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.
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. 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 Performance
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.
Evidence of Knowledge
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.
Assessment Conditions
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.
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 |
Learning | 4.1-4.3 | Develops and uses personal organisational systems to gather and organise information Systematically and proactively sources and incorporates new information to improve own work practices |
Reading | 1.1, 1.2, 3.1, 3.2, 4.1, 4.3 | Researches and analyses information from a variety of sources to identify key details and trends, and determine requirements |
Writing | 2.2, 3.2 | Completes workplace documentation accurately using appropriate vocabulary |
Oral Communication | 3.1, 3.2 | Participates in verbal exchanges using active listening and questioning techniques to elicit the views and opinions of others and convey information |
Numeracy | 1.1, 1.3, 2.1 | Uses mathematical equations to perform calculations and comparisons of financial and numerical information |
Navigate the world of work | 1.1, 2.1, 2.2, 3.2, 4.3 | Accepts responsibility for developing and updating product knowledge Takes personal responsibility for following explicit and implicit policies and procedures about compliance requirements |
Interact with others | 3.1, 3.2 | Selects and uses appropriate conventions and protocols when conducting research to establish client needs |
Get the work done | 1.3, 2.2, 3.1, 3.2, 4.1-4.3 | Plans, organises and implements tasks, aiming to achieve them efficiently and effectively Makes decisions by referring to standard procedures for routine tasks and formal decision-making processes for more complex and non-routine situations Uses the main features and functions of digital tools to complete work tasks and find information |
Sectors
Financial markets