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Elements and Performance Criteria

1. Monitor licence and regulatory change
   • Identify compliance requirements of AFSL and regulatory obligations applying to the organisation’s business activities
   • Review licence on an ongoing basis to ensure any changes to organisational strategies or product and service offerings are meeting licence requirements and regulatory obligations
   • Evaluate the impact of regulatory changes on the organisation or business unit
2. Monitor and report risks and vulnerabilities
   • Identify risks and vulnerabilities that may impact on the organisation’s compliance with AFSL requirements
   • Review a range of operational controls to detect possible breaches of licence
   • Investigate alerts triggered by controls and address breaches according to organisational policies and procedures
   • Analyse trends in data generated by procedural controls to determine the effectiveness of reporting systems
   • Report areas identified as needing improvement to parties responsible for those areas
   • Confirm that remedial action has been agreed upon and completed
3. Communicate regulatory change to the organisation or business unit
   • Ensure new regulatory requirements and codes of practice are integrated into organisational compliance processes and internal policy documents
   • Contextualise and communicate implications of regulatory change for business processes and procedures to staff
   • Incorporate compliance issues and procedures into practice guidelines and document appropriately
   • Report to the board on compliance with regulatory framework for the organisation or business unit
4. Assist in creating a culture of accountability
   • Communicate and confirm accountabilities and responsibilities to team members consistent with their capabilities and the operational plans of the organisation
   • Support staff in developing their compliance awareness and competence

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 a review of one organisation or business unit to determine requirements of compliance with AFSL and regulatory framework.

In the course of the above, the candidate must:

assess viability of current controls and their compliance with requirements of licence and regulatory frameworks

communicate and confirm operational controls reliance with appropriate personnel

communicate strategic issues to different groups of stakeholders

build compliance capabilities of teams.

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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:

key principles of AFSL and relevant legislation

types of compliance breaches and breach reporting standards

types of mitigation controls for monitoring risk

techniques and performance indicators for monitoring the operation of compliance

organisational operational controls including breach of licence controls

key resources required by staff in meeting compliance objectives, including training programs, technology and support staff.

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