The job specification identifies a number of skills and will usually weigh some more heavily to emphasize their importance. You must consider if there are minimum skill levels that are essential to the job.
It may be the job is just like many others in your organization, in which case the minimum acceptable skills are likely to have been determined by HR. You should have the opportunity to vary this if you can supply the missing skill in some other way. Perhaps you can restructure the process, deliver some training, or spread the workload over more than one person to give coverage of all the skills.
Be careful with the team-based approach as you don't want to find the only person with a key skill is demanding recompense for their rare skill. It is a matter of degree. Make sure you have a very good reason, such as an outstanding candidate, which you want to include in your team-based approach to get all the skills you need.