ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

1. Identify and apply organisational requirements of legal principles and regulatory obligations

1.1 Source and access documents for legislation, regulations and policies relevant to provision of financial products and services

1.2 Interpret and analyse legal principles and organisational implications relating to provision of financial products and services

1.3 Identify organisational requirements of these documents and their impact on work practices in terms of procedural requirements

1.4 Execute the procedural requirements relating to operational aspects of laws and regulations, and codes of practice in line with organisational policy

1.5 Comply with role authorities and restrictions as identified in position profiles

1.6 Implement internal monitoring/audit program according to organisational and role requirements

1.7 Establish mechanisms to ensure maintenance and currency of regulatory literature

2. Identify changes and implications of laws, regulations, rules and circulars

2.1 Access changed legislation, regulations and policies in a timely manner

2.2 Identify and communicate changes to regulatory requirements in line with organisational policy

2.3 Review operational procedures to reflect changes to regulation and legislation

2.4 Identify implications for products and services and implement changes in accordance with client, legislative and organisational requirements

3. Comply with any relevant industry or professional codes

3.1 Source, access and apply relevant industry and professional codes of practice to own work in accordance with industry and organisational requirements

3.2 Interpret key principles and responsibilities in accordance with industry codes of practice

3.3 Confirm and clarify own interpretation and application of industry codes of practice as required with relevant persons

3.4 Understand and implement impact of codes of practice on work practices

3.5 Demonstrate a commitment to comply with industry and professional codes of practice through own ethical behaviour

4. Maintain statutory records

4.1 Maintain copies of relevant records

4.2 Keep copies of any relevant agreements on file

4.3 Maintain evidence of current authorisation, training and relevant licences in accordance with organisational, legal and regulatory requirements available

Skill

Performance Criteria

Description

Reading

1.1, 1.2, 1.3, 1.4, 1.5, 2.1, 2.2, 2.3, 2.4, 3.1, 3.2, 3.3, 3.4, 4.3

Selects, interprets, synthesises and critically analyses information and data from a wide range of relevant legislation, regulation, codes of practice and organisational procedures

Writing

1.2, 2.2, 2.3, 2.4, 3.1, 3.3

Records information accurately and drafts and revises logical and effective organisational procedures

Oral Communication

3.3, 3.5

Participates in verbal exchanges using active listening and questioning to determine or confirm understanding

Uses language, terminology and concepts appropriate to purpose and audience

Navigate the world of work

1.1, 1.4-1.6, 2.1, 3.1, 3.2, 3.4, 3.5, 4.1-4.3

Takes full responsibility for following policies, procedures and ethical and legislative requirements, and identifies the organisational implications of new legislation or regulation

Maintains knowledge required to carry out work role

Interact with others

1.6, 3.3, 3.5

Selects and uses appropriate conventions and protocols when communicating with colleagues and others from diverse backgrounds to demonstrate professionalism and seek or provide information

Get the work done

1.1-1.3, 1.7, 2.1, 2.4, 3.3, 4.1-4.3

Accepts responsibility for planning and sequencing complex tasks and workload

Plans, organises, implements and reviews systems and processes to manage compliance issues according to relevant regulations and legislation

Applies systematic and analytical decision-making processes to make recommendations in complex and non-routine situations

Uses digital technologies to access, extract and share relevant information to achieve required outcomes