Assessor Resource

FNSORG401A
Conduct individual work within a compliance framework

Assessment tool

Version 1.0
Issue Date: May 2024


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.

This unit describes the performance outcomes, skills and knowledge required to assist in maintaining organisational and individual compliance while carrying out occupational duties.

This unit requires the application of skills and knowledge to identify statutory, legislative and regulatory requirements and relate them to individual work practices to ensure ongoing compliance in the financial services industry. The application of research and analysis skills is required.

This unit does not cover the identification of compliance requirements of the organisation as a whole but rather those which apply to the individual’s circumstances only.

You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)

Prerequisites

Not applicable.


Employability Skills

This unit contains employability skills.




Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

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


Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assingnment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)


Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

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.

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

Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Statutory, legislative and regulatory requirements relating to the individuals work are researched and documented 
Organisational and industry requirements relating to the individuals work are researched and documented 
Compliance requirements are mapped against individual work practices 
Ethical considerations are discussed with relevant parties where appropriate 
Consultation is undertaken with appropriate persons to identify procedures to be followed ensure compliance 
Procedures are reviewed and/or developed to ensure compliance 
Appropriate records are maintained 
Training programs (internal/external) that deliver against compliance requirements are identified 
Professional development opportunities related to the individual situation are identified and discussed with managers/supervisors 
Documentation relating to compliance issues is read and understood 
Documentation relating to compliance issues is discussed with appropriate persons to ensure ongoing compliance is maintained 

Forms

Assessment Cover Sheet

FNSORG401A - Conduct individual work within a compliance framework
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:


Assessment Record Sheet

FNSORG401A - Conduct individual work within a compliance framework

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: