The current state of the global economy makes a better understanding of risk and its management all the more important. This unit will empower the learner to apply the principles of risk, financial and knowledge management and business ethics within internal and external regulatory frameworks in order to ensure the effectiveness and sustainability of the unit.
Modules for this unit include:
1. Risk Management
Risk management is the identification, assessment, and prioritisation of risks followed by a coordinated and economical application of resources to minimise, monitor, and control the probability and/or impact of unfortunate events or to maximise the realisation of opportunities. Risk management’s objective is to ensure uncertainty does not affect the business’s goals.
The learner will gain the competency to:
- Demonstrate an understanding of business processes and potential risks to a unit.
- Identify potential risks and assessing the impact thereof in a unit.
- Develop contingency plans for managing risk.
- Test and revise contingency plans.
2. Financial Analysis
Accurate financial analysis is a fundamental element of strategy, growth, and overall success. Understanding how to use financial indicators and benchmarks allows you to allocate resources and evaluate potential projects for maximum return-on-investment. Financial analysis takes the guesswork out of the planning process and enables you to build and interpret financial projections.
At the end of this module the qualifying learner will be able to:
- Use mathematical techniques to collect and organise data.
- Apply mathematical analysis to calculate and represent financial and economic data.
- Apply mathematical analysis to indicate economic relationships.
3. Financial Management
Financial management is the planning, directing, monitoring, organizing, and controlling of the monetary resources of an organization. The benefits of good financial management will help the organisation to make effective and efficient use of resources, achieve objectives and fulfill commitments to stakeholders and ultimately prepare for long-term financial sustainability.
- Demonstrate an understanding of the key concepts of managerial finance.
- Interpret financial statements.
- Draft financial forecasts.
- Draft budgets according to operational plans of the unit.
- Supervise the financial management of a unit against given requirements.
|US TYPE||NLRD||US TITLE||LEVEL||CREDITS|
|Core||252025||Monitor, assess and manage risk||5||8|
|Fundamental||252036||Apply mathematical analysis to economic and financial information.||5||6|
|Fundamental||252040||Manage the finances of a unit||5||8|