Assessor Resource

FNSINC801
Lead compliance with financial services legislation and industry codes of practice

Assessment tool

Version 1.0
Issue Date: May 2024


This unit describes the skills and knowledge required to manage organisational processes and compliance with finance industry regulations and industry codes of practice at an organisational level.

It applies to individuals who use specialised knowledge and skills to evaluate complex information and compliance requirements and apply to relevant tasks. Individuals typically lead and review organisation wide activities, exercise significant autonomy, responsibility and accountability and contribute to the strategic goals and operations of the organisation. They review, critically analyse, consolidate and synthesise knowledge to generate ideas and provide solutions to complex problems.

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. Evaluate organisational requirements of regulatory obligations

1.1 Research and access source documents for regulations relevant to provision of financial products and services

1.2 Evaluate procedural requirements of source documents and their impact on organisational requirements and work practices

1.3 Implement procedural requirements in line with organisational policy

1.4 Establish role authorities and restrictions in position profiles and organisational procedures

1.5 Design and implement internal monitoring or audit program according to organisational requirements

2. Analyse changes to regulations and procedural implications

2.1 Design and establish systems to ensure currency of regulatory information and requirements

2.2 Establish and lead processes to communicate changes to regulations and policies in a timely manner in accordance with organisational policy

2.3 Review operational procedures to accurately reflect changes to regulations

2.4 Evaluate and communicate implications of change for products and services in accordance with client, regulatory and organisational requirements

3. Manage compliance with relevant industry or professional codes

3.1 Evaluate implications of industry codes of practice relevant to organisational operations

3.2 Oversee the execution of changes to organisational policies, procedures and practices to align with industry codes of practice

4. Review processes for maintaining statutory records

4.1 Establish a system to maintain relevant records and documentary requirements

4.2 Oversee maintenance of evidence of current authorisation, training and relevant licences in accordance with organisational, legal and regulatory requirements

Evidence of the ability to:

research and evaluate relevant industry codes of practice and relevant regulations

establish system to maintain statutory records and requirements

establish mechanisms to communicate changes and implications of regulations and industry requirements to clients and colleagues.

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 outcomes of analysis of compliance issues relating to:

disclosure of capacity criteria

contract law principles

duty of care principles

fiduciary duties

general obligations of a financial services officer

laws of principal and agents

discuss key features of:

organisational financial products and services

contractual or partnership agreements or authorities

relevant industry codes of practice

relevant regulations pertaining to the financial services sector

analyse and explain key requirements of the statutory records the organisation needs to maintain

explain the internal monitoring or audit program process.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the anti-money laundering and counter terrorism financing field and include access to:

relevant legislation, regulations, standards and codes of practice

relevant organisational policies and procedures.

Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.

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. Evaluate organisational requirements of regulatory obligations

1.1 Research and access source documents for regulations relevant to provision of financial products and services

1.2 Evaluate procedural requirements of source documents and their impact on organisational requirements and work practices

1.3 Implement procedural requirements in line with organisational policy

1.4 Establish role authorities and restrictions in position profiles and organisational procedures

1.5 Design and implement internal monitoring or audit program according to organisational requirements

2. Analyse changes to regulations and procedural implications

2.1 Design and establish systems to ensure currency of regulatory information and requirements

2.2 Establish and lead processes to communicate changes to regulations and policies in a timely manner in accordance with organisational policy

2.3 Review operational procedures to accurately reflect changes to regulations

2.4 Evaluate and communicate implications of change for products and services in accordance with client, regulatory and organisational requirements

3. Manage compliance with relevant industry or professional codes

3.1 Evaluate implications of industry codes of practice relevant to organisational operations

3.2 Oversee the execution of changes to organisational policies, procedures and practices to align with industry codes of practice

4. Review processes for maintaining statutory records

4.1 Establish a system to maintain relevant records and documentary requirements

4.2 Oversee maintenance of evidence of current authorisation, training and relevant licences in accordance with organisational, legal and regulatory requirements

Evidence of the ability to:

research and evaluate relevant industry codes of practice and relevant regulations

establish system to maintain statutory records and requirements

establish mechanisms to communicate changes and implications of regulations and industry requirements to clients and colleagues.

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 outcomes of analysis of compliance issues relating to:

disclosure of capacity criteria

contract law principles

duty of care principles

fiduciary duties

general obligations of a financial services officer

laws of principal and agents

discuss key features of:

organisational financial products and services

contractual or partnership agreements or authorities

relevant industry codes of practice

relevant regulations pertaining to the financial services sector

analyse and explain key requirements of the statutory records the organisation needs to maintain

explain the internal monitoring or audit program process.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the anti-money laundering and counter terrorism financing field and include access to:

relevant legislation, regulations, standards and codes of practice

relevant organisational policies and procedures.

Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.
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
Research and access source documents for regulations relevant to provision of financial products and services 
Evaluate procedural requirements of source documents and their impact on organisational requirements and work practices 
Implement procedural requirements in line with organisational policy 
Establish role authorities and restrictions in position profiles and organisational procedures 
Design and implement internal monitoring or audit program according to organisational requirements 
Design and establish systems to ensure currency of regulatory information and requirements 
Establish and lead processes to communicate changes to regulations and policies in a timely manner in accordance with organisational policy 
Review operational procedures to accurately reflect changes to regulations 
Evaluate and communicate implications of change for products and services in accordance with client, regulatory and organisational requirements 
Evaluate implications of industry codes of practice relevant to organisational operations 
Oversee the execution of changes to organisational policies, procedures and practices to align with industry codes of practice 
Establish a system to maintain relevant records and documentary requirements 
Oversee maintenance of evidence of current authorisation, training and relevant licences in accordance with organisational, legal and regulatory requirements 

Forms

Assessment Cover Sheet

FNSINC801 - Lead compliance with financial services legislation and industry codes of practice
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

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Assessor name:

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Assessment Record Sheet

FNSINC801 - Lead compliance with financial services legislation and industry codes of practice

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: