Financial management (core competency)
Management technical competency (PDF, 88 KB)
Definition: Understands the rules, policies, regulations and procedures of the Financial Administration Act as they apply to NRC as well as NRC's financial assets/investments management procedures (including related procurement rules) such as: financial authority level and approval process, financial accounting procedures, public accountability, budgeting, projecting, monitoring, reporting, financial auditing, etc. Applies the Act, by-laws, policies, procedures, standards and regulations in managing financial and assets resources in the design and/or implementation of NRC portfolios, programs, projects or solutions within the organization. Applies the protocols required to safeguard and use financial resources effectively and economically by ensuring decisions and operations are implemented in compliance with applicable Act, by-laws, policies, procedures, standards, and regulations.
Level 1 - Foundational
Some familiarity with and ability to apply the competency in limited difficult situations
- Has some awareness of the NRC's budgeting and financial regulations and processes.
- Understands one's responsibility for the careful use and protection of financial resources and investment assets under one's control.
- Adheres to budget as assigned.
- Depicts a "value for money" mindset.
- Provides correct financial information as required.
Level 2 - Intermediate
Basic understanding of and ability to apply the competency in routine situations
- Monitors program/project expenditures and individual expenses for reporting purposes.
- Appropriately maintains NRC property and investment assets as relevant to own area of responsibility (e.g., office equipment, vehicles, budgets, information databases, etc.).
- Understands how to read, interpret and use budgets and projections.
- Updates budgets and projections diligently.
- Can identify wasteful financial practices or opportunities for greater efficiencies.
Level 3 - Seasoned
Solid understanding of and consistent ability to apply the competency in most situations
- Understands the processes by which financial resources are identified, obtained, allocated, managed and accounted for.
- Makes sound financial decisions after having analyzed their impact on the organization and operations within the scope of fiscal responsibilities.
- Monitors the use of NRC financial resources and budgets by employees, suppliers, partners or others.
- Knows the internal and external factors that impact financial resource availability.
- Allocates and manages financial resources transparently.
- Ensures compliance with legislation, policies and practices applicable to the appropriate and effective use of financial resources.
- Takes a lead role in preparing budgets and forecasts for projects and initiatives.
Level 4 - Advanced
Advanced understanding of and ability to apply the competency in a full range of situations
- Ensures adequate internal control systems over NRC financial assets, investments, liabilities, revenues and expenditures.
- Effectively handles financial management and accounting responsibilities for large programs or multiple business lines.
- Identifies additional or alternative financial resources and opportunities for funding organization-wide projects, programs, portfolio and/or services, etc.
- Designs, operates and monitors rigorous systems for Financial Information Management, internal audit, and evaluation.
- Acts on audit, evaluation and other objective financial performance information.
- Sets up and manages income and expenditure monitoring systems; keeps the systems under close review and makes improvements where relevant.
Level 5 - Mastery
Thorough understanding of and ability to apply the competency creatively in the most complex and challenging situations
- Has an in-depth understanding of the strategic contexts within which the current fiscal policy, procedures, practices, systems and accountability or authority exist.
- Ensures partner organizations, agencies or governments understand the organization's complex fiscal issues.
- Ensures framework is in place for sound financial planning, management, control and reporting (i.e., spanning pay, capital, O&M costs and revenues).
- Ensures processes and infrastructure are developed and in place to provide managers with integrated financial and non-financial performance information, a mature approach to risk management, appropriate control systems and a shared set of values and ethics.
Core: Does this person have a good grasp of the organization's financial processes – budgeting, accounting, etc.?
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