Required skills

welldeveloped communication skills to

determine and confirm client risk profile using questioning and active listening as required

liaise with team members and peers share information listen and understand

use language and concepts appropriate to cultural differences

numeracy and IT skills to

use comparative analysis techniques

use spreadsheets and databases

access internet information

highly developed research and analysis skills for

accessing interpreting and managing complex information and evaluating and disseminating information to clients

accurately identify existing or potential risks

evaluating client information against risk assessment strategies

identifying gaps in information and gathering necessary information from alternative sources

welldeveloped literacy skills to

read and interpret marketand product information

identify economic environmental factors which affect financial services and markets

produce reports

judgement skills for forming recommendations in complex situations

organisational skills including the ability to

estimate plan and prioritise client requirements

plan and sequence own work

work effectively in a constantly changing environment

selfmanagement skills for complying with ethical legal and procedural requirements and model a professional and ethical approach to clients

Required knowledge

client and organisational confidentiality requirements

financial information sources and products

financial markets risk characteristics

organisational policies and procedures

relationship between ethics and regulatory requirements

relevant legal principles and disclosure and compliance requirements

risk standards assessment techniques and processes

roles and operations of financial markets

taxation issues in relation to the products and markets in which they operate

the economic environment including

characteristics and impacts of economic and business cycles

government monetary and fiscal policies

interest rates exchange rates and inflation

theories of management of investment and risk

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

determine the risk profile of client

interpret and comply with relevant legislation

assess the impact of financial risks to the client and the organisation and recommend strategies to control risk

accurately review and prepare risk assessment findings in a format suitable for presentation including client disclosure documents

provide up to date advice on the risks and benefits of financial products and services

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

Interpersonal skills may include:

Clients may include:

Financial needs may include:

Organisational requirements may be outlined and reflected in:

Valid and relevant information may include:

Risk to be identified may include:

Assessment criteria may be based on:

Vulnerability for a range of financial products may relate to:

Risk management alternatives may include:

Relevant legislation may include:

Retail client disclosure documents may include:

Documentation may include:

Filing of information may include: