Application
This unit describes the skills and knowledge required to confirm and reconcile financial market trading transactions.
It applies to individuals who use specialised knowledge to carefully review and check detailed information to ensure quality standards are maintained.
No licensing, legislative or certification requirements apply to this unit at the time of publication.
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. Reconcile transaction | 1.1 Identify accounts and/or data held in operations systems for reconciliation 1.2 Check that cash or security movements in one account agree with those in other accounts and/or the organisational systems 1.3 Identify any discrepancies within the transaction amounts between accounts according to organisational procedures |
2. Follow up discrepancies | 2.1 Follow up any discrepancies with the counterparty, correspondent or internal systems according to organisational procedures 2.2 Escalate unreconciled discrepancies to appropriate organisational personnel for review 2.3 Reconcile accounts once discrepancies have been rectified |
Evidence of Performance
Evidence of the ability to:
accurately interpret and follow organisational and industry reconciliation procedures
accurately reconcile a range of accounts, following up discrepancies as required using organisational systems.
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:
describe a range of account types to be reconciled
outline different types of reconciliation
describe key steps of current organisational and industry reconciliation procedures.
Assessment Conditions
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the financial markets field of work and include access to:
office equipment, technology, software and consumables
organisational records, policies 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 | 1.1-1.3, 2.1 | Reads and interprets information to determine and confirm work requirements |
Writing | 2.1, 2.2 | Records information accurately and completes documentation appropriate to audience and purpose |
Oral Communication | 2.1, 2.2 | Participates in verbal exchanges using appropriate language and concepts to convey and clarify information |
Numeracy | 1.1-1.3, 2.2, 2.3 | Uses mathematical equations to perform calculations and identify discrepancies |
Navigate the world of work | 1.3, 2.1 | Accepts responsibility for ensuring the accuracy of transactions and compliance with organisational requirements |
Interact with others | 2.1, 2.2 | Selects and uses appropriate conventions and protocols when communicating with clients and co-workers in a range of work contexts |
Get the work done | 1.3, 2.1-2.3 | Plans, organises and implements tasks, aiming to achieve them efficiently and effectively Makes routine decisions and implements standard procedures for routine tasks, using formal decision-making processes for more complex and non-routine situations Uses the main features and functions of digital tools to complete work tasks and find information |
Sectors
Financial markets