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. Determine client risk profile

1.1 Use effective communication skills to confirm client’s financial needs, expectations and objectives in accordance with organisational requirements

1.2 Obtain valid and relevant information to determine complexity of client needs and analyse their asset and liability management framework

1.3 Assess risk based on understanding of client’s personal situation, operating environment or core business

1.4 Establish client’s risk tolerance level and discuss with client to confirm risk profile

2. Assess product risk relative to client risk profile

2.1 Identify a range of products that meet client objectives

2.2 Access information on risk associated with these products using appropriate analytical techniques

2.3 Develop assessment criteria for measuring level of potential or existing risk, together with assessment of consequences in accordance with organisational procedures

2.4 Compare risk for a range of financial products to client’s risk profile and stated objectives in accordance with client and organisational requirements

2.5 Assess alternative products and estimate long-term and short-term effects

2.6 Identify, analyse and discuss incidents and factors increasing or diminishing financial performance with client

2.7 Confirm that client understands the risk in any potential strategy recommendation

3. Report findings

3.1 Document risk management alternatives in accordance with organisational requirements and relevant legislation

3.2 Prepare and explain retail client disclosure documents, outlining client responsibilities to client

3.3 Update, modify and accurately maintain client information in accordance with organisational and legislative requirements

3.4 Prepare and file risk analysis documentation in accordance with organisational and legislative requirements

Skill 

Performance Criteria 

Description 

Reading

1.2, 1.3, 2.1-2.2, 2.4-2.6, 3.3

• Analyses and evaluates complex information from a range of sources to determine requirements and complete necessary actions

Writing

1.2, 2.2-2.4, 2.5, 2.7, 3.1-3.4

• Accurately records and maintains written information using correct formats and protocols
• Prepares formal and informal documents using accurate terminology, clear language and concepts appropriate for the audience and purpose

Oral Communication

1.1, 1.2, 1.4, 2.6, 3.2

• Participates in verbal exchanges using active listening and questioning skills to confirm understanding and seek feedback
• Presents and clarifies information using tone, pace and language appropriate to the audience and purpose

Numeracy

1.2, 2.4, 2.5, 3.1, 3.2, 3.4

• Uses mathematical equations to perform calculations and comparative analysis techniques to determine trends and compare financial information

Navigate the world of work

1.1, 2.1, 2.3, 3.1, 3.3, 3.4

• Takes responsibility for the provision of timely, accurate, secure and relevant information in accordance with legal and organisational requirements

Interact with others

1.1, 1.2, 2.7, 3.2

• Uses a range of strategies to establish rapport and build a sense of connection with clients
• Selects and uses appropriate conventions and protocols when liaising or sharing information with clients

Get the work done

1.2, 1.3, 2.1-2.6, 3.1, 3.3, 3.4

• Accepts responsibility for planning and sequencing complex tasks and workload
• Applies systematic and analytical decision-making processes to make recommendations in complex and non-routine situations
• 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 

FNSFMK503 Advise clients on financial risk

FNSFMK503A Advise clients on financial risk

Updated to meet Standards for Training Packages

Clarified and reordered performance criteria

Equivalent unit

Release 

Comments 

Release 1

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