Assessor Resource

FNSFMK506
Detect errors and fraud when processing financial transactions

Assessment tool

Version 1.0
Issue Date: May 2024


This unit describes the skills and knowledge required to analyse financial transaction documentation, recognise any errors or fraudulent activity and take appropriate action.

It applies to individuals with specialised knowledge who use analytical skills and systematic approaches for problem solving and making recommendations within their area of responsibility.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.

You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)


Evidence Required

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. Access and interrogate financial transaction data

1.1 Access and collate relevant financial transaction data sources and records

1.2 Match and check random, systematic or stratified sample data for accuracy and compliance with legal requirements and organisational policies and procedures

1.3 Analyse all data and initial queries on accuracy or compliance with legislative and industry requirements and follow through with relevant personnel

2. Determine data errors or potential fraudulent activity

2.1 Identify and record errors in transaction processing and entries

2.2 Draw conclusions on possible fraudulent transactions based on sound evidence

2.3 Record and report major errors or possible fraudulent transactions to relevant personnel

3. Resolve errors and fraudulent activity

3.1 Follow up and correct minor transaction data errors with appropriate personnel

3.2 Identify and confirm major transaction data errors or fraud in consultation with appropriate personnel or external sources and escalate for further action according to organisational procedures

3.3 Develop recommendations for resolution of fraudulent transactions and activities for appropriate action

Evidence of the ability to:

conduct analysis of financial transaction data to identify minor and major transaction errors and/or fraud

test and assess the integrity of financial transaction information for risk

provide recommendation for action to resolve transactional errors and fraudulent activity.

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:

outline operations processing methodologies and systems

describe the key types and characteristics of financial fraud

identify key financial information sources

describe key features of:

organisational policy and procedures relating to dealing with errors and fraud

relevant financial industry legislative and compliance requirements

describe the relationship between ethics and regulatory requirements

describe the risks and implications associated with financial transactions

outline the features of the main types of financial market products and services.

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

financial services transaction data

financial industry legislation and industry codes of conduct.

Assessors must satisfy NVR/AQTF assessor requirements.

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assingnment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Access and interrogate financial transaction data

1.1 Access and collate relevant financial transaction data sources and records

1.2 Match and check random, systematic or stratified sample data for accuracy and compliance with legal requirements and organisational policies and procedures

1.3 Analyse all data and initial queries on accuracy or compliance with legislative and industry requirements and follow through with relevant personnel

2. Determine data errors or potential fraudulent activity

2.1 Identify and record errors in transaction processing and entries

2.2 Draw conclusions on possible fraudulent transactions based on sound evidence

2.3 Record and report major errors or possible fraudulent transactions to relevant personnel

3. Resolve errors and fraudulent activity

3.1 Follow up and correct minor transaction data errors with appropriate personnel

3.2 Identify and confirm major transaction data errors or fraud in consultation with appropriate personnel or external sources and escalate for further action according to organisational procedures

3.3 Develop recommendations for resolution of fraudulent transactions and activities for appropriate action

Evidence of the ability to:

conduct analysis of financial transaction data to identify minor and major transaction errors and/or fraud

test and assess the integrity of financial transaction information for risk

provide recommendation for action to resolve transactional errors and fraudulent activity.

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:

outline operations processing methodologies and systems

describe the key types and characteristics of financial fraud

identify key financial information sources

describe key features of:

organisational policy and procedures relating to dealing with errors and fraud

relevant financial industry legislative and compliance requirements

describe the relationship between ethics and regulatory requirements

describe the risks and implications associated with financial transactions

outline the features of the main types of financial market products and services.

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

financial services transaction data

financial industry legislation and industry codes of conduct.

Assessors must satisfy NVR/AQTF assessor requirements.
Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Access and collate relevant financial transaction data sources and records 
Match and check random, systematic or stratified sample data for accuracy and compliance with legal requirements and organisational policies and procedures 
Analyse all data and initial queries on accuracy or compliance with legislative and industry requirements and follow through with relevant personnel 
Identify and record errors in transaction processing and entries 
Draw conclusions on possible fraudulent transactions based on sound evidence 
Record and report major errors or possible fraudulent transactions to relevant personnel 
Follow up and correct minor transaction data errors with appropriate personnel 
Identify and confirm major transaction data errors or fraud in consultation with appropriate personnel or external sources and escalate for further action according to organisational procedures 
Develop recommendations for resolution of fraudulent transactions and activities for appropriate action 

Forms

Assessment Cover Sheet

FNSFMK506 - Detect errors and fraud when processing financial transactions
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:

Assessment Record Sheet

FNSFMK506 - Detect errors and fraud when processing financial transactions

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: