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Elements and Performance Criteria

1. Access and interrogate financial transaction data
   • Access and collate relevant financial transaction data sources and records
   • Match and check random, systematic or stratified sample data for accuracy and compliance with legal requirements and organisational policies and procedures
   • Analyse all data and initial queries on accuracy or compliance with legislative and industry requirements and follow through with relevant personnel
2. Determine data errors or potential fraudulent activity
   • Identify and record errors in transaction processing and entries
   • Draw conclusions on possible fraudulent transactions based on sound evidence
   • Record and report major errors or possible fraudulent transactions to relevant personnel
3. Resolve errors and fraudulent activity
   • Follow up and correct minor transaction data errors with appropriate personnel
   • Identify and confirm major transaction data errors or fraud in consultation with appropriate personnel or external sources and escalate for further action according to organisational procedures
   • Develop recommendations for resolution of fraudulent transactions and activities for appropriate action

Performance Evidence

Evidence of the ability to:

conduct analysis of financial transaction data to identify minor and major transaction errors and/or fraud

test and assess the integrity of financial transaction information for risk

provide recommendation for action to resolve transactional errors and fraudulent activity.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

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Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

outline operations processing methodologies and systems

describe the key types and characteristics of financial fraud

identify key financial information sources

describe key features of:

organisational policy and procedures relating to dealing with errors and fraud

relevant financial industry legislative and compliance requirements

describe the relationship between ethics and regulatory requirements

describe the risks and implications associated with financial transactions

outline the features of the main types of financial market products and services.

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