Assessor Resource

FNSSAM503A
Monitor market opportunities

Assessment tool

Version 1.0
Issue Date: April 2024


This unit may be applied in any sector of the financial services industry.

This unit describes the performance outcomes, skills and knowledge required to monitor and identify market opportunities for products and services in the financial services industry.

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

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

Employability Skills

This unit contains employability skills.



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.

The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the ability to:

monitor the opportunities for business based on maintaining networks, researching the markets, identifying changes in the market and locating new markets

maintain a comprehensive knowledge of the products and services of the organisation.

Context of and specific resources for assessment

Assessment must ensure:

competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment

access to and the use of a range of common office equipment, technology, software and consumables

access to financial services product information.

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:

evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency

verbal or written questioning on underpinning knowledge and skills

setting and reviewing workplace projects and business simulations or scenarios

evaluating samples of work

accessing and validating third party reports.

Guidance information for assessment

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.

Required skills

highly-developed communication skills to:

determine and confirm market information from business networks, using questioning and active listening as required

present marketing analysis outcomes to underwriters and management

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

IT skills for:

accessing and using appropriate software such as spreadsheets and databases and using internet information

undertaking trend analysis

managing information in the marketing process

well-developed literacy skills to:

analyse information and products to ensure appropriateness to customer needs, currency and accuracy

report on and document market options for products and services

analysis and decision making skills

problem solving skills to address market product or service issues

organisational skills, including the ability to plan and sequence work

Required knowledge

industry codes of practice

organisation policy and operating procedures

relevant financial products and services

distribution marketing

relevant financial services industry legislation

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.

Research may include:

customer feedback

legal developments

literature search:

newspapers

professional journals

product analysis

trend analysis.

Opportunities may arise through:

competitor's products

customer feedback

internal analysis

legislative changes

lobby groups

monitoring that involves continuous review and assessment of market conditions

product lifecycle.

Relevant information may include:

focus groups

literature:

newspapers

professional journals

market surveys.

Appropriate personnel may include:

consultants

customers

intermediaries

marketing support

sales function.

Legislation, regulations and codes of practice related to this unit may include:

anti-discrimination legislation

Australian Prudential Regulation Authority (APRA)

business names legislation

Consumer Credit Code

Corporations Act (including Accounting Standards)

Electronic Funds Transfer Code of Conduct

Finance Code

Financial Services Reform Act (FSRA)

Financial Transaction Reports Act

industry codes of practice

Privacy Act

taxation law.

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
Identified business networks are reviewed on a regular basis to ensure relevance and reliability 
Information obtained through business networks is up-to-date, relevant and reliable 
Existing markets are reviewed within corporate policy and codes of practice constraints 
Significant changes in existing markets are identified against known market conditions and reported upon to permit a corrective action plan to be formulated 
Additional markets are identified following research 
Strategies within corporate policy, industry and legislative requirements are adopted 
Options that specify product opportunities are formulated and conveyed to underwriters and management 
All relevant information is assessed to determine feasibility of the opportunity 
Product performance, image and range are continually benchmarked against that offered by competitors to determine market position 
Available market opportunities are identified and referred to appropriate personnel and management together with market information 

Forms

Assessment Cover Sheet

FNSSAM503A - Monitor market opportunities
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

FNSSAM503A - Monitor market opportunities

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: