1: Strategy and innovation
Write a statement of between 200 – 500 words. on how You contribute to the wider business strategy of your organisation through your personal and team objectives. You identify innovative ways to improve organisational performance – which may include making or recommending business process changes and improvements.
Elements
Here are the elements you need demonstrate you have achieved in this performance objective
a. Research and be familiar with your employer’s business, the sector it operates within and the wider business environment. In this situation I work with Nigerian Bulk Electricity Trading Plc
b. Listen to and learn from colleagues and experts. Anticipate challenges, show openness and contribute to new ideas and opportunities.
c. Plan, identify and monitor your personal targets and standards of delivery so that they meet the wider departmental and strategic objectives of your organisation.
d. Think systematically, critically and innovatively using technological capabilities, where appropriate, when you’re solving business problems
e. Develop financial acumen and commercial awareness. This will allow you to adopt and apply innovative methods and technologies to identify business problems and evaluate strategic options and manage solutions.
Examples of activities
1. Using market data analytics tools to research competitor and customer activities
2. Attending courses or conferences and accessing online training that will help you with your work
3. Highlighting business problems or system issues
4. Planning or managing a project
5. Proposing innovative and practical ideas
6. Discussing general business matters with your colleagues
7. Thinking creatively and speaking openly about business issues and how to solve them
8. Using online resources to develop commercial awareness and keep up with emerging technologies. This could include using social and business media to develop your business networks
9. Highlighting issues at work which cause ineffectiveness or inefficiencies and recommending solutions
10. Improving organisational systems/tools to drive innovation, process, system and technological change
11. Obtaining information from other departments to evaluate performance or suggest business improvements
2: Governance, risk and control
Write a statement of between 200 – 500 words on how you contribute to effective governance in your area. You evaluate, monitor and implement risk management procedures, complying with the spirit and the letter of policies, laws and regulations.
Elements
Here are the elements you need demonstrate you have achieved in this performance objective
a. Provide and present information at the appropriate time to comply with organisational requirements and external regulation.
b. Operate according to the governance standards, policies and controls of your organisation. You also review your work and your colleagues’ work to make sure it complies.
c. Evaluate and identify areas of risk including data and cyber security risks – assessing the probability of fraud, error, security breaches and other hazards in your area of responsibility, and the impact they would have.
d. Assess the risk of failures in the internal controls and procedures in your area of responsibility.
e. Consult with stakeholders and specialists, communicating with them to solve problems and reach conclusions.
Examples of activities:
1. Collating data on risks, including cyber security risks and assessing their likelihood and potential impact using appropriate technology
2. When you identify risks, bringing them to the attention of your line manager
3. Complying with authorisation limits and other internal controls
4. Complying with money laundering legislation or regulation – a and reporting any suspicious activities
5. Briefing a team on a new policy, procedure or methodology
6. Creating and/or updating policies and/or process documentation/procedures
7. Training staff on recent compliance issues
8. Reviewing policies, processes or procedures following audit reviews and revise them accordingly
9. Contributing or organising a survey or focus group to obtain opinions and feedback from colleagues, clients or customers
3: Record and process transactions and events
Description
Write a statement of between 200 – 500 words on how I have used the right accounting treatments for transactions and events. These should be both historical and prospective – and include non-routine transactions.
Here are the elements you need to demonstrate you have achieved in this performance objective:
1. Implement or operate systems to record and process accounting data using emerging technology where appropriate or feasible.
2. Gather information for end-of-period accounting entries – and prepare estimates for adjustments to inter-company accounts.
3. Verify, input and process routine financial accounting data within the accounting system using emerging technology where appropriate or feasible.
4. Prepare and review reconciliations and other accounting controls.
5. Make sure you’re using accounting standards and policies when you’re processing transactions and events.
4: Analyse and interpret financial reports
Description
Write a statement of between 200 – 500 word on how I have analysed or would analyse financial statements to evaluate and assess the financial performance and position of an entity.
Here are the elements I need to demonstrate to have achieved in this performance objective:
1. Assess the financial performance and position of an entity based on financial statements and disclosure notes.
2. Evaluate the effect of chosen accounting policies on the reported performance and position of an entity.
3. Identify inconsistencies between the information in the financial statements of an entity and any accompanying narrative reports.
4. Evaluate the effects of fair value measurements and any underlying estimates on the reported performance and position of an entity.
5. Conclude on the performance and position of an entity identifying relevant factors and make recommendations to management.
5: Monitor performance
Description
Write a statement of between 200 – 500 words on how I have measure and assess departmental and business performance.
Here are the elements you need to achieve for this performance objective:
1. Identify the key external factors, including financial factors, affecting organisational performance.
2. Analyse and provide appropriate information to measure performance.
3. Identify and use performance measurement techniques.
4. Monitor and evaluate individual and departmental performance to identify areas for development.
5. Advise on appropriate ways to maintain and improve performance.
6: Prepare for and plan the audit and assurance process
Description
Write a statement of between 200 – 500 words on how I have planned and controlled the engagement process, including the initial investigation. You also plan and monitor the audit programme – legally and ethically.
Here are the elements you need to achieve for this performance objective:
1. Become familiar with the scope and services to be provided.
2. Identify ethical requirements at the start of an engagement or internal audit investigation.
3. Use up-to-date auditing standards and legal and ethical frameworks.
4. Determine levels of risk and use them to document the audit plan. Design programmes and plan tests for an internal or external audit or assurance engagement using appropriate technology to assist the process.
5. Evaluate risk in an organisation’s internal control structure and make any necessary changes to the audit programme/plan of work.
: Data analysis and decision support
Write a statement of between 200 – 500 words on how I have used commercial acumen to articulate business questions to resolve problems, exploit opportunities and identify and manipulate relevant data requirements; deeply analysing data by applying appropriate techniques. You draw clear conclusions and present your findings to enable relevant stakeholders to make sound business decisions.
Here are the elements you need to achieve for this performance objective:
a. Identify any relevant financial and non-financial data and use it to provide insights to answer important business questions and provide solutions for your organisation.
b. Use appropriate analytical tools to process, manipulate and analyse data. These tools could include spreadsheet applications or more technical statistical analysis software.
c. Apply modelling techniques to deliver specific types of analysis, which may include: scenario analysis, forecasting, optimisation problems or cost-benefit analysis.
d. Use data and resulting information ethically and responsibly, analysing and interpreting data sceptically to draw appropriate conclusions and make recommendations to support effective decision-making.
e. Communicate the recommendations to relevant stakeholders in a way they can easily visualise and understand, to exploit business opportunities, manage risk and evaluate performance.
