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

ELEMENT

PERFORMANCE CRITERIA

1. Identify the products an organisation provides or uses

1.1. Organisation products used by an organisation are identified and the purpose of each determined

1.2. The characteristics of the products and services and their use are identified

1.3. Processes for operational transactions involving organisation products are applied effectively

2. Identify compliance implications of the product

2.1. Compliance implications of transactions for organisational products are known and applied

2.2. All necessary documentation is produced consistent with organisational compliance requirements

3. Determine user expectations for financial markets products

3.1. The function of each product and the customer needs it satisfies are identified as the basis for providing operational services

3.2. User expectations of the products and the level of operational service provided in operational transactions are determined and applied

4. Maintain financial markets product knowledge

4.1. Organisational financial markets products are reviewed regularly and any changes to terms and conditions identified and applied

4.2. Systems for keeping up with changes and maintaining up-to-date knowledge about financial markets products are put in place

4.3. Emerging trends affecting the financial industry are continuously reviewed and applied to product knowledge and operational practices

Required skills

communication skills to:

accurately seek and interpret user expectations of organisational products

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:

make financial calculations

access and use appropriate software such as spreadsheets and databases

access internet information

literacy skills to read, filter and interpret information relevant to the operational role from:

publications

other financial organisation material

specialist information providers

media sources

judgement skills for forming recommendations in operational situations and identifying and considering economic environmental factors which affect financial services and markets

organisational skills, including the ability to plan and sequence work

management skills for working effectively in a constantly changing environment and complying with industry and organisation, legislative and regulatory requirements and policies

Required knowledge

organisational policies in terms of client service expectations

systems that can be accessed to obtain up-to-date information on financial services products and competition

organisation's products or those used by the organisation

products used by competitors that are similar to the organisation's

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:

identify the financial products an organisation and the market uses and providers

interpret the unique characteristics of a range of financial products

rate competitive products

determine the type of customers and customer needs financial products are best suited for.

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

a range of financial products information.

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

setting and reviewing workplace projects and business simulations or scenarios

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.

Organisation products may include:

bonds

cash

debt and equity instruments

derivatives

equities

foreign exchange

loans and deposits.

Product and service characteristics may include:

interest rates

flexibility

time limits

fees

transferability

risk capital guarantee

risk management capability.

Compliance implications may include:

Australian Financial Markets Association (AFMA)

Financial Services Reform Act (FSRA) requirements

industry code of practice requirements

International Swaps and Derivatives Association (ISDA)

product disclosure statements

relevant Acts and legislation.

Customer needs may include:

ability to change services

clear documentation

flexibility of services

speed of transactions.

Systems may include:

database systems

induction programs

internal systems

seminars

training programs.

Emerging trends may include:

changes in the economic climate

changes in the political/international climate

financial market changes

interest rate changes

new technologies

valuation of currency.

Unit sector

Financial markets

This unit contains employability skills.