Financial Policy Development, Interpretation and Application
Researching, developing and implementing policies and frameworks that are client-focused and are compliant with industry, organizational, legal and professional standards.
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 how the organization works, and of critical financial requirements, including governance, legislation, policies, procedures and standards relevant to his/her financial policy area.
- Researches, synthesizes, and integrates financial literature in assisting his/her work team in developing policy instruments, management frameworks and control standards.
- Recognizes the organizational and financial policy environment and context.
- Draft documentation for input to the financial policy development process under supervision.
QUESTIONS
- Please describe a time when you conducted research for the development of a new policy.
Probing Questions
* Why was this work undertaken?
* How did you proceed to conduct the research?
* How did you organize the information for sharing with the rest of the team?
* How was your research incorporated in the resulting policy?
- Describe a situation where the information you provided on the financial literature helped your fellow team members in developing, interpreting or applying the financial policy.
Probing Questions
* What were the circumstances surrounding this situation?
* How did you obtain the required information?
* What, if anything, did you need to do with the information before providing it to your fellow team members?
* How did you share the information?
* What was the outcome?
Level 2 Basic: Demonstrates basic knowledge and ability and, with guidance, can apply the competency in common situations that present limited difficulties.
BEHAVIORS
- Explains the organizational and financial policy environment and context.
- Describes the role of key players inside/outside the organization; and dynamic trends, structures and relationships relevant to his/her policy area.
- Identifies the key jurisprudence and relevant organizational policies and procedures for consideration in developing, interpreting and applying financial policies.
- Writes key elements of new financial policies or updates to current policies.
- Identifies the requirement for new or amended financial policies.
- Conducts smaller-scale financial analyses in support of organizational requirements.
- Assists in the identification of financial issues and anomalies requiring further analysis.
- Designs and implements financial analysis data collection strategies.
- Makes low-level inferences from a financial analysis conducted.
QUESTIONS
- Describe a policy area that you were knowledgeable about.
Probing Questions
* How did you acquire this expertise?
* How have you leveraged this knowledge?
* What would be an example of when you applied this knowledge for the benefit of the organization?
* How did you keep abreast of new information?
- Describe a situation where you applied financial policies.
Probing Questions
* What were the circumstances surrounding this situation?
* What policies were you applying to?
* What was your role in applying the policies?
* What was the outcome?
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
- Contributes to the development and evaluation of management frameworks and control standards that balance risk versus controls.
- Leads small-scale projects or contributes in a team capacity to large-scale projects.
- Interprets, integrates and applies financial policy and business requirements into the organization’s systems, standards, processes and practices.
- Consults with users to understand and assess their financial policy needs.
- Assists in the establishment of appropriate accountabilities for delegated financial authorities.
QUESTIONS
- Describe a time when you had to apply legislative or policy requirements to your department’s systems or processes.
Probing Questions
* What was the legislative or policy requirement?
* How did it impact departmental systems or processes?
* What did you do?
* What was the end result?
- Tell me about a situation when you consulted with a user to understand and assess their learning needs regarding financial policy interpretation and application.
Probing Questions
* Who was the user?
* What was your role?
* How did you assess the learning need?
* How did you address their learning need?
Level 4 Advanced: Demonstrates advanced knowledge and ability and can apply the competency in new or complex situations. Guides other professionals.
BEHAVIORS
- DELETE Leads the implementation and evaluation of sound management frameworks and control standards that balance risks against controls.
- Initiates and promotes the development and use of effective management frameworks and control standards that balance risk versus controls.
- Explains the relationship between specific issues and broader, horizontal financial policy issues.
- Leads the development, consultation, communication, implementation and evaluation of technical policies, directives, guidelines, tools, training, and briefings in the area of financial policy.
QUESTIONS
- Tell me about a time when you led the development of a new technology policy.
Probing Questions
* What was the policy?
* What was your role?
* How did you approach the project?
* How did you communicate the information surrounding the new policy?
* What process did you follow for implementation?
- Describe a situation that demonstrates your ability to understand the relationship between specific issues and broader public financial policy context.
Probing Questions
* What were the circumstances surrounding this situation?
* How was this specific issue relevant?
* How did you establish the link between that specific issue and the broader context?
* What was the impact of your analysis?
- Tell me about an organizational policy you had some role in changing.
Probing Questions
* What was the policy?
* How did you become involved in the situation?
* What was it about the policy that you felt needed to be changed?
* What steps did you take to change the policy?
* What was the impact of the changed policy?
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
- Influences senior management and operational decision-making by providing advice, interpretation support and training.
- Influences the development of a wide-range of emerging departmental and central agency policy instruments, regulations and legislation.
- Strategically uses the financial policy process to move organizational strategic priorities forward.
- Ensures that organizational policy instruments reflect effective comptrollership, which includes risk management strategies and appropriate internal controls.
QUESTIONS
- Describe a situation when you provided advice to senior management regarding financial policies.
Probing Questions
* What were the circumstances surrounding this situation?
* How did you analyze the situation?
* What advice did you provide?
* How did you influence senior management?
- Tell me about a time when you initiated the development and use of technical policy instruments.
Probing Questions