Application
This unit describes the skills and knowledge required to apply product knowledge and advisory skills to identify, confirm and process applications for credit prior to assessment in accordance with organisational and legislative requirements.
It applies to individuals who occupy entry level positions and work cooperatively in a team environment under the supervision of managers or team leaders.
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.
Elements and Performance Criteria
ELEMENT | PERFORMANCE CRITERIA |
Elements describe the essential outcomes. | Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Check and verify application details | 1.1 Gather information required to support application in accordance with credit policy and record using correct organisational policy and procedures 1.2 Verify information provided by applicant and obtain verification from other sources for accuracy and compliance with relevant legislative requirements, industry regulations and organisational guidelines |
2. Submit assessment and decision | 2.1 Conduct a credit assessment and apply credit policy to inform applicant of the decision to reject or accept application 2.2 Refer decisions to advance funds or extend credit that falls outside officer’s approval, or limits of authority, to relevant approving personnel 2.3 Prepare recommendations to accept or reject applications to provide credit or advance funds and identify any required security 2.4 Forward recommendations to relevant personnel promptly in accordance with organisational procedures |
3. Maintain application records and complete necessary documentation | 3.1 Maintain an up-to-date records system according to legislative requirements and timeframes, and organisational policy and procedures 3.2 Monitor and record file movements 3.3 Produce accurate, clear and concise documentation in accordance with industry, organisational and legislative requirements and timeframes |
Evidence of Performance
Evidence of the ability to:
check the application details thoroughly to ensure accuracy
assess applications following legislative requirements, industry codes of practice and organisational credit policy and procedures
use relevant data entry, office equipment and software to accurately process applications.
Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.
Evidence of Knowledge
To complete the unit requirements safely and effectively, the individual must:
list the features of credit products and their application requirements
identify ways of obtaining and checking relevant information from applicants
explain key features of organisational policy and procedures that relate to credit assessments, security and customer service
explain the key purpose of relevant credit legislation, statutory requirements and codes of practice, covering:
consumer credit
personal property securities
privacy
explain types of security.
Assessment Conditions
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the credit management field of work and include access to:
common office equipment, technology and consumables
credit product information
relevant software systems and data
organisational policy and procedures.
Assessors must satisfy NVR/AQTF assessor requirements.
Foundation Skills
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
Skill | Performance Criteria | Description |
Reading | 1.1, 1.2, 2.1 | Identifies textual information from a range of sources |
Writing | 1.1, 2.1, 2.3, 3.1-3.3 | Records relevant facts and information using clear, concise language to convey requirements, recommendations and changes |
Oral Communication | 1.1, 1.2 | Participates in exchanges to elicit and verify relevant information using careful listening and questioning techniques with consideration of context, purpose and audience |
Numeracy | 1.1, 1.2, 2.1, 2.2, 2.3, 3.3 | Extracts, evaluates, monitors and checks numerical information embedded in a range of tasks and texts |
Navigate the world of work | 1.2, 2.1, 2.3, 2.4, 3.1, 3.3 | Complies with explicit policies and procedures Explores and implements, where identified, the implicit expectations of policies and procedures Seeks advice and clarification for new activities |
Interact with others | 1.2, 2.2 | Uses a range of strategies and reads verbal and non-verbal signals to establish a sense of connection and build rapport with customers and workmates Recognises and accommodates the basic differences and priorities of others |
Get the work done | 1.1, 2.3, 2.4, 3.1, 3.2 | Uses familiar digital technologies and systems to access information, search and enter data, present information and communicate with others, cognisant of data security and safety Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effective outcomes |
Sectors
Credit management