The intent of this overview is to set out the requirements regarding the establishment and maintenance of a liability and contingency management system.
Liabilities and Contingency Management.
It is the responsibility of:
the Director, Financial and Business Services (FMPM 410-499 excluding 440 and 490);
the Director, Human Resources Management (FMPM 440: Policy - Employee Entitlements); and
the Director, Governance and Corporate Services (FMPM 490: Policy - Contingent Liabilities) to establish and maintain liability and contingency management systems (FMPM 410-499) which efficiently, effectively and economically manage all liabilities.
The liability management system (FMPM 410-489), including adequate internal controls, must provide for:
identifying, incurring, measuring, managing, satisfying and recording liabilities; and
promptly identifying, monitoring, recording and reporting commitments for capital expenditure.
any commitment entered into for the employment of persons, to be in accordance with the requirements of the applicable Acts, industrial awards and agreements, University policy and the like.
The contingency management system (FMPM 490: Policy - Contingent Liabilities), must provide for:
promptly identifying, monitoring and recording contingencies; and
reporting, at least annually about the contingencies.
For enquiries in relation to this FMPM Overview please contact firstname.lastname@example.org.
Deputy Vice Chancellor, Services and Resources
Date for next review
Policy Sponsor and Approval Authority updated to reflect the approved Policy and Delegations Framework
Quality Standards and Policy Unit
Finance Committee (06/11)
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