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CMI Unit: 706 Finance for Strategic Leaders

The primary focus of CMI Unit 706 Finance for Strategic Leaders is to develop a deep understanding of the Finance function within an organisational context. This unit highlights how Finance plays a pivotal role in driving business success and strategic decision-making. Learners will explore key financial principles, governance structures, and emerging financial technologies that influence corporate finance. The unit also delves into financial reporting, cost analysis, and the legal and ethical considerations that shape financial decision-making at a strategic level.

This unit is particularly beneficial for senior managers and aspiring strategic leaders, equipping them with essential financial knowledge and decision-making skills. By understanding the scope and impact of Finance, learners will be able to contribute to organisational sustainability, profitability, and long-term growth. The ability to critically assess financial data and apply it to strategic decisions will enable leaders to navigate complex business environments effectively.

Unit Objectives

The main objectives of learning CMI Unit 706 Finance for Strategic Leaders are as follows:

• To develop a comprehensive understanding of the Finance function within an organisational structure and its impact on business success.
• To enable learners to assess financial governance, scope, and boundaries within different organisational settings.
• To equip learners with knowledge of emerging technological factors influencing Finance and their implications for business sustainability.
• To provide learners with the ability to critically assess financial and cost analysis for informed strategic decision-making.
• To enhance learners` understanding of legal and ethical financial reporting practices and their role in corporate governance.

Learning Outcomes

LO1: Understand the scope of the Finance function within an organisational context

This learning outcome focuses on how Finance contributes to an organisation’s success. Learners will explore the fundamental role of Finance in governance, risk management, and operational efficiency. The function of Finance extends beyond budgeting and reporting; it encompasses strategic resource allocation, investment decisions, and compliance with regulatory requirements. Additionally, learners will evaluate the influence of technological advancements such as artificial intelligence, blockchain, and automated financial systems on modern financial practices.

LO2: Understand the role of Finance in strategic decision-making

Learners will gain insight into how financial and cost analysis supports strategic decision-making. This outcome highlights the importance of financial forecasting, capital investment evaluations, and risk assessments. The role of Finance in ensuring transparency and ethical reporting will also be explored, emphasizing compliance with financial regulations and corporate social responsibility. Understanding financial implications helps leaders make informed decisions that align with long-term business objectives and stakeholder expectations.

Assessment Criteria

LO1: Understand the scope of the Finance function within an organisational context

• 1.1 Critically appraise how the Finance function supports organisational success.
• 1.2 Discuss the scope, boundaries, and governance of Finance within an organisational context.
• 1.3 Critically assess current and emerging technological factors which impact on Finance.

LO2: Understand the role of Finance in strategic decision-making

• 2.1 Critically assess how strategic decision-making is informed by financial and cost analysis.
• 2.2 Discuss approaches for legal and ethical financial reporting.

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