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. Apply statistical methods to work

1.1 Evaluate and select appropriate statistical methods that apply to financial services work to suit required work outcome

1.2 Understand and effectively use suitable tools and techniques for statistical analysis

2. Source and interpret statistical data

2.1 Identify and access internal and external data and information sources to gather relevant current data

2.2 Validate data in accordance with industry statistical standards

2.3 Use data summaries and trends to verify currency and utility

2.4 Interpret correctly and use sampling techniques and diagrammatic, graphical and tabular information for required purpose

3. Analyse data using appropriate techniques and tools

3.1 Reflect organisational requirements and priorities in analysis of statistical data

3.2 Use analysis and descriptive tools and techniques to meet required outcomes and correct any data errors

3.3 Produce on time reports of analysis in appropriate detail and format, including use of diagrammatic, graphical and tabular information

4. Record statistical data analysis results and records

4.1 Validate records of data and statistical analysis to ensure accuracy and consistency with industry and organisational standards

4.2 File and store records for easy retrieval while meeting all security requirements

Skill 

Performance Criteria 

Description 

Reading

1.1, 1.2, 2.1-2.4, 3.2, 4.1

• Critically analyses complex statistical documentation from a variety of sources and consolidates information relating to specific criteria to determine requirements

Writing

2.4, 3.2, 3.3, 4.1

• Accurately records information and prepares reports and documentation, using clear language and organisational formats and protocols

Numeracy

1.1, 1.2, 2.1, 2.2, 2.3, 2.4

• Performs mathematical calculations to analyse statistical information and research to accurately consolidate and inform others

Navigate the world of work

3.1, 4.1, 4.2

• Works autonomously, making high level decisions to achieve and improve organisational goals
• Develops and implements strategies that ensure organisational policy, procedures and regulatory requirements are being met
• Monitors and reviews organisational policy, procedures and adherence to legislative requirements to implement and manage change

Get the work done

1.1, 1.2, 2.1, 3.1, 3.2, 4.2

• Plans strategic priorities and outcomes within a flexible, efficient and effective context in a diverse environment exposed to competing demands
• Gathers and analyses data and seeks feedback to improve organisational outcomes
• Explores and incubates new and innovative ideas through unconstrained analysis and critical thinking to develop and improve organisational goals
• Uses features and functions of digital tools to complete work tasks and access information according to security requirements

Code and title 

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNSINC602 Interpret and use financial statistics and tools

FNSINC602A Interpret and use financial statistics and tools

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.