Google Links

Follow the links below to find material targeted to the unit's elements, performance criteria, required skills and knowledge

Elements and Performance Criteria

Identify individual compliance requirements
- 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
Interpret individual compliance requirements
- Compliance requirements are mapped against individual work practices
- Ethical considerations are discussed with relevant parties where appropriate
Develop or respond to procedures to ensure individual compliance
Identify and adapt to changes in individual compliance requirements

Required Skills

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

use computer applications to maintain records

access webbased 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

Evidence Required

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

Range Statement

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