Unit of competency details
FNSORG613 - Establish and implement operational guidelines in financial services organisations (Release 1)
Summary
Usage recommendation:
Current
Releases:
1 1 (this release) |
02/Feb/2021 |
Companion volumes:
Unit of competency
Assessment requirements
Training packages that include this unit
Qualifications that include this unit
Classifications
Classification history
ASCED Module/Unit of Competency Field of Education Identifier | 080101 | Accounting | 02/Feb/2021 | 09/Mar/2021 |
ASCED Module/Unit of Competency Field of Education Identifier | 081101 | Banking And Finance | 10/Mar/2021 | |
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Unit of competency
Modification History
Release
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Comments
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Release 1
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This version first released with FNS Financial Services Training Package Version 6.0.
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Application
This unit describes the skills and knowledge required to establish strategies for delivery of services, and define, implement and monitor compliance with operational guidelines and procedures.
The unit applies to those who work in various financial services industry job roles and may use a range of analytical and managerial techniques to establish operational information in their workplace.
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
Organisational skills
Elements and Performance Criteria
ELEMENT
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PERFORMANCE CRITERIA
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Elements describe the essential outcomes.
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Performance criteria describe the performance needed to demonstrate achievement of the element.
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1. Establish scope of organisation
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1.1 Determine and document scope of organisation
1.2 Identify and document key external relationships and intended client groups in operational guidelines
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2. Identify and incorporate industry requirements
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2.1 Identify legislation, regulations and codes of practice impacting scope of organisation and incorporate compliance issues and procedures into operational guidelines
2.2 Establish and incorporate ethical procedures and standards for organisation into operational guidelines
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3. Establish strategies for delivery of services
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3.1 Establish key positions, personnel, job descriptions and authorities for organisation and document in operational guidelines
3.2 Establish and document administrative procedures in operational guidelines
3.3 Identify and incorporate internal and external resources available to assist in delivery of services to clients into operational guidelines
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4. Distribute information on operational guidelines
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4.1 Establish mechanisms for distributing updates and amendments, and opportunities for feedback and interpretation requests
4.2 Distribute operational guidelines to required staff
4.3 Communicate required sections of guidelines to clients and display information as required
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5. Implement and monitor operational guidelines
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5.1 Establish client service to meet requirements in operational guidelines
5.2 Establish reporting and monitoring procedures for operations and services
5.3 Identify breaches in operational guidelines and respond as required
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Foundation Skills
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
SKILL
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DESCRIPTION
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Reading
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- Comprehends complex texts to select and apply relevant legislative, regulatory and compliance information to requirements
- Examines a range of operational documents and communications for consistency with guidelines and identifies infringements
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Writing
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- Documents relevant information from a diverse range of internal and external sources, integrating and organising it in a manner to suit comprehensive operational guidelines and procedures
- Addresses context, purpose and audience when generating texts for internal and external stakeholders
- Edits and updates documentation as required
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Oral communication
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- Leads detailed oral exchanges using language appropriate to the purpose and audience
- Uses active listening and questioning techniques to clarify and confirm understanding
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Numeracy
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- Comprehends embedded numerical information in legislative and regulatory documents, and applies developed numerical skills to specify operational guidelines for data processing, reporting and security
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Initiative and enterprise
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- Takes a lead role in the development and implementation of guidelines, policies and procedures to meet organisational goals and regulatory requirements
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Teamwork
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- Identifies and uses appropriate conventions and protocols when communicating with colleagues and external stakeholders
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Self-management
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- Develops plans to manage complex routine and non-routine tasks with an awareness of how they contribute to broader strategy and goals
- Monitors and reviews organisational policies and procedures for adherence to legislative requirements
- Makes high impact decisions in a complex environment using input from a range of sources
- Uses analytical and lateral thinking to review current practices and develop new or improved processes, models and services
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Technology
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- Uses digital technologies to access, extract and share relevant information to achieve required outcomes
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Unit Mapping Information
Supersedes and is equivalent to FNSORG603 Establish and prepare operational guidelines in a financial services organisation.
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
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Release 1
|
This version first released with FNS Financial Services Training Package Version 6.0.
|
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:
- establish and implement operational guidelines for at least three financial services organisations.
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:
- key features of industry requirements, including legislation, regulations and codes of practice impacting organisation
- compliance requirements of:
- administrative processes and systems
- marketing and advertising techniques and tools
- human resources procedures
- scope of organisation, including service specialisations and restrictions to operational guidelines, including:
- administrative procedures, including information flow requirements
- key features of information and documentation systems and processes
- organisational financial services industry products
- requirements of office IT systems and software in financial services
- induction procedures, including briefings for new staff
- required sections of guidelines for clients, including:
- client rights
- performance standards
- complaint procedures
- operations and services of organisations requiring reporting and monitoring, including:
- research
- client service
- transactions
- collection and processing of payments and receipts
- legislative and regulatory reporting requirements
- ongoing services
- professional and ethical practices
- procedures for identifying breaches in operational guidelines and actions required to address breaches.
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:
- office equipment, technology, software and consumables
- financial services product information
- organisational policies and procedures, legislation and regulations as they relate to preparing operational guidelines in a financial services organisation
- financial information systems and data.
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