BSBFIM501

Application

This unit describes the skills and knowledge required to undertake financial management within a work team in an organisation. It includes planning and implementing financial management approaches, supporting team members whose role involves aspects of financial operations, monitoring and controlling finances and reviewing and evaluating effectiveness of financial management processes.

It applies to managers in a wide range of organisations and sectors who have responsibility for ensuring that work team financial resources are used effectively and are managed in line with financial objectives of the team and organisation.

Unit mapping information

This unit supersedes BSBFIM501A Manage budgets and financial plans

Licensing, legislative, regulatory or certification requirements

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Foundation skills

This unit contains foundation skills

Unit sector or competency field

Finance—Financial Management

Prerequisite, co-requisite or interdependent assessment of units

None specified.

Assessment conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the financial management field of work and include access to:

• resources and documentation used in the workplace
• workplace policies and procedures
• workplace budgets and financial plans
• business technology
• case studies and, where available, real situations

Assessors must satisfy NVR/AQTF assessor requirements.