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Elements and Performance Criteria

1. Review regulatory and licence requirements
   • Analyse relevant regulatory requirements, regulator guidance, and organisational licence conditions and obligations
   • Identify compliance requirements for provision of financial services by the organisation
   • Analyse the alignment of the business unit or organisation with licence requirements
2. Assess adequacy of staffing levels and skills for meeting licence requirements
   • Review and analyse staffing levels of organisation or business unit against licence requirements
   • Identify and review skills and knowledge required by staff to adhere to licence requirements
   • Monitor staff performance metrics to identify areas where skills and knowledge of staff indicate concerns or potential breaches
   • Escalate concerns or potential breaches where staff knowledge and skills create a compliance risk for the organisation
3. Assess adequacy of IT systems for meeting licence requirements
   • Review and analyse IT system metrics of organisation or business unit against licence requirements
   • Monitor and analyse developments in cyber security and data privacy requirements
   • Escalate concerns or potential breaches where IT systems create a compliance risk for the organisation
   • Communicate to staff their responsibilities for ensuring that there are no breaches of regulatory requirements for protecting data in IT systems
4. Monitor compliance with licence obligations
   • Identify and assess implications of changes in business strategies of the organisation and priorities for the licence
   • Assess implications of changes to licence obligations for business unit or staffing and IT systems of the organisation
   • Monitor and evaluate alignment of staffing and IT systems of the organisation with licence requirements according to organisational timelines

Performance Evidence

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:

Conduct an assessment of the human resources and IT systems of one organisation or business unit for compliance with licence requirements.

In the course of the above, the candidate must:

obtain relevant metrics to assess compliance with requirements of licence

identify adjustments in human resources and IT systems required to comply with requirements of licence.

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Knowledge Evidence

The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:

organisational licence conditions and regulatory requirements including regulator guidance

legislative and regulatory requirements specific to IT policy and practice including:

cyber resilience

systems disaster recovery

security, storage and communication of different types of data and information

privacy legislation

organisational metrics for monitoring performance and IT systems

developments in cyber security and data requirements

business continuity and disaster recovery procedures

key types of potential breaches of regulatory requirements and licence obligations pertaining to IT systems, including

breaches of the privacy legislation

security vulnerabilities

potential cyber risks

network access control breaches

internal procedures for escalation of potential breaches

responsibilities of staff for monitoring compliance of IT systems with regulatory requirements including:

cyber security

communication of data and information.

human resource responsibilities including strategies to monitor staff training needs and staff performance.

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