NTISthis.com

Evidence Guide: FNSFMK402 - Develop and maintain knowledge of financial markets products

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

FNSFMK402 - Develop and maintain knowledge of financial markets products

What evidence can you provide to prove your understanding of each of the following citeria?

Identify products organisation provides or uses

  1. Identify organisational products used by organisation and determine purpose of each
  2. Identify characteristics of products and services and their use
  3. Effectively apply processes for operational transactions involving organisational products
Identify organisational products used by organisation and determine purpose of each

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify characteristics of products and services and their use

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Effectively apply processes for operational transactions involving organisational products

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify compliance implications of products

  1. Identify compliance implications of transactions for organisational products
  2. Produce all necessary documentation consistent with organisational compliance requirements
Identify compliance implications of transactions for organisational products

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Produce all necessary documentation consistent with organisational compliance requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine user expectations for financial markets products

  1. Identify function of each product and customer needs it satisfies as basis for providing operational services
  2. Determine and apply user expectations of products and level of operational service provided in operational transactions
Identify function of each product and customer needs it satisfies as basis for providing operational services

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Maintain financial markets product knowledge

  1. Regularly review organisational financial markets products and identify and apply any changes to terms and conditions
  2. Implement systems for keeping up with changes and maintaining up-to-date knowledge about financial markets products
  3. Review emerging trends affecting the financial industry and apply to product knowledge and operational practices
Regularly review organisational financial markets products and identify and apply any changes to terms and conditions

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

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

Required Skills and Knowledge

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.