This unit has application across a range of financial market roles.

ELEMENT

PERFORMANCE CRITERIA

1. Confirm transaction

1.1. Transaction is confirmed to ensure details are correct with trading details and organisational requirements

2. Reconcile transaction

2.1. Any discrepancies within the transaction amounts, between client's and the organisation are identified and followed up according to organisational procedures

2.2. Unreconciled discrepancies are forwarded to appropriate organisational personnel for review

2.3. Trade details are reconciled once discrepancies have been rectified

Required skills

communication skills to:

determine and confirm work requirements, using questioning and active listening as required

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

numeracy and IT skills to:

calculate transaction discrepancies

access and use appropriate software such as organisational trading systems, spreadsheets and databases

access internet information

literacy skills to read and interpret organisational and industry reconciliation procedures

judgement skills for forming recommendations in operational situations

organisational skills, including the ability to plan and sequence work

Required knowledge

current organisational and industry reconciliation procedures

current organisational policies and procedures

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:

Accurately interpret and apply organisational and industry reconciliation procedures

utilise specialist settlement systems

comprehend and follow master agreement instructions.

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 organisational trading system software

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

evaluating samples of work

accessing and validating third party reports.

Guidance information for assessment

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.

Reconciliation may include

broker account reconciliation

nostro reconciliation

vostro reconciliation

Unit sector

Financial markets

This unit contains employability skills.