecasting, and accounting for financial resources
  • developing service, projects and component cost models
  • defining charging models for the provision of services 
  • applying accounting standards and policies and ensuring compliance with governance, legal and regulatory requirements.

Financial management: Level 6

(modified)

Develops organisational policies, standards, and guidelines for financial management to support execution of business strategy. Promotes commercial awareness and drives adoption of and adherence to financial management policies and standards. Sets, negotiates, agrees and manages all financial budgets and targets, ensuring that there is adequate funding. Leads activities to analyse financial performance and instigates required improvements in the use of available budget to meet real needs.

Financial management: Level 5

(modified)

Advises on financial planning, budgeting, costing, accounting and charging using recognised accounting practices and standards. Develops financial plans and forecasts. Monitors and manages expenditure and examines areas where budgets and expenditure exceed agreed tolerances. Contributes to the definition and operation of effective financial control and decision-making. Analyses actual expenditure, examines variances, and advises on options in use of available budget.

Financial management: Level 4

(modified)

Monitors and maintains financial records to agreed requirements for compliance and audit. Assists with identifying and calculating process, service, project and component costs for financial planning and budgeting. Collates required financial data and reports for analysis and to facilitate decision-making.