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Elements and Performance Criteria

1. Identify and assess licensing and regulatory environment
   • Develop and maintain frameworks for management obligations for licensing and prudential requirements on products and services offered by organisation
   • Critically analyse existing organisational governance over obligations, licensing and prudential requirements
   • Maintain registers of obligation according to organisational policies and procedures
   • Communicate updates to licensing and regulatory obligations to staff
2. Communicate knowledge of products and services offered
   • Inform staff of financial products and services offered by organisation, requirements of industry organisations and service providers
   • Identify for staff features and processes of specific products and services
   • Conduct research and engage in continuous professional development to improve and inform knowledge of industry product and service developments
   • Communicate updates to industry products and service developments to staff
3. Maintain and manage stakeholder relationships
   • Establish protocols for regulatory engagement
   • Identify and manage key trends of the regulatory environment
   • Critically analyse proposed responses to regulatory changes
   • Manage regulatory requests with appropriate stakeholders according to organisational policies and procedures
   • Update relevant systems with details of regulatory interactions within required time frames
4. Monitor and supervise work for compliance
   • Access and monitor legislation and regulatory information applicable to relevant work practices
   • Monitor client interactions to ensure advisory limitations required by the regulator are met
   • Establish and maintain work practices with required documentation to comply with legislative guidelines
   • Monitor all work for adherence to accepted codes of conduct and escalate incidents of non-compliance to appropriate personnel
5. Review work for compliance
   • Review completed and current work of team members to confirm compliance to established work practices
   • Provide appropriate feedback to individuals on compliant and non-compliance work practice
   • Investigate and escalate non-compliant work practices according to organisational policies and procedures
6. Implement and assess workplace practices
   • Identify and assess implementation of workplace processes and procedures within area of responsibility
   • Critically analyse implementation of licensing and regulatory changes
   • Identify areas for improvement in workplace procedures and make recommendations to appropriate personnel
   • Implement and monitor organisational quality assurance measures and systems as required, and document results
   • Prepare documents to meet regulatory requirements
   • Critically analyse reports to be submitted to regulators

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:

develop, monitor and supervise work practices that are required to meet financial services regulatory requirements on two occasions and include:

interpreting compliance with regulatory requirements and codes of conduct for work practices

monitoring of work practices to confirm compliance with applicable organisational, legislative and regulatory requirements

assessing of the effectiveness of workplace procedures

undertaking of continual professional development by staff

implementing of organisational quality assurance procedures.

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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:

main industry roles of financial representatives

fraud deterrence practices

key trends of the regulatory environment

key government bodies and representatives involved in regulating financial products and services, and methods for accessing their regulatory guidance and information

main features, benefits, practices, and licensing and prudential requirements of different types of financial products and services offered by the organisation

organisational governance framework, policy, procedures, objectives and guidelines

a range of applicable professional development activities

applicable legislation, regulation and compliance requirements for the financial services industry, including privacy obligations and codes of practice

supervisory responsibilities for ensuring compliance within the applicable financial services area.

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