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. Maintain business information networks

1.1 Review identified business networks on a regular basis to ensure relevance and reliability

1.2 Ensure information obtained through business networks is up to date, relevant and reliable

2. Identify changes in existing markets

2.1 Review existing markets within corporate policy and codes of practice constraints

2.2 Identify and report significant changes in existing markets against known market conditions and formulate corrective action plan

3. Identify additional markets

3.1 Conduct research to identify additional markets

3.2 Adopt strategies that meet corporate policy, industry and legislative requirements

3.3 Formulate options that specify product opportunities and convey to underwriters and management

3.4 Assess all relevant information to determine feasibility of opportunity

4. Monitor competitor activity

4.1 Continually benchmark product performance, image and range against that offered by competitors to determine market position

4.2 Identify available market opportunities and refer to appropriate personnel and management, together with market information

Skill 

Performance Criteria 

Description 

Reading

1.1, 1.2, 2.1, 3.1, 3.4, 4.2

• Reviews a range of textual information from a variety of sources to identify key details, make judgements and determine requirements

Writing

2.2, 3.3, 4.2

• Develops material to a specific audience and purpose using clear and detailed language to convey accurate information, options and recommendations

Oral Communication

3.3, 4.2

• Participates in verbal exchanges and clearly explains detailed information using language, tone and pace appropriate to the audience

Numeracy

2.2, 3.3, 3.4, 4.2

• Collates, interprets and compares numerical and statistical information to apply relevance to requirements

Navigate the world of work

2.1, 3.2

• Undertakes work in accordance with legislative requirements and workplace protocols

Interact with others

1.1, 2.2, 3.3, 4.2

• Selects and uses appropriate conventions and protocols when communicating with internal and external stakeholders to seek or share information
• Cultivates relationships with peers and seeks advice as necessary

Get the work done

1.1, 1.2, 2.1, 2.2, 3.1, 3.3, 3.4, 4.1, 4.2

• Develops plans to manage relatively complex routine and non-routine tasks with an awareness of how they might contribute to broader strategy and goals
• Systematically gathers and analyses all relevant information and evaluates options to make informed decisions
• Evaluates outcomes of decisions to identify opportunities for improvement
• Uses a range of digital technologies to access, filter, organise, analyse, store and present data and other information

Code and title 

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNSSAM503 Monitor market opportunities

FNSSAM503A Monitor market opportunities

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.