Application
This unit describes the skills and knowledge required to identify and interpret compliance requirements and procedures while carrying out work in a range of financial services positions.
It applies to individuals who use specialised knowledge and work cooperatively with others in meeting compliance requirements within financial services organisations of various sizes and across a range of customer bases.
No licensing, legislative or certification requirements apply to this unit at the time of publication.
Elements and Performance Criteria
1. Identify and assess individual compliance requirements | 1.1 Review organisational policies and procedures and consult appropriate personnel to identify individual compliance requirements 1.2 Map compliance requirements against individual work practices 1.3 Discuss ethical considerations with appropriate parties |
2. Review individual work practices | 2.1 Review existing individual work practices and develop or modify to comply with organisational procedures 2.2 Record and report changes to appropriate organisational personnel |
3. Identify and respond to ongoing requirements of compliance framework | 3.1 Identify and research ongoing issues and updates relating to compliance frameworks applicable to individual work practices 3.2 Monitor and respond to changes to compliance requirements and organisational procedures 3.3 Identify and discuss own compliance professional development and training opportunities with key organisational personnel |
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:
identify and interpret all organisational compliance requirements and map against all relevant components of own work role.
In the course of the above, the candidate must:
complete necessary organisational records
monitor and respond to changes in legislative, regulatory, and organisational compliance requirements.
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:
legislative, regulatory, and organisational requirements relating to work practices
key features of relevant codes of practice
compliance requirements of organisational policy and procedures
individual work requirements and practices
methods to obtain information about changes to compliance requirements
compliance framework updates and their implications
key personnel and their roles in ensuring compliance
professional development and training programs addressing compliance.
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:
common office equipment, technology, software and consumables
legislation, regulatory information, and organisational policy and procedures documentation 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
Reading | Interprets, analyses, assesses and reviews information from a range of structurally complex legislative and policy documents |
Writing | Produces and updates logically sequenced texts that include customised information and recommendations |
Oral Communication | Participates in verbal exchange with others using clear and detailed language to convey applicable information Uses questioning and active listening to confirm understanding |
Numeracy | Extracts and interprets financial data, applicable terminology, numerical calculations and formula embedded in texts |
Self-management | Recognises and follows applicable legislation, organisational policy, procedures and practices, and meets expectations associated with own work role Reviews and develops policies to meet organisational goals Research and update knowledge required to carry out work role |
Teamwork | Selects and uses applicable conventions and protocols when communicating with diverse stakeholders Uses applicable techniques to liaise with others and share information |
Planning and organising | Takes responsibility for planning, sequencing and prioritising tasks and own workload for outcomes |
Technology | Uses the main features and functions of digital tools to complete work tasks Adopts new and emerging technologies to complete work tasks |
Sectors
Organisational skills