Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 1.0.

ELEMENT 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Assess requirement for security

1.1 Undertake risk analysis of credit applications in accordance with organisational credit policy and guidelines to determine requirements for security

1.2 Determine customers’ level of risk and identify security requirements

2. Identify available security options and suitability of available securities

2.1 Explain requirements for security to customers, considering any special needs of customers

2.2 Identify range of securities available and determine which are appropriate to type of credit facility

2.3 Negotiate with customers to determine security arrangements as required within organisational guidelines

3. Apply appropriate security

3.1 Analyse assets and conduct valuations to confirm value of security

3.2 Register security interest in accordance with legislative requirements

4. Monitor and review effectiveness of security arrangement

4.1 Maintain knowledge of current conditions in market and keep updated on any changes in organisation's credit policy and guidelines

4.2 Monitor customer accounts to confirm appropriateness of security arrangements

4.3 Amend security arrangement documentation to reflect changes in customers’ relationships or circumstances where necessary

Skill 

Performance Criteria 

Description 

Reading

1.1, 2.2, 3.1, 4.1 , 4.2

• Analyses and interprets relevant legislative and regulatory information to establish requirements and identifies and assesses risk from analysis of a range of documents containing textual and numerical information

Writing

3.1, 3.2, 4.2, 4.3

• Selects appropriate linguistic structures and text required to establish a customer profile, clarify options, detail service requirements and obligations, and register and amend relevant documentation in compliance with organisational and regulatory requirements

Oral Communication

2.1, 2.3

• Participates effectively in interactions using well developed strategies to elicit facts, exchange relevant information and negotiate satisfactory outcomes for internal and external stakeholders

Numeracy

1.1, 1.2, 2.1, 2.2, 3.2, 4.1

• Interprets and analyses numerically expressed information from a range of sources to identify appropriate security, performs calculations to establish value and monitors security arrangements to prevent loss

Navigate the world of work

1.1, 1.2, 3.1, 3.2

• Accepts responsibility and ownership for the task and makes decisions on completion parameters and the need for coordination with others
• Takes personal responsibility for following explicit and implicit policies, procedures and legislative requirements
• Identifies and acts on issues that contravene relevant policies, procedures and legal requirements

Interact with others

2.3, 3.1, 3.2

• Uses a range of strategies and reads verbal and non-verbal signals to establish a sense of connection and build rapport with customers
• Recognises and accommodates the basic differences and priorities of others

Get the work done

1.1, 2.2, 3.2, 4.1, 4.2

• Makes routine decisions and implements standard procedures for routine tasks, using formal decision-making processes for more complex and non-routine situations
• Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effective outcomes
• Uses the main features and functions of digital tools to complete work tasks

Code and title  

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNSCRD402 Establish and maintain appropriate security

FNSCRD402A Establish and maintain appropriate securitisation

Updated to meet Standards for Training Packages

Title change Rewording of performance criteria for clarification

Equivalent unit

Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 1.0.