Support the effective use and control of financial resources.
This skill usually applies to financial management professionals-not managers responsible for their own operating or project budgets.
Financial management should be aligned with business strategies and practices in areas such as leadership, risk management, portfolio, program and project management, and asset management.
Activities may include, but are not limited to:
Financial management, control and stewardship of assets and resources decision-making support budgeting, forecasting and accounting of financial resources financial management of consumption-based expenses, such as cloud services Implementation of financial management practices to support iterative/active operations
Developing cost models for services, projects and components
Defining billing models for service delivery
Applying accounting standards and policies and ensuring compliance with management, legal and regulatory requirements.
Financial Management: level 4
Monitors and maintains financial records in accordance with agreed upon requirements for compliance and audit. Assists in identifying and costing processes, services, projects and components for financial planning and budgeting. Collects necessary financial data and reports to analyze and facilitate decision making.
Financial Management: level 5.
Advises on financial planning, budgeting, costing, accounting and accruals using recognized accounting methods and standards. Develops financial plans and forecasts. Monitors and manages expenditures and examines areas where budgets and expenditures exceed agreed upon allowable limits. Contributes to the identification and operation of effective financial controls and decision making. Analyzes actual expenditures, examines variances, and makes recommendations on options for utilizing available budget.
Financial Management: Level 6.
Develops organizational policies, standards, and financial management guidelines to support implementation of business strategy. Promotes commercial awareness and promotes adoption and adherence to financial management policies and standards. Establishes, negotiates, approves and manages all financial budgets and goals, ensuring adequate funding. Directs financial performance analysis activities and initiates necessary improvements in the use of the available budget to meet real needs.