Modification History
Not applicable.
Unit Descriptor
Unit descriptor |
This unit describes the performance outcomes, skills and knowledge required to conduct research, develop, trial and implement organisational policies and procedures, and monitor and review them periodically. No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement. |
Application of the Unit
Application of the unit |
This unit may apply to job roles dealing with policy development and implementation in any sector of the financial services industry. |
Licensing/Regulatory Information
Not applicable.
Pre-Requisites
Prerequisite units |
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Employability Skills Information
Employability skills |
This unit contains employability skills. |
Elements and Performance Criteria Pre-Content
Elements describe the essential outcomes of a unit of competency. |
Performance criteria describe the performance needed to demonstrate achievement of the element. Where bold italicised text is used, further information is detailed in the required skills and knowledge section and the range statement. Assessment of performance is to be consistent with the evidence guide. |
Elements and Performance Criteria
ELEMENT |
PERFORMANCE CRITERIA |
1. Identify business and industry issues that require policy and procedure documentation |
1.1. Issues are identified based on information on business processes, industry indicators and statutory and legislative requirements 1.2. Vulnerable areas are identified to enable the impact of financial loss and non-compliance to be assessed 1.3. New activities are evaluated to gauge the impact on policy and procedures , and existing activities are monitored to establish their impact |
2. Research requirements for policy and operating procedures |
2.1. Research is conducted thoroughly, including if necessary seeking advice from external legal personnel and consultants, to ensure that all statutory and legal obligations are met 2.2. All relevant organisation personnel are consulted as appropriate to compile a clear picture of policy needs and perspectives 2.3. Issues for policy and procedures are ranked in order of priority relative to business performance and compliance requirements |
3. Formulate and document policy and procedures |
3.1. Policy documentation is written in plain English, without unnecessary jargon and documented in an objective manner 3.2. Verification of policy and procedures is thoroughly completed with organisation staff to ensure quality of outcomes against established needs |
4. Implement policy and procedures |
4.1. Policy documents are disseminated to all relevant staff in an appropriate form and relevant training provided to ensure consistent implementation of new or amended policy and procedures 4.2. Timetable is established to ensure policy and procedures are implemented in an orderly and coordinated way |
5. Monitor and review compliance with policy statement and operating procedures |
5.1. Processes are established for regular monitoring of policy and procedures to ensure organisation and industry requirements are met 5.2. Policy is monitored against Key Performance Indicators (KPIs) and organisation targets to evaluate currency and ongoing validity in terms of agreed organisation policy needs 5.3. Required changes are implemented following comprehensive testing in a programmed way to ensure expected outcome is delivered |
Required Skills and Knowledge
REQUIRED SKILLS AND KNOWLEDGE |
This section describes the skills and knowledge required for this unit. |
Required skills |
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Required knowledge |
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Evidence Guide
EVIDENCE GUIDE |
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The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package. |
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Overview of assessment |
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Critical aspects for assessment and evidence required to demonstrate competency in this unit |
Evidence of the ability to:
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Context of and specific resources for assessment |
Assessment must ensure:
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Method of assessment |
A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:
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Guidance information for assessment |
Range Statement
RANGE STATEMENT |
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The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included. |
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Industry indicators may include, but are not limited to: |
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Statutory and legislative requirements may cover: |
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Policy and procedures may cover: |
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Methods by which personnel are consulted may include,: |
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An appropriate form may include: |
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Testing can include: |
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Unit Sector(s)
Unit sector |
Organisational skills |
Competency field
Competency field |
Co-requisite units
Co-requisite units |
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