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Follow the links below to find material targeted to the unit's elements, performance criteria, required skills and knowledge

Elements and Performance Criteria

1. Evaluate organisational requirements of regulatory obligations
   • Research and access source documents for regulations relevant to provision of financial products and services
   • Evaluate procedural requirements of source documents and their impact on organisational requirements and work practices
   • Implement procedural requirements in line with organisational policy
   • Establish role authorities and restrictions in position profiles and organisational procedures
   • Design and implement internal monitoring or audit program according to organisational requirements
2. Analyse changes to regulations and procedural implications
   • Design and establish systems to ensure currency of regulatory information and requirements
   • Establish and lead processes to communicate changes to regulations and policies in a timely manner in accordance with organisational policy
   • Review operational procedures to accurately reflect changes to regulations
   • Evaluate and communicate implications of change for products and services in accordance with client, regulatory and organisational requirements
3. Manage compliance with relevant industry or professional codes
   • Evaluate implications of industry codes of practice relevant to organisational operations
   • Oversee the execution of changes to organisational policies, procedures and practices to align with industry codes of practice
4. Review processes for maintaining statutory records
   • Establish a system to maintain relevant records and documentary requirements
   • Oversee maintenance of evidence of current authorisation, training and relevant licences in accordance with organisational, legal and regulatory requirements

Performance Evidence

Evidence of the ability to:

research and evaluate relevant industry codes of practice and relevant regulations

establish system to maintain statutory records and requirements

establish mechanisms to communicate changes and implications of regulations and industry requirements to clients and colleagues.

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:

explain outcomes of analysis of compliance issues relating to:

disclosure of capacity criteria

contract law principles

duty of care principles

fiduciary duties

general obligations of a financial services officer

laws of principal and agents

discuss key features of:

organisational financial products and services

contractual or partnership agreements or authorities

relevant industry codes of practice

relevant regulations pertaining to the financial services sector

analyse and explain key requirements of the statutory records the organisation needs to maintain

explain the internal monitoring or audit program process.

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