Application
This unit applies to job roles in the finance sector and may be applied within organisations of various sizes and across a range of customer bases.
Prerequisites
Not applicable.
Elements and Performance Criteria
1. Identify individual compliance requirements | 1.1 Statutory, legislative and regulatory requirements relating to the individuals work are researched and documented 1.2 Organisational and industry requirements relating to the individuals work are researched and documented |
2. Interpret individual compliance requirements | 2.1 Compliance requirements are mapped against individual work practices 2.2 Ethical considerations are discussed with relevant parties where appropriate |
3. Develop or respond to procedures to ensure individual compliance | 3.1 Consultation is undertaken with appropriate persons to identify procedures to be followed ensure compliance 3.2 Procedures are reviewed and/or developed to ensure compliance 3.3 Appropriate records are maintained |
4. Identify and adapt to changes in individual compliance requirements | 4.1 Training programs (internal/external) that deliver against compliance requirements are identified 4.2 Professional development opportunities related to the individual situation are identified and discussed with managers/supervisors 4.3 Documentation relating to compliance issues is read and understood 4.4 Documentation relating to compliance issues is discussed with appropriate persons to ensure ongoing compliance is maintained |
Required Skills
Required skills
communication skills to:
use questioning and active listening to confirm understanding and application
liaise and share information with others
communicate appropriately with people from diverse backgrounds
IT skills to:
use computer applications to maintain records
access web-based information services
reading skills to:
read and understand relevant regulatory and operational procedures
organisational skills to efficiently plan and sequence work
Required knowledge
relevant legislative and regulatory requirements
relevant codes of practice
organisational policy and procedures
comprehensive knowledge of individual work requirements and practices.
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: identify relevant legislative and regulatory requirements relating to work practices map requirements to work practices to demonstrate an understanding of compliance requirements maintain necessary organisational records in accordance with compliance requirements monitoring and respond to changes in compliance requirements. |
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 product information access to information about a workplace policy and procedures. |
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 verbal or written questioning on underpinning knowledge and skills evaluating samples of work accessing and validating third party reports setting and reviewing workplace projects and business simulations or scenarios. |
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.
Legislative and regulatory requirements may include, but are not limited to: | Australian Securities and Investments Commission (ASIC) Policy Statement 146 – Tier 2 compliance Privacy Act Taxation Act Competition and Consumer Act 2010 (Cth) relevant Insurance Act Australian Accounting Standards Corporations Act 2001 (Cth) ASIC Act 1989 (Cth) National Consumer Credit Protection Act 2009 (Cth) AML-CTF Act Personal Property Securities Act 2009 (Cth) ASIC AUSTRAC ACCC Office of the Australian Information Commissioner (OAIC) ITSA |
Organisation and industry requirements may include, but are not limited to: | company policy and procedures internal control guidelines computer system documentation operations manuals business and performance plans mission statements strategic plans industry codes of ethics industry codes of conduct industry code of practice |
Appropriate persons may include: | compliance managers compliance officers supervisors senior management |
Records may include: | training records tax records statutory records |
Professional development may include: | seminars and workshops professional body membership product training coaching, mentoring or supervision career path development |
Documentation may include: | circulars/memos organisational/industry newsletters emails press clippings staff meeting agendas and minutes RSS Feeds |
Sectors
Organisational skills
Employability Skills
This unit contains employability skills.
Licensing Information
Not applicable.