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Elements and Performance Criteria

  1. Identify legislation, regulations and codes of practice relevant to the practice
  2. Establish and document procedures for compliance of the practice with relevant legislation, regulations and codes of practice
  3. Establish risk management procedures for compliance with legislation and regulations
  4. Identify and establish appropriate resources for ensuring the practice can meet its legislative and regulatory requirements

Required Skills

Required skills

highly developed communication skills to

determine and confirm financial practice requirements using questioning and active listening as required

liaise with others share information listen and understand

provide instructions to staff on compliance issues and requirements

use language and concepts appropriate to cultural differences

research skills such as

accessing and managing information

interpreting documentation

coordinating tasks

welldeveloped literacy skills to read and interpret documentation from a variety of sources and recording gathering and consolidating financial information

numeracy and IT skills for

accessing and using appropriate software such as spreadsheets and databases

using internet information

identifying technical requirements to meet compliance obligations

selfmanagement skills for complying with ethical legal and procedural requirements

welldeveloped learning skills to maintain knowledge of changes to compliance legislation and requirements

risk management and problem solving skills to identify any compliance or other issues that have the potential to impact on the practice compliance procedures and to develop options to resolve these issues when they arise

teamwork skills

project management skills to establish compliance systems and related IT requirements

Required knowledge

documentation systems including registry and library processes

financial practice administrative processes and systems

human resources procedures and training options

indepth knowledge of financial professional services including process and products

office IT systems and software

professional development options for financial personnel

relevant acts regulations codes of practice and legal resources

risk management techniques and tools

Evidence Required

The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria required skills and knowledge range statement and the Assessment Guidelines for the Training Package

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the ability to

identify the relevant legislation regulations and codes of practice using knowledge of a wide range of available information sources

develop strategies to obtain information not readily available within a practice and assess its accuracy and relevance

assess risks and benefits associated with using legislation and regulation databases and systems against practice requirements to make recommendations

apply costbenefit analyses to systems and procedures

comply with risk management standards

Context of and specific resources for assessment

Assessment must ensure

competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment

access to and the use of a range of common office equipment technology software and consumables

access to relevant legislation regulations and codes of practice

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge The following examples in combination are appropriate for this unit

evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency

verbal or written questioning on underpinning knowledge and skills

setting and reviewing workplace projects and business simulationsscenarios

evaluating samples of work

accessing and validating third party reports

Guidance information for assessment


Range Statement

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.

Legislation and regulations include all legislation and regulations that apply to a practice providing professional services. This includes but is not limited to:

applicable State or Territory legislation and regulations

ASIC Act and other legislation administered by ASIC

Corporations law

legislation and regulations administered by Australian Prudential Regulation Authority (APRA)

Life Act

occupational health and safety (OHS) legislation

Privacy legislation

superannuation Acts and regulations

Taxation Acts and regulations

Trade Practices Act

Workplace Relations Act, State Industrial Relations Acts, awards and enterprise agreements.

Codes of practice in the finance industry include but are not limited to those relating to:

accountants

financial advisers

practice managers.

Key stakeholders may include:

those who need to authorise procedures and guidelines and those who are key to implementing them.

Risks are:

managed in compliance with Australian Standard 4360 Risk Management or equivalent.

Human resources may include:

client service representatives

financial planners

general support staff

licensees

para-planners

personal or clerical assistants

specialists

specific skilled personnel

account managers

representatives

receptionists.

Training may include:

accredited training delivered by a Registered Training Organisation (RTO)

by industry or common interest groups

external seminars

induction training

in-house

structured

unstructured.