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. 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

Skill 

Performance Criteria 

Description 

Learning

1.3

• Plans, organises and implements own workplace professional development to maintain and expand industry knowledge

Reading

1.1-1.3, 2.1, 2.3, 2.4, 3.1, 3.4, 4.1

• Interprets textual information from a range of sources and determines its relevance to individual, organisational and regulatory requirements

Writing

1.1-1.3, 2.4, 4.3, 5.2

• Analyses and integrates information from a number of sources to develop a range of compliance management and quality system documents that meet regulatory and organisational requirements
• Displays logical structure and clear content in summaries and reports

Oral Communication

1.1-1.3, 3.3, 4.3

• Uses careful listening and questioning techniques to monitor, identify and clarify workplace practice requirements
• Uses clear and direct language to convey relevant information and provide feedback

Numeracy

1.1, 1.2, 1.3, 2.1, 2.3, 2.4, 3.2, 5.1

• Analyses, interprets and monitors financial information and numerical data for accuracy, relevance and compliance

Navigate the world of work

2.1-2.4, 3.1, 3.2, 3.4, 4.1, 4.2

• Takes full responsibility for following policies, procedures, codes of practice and legislative requirements, and identifies organisational implications of new legislation or regulations
• Seeks to improve policies and procedures to better meet organisational goals

Interact with others

1.1-1.3, 2.1, 2.2, 3.3, 3.4, 4.3

• Selects and uses appropriate conventions and protocols to gain and provide information relevant to legislation, codes of practice and organisational requirements
• Applies a range of communication strategies to build rapport and encourage others to work effectively in accordance with organisational and regulatory requirements

Get the work done

2.1-2.4, 3.1-3.4, 4.1-4.3, 5.1, 5.2

• Accepts responsibility for planning and sequencing complex tasks and workload
• Takes responsibility for developing and applying organisational processes to aid compliance with legislative and organisational requirements
• Monitors actions against required goals to identify and recommend improvements
• Applies systematic and analytical problem-solving processes to identify issues and develop options to resolve issues
• Uses the main features and functions of digital tools to complete work tasks, store data and access information

Code and title 

current version 

Code and title 

previous version 

Comments 

Equivalence status 

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

FNSORG504A Monitor and supervise work practices to meet financial services regulatory requirements

Updated to meet Standards for Training Packages

Equivalent unit

Release 

Comments 

Release 1

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