Financial Budgeting, Planning and Reporting
Providing advice and services on financial planning, budgeting, reporting and financial coding to ensure the optimal allocation of financial resources to organizational objectives.
Level 1 Introductory: Demonstrates introductory understanding and ability and, with guidance, applies the competency in a few, simple situations. Can direct people to the appropriate source for further information.
BEHAVIORS
- Describes his/her role within his/her work unit and the organization.
- Describes the practices, policies and principles of resource management.
- Explains the financial planning and budget development cycle for the organization.
- Follows the appropriate budgeting, planning and reporting policies, procedures and guidelines of the organization.
- Identifies the requirements for a business case to support new funding requirements.
QUESTIONS
- In your previous position, what was your role?
Probing Questions
* What type of financial advice and services did you provide to your colleagues?
* What type of financial advice and services did you provide to others outside your unit or department?
* Who were the main stakeholders and clients in this situation?
* How did you ensure that your advice and services were aligned with organizational values and goals?
- Tell me about your experience with resource management.
Probing Questions
* In what context did you apply resource management?
* How did you apply the fundamental principles of resource management?
* What were the benefits?
Level 2 Basic: Demonstrates basic knowledge and ability and, with guidance, can apply the competency in common situations that present limited difficulties.
BEHAVIORS
- Applies sound financial management principles in carrying out assignments.
- Monitors financial situations for trends, variances and unusual discrepancies.
- Prepares basic reports in response to management information needs.
- Applies appropriate costing methodologies.
- Researches and compiles background information and supporting rationales.
- Assists in the development and documentation of business cases.
QUESTIONS
- Describe a situation when you identified unusual financial discrepancies.
Probing Questions
* What was the nature of the discrepancies?
* How did you identify them?
* How did you resolve them?
* Who was impacted by the resolution?
- Tell me about a financial report you prepared for management.
Probing Questions
* What was management’s information need?
* What approach did you follow to address management’s needs?
* What type of research did you conduct?
* How did you organize the information for management?
* How was the report received by management?
Level 3 Intermediate: Demonstrates solid knowledge and ability, and can apply the competency, with minimal or no guidance, in the full range of typical situations. Would require guidance to handle novel or more complex situations.
BEHAVIORS
- Illustrates the broad context in which financial planning and resource management take place in the organization.
- Analyzes the financial implications of policy, program, and project proposals.
- Links program strategies to financial operations.
- Supports managers in the development of their budgets.
- Assesses budgets to check alignment with organizational goals and to identify inconsistencies, gaps and overlaps.
- Advises on the development and assessment of business cases in support of the organization's financial planning and budgeting process.
QUESTIONS
- Tell me about a situation when you analyzed the financial implications of a program or project proposal.
Probing Questions
* What were your role and responsibilities?
* What process did you follow to conduct your analyses?
* What were the financial implications?
* How did you communicate the information to management?
* What was the impact of the information you provide?
- Describe a situation when you supported a departmental manager in the development of his or her budget.
Probing Questions
* What was your role?
* How did you assess if the departmental budget aligned with organizational goals?
* What were your findings?
* What was the impact of your advice?
Level 4 Advanced: Demonstrates advanced knowledge and ability and can apply the competency in new or complex situations. Guides other professionals.
BEHAVIORS
- Explains the mechanics and processes involved with resource management.
- Leads the development of program and project estimates operational plans, business plans, etc.
- Analyze, interpret and evaluate financial and non-financial performance in relation to program strategies.
- Provides management with advice on resource allocation, cash management, budgeting and other financial issues.
QUESTIONS
- Describe the last time you provided management with strategic advice on a financial issue.
Probing Questions
* What were your role and responsibilities?
* What was the process that you used to analyze the situation and identify opportunities to improve strategy?
* What advice did you provide?
* How did management use the information you provided?
- Illustrate your understanding of strategic resources management by using particular work-related examples.
Probing Questions
* What is the purpose of strategic resource management?
* What are the processes involved with strategic resource management?
* What is an example where you successfully applied principles of strategic resource management?
* What was the outcome?
Level 5 Expert: Demonstrates expert knowledge and ability, and can apply the competency in the most complex situations. Develops new approaches, methods or policies in the area. Is recognized as an expert, internally and/or externally.
BEHAVIORS
- Provides strategic financial management input to all levels of management and financial information users.
- Challenges managers in the justification of financial proposals and the quality of related financial information.
- Implement complex financial and non-financial strategies.
- Recommends and implements financial risk management strategies.
- Recommends creative, cost-effective, and practical alternatives for continuous improvement of service delivery.
QUESTIONS
- Give me an example of when you designed and implemented a complex financial strategy.
Probing Questions
* What were your role and responsibilities?
* What was the process you followed for designing the strategy?
* How did you proceed for the implementation?
* What was the result?
- Describe a situation when you challenged a manager regarding the financial information he or she provided in a proposal.
Probing Questions
* What were the circumstances surrounding this situation?
* How did you identify the problematic information?
* How did you address the problem?
* What was the outcome?