Application
This unit describes the skills and knowledge required to make decisions, particularly relating to compliance issues, in a legal context. It is intended to satisfy the requirement for a course of study in commercial law at an introductory or foundation level, covering Australian legal systems and processes.
It applies to individuals who within their area of responsibility use specialised knowledge to make decisions that require consideration of the legal context.
No licensing, legislative or certification requirements apply to this unit at the time of publication
Elements and Performance Criteria
ELEMENT | PERFORMANCE CRITERIA |
Elements describe the essential outcomes. | Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Examine legal context for financial services work | 1.1 Identify Australian legal systems and processes 1.2 Identify functions of courts and other regulatory bodies 1.3 Identify implications of relevant legislation, regulation and legal precedent, and apply in making operational decisions 1.4 Seek advice and guidance to evaluate and moderate decision processes |
2. Identify compliance requirements | 2.1 Accurately interpret compliance requirements 2.2 Review legislative and regulatory sources of information regularly to identify changes to compliance requirements |
3. Develop procedures to ensure compliance | 3.1 Develop procedures in consultation with others to address compliance requirements 3.2 Establish timetables to meet compliance requirements to align with statutory deadlines |
Foundation Skills
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
Skill | Performance Criteria | Description |
Reading | 1.1-1.3, 2.1, 2.2 | Categorises, consolidates and interprets complex regulatory and legislative information |
Writing | 1.4, 3.1 | Prepares documentation using clear language, formats and terminology specific to requirements, audience and purpose |
Oral Communication | 1.4, 3.1 | Participates in verbal exchanges using active listening and questioning to clarify thinking and elicit opinions of others |
Navigate the world of work | 1.3, 2.1, 2.2, 3.1 | Contributes to the development of procedures to meet legislative requirements Identifies organisational implications of new or changed legislation or regulations |
Interact with others | 1.4, 3.1 | Selects and uses appropriate conventions and protocols when communicating with internal and external stakeholders to seek or share information Collaborates and cooperates with others to achieve joint outcomes |
Get the work done | 1.3, 3.1, 3.2 | Organises work to meet organisational requirements, taking responsibility for process, compliance and schedule needs Makes critical and non-critical decisions in relatively complex situations, taking relevant legislation, regulation and legal precedent into consideration Uses the main features and functions of digital tools to complete work tasks |
Sectors
Accounting