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Evidence Guide: FNSORG504 - Monitor and supervise work practices to meet financial services regulatory requirements

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

 

FNSORG504 - Monitor and supervise work practices to meet financial services regulatory requirements

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

Communicate knowledge of relevant products and services offered

  1. Inform staff on financial products and services offered by organisation, and roles and requirements of industry organisations and service providers
  2. Define features and processes of specific products and services clearly so staff can promote them effectively
  3. Conduct research and continual professional development to maintain current knowledge of industry product and service developments
Inform staff on financial products and services offered by organisation, and roles and requirements of industry organisations and service providers

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Define features and processes of specific products and services clearly so staff can promote them effectively

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Conduct research and continual professional development to maintain current knowledge of industry product and service developments

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor work for compliance with financial services regulatory framework

  1. Monitor work practices to ensure compliance with legislation relevant to financial services industry
  2. Supervise client interaction to ensure adherence to advisory limitations regulated by Australian Securities and Investments Commission (ASIC)
  3. Maintain compliance with government body information and regularly access sources of information involved in regulation of financial products and services
  4. Establish, maintain and monitor work systems with relevant documentation to ensure compliance with legislative guidelines
Monitor work practices to ensure compliance with legislation relevant to financial services industry

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Supervise client interaction to ensure adherence to advisory limitations regulated by Australian Securities and Investments Commission (ASIC)

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Maintain compliance with government body information and regularly access sources of information involved in regulation of financial products and services

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish, maintain and monitor work systems with relevant documentation to ensure compliance with legislative guidelines

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Supervise work within organisational policy, procedures and guidelines, and accepted industry codes of conduct

  1. Review organisational policy, procedures and guidelines for effectiveness
  2. Monitor work conducted for compliance with organisational policy, procedures and guidelines
  3. Implement organisational policy and procedures, and promote philosophy and objectives of organisation with cooperative peer work practices
  4. Monitor all work for adherence to accepted codes of conduct
Review organisational policy, procedures and guidelines for effectiveness

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor work conducted for compliance with organisational policy, procedures and guidelines

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Implement organisational policy and procedures, and promote philosophy and objectives of organisation with cooperative peer work practices

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor all work for adherence to accepted codes of conduct

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assess workplace procedures

  1. Identify processes and procedures within area of responsibility and review implementation of procedures
  2. Assess implementation of procedures for efficiency in attaining organisational goals
  3. Identify areas for improvement in procedures and make recommendations to appropriate personnel
Identify processes and procedures within area of responsibility and review implementation of procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assess implementation of procedures for efficiency in attaining organisational goals

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify areas for improvement in procedures and make recommendations to appropriate personnel

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Implement organisational quality assurance procedures

  1. Implement organisational quality assurance measures and systems as required
  2. Monitor quality assurance measures and outcomes, and document results regularly
Implement organisational quality assurance measures and systems as required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor quality assurance measures and outcomes, and document results regularly

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. Communicate knowledge of relevant products and services offered

1.1 Inform staff on financial products and services offered by organisation, and roles and requirements of industry organisations and service providers

1.2 Define features and processes of specific products and services clearly so staff can promote them effectively

1.3 Conduct research and continual professional development to maintain current knowledge of industry product and service developments

2. Monitor work for compliance with financial services regulatory framework

2.1 Monitor work practices to ensure compliance with legislation relevant to financial services industry

2.2 Supervise client interaction to ensure adherence to advisory limitations regulated by Australian Securities and Investments Commission (ASIC)

2.3 Maintain compliance with government body information and regularly access sources of information involved in regulation of financial products and services

2.4 Establish, maintain and monitor work systems with relevant documentation to ensure compliance with legislative guidelines

3. Supervise work within organisational policy, procedures and guidelines, and accepted industry codes of conduct

3.1 Review organisational policy, procedures and guidelines for effectiveness

3.2 Monitor work conducted for compliance with organisational policy, procedures and guidelines

3.3 Implement organisational policy and procedures, and promote philosophy and objectives of organisation with cooperative peer work practices

3.4 Monitor all work for adherence to accepted codes of conduct

4. Assess workplace procedures

4.1 Identify processes and procedures within area of responsibility and review implementation of procedures

4.2 Assess implementation of procedures for efficiency in attaining organisational goals

4.3 Identify areas for improvement in procedures and make recommendations to appropriate personnel

5. Implement organisational quality assurance procedures

5.1 Implement organisational quality assurance measures and systems as required

5.2 Monitor quality assurance measures and outcomes, and document results regularly

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. Communicate knowledge of relevant products and services offered

1.1 Inform staff on financial products and services offered by organisation, and roles and requirements of industry organisations and service providers

1.2 Define features and processes of specific products and services clearly so staff can promote them effectively

1.3 Conduct research and continual professional development to maintain current knowledge of industry product and service developments

2. Monitor work for compliance with financial services regulatory framework

2.1 Monitor work practices to ensure compliance with legislation relevant to financial services industry

2.2 Supervise client interaction to ensure adherence to advisory limitations regulated by Australian Securities and Investments Commission (ASIC)

2.3 Maintain compliance with government body information and regularly access sources of information involved in regulation of financial products and services

2.4 Establish, maintain and monitor work systems with relevant documentation to ensure compliance with legislative guidelines

3. Supervise work within organisational policy, procedures and guidelines, and accepted industry codes of conduct

3.1 Review organisational policy, procedures and guidelines for effectiveness

3.2 Monitor work conducted for compliance with organisational policy, procedures and guidelines

3.3 Implement organisational policy and procedures, and promote philosophy and objectives of organisation with cooperative peer work practices

3.4 Monitor all work for adherence to accepted codes of conduct

4. Assess workplace procedures

4.1 Identify processes and procedures within area of responsibility and review implementation of procedures

4.2 Assess implementation of procedures for efficiency in attaining organisational goals

4.3 Identify areas for improvement in procedures and make recommendations to appropriate personnel

5. Implement organisational quality assurance procedures

5.1 Implement organisational quality assurance measures and systems as required

5.2 Monitor quality assurance measures and outcomes, and document results regularly

Evidence of the ability to:

interpret and comply with government regulatory requirements and codes of conduct for industry organisations

maintain continual professional development

monitor work practices to ensure compliance with relevant legislative and regulatory requirements, and assess the effectiveness of workplace procedures

implement effective organisational quality assurance procedures.

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 main industry roles of financial representatives

explain fraud deterrence practices

explain the function of key government bodies and representatives involved in regulating financial products and services

describe the requirements of financial services industry codes of practice

identify and explain the main features, benefits and practices of different types of financial products

describe organisational policy, procedures, objectives and guidelines

identify and describe a range of appropriate professional development activities

explain the key intentions of relevant legislation, regulation and compliance requirements for the financial services industry, including privacy obligations

provide detail of the supervisory responsibilities for ensuring compliance within the relevant financial services area.