Elements and Performance Criteria
- Assess financial risk exposure
- Identify and measure magnitude and volatility of organisational risks to determine extent of risk exposure and implications for financial strategies
- Identify key factors supporting or driving risk exposure and establish timeframes to monitor and improve performance
- 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
- Develop risk management processes
- Ensure risk management options include assessments of alternatives, criteria for success and estimates of long-term and short-term effects
- Identify and evaluate key ethical, legislative and organisational considerations for risk management options
- Develop strategies using standard financial analysis techniques to identify financial flows, trends in returns and adjustments in asset values
- Establish financial recording systems to monitor and evaluate changes in market conditions and business needs using range of data sources
- Develop risk management strategies that optimise mix of asset structures and liabilities in operations and ensure flexibility to meet changing environments
- Analyse financial histories
- Evaluate financial performance using trends and patterns that identify magnitude and volatility of financial exposures
- Compare long-term and short-term financial outcomes with forecast outcomes to assess variances and parameters in performance and reliability of financial advice
- Identify and analyse incidents and factors increasing or diminishing financial performance using standard financial analysis techniques
- Establish processes to minimise risks
- Develop and review recording systems to monitor financial outcomes and to guide and document decision making
- Maintain and establish inventories to ensure up-to-date records on value of assets and liabilities
- Assess contribution of organisational attitudes to risk taking and incorporate in risk analysis process
- Develop, review and communicate parameters for variances in financial outcomes to support financial decision making