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

FNSFMK401A Mapping and Delivery Guide
Reconcile financial transactions

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSFMK401A - Reconcile financial transactions
Description This unit describes the performance outcomes, skills and knowledge required to confirm and reconcile financial market trading transactions.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 has application across a range of financial market roles.
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: Confirm transaction
  • Transaction is confirmed to ensure details are correct with trading details and organisational requirements
       
Element: Reconcile transaction
  • Any discrepancies within the transaction amounts, between client's and the organisation are identified and followed up according to organisational procedures
  • Unreconciled discrepancies are forwarded to appropriate organisational personnel for review
  • Trade details are reconciled once discrepancies have been rectified
       


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:

Accurately interpret and apply organisational and industry reconciliation procedures

utilise specialist settlement systems

comprehend and follow master agreement instructions.

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 organisational trading system software

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

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

communication skills to:

determine and confirm work requirements, using questioning and active listening as required

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

numeracy and IT skills to:

calculate transaction discrepancies

access and use appropriate software such as organisational trading systems, spreadsheets and databases

access internet information

literacy skills to read and interpret organisational and industry reconciliation procedures

judgement skills for forming recommendations in operational situations

organisational skills, including the ability to plan and sequence work

Required knowledge

current organisational and industry reconciliation procedures

current organisational policies and procedures

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.

Reconciliation may include

broker account reconciliation

nostro reconciliation

vostro reconciliation

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
Transaction is confirmed to ensure details are correct with trading details and organisational requirements 
Any discrepancies within the transaction amounts, between client's and the organisation are identified and followed up according to organisational procedures 
Unreconciled discrepancies are forwarded to appropriate organisational personnel for review 
Trade details are reconciled once discrepancies have been rectified 

Forms

Assessment Cover Sheet

FNSFMK401A - Reconcile financial transactions
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

FNSFMK401A - Reconcile financial transactions

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: