FNSINC504 Apply ethical frameworks and principles to make and act upon decisions

Release: 1

FNSINC504 Apply ethical frameworks and principles to make and act upon decisions

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 3.0.

Application

This unit describes the skills and knowledge required to apply ethical principles to decision making and to act in line with ethical principles.

It applies to individuals who use ethical principles and apply ethical frameworks to decide on, carry out, and evaluate the effectiveness of a course of action in response to an ethical situation in their workplace.

The skills in this unit must be applied according to commonwealth, state and territory legislation, and applicable national standards and industry codes of practice or similar instruments.

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

Unit Sector

Industry capability

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. Frame the ethical question applicable to the situation	1.1 Analyse the facts of the ethical situation 1.2 Identify the ethical principles at issue in the situation 1.3 Analyse the influence of psychological tendencies and decision-making biases on how a situation is understood 1.4 Identify regulatory requirements that may be breached if situation is not addressed 1.5 Analyse ethical situation in the context of the organisation’s purpose and values 1.6 Evaluate impact on the organisation’s reputation if response to situation was in the public domain
2. Determine ethical response to the situation	2.1 Identify key stakeholders and analyse what is at stake for them 2.2 Analyse situation using an ethical decision-making framework and determine preferred course of action 2.3 Identify situational and/or psychological barriers impeding the analysis of, and response to, ethical situation 2.4 Seek advice on proposed actions from trusted adviser in the case of highly complex or sensitive matters 2.5 Formulate strategies and processes for responding to situational and psychological barriers
3. Develop implementation plan and carry out ethical response to the situation	3.1 Develop an implementation plan for ethical response, including what data to gather, with whom to communicate, and in what sequence 3.2 Identify reasons and rationalisations that may be encountered when speaking up on ethical issues, and analyse how to respond to them 3.3 Identify risks and stakeholder concerns, and communication strategies that acknowledge and mitigate them 3.4 Decide whether to proceed independently or with the support of a trusted colleague and carry out planned ethical response
4. Evaluate the outcomes of the ethical response	4.1 Evaluate outcomes of response to ethical situation, including whether the issue has been resolved and whether other courses of action could or should have been taken 4.2 Determine consequences of action for self and affected parties 4.3 Analyse what the outcomes of the course of action reveal about own and organisational values 4.4 Identify improved approaches for responding to future ethical situations

Foundation Skills

This section describes those language, literacy and numeracy and employment skills that are essential to performance.

Skill	Description
Learning	Investigates, evaluates and applies information from a range of complex and abstract texts to expand own knowledge Considers the reliability of an information source against a range of criteria, e.g. author’s background, intended audience and purpose Identifies, plans and implements strategies to manage gaps in own knowledge
Reading	Sources, evaluates and critiques ideas and information from a range of complex and abstract texts
Oral communication	Participates in verbal exchanges using active listening and questioning techniques when seeking advice and conveying information Uses language and concepts appropriate to audience and purpose
Navigate the world of work	Keeps up-to-date on changes and developments in ethical considerations and situations relating to own responsibilities, and considers their implications when negotiating, planning and undertaking work
Interact with others	Discusses volatile subject matter in a conscientious, accurate and factual manner
Get the work done	Accepts responsibility for planning and sequencing complex tasks and workload Monitors progress of plans in achieving agreed outcomes Systematically gathers and analyses information and evaluates options to inform decisions about multidimensional scenarios

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSINC504 Apply ethical frameworks and principles to make and act on decisions	No previous unit.	New unit.	No equivalent unit.

Links

Companion volumes are available from VETNet. - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe