Elements and Performance Criteria
- Identify and apply organisational requirements of legal principles and regulatory obligations
- Source documents for legislation, regulations and policies relevant to the provision of financial products and services are sourced and accessed
- Key legal principles and organisational implications relating to the provision of financial products and services are interpreted and analysed
- The organisational requirements of these documents and their impact on work practices are identified in terms of procedural requirements
- Procedural requirements relating to operational aspects of laws and regulations and codes of practice are executed in line with organisational policy
- Role authorities and restrictions as identified in position profiles are complied with
- Internal monitoring/audit program is implemented according to organisational and role requirements
- Mechanism is established to ensure currency of regulatory literature is maintained
- Identify changes and implications of laws, regulations, rules and circulars
- Changed legislation, regulations and policies are identified and accessed in a timely manner and communicated in accordance with organisational policy
- Operational procedures are reviewed to accurately reflect changes to regulation and legislation
- Implications for products and services are identified and changes implemented in accordance with client, legislative and organisational requirements
- Comply with any relevant industry or professional codes
- Relevant industry codes of practice are sourced, accessed and applied to own work in accordance with organisational requirements
- Key principles and responsibilities are interpreted in accordance with industry codes of practice with own interpretation and application of industry codes of practice confirmed and clarified as required with relevant persons
- Impact of codes of practice on work practices is understood and implemented
- Maintain statutory records