Modification History
Not applicable.
Unit Descriptor
Unit descriptor |
This unit describes the performance outcomes, skills and knowledge required to review corporate governance requirements, implement operating procedures and monitor policy. This unit has application to a variety of financial services sectors and is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements so the varying Commonwealth, State or Territory requirements should be confirmed with the relevant body. |
Application of the Unit
Application of the unit |
The unit has application across all sectors of the financial services industry. |
Licensing/Regulatory Information
Not applicable.
Pre-Requisites
Prerequisite units |
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Employability Skills Information
Employability skills |
This unit contains employability skills. |
Elements and Performance Criteria Pre-Content
Elements describe the essential outcomes of a unit of competency. |
Performance criteria describe the performance needed to demonstrate achievement of the element. Where bold italicised text is used, further information is detailed in the required skills and knowledge section and the range Statement. Assessment of performance is to be consistent with the evidence guide. |
Elements and Performance Criteria
ELEMENT |
PERFORMANCE CRITERIA |
1. Review corporate governance requirements |
1.1. Corporate governance requirements are identified and analysed to determine application to operations 1.2. Clarifications on application of corporate governance requirements are accessed from authoritative and recognised sources 1.3. Internal control procedures are reviewed and developed reflecting the application of corporate governance requirements to internal operations |
2. Implement operating procedures |
2.1. Financial delegations and accountabilities are maintained and reviewed to ensure consistency and compliance with internal control procedures 2.2. Required reports are produced, reviewed and distributed within agreed timelines 2.3. Timetables for the implementation of corporate governance requirements are developed in consultation with stakeholders 2.4. Internal control procedures are detailed and documented in standardised formats to promote consistency of use |
3. Monitor policy |
3.1. Applications of corporate governance requirements are developed from published sources or recognised practices 3.2. Performance indicators are developed and reported on to evaluate compliance with internal control procedures 3.3. Variations in adoption of corporate governance requirements in operations are identified and evaluated to determine causes 3.4. Modifications to procedures are developed and implemented to facilitate compliance with internal control procedures |
Required Skills and Knowledge
REQUIRED SKILLS AND KNOWLEDGE |
This section describes the skills and knowledge required for this unit. |
Required skills |
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Required knowledge |
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Evidence Guide
EVIDENCE GUIDE |
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The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package. |
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Overview of assessment |
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Critical aspects for assessment and evidence required to demonstrate competency in this unit |
Evidence of the ability to:
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Context of and specific resources for assessment |
Assessment must ensure:
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Method of assessment |
A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:
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Guidance information for assessment |
Range Statement
RANGE STATEMENT |
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The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included. |
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Corporate governance requirements may include: |
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Authoritative and recognised sources may include: |
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Internal control procedures may include: |
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Financial delegations and accountabilities may include: |
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Required reports may include: |
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Stakeholders may include: |
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Unit Sector(s)
Unit sector |
Accounting |
Competency field
Competency field |
Co-requisite units
Co-requisite units |
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