List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.
ELEMENT | PERFORMANCE CRITERIA |
Elements describe the essential outcomes. | Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Reconcile transaction | 1.1 Identify accounts and/or data held in operations systems for reconciliation 1.2 Check that cash or security movements in one account agree with those in other accounts and/or the organisational systems 1.3 Identify any discrepancies within the transaction amounts between accounts according to organisational procedures |
2. Follow up discrepancies | 2.1 Follow up any discrepancies with the counterparty, correspondent or internal systems according to organisational procedures 2.2 Escalate unreconciled discrepancies to appropriate organisational personnel for review 2.3 Reconcile accounts once discrepancies have been rectified |
Evidence of the ability to:
accurately interpret and follow organisational and industry reconciliation procedures
accurately reconcile a range of accounts, following up discrepancies as required using organisational systems.
Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.
To complete the unit requirements safely and effectively, the individual must:
describe a range of account types to be reconciled
outline different types of reconciliation
describe key steps of current organisational and industry reconciliation procedures.
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the financial markets field of work and include access to:
office equipment, technology, software and consumables
organisational records, policies and procedures.
Assessors must satisfy NVR/AQTF assessor requirements.