You are here: Home / SFIA 6 / Skills / Strategy and architecture / Business strategy and planning / Financial management

Financial management FMIT

The overall financial management, control and stewardship of the IT assets and resources used in the provision of IT services, including the identification of materials and energy costs, ensuring compliance with all governance, legal and regulatory requirements.

Financial management: Level 6

Develops financial planning processes and standards to support execution of business strategy and promotes adoption and adherence. Sets strategy and develops plans, policies and processes for the accounting, budgeting and, where applicable, charging of IT resources and services, including the definition of cost models and charging models. Sets, negotiates, agrees and manages all financial budgets and targets, ensuring that there is adequate funding for all IT targets and plans, especially to meet development and capacity needs. Analyses actual expenditure, explains variances, and determines options in use of available budget to meet real needs. Assesses financial performance and instigates required improvements.

Financial management: Level 5

Advises on financial planning and budgeting. Develops financial plans and forecasts. Monitors and manages IT expenditure, ensuring that all IT financial targets are met, and examining any areas where budgets and expenditure exceed their agreed tolerances. Assists with the definition and operation of effective financial control and decision making, especially in the areas of service, projects and component cost models and the allocation and apportionment of all incurred IT costs. Analyses actual expenditure, explains variances, and advises on options in use of available budget.

Financial management: Level 4

Monitors and maintains all required financial records for compliance and audit to all agreed requirements. Assists all other areas of IT with their financial tasks, especially in the areas of identification of process, service, project and component costs and the calculation and subsequent reduction of all IT service, project, component and process failures. Contributes to financial planning and budgeting. Collates required financial data and reports for analysis and to facilitate decision making