Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners

FNSFMK402 Mapping and Delivery Guide
Develop and maintain knowledge of financial markets products

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSFMK402 - Develop and maintain knowledge of financial markets products
Description
Employability Skills
Learning Outcomes and Application This unit describes the skills and knowledge required to identify the financial markets products provided by an organisation, or those from other vendors or organisations used, and determine their unique characteristics, purpose and requirements for processing transactions.It applies to individuals who use specialised knowledge, systematic approaches and analytical skills to support organisational information requirements. No licensing, legislative or certification requirements apply to this unit at the time of publication.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the financial markets field of work and include access to:

office equipment, technology, software and consumables

a range of financial products information.

Assessors must satisfy NVR/AQTF assessor requirements.
Prerequisites/co-requisites
Competency Field
Development and validation strategy and guide for assessors and learners Student Learning Resources Handouts
Activities 		Slides
PPT 		Assessment 1 Assessment 2 Assessment 3 Assessment 4
Elements of Competency Performance Criteria              
Element: Identify products organisation provides or uses
  • Identify organisational products used by organisation and determine purpose of each
  • Identify characteristics of products and services and their use
  • Effectively apply processes for operational transactions involving organisational products
       
Element: Identify compliance implications of products
  • Identify compliance implications of transactions for organisational products
  • Produce all necessary documentation consistent with organisational compliance requirements
       
Element: Determine user expectations for financial markets products
  • Identify function of each product and customer needs it satisfies as basis for providing operational services
  • Determine and apply user expectations of products and level of operational service provided in operational transactions
       
Element: Maintain financial markets product knowledge
  • Regularly review organisational financial markets products and identify and apply any changes to terms and conditions
  • Implement systems for keeping up with changes and maintaining up-to-date knowledge about financial markets products
  • Review emerging trends affecting the financial industry and apply to product knowledge and operational practices
       


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.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

1. Identify products organisation provides or uses

1.1 Identify organisational products used by organisation and determine purpose of each

1.2 Identify characteristics of products and services and their use

1.3 Effectively apply processes for operational transactions involving organisational products

2. Identify compliance implications of products

2.1 Identify compliance implications of transactions for organisational products

2.2 Produce all necessary documentation consistent with organisational compliance requirements

3. Determine user expectations for financial markets products

3.1 Identify function of each product and customer needs it satisfies as basis for providing operational services

3.2 Determine and apply user expectations of products and level of operational service provided in operational transactions

4. Maintain financial markets product knowledge

4.1 Regularly review organisational financial markets products and identify and apply any changes to terms and conditions

4.2 Implement systems for keeping up with changes and maintaining up-to-date knowledge about financial markets products

4.3 Review emerging trends affecting the financial industry and apply to product knowledge and operational practices

Evidence of the ability to:

access information relating to the financial products of an organisation and the market uses and providers

compare and rate competitive products

set up system for maintaining up-to-date knowledge about financial products

determine the customer types and customer needs that the financial products are best suited for.

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:

describe the key features of organisational policies in terms of client service expectations and needs

identify and describe systems that can be accessed to obtain up-to-date information on financial services products and competition

describe key features of a range of organisational financial products

compare the key features and unique characteristics of a range of products, including those used by competitors that are similar to the organisation’s

outline the compliance implications relating to financial markets products

outline the potential impact that emerging trends may have on financial markets products.

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assignment, 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.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

1. Identify products organisation provides or uses

1.1 Identify organisational products used by organisation and determine purpose of each

1.2 Identify characteristics of products and services and their use

1.3 Effectively apply processes for operational transactions involving organisational products

2. Identify compliance implications of products

2.1 Identify compliance implications of transactions for organisational products

2.2 Produce all necessary documentation consistent with organisational compliance requirements

3. Determine user expectations for financial markets products

3.1 Identify function of each product and customer needs it satisfies as basis for providing operational services

3.2 Determine and apply user expectations of products and level of operational service provided in operational transactions

4. Maintain financial markets product knowledge

4.1 Regularly review organisational financial markets products and identify and apply any changes to terms and conditions

4.2 Implement systems for keeping up with changes and maintaining up-to-date knowledge about financial markets products

4.3 Review emerging trends affecting the financial industry and apply to product knowledge and operational practices

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
Identify organisational products used by organisation and determine purpose of each 
Identify characteristics of products and services and their use 
Effectively apply processes for operational transactions involving organisational products 
Identify compliance implications of transactions for organisational products 
Produce all necessary documentation consistent with organisational compliance requirements 
Identify function of each product and customer needs it satisfies as basis for providing operational services 
Determine and apply user expectations of products and level of operational service provided in operational transactions 
Regularly review organisational financial markets products and identify and apply any changes to terms and conditions 
Implement systems for keeping up with changes and maintaining up-to-date knowledge about financial markets products 
Review emerging trends affecting the financial industry and apply to product knowledge and operational practices 

Forms

Assessment Cover Sheet

FNSFMK402 - Develop and maintain knowledge of financial markets products
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

FNSFMK402 - Develop and maintain knowledge of financial markets products

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: