Assessor Resource

FNSINC602
Interpret and use financial statistics and tools

Assessment tool

Version 1.0
Issue Date: May 2024


This unit describes the skills and knowledge required t to access, interpret and analyse statistical data relevant to the financial services industry. It encompasses producing new statistical information and reports from existing data using a range of tools and processes.

It applies to individuals with a thorough understanding of the sources of financial data, and statistical methods and techniques for analysis. It is a base unit on which other skills required for work in the financial services industry can be built. It may be applied in all sectors of the industry.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

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. Apply statistical methods to work

1.1 Evaluate and select appropriate statistical methods that apply to financial services work to suit required work outcome

1.2 Understand and effectively use suitable tools and techniques for statistical analysis

2. Source and interpret statistical data

2.1 Identify and access internal and external data and information sources to gather relevant current data

2.2 Validate data in accordance with industry statistical standards

2.3 Use data summaries and trends to verify currency and utility

2.4 Interpret correctly and use sampling techniques and diagrammatic, graphical and tabular information for required purpose

3. Analyse data using appropriate techniques and tools

3.1 Reflect organisational requirements and priorities in analysis of statistical data

3.2 Use analysis and descriptive tools and techniques to meet required outcomes and correct any data errors

3.3 Produce on time reports of analysis in appropriate detail and format, including use of diagrammatic, graphical and tabular information

4. Record statistical data analysis results and records

4.1 Validate records of data and statistical analysis to ensure accuracy and consistency with industry and organisational standards

4.2 File and store records for easy retrieval while meeting all security requirements

Evidence of the ability to:

apply statistical methods to work in the financial services industry

source and access statistical and other data, and produce and interpret statistics

use financial data tools and calculations to produce accurate and informative statistical reports from data

efficiently record and store data for retrieval.

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:

explain and apply mathematical principles and statistical methods

describe the range of statistical ratios and analysis tools relevant to the financial services industry

outline sources of relevant information available to the financial services industry, and their relevance

recognise and explain types of graphs, charts, diagrams and tables used in statistical modelling and reporting

explain the principles of statistical standards and sampling techniques that are used to gather valid data.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the industry capability field and include access to:

statistical modelling software and data

common office equipment, technology, software and consumables

statistical reports and data.

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. Apply statistical methods to work

1.1 Evaluate and select appropriate statistical methods that apply to financial services work to suit required work outcome

1.2 Understand and effectively use suitable tools and techniques for statistical analysis

2. Source and interpret statistical data

2.1 Identify and access internal and external data and information sources to gather relevant current data

2.2 Validate data in accordance with industry statistical standards

2.3 Use data summaries and trends to verify currency and utility

2.4 Interpret correctly and use sampling techniques and diagrammatic, graphical and tabular information for required purpose

3. Analyse data using appropriate techniques and tools

3.1 Reflect organisational requirements and priorities in analysis of statistical data

3.2 Use analysis and descriptive tools and techniques to meet required outcomes and correct any data errors

3.3 Produce on time reports of analysis in appropriate detail and format, including use of diagrammatic, graphical and tabular information

4. Record statistical data analysis results and records

4.1 Validate records of data and statistical analysis to ensure accuracy and consistency with industry and organisational standards

4.2 File and store records for easy retrieval while meeting all security requirements

Evidence of the ability to:

apply statistical methods to work in the financial services industry

source and access statistical and other data, and produce and interpret statistics

use financial data tools and calculations to produce accurate and informative statistical reports from data

efficiently record and store data for retrieval.

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:

explain and apply mathematical principles and statistical methods

describe the range of statistical ratios and analysis tools relevant to the financial services industry

outline sources of relevant information available to the financial services industry, and their relevance

recognise and explain types of graphs, charts, diagrams and tables used in statistical modelling and reporting

explain the principles of statistical standards and sampling techniques that are used to gather valid data.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the industry capability field and include access to:

statistical modelling software and data

common office equipment, technology, software and consumables

statistical reports and data.

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
Evaluate and select appropriate statistical methods that apply to financial services work to suit required work outcome 
Understand and effectively use suitable tools and techniques for statistical analysis 
Identify and access internal and external data and information sources to gather relevant current data 
Validate data in accordance with industry statistical standards 
Use data summaries and trends to verify currency and utility 
Interpret correctly and use sampling techniques and diagrammatic, graphical and tabular information for required purpose 
Reflect organisational requirements and priorities in analysis of statistical data 
Use analysis and descriptive tools and techniques to meet required outcomes and correct any data errors 
Produce on time reports of analysis in appropriate detail and format, including use of diagrammatic, graphical and tabular information 
Validate records of data and statistical analysis to ensure accuracy and consistency with industry and organisational standards 
File and store records for easy retrieval while meeting all security requirements 

Forms

Assessment Cover Sheet

FNSINC602 - Interpret and use financial statistics and tools
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:

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Date:

Assessment Record Sheet

FNSINC602 - Interpret and use financial statistics and tools

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: