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Unit of competency details

FNSPRM601 - Establish, supervise and monitor practice systems to conform with legislation and regulations (Release 1)

Summary

Usage recommendation:
Superseded
Mapping:
MappingNotesDate
Supersedes and is equivalent to FNSPRM601A - Establish, supervise and monitor practice systems to conform with legislation and regulationsUpdated to meet Standards for Training Packages. Minor rewording to clarify intent of performance criteria. 24/Mar/2015
Is superseded by FNSPRM611 - Monitor and review organisational system compliance with legislation and regulations 03/Nov/2020

Releases:
ReleaseRelease date
1 1 (this release) 25/Mar/2015


Qualifications that include this unit

Classifications

SchemeCodeClassification value
ASCED Module/Unit of Competency Field of Education Identifier 080303 Human Resource Management  

Classification history

SchemeCodeClassification valueStart dateEnd date
ASCED Module/Unit of Competency Field of Education Identifier 080303 Human Resource Management  30/Jul/2015 
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Unit Of competency

Modification History

Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 1.0.

Application

This unit describes the skills and knowledge required to establish, supervise and monitor systems to ensure that a practice or unit of business conforms to legislative and regulatory requirements, and meets standards defined in professional codes of practice.

It applies to individuals who use specialised knowledge, systematic approaches and analytical skills to provide leadership in ensuring compliance and quality standards are met.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.

Unit Sector

Practice management

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. Identify legislation, regulations and codes of practice relevant to the practice

1.1 Identify relevant legislation, regulations and codes of practice to be complied with in provision of services by the practice or business

1.2 Identify relevant compliance procedures to be established

2. Establish and document procedures for compliance of the practice with relevant legislation, regulations and codes of practice

2.1 Identify key stakeholders and consult regarding issues and proposed procedures and guidelines

2.2 Incorporate compliance issues and procedures into practice guidelines and document appropriately

2.3 Identify and document sources of information and advice on legislative and regulatory requirements

2.4 Establish and document procedures for ensuring currency of information within practice

2.5 Establish and incorporate into practice guidelines, ethical procedures and standards for interpretation of legislation, regulations and codes of practice

2.6 Establish procedures for monitoring compliance with legislation, regulations and codes of practice within practice and for outsourced third party providers

3. Establish risk management procedures for compliance with legislation and regulations

3.1 Establish and document structured and systematic risk management process, which takes into account practice obligations under relevant legislation and regulations

3.2 Identify and document risks of non-compliance

3.3 Establish, document and communicate to staff measures to avoid non-compliance and steps to be taken in event of breaches of obligations

3.4 Ensure measures are consistent with Australian state and federal regulations for licensees and authorised representatives

4. Identify and establish appropriate resources for ensuring the practice can meet its legislative and regulatory requirements

4.1 Identify appropriate levels of financial, technological and human resources to meet practice’s legislative and regulatory requirements

4.2 Implement training and assessment procedures to ensure employees have skills needed to comply with legislative and regulatory requirements

4.3 Establish clear decision-making procedures on legislative and regulatory issues, including identification to employees of licensees, authorised representatives, directors and other staff carrying legislative and regulatory responsibilities

4.4 Establish and maintain information technology systems and other technological resources to level necessary to enable compliance with legislative and regulatory requirements

4.5 Ensure budgets, requisition procedures and other internal financial systems clearly identify support for legislative and regulatory functions

Foundation Skills

This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.

Skill 

Performance  Criteria 

Description 

Reading

1.1, 1.2, 2.1, 2.3, 3.4, 4.1

  • Researches and analyses key features of detailed and complex textual information from a range of sources to identify specific criteria and determine actions required

Writing

2.1-2.6, 3.1, 3.2, 3.3, 4.3

  • Prepares a range of documents incorporating clear and detailed instructions organised sequentially for internal reference
  • Uses clear and concise language, correct spelling and grammar and appropriate terminology to convey information appropriate to the audience and purpose of the documentation

Oral Communication

2.1, 3.3

  • Participates in verbal exchanges, using active listening and questioning techniques to elicit information from others and to confirm understanding
  • Provides instructions and presents information structuring tone, pace and content in line with audience and purpose

Numeracy

4.1, 4.5

  • Interprets, compares and consolidates numerical and financial information to determine requirements

Navigate the world of work

1.1, 1.2, 2.3-2.6, 3.1, 3.4, 4.1-4.5

  • Takes a lead role in the development of organisational goals, roles and responsibilities
  • 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

Interact with others

2.1, 3.3, 4.2

  • Uses a variety of relevant communication tools and strategies in building and maintaining effective working relationships
  • Influences and fosters a collaborative culture, facilitating a sense of commitment and workplace cohesion

Get the work done

1.1, 1.2, 2.1, 2.2, 2.4-2.6, 3.1-3.3, 4.1-4.5

  • Uses digital technologies to manage business operations and actively investigates new technologies for strategic and operational purposes
  • 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 plans and processes
  • Explores and incubates new and innovative ideas through unconstrained analysis and critical thinking to develop and improve the organisation’s goals

Unit Mapping Information

Code and title 

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNSPRM601 Establish, supervise and monitor practice systems to conform with legislation and regulations

FNSPRM601A Establish, supervise and monitor practice systems to conform with legislation and regulations

Updated to meet Standards for Training Packages.

Minor rewording to clarify intent of performance criteria.

Equivalent unit

Links

Companion Volume implementation guides are found in 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 FNS Financial Services Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

  • develop strategies to obtain a wide range of relevant information and assess its accuracy and relevance
  • assess risks and benefits associated with using legislation and regulation databases and systems against practice requirements to make recommendations
  • develop and document compliance and risk management procedures
  • apply cost–benefit analyses to ensure optimal development of systems and procedures
  • comply with risk management standards
  • develop procedures and processes for monitoring ethical operations of the practice and of outsourced third party providers.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

  • describe the key requirements of relevant legislation, regulations and codes of practice using knowledge of a wide range of available information sources, including legal resources
  • describe a range of documentation systems, including registry and library processes
  • describe the key features of:
  • financial practice administrative processes and systems
  • human resources procedures and training options
  • office information technology systems and software
  • describe the key processes and products of financial professional services
  • outline the professional development options for financial personnel
  • explain the key requirements of relevant legislation, regulations and codes of practice
  • compare and contrast risk management techniques and tools.

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the practice management field of work and include access to:

  • office equipment, technology, software and consumables
  • relevant legislation, regulations and codes of practice.

Assessors must satisfy NVR/AQTF assessor requirements.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe