Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 4.0.

ELEMENT 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes.

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

1. Identify and assess licensing and regulatory environment

1.1 Develop and maintain frameworks for management obligations for licensing and prudential requirements on products and services offered by organisation

1.2 Critically analyse existing organisational governance over obligations, licensing and prudential requirements

1.3 Maintain registers of obligation according to organisational policies and procedures

1.4 Communicate updates to licensing and regulatory obligations to staff

2. Communicate knowledge of products and services offered

2.1 Inform staff of financial products and services offered by organisation, requirements of industry organisations and service providers

2.2 Identify for staff features and processes of specific products and services

2.3 Conduct research and engage in continuous professional development to improve and inform knowledge of industry product and service developments

2.4 Communicate updates to industry products and service developments to staff

3. Maintain and manage stakeholder relationships

3.1 Establish protocols for regulatory engagement

3.2 Identify and manage key trends of the regulatory environment

3.3 Critically analyse proposed responses to regulatory changes

3.4 Manage regulatory requests with appropriate stakeholders according to organisational policies and procedures

3.5 Update relevant systems with details of regulatory interactions within required time frames

4. Monitor and supervise work for compliance

4.1 Access and monitor legislation and regulatory information applicable to relevant work practices

4.2 Monitor client interactions to ensure advisory limitations required by the regulator are met

4.3 Establish and maintain work practices with required documentation to comply with legislative guidelines

4.4 Monitor all work for adherence to accepted codes of conduct and escalate incidents of non-compliance to appropriate personnel

5. Review work for compliance

5.1 Review completed and current work of team members to confirm compliance to established work practices

5.2 Provide appropriate feedback to individuals on compliant and non-compliance work practice

5.3 Investigate and escalate non-compliant work practices according to organisational policies and procedures

6. Implement and assess workplace practices

6.1 Identify and assess implementation of workplace processes and procedures within area of responsibility

6.2 Critically analyse implementation of licensing and regulatory changes

6.3 Identify areas for improvement in workplace procedures and make recommendations to appropriate personnel

6.4 Implement and monitor organisational quality assurance measures and systems as required, and document results

6.5 Prepare documents to meet regulatory requirements

6.6 Critically analyse reports to be submitted to regulators

Skill 

Description 

Learning

• Plans, organises and implements own workplace professional development to maintain and expand industry knowledge

Reading

• Interprets textual information from a range of sources and determines its applicability to individual, organisational and regulatory requirements

Writing

• Analyses and integrates information from a number of sources to develop a range of compliance management and quality system documents that meet regulatory and organisational requirements
• Displays logical structure and clear content in summaries and reports

Oral Communication

• Uses listening and questioning techniques to monitor, identify and clarify workplace practice requirements
• Uses clear and direct language to convey information and provide feedback

Numeracy

• Analyses, interprets and monitors financial information and numerical data

Initiative and enterprise

• Seeks to improve policies and procedures to better meet organisational goals

Teamwork

• Selects and uses appropriate conventions and protocols to gain and provide information pertaining to legislation, codes of practice and organisational policies
• Applies a range of communication strategies to build rapport and encourage others to work in accordance with organisational and regulatory requirements

Self-management

• Seeks to update own knowledge of legislation and regulations applicable to role to ensure it is comprehensive and current
• Manages traceability of compliance

Problem Solving

• Applies systematic and analytical problem-solving processes to identify issues and develop options to resolve issues

Planning and organising

• Accepts responsibility for planning and sequencing complex tasks and workload
• Monitors actions against goals to identify and recommend improvements

Technology

• Uses the main features and functions of digital tools to complete work tasks, store data and access information
• Adopts new and emerging technologies to complete work tasks

Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 4.0.