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

FNSORG504 Mapping and Delivery Guide
Monitor and supervise work practices to meet financial services regulatory requirements

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSORG504 - Monitor and supervise work practices to meet financial services regulatory requirements
Description
Employability Skills
Learning Outcomes and Application This unit describes the skills and knowledge required to supervise staff and work practices within a defined area of responsibility, assess the effectiveness of workplace procedures, and implement regulatory and quality assurance measures.It applies to individuals who use a range of specialised and managerial techniques to manage their own work and supervise that of others.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the organisational skills field of work and include access to:

common office equipment, technology, software and consumables

organisational policy and procedures documentation.

Assessors must satisfy NVR/AQTF assessor requirements.
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: Communicate knowledge of relevant products and services offered
  • Inform staff on financial products and services offered by organisation, and roles and requirements of industry organisations and service providers
  • Define features and processes of specific products and services clearly so staff can promote them effectively
  • Conduct research and continual professional development to maintain current knowledge of industry product and service developments
       
Element: Monitor work for compliance with financial services regulatory framework
  • Monitor work practices to ensure compliance with legislation relevant to financial services industry
  • Supervise client interaction to ensure adherence to advisory limitations regulated by Australian Securities and Investments Commission (ASIC)
  • Maintain compliance with government body information and regularly access sources of information involved in regulation of financial products and services
  • Establish, maintain and monitor work systems with relevant documentation to ensure compliance with legislative guidelines
       
Element: Supervise work within organisational policy, procedures and guidelines, and accepted industry codes of conduct
  • Review organisational policy, procedures and guidelines for effectiveness
  • Monitor work conducted for compliance with organisational policy, procedures and guidelines
  • Implement organisational policy and procedures, and promote philosophy and objectives of organisation with cooperative peer work practices
  • Monitor all work for adherence to accepted codes of conduct
       
Element: Assess workplace procedures
  • Identify processes and procedures within area of responsibility and review implementation of procedures
  • Assess implementation of procedures for efficiency in attaining organisational goals
  • Identify areas for improvement in procedures and make recommendations to appropriate personnel
       
Element: Implement organisational quality assurance procedures
  • Implement organisational quality assurance measures and systems as required
  • Monitor quality assurance measures and outcomes, and document results regularly
       


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.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Communicate knowledge of relevant products and services offered

1.1 Inform staff on financial products and services offered by organisation, and roles and requirements of industry organisations and service providers

1.2 Define features and processes of specific products and services clearly so staff can promote them effectively

1.3 Conduct research and continual professional development to maintain current knowledge of industry product and service developments

2. Monitor work for compliance with financial services regulatory framework

2.1 Monitor work practices to ensure compliance with legislation relevant to financial services industry

2.2 Supervise client interaction to ensure adherence to advisory limitations regulated by Australian Securities and Investments Commission (ASIC)

2.3 Maintain compliance with government body information and regularly access sources of information involved in regulation of financial products and services

2.4 Establish, maintain and monitor work systems with relevant documentation to ensure compliance with legislative guidelines

3. Supervise work within organisational policy, procedures and guidelines, and accepted industry codes of conduct

3.1 Review organisational policy, procedures and guidelines for effectiveness

3.2 Monitor work conducted for compliance with organisational policy, procedures and guidelines

3.3 Implement organisational policy and procedures, and promote philosophy and objectives of organisation with cooperative peer work practices

3.4 Monitor all work for adherence to accepted codes of conduct

4. Assess workplace procedures

4.1 Identify processes and procedures within area of responsibility and review implementation of procedures

4.2 Assess implementation of procedures for efficiency in attaining organisational goals

4.3 Identify areas for improvement in procedures and make recommendations to appropriate personnel

5. Implement organisational quality assurance procedures

5.1 Implement organisational quality assurance measures and systems as required

5.2 Monitor quality assurance measures and outcomes, and document results regularly

Evidence of the ability to:

interpret and comply with government regulatory requirements and codes of conduct for industry organisations

maintain continual professional development

monitor work practices to ensure compliance with relevant legislative and regulatory requirements, and assess the effectiveness of workplace procedures

implement effective organisational quality assurance procedures.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

