management consulting
The process of giving paid advice with the aim of improving businesses performance and promote their growth.
Financial risk managers identify and assess potential risk areas threatening the assets or capital of organisations and give advice on how to deal with them. They specialise in either credit, market, operational or regulatory risk analysis. They use statistical analysis to evaluate risk, make recommendations to reduce and control financial risk and review documentation for legal compliance.
Competences and skills
64 ESCO relationsEssential competences 1 competence
Occupation specific
0 competencesNo competences in this bucket.
Sector-specific
0 competencesNo competences in this bucket.
Cross-sector
0 competencesNo competences in this bucket.
Essential knowledge 12 competences
Occupation specific
0 competencesNo competences in this bucket.
Sector-specific
1 competenceCross-sector
11 competencesassessment of risks and threats
The security documentation and any security-related communications and information.
digital
economics
Economic principles and practices, financial and commodity markets, banking and the analysis of financial data.
financial analysis
The process of assessing the financial possibilities, means, and status of an organisation or individual by analysing financial statements and reports in order to make well informed business or financial decisions.
financial forecasting
The tool used in performing fiscal financial management to identify revenue trends and estimated financial conditions.
financial management
The field of finance that concerns the practical process analysis and tools for designating financial resources. It encompasses the structure of businesses, the investment sources, and the value increase of corporations due to managerial decision-making.
financial statements
The set of financial records disclosing the financial position of a company at the end of a set period or of the accounting year. The financial statements consisting of five parts which are the statement of financial position, the statement of comprehensive income, the statement of changes in equity (SOCE), the statement of cash flows and notes.
risk identification
The different types of risk and the related classification criteria such as their nature and scope, the activity to which they relate, their causes and consequences and their financing.
risk management
The process of identifying, assessing, and prioritising of all types of risks and where they could come from, such as natural causes, legal changes, or uncertainty in any given context, and the methods for dealing with risks effectively.
risk transfer
The financial techniques aimed at avoiding damaging financially a business and instead, protect it in its operations. It is the operation of transferring liabilities and claims to third parties that have the financial muscle and specialise in bundling and managing risks in scale.
securities
The financial instruments traded in financial markets representing both the right of property over the owner and at the same time, the obligation of payment over the issuer. The aim of securities which is raising capital and hedging risk in financial markets.
tax legislation
Tax legislation applicable to a specific area of specialisation, such as import tax, government tax, etc.
Essential skills and competences 22 competences
Occupation specific
0 competencesNo competences in this bucket.
Sector-specific
1 competencecreate risk maps
Use data visualisation tools in order to communicate the specific financial risks, their nature and impact for an organisation.
digital
Cross-sector
21 competencesadvise on financial matters
Consult, advise, and propose solutions with regards to financial management such as acquiring new assets, incurring in investments, and tax efficiency methods.
advise on risk management
Provide advice on risk management policies and prevention strategies and their implementation, being aware of different kinds of risks to a specific organisation.
advise on tax policy
Advise on changes in tax policies and procedures, and the implementation of new policies on a national and local level.
analyse external factors of companies
Perform research and analysis of the external factor pertaining to companies such as consumers, position in the market, competitors, and political situation.
analyse financial risk
Identify and analyse risks that could impact an organisation or individual financially, such as credit and market risks, and propose solutions to cover against those risks.
analyse internal factors of companies
Research and understand various internal factors that influence the operation of companies such as its culture, strategic foundation, products, prices, and available resources.
analyse market financial trends
Monitor and forecast the tendencies of a financial market to move in a particular direction over time.
apply credit risk policy
Implement company policies and procedures in the credit risk management process. Permanently keep company's credit risk at a manageable level and take measures to avoid credit failure.
assess risk factors
Determine the influence of economical, political and cultural risk factors and additional issues.
collect financial data
Gather, organise, and combine financial data for their interpretation and analysis in order to predict possible financial scenarios and performance of a company or project.
create a financial plan
Develop a financial plan according to financial and client regulations, including an investor profile, financial advice, and negotiation and transaction plans.
create risk reports
Gather all the information, analyse the variables and create reports where the detected risks of the company or projects are analysed and possible solutions are suggested as counter actions to the risks.
enforce financial policies
Read, understand, and enforce the abidance of the financial policies of the company in regards with all the fiscal and accounting proceedings of the organisation.
estimate profitability
Take various factors into account to calculate the cost and potential revenues or savings gained from a product in order to evaluate the profit that could be generated by the new acquisition or by a new project.
follow company standards
Lead and manage according to the organisation's code of conduct.
integrate strategic foundation in daily performance
Reflect on the strategic foundation of companies, meaning their mission, vision, and values in order to integrate this foundation in the performance of the job position.
interpret financial statements
Read, understand, and interpret the key lines and indicators in financial statements. Extract the most important information from financial statements depending on the needs and integrate this information in the development of the department's plans.
liaise with managers
Liaise with managers of other departments ensuring effective service and communication, i.e. sales, planning, purchasing, trading, distribution and technical.
make strategic business decisions
Analyse business information and consult directors for decision making purposes in a varied array of aspects affecting the prospect, productivity and sustainable operation of a company. Consider the options and alternatives to a challenge and make sound rational decisions based on analysis and experience.
manage financial risk
Predict and manage financial risks, and identify procedures to avoid or minimise their impact.
strive for company growth
Develop strategies and plans aiming at achieving a sustained company growth, be the company self-owned or somebody else's. Strive with actions to increase revenues and positive cash flows.
