This unit covers fundamental skills required to work in the financial services industry and underpins other units used in all sectors of the industry.

ELEMENT

PERFORMANCE CRITERIA

1. Work within financial services industry guidelines, procedures and legislation

1.1. Guidelines, procedures, legislation and codes of practice applying to the financial industry are identified and the effects on everyday work determined

1.2. Workplace procedures and instructions for environmentally sustainable work practices are recognised and followed and any potential improvements suggested to appropriate personnel

1.3. Work tasks are carried out in accordance with specific organisation policy, guidelines and procedures

1.4. Work tasks undertaken meet the organisation philosophy, values and objectives in relation to customer service, professional practice and ethical principles

1.5. Assistance in clarifying the application of the guidelines, procedures and legislation is sought from appropriate personnel where necessary

2. Communicate in the workplace

2.1. Effective listening and speaking skills are used in verbal communication

2.2. Instructions or enquiries are responded to promptly and in accordance with organisational requirements

2.3. Presentation of written information meets organisational standards of style, format and accuracy

2.4. Communication is used to develop and maintain positive relationships, mutual trust and confidence

3. Work safely

3.1. Established safety procedures are followed when conducting work

3.2. Designated persons are identified for reporting queries and concerns about safety in the workplace

3.3. Actions are taken to eliminate workplace hazards or to reduce risk

3.4. Organisational procedures are followed for responding to emergency incidents

4. Use workplace technology

4.1. Relevant information management systems and databases are accessed and used according to organisational procedures

4.2. Proprietary or organisational software is used effectively to develop workplace documents, input and extract data and make calculations

5. Work in a team environment

5.1. Support to team members is provided to ensure work group goals are met

5.2. Constructive contribution is made to work group goals and tasks

5.3. Information relevant to work with work group is shared to ensure designated goals are met

5.4. Opportunities for improvement of work group activity are shared with work group members

6. Develop effective work habits

6.1. Work and personal priorities are identified and planned to achieve a balance between any competing priorities

6.2. Time management strategies are applied to work duties

6.3. Appropriate dress and behaviour codes as required by the workplace, job role or customer contact are followed

Required skills

communication skills to:

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

seek help if required

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

numeracy and IT skills to:

undertake basic financial calculations

access and use appropriate software such as word processors, spreadsheets and databases

access and useinternet information

literacy skills to:

read and interpret documentation from a variety of sources and record, gather and consolidate basic financial information

draft basic documentation

teamwork skills to work effectively and cooperatively with others

planning and organising skills to implement environmental and energy efficiency policies and procedures relevant to own work area

organisational skills, including the ability to plan and sequence work

learning skills to maintain knowledge of changes to organisation and industry operational requirements, ethical behaviours and expectations

Required knowledge

ethical principles that apply to work in the financial services industry

industry and organisation policies and procedures

questioning and listening techniques

relevant environmental and resource efficiency systems and procedures for own work area

relevant knowledge of industry codes of practice

relevant legislation and statutory requirements that impact on the industry, including occupational health and safety (OHS) and sustainable work practices

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:

apply broad understanding of the relevant financial industry and the way it operates to work to be carried out

access, interpret and comply with organisation policy and procedures

communicate effectively with others and act as an effective team member

use proprietary and industry specific software effectively in day-to-day activities

interpret and comply with relevant workplace legislation and codes of practice

perform work within a quality customer service environment

work in a safe and environmentally sustainable manner.

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 industry and organisational policy, procedures and codes of practice 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

observing processes and procedures in workplaces or role plays

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.

Guidelines, procedures, legislation and codes of practice may include:

anti-discrimination legislation

Electronic Funds Transfer (EFT) code of conduct

relevant environmental legislation

finance code

Financial Services Reform Act (FSRA)

Financial Transaction Reports Act

industry codes of practice

legislation covering competition, prudential regulation

occupational health and safety (OHS) legislation

Privacy Act

Anti-Money Laundering and Counter Terrorism Financing Acts.

Environmentally sustainable work practices include:

improving energy efficiency

increasing use of resources that are:

renewable

recyclable

reusable

recoverable

recognising opportunities to reduce emissions of greenhouse gases

reducing use of non-renewable resources.

Appropriate personnel may include:

colleagues

human resources staff

managers or supervisors

mentors.

Organisation policy, guidelines, and procedures may include:

best practice guidelines

organisation and customer charters

organisation codes of practice

complaint and grievance procedures

customer services statements

induction program

industry policy documents

industry procedures manuals

operating manuals.

Organisation philosophy, values and objectives may include:

best practice guidelines

organisation and customer charters

guidance from supervisor

mission statements.

Verbal communication may include:

answering enquiries from clients

answering telephone calls

informal discussions

requests from colleagues

use of voice mail.

Standards may include:

ethical behaviour expectations

legislation

organisational policies and procedures

specified work standards

standards set by work group.

Safety procedures may include:

completing required documentation

displaying health and safety brochures, magazines and other material

following OHS guidelines relevant to workplace

keeping workplace clean and tidy

local, State or Territory and Commonwealth legislation

office practice manual

undergoing operator training when using new equipment or processes.

Designated persons may include:

designated health and safety officers

managers

other persons authorised or nominated by the enterprise or industry

supervisors

team leaders.

Risk is:

the chance of something occurring in the workplace or when carrying out job role activities that could result in injury or damage to self or others.

Proprietary or organisational software may include

client contact systems

custom designed financial software

databases

spreadsheets

word processers.

Support to team members may include:

explaining and clarifying

helping colleagues

problem solving

providing encouragement

providing feedback to a team member

undertaking extra tasks if necessary.

Unit sector

Industry capability

This unit contains employability skills.