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.
The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:
develop, monitor and supervise work practices that are required to meet financial services regulatory requirements on two occasions and include:
interpreting compliance with regulatory requirements and codes of conduct for work practices
monitoring of work practices to confirm compliance with applicable organisational, legislative and regulatory requirements
assessing of the effectiveness of workplace procedures
undertaking of continual professional development by staff
implementing of organisational quality assurance procedures.
The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:
main industry roles of financial representatives
fraud deterrence practices
key trends of the regulatory environment
key government bodies and representatives involved in regulating financial products and services, and methods for accessing their regulatory guidance and information
main features, benefits, practices, and licensing and prudential requirements of different types of financial products and services offered by the organisation
organisational governance framework, policy, procedures, objectives and guidelines
a range of applicable professional development activities
applicable legislation, regulation and compliance requirements for the financial services industry, including privacy obligations and codes of practice
supervisory responsibilities for ensuring compliance within the applicable financial services area.
Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.
This includes access to:
common office equipment, technology, software and consumables
legislation, regulatory information, and organisational policy and procedures documentation required to produce the performance evidence.
Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.