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Unit of competency details

FNSINC514 - Apply ethical frameworks and principles to make and act upon decisions (Release 1)

Summary

Usage recommendation:
Current
Mapping:
MappingNotesDate
Supersedes and is equivalent to FNSINC504 - Apply ethical frameworks and principles to make and act upon decisionsSupersedes and is equivalent to FNSINC504 Apply ethical frameworks and principles to make and act upon decisions. 14/Jun/2022

Release Status:
Current
Releases:
ReleaseRelease date
1 1 (this release) 15/Jun/2022


Qualifications that include this unit

CodeSort Table listing Qualifications that include this unit by the Code columnTitleSort Table listing Qualifications that include this unit by the Title columnUsage RecommendationRelease
FNS51822 - Diploma of Financial ServicesDiploma of Financial ServicesCurrent
FNS60722 - Advanced Diploma of Financial Licensing ManagementAdvanced Diploma of Financial Licensing ManagementCurrent
FNS42022 - Certificate IV in Banking ServicesCertificate IV in Banking ServicesCurrent
FNS50422 - Diploma of Payroll ServicesDiploma of Payroll ServicesCurrent
FNS60920 - Advanced Diploma of ParaplanningAdvanced Diploma of ParaplanningCurrent
FNS41820 - Certificate IV in Financial ServicesCertificate IV in Financial ServicesCurrent
FNS50922 - Diploma of Banking Services ManagementDiploma of Banking Services ManagementCurrent
FNS50322 - Diploma of Finance and Mortgage Broking ManagementDiploma of Finance and Mortgage Broking ManagementCurrent
FNS40122 - Certificate IV in Credit ManagementCertificate IV in Credit ManagementCurrent
FNS50222 - Diploma of AccountingDiploma of AccountingCurrent
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Classifications

SchemeCodeClassification value
ASCED Module/Unit of Competency Field of Education Identifier 080301 Business Management  

Classification history

SchemeCodeClassification valueStart dateEnd date
ASCED Module/Unit of Competency Field of Education Identifier 080301 Business Management  15/Jun/2022 
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Unit Of competency

Modification History

Release 

Comments 

Release 1

This version first released with the FNS Financial Services Training Package Version 8.0.

Supersedes and is equivalent to FNSINC504 Apply ethical frameworks and principles to make and act upon decisions.

Application

This unit describes the skills and knowledge required to apply ethical frameworks and principles when making decisions in own role.

The unit applies to individuals who use ethical principles and apply ethical frameworks to decide on, carry out, and evaluate the effectiveness of a course of action in response to an ethical situation in their workplace.

The skills in this unit must be applied according to commonwealth, state and territory legislation, and applicable national standards and industry codes of practice or similar instruments.

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 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. Frame the ethical question applicable to the situation

1.1 Analyse context of situation and identify ethical principles that may apply

1.2 Analyse psychological tendencies and decision-making biases potentially influencing stakeholders

1.3 Identify potential breaches to regulatory requirements if situation is not addressed

1.4 Analyse ethical situation in the context of organisation’s purpose and values

1.5 Evaluate impact on organisation’s reputation if response to situation was in the public domain

2. Determine ethical response to situation

2.1 Identify key stakeholders and analyse potential impacts

2.2 Analyse situation using an ethical decision-making framework and determine preferred course of action

2.3 Identify situational and psychological barriers impeding the analysis of, and response to, ethical situation

2.4 Seek advice on proposed actions from trusted adviser in the case of highly complex or sensitive matters

2.5 Formulate strategies and processes for responding to situational and psychological barriers

3. Develop implementation plan and carry out ethical response to situation

3.1 Develop an implementation plan for ethical response

3.2 Identify reasons and rationalisations that may be encountered when speaking up on ethical issues, and analyse how to respond to them

3.3 Identify risks and stakeholder concerns, and communication strategies that acknowledge and mitigate them

3.4 Implement planned ethical response independently or with the support of colleagues, as required

4. Evaluate outcomes of ethical response

4.1 Evaluate outcomes of response to ethical situation and identify whether the issue has been resolved and whether other courses of action could or should have been taken

4.2 Determine consequences of action for self and affected parties

4.3 Analyse what the outcomes of the course of action reveal about own and organisational values

4.4 Identify improved approaches for responding to future ethical situations

Foundation Skills

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

SKILL

DESCRIPTION

Learning

  • Investigates, evaluates and applies information from a range of complex and abstract texts to expand own knowledge
  • Considers reliability of an information source against a range of criteria, including author’s background, intended audience and purpose

Oral communication

  • Participates in verbal exchanges using active listening and questioning techniques when seeking advice and conveying information
  • Uses language and concepts appropriate to audience and purpose

Initiative and enterprise

  • Identifies changes and developments in ethical considerations and situations relating to own responsibilities, and considers their implications when negotiating, planning and undertaking work

Planning and organising

  • Monitors progress of plans in achieving agreed outcomes

Self-management

  • Discusses volatile subject matter in a conscientious, accurate and factual manner

Unit Mapping Information

Supersedes and is equivalent to FNSINC504 Apply ethical frameworks and principles to make and act upon decisions.

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 the FNS Financial Services Training Package Version 8.0.

Supersedes and is equivalent to FNSINC504 Apply ethical frameworks and principles to make and act upon decisions.

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:

  • apply ethical frameworks and principles to at least three different situations found in a workplace and plan steps for execution.

In the course of the above, the candidate must:

  • determine legislative, regulatory, industry and organisational requirements of each situation.

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:

  • industry context in which the unit is being applied, and ethical decision making required in common job roles in that industry
  • frameworks for ethical decision making, problem solving and policy setting
  • key features of an implementation plan for ethical response, including:
  • data to be gathered
  • stakeholders to communicate with
  • order of steps to be taken in responding
  • reasons and rationalisations for unethical behaviour and strategies for responding to them
  • industry-specific legislative and regulatory requirements, codes and other relevant instruments required to produce the performance evidence
  • procedures, strategies and protocols to identify and address unethical conduct.

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:

  • situations of comparable context and complexity to those reasonably likely to occur in the industry
  • instruments, organisational policies and procedures, and other materials required to effectively apply ethical frameworks and principles to decision making situations.

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