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Unit of competency details

FNSINC311 - Work together in the financial services industry (Release 1)

Summary

Usage recommendation:
Current
Mapping:
MappingNotesDate
Supersedes and is equivalent to FNSINC301 - Work effectively in the financial services industry 03/Nov/2020

Release Status:
Current
Releases:
ReleaseRelease date
1 1 (this release) 04/Nov/2020


Classifications

SchemeCodeClassification value
ASCED Module/Unit of Competency Field of Education Identifier 120505 Work Practices Programmes 

Classification history

SchemeCodeClassification valueStart dateEnd date
ASCED Module/Unit of Competency Field of Education Identifier 120505 Work Practices Programmes 04/Nov/2020 
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Unit Of competency

Modification History

Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to interpret and apply industry and organisational procedures, guidelines, policies, ethical standards, and sustainability requirements to day-to-day work in the financial services industry.

The unit applies to those with the fundamental skills required to work in the financial services industry. It underpins other entry-level units used in all sectors of the industry.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Users are advised to check with the relevant state and territory regulatory authorities to confirm those requirements.

Unit Sector

Industry capability

Elements and Performance Criteria

ELEMENT 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes.

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

1. Work within industry requirements and guidelines

1.1 Apply relevant workplace procedures, instructions, organisational guidelines and codes of practice

1.2 Carry out work tasks safely and effectively according to specific organisational policies, guidelines and procedures, professional practice and ethical principles

1.3 Seek assistance from appropriate personnel to clarify application of guidelines, procedures and legislation, where necessary

2. Establish and identify relationships

2.1 Develop and maintain positive relationships

2.2 Identify needs, objectives and expectations of relevant stakeholders

2.3 Identify and respond to instructions and enquiries according to organisational policies and procedures

2.4 Identify required stakeholders to report queries and concerns about safety in the workplace

3. Obtain and develop workplace information

3.1 Access required information management systems and databases according to organisational policies and procedures

3.2 Develop workplace documents, input and extract data, and make calculations using organisational software

3.3 Confirm that presentation of written information meets relevant requirements

3.4 Assess risk and take action to reduce risk and to eliminate workplace hazards

4. Work in a team environment

4.1 Provide support to team members and contribute to work group goals and tasks

4.2 Share required financial information with group to ensure designated goals are met

4.3 Seek feedback on own performance, identify opportunities for improvement, and share feedback with group if required

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

S KILL 

DESCRIPTION 

Learning

  • Maintains accurate and current knowledge of regulations and standards relevant to role

Oral communication

  • Engages in verbal exchanges, using active listening and questioning techniques to convey and clarify information
  • Communicates with others suitable to the audience

Reading

  • Interprets, consolidates and checks completeness of information and data

Writing

  • Records and completes organisational documentation and correspondence using clear language and correct spelling, grammar and terminology

Planning and organising

  • Plans and implements routine tasks and workload, making limited decisions on sequencing, timing and collaboration, and seeking assistance in setting priorities

Problem solving

  • Makes low-impact decisions within familiar situations, based on a range of predefined or routine solutions, and evaluates the effectiveness of the outcomes
  • Responds to predictable routine problems by implementing standard or logical solutions

Self-management

  • Understands roles and responsibilities for task and makes basic decisions on work completion parameters
  • Identifies and takes steps to follow accepted communication practices and protocols
  • Complies with work instructions and contributes to work group discussions and tasks using accepted conventions

Teamwork

  • Uses a limited range of accepted practices for communicating in a work environment
  • Responds to common cultural and other differences of people in the work context and makes adjustments when addressing the differences

Technology

  • Uses digital systems and technologies for accessing, entering, storing and sharing information according to routine procedures and security requirements
  • Works with proprietary and organisational software to develop workplace documents, input and extract data, and make calculations

Unit Mapping Information

Supersedes and is equivalent to FNSINC301 Work effectively in the financial services industry.

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

Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 5.0.

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:

  • work with at least three different financial services colleagues in the course of own work role.

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:

  • legislative and statutory requirements and industry codes of practice relating to working with others in own role, including:
  • work health and safety (WHS)
  • environmental sustainability, and approaches to environmental and resource efficiency
  • organisational policies, procedures and guidelines relating to own work tasks, including those relating to:
  • relevant management systems and databases
  • organisational standards of style and format
  • risk assessment and responses to workplace hazards and emergency incidents
  • organisational philosophy, values and objectives relevant to own work role
  • key features of financial services industry and the way it operates
  • types of financial risks in financial services
  • ethical principles that apply when working in the financial services industry
  • effective questioning and listening techniques
  • types of communication channels to share financial information
  • proprietary and/or organisational software that can be used to develop workplace documents, input and extract data, and make calculations.

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:

  • organisational policies, procedures, regulations and codes of practice
  • organisational equipment, technology and software.

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