To complete the unit requirements safely and effectively, the individual must:

describe the main industry roles of financial representatives

explain fraud deterrence practices

explain the function of key government bodies and representatives involved in regulating financial products and services

describe the requirements of financial services industry codes of practice

identify and explain the main features, benefits and practices of different types of financial products

describe organisational policy, procedures, objectives and guidelines

identify and describe a range of appropriate professional development activities

explain the key intentions of relevant legislation, regulation and compliance requirements for the financial services industry, including privacy obligations

provide detail of the supervisory responsibilities for ensuring compliance within the relevant financial services area.

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.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Communicate knowledge of relevant products and services offered

1.1 Inform staff on financial products and services offered by organisation, and roles and requirements of industry organisations and service providers

1.2 Define features and processes of specific products and services clearly so staff can promote them effectively

1.3 Conduct research and continual professional development to maintain current knowledge of industry product and service developments

2. Monitor work for compliance with financial services regulatory framework

2.1 Monitor work practices to ensure compliance with legislation relevant to financial services industry

2.2 Supervise client interaction to ensure adherence to advisory limitations regulated by Australian Securities and Investments Commission (ASIC)

2.3 Maintain compliance with government body information and regularly access sources of information involved in regulation of financial products and services

2.4 Establish, maintain and monitor work systems with relevant documentation to ensure compliance with legislative guidelines

3. Supervise work within organisational policy, procedures and guidelines, and accepted industry codes of conduct

3.1 Review organisational policy, procedures and guidelines for effectiveness

3.2 Monitor work conducted for compliance with organisational policy, procedures and guidelines

3.3 Implement organisational policy and procedures, and promote philosophy and objectives of organisation with cooperative peer work practices

3.4 Monitor all work for adherence to accepted codes of conduct

4. Assess workplace procedures

4.1 Identify processes and procedures within area of responsibility and review implementation of procedures

4.2 Assess implementation of procedures for efficiency in attaining organisational goals

4.3 Identify areas for improvement in procedures and make recommendations to appropriate personnel

5. Implement organisational quality assurance procedures

5.1 Implement organisational quality assurance measures and systems as required

5.2 Monitor quality assurance measures and outcomes, and document results regularly

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
Inform staff on financial products and services offered by organisation, and roles and requirements of industry organisations and service providers 
Define features and processes of specific products and services clearly so staff can promote them effectively 
Conduct research and continual professional development to maintain current knowledge of industry product and service developments 
Monitor work practices to ensure compliance with legislation relevant to financial services industry 
Supervise client interaction to ensure adherence to advisory limitations regulated by Australian Securities and Investments Commission (ASIC) 
Maintain compliance with government body information and regularly access sources of information involved in regulation of financial products and services 
Establish, maintain and monitor work systems with relevant documentation to ensure compliance with legislative guidelines 
Review organisational policy, procedures and guidelines for effectiveness 
Monitor work conducted for compliance with organisational policy, procedures and guidelines 
Implement organisational policy and procedures, and promote philosophy and objectives of organisation with cooperative peer work practices 
Monitor all work for adherence to accepted codes of conduct 
Identify processes and procedures within area of responsibility and review implementation of procedures 
Assess implementation of procedures for efficiency in attaining organisational goals 
Identify areas for improvement in procedures and make recommendations to appropriate personnel 
Implement organisational quality assurance measures and systems as required 
Monitor quality assurance measures and outcomes, and document results regularly 

Forms

Assessment Cover Sheet

FNSORG504 - Monitor and supervise work practices to meet financial services regulatory requirements
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

FNSORG504 - Monitor and supervise work practices to meet financial services regulatory requirements

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: