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Evidence Guide: FNSFMK506 - Detect errors and fraud when processing financial transactions

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

FNSFMK506 - Detect errors and fraud when processing financial transactions

What evidence can you provide to prove your understanding of each of the following citeria?

Access and interrogate financial transaction data

  1. Access and collate relevant financial transaction data sources and records
  2. Match and check random, systematic or stratified sample data for accuracy and compliance with legal requirements and organisational policies and procedures
  3. Analyse all data and initial queries on accuracy or compliance with legislative and industry requirements and follow through with relevant personnel
Access and collate relevant financial transaction data sources and records

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Match and check random, systematic or stratified sample data for accuracy and compliance with legal requirements and organisational policies and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse all data and initial queries on accuracy or compliance with legislative and industry requirements and follow through with relevant personnel

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine data errors or potential fraudulent activity

  1. Identify and record errors in transaction processing and entries
  2. Draw conclusions on possible fraudulent transactions based on sound evidence
  3. Record and report major errors or possible fraudulent transactions to relevant personnel
Identify and record errors in transaction processing and entries

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Draw conclusions on possible fraudulent transactions based on sound evidence

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Record and report major errors or possible fraudulent transactions to relevant personnel

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Resolve errors and fraudulent activity

  1. Follow up and correct minor transaction data errors with appropriate personnel
  2. Identify and confirm major transaction data errors or fraud in consultation with appropriate personnel or external sources and escalate for further action according to organisational procedures
  3. Develop recommendations for resolution of fraudulent transactions and activities for appropriate action
Follow up and correct minor transaction data errors with appropriate personnel

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and confirm major transaction data errors or fraud in consultation with appropriate personnel or external sources and escalate for further action according to organisational procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Develop recommendations for resolution of fraudulent transactions and activities for appropriate action

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Access and interrogate financial transaction data

1.1 Access and collate relevant financial transaction data sources and records

1.2 Match and check random, systematic or stratified sample data for accuracy and compliance with legal requirements and organisational policies and procedures

1.3 Analyse all data and initial queries on accuracy or compliance with legislative and industry requirements and follow through with relevant personnel

2. Determine data errors or potential fraudulent activity

2.1 Identify and record errors in transaction processing and entries

2.2 Draw conclusions on possible fraudulent transactions based on sound evidence

2.3 Record and report major errors or possible fraudulent transactions to relevant personnel

3. Resolve errors and fraudulent activity

3.1 Follow up and correct minor transaction data errors with appropriate personnel

3.2 Identify and confirm major transaction data errors or fraud in consultation with appropriate personnel or external sources and escalate for further action according to organisational procedures

3.3 Develop recommendations for resolution of fraudulent transactions and activities for appropriate action

Required Skills and Knowledge

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Access and interrogate financial transaction data

1.1 Access and collate relevant financial transaction data sources and records

1.2 Match and check random, systematic or stratified sample data for accuracy and compliance with legal requirements and organisational policies and procedures

1.3 Analyse all data and initial queries on accuracy or compliance with legislative and industry requirements and follow through with relevant personnel

2. Determine data errors or potential fraudulent activity

2.1 Identify and record errors in transaction processing and entries

2.2 Draw conclusions on possible fraudulent transactions based on sound evidence

2.3 Record and report major errors or possible fraudulent transactions to relevant personnel

3. Resolve errors and fraudulent activity

3.1 Follow up and correct minor transaction data errors with appropriate personnel

3.2 Identify and confirm major transaction data errors or fraud in consultation with appropriate personnel or external sources and escalate for further action according to organisational procedures

3.3 Develop recommendations for resolution of fraudulent transactions and activities for appropriate action

Evidence of the ability to:

conduct analysis of financial transaction data to identify minor and major transaction errors and/or fraud

test and assess the integrity of financial transaction information for risk

provide recommendation for action to resolve transactional errors and fraudulent activity.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

To complete the unit requirements safely and effectively, the individual must:

outline operations processing methodologies and systems

describe the key types and characteristics of financial fraud

identify key financial information sources

describe key features of:

organisational policy and procedures relating to dealing with errors and fraud

relevant financial industry legislative and compliance requirements

describe the relationship between ethics and regulatory requirements

describe the risks and implications associated with financial transactions

outline the features of the main types of financial market products and services.