FNSFMK504A - Complete settlement and confirmation processes

FNSFMK504A
Complete settlement and confirmation processes

This unit describes the performance outcomes, skills and knowledge required to check dealing transaction documentation and complete confirmation and settlement processes.This unit may apply to job roles subject to licensing, legislative, regulatory or certification requirements so Commonwealth, State or Territory requirements should be confirmed with the relevant body.

Application

This unit applies to a range of job roles in the financial markets sector.

Elements and Performance Criteria

ELEMENT

PERFORMANCE CRITERIA

1. Process transaction documentation

1.1. Transaction documentation is received from dealer and promptly checked for accuracy and completion according to organisational guidelines

1.2. Details on transaction documentation are entered into the organisation dealing system using appropriate technology

1.3. Organisational records are reviewed to ensure that master agreements are in place before confirmation processes are conducted

2. Complete confirmation processes

2.1. Organisational confirmation documentation is produced and forwarded to client for approval and authorisation

2.2. Authorised confirmation documentation is received by organisation and the financial transaction completed according to confirmed settlement procedures and organisational and industry requirements

2.3. Confirmation documentation is forwarded to client outlining settlement exchange details

Required Skills

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

well-developed numeracy and IT skills to:

check transaction calculations

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

access internet information

literacy skills to read and interpret organisational and industry settlement procedures

sound judgement skills for making decisions in operational situations

organisational skills, including the ability to plan and sequence work

Required knowledge

organisational and industry confirmation systems and procedures

organisational and industry settlement systems and procedures

organisational policies and procedures

Evidence Required


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: interpret and comply with organisational and industry settlement and confirmation procedures utilise specialist settlement systems comprehend 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 an integrated financial software system and data
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

Range Statement


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.
Transaction documentation may include:	dealer slips.
Clients may include:	companies and organisations members of the public shareholders.
Settlement exchange details may include:	counterparty detailer deal number exchange amounts and currencies exchange rates floating rate how settlement is taking place transaction date value date.

Sectors

Unit sector

Financial markets

Employability Skills

This unit contains employability skills.

Licensing Information

Not applicable.