Knowledge Check Summary
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LO1. 1.1 Describe the purpose of both governance and compliance. Emphasis must be on the purpose as it will not be sufficient to define the terms.
This response will be awarded full points automatically, but it can be reviewed and adjusted after submission.
LO1. 1.2 Identify governance and compliance processes relating to:
Dealing with income.
LO1. 1.3 Describe the implications to an organisation of unresolved governance and compliance issues
LO2. 2.1 Explain the concept of value for money. This should entail some detail and not just a definition of the term
LO2. 2.2 Describe how an organisation can achieve value for money when working with both suppliers and customers.
LO2. 2.3 Describe how teams/departments within organisations can deliver value for money – giving at least two examples
LO3. 3.1 Explain how to set budgets that are realistic. This may relate to own workplace. Explain how to plan for contingencies
LO3. 3.2 Describe the process of monitoring budgets over a period of time relevant to the budget period. Account must be taken of ensuring efficiencies and ways of controlling costs.