This qualification reflects job roles such as credit manager in a range of financial services and other industry enterprises.
The qualification includes the Units of Competency which could meet the educational requirements for the obtaining of an Australian Credit Licence (ACL). Conditions relating to ASIC accreditation should be obtained from ASIC.
The Commonwealth Government will assume responsibility for the Uniform Consumer Credit Code (UCCC) by enacting it as Commonwealth law. Consumer Credit Protection legislation was enhanced on 17 September 2009 and the Consumer Credit Reforms commenced on 1 July 2010. The Australian Securities and Investments Commission (ASIC) will administer credit provider regulation.
Anyone who engages in certain credit activities requires an ACL. They will need to:
have registered with ASIC between 1 April and 30 June 2010 (inclusive) and apply for an Australian credit licence (ACL) between 1 July 2010 and 31 December 2010 (applicable only to currently registered credit participants)
apply for an ACL from 1 July 2010 (applicable to new entrants to the credit market).
12 units must be achieved:
7 core units
plus5 elective units.
the required elective units of competency can be selected from the elective bank below or from units aligned to other Diploma qualifications in the FNS10 Financial Services Training Package
A maximum of 2 electives may be selected from units aligned to Certificate IV or Advanced Diploma qualifications in the FNS10 Financial Services Training Package
A maximum of 3 electives may be selected from units aligned to Diploma or Advanced Diploma qualifications from another endorsed Training Package or accredited course.
Elective units must be relevant to the work outcome, local industry requirements and the qualification level.
Units selected from other Training Packages or accredited courses must not duplicate units selected from or available within the FNS10 Financial Services or BSB07 Business Services Training Packages.
FNSCUS505A Determine client requirements and expectations
FNSORG507A Manage client service and business information
FNSORG604A Establish outsourced services and monitor performance
FNSRSK601A Develop and implement risk mitigation plan
Note: Certain elective units may be required to progress to membership of relevant professional organisations. Learners should establish such requirements where they apply in order to make appropriate choices.
Preferred pathways for candidates entering this qualification include:
FNS40110 Certificate IV in Credit Management
The primary pathway from this qualification is employment in a supervisory or managerial credit related role.
An Australian Apprenticeship pathway may be possible for this qualification depending on the State or Territory training authority declaration policy.
A further learning pathway utilising qualifications such as FNS60810 Advanced Diploma of Financial Risk Management or similar specialisations would support career progression.
A further learning pathway could be study in relevant higher education programs. Learners should establish relevant qualifications and any credit arrangements that may apply in order to make appropriate elective choices in this qualification.
Industry/enterprise requirements for this qualification include:
Collecting and analysing information and presenting it in report form
consulting with stakeholders on credit management policies and procedures
developing and writing reports to specifications
preparing and presenting correspondence in appropriate electronic format
questioning, clarifying and evaluating information
using effective telephone techniques and having the ability to negotiate solutions with customers
monitoring and working with staff to develop and implement policies and procedures
supervising work practices and adapting to change in technical and work practices
supporting others in implementing compliance and management systems
aligning requirements of the system with the needs of users
analysing and synthesising information and determining levels of credit and related risk
collecting, analysing, comparing and contrasting data
comparing risk exposure levels with industry and statutory obligations
identifying and resolving inconsistencies
assessing and managing risk
solving problems in respect to risk and knowledge management systems
testing strategic assumptions and applying different risk treatment strategies
Initiative and enterprise
identifying and investigating risk as it relates to new business
identifying improvements to work design and organisation
reviewing processes to inform future activity
Planning and organising
contributing to the planning process by researching and validating information
monitoring and updating policy and guidelines against KPIs
researching, developing, trialling, implementing, monitoring and reviewing policies and procedures and risk strategies
acting as a role model for others
applying time management strategies to own work schedule
planning own work schedule and monitoring and evaluating own work performance
presenting a positive organisational image
taking responsibility as required by work role and ensuring all organisational policies and procedures are followed
understanding and acting upon compliance requirements
working ethically and complying with all industry codes of practice and legislative requirements
ensuring training and professional development is undertaken to meet compliance requirements is maintained
evaluating and reviewing risk assessment strategies
conducting web searches and using corporate templates
operating computers and using word processing, spreadsheet and database skills to produce workplace documentation
using business technology to access, organise and monitor information
using research data devices and telecommunication devices and equipment