Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners

FNSCUS601A Mapping and Delivery Guide
Establish, manage and monitor key relationships

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSCUS601A - Establish, manage and monitor key relationships
Description This unit describes the performance outcomes, skills and knowledge required to define, identify, and provide a quality service, and manage the relationship with key clients of the organisation.No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement.
Employability Skills This unit contains employability skills.
Learning Outcomes and Application This unit may be applied in any sector of the financial services industry where maintaining client relationships is a key job role function.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.
Prerequisites/co-requisites
Competency Field
Development and validation strategy and guide for assessors and learners Student Learning Resources Handouts
Activities 		Slides
PPT 		Assessment 1 Assessment 2 Assessment 3 Assessment 4
Elements of Competency Performance Criteria              
Element: Establish criteria for identifying key relationships
  • A definition for identifying a client as a key relationship to the organisation is established
  • The definition for key relationships is communicated to staff and, if relevant, to agents for the organisation
  • Arrangements are made to regularly review the organisation definition of key relationships to take into account changing market conditions and client profiles
       
Element: Identify key relationships
  • Existing clients are reviewed by representatives and management, using the definition for key relationships, to form a database of key relationship clients
  • Senior representatives are identified and/or allocated to each key relationship
  • All staff are informed of key relationships and the responsible representative for each key relationship
       
Element: Establish service structures for key relationships
  • Appropriate training is given to representatives who deal with key relationships
  • Administrative and research arrangements to support key relationships are established
  • Service guidelines including terms of trade and fees are established for key relationships and communicated to representatives
  • Organisation capacity briefs are prepared for key relationships including clear statements on standards of service, quality assurance procedures, reporting arrangements and compliance with legislative and regulatory requirements
       
Element: Establish monitoring procedures for key relationship services
  • Procedures for representatives to report on key relationship service delivery are established
  • Reporting arrangements that protect client confidentiality and comply with industry codes of practice and legislative and regulatory requirements are established
  • Client satisfaction surveys are conducted with key relationships and results communicated to staff
  • Complaints are resolved efficiently and analysed for potential service improvements
  • Regular reviews are made of key relationship service delivery against organisation standards and Key Performance Indicators (KPIs)
       


Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

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:

maintain and use comprehensive knowledge of the financial services industry, industry regulations, codes of practice, products and services provided by an organisation

use high level communication, interpersonal, negotiation, sales and marketing skills

apply strategic planning and performance monitoring

recognise and adapt to any special needs of clients, including cultural, language, race, religion, ethnic origin, socioeconomic status and demographic needs.

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 financial services product information.

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

observing processes and procedures in workplaces or role plays

verbal or written questioning on underpinning knowledge and skills

evaluating samples of work

accessing and validating third party reports.

Guidance information for assessment

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assignment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

Required skills

well-developed communication skills to:

establish key relationships with clients and ascertain their service needs, using questioning and active listening as required

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

administrative skills to maintain the currency and accuracy of documents held including application forms, customer advice records, customer information, brochures and ensuring the quality of the record keeping system and compliance with regulatory requirements

numeracy and IT skills for:

maintaining client records to meet the requirements of codes of practice

accessing and using appropriate software such as spreadsheets and databases

using internet information

well-developed literacy skills to read, write, edit and proofread documents to ensure clarity of meaning, accuracy and consistency of information

self-management skills for complying with ethical, legal and procedural requirements

learning skills to maintain knowledge of changes to legislation and requirements

organisational and time management skills to sequence tasks, meet timelines and arrange meetings

Required knowledge

relevant industry legislation and regulations

personal and other factors that may affect the client's needs

relevant industry codes of practice

principles and techniques of effective communication

principles and techniques of negotiation

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.

Key relationships definition will vary from organisation to organisation but will generally include one or more of the following:

previous dealings with the organisation (e.g. a regular client)

marketing potential including the potential for a client if satisfied, to refer many new clients to the organisation)

a special personal or business relationship between the client and principals/staff of the organisation.

Changing market conditions may include:

economic conditions

exchange rate

interest rates

media, publicity and public relations reports

political conditions

strength of the dollar.

Client profiles may include:

levels of language

personal details

the clients' needs in terms of the product or service provided.

Appropriate training may include:

leadership training

marketing training

other financial services training

product and service training

sales and relationship building training.

Administrative and research arrangements may include:

arrangements for producing information to be provided to clients, how it is generated and validated

frequency of contact

methods of contacting clients.

Legislative and regulatory requirements may include:

Australian Securities and Investments Commission (ASIC) Act, policy and guidelines

Consumer Affairs Act

Consumer Credit Code

contract law

Corporations Act

industry codes of practice

Insurance Act

Life Act

Privacy Act

social security regulations

State and Territory legislation

Taxation Acts

Trade Practices Act

trust law.

Procedures for representatives to report may include:

keeping good records and protecting clients' privacy and confidentiality of information

system of reporting on contacts and status of the relationship.

Key Performance Indicators (KPIs) may include:

clients' level of satisfaction as measured by surveys

gaining new business from existing clients

retaining clients.

Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
A definition for identifying a client as a key relationship to the organisation is established 
The definition for key relationships is communicated to staff and, if relevant, to agents for the organisation 
Arrangements are made to regularly review the organisation definition of key relationships to take into account changing market conditions and client profiles 
Existing clients are reviewed by representatives and management, using the definition for key relationships, to form a database of key relationship clients 
Senior representatives are identified and/or allocated to each key relationship 
All staff are informed of key relationships and the responsible representative for each key relationship 
Appropriate training is given to representatives who deal with key relationships 
Administrative and research arrangements to support key relationships are established 
Service guidelines including terms of trade and fees are established for key relationships and communicated to representatives 
Organisation capacity briefs are prepared for key relationships including clear statements on standards of service, quality assurance procedures, reporting arrangements and compliance with legislative and regulatory requirements 
Procedures for representatives to report on key relationship service delivery are established 
Reporting arrangements that protect client confidentiality and comply with industry codes of practice and legislative and regulatory requirements are established 
Client satisfaction surveys are conducted with key relationships and results communicated to staff 
Complaints are resolved efficiently and analysed for potential service improvements 
Regular reviews are made of key relationship service delivery against organisation standards and Key Performance Indicators (KPIs) 

Forms

Assessment Cover Sheet

FNSCUS601A - Establish, manage and monitor key relationships
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:

Assessment Record Sheet

FNSCUS601A - Establish, manage and monitor key relationships

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: