Manage finance

The purpose of this competency is to achieve the goals of financial management, i.e. to:

estimate the cost of achieving the objectives;
assess the viability of achieving the objectives;
secure funds and manage their release throughout the life cycle;
set up and run financial systems;
monitor and control expenditure.

Performance criteria

You must be able to:

plan and initiate financial management
ensure the cost of the work is understood
identify the best means of funding the work
apply principles of financial and management accounting
maintain financial documentation
assure the quality of financial management

This competency summarises several others and should be adjusted according to the set of financial functions relevant to the context.

Managing finance in a P3 environment inevitably links to, and possibly overlaps with, corporate finance systems.

When applying this competency to a P3 role it must reflect what is, and what is not, within the authority of the P3 organisation and what is controlled by the host organisation’s financial systems.

Knowledge and understanding

You need to know and understand:

the principles and goals of financial management
responsibilities for financial management
the context of the work and its impact on financial management
a procedure for managing finance
the purpose and content of financial management documentation
the principles of investment appraisal
principles of funding
principles of budgeting and cost control
how assurance applies to financial management

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