Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 5.0.

ELEMENT 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes.

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

1. Establish and document procedures for compliance

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

1.2 Identify compliance procedures to be established

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

1.4 Incorporate compliance issues and procedures into organisational guidelines and document appropriately

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

1.6 Establish procedures for confirming currency of information within organisation

1.7 Establish and incorporate into workplace guidelines, ethical procedures and standards for interpreting legislation, regulations and codes of practice

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

1.9 Document established procedures according to organisational policies and procedures

2. Identify risk management procedures for compliance

2.1 Establish and document structured and systematic risk management process which takes into account organisational obligations under relevant legislation and regulations

2.2 Identify and document risks of non-compliance

2.3 Establish, document and communicate measures to support compliance and steps to be taken in the event of breaches of obligations

2.4 Ensure compliance measures are consistent with state and federal regulations for licensees and authorised representatives

3. Identify and establish appropriate resources for ensuring the practice can meet its compliance requirements

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

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

3.3 Establish clear decision-making procedures on legislative and regulatory issues

3.4 Establish and maintain information technology systems and other technological resources of the organisation necessary to enable compliance with legislative and regulatory requirements

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

3.6 Document and maintain required information according to organisational policies and procedures

S KILL 

DESCRIPTION 

Numeracy

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

Oral communication

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

Reading

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

Writing

• Uses clear and concise language, correct spelling and grammar and appropriate terminology to convey information appropriate to audience and purpose

Initiative and enterprise

• Develops and implements strategies that ensure organisational policies, procedures and regulatory requirements are being met

Planning and organising

• Gathers and analyses data and seeks feedback to improve plans and processes

Problem solving

• Plans strategic priorities and outcomes within a flexible, efficient and effective context in a diverse environment exposed to competing demands

Self-management

• Takes a lead role in the development of organisational goals, roles and responsibilities
• Monitors and reviews organisational policies, procedures and adherence to legislative requirements to implement and manage change

Teamwork

• 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

Technology

• Uses digital technologies to manage business operations and actively investigates new technologies for strategic and operational purposes

Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 5.0.