Application
This unit describes the skills and knowledge required by a responsible manager for an Australian Financial Services (AFS) licensee to assist with confirming human resources and information systems meet business needs as well as licence compliance requirements. This involves assessing licence requirements, assessing adequacy of staffing levels and information technology (IT) systems and implementing necessary adjustments.
It applies to individuals who carry out work as a responsible manager for an AFS licensee.
Work functions in the occupational areas where this unit is used may be subject to regulatory requirements. Refer to the relevant regulator for specific guidance on requirements.
Elements and Performance Criteria
1. Review regulatory and licence requirements | 1.1 Analyse relevant regulatory requirements, regulator guidance, and organisational licence conditions and obligations 1.2 Identify compliance requirements for provision of financial services by the organisation 1.3 Analyse the alignment of the business unit or organisation with licence requirements |
2. Assess adequacy of staffing levels and skills for meeting licence requirements | 2.1 Review and analyse staffing levels of organisation or business unit against licence requirements 2.2 Identify and review skills and knowledge required by staff to adhere to licence requirements 2.3 Monitor staff performance metrics to identify areas where skills and knowledge of staff indicate concerns or potential breaches 2.4 Escalate concerns or potential breaches where staff knowledge and skills create a compliance risk for the organisation |
3. Assess adequacy of IT systems for meeting licence requirements | 3.1 Review and analyse IT system metrics of organisation or business unit against licence requirements 3.2 Monitor and analyse developments in cyber security and data privacy requirements 3.3 Escalate concerns or potential breaches where IT systems create a compliance risk for the organisation 3.4 Communicate to staff their responsibilities for ensuring that there are no breaches of regulatory requirements for protecting data in IT systems |
4. Monitor compliance with licence obligations | 4.1 Identify and assess implications of changes in business strategies of the organisation and priorities for the licence 4.2 Assess implications of changes to licence obligations for business unit or staffing and IT systems of the organisation 4.3 Monitor and evaluate alignment of staffing and IT systems of the organisation with licence requirements according to organisational timelines |
Evidence of Performance
The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:
Conduct an assessment of the human resources and IT systems of one organisation or business unit for compliance with licence requirements.
In the course of the above, the candidate must:
obtain relevant metrics to assess compliance with requirements of licence
identify adjustments in human resources and IT systems required to comply with requirements of licence.
Evidence of Knowledge
The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:
organisational licence conditions and regulatory requirements including regulator guidance
legislative and regulatory requirements specific to IT policy and practice including:
cyber resilience
systems disaster recovery
security, storage and communication of different types of data and information
privacy legislation
organisational metrics for monitoring performance and IT systems
developments in cyber security and data requirements
business continuity and disaster recovery procedures
key types of potential breaches of regulatory requirements and licence obligations pertaining to IT systems, including
breaches of the privacy legislation
security vulnerabilities
potential cyber risks
network access control breaches
internal procedures for escalation of potential breaches
responsibilities of staff for monitoring compliance of IT systems with regulatory requirements including:
cyber security
communication of data and information.
human resource responsibilities including strategies to monitor staff training needs and staff performance.
Assessment Conditions
Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.
This includes access to:
legislation, regulations, standards and codes required to determine licence requirements
office equipment, technology, software and consumables required to produce the performance evidence
operating organisational software systems and data required to produce the performance evidence.
Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.
Foundation Skills
SKILL | DESCRIPTION |
Oral communication | Uses active listening and questioning techniques to elicit the views and opinions of others and to confirm understanding with consideration of context, purpose and audience |
Reading | Analyses complex textual information from a range of sources and relates specific aspects of information to requirements |
Writing | Records and reports information using clear language and organisational templates and formats |
Teamwork | Uses interpersonal skills to establish and enhance rapport with and between team members |
Initiative and enterprise | Monitors implementation and manages communication Critically analyses data generated in automated processes and systems for validity |
Self-management | Maintains knowledge of changes to regulations relevant to own rights and responsibilities and considers implications of these when planning and undertaking work |
Technology | Uses industry standard digital technologies and systems to access information, search and enter data, present information and communicate with others |
Sectors
Regulation, licensing and risk – Compliance