Optional knowledge 8 competences
Occupation specific
0 competencesNo competences in this bucket.
Sector-specific
4 competencesaccounting department processes
The different processes, duties, jargon, role in an organisation, and other specificities of the accounting department within an organisation such as bookkeeping, invoices, recording, and taxing.
financial department processes
The different processes, duties, jargon, role in an organisation, and other specificities of the financial department within an organisation. Understanding of financial statements, investments, disclosing policies, etc.
risk financing techniques
The available options for paying off and account for the financial consequences of risks, such as risk retention, risk transfer and other alternative risk financing solutions.
treasury management system
The system for managing treasury processes by centralizing cash flow data linked to treasury operations. It involves managing the liquidity as well as money market instruments of an organisation.
Cross-sector
4 competencesbanking activities
The broad and continuously growing banking activities and financial products managed by banks ranging from personal banking, corporate banking, investment banking, private banking, up to insurance, foreign exchange trading, commodity trading, trading in equities, futures and options trading.
financial products
The different types of instruments that apply to the management of cash flow that are available on the market, such as shares, bonds, options or funds.
international financial reporting standards
The set of accounting standards and rules aimed at companies listed in the stock exchange which are required to publish and disclose their financial statements.
Monte Carlo simulation
A mathematical technique used to predict, estimate, and analyse a range of future possible outcomes for an uncertain event. The process is performed through a simulation to estimate a range of values.
digital
Optional skills and competences 21 competences
Occupation specific
1 competencedevelop predictive models
Develop simplified descriptions, mainly mathematical descriptions of processes or systems, in order to assist calculations and predictions.
Sector-specific
2 competencesnegotiate sales contracts
Come to an agreement between commercial partners with a focus on terms and conditions, specifications, delivery time, price etc.
prepare credit reports
Prepare reports which outline an organisation's likelihood of being able to repay debts and do so in a timely manner, meeting all the legal requirements linked to the agreement.
Cross-sector
18 competencesanalyse economic trends
Analyse developments in national or international trade, business relations, banking, and developments in public finance and how these factors interact with one another in a given economic context.
analyse financial performance of a company
Analyse the performance of the company in financial matters in order to identify improvement actions that could increase profit, based on accounts, records, financial statements and external information of the market.
apply credit stress testing methodologies
Use several approaches and credit stress test methodologies. Determine and analyse which reactions to different financial situations or sudden changes can have an impact on the whole economy.
apply statistical analysis techniques
Use models (descriptive or inferential statistics) and techniques (data mining or machine learning) for statistical analysis and ICT tools to analyse data, uncover correlations and forecast trends.
digital
assess risks of clients' assets
Identify, evaluate and determine the actual and potential risks of your clients’ assets, considering confidentiality standards.
calculate dividends
Calculate the payments made by corporations as distribution of their profit to the shareholders, ensuring that the shareholders receive the correct amount in the correct format, meaning in monetary payouts via deposits or via the issuing of further shares or share repurchase.
carry out statistical forecasts
Undertake a systematic statistical examination of data representing past observed behaviour of the system to be forecast, including observations of useful predictors outside the system.
control financial resources
Monitor and control budgets and financial resources providing capable stewardship in company management.
create solutions to problems
Solve problems which arise in planning, prioritising, organising, directing/facilitating action and evaluating performance. Use systematic processes of collecting, analysing, and synthesising information to evaluate current practice and generate new understandings about practice.
deliver visual presentation of data
Create visual representations of data such as charts or diagrams for easier understanding.
digital
disseminate information on tax legislation
Provide advise on the possible implications for companies or individuals on decisions regarding tax declaration based on tax legislation. Advise on the favourable tax strategies that could be followed depending on the needs of the client.
maintain financial records
Keep track of and finalise all formal documents representing the financial transactions of a business or project.
manage currency exchange risk mitigation techniques
Evaluate foreign currency and assess conversion risks. Implement risk mitigation strategies and techniques to protect against fluctuation.
perform data analysis
Collect data and statistics to test and evaluate in order to generate assertions and pattern predictions, with the aim of discovering useful information in a decision-making process.
digital
prepare financial statements
Collect, entry, and prepare the set of financial records disclosing the financial position of a company at the end of a certain period or accounting year. The financial statements consisting of five parts which are the statement of financial position, the statement of comprehensive income, the statement of changes in equity (SOCE), the statement of cash flows and notes.
prevent fraudulent activities
Identify and prevent suspicious merchant activity or fraudulent behaviour.
produce statistical financial records
Review and analyse individual and company financial data in order to produce statistical reports or records.
provide support in financial calculation
Provide colleagues, clients or other parties with financial support for complex files or calculations.