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Evidence Guide: FNSINC801 - Lead compliance with financial services legislation and industry codes of practice

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

 

FNSINC801 - Lead compliance with financial services legislation and industry codes of practice

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

Evaluate organisational requirements of regulatory obligations

  1. Research and access source documents for regulations relevant to provision of financial products and services
  2. Evaluate procedural requirements of source documents and their impact on organisational requirements and work practices
  3. Implement procedural requirements in line with organisational policy
  4. Establish role authorities and restrictions in position profiles and organisational procedures
  5. Design and implement internal monitoring or audit program according to organisational requirements
Research and access source documents for regulations relevant to provision of financial products and services

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Evaluate procedural requirements of source documents and their impact on organisational requirements and work practices

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Implement procedural requirements in line with organisational policy

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish role authorities and restrictions in position profiles and organisational procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Design and implement internal monitoring or audit program according to organisational requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Analyse changes to regulations and procedural implications

  1. Design and establish systems to ensure currency of regulatory information and requirements
  2. Establish and lead processes to communicate changes to regulations and policies in a timely manner in accordance with organisational policy
  3. Review operational procedures to accurately reflect changes to regulations
  4. Evaluate and communicate implications of change for products and services in accordance with client, regulatory and organisational requirements
Design and establish systems to ensure currency of regulatory information and requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish and lead processes to communicate changes to regulations and policies in a timely manner in accordance with organisational policy

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review operational procedures to accurately reflect changes to regulations

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Evaluate and communicate implications of change for products and services in accordance with client, regulatory and organisational requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Manage compliance with relevant industry or professional codes

  1. Evaluate implications of industry codes of practice relevant to organisational operations
  2. Oversee the execution of changes to organisational policies, procedures and practices to align with industry codes of practice
Evaluate implications of industry codes of practice relevant to organisational operations

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Oversee the execution of changes to organisational policies, procedures and practices to align with industry codes of practice

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review processes for maintaining statutory records

  1. Establish a system to maintain relevant records and documentary requirements
  2. Oversee maintenance of evidence of current authorisation, training and relevant licences in accordance with organisational, legal and regulatory requirements
Establish a system to maintain relevant records and documentary requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Oversee maintenance of evidence of current authorisation, training and relevant licences in accordance with organisational, legal and regulatory requirements

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. Evaluate organisational requirements of regulatory obligations

1.1 Research and access source documents for regulations relevant to provision of financial products and services

1.2 Evaluate procedural requirements of source documents and their impact on organisational requirements and work practices

1.3 Implement procedural requirements in line with organisational policy

1.4 Establish role authorities and restrictions in position profiles and organisational procedures

1.5 Design and implement internal monitoring or audit program according to organisational requirements

2. Analyse changes to regulations and procedural implications

2.1 Design and establish systems to ensure currency of regulatory information and requirements

2.2 Establish and lead processes to communicate changes to regulations and policies in a timely manner in accordance with organisational policy

2.3 Review operational procedures to accurately reflect changes to regulations

2.4 Evaluate and communicate implications of change for products and services in accordance with client, regulatory and organisational requirements

3. Manage compliance with relevant industry or professional codes

3.1 Evaluate implications of industry codes of practice relevant to organisational operations

3.2 Oversee the execution of changes to organisational policies, procedures and practices to align with industry codes of practice

4. Review processes for maintaining statutory records

4.1 Establish a system to maintain relevant records and documentary requirements

4.2 Oversee maintenance of evidence of current authorisation, training and relevant licences in accordance with organisational, legal and regulatory requirements

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. Evaluate organisational requirements of regulatory obligations

1.1 Research and access source documents for regulations relevant to provision of financial products and services

1.2 Evaluate procedural requirements of source documents and their impact on organisational requirements and work practices

1.3 Implement procedural requirements in line with organisational policy

1.4 Establish role authorities and restrictions in position profiles and organisational procedures

1.5 Design and implement internal monitoring or audit program according to organisational requirements

2. Analyse changes to regulations and procedural implications

2.1 Design and establish systems to ensure currency of regulatory information and requirements

2.2 Establish and lead processes to communicate changes to regulations and policies in a timely manner in accordance with organisational policy

2.3 Review operational procedures to accurately reflect changes to regulations

2.4 Evaluate and communicate implications of change for products and services in accordance with client, regulatory and organisational requirements

3. Manage compliance with relevant industry or professional codes

3.1 Evaluate implications of industry codes of practice relevant to organisational operations

3.2 Oversee the execution of changes to organisational policies, procedures and practices to align with industry codes of practice

4. Review processes for maintaining statutory records

4.1 Establish a system to maintain relevant records and documentary requirements

4.2 Oversee maintenance of evidence of current authorisation, training and relevant licences in accordance with organisational, legal and regulatory requirements

Evidence of the ability to:

research and evaluate relevant industry codes of practice and relevant regulations

establish system to maintain statutory records and requirements

establish mechanisms to communicate changes and implications of regulations and industry requirements to clients and colleagues.

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:

explain outcomes of analysis of compliance issues relating to:

disclosure of capacity criteria

contract law principles

duty of care principles

fiduciary duties

general obligations of a financial services officer

laws of principal and agents

discuss key features of:

organisational financial products and services

contractual or partnership agreements or authorities

relevant industry codes of practice

relevant regulations pertaining to the financial services sector

analyse and explain key requirements of the statutory records the organisation needs to maintain

explain the internal monitoring or audit program process.