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

FNSFMK509A Mapping and Delivery Guide
Apply knowledge of transaction documentation and processing

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSFMK509A - Apply knowledge of transaction documentation and processing
Description This unit describes the performance outcomes, skills and knowledge required to process transactions and complete appropriate documentation.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 applies to job roles involving financial markets dealing room activities.
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: Complete pre deal documentation and authorisations
  • Master agreements are confirmed and in place
  • Required Know Your Customer (KYC) and Anti-Money Laundering (AML) checks are completed for the client
  • Client representative is confirmed as authorised to deal on behalf of their organisation
  • Client authorisation to trade in the specified financial product is confirmed
  • The process for approving a client to deal in a new product is outlined to the client
       
Element: Execute a transaction for a client
  • That the transaction is within the client's authorised trading limits is checked and verified
  • Details of the trade are confirmed and the client's acknowledgement obtained after receiving the order
  • Accurate details of the transaction are captured in the organisation's systems, including risk management requirements in the required timeframe
       
Element: Complete processes for confirming and settling a transaction
  • Organisational confirmation documentation is produced and forwarded to client for approval and authorisation
  • Authorised confirmation documentation is received by organisation
  • Appropriate technology is utilised in transaction and confirmation processing
  • Confirmation documentation is forwarded to client outlining settlement exchange details
  • Financial transaction is completed according to confirmed settlement procedures and organisational and industry requirements
  • Exceptions and fails are investigated promptly
       


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:

effectively apply knowledge of financial product transaction requirements

identify and manage financial risk

deal effectively with clients and accurately interpret their trading requirements in a timely manner.

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 Australian Standard 4360 Risk Management.

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 business simulations or scenarios

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:

determine and confirm client requirements and authorisation, using questioning and active listening as required

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

risk assessment and management skills

literacy skills for competing documentation accurately and comprehensively to the organisation

well-developed numeracy and IT skills to:

analyse complex financial data

use spreadsheets and databases

use internet information

use information systems

problem solving skills to identify any issues that have the potential to impact on clients and the organisation and to develop options to resolve these issues when they arise

organisational skills, including the ability to plan and sequence work

Required knowledge

Australian Standard 4360 Risk Management

Anti-Money Laundering and Counter-Terrorism Financing Act

financial risk management processes and techniques

organisational and industry transaction procedures

organisational policies and procedures

trading requirements and checking systems

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.

Master Agreements may be based on:

International Swaps and Derivatives Association (ISDA) agreements

may include:

a Credit Support Annex (CSA).

Clients may include:

companies and organisations

members of the public

shareholders.

Details of the trade may include:

considerations

counterparty

face value

maturity date

price

start date

trade date.

Accurate details of the transaction must be compliant with:

Australian Securities Exchange (ASX) market rules

Australian Clearing House (ACH) clearing rules

Australian Settlement and Transfer Corporation (ASTC) settlement rules

(collectively referred to as the ASX Rules).

Settlement exchange details may include:

counterparty detailer

deal number

exchange amounts and currencies

exchange rates

floating rate

how settlement is taking place

transaction date

value date.

Exceptions and fails may involve implementing:

Business Continuity Planning (DCP)

Disaster Recovery Procedures (DRPs).

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
Master agreements are confirmed and in place 
Required Know Your Customer (KYC) and Anti-Money Laundering (AML) checks are completed for the client 
Client representative is confirmed as authorised to deal on behalf of their organisation 
Client authorisation to trade in the specified financial product is confirmed 
The process for approving a client to deal in a new product is outlined to the client 
That the transaction is within the client's authorised trading limits is checked and verified 
Details of the trade are confirmed and the client's acknowledgement obtained after receiving the order 
Accurate details of the transaction are captured in the organisation's systems, including risk management requirements in the required timeframe 
Organisational confirmation documentation is produced and forwarded to client for approval and authorisation 
Authorised confirmation documentation is received by organisation 
Appropriate technology is utilised in transaction and confirmation processing 
Confirmation documentation is forwarded to client outlining settlement exchange details 
Financial transaction is completed according to confirmed settlement procedures and organisational and industry requirements 
Exceptions and fails are investigated promptly 

Forms

Assessment Cover Sheet

FNSFMK509A - Apply knowledge of transaction documentation and processing
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

FNSFMK509A - Apply knowledge of transaction documentation and processing

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: