Unit of competency details
FNSCRD311 - Process applications for credit (Release 1)
Summary
Usage recommendation:
Current
Releases:
| 1 1 (this release) |
01/Jul/2020 |
Companion volumes:
Unit of competency
Assessment requirements
Training packages that include this unit
Qualifications that include this unit
Classifications
Classification history
| ASCED Module/Unit of Competency Field of Education Identifier | 081101 | Banking And Finance | 01/Jul/2020 | |
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Unit of competency
Modification History
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Release
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Comments
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Release 1
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This version first released with FNS Financial Services Training Package Version 4.0.
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Application
This unit describes the skills and knowledge required to gather and submit customer information to determine the outcome of their credit applications. This includes providing recommendations on the outcome of a credit application to senior persons when the decision making is outside of individuals’ authority.
It applies to those who occupy entry level positions and work cooperatively in a team environment, under the supervision of managers or team leaders.
No licensing, legislative or certification requirements apply to this unit at the time of publication.
Unit Sector
Credit management
Elements and Performance Criteria
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ELEMENT
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PERFORMANCE CRITERIA
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Elements describe the essential outcomes.
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Performance criteria describe the performance needed to demonstrate achievement of the element.
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1. Verify application details
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1.1 Gather and record information required to support application according to organisational and industry credit policy and processes
1.2 Obtain information provided by applicant and verify information against other sources for accuracy and compliance with legislative requirements, industry regulations and organisational guidelines
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2. Determine application outcome and communicate to customer
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2.1 Conduct a credit assessment using established credit policy and request additional information from the customer if necessary
2.2 Prepare recommendations to accept or decline applications to provide credit or advance funds and identify any required security
2.3 Check that all information required to approve or decline application is provided and if decisions are beyond the limit of own authority, escalate to approving persons
2.4 Implement recommendation if required, and present outcome to approving persons
2.5 Inform applicant of the decision to decline or accept application
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3. Maintain application records and monitor system
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3.1 Produce documentation according to organisational and legislative requirements and required timeframes
3.2 Monitor and record file movements according to industry and organisational data security and safety standards
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Foundation Skills
This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria
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Skill
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Description
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Reading
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- Identifies textual information from a range of sources
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Writing
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- Records facts and information using clear, concise language to convey requirements, recommendations and outcomes
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Oral Communication
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- Participates in exchanges to elicit and verify information using careful listening and questioning techniques with consideration of context, purpose and audience
- Evaluates verbal and non-verbal signals to establish connection and rapport with customers
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Numeracy
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- Extracts, evaluates, monitors and checks numerical information embedded in a range of sources and formats
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Self-management
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- Complies with explicit policies and procedures
- Seeks advice and clarification when unsure of tasks or activities
- Plans, sequences and prioritises tasks and own workload
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Technology
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- Uses industry standard digital technologies and systems to access information, search and enter data, present information and communicate with others
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Unit Mapping Information
Supersedes and is equivalent to FNSCRD301 Process applications for credit.
Links
Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe
Assessment requirements
Modification History
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Release
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Comments
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Release 1
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This version first released with FNS Financial Services Training Package Version 4.0.
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Performance Evidence
The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:
- process credit applications for at least three different customers.
In the course of the above, the candidate must:
- obtain all required information from the customer to reach an outcome on the application
- record and verify application details
- assess applications following legislative requirements, industry codes of practice and organisational credit policy and procedures
- record all digital information in a manner compliant with industry and organisational data security and safety standards.
Knowledge Evidence
The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:
- applicable credit legislation, statutory requirements and industry codes of practice, covering:
- consumer credit
- personal property securities
- privacy
- organisational policies and procedures that relate to credit assessments, data security and customer service
- organisation’s processes and protocols related to escalating credit applications
- features of credit products and their application requirements
- methods of obtaining and checking information from applicants
- information and customer data required to assess credit applications and set the credit terms and limits
- organisations key personnel.
Assessment Conditions
Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.
This includes access to:
- common office equipment, technology and consumables
- credit product information
- software systems and data
- organisational and industry policy and procedures
- financial services legislation required to produce the performance and knowledge evidence.
Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.
Links
Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe
