Sets financial standards of conduct at RMIT.
Who is it for?
This policy applies to the RMIT Group.
Compliance with country specific legislative requirements must be obeyed.
Non-compliance may result in the following actions, including but not limited to:
(a) the removal of a persons' access to RMIT’s finance or other systems;
(b) the withdrawal of a person's financial delegation;
(c) the suspension and/or cancellation of a person's credit card; and/or
(d) disciplinary action pursuant to the Human resources policy [under development].
Instances of non-compliance with this policy must be reported to the Chief Financial Officer (CFO) and Chief Risk Officer (CRO) for further action as appropriate.
1.1. All staff must comply with this policy and relevant supporting processes.
1.2. All staff are expected to act in the best interest of RMIT at all times and should conduct all financial dealings with integrity and fairness.
1.3. RMIT is responsible for:
1.3.1. the proper use and management of both public and private funds for which it is responsible;
1.3.2. establishing, and maintaining effective internal control systems over financial transactions and dealings;
1.3.3. maintaining segregation of duties where possible, or appropriate review mechanisms to ensure safety of its assets;
1.3.4. identifying and managing financial risks;
1.3.5. maintaining proper accounting records and systems, and other records, in accordance with state government regulations and directions;
1.3.6. establishing and maintaining measures to minimise and manage the risk of fraud, corruption and other losses; and
1.3.7. compliance with external reporting and other information provision requirements.
1.5. All staff are expected to maintain and respect the confidential and personal nature of financial information in the course of their duties and act in accordance with the Privacy and information management policy.
1.6. Staff involved in any financial business of RMIT must declare any personal interests which may affect or be affected by an RMIT transaction in accordance with the RMIT Staff ethics and integrity policy and the Conflict of interest policy process.
2.1. The authorisation of financial transactions must be in accordance with the RMIT Delegations policy.
2.2. Staff must ensure all financial transactions are:
2.2.1. recorded correctly, in an acceptable timeframe;
2.2.2. supported by adequate documentation; and
2.2.3. reviewed and approved in accordance with financial delegations and audit requirements.
4.1. The CFO is responsible for managing investment in accordance with the Treasury management policy process.
4.2. RMIT establishes, manages and administers trusts in accordance with the relevant legal requirements, and accounting principles and standards in accordance with the Trusts management policy process. The Philanthropic Committee manages donations and trusts in accordance with the Philanthropic committee investment policy process.
4.3. Borrowing of money and capital raising activities must be approved by Council subject to their functions in accordance with the Treasury management policy process.
5.1. RMIT maintains a Chart of Accounts for compliance and financial reporting purposes, which may be amended from time to time based on business requirements.
5.2. The Chart of Accounts guideline provides detailed information on structure and function of segments.
6.1. Assets must be recorded and classified in accordance with the Asset management policy process.
6.3. Assets funded from external sources for research projects are owned by RMIT unless an exception applies pursuant to the Asset management policy process.
10.1. RMIT, other than RMIT Training:
10.1.1. The Deputy Director of Strategic Sourcing and Procurement manages the procurement function for the RMIT Group other than RMIT Training. See the Procurement policy process.
10.2. RMIT Training:
10.2.1. The Director, Finance approves and maintain Procurement processes for RMIT Training. See RMIT Training procurement process [under development].
Staff should refer to Financial management on the WorkLife policy site for further information.
Status & details
Custodian: Chief Operating Officer
Operational responsibility: Financial Services
Effective from: 7 August 2017
Last updated: 7 August 2017