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

ELEMENT

PERFORMANCE CRITERIA

1. Access and interrogate financial transaction data

1.1. Relevant financial transaction data sources and records are accessed and collated

1.2. Random, systematic or stratified sample data are matched and checked for accuracy and compliance with legal requirements and organisational policies and procedures

1.3. All data are analysed and initial queries on accuracy or compliance with legislative and industry requirements followed through with relevant personnel

2. Determine data errors or potential fraudulent activity

2.1. Errors in transaction processing and entries are identified and recorded

2.2. Conclusions on possible fraudulent transactions are drawn based on sound evidence

2.3. Major errors or possible fraudulent transactions are recorded and reported to relevant personnel

3. Resolve errors and fraudulent activity

3.1. Minor transaction data errors are followed up with appropriate personnel and corrected

3.2. Major transaction data errorsor fraud are identified and confirmed in consultation with appropriate personnel or external sources

3.3. Recommendations for resolution of fraudulent transactions and activities are developed for appropriate action

Required skills

well-developed communication skills to:

discuss transaction information with others, confirming relevant details

disseminate information on transaction errors and potential fraud

liaise with team members and peers, share information, listen and understand

use language and concepts appropriate to cultural differences

well-developed numeracy and IT skills to:

analyse complex financial data

use spreadsheets and databases

use internet information

research and analysis skills for:

accessing, interpreting and managing complex information and evaluating and disseminating information

identifying gaps in information and gathering necessary information from alternative sources

literacy skills to:

read and interpret financial transaction information

produce reports

highly developed judgement skills for forming recommendations on error and fraud in complex and sensitive situations

organisational skills, including the ability to:

plan and sequence own work

work effectively in a constantly changing environment

self-management skills for complying with ethical, legal and organisational requirements

Required knowledge

data analysis techniques and tools

data sampling and auditing techniques

financial fraud types and characteristics

financial information sources

organisational policies and procedures

relationship between ethics and regulatory requirements

relevant financial industry legislative and compliance requirements

risks and implications associated with financial transactions

types of financial market products and services

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:

conduct analysis of financial data in order to identify errors, fraud

interpret and comply with legislative and organisational requirements

test and assess the integrity of financial information for risk

provide recommendation for action to resolve transactional errors and fraudulent activity

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 financial services transaction data

access to financial industry legislation and industry codes of conduct.

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 business simulations or scenarios

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.

Financial transaction data may be:

electronic

paper-based

related to:

clients

personnel

other organisations.

Legal requirements may include:

Australian Securities and Investments Commission (ASIC) Act, policy and guidelines

CPA Australia Code of Practice

Banking Code of Practice

Commonwealth Criminal Code

Consumer Affairs Act

Corporations Act

Financial Corporations Act

Financial Services Reform Act (FSRA)

Financial Transaction Reports Act

legislation and regulations administered by Australian Prudential Regulation Authority (APRA)

Privacy Act

Reserve Bank Act

Taxation Act

Trade Practices Act.

Organisational policies and procedures may include:

ethical standards, codes of practice

legal and organisational policy/guidelines

mission statements, strategic plans

product or service development

quality assurance and/or procedures manuals.

Conclusions on possible fraudulent transactions may be:

fraud has occurred or been attempted

further investigation is required

other organisational personnel or external authorities should be involved.

Relevant personnel may include:

audit team members

compliance officers

senior management.

Minor transaction errors may include:

account designation, coding or allocation error

incorrect entry

number or arithmetical error

transpositional error.

Major transaction data errors or fraud may include:

entering unauthorised data

inventory anomalies

misappropriation

missing, altered or falsified data and documentation

overpayments

overstatement of assets or receipts

personal use of funds or services

removing data without authorisation

unbalanced ledger

underpayments

understatement of liabilities.

Appropriate action may include:

administrative change

investigation or enquiry:

internal

external

personnel review

policy change

referral to an external agency.

Unit sector

Financial markets

This unit contains employability skills.