Required skills

analytical evaluative and deductive reasoning skills relevant to identifying all aspects of a settlement transaction

communication skills to

determine and confirm client requirements using questioning and active listening as required

liaise with others in a business environment share information listen and understand

use language and concepts appropriate to cultural differences

obtain and clarify instructions from others

gathering recording and consolidating accurate settlement and financial information

IT skills for accessing and using appropriate software such as spreadsheets and databases and using internet information

literacy skills to read and interpret documentation from a variety of sources

negotiating with a range of people in diverse situations

numeracy skills to accurately analyse record and store data in accordance with organisational requirements

organisational skills including the ability to plan and sequence work

problem solving skills to address settlement issues that may arise

Required knowledge

file reconciliation procedures

formal and informal industry code of practice governing settlement procedures

practice policy and procedures in relation to transaction settlement and client management

process monitoring procedures where actions are delayed extended or rescheduled

regulations and procedures of relevant government agencies

relevant financial procedures

relevant legislation regulations and common law relevant to settlement transactions

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

apply applicable legislative requirements to settlement transactions

identify the roles of relevant parties in a settlement

apply all relevant practice policies and procedures

arrange and attend settlement in accordance with instructions

determine contingency strategies for settlement where contractual obligations remain unfulfilled

complete settlement transaction meeting practice legislative and client requirements

implement posttransaction procedures as appropriate

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 workplace or a closely simulated work environment

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

suitable assessment records showing the completion of a settlement transaction

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 which may include formal examinations

setting and reviewing workplace projects and business simulations or scenarios

evaluating samples of work

accessing and validating third party reports

Guidance information for assessment

Transactions may include:

Transactions to be finalised include, but are not limited to, the application of laws concerning the following:

Information requirements include, but are not limited to:

Documentation may include:

Stamped correctly should allow consideration of the following:

Contingency strategies may include:

Practice policy and procedures may include:

Relevant parties may include:

Funds, fees, deductions and disbursements include, but are not limited to: