FNS Financial Services Training Package

Release: 6.2

Contents

FNS Financial Services Training Package	34

FNS10120 Certificate I in Basic Financial Literacy	35

FNS20120 Certificate II in Financial Services	37

FNS30120 Certificate III in Financial Services	39

FNS30220 Certificate III in Personal Injury Management	43

FNS30317 Certificate III in Accounts Administration	45

FNS30420 Certificate III in Mercantile Agents	48

FNS40120 Certificate IV in Credit Management	51

FNS40217 Certificate IV in Accounting and Bookkeeping	53

FNS40820 Certificate IV in Finance and Mortgage Broking	56

FNS40920 Certificate IV in Superannuation	58

FNS41420 Certificate IV in General Insurance	61

FNS41515 Certificate IV in Life Insurance	64

FNS41720 Certificate IV in Insurance Broking	67

FNS41820 Certificate IV in Financial Services	70

FNS42020 Certificate IV in Banking Services	74

FNS42120 Certificate IV in Personal Injury Management	77

FNS42215 Certificate IV in Personal Trust Administration	80

FNS50217 Diploma of Accounting	83

FNS50320 Diploma of Finance and Mortgage Broking Management	87

FNS50417 Diploma of Payroll Services	90

FNS50720 Diploma of Superannuation	93

FNS50920 Diploma of Banking Services Management	96

FNS51020 Diploma of Financial Markets	99

FNS51120 Diploma of General Insurance	103

FNS51220 Diploma of Insurance Broking	107

FNS51315 Diploma of Life Insurance	110

FNS51420 Diploma of Loss Adjusting	114

FNS51520 Diploma of Credit Management	116

FNS51820 Diploma of Financial Services	119

FNS51920 Diploma of Personal Injury and Disability Insurance Management	123

FNS52015 Diploma of Personal Trusts	126

FNS60217 Advanced Diploma of Accounting	129

FNS60620 Advanced Diploma of Banking Services Management	134

FNS60720 Advanced Diploma of Financial Licensing Management	137

FNS60820 Advanced Diploma of Integrated Risk Management	141

FNS60920 Advanced Diploma of Paraplanning	145

FNS80020 Graduate Certificate in Anti-Money Laundering and Counter Terrorism Financing	149

FNS80120 Graduate Diploma of Anti-Money Laundering and Counter Terrorism Financing	151

FNSACM311 Process and manage payments	154

Assessment Requirements for FNSACM311 Process and manage payments	157

FNSACM312 Reconcile financial transactions	159

Assessment Requirements for FNSACM312 Reconcile financial transactions	162

FNSACM313 Process authorised payments	164

Assessment Requirements for FNSACM313 Process authorised payments	166

FNSACM411 Authorise valid expense payments	168

Assessment Requirements for FNSACM411 Authorise valid expense payments	171

FNSAML811 Design anti-money laundering and counter terrorism financing programs	173

Assessment Requirements for FNSAML811 Design anti-money laundering and counter terrorism financing programs	177

FNSAML812 Design and assess controls to monitor money laundering and terrorism financing risk	179

Assessment Requirements for FNSAML812 Design and assess controls to monitor money laundering and terrorism financing risk	182

FNSAML813 Design and monitor reporting systems for suspicious transactions	184

Assessment Requirements for FNSAML813 Design and monitor reporting systems for suspicious transactions	188

FNSAML814 Design customer due diligence policies and procedures	190

Assessment Requirements for FNSAML814 Design customer due diligence policies and procedures	193

FNSAML815 Manage assessment of organisation vulnerability to money laundering and terrorism financing	195

Assessment Requirements for FNSAML815 Manage assessment of organisation vulnerability to money laundering and terrorism financing	198

FNSAML816 Implement an anti-money laundering and counter terrorism financing program	200

Assessment Requirements for FNSAML816 Implement an anti-money laundering and counter terrorism financing program	203

FNSASIC303 Provide advice on first home saver account deposit products and non-cash payments	205

Assessment Requirements for FNSASIC303 Provide advice on first home saver account deposit products and non-cash payments	209

FNSASIC314 Provide Tier 2 general advice in general insurance	212

Assessment Requirements for FNSASIC314 Provide Tier 2 general advice in general insurance	215

FNSASIC315 Provide Tier 2 personal advice in general insurance	217

Assessment Requirements for FNSASIC315 Provide Tier 2 personal advice in general insurance	220

FNSASICQ503 Provide advice in first home saver market linked accounts	222

Assessment Requirements for FNSASICQ503 Provide advice in first home saver market linked accounts	227

FNSASICU503 Provide advice in superannuation	230

Assessment Requirements for FNSASICU503 Provide advice in superannuation	235

FNSASICY513 Provide advice in insurance broking	238

Assessment Requirements for FNSASICY513 Provide advice in insurance broking	242

FNSBNK414 Promote mobile banking services	244

Assessment Requirements for FNSBNK414 Promote mobile banking services	247

FNSBNK415 Provide mobile banking sales and services	249

Assessment Requirements for FNSBNK415 Provide mobile banking sales and services	252

FNSBNK416 Manage mobile lending services	254

Assessment Requirements for FNSBNK416 Manage mobile lending services	257

FNSBNK511 Manage banking and service strategy for small business customers	259

Assessment Requirements for FNSBNK511 Manage banking and service strategy for small business customers	262

FNSBNK512 Assess complex loans	264

Assessment Requirements for FNSBNK512 Assess complex loans	267

FNSCRD311 Process applications for credit	270

Assessment Requirements for FNSCRD311 Process applications for credit	273

FNSCRD511 Respond to personal insolvency situations	275

Assessment Requirements for FNSCRD511 Respond to personal insolvency situations	277

FNSCRD515 Respond to corporate insolvency situations	279

Assessment Requirements for FNSCRD515 Respond to corporate insolvency situations	282

FNSCUS311 Respond to customer enquiries	284

Assessment Requirements for FNSCUS311 Respond to customer enquiries	287

FNSCUS511 Develop and maintain professional relationships in financial services industry	289

Assessment Requirements for FNSCUS511 Develop and maintain professional relationships in financial services industry	292

FNSCUS512 Monitor clients' financial requirements	294

Assessment Requirements for FNSCUS512 Monitor clients' financial requirements	297

FNSCUS513 Review business performance	299

Assessment Requirements for FNSCUS513 Review business performance	302

FNSCUS515 Determine client financial requirements and expectations	304

Assessment Requirements for FNSCUS515 Determine client financial requirements and expectations	307

FNSCUS516 Record and implement client instructions	309

Assessment Requirements for FNSCUS516 Record and implement client instructions	312

FNSCUS601 Establish, manage and monitor key relationships	314

Assessment Requirements for FNSCUS601 Establish, manage and monitor key relationships	318

FNSFLT211 Develop and use personal budgets	320

Assessment Requirements for FNSFLT211 Develop and use personal budgets	323

FNSFLT212 Develop and use savings plans	325

Assessment Requirements for FNSFLT212 Develop and use savings plans	328

FNSFLT213 Develop knowledge of debt and consumer credit	330

Assessment Requirements for FNSFLT213 Develop knowledge of debt and consumer credit	333

FNSFLT214 Develop knowledge of superannuation	335

Assessment Requirements for FNSFLT214 Develop knowledge of superannuation	338

FNSFLT215 Develop knowledge of the Australian financial system and markets	340

Assessment Requirements for FNSFLT215 Develop knowledge of the Australian financial system and markets	343

FNSFLT216 Develop knowledge of taxation	345

Assessment Requirements for FNSFLT216 Develop knowledge of taxation	348

FNSFLT311 Develop and apply knowledge of personal finances	350

Assessment Requirements for FNSFLT311 Develop and apply knowledge of personal finances	353

FNSFLT411 Determine financial requirements of small businesses	355

Assessment Requirements for FNSFLT411 Determine financial requirements of small businesses	358

FNSFLT511 Assist customers to budget and manage own finances	360

Assessment Requirements for FNSFLT511 Assist customers to budget and manage own finances	363

FNSFLT512 Facilitate customer awareness of the Australian financial system and markets	365

Assessment Requirements for FNSFLT512 Facilitate customer awareness of the Australian financial system and markets	368

FNSFLT513 Promote basic financial literacy in clients	370

Assessment Requirements for FNSFLT513 Promote basic financial literacy in clients	373

FNSFLT514 Facilitate customer knowledge of personal financial statements	375

Assessment Requirements for FNSFLT514 Facilitate customer knowledge of personal financial statements	378

FNSFLT515 Facilitate knowledge of superannuation as an investment tool	380

Assessment Requirements for FNSFLT515 Facilitate knowledge of superannuation as an investment tool	383

FNSFMB411 Prepare loan applications on behalf of clients	386

Assessment Requirements for FNSFMB411 Prepare loan applications on behalf of clients	389

FNSFMB412 Identify client needs and present broking options	391

Assessment Requirements for FNSFMB412 Identify client needs and present broking options	395

FNSFMB511 Implement credit contracts in preparation for settlement	398

Assessment Requirements for FNSFMB511 Implement credit contracts in preparation for settlement	401

FNSFMB512 Identify and develop credit options for clients with special financial circumstances	403

Assessment Requirements for FNSFMB512 Identify and develop credit options for clients with special financial circumstances	406

FNSFMB513 Present credit options to clients with special financial circumstances	408

Assessment Requirements for FNSFMB513 Present credit options to clients with special financial circumstances	411

FNSFMB514 Implement complex loan structures	414

Assessment Requirements for FNSFMB514 Implement complex loan structures	417

FNSFMK411 Perform reconciliations	420

Assessment Requirements for FNSFMK411 Perform reconciliations	423

FNSFMK416 Conduct work within financial markets compliance framework	425

Assessment Requirements for FNSFMK416 Conduct work within financial markets compliance framework	428

FNSFMK513 Undertake assessment of product and advice suitability for non-retail clients	430

Assessment Requirements for FNSFMK513 Undertake assessment of product and advice suitability for non-retail clients	433

FNSFMK514 Complete confirmation and settlement processes	435

Assessment Requirements for FNSFMK514 Complete confirmation and settlement processes	438

FNSFMK515 Comply with financial services regulation and industry codes of practice	440

Assessment Requirements for FNSFMK515 Comply with financial services regulation and industry codes of practice	443

FNSFMK516 Review and confirm human resources and IT systems satisfy requirements of licence	445

Assessment Requirements for FNSFMK516 Review and confirm human resources and IT systems satisfy requirements of licence	448

FNSFMK517 Analyse risk mitigation in the operations process	450

Assessment Requirements for FNSFMK517 Analyse risk mitigation in the operations process	453

FNSFMK518 Monitor and process collateral	455

Assessment Requirements for FNSFMK518 Monitor and process collateral	458

FNSFMK520 Develop and monitor risk management strategies for client	460

Assessment Requirements for FNSFMK520 Develop and monitor risk management strategies for client	463

FNSFMK521 Analyse financial markets and information	465

Assessment Requirements for FNSFMK521 Analyse financial markets and information	468

FNSFMK522 Apply financial product knowledge in the context of the deal transaction cycle	470

Assessment Requirements for FNSFMK522 Apply financial product knowledge in the context of the deal transaction cycle	473

FNSFMK523 Comply with requirements of licence and regulatory framework	475

Assessment Requirements for FNSFMK523 Comply with requirements of licence and regulatory framework	478

FNSFMK524 Conduct work within financial markets organisational risk management framework	480

Assessment Requirements for FNSFMK524 Conduct work within financial markets organisational risk management framework	483

FNSFMK525 Analyse clients' financial risk	485

Assessment Requirements for FNSFMK525 Analyse clients' financial risk	488

FNSFMK611 Price financial transactions	490

Assessment Requirements for FNSFMK611 Price financial transactions	493

FNSFMK612 Manage trading exposures	495

Assessment Requirements for FNSFMK612 Manage trading exposures	498

FNSFMK619 Develop and implement policies and procedures to support organisational values and culture	500

Assessment Requirements for FNSFMK619 Develop and implement policies and procedures to support organisational values and culture	503

FNSFPL402 Prepare financial plans to set strategies and guidelines	505

Assessment Requirements for FNSFPL402 Prepare financial plans to set strategies and guidelines	509

FNSFPL403 Implement financial plans to predetermined guidelines	511

Assessment Requirements for FNSFPL403 Implement financial plans to predetermined guidelines	515

FNSFPL503 Develop and prepare financial plan	517

Assessment Requirements for FNSFPL503 Develop and prepare financial plan	521

FNSFPL504 Implement financial plan	523

Assessment Requirements for FNSFPL504 Implement financial plan	526

FNSFPL505 Review financial plans and provide ongoing service	528

Assessment Requirements for FNSFPL505 Review financial plans and provide ongoing service	532

FNSFPL607 Prepare advice in margin lending	534

Assessment Requirements for FNSFPL607 Prepare advice in margin lending	538

FNSFPL608 Prepare advice in foreign exchange	541

Assessment Requirements for FNSFPL608 Prepare advice in foreign exchange	545

FNSFPL609 Prepare advice in managed investments	548

Assessment Requirements for FNSFPL609 Prepare advice in managed investments	552

FNSFPL610 Prepare advice in superannuation	555

Assessment Requirements for FNSFPL610 Prepare advice in superannuation	559

FNSFPL611 Provide technical and professional financial planning guidance	562

Assessment Requirements for FNSFPL611 Provide technical and professional financial planning guidance	565

FNSFPL612 Determine client requirements and expectations in financial planning	567

Assessment Requirements for FNSFPL612 Determine client requirements and expectations in financial planning	571

FNSFPL613 Monitor financial plans and provide ongoing service	573

Assessment Requirements for FNSFPL613 Monitor financial plans and provide ongoing service	576

FNSFPL614 Develop financial plans	578

Assessment Requirements for FNSFPL614 Develop financial plans	582

FNSFPL615 Present and negotiate financial plans	585

Assessment Requirements for FNSFPL615 Present and negotiate financial plans	589

FNSFPL616 Implement financial plans	591

Assessment Requirements for FNSFPL616 Implement financial plans	594

FNSFPL617 Prepare advice in derivatives	596

Assessment Requirements for FNSFPL617 Prepare advice in derivatives	600

FNSFPL618 Prepare advice in securities	603

Assessment Requirements for FNSFPL618 Prepare advice in securities	607

FNSFPL619 Prepare advice in life insurance	610

Assessment Requirements for FNSFPL619 Prepare advice in life insurance	614

FNSFPL620 Prepare advice in insurance broking	617

Assessment Requirements for FNSFPL620 Prepare advice in insurance broking	621

FNSFPL621 Comply with ethical and operational guidelines, legislation and regulations in financial planning	624

Assessment Requirements for FNSFPL621 Comply with ethical and operational guidelines, legislation and regulations in financial planning	627

FNSFPL622 Conduct financial planning analysis and research	629

Assessment Requirements for FNSFPL622 Conduct financial planning analysis and research	632

FNSIBK412 Implement new and renewed insurance program for insurance broking clients	634

Assessment Requirements for FNSIBK412 Implement new and renewed insurance program for insurance broking clients	637

FNSIBK413 Place client insurances with insurer and confirm insurance cover with clients	639

Assessment Requirements for FNSIBK413 Place client insurances with insurer and confirm insurance cover with clients	642

FNSIBK414 Provide a claims service to insurance broking clients	644

Assessment Requirements for FNSIBK414 Provide a claims service to insurance broking clients	647

FNSIBK415 Meet compliance requirements relating to insurance broking	649

Assessment Requirements for FNSIBK415 Meet compliance requirements relating to insurance broking	652

FNSIBK416 Deliver insurance broking services	654

Assessment Requirements for FNSIBK416 Deliver insurance broking services	657

FNSIBK517 Review insurance broking service performance	659

Assessment Requirements for FNSIBK517 Review insurance broking service performance	661

FNSIBK518 Implement changes to insurance programs of broking clients	663

Assessment Requirements for FNSIBK518 Implement changes to insurance programs of broking clients	666

FNSIBK522 Negotiate complex claims settlement for insurance broking clients	668

Assessment Requirements for FNSIBK522 Negotiate complex claims settlement for insurance broking clients	671

FNSIBK523 Prepare submissions for new insurance broking business	673

Assessment Requirements for FNSIBK523 Prepare submissions for new insurance broking business	676

FNSIBK524 Manage complex risk portfolios for insurance broking clients	678

Assessment Requirements for FNSIBK524 Manage complex risk portfolios for insurance broking clients	681

FNSIBK525 Monitor insurance broking client programs	683

Assessment Requirements for FNSIBK525 Monitor insurance broking client programs	686

FNSIGN401 Provide technical guidance	688

Assessment Requirements for FNSIGN401 Provide technical guidance	691

FNSIGN402 Inspect quality of work	693

Assessment Requirements for FNSIGN402 Inspect quality of work	696

FNSIGN403 Estimate jobs	698

Assessment Requirements for FNSIGN403 Estimate jobs	702

FNSIGN406 Inspect property for saleable items and determine their value	704

Assessment Requirements for FNSIGN406 Inspect property for saleable items and determine their value	707

FNSILA505 Provide ancillary services	709

Assessment Requirements for FNSILA505 Provide ancillary services	712

FNSILA506 Provide specialist theft, money and fidelity loss adjusting advice and services	714

Assessment Requirements for FNSILA506 Provide specialist theft, money and fidelity loss adjusting advice and services	717

FNSILA507 Provide specialist business interruption loss adjusting advice and services	719

Assessment Requirements for FNSILA507 Provide specialist business interruption loss adjusting advice and services	722

FNSILA508 Provide specialist liability loss adjusting advice and services	724

Assessment Requirements for FNSILA508 Provide specialist liability loss adjusting advice and services	727

FNSILA509 Provide specialist building loss adjusting advice and services	729

Assessment Requirements for FNSILA509 Provide specialist building loss adjusting advice and services	732

FNSILA510 Provide specialist construction loss adjusting advice and services	734

Assessment Requirements for FNSILA510 Provide specialist construction loss adjusting advice and services	737

FNSILA511 Plan and implement loss investigations	739

Assessment Requirements for FNSILA511 Plan and implement loss investigations	743

FNSILA512 Evaluate collected information and report findings in loss adjusting	745

Assessment Requirements for FNSILA512 Evaluate collected information and report findings in loss adjusting	748

FNSILA514 Negotiate and affect settlement relating to loss situation, damage or injury	750

Assessment Requirements for FNSILA514 Negotiate and affect settlement relating to loss situation, damage or injury	753

FNSILD501 Prepare a distribution plan	755

Assessment Requirements for FNSILD501 Prepare a distribution plan	758

FNSILD502 Resource a distribution plan	760

Assessment Requirements for FNSILD502 Resource a distribution plan	763

FNSILF303 Issue a life insurance policy	765

Assessment Requirements for FNSILF303 Issue a life insurance policy	768

FNSILF408 Process life insurance contract maturity and surrender payment requests	770

Assessment Requirements for FNSILF408 Process life insurance contract maturity and surrender payment requests	773

FNSILF507 Manage group life insurance policy administration	775

Assessment Requirements for FNSILF507 Manage group life insurance policy administration	779

FNSINC311 Work together in the financial services industry	781

Assessment Requirements for FNSINC311 Work together in the financial services industry	784

FNSINC411 Conduct work according to professional practices in the financial services industry	786

Assessment Requirements for FNSINC411 Conduct work according to professional practices in the financial services industry	789

FNSINC412 Apply and maintain knowledge of financial products and services	791

Assessment Requirements for FNSINC412 Apply and maintain knowledge of financial products and services	794

FNSINC511 Conduct financial product research to support product recommendations	796

Assessment Requirements for FNSINC511 Conduct financial product research to support product recommendations	799

FNSINC512 Assess vulnerability of financial products and services to money laundering and terrorism financing	801

Assessment Requirements for FNSINC512 Assess vulnerability of financial products and services to money laundering and terrorism financing	804

FNSINC612 Interpret and use financial statistics and tools	806

Assessment Requirements for FNSINC612 Interpret and use financial statistics and tools	809

FNSINC811 Lead compliance with financial services regulations and industry codes of practice	811

Assessment Requirements for FNSINC811 Lead compliance with financial services regulations and industry codes of practice	814

FNSISV408 Manage handling and settlement of routine insurance claims for retail clients	816

Assessment Requirements for FNSISV408 Manage handling and settlement of routine insurance claims for retail clients	819

FNSISV411 Evaluate insurance risk for business	821

Assessment Requirements for FNSISV411 Evaluate insurance risk for business	824

FNSISV412 Underwrite insurance business	826

Assessment Requirements for FNSISV412 Underwrite insurance business	829

FNSISV413 Survey potential risk exposure	831

Assessment Requirements for FNSISV413 Survey potential risk exposure	834

FNSISV416 Use specialist terminology in insurance claims	836

Assessment Requirements for FNSISV416 Use specialist terminology in insurance claims	839

FNSISV417 Use medical terminology in an insurance context	841

Assessment Requirements for FNSISV417 Use medical terminology in an insurance context	843

FNSISV501 Issue contracts of insurance covering non-routine and complex situations	845

Assessment Requirements for FNSISV501 Issue contracts of insurance covering non-routine and complex situations	849

FNSISV503 Undertake post-loss risk management	851

Assessment Requirements for FNSISV503 Undertake post-loss risk management	854

FNSISV508 Review and advise on claims costs, policies and procedures	856

Assessment Requirements for FNSISV508 Review and advise on claims costs, policies and procedures	859

FNSISV513 Provide decisions on legal liability and indemnity of a claim	861

Assessment Requirements for FNSISV513 Provide decisions on legal liability and indemnity of a claim	865

FNSISV514 Review and update claim reserves in portfolio	867

Assessment Requirements for FNSISV514 Review and update claim reserves in portfolio	870

FNSISV519 Analyse financial, medical and psychological claims assessments	872

Assessment Requirements for FNSISV519 Analyse financial, medical and psychological claims assessments	875

FNSISV520 Manage non-routine and complex insurance claims	877

Assessment Requirements for FNSISV520 Manage non-routine and complex insurance claims	880

FNSISV521 Settle non-routine and complex insurance claims	882

Assessment Requirements for FNSISV521 Settle non-routine and complex insurance claims	885

FNSISV522 Work with legal teams to resolve non-routine and complex insurance claims	887

Assessment Requirements for FNSISV522 Work with legal teams to resolve non-routine and complex insurance claims	891

FNSISV524 Negotiate treaty reinsurance	893

Assessment Requirements for FNSISV524 Negotiate treaty reinsurance	896

FNSISV525 Evaluate and report on status of insurance claims portfolios	898

Assessment Requirements for FNSISV525 Evaluate and report on status of insurance claims portfolios	901

FNSISV526 Allocate authorities and guidelines for distribution	903

Assessment Requirements for FNSISV526 Allocate authorities and guidelines for distribution	907

FNSISV527 Implement insurance claim recovery procedures	909

Assessment Requirements for FNSISV527 Implement insurance claim recovery procedures	912

FNSISV531 Issue insurance contracts covering non-routine and complex situations	914

Assessment Requirements for FNSISV531 Issue insurance contracts covering non-routine and complex situations	917

FNSISV532 Review operational performance of insurance portfolios	919

Assessment Requirements for FNSISV532 Review operational performance of insurance portfolios	922

FNSISV535 Determine risk rating for investment and insurance products	924

Assessment Requirements for FNSISV535 Determine risk rating for investment and insurance products	927

FNSISV536 Investigate insurance claims	929

Assessment Requirements for FNSISV536 Investigate insurance claims	932

FNSISV537 Review claims settlement policies and procedures	934

Assessment Requirements for FNSISV537 Review claims settlement policies and procedures	937

FNSMCA311 Collect debts	939

Assessment Requirements for FNSMCA311 Collect debts	942

FNSMCA312 Repossess property	944

Assessment Requirements for FNSMCA312 Repossess property	947

FNSMCA313 Serve legal process	949

Assessment Requirements for FNSMCA313 Serve legal process	952

FNSMCA314 Locate individuals	954

Assessment Requirements for FNSMCA314 Locate individuals	957

FNSMCA411 Evaluate debt collection actions and develop recommendations	959

Assessment Requirements for FNSMCA411 Evaluate debt collection actions and develop recommendations	962

FNSMCA412 Undertake legal action for recovery of debts	964

Assessment Requirements for FNSMCA412 Undertake legal action for recovery of debts	967

FNSMCA413 Identify and manage individuals experiencing hardship	969

Assessment Requirements for FNSMCA413 Identify and manage individuals experiencing hardship	972

FNSORG411 Conduct individual work within a compliance framework	974

Assessment Requirements for FNSORG411 Conduct individual work within a compliance framework	977

FNSORG512 Develop, implement and monitor policy and procedures	979

Assessment Requirements for FNSORG512 Develop, implement and monitor policy and procedures	982

FNSORG514 Develop, monitor and supervise work practices to meet financial services regulatory requirements	984

Assessment Requirements for FNSORG514 Develop, monitor and supervise work practices to meet financial services regulatory requirements	988

FNSORG515 Prepare financial reports to meet statutory requirements	990

Assessment Requirements for FNSORG515 Prepare financial reports to meet statutory requirements	993

FNSORG613 Establish and implement operational guidelines in financial services organisations	995

Assessment Requirements for FNSORG613 Establish and implement operational guidelines in financial services organisations	998

FNSORG614 Establish and manage outsourced services	1000

Assessment Requirements for FNSORG614 Establish and manage outsourced services	1003

FNSPIM313 Work within the personal injury management sector	1005

Assessment Requirements for FNSPIM313 Work within the personal injury management sector	1008

FNSPIM314 Assess and determine initial entitlements for personal injury claims	1010

Assessment Requirements for FNSPIM314 Assess and determine initial entitlements for personal injury claims	1013

FNSPIM403 Educate clients on personal injury management issues	1015

Assessment Requirements for FNSPIM403 Educate clients on personal injury management issues	1019

FNSPIM411 Plan and implement rehabilitation and return to life strategies	1021

Assessment Requirements for FNSPIM411 Plan and implement rehabilitation and return to life strategies	1024

FNSPIM419 Maintain relationships with personal injury clients	1027

Assessment Requirements for FNSPIM419 Maintain relationships with personal injury clients	1030

FNSPIM423 Educate clients on personal injury management issues	1032

Assessment Requirements for FNSPIM423 Educate clients on personal injury management issues	1035

FNSPIM424 Assist personal injury clients with job placement	1037

Assessment Requirements for FNSPIM424 Assist personal injury clients with job placement	1040

FNSPIM425 Facilitate recovery and return to life	1042

Assessment Requirements for FNSPIM425 Facilitate recovery and return to life	1045

FNSPIM434 Manage personal injury claims	1047

Assessment Requirements for FNSPIM434 Manage personal injury claims	1050

FNSPIM516 Promote health benefits of returning to work	1052

Assessment Requirements for FNSPIM516 Promote health benefits of returning to work	1055

FNSPIM517 Manage complex return to work cases	1057

Assessment Requirements for FNSPIM517 Manage complex return to work cases	1060

FNSPIM518 Evaluate and improve return to work programs	1062

Assessment Requirements for FNSPIM518 Evaluate and improve return to work programs	1065

FNSPIM521 Develop return to work or injury management strategies	1067

Assessment Requirements for FNSPIM521 Develop return to work or injury management strategies	1070

FNSPIM522 Facilitate workplace assessment with stakeholders for personal injury cases	1072

Assessment Requirements for FNSPIM522 Facilitate workplace assessment with stakeholders for personal injury cases	1075

FNSPIM531 Facilitate the setting and achievement of goals in personal injury management	1077

Assessment Requirements for FNSPIM531 Facilitate the setting and achievement of goals in personal injury management	1080

FNSPRM604 Prepare, supervise and monitor application of practice guidelines	1082

Assessment Requirements for FNSPRM604 Prepare, supervise and monitor application of practice guidelines	1086

FNSPRM611 Monitor and review organisational system compliance with legislation and regulations	1088

Assessment Requirements for FNSPRM611 Monitor and review organisational system compliance with legislation and regulations	1092

FNSPRM612 Improve business of financial practices	1094

Assessment Requirements for FNSPRM612 Improve business of financial practices	1097

FNSPRM613 Grow financial practices	1099

Assessment Requirements for FNSPRM613 Grow financial practices	1102

FNSPRT301 Establish entitlements to an intestate estate	1104

Assessment Requirements for FNSPRT301 Establish entitlements to an intestate estate	1107

FNSPRT503 Assess, allocate and supervise work within the personal trustee sector	1109

Assessment Requirements for FNSPRT503 Assess, allocate and supervise work within the personal trustee sector	1113

FNSRSK411 Apply risk management strategies to own work	1115

Assessment Requirements for FNSRSK411 Apply risk management strategies to own work	1118

FNSRSK511 Undertake risk identification	1120

Assessment Requirements for FNSRSK511 Undertake risk identification	1123

FNSRSK512 Assess risks	1125

Assessment Requirements for FNSRSK512 Assess risks	1128

FNSRSK611 Develop and implement risk mitigation plan	1130

Assessment Requirements for FNSRSK611 Develop and implement risk mitigation plan	1133

FNSRSK612 Determine and manage risk exposure strategies	1135

Assessment Requirements for FNSRSK612 Determine and manage risk exposure strategies	1138

FNSRTS311 Provide customer service in a retail agency	1140

Assessment Requirements for FNSRTS311 Provide customer service in a retail agency	1143

FNSRTS312 Execute foreign currency transactions	1145

Assessment Requirements for FNSRTS312 Execute foreign currency transactions	1148

FNSSAM301 Identify opportunities for cross-selling products and services	1150

Assessment Requirements for FNSSAM301 Identify opportunities for cross-selling products and services	1153

FNSSAM411 Sell financial products and services	1155

Assessment Requirements for FNSSAM411 Sell financial products and services	1158

FNSSAM511 Apply advanced techniques to sell financial products and services	1160

Assessment Requirements for FNSSAM511 Apply advanced techniques to sell financial products and services	1163

FNSSAM612 Identify and evaluate marketing opportunities in the financial services industry	1165

Assessment Requirements for FNSSAM612 Identify and evaluate marketing opportunities in the financial services industry	1168

FNSSAM613 Tailor financial products to meet client needs	1170

Assessment Requirements for FNSSAM613 Tailor financial products to meet client needs	1173

FNSSAM614 Establish agreements with intermediaries for product distribution	1175

Assessment Requirements for FNSSAM614 Establish agreements with intermediaries for product distribution	1178

FNSSMS411 Process self-managed superannuation contributions	1180

Assessment Requirements for FNSSMS411 Process self-managed superannuation contributions	1183

FNSSMS511 Invest self-managed superannuation fund assets	1185

Assessment Requirements for FNSSMS511 Invest self-managed superannuation fund assets	1188

FNSSMS512 Manage changes to memberships in self-managed superannuation funds	1190

Assessment Requirements for FNSSMS512 Manage changes to memberships in self-managed superannuation funds	1193

FNSSMS513 Manage administration activities of self-managed superannuation funds	1195

Assessment Requirements for FNSSMS513 Manage administration activities of self-managed superannuation funds	1199

FNSSMS514 Meet self-managed superannuation fund compliance requirements	1201

Assessment Requirements for FNSSMS514 Meet self-managed superannuation fund compliance requirements	1204

FNSSMS515 Support trustees in selecting and monitoring performance of outsourced services	1206

Assessment Requirements for FNSSMS515 Support trustees in selecting and monitoring performance of outsourced services	1209

FNSSUP311 Process superannuation fund payments	1211

Assessment Requirements for FNSSUP311 Process superannuation fund payments	1214

FNSSUP312 Establish, maintain and process superannuation records	1216

Assessment Requirements for FNSSUP312 Establish, maintain and process superannuation records	1219

FNSSUP313 Process superannuation fund contributions	1221

Assessment Requirements for FNSSUP313 Process superannuation fund contributions	1224

FNSSUP314 Process superannuation rollover benefits	1226

Assessment Requirements for FNSSUP314 Process superannuation rollover benefits	1229

FNSSUP315 Implement superannuation fund member investment instructions	1231

Assessment Requirements for FNSSUP315 Implement superannuation fund member investment instructions	1234

FNSSUP316 Terminate superannuation plans	1236

Assessment Requirements for FNSSUP316 Terminate superannuation plans	1239

FNSSUP416 Establish and maintain superannuation accumulation funds	1241

Assessment Requirements for FNSSUP416 Establish and maintain superannuation accumulation funds	1244

FNSSUP417 Assess superannuation benefits and insurance claims under special conditions of release	1246

Assessment Requirements for FNSSUP417 Assess superannuation benefits and insurance claims under special conditions of release	1249

FNSSUP418 Participate in superannuation fund reviews	1251

Assessment Requirements for FNSSUP418 Participate in superannuation fund reviews	1254

FNSSUP419 Provide retirement income stream information to superannuation clients	1256

Assessment Requirements for FNSSUP419 Provide retirement income stream information to superannuation clients	1259

FNSSUP420 Establish and administer retirement income streams	1261

Assessment Requirements for FNSSUP420 Establish and administer retirement income streams	1264

FNSSUP421 Process superannuation benefits and insurance claims under special conditions of release	1267

Assessment Requirements for FNSSUP421 Process superannuation benefits and insurance claims under special conditions of release	1270

FNSSUP422 Assist organisation to meet regulatory superannuation compliance requirements	1272

Assessment Requirements for FNSSUP422 Assist organisation to meet regulatory superannuation compliance requirements	1275

FNSSUP423 Provide knowledge of retirement planning issues when dealing with superannuation clients	1277

Assessment Requirements for FNSSUP423 Provide knowledge of retirement planning issues when dealing with superannuation clients	1280

FNSSUP424 Establish and customise employer accounts in superannuation	1283

Assessment Requirements for FNSSUP424 Establish and customise employer accounts in superannuation	1286

FNSSUP431 Terminate retirement income streams	1288

Assessment Requirements for FNSSUP431 Terminate retirement income streams	1292

FNSSUP432 Determine impact of social security entitlements on retirement income	1294

Assessment Requirements for FNSSUP432 Determine impact of social security entitlements on retirement income	1297

FNSSUP434 Develop and provide knowledge of aged care to superannuation clients	1299

Assessment Requirements for FNSSUP434 Develop and provide knowledge of aged care to superannuation clients	1302

FNSSUP511 Manage customer complaints in superannuation	1304

Assessment Requirements for FNSSUP511 Manage customer complaints in superannuation	1307

FNSSUP512 Manage insurer liaison within a superannuation organisation	1309

Assessment Requirements for FNSSUP512 Manage insurer liaison within a superannuation organisation	1312

FNSSUP513 Develop client relationships with employers and establish superannuation systems	1314

Assessment Requirements for FNSSUP513 Develop client relationships with employers and establish superannuation systems	1317

FNSSUP514 Provide information or general advice to superannuation clients	1319

Assessment Requirements for FNSSUP514 Provide information or general advice to superannuation clients	1322

FNSSUP515 Produce reports for superannuation	1324

Assessment Requirements for FNSSUP515 Produce reports for superannuation	1327

FNSSUP516 Manage compliance with operational guidelines in superannuation organisations	1329

Assessment Requirements for FNSSUP516 Manage compliance with operational guidelines in superannuation organisations	1332

FNSSUP517 Review performance of superannuation funds against regulatory and contractual requirements	1334

Assessment Requirements for FNSSUP517 Review performance of superannuation funds against regulatory and contractual requirements	1337

FNSSUP518 Provide information to superannuation fund members in writing	1339

Assessment Requirements for FNSSUP518 Provide information to superannuation fund members in writing	1342

BSBAUD412 Work within compliance frameworks	1344

Assessment Requirements for BSBAUD412 Work within compliance frameworks	1347

BSBAUD514 Interpret compliance requirements	1349

Assessment Requirements for BSBAUD514 Interpret compliance requirements	1352

BSBAUD515 Evaluate and review compliance	1354

Assessment Requirements for BSBAUD515 Evaluate and review compliance	1357

BSBAUD516 Develop and monitor processes for the management of breaches in compliance requirements	1359

Assessment Requirements for BSBAUD516 Develop and monitor processes for the management of breaches in compliance requirements	1362

BSBAUD601 Establish and manage compliance management systems	1364

Assessment Requirements for BSBAUD601 Establish and manage compliance management systems	1367

BSBCMM211 Apply communication skills	1369

Assessment Requirements for BSBCMM211 Apply communication skills	1372

BSBCMM411 Make presentations	1374

Assessment Requirements for BSBCMM411 Make presentations	1377

BSBCMM412 Lead difficult conversations	1379

Assessment Requirements for BSBCMM412 Lead difficult conversations	1382

BSBCMM511 Communicate with influence	1384

Assessment Requirements for BSBCMM511 Communicate with influence	1387

BSBDAT201 Collect and record data	1389

Assessment Requirements for BSBDAT201 Collect and record data	1391

BSBDAT501 Analyse data	1393

Assessment Requirements for BSBDAT501 Analyse data	1396

BSBESB401 Research and develop business plans	1398

Assessment Requirements for BSBESB401 Research and develop business plans	1401

BSBESB404 Market new business ventures	1403

Assessment Requirements for BSBESB404 Market new business ventures	1406

BSBFIM502 Manage payroll	1408

Assessment Requirements for BSBFIM502 Manage payroll	1412

BSBFIN301 Process financial transactions	1414

Assessment Requirements for BSBFIN301 Process financial transactions	1417

BSBFIN401 Report on financial activity	1419

Assessment Requirements for BSBFIN401 Report on financial activity	1422

BSBFIN501 Manage budgets and financial plans	1424

Assessment Requirements for BSBFIN501 Manage budgets and financial plans	1427

BSBHRM413 Support the learning and development of teams and individuals	1429

Assessment Requirements for BSBHRM413 Support the learning and development of teams and individuals	1432

BSBHRM501 Manage human resource services	1434

Assessment Requirements for BSBHRM501 Manage human resource services	1438

BSBHRM505 Manage remuneration and employee benefits	1440

Assessment Requirements for BSBHRM505 Manage remuneration and employee benefits	1444

BSBHRM507 Manage separation or termination	1446

Assessment Requirements for BSBHRM507 Manage separation or termination	1450

BSBINS307 Retrieve information from records	1452

Assessment Requirements for BSBINS307 Retrieve information from records	1455

BSBINS309 Maintain business records	1457

Assessment Requirements for BSBINS309 Maintain business records	1459

BSBINS401 Analyse and present research information	1461

Assessment Requirements for BSBINS401 Analyse and present research information	1464

BSBINS402 Coordinate workplace information systems	1466

Assessment Requirements for BSBINS402 Coordinate workplace information systems	1469

BSBITS411 Maintain and implement digital technology	1471

Assessment Requirements for BSBITS411 Maintain and implement digital technology	1474

BSBITU315 Purchase goods and services online	1476

Assessment Requirements for BSBITU315 Purchase goods and services online	1479

BSBLDR301 Support effective workplace relationships	1481

Assessment Requirements for BSBLDR301 Support effective workplace relationships	1484

BSBLDR411 Demonstrate leadership in the workplace	1486

Assessment Requirements for BSBLDR411 Demonstrate leadership in the workplace	1489

BSBLDR413 Lead effective workplace relationships	1491

Assessment Requirements for BSBLDR413 Lead effective workplace relationships	1494

BSBLDR414 Lead team effectiveness	1496

Assessment Requirements for BSBLDR414 Lead team effectiveness	1499

BSBLDR501 Develop and use emotional intelligence	1501

Assessment Requirements for BSBLDR501 Develop and use emotional intelligence	1504

BSBLDR521 Lead the development of diverse workforces	1506

Assessment Requirements for BSBLDR521 Lead the development of diverse workforces	1509

BSBLDR522 Manage people performance	1511

Assessment Requirements for BSBLDR522 Manage people performance	1514

BSBLDR523 Lead and manage effective workplace relationships	1516

Assessment Requirements for BSBLDR523 Lead and manage effective workplace relationships	1519

BSBLDR602 Provide leadership across the organisation	1521

Assessment Requirements for BSBLDR602 Provide leadership across the organisation	1524

BSBMGT802 Lead design and review of enterprise systems	1526

Assessment Requirements for BSBMGT802 Lead design and review of enterprise systems	1530

BSBMKG541 Identify and evaluate marketing opportunities	1532

Assessment Requirements for BSBMKG541 Identify and evaluate marketing opportunities	1535

BSBMKG543 Plan and interpret market research	1537

Assessment Requirements for BSBMKG543 Plan and interpret market research	1540

BSBOPS202 Engage with customers	1542

Assessment Requirements for BSBOPS202 Engage with customers	1545

BSBOPS304 Deliver and monitor a service to customers	1547

Assessment Requirements for BSBOPS304 Deliver and monitor a service to customers	1550

BSBOPS305 Process customer complaints	1552

Assessment Requirements for BSBOPS305 Process customer complaints	1555

BSBOPS402 Coordinate business operational plans	1557

Assessment Requirements for BSBOPS402 Coordinate business operational plans	1560

BSBOPS404 Implement customer service strategies	1562

Assessment Requirements for BSBOPS404 Implement customer service strategies	1565

BSBOPS502 Manage business operational plans	1567

Assessment Requirements for BSBOPS502 Manage business operational plans	1570

BSBOPS504 Manage business risk	1572

Assessment Requirements for BSBOPS504 Manage business risk	1575

BSBOPS505 Manage organisational customer service	1577

Assessment Requirements for BSBOPS505 Manage organisational customer service	1580

BSBOPS601 Develop and implement business plans	1582

Assessment Requirements for BSBOPS601 Develop and implement business plans	1585

BSBPEF301 Organise personal work priorities	1587

Assessment Requirements for BSBPEF301 Organise personal work priorities	1590

BSBPEF302 Develop self-awareness	1592

Assessment Requirements for BSBPEF302 Develop self-awareness	1595

BSBPEF401 Manage personal health and wellbeing	1597

Assessment Requirements for BSBPEF401 Manage personal health and wellbeing	1600

BSBPEF402 Develop personal work priorities	1602

Assessment Requirements for BSBPEF402 Develop personal work priorities	1605

BSBPEF501 Manage personal and professional development	1607

Assessment Requirements for BSBPEF501 Manage personal and professional development	1610

BSBPMG421 Apply project time management techniques	1612

Assessment Requirements for BSBPMG421 Apply project time management techniques	1615

BSBPMG422 Apply project quality management techniques	1617

Assessment Requirements for BSBPMG422 Apply project quality management techniques	1620

BSBPMG430 Undertake project work	1622

Assessment Requirements for BSBPMG430 Undertake project work	1625

BSBPMG540 Manage project integration	1627

Assessment Requirements for BSBPMG540 Manage project integration	1630

BSBPMG803 Manage and review portfolio performance	1632

Assessment Requirements for BSBPMG803 Manage and review portfolio performance	1635

BSBPMG805 Lead the portfolio	1637

Assessment Requirements for BSBPMG805 Lead the portfolio	1640

BSBPMG806 Manage portfolio communications and change	1642

Assessment Requirements for BSBPMG806 Manage portfolio communications and change	1645

BSBPMG808 Manage portfolio risk	1647

Assessment Requirements for BSBPMG808 Manage portfolio risk	1650

BSBRES411 Analyse and present research information	1652

Assessment Requirements for BSBRES411 Analyse and present research information	1655

BSBSMB401 Establish legal and risk management requirements of small business	1657

Assessment Requirements for BSBSMB401 Establish legal and risk management requirements of small business	1661

BSBSMB402 Plan small business finances	1663

Assessment Requirements for BSBSMB402 Plan small business finances	1666

BSBSMB405 Monitor and manage small business operations	1668

Assessment Requirements for BSBSMB405 Monitor and manage small business operations	1672

BSBSMB407 Manage a small team	1674

Assessment Requirements for BSBSMB407 Manage a small team	1679

BSBSMB409 Build and maintain relationships with small business stakeholders	1681

Assessment Requirements for BSBSMB409 Build and maintain relationships with small business stakeholders	1685

BSBSMB411 Manage specialist external advisory services	1687

Assessment Requirements for BSBSMB411 Manage specialist external advisory services	1691

BSBSMB412 Introduce cloud computing into business operations	1693

Assessment Requirements for BSBSMB412 Introduce cloud computing into business operations	1697

BSBSMB420 Evaluate and develop small business operations	1699

Assessment Requirements for BSBSMB420 Evaluate and develop small business operations	1703

BSBSTR402 Implement continuous improvement	1705

Assessment Requirements for BSBSTR402 Implement continuous improvement	1708

BSBSTR501 Establish innovative work environments	1710

Assessment Requirements for BSBSTR501 Establish innovative work environments	1713

BSBSTR502 Facilitate continuous improvement	1715

Assessment Requirements for BSBSTR502 Facilitate continuous improvement	1718

BSBSUS411 Implement and monitor environmentally sustainable work practices	1720

Assessment Requirements for BSBSUS411 Implement and monitor environmentally sustainable work practices	1723

BSBSUS511 Develop workplace policies and procedures for sustainability	1725

Assessment Requirements for BSBSUS511 Develop workplace policies and procedures for sustainability	1728

BSBTEC201 Use business software applications	1730

Assessment Requirements for BSBTEC201 Use business software applications	1732

BSBTEC301 Design and produce business documents	1734

Assessment Requirements for BSBTEC301 Design and produce business documents	1737

BSBTEC302 Design and produce spreadsheets	1739

Assessment Requirements for BSBTEC302 Design and produce spreadsheets	1742

BSBTEC402 Design and produce complex spreadsheets	1744

Assessment Requirements for BSBTEC402 Design and produce complex spreadsheets	1747

BSBTEC404 Use digital technologies to collaborate in a work environment	1749

Assessment Requirements for BSBTEC404 Use digital technologies to collaborate in a work environment	1752

BSBTWK201 Work effectively with others	1754

Assessment Requirements for BSBTWK201 Work effectively with others	1757

BSBTWK502 Manage team effectiveness	1759

Assessment Requirements for BSBTWK502 Manage team effectiveness	1762

BSBWHS211 Contribute to the health and safety of self and others	1764

Assessment Requirements for BSBWHS211 Contribute to the health and safety of self and others	1767

BSBWHS308 Participate in WHS hazard identification, risk assessment and risk control processes	1769

Assessment Requirements for BSBWHS308 Participate in WHS hazard identification, risk assessment and risk control processes	1773

BSBWHS414 Contribute to WHS risk management	1775

Assessment Requirements for BSBWHS414 Contribute to WHS risk management	1780

BSBWHS513 Lead WHS risk management	1782

Assessment Requirements for BSBWHS513 Lead WHS risk management	1786

BSBWHS517 Contribute to managing a WHS information system	1789

Assessment Requirements for BSBWHS517 Contribute to managing a WHS information system	1793

BSBWHS520 Manage implementation of emergency procedures	1796

Assessment Requirements for BSBWHS520 Manage implementation of emergency procedures	1800

BSBXCM301 Engage in workplace communication	1802

Assessment Requirements for BSBXCM301 Engage in workplace communication	1805

BSBXCM401 Apply communication strategies in the workplace	1807

Assessment Requirements for BSBXCM401 Apply communication strategies in the workplace	1810

BSBXCM501 Lead communication in the workplace	1812

Assessment Requirements for BSBXCM501 Lead communication in the workplace	1815

BSBXTW301 Work in a team	1817

Assessment Requirements for BSBXTW301 Work in a team	1820

CHCCCS025 Support relationships with carers and families	1822

Assessment Requirements for CHCCCS025 Support relationships with carers and families	1825

CHCCOM002 Use communication to build relationships	1827

Assessment Requirements for CHCCOM002 Use communication to build relationships	1830

CHCCSM004 Coordinate complex case requirements	1833

Assessment Requirements for CHCCSM004 Coordinate complex case requirements	1836

CHCCSM006 Provide case management supervision	1838

Assessment Requirements for CHCCSM006 Provide case management supervision	1841

CHCDIS004 Communicate using augmentative and alternative communication strategies	1843

Assessment Requirements for CHCDIS004 Communicate using augmentative and alternative communication strategies	1847

CHCDIV001 Work with diverse people	1849

Assessment Requirements for CHCDIV001 Work with diverse people	1852

FNSACC304 Conduct business activities using a computerised accounting system	1855

Assessment Requirements for FNSACC304 Conduct business activities using a computerised accounting system	1858

FNSACC311 Process financial transactions and extract interim reports	1860

Assessment Requirements for FNSACC311 Process financial transactions and extract interim reports	1864

FNSACC312 Administer subsidiary accounts and ledgers	1866

Assessment Requirements for FNSACC312 Administer subsidiary accounts and ledgers	1870

FNSACC313 Perform financial calculations	1872

Assessment Requirements for FNSACC313 Perform financial calculations	1875

FNSACC405 Maintain inventory records	1877

Assessment Requirements for FNSACC405 Maintain inventory records	1880

FNSACC407 Produce job costing information	1882

Assessment Requirements for FNSACC407 Produce job costing information	1885

FNSACC408 Work effectively in the accounting and bookkeeping industry	1887

Assessment Requirements for FNSACC408 Work effectively in the accounting and bookkeeping industry	1891

FNSACC411 Process business tax requirements	1893

Assessment Requirements for FNSACC411 Process business tax requirements	1896

FNSACC412 Prepare operational budgets	1898

Assessment Requirements for FNSACC412 Prepare operational budgets	1901

FNSACC413 Make decisions in a legal context	1903

Assessment Requirements for FNSACC413 Make decisions in a legal context	1906

FNSACC414 Prepare financial statements for non-reporting entities	1908

Assessment Requirements for FNSACC414 Prepare financial statements for non-reporting entities	1911

FNSACC416 Set up and operate a computerised accounting system	1913

Assessment Requirements for FNSACC416 Set up and operate a computerised accounting system	1917

FNSACC505 Establish and maintain accounting information systems	1919

Assessment Requirements for FNSACC505 Establish and maintain accounting information systems	1923

FNSACC511 Provide financial and business performance information	1925

Assessment Requirements for FNSACC511 Provide financial and business performance information	1929

FNSACC512 Prepare tax documentation for individuals	1931

Assessment Requirements for FNSACC512 Prepare tax documentation for individuals	1935

FNSACC513 Manage budgets and forecasts	1938

Assessment Requirements for FNSACC513 Manage budgets and forecasts	1942

FNSACC514 Prepare financial reports for corporate entities	1944

Assessment Requirements for FNSACC514 Prepare financial reports for corporate entities	1947

FNSACC516 Implement and maintain internal control procedures	1949

Assessment Requirements for FNSACC516 Implement and maintain internal control procedures	1952

FNSACC517 Provide management accounting information	1954

Assessment Requirements for FNSACC517 Provide management accounting information	1957

FNSACC601 Prepare and administer tax documentation for legal entities	1959

Assessment Requirements for FNSACC601 Prepare and administer tax documentation for legal entities	1963

FNSACC602 Audit and report on financial systems and records	1966

Assessment Requirements for FNSACC602 Audit and report on financial systems and records	1970

FNSACC603 Implement tax plans and evaluate tax obligations	1972

Assessment Requirements for FNSACC603 Implement tax plans and evaluate tax obligations	1976

FNSACC605 Implement organisational improvement programs	1979

Assessment Requirements for FNSACC605 Implement organisational improvement programs	1983

FNSACC606 Conduct internal audit	1985

Assessment Requirements for FNSACC606 Conduct internal audit	1989

FNSACC607 Evaluate business performance	1991

Assessment Requirements for FNSACC607 Evaluate business performance	1994

FNSACC608 Evaluate organisation's financial performance	1996

Assessment Requirements for FNSACC608 Evaluate organisation's financial performance	2000

FNSACC609 Evaluate financial risk	2002

Assessment Requirements for FNSACC609 Evaluate financial risk	2006

FNSACC610 Develop and implement financial strategies	2008

Assessment Requirements for FNSACC610 Develop and implement financial strategies	2012

FNSACC611 Implement an insolvency program	2014

Assessment Requirements for FNSACC611 Implement an insolvency program	2017

FNSACC612 Implement reconstruction plan	2019

Assessment Requirements for FNSACC612 Implement reconstruction plan	2023

FNSACC613 Prepare and analyse management accounting information	2025

Assessment Requirements for FNSACC613 Prepare and analyse management accounting information	2029

FNSACC614 Prepare complex corporate financial reports	2031

Assessment Requirements for FNSACC614 Prepare complex corporate financial reports	2035

FNSACC624 Monitor corporate governance activities	2037

Assessment Requirements for FNSACC624 Monitor corporate governance activities	2041

FNSACM301 Administer financial accounts	2043

Assessment Requirements for FNSACM301 Administer financial accounts	2046

FNSACM302 Prepare, match and process receipts	2048

Assessment Requirements for FNSACM302 Prepare, match and process receipts	2051

FNSACM303 Process payment documentation	2053

Assessment Requirements for FNSACM303 Process payment documentation	2056

FNSACM401 Evaluate and authorise payment requests	2058

Assessment Requirements for FNSACM401 Evaluate and authorise payment requests	2061

FNSASIC301 Establish client relationship and analyse needs	2063

Assessment Requirements for FNSASIC301 Establish client relationship and analyse needs	2066

FNSASIC302 Develop, present and negotiate client solutions	2069

Assessment Requirements for FNSASIC302 Develop, present and negotiate client solutions	2073

FNSASICM503 Provide Tier 1 personal advice in life insurance	2076

Assessment Requirements for FNSASICM503 Provide Tier 1 personal advice in life insurance	2081

FNSASICN503 Provide Tier 1 personal advice in general insurance	2084

Assessment Requirements for FNSASICN503 Provide Tier 1 personal advice in general insurance	2088

FNSASICO503 Provide Tier 1 general advice in general insurance	2091

Assessment Requirements for FNSASICO503 Provide Tier 1 general advice in general insurance	2095

FNSASICS503 Provide advice in foreign exchange	2098

Assessment Requirements for FNSASICS503 Provide advice in foreign exchange	2103

FNSASICT503 Provide advice in managed investments	2106

Assessment Requirements for FNSASICT503 Provide advice in managed investments	2111

FNSASICV503 Provide advice in derivatives	2114

Assessment Requirements for FNSASICV503 Provide advice in derivatives	2119

FNSASICW503 Provide advice in securities	2122

Assessment Requirements for FNSASICW503 Provide advice in securities	2127

FNSASICX503 Provide advice in life insurance	2130

Assessment Requirements for FNSASICX503 Provide advice in life insurance	2135

FNSBNK401 Coordinate a small business customer portfolio	2138

Assessment Requirements for FNSBNK401 Coordinate a small business customer portfolio	2142

FNSBNK402 Align banking products with the needs of small business customers	2144

Assessment Requirements for FNSBNK402 Align banking products with the needs of small business customers	2148

FNSBNK403 Provide services in a Business Transaction Centre	2150

Assessment Requirements for FNSBNK403 Provide services in a Business Transaction Centre	2154

FNSBNK502 Manage services in a Business Transaction Centre	2156

Assessment Requirements for FNSBNK502 Manage services in a Business Transaction Centre	2160

FNSBNK503 Provide business advisory services within a financial services context	2162

Assessment Requirements for FNSBNK503 Provide business advisory services within a financial services context	2166

FNSCMP501 Comply with financial services legislation	2168

Assessment Requirements for FNSCMP501 Comply with financial services legislation	2172

FNSCRD301 Process applications for credit	2174

Assessment Requirements for FNSCRD301 Process applications for credit	2177

FNSCRD302 Monitor and control accounts receivable	2179

Assessment Requirements for FNSCRD302 Monitor and control accounts receivable	2182

FNSCRD401 Assess credit applications	2184

Assessment Requirements for FNSCRD401 Assess credit applications	2188

FNSCRD402 Establish and maintain appropriate security	2190

Assessment Requirements for FNSCRD402 Establish and maintain appropriate security	2194

FNSCRD403 Manage and recover bad and doubtful debts	2196

Assessment Requirements for FNSCRD403 Manage and recover bad and doubtful debts	2199

FNSCRD404 Utilise the legal process to recover outstanding debt	2201

Assessment Requirements for FNSCRD404 Utilise the legal process to recover outstanding debt	2204

FNSCRD405 Manage overdue customer accounts	2206

Assessment Requirements for FNSCRD405 Manage overdue customer accounts	2210

FNSCRD502 Manage factoring and invoice discounting arrangements	2212

Assessment Requirements for FNSCRD502 Manage factoring and invoice discounting arrangements	2215

FNSCRD503 Promote understanding of the role and effective use of consumer credit	2217

Assessment Requirements for FNSCRD503 Promote understanding of the role and effective use of consumer credit	2220

FNSCRD504 Manage the credit relationship	2222

Assessment Requirements for FNSCRD504 Manage the credit relationship	2225

FNSCUS301 Respond to customer enquiries	2227

Assessment Requirements for FNSCUS301 Respond to customer enquiries	2230

FNSCUS401 Participate in negotiations	2232

Assessment Requirements for FNSCUS401 Participate in negotiations	2235

FNSCUS402 Resolve disputes	2237

Assessment Requirements for FNSCUS402 Resolve disputes	2241

FNSCUS403 Deliver a professional service to customers	2243

Assessment Requirements for FNSCUS403 Deliver a professional service to customers	2246

FNSCUS501 Develop and nurture relationships with clients, other professionals and third party referrers	2248

Assessment Requirements for FNSCUS501 Develop and nurture relationships with clients, other professionals and third party referrers	2251

FNSCUS502 Monitor client requirements	2253

Assessment Requirements for FNSCUS502 Monitor client requirements	2256

FNSCUS503 Review business performance	2258

Assessment Requirements for FNSCUS503 Review business performance	2261

FNSCUS504 Manage premium customer relationships	2263

Assessment Requirements for FNSCUS504 Manage premium customer relationships	2267

FNSCUS505 Determine client requirements and expectations	2269

Assessment Requirements for FNSCUS505 Determine client requirements and expectations	2273

FNSCUS506 Record and implement client instructions	2275

Assessment Requirements for FNSCUS506 Record and implement client instructions	2279

FNSFLT401 Be MoneySmart through a career in small business	2281

Assessment Requirements for FNSFLT401 Be MoneySmart through a career in small business	2284

FNSFLT501 Assist customers to budget and manage own finances	2286

Assessment Requirements for FNSFLT501 Assist customers to budget and manage own finances	2289

FNSFLT502 Facilitate customer awareness of the Australian financial system and markets	2291

Assessment Requirements for FNSFLT502 Facilitate customer awareness of the Australian financial system and markets	2294

FNSFLT503 Promote basic financial literacy skills	2296

Assessment Requirements for FNSFLT503 Promote basic financial literacy skills	2299

FNSFMB402 Identify client needs for broking services	2301

Assessment Requirements for FNSFMB402 Identify client needs for broking services	2305

FNSFMB403 Present broking options to client	2307

Assessment Requirements for FNSFMB403 Present broking options to client	2311

FNSFMB502 Identify and develop broking options for clients with complex needs	2313

Assessment Requirements for FNSFMB502 Identify and develop broking options for clients with complex needs	2317

FNSFMK402 Develop and maintain knowledge of financial markets products	2319

Assessment Requirements for FNSFMK402 Develop and maintain knowledge of financial markets products	2322

FNSFMK403 Interpret financial markets information	2324

Assessment Requirements for FNSFMK403 Interpret financial markets information	2327

FNSFMK502 Analyse financial market products for client	2329

Assessment Requirements for FNSFMK502 Analyse financial market products for client	2332

FNSFMK503 Advise clients on financial risk	2334

Assessment Requirements for FNSFMK503 Advise clients on financial risk	2338

FNSFMK505 Comply with financial services regulation and industry codes of practice	2340

Assessment Requirements for FNSFMK505 Comply with financial services regulation and industry codes of practice	2343

FNSFMK509 Process transaction documentation	2345

Assessment Requirements for FNSFMK509 Process transaction documentation	2349

FNSFMK512 Apply knowledge of emissions markets	2351

Assessment Requirements for FNSFMK512 Apply knowledge of emissions markets	2355

FNSFPL401 Extract and analyse information on specified financial strategies and products	2358

Assessment Requirements for FNSFPL401 Extract and analyse information on specified financial strategies and products	2362

FNSIAD301 Provide general advice on financial products and services	2364

Assessment Requirements for FNSIAD301 Provide general advice on financial products and services	2368

FNSIAD501 Provide appropriate services, advice and products to clients	2370

Assessment Requirements for FNSIAD501 Provide appropriate services, advice and products to clients	2375

FNSIAD502 Provide appropriate and timely information and advice to clients	2377

Assessment Requirements for FNSIAD502 Provide appropriate and timely information and advice to clients	2381

FNSIBK401 Research, analyse and report information in insurance broking	2383

Assessment Requirements for FNSIBK401 Research, analyse and report information in insurance broking	2387

FNSIGN404 Inspect damage and develop scope of work	2389

Assessment Requirements for FNSIGN404 Inspect damage and develop scope of work	2392

FNSILD503 Establish services to provide advice	2394

Assessment Requirements for FNSILD503 Establish services to provide advice	2397

FNSILD504 Implement and manage the distribution plan	2399

Assessment Requirements for FNSILD504 Implement and manage the distribution plan	2402

FNSILF302 Process a life insurance application	2404

Assessment Requirements for FNSILF302 Process a life insurance application	2407

FNSILF401 Contribute to the life risk underwriting process	2409

Assessment Requirements for FNSILF401 Contribute to the life risk underwriting process	2412

FNSILF403 Develop and maintain in-depth knowledge of products and services used by the life insurance sector	2414

Assessment Requirements for FNSILF403 Develop and maintain in-depth knowledge of products and services used by the life insurance sector	2417

FNSILF404 Process requests for policy alterations and assignments	2419

Assessment Requirements for FNSILF404 Process requests for policy alterations and assignments	2422

FNSILF405 Evaluate life insurance claims	2424

Assessment Requirements for FNSILF405 Evaluate life insurance claims	2427

FNSILF406 Collect and manage information to facilitate claims assessment	2429

Assessment Requirements for FNSILF406 Collect and manage information to facilitate claims assessment	2432

FNSILF407 Settle life insurance claims	2434

Assessment Requirements for FNSILF407 Settle life insurance claims	2437

FNSILF502 Underwrite complex medical risks	2439

Assessment Requirements for FNSILF502 Underwrite complex medical risks	2442

FNSILF503 Underwrite complex non-medical risks	2444

Assessment Requirements for FNSILF503 Underwrite complex non-medical risks	2447

FNSILF504 Manage complex life insurance claims	2449

Assessment Requirements for FNSILF504 Manage complex life insurance claims	2453

FNSILF505 Manage ongoing disability claims	2455

Assessment Requirements for FNSILF505 Manage ongoing disability claims	2459

FNSILF506 Manage group life insurance claims	2461

Assessment Requirements for FNSILF506 Manage group life insurance claims	2465

FNSINC301 Work effectively in the financial services industry	2467

Assessment Requirements for FNSINC301 Work effectively in the financial services industry	2471

FNSINC401 Apply principles of professional practice to work in the financial services industry	2473

Assessment Requirements for FNSINC401 Apply principles of professional practice to work in the financial services industry	2478

FNSINC402 Develop and maintain in-depth knowledge of products and services used by an organisation or sector	2480

Assessment Requirements for FNSINC402 Develop and maintain in-depth knowledge of products and services used by an organisation or sector	2483

FNSINC501 Conduct product research to support recommendations	2485

Assessment Requirements for FNSINC501 Conduct product research to support recommendations	2489

FNSINC502 Assess financial products and services vulnerability to money laundering and terrorism financing	2491

Assessment Requirements for FNSINC502 Assess financial products and services vulnerability to money laundering and terrorism financing	2494

FNSINC503 Identify situations requiring complex ethical decision making	2496

Assessment Requirements for FNSINC503 Identify situations requiring complex ethical decision making	2499

FNSINC504 Apply ethical frameworks and principles to make and act upon decisions	2501

Assessment Requirements for FNSINC504 Apply ethical frameworks and principles to make and act upon decisions	2505

FNSINC601 Apply economic principles to work in the financial services industry	2507

Assessment Requirements for FNSINC601 Apply economic principles to work in the financial services industry	2510

FNSINC602 Interpret and use financial statistics and tools	2512

Assessment Requirements for FNSINC602 Interpret and use financial statistics and tools	2515

FNSINC802 Develop and build effective relationships with regulatory and industry bodies	2517

Assessment Requirements for FNSINC802 Develop and build effective relationships with regulatory and industry bodies	2521

FNSISV404 Underwrite renewal business	2523

Assessment Requirements for FNSISV404 Underwrite renewal business	2527

FNSISV405 Analyse insurance claims	2529

Assessment Requirements for FNSISV405 Analyse insurance claims	2532

FNSISV406 Use specialist terminology in insurance claims	2534

Assessment Requirements for FNSISV406 Use specialist terminology in insurance claims	2537

FNSISV407 Use medical terminology in an insurance context	2539

Assessment Requirements for FNSISV407 Use medical terminology in an insurance context	2542

FNSISV502 Review operational performance of the portfolio	2544

Assessment Requirements for FNSISV502 Review operational performance of the portfolio	2547

FNSISV504 Negotiate treaty reinsurance	2549

Assessment Requirements for FNSISV504 Negotiate treaty reinsurance	2553

FNSISV506 Investigate insurance claims	2555

Assessment Requirements for FNSISV506 Investigate insurance claims	2558

FNSISV509 Analyse financial, medical and psychological claims assessments	2560

Assessment Requirements for FNSISV509 Analyse financial, medical and psychological claims assessments	2563

FNSISV512 Work with legal teams to resolve complex claims	2565

Assessment Requirements for FNSISV512 Work with legal teams to resolve complex claims	2570

FNSMCA402 Initiate legal recovery of debts	2572

Assessment Requirements for FNSMCA402 Initiate legal recovery of debts	2575

FNSORG301 Administer fixed asset register	2577

Assessment Requirements for FNSORG301 Administer fixed asset register	2580

FNSORG501 Develop and manage a budget	2582

Assessment Requirements for FNSORG501 Develop and manage a budget	2586

FNSORG503 Develop a resource plan	2588

Assessment Requirements for FNSORG503 Develop a resource plan	2591

FNSORG504 Monitor and supervise work practices to meet financial services regulatory requirements	2593

Assessment Requirements for FNSORG504 Monitor and supervise work practices to meet financial services regulatory requirements	2597

FNSORG505 Prepare financial reports to meet statutory requirements	2599

Assessment Requirements for FNSORG505 Prepare financial reports to meet statutory requirements	2602

FNSORG506 Prepare financial forecasts and projections	2604

Assessment Requirements for FNSORG506 Prepare financial forecasts and projections	2608

FNSORG507 Manage client service and business information	2610

Assessment Requirements for FNSORG507 Manage client service and business information	2614

FNSORG508 Analyse and comment on management reports	2616

Assessment Requirements for FNSORG508 Analyse and comment on management reports	2619

FNSORG601 Negotiate to achieve goals and manage disputes	2621

Assessment Requirements for FNSORG601 Negotiate to achieve goals and manage disputes	2625

FNSORG602 Develop and manage financial systems	2627

Assessment Requirements for FNSORG602 Develop and manage financial systems	2631

FNSORG603 Establish and prepare operational guidelines in a financial services organisation	2633

Assessment Requirements for FNSORG603 Establish and prepare operational guidelines in a financial services organisation	2637

FNSORG604 Establish outsourced services and monitor performance	2639

Assessment Requirements for FNSORG604 Establish outsourced services and monitor performance	2643

FNSPAY501 Process salary packaging arrangements and additional allowances in payroll	2645

Assessment Requirements for FNSPAY501 Process salary packaging arrangements and additional allowances in payroll	2649

FNSPAY502 Process superannuation payments in payroll	2652

Assessment Requirements for FNSPAY502 Process superannuation payments in payroll	2656

FNSPAY503 Process complex employee terminations in payroll	2658

Assessment Requirements for FNSPAY503 Process complex employee terminations in payroll	2662

FNSPAY504 Interpret and apply knowledge of industrial regulations relevant to payroll	2665

Assessment Requirements for FNSPAY504 Interpret and apply knowledge of industrial regulations relevant to payroll	2669

FNSPAY505 Interpret and apply knowledge of taxation systems relevant to payroll	2671

Assessment Requirements for FNSPAY505 Interpret and apply knowledge of taxation systems relevant to payroll	2675

FNSPIM301 Process benefit payments	2678

Assessment Requirements for FNSPIM301 Process benefit payments	2681

FNSPIM302 Determine claim liability	2683

Assessment Requirements for FNSPIM302 Determine claim liability	2686

FNSPIM406 Develop and maintain knowledge of personal injury management insurance	2688

Assessment Requirements for FNSPIM406 Develop and maintain knowledge of personal injury management insurance	2691

FNSPIM407 Register policy	2693

Assessment Requirements for FNSPIM407 Register policy	2696

FNSPIM408 Renew and maintain policy	2698

Assessment Requirements for FNSPIM408 Renew and maintain policy	2701

FNSPIM409 Maintain customer relationship	2703

Assessment Requirements for FNSPIM409 Maintain customer relationship	2706

FNSPIM410 Collect, assess and use information	2708

Assessment Requirements for FNSPIM410 Collect, assess and use information	2711

FNSPIM415 Manage personal injury case loads	2713

Assessment Requirements for FNSPIM415 Manage personal injury case loads	2717

FNSPIM505 Use medical knowledge in the management of personal injury claims	2719

Assessment Requirements for FNSPIM505 Use medical knowledge in the management of personal injury claims	2722

FNSPIM509 Comply with regulatory frameworks	2724

Assessment Requirements for FNSPIM509 Comply with regulatory frameworks	2727

FNSPIM510 Implement informed decision-making	2729

Assessment Requirements for FNSPIM510 Implement informed decision-making	2733

FNSPRM601 Establish, supervise and monitor practice systems to conform with legislation and regulations	2735

Assessment Requirements for FNSPRM601 Establish, supervise and monitor practice systems to conform with legislation and regulations	2739

FNSPRM605 Establish or review marketing, client services and supplier relationships	2741

Assessment Requirements for FNSPRM605 Establish or review marketing, client services and supplier relationships	2745

FNSPRM606 Establish or review human resources, administration and information support	2747

Assessment Requirements for FNSPRM606 Establish or review human resources, administration and information support	2751

FNSPRT302 Administer a non-complex estate	2753

Assessment Requirements for FNSPRT302 Administer a non-complex estate	2757

FNSPRT303 Administer a non-complex trust	2759

Assessment Requirements for FNSPRT303 Administer a non-complex trust	2762

FNSPRT402 Prepare a will	2764

Assessment Requirements for FNSPRT402 Prepare a will	2768

FNSPRT403 Administer a complex estate	2770

Assessment Requirements for FNSPRT403 Administer a complex estate	2774

FNSPRT404 Administer a trust dealing with complex matters	2777

Assessment Requirements for FNSPRT404 Administer a trust dealing with complex matters	2781

FNSPRT405 Establish powers of attorney or financial administration orders	2783

Assessment Requirements for FNSPRT405 Establish powers of attorney or financial administration orders	2787

FNSPRT406 Administer powers of attorney or financial administration orders	2789

Assessment Requirements for FNSPRT406 Administer powers of attorney or financial administration orders	2793

FNSPRT407 Investigate and substantiate entitlement in an intestate estate	2795

Assessment Requirements for FNSPRT407 Investigate and substantiate entitlement in an intestate estate	2798

FNSPRT501 Advise clients on trust structures	2800

Assessment Requirements for FNSPRT501 Advise clients on trust structures	2804

FNSPRT502 Advise clients in estate planning	2806

Assessment Requirements for FNSPRT502 Advise clients in estate planning	2810

FNSPRT504 Apply knowledge of the regulatory environment relevant to trustee organisations	2812

Assessment Requirements for FNSPRT504 Apply knowledge of the regulatory environment relevant to trustee organisations	2815

FNSPRT505 Develop and maintain knowledge of financial services and assets	2818

Assessment Requirements for FNSPRT505 Develop and maintain knowledge of financial services and assets	2821

FNSPRT506 Develop understanding of traditional trustee services	2823

Assessment Requirements for FNSPRT506 Develop understanding of traditional trustee services	2827

FNSPRT507 Apply principles of fiduciary duty, substituted decision-making and ethical decision-making	2829

Assessment Requirements for FNSPRT507 Apply principles of fiduciary duty, substituted decision-making and ethical decision-making	2832

FNSPRT508 Administer a charitable trust	2835

Assessment Requirements for FNSPRT508 Administer a charitable trust	2839

FNSRSK502 Assess risks	2841

Assessment Requirements for FNSRSK502 Assess risks	2844

FNSRSK602 Determine and manage risk exposure strategies	2846

Assessment Requirements for FNSRSK602 Determine and manage risk exposure strategies	2850

FNSRTS301 Provide customer service in a retail agency	2852

Assessment Requirements for FNSRTS301 Provide customer service in a retail agency	2855

FNSRTS302 Handle foreign currency transactions	2857

Assessment Requirements for FNSRTS302 Handle foreign currency transactions	2860

FNSRTS303 Balance retail transactions	2862

Assessment Requirements for FNSRTS303 Balance retail transactions	2865

FNSRTS304 Administer debit card services	2867

Assessment Requirements for FNSRTS304 Administer debit card services	2870

FNSRTS305 Process customer accounts	2872

Assessment Requirements for FNSRTS305 Process customer accounts	2876

FNSRTS306 Process customer transactions	2878

Assessment Requirements for FNSRTS306 Process customer transactions	2881

FNSRTS307 Maintain Automatic Teller Machine (ATM) services	2883

Assessment Requirements for FNSRTS307 Maintain Automatic Teller Machine (ATM) services	2886

FNSRTS308 Balance cash holdings	2888

Assessment Requirements for FNSRTS308 Balance cash holdings	2891

FNSRTS309 Maintain main bank account	2893

Assessment Requirements for FNSRTS309 Maintain main bank account	2896

FNSRTS401 Manage credit card services	2898

Assessment Requirements for FNSRTS401 Manage credit card services	2901

FNSRTS402 Prepare government returns and reports	2903

Assessment Requirements for FNSRTS402 Prepare government returns and reports	2906

FNSSAM401 Sell financial products and services	2908

Assessment Requirements for FNSSAM401 Sell financial products and services	2911

FNSSAM402 Implement a sales plan	2913

Assessment Requirements for FNSSAM402 Implement a sales plan	2916

FNSSAM403 Prospect for new clients	2918

Assessment Requirements for FNSSAM403 Prospect for new clients	2921

FNSSAM501 Apply advanced selling techniques to selling of financial products and services	2923

Assessment Requirements for FNSSAM501 Apply advanced selling techniques to selling of financial products and services	2927

FNSSAM502 Assess market needs	2929

Assessment Requirements for FNSSAM502 Assess market needs	2932

FNSSAM503 Monitor market opportunities	2934

Assessment Requirements for FNSSAM503 Monitor market opportunities	2937

FNSSAM601 Monitor performance in sales of financial products or services	2939

Assessment Requirements for FNSSAM601 Monitor performance in sales of financial products or services	2942

FNSSAM602 Identify and evaluate marketing opportunities in the financial services industry	2944

Assessment Requirements for FNSSAM602 Identify and evaluate marketing opportunities in the financial services industry	2948

FNSSAM603 Tailor financial products to meet customer needs	2950

Assessment Requirements for FNSSAM603 Tailor financial products to meet customer needs	2953

FNSSAM604 Establish agreements with intermediaries for product distribution	2955

Assessment Requirements for FNSSAM604 Establish agreements with intermediaries for product distribution	2959

FNSSUP409 Provide specialist retirement income stream information to clients	2961

Assessment Requirements for FNSSUP409 Provide specialist retirement income stream information to clients	2965

FNSSUP410 Establish and administer retirement income streams	2967

Assessment Requirements for FNSSUP410 Establish and administer retirement income streams	2971

FNSSUP411 Terminate retirement income streams	2973

Assessment Requirements for FNSSUP411 Terminate retirement income streams	2977

FNSSUP412 Determine impact of social security entitlements on retirement income	2979

Assessment Requirements for FNSSUP412 Determine impact of social security entitlements on retirement income	2982

FNSSUP413 Apply knowledge of retirement planning issues when dealing with clients	2984

Assessment Requirements for FNSSUP413 Apply knowledge of retirement planning issues when dealing with clients	2988

FNSSUP414 Develop and apply knowledge of aged care	2991

Assessment Requirements for FNSSUP414 Develop and apply knowledge of aged care	2995

FNSSUP509 Work within a defined benefit fund	2997

Assessment Requirements for FNSSUP509 Work within a defined benefit fund	3001

FNSTPB401 Complete business activity and instalment activity statements	3003

Assessment Requirements for FNSTPB401 Complete business activity and instalment activity statements	3008

FNSTPB402 Establish and maintain payroll systems	3011

Assessment Requirements for FNSTPB402 Establish and maintain payroll systems	3016

FNSTPB503 Apply legal principles in contract and consumer law	3019

Assessment Requirements for FNSTPB503 Apply legal principles in contract and consumer law	3023

FNSTPB504 Apply legal principles in corporations and trust law	3025

Assessment Requirements for FNSTPB504 Apply legal principles in corporations and trust law	3029

FNSTPB505 Apply legal principles in property law	3032

Assessment Requirements for FNSTPB505 Apply legal principles in property law	3036

FNSTPB506 Apply taxation requirements when providing tax (financial) advice services	3038

Assessment Requirements for FNSTPB506 Apply taxation requirements when providing tax (financial) advice services	3042

FNSTPB507 Apply legal principles in commercial law when providing tax (financial) advice services	3045

Assessment Requirements for FNSTPB507 Apply legal principles in commercial law when providing tax (financial) advice services	3048

BSBCUS501 Manage quality customer service	3051

Assessment Requirements for BSBCUS501 Manage quality customer service	3054

BSBITU305 Conduct online transactions	3056

Assessment Requirements for BSBITU305 Conduct online transactions	3059

BSBADM405 Organise meetings	3061

Assessment Requirements for BSBADM405 Organise meetings	3064

BSBCMM301 Process customer complaints	3066

Assessment Requirements for BSBCMM301 Process customer complaints	3069

BSBCMM401 Make a presentation	3071

Assessment Requirements for BSBCMM401 Make a presentation	3074

BSBCNV501 Take instructions in relation to a transaction	3076

Assessment Requirements for BSBCNV501 Take instructions in relation to a transaction	3080

BSBCNV502 Read and interpret a legal document and provide advice	3082

Assessment Requirements for BSBCNV502 Read and interpret a legal document and provide advice	3087

BSBCNV503 Analyse and interpret legal requirements for a transaction	3089

Assessment Requirements for BSBCNV503 Analyse and interpret legal requirements for a transaction	3093

BSBCNV506 Establish and manage a trust account	3095

Assessment Requirements for BSBCNV506 Establish and manage a trust account	3100

BSBCOM401 Organise and monitor the operation of compliance management system	3102

Assessment Requirements for BSBCOM401 Organise and monitor the operation of compliance management system	3106

BSBCOM402 Implement processes for the management of a breach in compliance requirements	3108

Assessment Requirements for BSBCOM402 Implement processes for the management of a breach in compliance requirements	3112

BSBCOM405 Promote compliance with legislation	3114

Assessment Requirements for BSBCOM405 Promote compliance with legislation	3117

BSBCOM501 Identify and interpret compliance requirements	3119

Assessment Requirements for BSBCOM501 Identify and interpret compliance requirements	3123

BSBCOM503 Develop processes for the management of breaches in compliance requirements	3125

Assessment Requirements for BSBCOM503 Develop processes for the management of breaches in compliance requirements	3129

BSBCOM602 Develop and create compliance requirements	3132

Assessment Requirements for BSBCOM602 Develop and create compliance requirements	3136

BSBCOM603 Plan and establish compliance management systems	3138

Assessment Requirements for BSBCOM603 Plan and establish compliance management systems	3143

BSBCUE203 Conduct customer engagement	3145

Assessment Requirements for BSBCUE203 Conduct customer engagement	3149

BSBCUE301 Use multiple information systems	3151

Assessment Requirements for BSBCUE301 Use multiple information systems	3155

BSBCUE304 Provide sales solutions to customers	3157

Assessment Requirements for BSBCUE304 Provide sales solutions to customers	3161

BSBCUE405 Survey stakeholders to gather and record information	3163

Assessment Requirements for BSBCUE405 Survey stakeholders to gather and record information	3167

BSBCUE407 Administer customer engagement technology	3169

Assessment Requirements for BSBCUE407 Administer customer engagement technology	3172

BSBCUE504 Integrate customer engagement within the organisation	3174

Assessment Requirements for BSBCUE504 Integrate customer engagement within the organisation	3178

BSBCUS301 Deliver and monitor a service to customers	3180

Assessment Requirements for BSBCUS301 Deliver and monitor a service to customers	3184

BSBCUS401 Coordinate implementation of customer service strategies	3186

Assessment Requirements for BSBCUS401 Coordinate implementation of customer service strategies	3190

BSBCUS402 Address customer needs	3192

Assessment Requirements for BSBCUS402 Address customer needs	3195

BSBCUS403 Implement customer service standards	3197

Assessment Requirements for BSBCUS403 Implement customer service standards	3200

BSBFIA302 Process payroll	3202

Assessment Requirements for BSBFIA302 Process payroll	3205

BSBINM501 Manage an information or knowledge management system	3207

Assessment Requirements for BSBINM501 Manage an information or knowledge management system	3211

BSBFIA401 Prepare financial reports	3213

Assessment Requirements for BSBFIA401 Prepare financial reports	3217

BSBFIM501 Manage budgets and financial plans	3219

Assessment Requirements for BSBFIM501 Manage budgets and financial plans	3222

BSBGOV403 Analyse financial reports and budgets	3224

Assessment Requirements for BSBGOV403 Analyse financial reports and budgets	3227

BSBHRM506 Manage recruitment selection and induction processes	3229

Assessment Requirements for BSBHRM506 Manage recruitment selection and induction processes	3233

BSBINM401 Implement workplace information system	3235

Assessment Requirements for BSBINM401 Implement workplace information system	3238

BSBINN502 Build and sustain an innovative work environment	3240

Assessment Requirements for BSBINN502 Build and sustain an innovative work environment	3244

BSBINN601 Lead and manage organisational change	3246

Assessment Requirements for BSBINN601 Lead and manage organisational change	3250

BSBITU304 Produce spreadsheets	3252

Assessment Requirements for BSBITU304 Produce spreadsheets	3255

BSBLEG513 Apply legal principles in corporation law matters	3257

Assessment Requirements for BSBLEG513 Apply legal principles in corporation law matters	3260

BSBITU306 Design and produce business documents	3262

Assessment Requirements for BSBITU306 Design and produce business documents	3265

BSBITU402 Develop and use complex spreadsheets	3267

Assessment Requirements for BSBITU402 Develop and use complex spreadsheets	3271

BSBLDR402 Lead effective workplace relationships	3273

Assessment Requirements for BSBLDR402 Lead effective workplace relationships	3277

BSBLDR403 Lead team effectiveness	3279

Assessment Requirements for BSBLDR403 Lead team effectiveness	3282

BSBLDR803 Develop and cultivate collaborative partnerships and relationships	3284

Assessment Requirements for BSBLDR803 Develop and cultivate collaborative partnerships and relationships	3288

BSBLEG413 Identify and apply the legal framework	3290

Assessment Requirements for BSBLEG413 Identify and apply the legal framework	3293

BSBLEG415 Apply the principles of contract law	3295

Assessment Requirements for BSBLEG415 Apply the principles of contract law	3298

BSBMGT401 Show leadership in the workplace	3300

Assessment Requirements for BSBMGT401 Show leadership in the workplace	3304

BSBMGT403 Implement continuous improvement	3306

Assessment Requirements for BSBMGT403 Implement continuous improvement	3309

BSBMGT405 Provide personal leadership	3311

Assessment Requirements for BSBMGT405 Provide personal leadership	3315

BSBMGT502 Manage people performance	3317

Assessment Requirements for BSBMGT502 Manage people performance	3321

BSBMGT516 Facilitate continuous improvement	3323

Assessment Requirements for BSBMGT516 Facilitate continuous improvement	3327

BSBMGT517 Manage operational plan	3329

Assessment Requirements for BSBMGT517 Manage operational plan	3333

BSBMGT605 Provide leadership across the organisation	3335

Assessment Requirements for BSBMGT605 Provide leadership across the organisation	3339

BSBMGT608 Manage innovation and continuous improvement	3341

Assessment Requirements for BSBMGT608 Manage innovation and continuous improvement	3345

BSBMGT615 Contribute to organisation development	3347

Assessment Requirements for BSBMGT615 Contribute to organisation development	3351

BSBMGT616 Develop and implement strategic plans	3353

Assessment Requirements for BSBMGT616 Develop and implement strategic plans	3357

BSBMGT617 Develop and implement a business plan	3359

Assessment Requirements for BSBMGT617 Develop and implement a business plan	3363

BSBMKG501 Identify and evaluate marketing opportunities	3365

Assessment Requirements for BSBMKG501 Identify and evaluate marketing opportunities	3368

BSBPMG411 Apply project quality management techniques	3370

Assessment Requirements for BSBPMG411 Apply project quality management techniques	3373

BSBPMG412 Apply project cost management techniques	3375

Assessment Requirements for BSBPMG412 Apply project cost management techniques	3378

BSBPMG415 Apply project risk management techniques	3380

Assessment Requirements for BSBPMG415 Apply project risk management techniques	3383

BSBPMG517 Manage project risk	3385

Assessment Requirements for BSBPMG517 Manage project risk	3389

BSBPMG521 Manage project integration	3391

Assessment Requirements for BSBPMG521 Manage project integration	3395

BSBPMG522 Undertake project work	3397

Assessment Requirements for BSBPMG522 Undertake project work	3401

BSBREL402 Build client relationships and business networks	3403

Assessment Requirements for BSBREL402 Build client relationships and business networks	3407

BSBRKG303 Retrieve information from records	3409

Assessment Requirements for BSBRKG303 Retrieve information from records	3412

BSBRKG304 Maintain business records	3414

Assessment Requirements for BSBRKG304 Maintain business records	3417

BSBRKG404 Monitor and maintain records in an online environment	3419

Assessment Requirements for BSBRKG404 Monitor and maintain records in an online environment	3422

BSBRSK401 Identify risk and apply risk management processes	3424

Assessment Requirements for BSBRSK401 Identify risk and apply risk management processes	3427

BSBRSK501 Manage risk	3429

Assessment Requirements for BSBRSK501 Manage risk	3433

BSBSLS501 Develop a sales plan	3435

Assessment Requirements for BSBSLS501 Develop a sales plan	3439

BSBSLS502 Lead and manage a sales team	3441

Assessment Requirements for BSBSLS502 Lead and manage a sales team	3445

BSBSUS501 Develop workplace policy and procedures for sustainability	3447

Assessment Requirements for BSBSUS501 Develop workplace policy and procedures for sustainability	3451

BSBWHS504 Manage WHS risks	3453

Assessment Requirements for BSBWHS504 Manage WHS risks	3456

BSBWHS603 Implement WHS risk management	3459

Assessment Requirements for BSBWHS603 Implement WHS risk management	3463

BSBWOR301 Organise personal work priorities and development	3466

Assessment Requirements for BSBWOR301 Organise personal work priorities and development	3469

BSBWOR404 Develop work priorities	3471

Assessment Requirements for BSBWOR404 Develop work priorities	3475

BSBWOR501 Manage personal work priorities and professional development	3477

Assessment Requirements for BSBWOR501 Manage personal work priorities and professional development	3480

BSBWOR502 Lead and manage team effectiveness	3482

Assessment Requirements for BSBWOR502 Lead and manage team effectiveness	3486

BSBWRT301 Write simple documents	3488

Assessment Requirements for BSBWRT301 Write simple documents	3491

MSMSUP390 Use structured problem-solving tools	3493

Assessment Requirements for MSMSUP390 Use structured problem-solving tools	3496

PSPGEN036 Provide workplace coaching	3498

Assessment Requirements for PSPGEN036 Provide workplace coaching	3501

PSPGEN051 Conduct evaluations	3503

Assessment Requirements for PSPGEN051 Conduct evaluations	3506

PSPGEN053 Provide leadership	3508

Assessment Requirements for PSPGEN053 Provide leadership	3512

PSPINM003 Undertake initial rehabilitation assessments	3514

Assessment Requirements for PSPINM003 Undertake initial rehabilitation assessments	3517

PSPINM005 Conduct situational workplace assessments	3519

Assessment Requirements for PSPINM005 Conduct situational workplace assessments	3522

PSPINM006 Develop return to work plans	3524

Assessment Requirements for PSPINM006 Develop return to work plans	3527

PSPINM007 Implement and monitor return to work plans	3529

Assessment Requirements for PSPINM007 Implement and monitor return to work plans	3532

PSPINM014 Contribute to a quality injury management system	3534

Assessment Requirements for PSPINM014 Contribute to a quality injury management system	3537

TAEDEL402 Plan, organise and facilitate learning in the workplace	3539

Assessment Requirements for TAEDEL402 Plan, organise and facilitate learning in the workplace	3543

TAEDEL404 Mentor in the workplace	3545

Assessment Requirements for TAEDEL404 Mentor in the workplace	3549

FNS Financial Services Training Package	3551

FNSSS00004 BAS Agent Registration Skill Set	3574

FNSSS00005 Commercial Law for Tax Agents Skill Set	3576

FNSSS00006 Commercial Law for Tax (Financial) Advisers Skill Set	3578

FNSSS00007 Financial Literacy Education Skill Set	3580

FNSSS00008 Tax Law for Tax Agents Skill Set (Tax documentation)	3582

FNSSS00009 Tax Law for Tax Agents Skill Set (Tax plans)	3584

FNSSS00010 Anti-money Laundering and Counter Terrorism Financing Skill Set	3586

FNSSS00011 Post-retirement Skill Set	3588

FNSSS00012 Payroll Administrator Skill Set	3590

FNSSS00013 Business Ethics and Conduct Skill Set	3592

FNSSS00014 Accounting Principles Skill Set	3594

FNSSS00015 Advanced Accounting Principles Skill Set	3596

FNSSS00016 Integrated Risk Management Skill Set	3598

FNSSS00017 Custody and Operations Skill Set	3600

FNS Financial Services Training Package

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© 2021 Commonwealth of Australia. With the exception of the Commonwealth Coat of Arms, the Department’s logo, any material protected by a trade mark and where otherwise noted, all material presented in this document is provided under a Creative Commons Attribution-No Derivative Works 3.0 Australia licence. You are free: to copy, distribute, display, and perform the work to make commercial use of the work Under the following conditions: Attribution - You must give the original author credit. No Derivative Works - You may not alter, transform, or build upon this work. Special Conditions (Waiver) For the sake of clarity, where the license refers to "the work", in addition to meaning the work in its entirety this term shall also mean "extracts of the work". Extracts of the work carry with it the respective licence, and is thus “partitioned”. The details of the relevant licence conditions are available on the Creative Commons website (www.creativecommons.org.au) as is the full legal code. The document must be attributed as the FNS Financial Services Training Package Release 6.2.
Disclaimer
This work is the result of wide consultations with Australian industry participants. It is a collaborative view and does not necessarily represent the view of Department of Education and Training or any specific body. For the sake of brevity it may omit factors which could be pertinent in particular cases. While care has been taken in the preparation of this Training Package, Department of Education and Training and the original developer do not warrant that any licensing or registration requirements specified here are either complete or up-to-date for your State or Territory. Department of Education and Training and the original developer do not accept any liability for any damage or loss (including indirect and consequential loss) incurred by any person as a result of relying on the information contained in this Training Package. The Commonwealth, through the Department of Education and Training, does not accept any liability to any person for the information or advice (or the use of such information or advice) which is provided in this material or incorporated into it by reference. The information is provided on the basis that all persons accessing this material undertake responsibility for assessing the relevance and accuracy of its content. No liability is accepted for any information or services which may appear in any other format. No responsibility is taken for any information or services which may appear on any linked websites.

Published by:	PwC’s Skills for Australia

Release Date:	July 2021

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

FNS10120 Certificate I in Basic Financial Literacy

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Qualification Description

This qualification is designed to facilitate an understanding of the Australian financial services marketplace and personal financial situations to address the need of increased nationwide financial literacy. The qualification provides learners with the basic skills and knowledge to pursue further learning in a variety of sectors in the financial services industry. It has wide application and may be used in workplaces, schools, adult and community learning organisations or registered training organisations to build the financial literacy of learners. It may also be used as part of pre-vocational or new apprenticeship programs, or as part of services provided by counselling or advisory organisations. It does not have an industry employment outcome.

Licensing, legislative, regulatory or certification considerations

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Entry Requirements

Nil

Packaging Rules

Total number of units = 6

6 core units

This qualification has no elective units.

Core units

FNSFLT211 Develop and use a personal budget

FNSFLT212 Develop and use a savings plan

FNSFLT213 Develop knowledge of debt and consumer credit

FNSFLT214 Develop knowledge of superannuation

FNSFLT215 Develop knowledge of the Australian financial system and markets

FNSFLT216 Develop knowledge of taxation

Qualification Mapping Information

Supersedes and is equivalent to FNS10115 Certificate I in Financial Services.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

FNS20120 Certificate II in Financial Services

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Qualification Description

This qualification is intended to address the need for increased financial literacy and basic financial skills of entrants wishing to build potential pathways into the industry.

Licensing, legislative, regulatory or certification considerations

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Entry Requirements

Nil

Packaging Rules

Total number of units = 8

4 core units plus

4 elective units, of which:

at least 2 must be from the electives listed below

up to 2 may be from elsewhere in this or any other currently endorsed Certificate II or Certificate III training package qualification or accredited course.

Elective units must be relevant to the work environment and the qualification, maintain the overall integrity of the AQF alignment, not duplicate the outcome of another unit chosen for the qualification, and contribute to a valid industry-supported vocational outcome.

Core units

BSBCMM211 Apply communication skills

BSBTEC201 Use business software applications

BSBWHS211 Contribute to health and safety of self and others

FNSINC311 Work together in the financial services industry

Elective units

BSBTEC302 Design and produce spreadsheets

FNSACC313 Perform financial calculations

FNSFLT211 Develop and use a personal budget

FNSFLT212 Develop and use a savings plan

FNSFLT213 Develop knowledge of debt and consumer credit

FNSFLT214 Develop knowledge of superannuation

FNSFLT215 Develop knowledge of the Australian financial system and markets

FNSFLT216 Develop knowledge of taxation

FNSRTS303 Balance retail transactions

FNSRTS305 Process customer accounts

FNSRTS306 Process customer transactions

FNSRTS311 Provide customer service in a retail agency

Qualification Mapping Information

No equivalent qualification. Supersedes and is not equivalent to FNS20115 Certificate II in Financial Services.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

FNS30120 Certificate III in Financial Services

Modification History

Release	Comments
Release 5	This version released with FNS Financial Services Training Package version 6.2. The following elective units of competency have been reinstated as directed by the AISC: FNSILF303 Issue a life insurance policy FNSPRT301 Establish entitlements to an intestate estate.
Release 4	This version released with FNS Financial Services Training Package version 6.1. The following elective unit of competency has been deleted as directed by the AISC: FNSILF303 Issue a life insurance policy. The above training product was identified as having zero enrolments over a three year period.
Release 3	This version released with FNS Financial Services Training Package version 6.0. Release created to reflect updated units of competency.
Release 2	This version released with FNS Financial Services Training Package version 5.0. Release created to reflect updated units of competency.
Release 1	This version released with FNS Financial Services Training Package Version 4.0.

Qualification Description

This qualification is designed to reflect the job role of entry level employees working across the entire financial services industry who perform duties relating to administrative, clerical and customer service roles in banking, credit management, insurance and retail financial services. Individuals at this level apply knowledge and skills to demonstrate autonomy and judgement and to take limited responsibility in known situations under general supervision.

Licensing, legislative, regulatory or certification considerations

Work functions in the occupational areas where this qualification is used may be subject to regulatory requirements. Refer to the relevant regulator for specific guidance on requirements.

Entry Requirements

Nil

Packaging Rules

Total number of units = 12

1 core unit plus

11 elective units, of which:

at least 7 must be selected from the elective units listed below

up to 4 may be selected from any currently endorsed training package qualification or accredited course at Certificate II or above, provided they do not duplicate the outcome of another unit chosen for the qualification.

Elective units must be relevant to the work environment and the qualification, maintain the overall integrity of the AQF alignment and contribute to a valid vocational outcome.

Core unit

FNSINC301 Work effectively in the financial services industry

Elective units

BSBCMM301 Process customer complaints

BSBCUE304 Provide sales solutions to customers

BSBINS307 Retrieve information from records

BSBINS309 Maintain business records

BSBITU304 Produce spreadsheets

BSBITU315 Purchase goods and services online

BSBOPS202 Engage with customers

BSBOPS304 Deliver and monitor a service to customers

BSBPEF301 Organise personal work priorities

BSBTEC301 Design and produce business documents

FNSACC311 Process financial transactions and extract interim reports

FNSACC313 Perform financial calculations

FNSACM311 Process and manage payments

FNSACM312 Reconcile financial transactions

FNSACM313 Process authorised payments

FNSACM411 Authorise valid expense payments

FNSCRD302 Monitor and control accounts receivable

FNSCRD311 Process applications for credit

FNSCRD405 Manage overdue customer accounts

FNSCUS402 Resolve disputes

FNSFLT311 Develop and apply knowledge of personal finances

FNSFLT411 Determine financial requirements of small businesses

FNSIAD301 Provide general advice on financial products and services

FNSILF302 Process a life insurance application

FNSILF303 Issue a life insurance policy

FNSINC412 Apply and maintain knowledge of financial products and services

FNSINC512 Assess vulnerability of financial products and services to money laundering and terrorism financing

FNSISV408 Manage handling and settlement of routine insurance claims for retail clients

FNSPRT301 Establish entitlements to an intestate estate

FNSPRT302 Administer a non-complex estate

FNSPRT303 Administer a non-complex trustFNSRTS303 Balance retail transactions

FNSRTS304 Administer debit card services

FNSRTS305 Process customer accounts

FNSRTS306 Process customer transactions

FNSRTS307 Maintain Automatic Teller Machine (ATM) services

FNSRTS308 Balance cash holdings

FNSRTS309 Maintain main bank account

FNSRTS311 Provide customer service in a retail agency

FNSRTS312 Execute foreign currency transactions

FNSRTS401 Manage credit card services

FNSRTS402 Prepare government returns and reports

FNSSAM301 Identify opportunities for cross-selling products and services

FNSSUP311 Process superannuation fund payments

FNSSUP312 Establish, maintain and process superannuation records

FNSSUP313 Process superannuation fund contributions

FNSSUP314 Process superannuation rollover benefits

FNSSUP315 Implement superannuation fund member investment instructions

FNSSUP316 Terminate superannuation plans

Qualification Mapping Information

Supersedes and is equivalent to FNS30115 Certificate III in Financial Services.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

FNS30220 Certificate III in Personal Injury Management

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Qualification Description

This qualification is designed to reflect the job role of entry level employees within the personal injury management sector. Individuals in these roles apply a broad range of competencies using limited discretion and judgement within the claims management function. Individuals at this level apply knowledge and skills to demonstrate autonomy and judgement and take limited responsibility in known situations under general supervision.

Licensing, legislative, regulatory or certification considerations

Work functions in the occupational areas where this qualification is used may be subject to regulatory requirements. Relevant regulatory authorities should be consulted to confirm those requirements before applying the qualification.

Entry Requirements

Nil

Packaging Rules

Total number of units = 10

4 core units plus

6 elective units, of which:

at least 4 must be from the electives listed below

up to 2 may be from elsewhere in this or any other currently endorsed Certificate II, Certificate III or Certificate IV training package qualification or accredited course.

Elective units must be relevant to the work environment and the qualification, maintain the overall integrity of the AQF alignment, not duplicate the outcome of another unit chosen for the qualification, and contribute to a valid industry-supported vocational outcome.

Core units

BSBOPS304 Deliver and monitor a service to customers

BSBPEF402 Develop personal work priorities

FNSPIM313 Work within the personal injury management sector

FNSPIM410 Collect, assess and use information

Elective units

BSBOPS305 Process customer complaints

BSBOPS404 Implement customer service strategies

BSBTWK201 Work effectively with others

BSBWHS211 Contribute to health and safety of self and others

FNSPIM301 Process benefit payments

FNSPIM302 Determine claim liability

FNSPIM314 Assess and determine initial entitlements for personal injury claims

FNSPIM415 Manage personal injury case loads

FNSPIM425 Facilitate recovery and return to life

FNSPIM434 Manage personal injury claims

Qualification Mapping Information

No equivalent qualification. Supersedes and is not equivalent to FNS30215 Certificate III in Personal Injury Management.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

FNS30317 Certificate III in Accounts Administration

Modification History

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

Qualification Description

This qualification reflects the job roles of employees with functions that could include financial data entry, processing accounts and payrolls, providing customer service in financial transactions, and producing financial reports. Individuals in these roles apply knowledge and skills to demonstrate autonomy and judgement and to take limited responsibility in known situations under general supervision.

Licensing/Regulatory Information

No licensing or certification requirements apply to this qualification at the time of publication. However, some units may specify relevant licensing, legislative and/or regulatory requirements that impact on the unit. Refer to FNS Financial Services Training Package Companion Volume Implementation Guide for guidance on requirements.

Entry Requirements

Nil.

Packaging Rules

Total number of units = 11

7 core units plus

4 elective units

The elective units must be relevant to the work environment and the qualification, maintain the integrity of the AQF alignment, and contribute to a valid industry-supported vocational outcome, and are to be chosen as follows:

all 4 units may be chosen from the elective units listed below

up to 2 units may be chosen from a Certificate II, Certificate III or Certificate IV in any currently endorsed training package or accredited course, provided they do not duplicate the outcome of another unit chosen for the qualification.

Core Units

BSBITU306 Design and produce business documents

BSBWRT301 Write simple documents

FNSACC304 Conduct business activities using a computerised accounting system

FNSACC311 Process financial transactions and extract interim reports

FNSACC312 Administer subsidiary accounts and ledgers

FNSACC313 Perform financial calculations

FNSINC301 Work effectively in the financial services industry

Elective Units

BSBCMM301 Process customer complaints

BSBCUS301 Deliver and monitor a service to customers

BSBCUS403 Implement customer service standards

BSBFIA302 Process payroll

BSBFIA401 Prepare financial reports

BSBITU304 Produce spreadsheets

BSBITU305 Conduct online transactions

BSBRKG303 Retrieve information from records

BSBRKG304 Maintain business records

BSBWOR301 Organise personal work priorities and development

FNSACM301 Administer financial accounts

FNSACM302 Prepare, match and process receipts

FNSACM303 Process payment documentation

FNSCRD301 Process applications for credit

FNSCRD302 Monitor and control accounts receivable

FNSCRD405 Manage overdue customer accounts

FNSCUS402 Resolve disputes

FNSORG301 Administer fixed asset register

FNSRTS301 Provide customer service in a retail agency

FNSRTS302 Handle foreign currency transactions

FNSRTS304 Administer debit card services

FNSRTS307 Maintain Automatic Teller Machine (ATM) services

FNSRTS308 Balance cash holdings

FNSRTS309 Maintain main bank account

Qualification Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNS30317 Certificate III in Accounts Administration	FNS30315 Certificate III in Accounts Administration (Release 3)	Core units changed. Packaging rules changed. Three units removed from elective unit list.	No equivalent qualification.

Links

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

FNS30420 Certificate III in Mercantile Agents

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Qualification Description

This qualification is designed for individuals in job roles in the mercantile agents sector who apply a broad range of competencies. This includes using limited discretion and judgement while undertaking operations that may include debt collection, process serving and repossessions. Individuals at this level apply knowledge and skills to demonstrate autonomy and judgement and take limited responsibility in known situations under general supervision.

Licensing, legislative, regulatory or certification considerations

Work functions in the occupational areas where this qualification may be used are subject to regulatory requirements. Relevant regulatory authorities should be consulted to confirm those requirements before applying the qualification.

Entry Requirements

Nil

Packaging Rules

Total number of units = 12

4 core units plus

8 elective units, of which:

at least 1 must be from Group A Technology

at least 2 must be from Group B Mercantile and credit

up to 2 may be from elsewhere in this or any other currently endorsed Certificate III or Certificate IV training package qualification or accredited course.

Elective units must be relevant to the work environment and the qualification, maintain the overall integrity of the AQF alignment, not duplicate the outcome of another unit chosen for the qualification, and contribute to a valid industry-supported vocational outcome.

Core units

FNSINC311 Work together in the financial services industry

FNSMCA311 Collect debts

FNSMCA314 Locate individuals

FNSMCA413 Identify and manage individuals experiencing hardship

Elective units

Group A - Technology

BSBDAT201 Collect and record data

BSBTEC201 Use business software applications

BSBTEC404 Use digital technologies to collaborate in a work environment

Group B - Mercantile and credit

FNSCRD302 Monitor and control accounts receivable

FNSCRD311 Process applications for credit

FNSCRD403 Manage and recover bad and doubtful debts

FNSCRD404 Utilise the legal process to recover outstanding debt

FNSCRD405 Manage overdue customer accounts

FNSMCA312 Repossess property

FNSMCA313 Serve legal process

FNSMCA411 Evaluate debt collection actions and develop recommendations

FNSMCA412 Undertake legal action for recovery of debts

Group C - General

BSBAUD412 Work within compliance frameworks

BSBCMM412 Lead difficult conversations

BSBFIN301 Process financial transactions

BSBFIN401 Report on financial activity

BSBPEF301 Organise personal work priorities

BSBPEF302 Develop self-awareness

BSBPEF401 Manage personal health and wellbeing

BSBPMG421 Apply project time management techniques

BSBWHS211 Contribute to health and safety of self and others

BSBXCM301 Engage in workplace communication

BSBXTW301 Work in a team

FNSACC313 Perform financial calculations

FNSCUS301 Respond to customer enquiries

FNSCUS401 Participate in negotiations

FNSCUS402 Resolve disputes

FNSFLT213 Develop knowledge of debt and consumer credit

FNSINC411 Conduct work according to professional practices in the financial services industry

FNSORG411 Conduct individual work within a compliance framework

FNSRTS305 Process customer accounts

Qualification Mapping Information

No equivalent qualification. Supersedes and is not equivalent to FNS30415 Certificate III in Mercantile Agents.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

FNS40120 Certificate IV in Credit Management

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

Qualification Description

This qualification reflects entry level job roles in credit management functions. Individuals in these roles apply theoretical and technical knowledge and skills to work autonomously and exercise judgement in completing routine and non-routine activities relating to credit, reconciliation and customer service.

Licensing/Regulatory Information

Work functions in the occupational areas where this qualification is used may be subject to regulatory requirements. Refer to the relevant regulator for specific guidance on requirements.

Entry Requirements

Nil

Packaging Rules

Total number of units = 12

9 core units plus

3 elective units of which:

2 units must be selected from the electives listed below,

1 unit may be selected from the remaining listed electives or any currently endorsed training package qualification or accredited course at Certificate III or above.

Elective units must be relevant to the work environment and the qualification, maintain the overall integrity of the AQF alignment and contribute to a valid vocational outcome.

Core Units

FNSCRD401 Assess credit applications

FNSCRD402 Establish and maintain appropriate security

FNSCRD403 Manage and recover bad and doubtful debts

FNSCRD404 Utilise the legal process to recover outstanding debt

FNSCRD405 Manage overdue customer accounts

FNSCUS402 Resolve disputes

FNSINC411 Conduct work according to professional practices in the financial services industry

FNSORG411 Conduct individual work within a compliance framework

FNSRSK411 Apply risk management strategies to own work

Elective Units

BSBCUE203 Conduct customer engagement

BSBCMM301 Process customer complaints

BSBCNV506 Establish and manage a trust account

BSBCUS403 Implement customer service standards

BSBFIA401 Prepare financial reports

BSBMGT405 Provide personal leadership

BSBSMB407 Manage a small team

BSBLDR403 Lead team effectiveness

BSBWOR501 Manage personal work priorities and professional development

FNSACC411 Process business tax requirements

FNSCRD503 Promote understanding of the role and effective use of consumer credit

FNSINC503 Identify situations requiring complex ethical decision making

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

FNSRSK512 Assess risks

Qualification Mapping Information

No equivalent qualification. Supersedes and is not equivalent to FNS40115 Certificate IV in Credit Management.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

FNS40217 Certificate IV in Accounting and Bookkeeping

Modification History

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

Qualification Description

This qualification reflects the job roles of workers in the accounting industry, including BAS Agents and contract bookkeepers; and of those employees performing bookkeeping tasks for organisations in a range of industries. It includes preparing and lodging business and instalment activity statements, and providing advice or dealing with the Commissioner on behalf of a taxpayer in relation to activity statements. Individuals in these roles apply theoretical and specialist knowledge and skills to work autonomously, and exercise judgement in completing routine and non-routine activities.

Licensing/Regulatory Information

Work functions in the occupational areas where this qualification 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 requirements.

Persons providing a business activity statement (BAS) service for a fee or other reward must be registered by the Tax Practitioners Board (TPB) and this qualification is currently cited as meeting the TPB education requirements for registration. Other conditions apply, including a designated period of experience. Persons seeking BAS agent registration should check current registration requirements with the TPB, as registration requirements are reviewed regularly.

Entry Requirements

Nil.

Packaging Rules

Total number of units of competency = 13

8 core units plus 5 elective units

The elective units must be relevant to the work environment and the qualification, maintain the integrity of the AQF alignment, and contribute to a valid industry-supported vocational outcome, and are to be chosen as follows:

all 5 units may be chosen from the elective units listed below

up to 2 units may be from a Certificate III, Certificate IV or Diploma in any currently endorsed training package or accredited course, provided they do not duplicate the outcome of another unit chosen for the qualification.

Core Units

BSBFIA401 Prepare financial reports

BSBSMB412 Introduce cloud computing into business operations

FNSACC311 Process financial transactions and extract interim reports

FNSACC312 Administer subsidiary accounts and ledgers

FNSACC408 Work effectively in the accounting and bookkeeping industry

FNSACC416 Set up and operate a computerised accounting system

FNSTPB401 Complete business activity and instalment activity statements 1

FNSTPB402 Establish and maintain payroll systems1

Elective Units

BSBCUS301 Deliver and monitor a service to customers

BSBCUS403 Implement customer service standards

BSBITU306 Design and produce business documents

BSBITU402 Develop and use complex spreadsheets

BSBSMB401 Establish legal and risk management requirements of small business

BSBSMB402 Plan small business finances

BSBSMB405 Monitor and manage small business operations

BSBWOR501 Manage personal work priorities and professional development

BSBWRT301 Write simple documents

FNSACC313 Perform financial calculations

FNSACC405 Maintain inventory records

FNSACC407 Produce job costing information

FNSACC411 Process business tax requirements

FNSACC412 Prepare operational budgets

FNSACC413 Make decisions in a legal context

FNSACC414 Prepare financial statements for non-reporting entities

FNSACM401 Evaluate and authorise payment requests

FNSORG505 Prepare financial reports to meet statutory requirements

FNSORG506 Prepare financial forecasts and projections

FNSPAY501 Process salary packaging arrangements and additional allowances in payroll

FNSPAY502 Process superannuation payments in payroll

FNSPAY503 Process complex employee terminations in payroll

FNSPAY504 Interpret and apply knowledge of industrial regulations relevant to payroll

FNSPAY505 Interpret and apply knowledge of taxation systems relevant to payroll

1 Unit required for the FNSSS00004 BAS Agent Registration Skill Set.

Qualification Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNS40217 Certificate IV in Accounting and Bookkeeping	FNS40215 Certificate IV in Bookkeeping FNS40615 Certificate IV in Accounting	New qualification that reflects the integration of two now superseded qualifications: FNS40215 Certificate IV in Bookkeeping and FNS40615 Certificate IV in Accounting.	No equivalent qualification.

Links

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

FNS40820 Certificate IV in Finance and Mortgage Broking

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Qualification Description

This qualification reflects the job roles of individuals working in finance and mortgage broking. Individuals in these roles apply theoretical and technical knowledge and skills to work autonomously and exercise judgement in completing routine activities relating to mortgage and finance broking.

Licensing, legislative, regulatory or certification considerations

Work functions in the occupational areas where this qualification may be used are subject to regulatory requirements. Relevant regulatory authorities should be consulted to confirm those requirements before applying the qualification.

Entry Requirements

Nil

Packaging Rules

Total number of units = 12

8 core units plus

4 elective units, of which:

at least 1 must be from the electives listed below

up to 2 may be from elsewhere in this or any other currently endorsed Certificate III or above training package qualification or accredited course.

Elective units must be relevant to the work environment and the qualification, maintain the overall integrity of the AQF alignment, not duplicate the outcome of another unit chosen for the qualification, and contribute to a valid industry-supported vocational outcome.

Core units

BSBPEF501 Manage personal and professional development

FNSCUS511 Develop and maintain professional relationships in financial services industry

FNSFMB411 Prepare loan applications on behalf of clients

FNSFMB412 Identify client needs and present broking options

FNSFMK515 Comply with financial services regulation and industry codes of practice

FNSINC411 Conduct work according to professional practices in the financial services industry

FNSINC412 Apply and maintain knowledge of financial products and services

FNSSAM411 Sell financial products and services

Elective units

BSBESB401 Research and develop business plans

BSBOPS304 Deliver and monitor a service to customers

BSBOPS404 Implement customer service strategies

BSBPEF402 Develop personal work priorities

BSBTEC301 Design and produce business documents

FNSASIC301 Establish client relationship and analyse needs

FNSASIC302 Develop, present and negotiate client solutions

FNSCRD401 Assess credit applications

FNSCRD402 Establish and maintain appropriate security

FNSFMB511 Implement credit contracts in preparation for settlement

FNSSAM403 Prospect for new clients

Qualification Mapping Information

No equivalent qualification. Supersedes and is not equivalent to FNS40815 Certificate IV in Finance and Mortgage Broking.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

FNS40920 Certificate IV in Superannuation

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Qualification Description

This qualification reflects administration and customer service job roles in the superannuation industry. Individuals in these roles apply specialist skills and knowledge to work autonomously and exercise judgement in completing routine and non-routine activities, including administering income streams, assisting with meeting industry compliance requirements, establishing and maintaining employer accounts and processing benefits, claims and payments. They apply solutions to a defined range of superannuation problems and analyse and evaluate information from a variety of relevant sources.

Licensing, legislative, regulatory or certification considerations

Work functions in the occupational areas where this qualification may be used are subject to regulatory requirements. Relevant regulatory authorities should be consulted to confirm those requirements before applying the qualification.

Entry Requirements

Nil

Packaging Rules

Total number of units = 10

1 core unit plus

9 elective units, of which:

at least 3 must be from Groups A, B, C and/or D

at least 4 must be from any elective group below

up to 2 may be from any currently endorsed training package qualification or accredited course at AQF Level 3 or above, provided they do not duplicate the outcome of another unit chosen for the qualification.

Elective units must be relevant to the work environment and the qualification, maintain the overall integrity of the AQF alignment, and contribute to a valid vocational outcome.

Core unit

FNSINC411 Conduct work according to professional practices in the financial services industry

Elective units

Group A General superannuation

FNSSUP418 Participate in superannuation fund reviews

FNSSUP422 Assist organisation to meet regulatory superannuation compliance requirements

Group B Superannuation contributions

FNSSUP313 Process superannuation fund contributions

FNSSUP416 Establish and maintain superannuation accumulation funds

FNSSUP424 Establish and customise employer accounts in superannuation

Group C Superannuation benefits

FNSSUP311 Process superannuation fund payments

FNSSUP417 Assess superannuation benefits and insurance claims under special conditions of release

FNSSUP420 Establish and administer retirement income streams

FNSSUP421 Process superannuation benefits and insurance claims under special conditions of release

FNSSUP431 Terminate retirement income streams

FNSSUP432 Determine impact of social security entitlements on retirement income

Group D Superannuation customer service

FNSSUP419 Provide retirement income stream information to superannuation clients

FNSSUP423 Provide knowledge of retirement planning issues when dealing with superannuation clients

FNSSUP434 Develop and provide knowledge of aged care to superannuation clients

FNSSUP514 Provide information or general advice to superannuation clients

FNSSUP518 Provide information to superannuation fund members in writing

Group E General business

BSBCUE405 Survey stakeholders to gather and record information

BSBITS411 Maintain business technology

BSBOPS304 Deliver and monitor a service to customers

BSBOPS404 Implement customer service strategies

BSBSMB411 Manage specialist external advisory services

BSBSUS411 Implement and monitor environmentally sustainable work practices

FNSINC402 Develop and maintain in-depth knowledge of products and services used by an organisation or sector

Qualification Mapping Information

No equivalent qualification. Supersedes and is not equivalent to FNS40915 Certificate IV in Superannuation.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

FNS41420 Certificate IV in General Insurance

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.
Release 2	This version first released with FNS Financial Services Training Package Version 6.0. Release created to reflect updated units of competency.

Qualification Description

This qualification reflects the role of those who work in general insurance in a range of organisations. Individuals in these roles apply specialist skills and knowledge to work autonomously and as part of a team. They exercise judgement in completing routine and non-routine activities relating to claims handling, determining risk exposure, dispute resolution, providing customer service and underwriting. They apply solutions to a defined range of general insurance problems and analyse and evaluate information from a variety of relevant sources.

Licensing, legislative, regulatory or certification considerations

Work functions in the occupational areas where this qualification may be used are subject to regulatory requirements. Relevant regulatory authorities should be consulted to confirm those requirements before applying the qualification.

Entry Requirements

Nil

Packaging Rules

Total number of units = 12

3 core units plus

9 elective units, of which:

at least 7 must be from the elective units listed below

up to 2 may be from any currently endorsed training package qualification or accredited course at AQF Level 3 or above, provided they do not duplicate the outcome of another unit chosen for the qualification.

Elective units must be relevant to the work environment and the qualification, maintain the overall integrity of the AQF alignment, and contribute to a valid vocational outcome.

Core units

BSBXCM401 Apply communication strategies in the workplace

FNSINC402 Develop and maintain in-depth knowledge of products and services used by an organisation or sector

FNSINC411 Conduct work according to professional practices in the financial services industry

Elective units

ASIC compliance

FNSASIC301 Establish client relationship and analyse needs

FNSASIC302 Develop, present and negotiate client solutions

FNSASIC314 Provide Tier 2 general advice in general insurance

FNSASIC315 Provide Tier 2 personal advice in general insurance

Claims management

BSBINS401 Analyse and present research information

FNSISV405 Analyse insurance claims

FNSISV408 Manage handling and settlement of routine insurance claims for retail clients

FNSISV416 Use specialist terminology in insurance claims

Underwriting management

FNSINC511 Conduct financial product research to support product recommendations

FNSISV404 Underwrite renewal business

FNSISV411 Evaluate risk for new and renewal business

FNSISV412 Underwrite new and renewal business

FNSISV413 Survey potential risk exposure

FNSISV501 Issue contracts of insurance covering non-routine and complex situations

Risk management

BSBDAT501 Analyse data

BSBWHS414 Contribute to WHS risk management

FNSRSK411 Apply risk management strategies to own work

Client relationship management

BSBCUS301 Deliver and monitor a service to customers

BSBOPS305 Process customer complaints

BSBOPS404 Implement customer service strategies

BSBOPS505 Manage organisational customer service

FNSCUS401 Participate in negotiations

FNSCUS515 Determine client financial requirements and expectations

FNSCUS516 Record and implement client instructions

Sales and marketing

FNSIAD501 Provide appropriate services, advice and products to clients

FNSSAM403 Prospect for new clients

FNSSAM411 Sell financial products and services

General

BSBLDR411 Demonstrate leadership in the workplace

BSBLDR413 Lead effective workplace relationships

BSBLDR414 Lead team effectiveness

BSBOPS402 Coordinate business operational plans

BSBPEF402 Develop personal work priorities

Qualification Mapping Information

No equivalent qualification. Supersedes and is not equivalent to FNS41415 Certificate IV in General Insurance.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

FNS41515 Certificate IV in Life Insurance

Modification History

Release	Comments
Release 5	This version released with FNS Financial Services Training Package version 6.2. The following elective units of competency have been reinstated as directed by the AISC: FNSILF303 Issue a life insurance policy FNSILF408 Process life insurance contract maturity and surrender payment requests.
Release 4	This version released with FNS Financial Services Training Package version 6.1. The following elective units of competency have been deleted as directed by the AISC: FNSILF303 Issue a life insurance policy FNSILF408 Process life insurance contract maturity and surrender payment requests. The above training products were identified as having zero enrolments over a three year period.
Release 3	This version released with FNS Financial Services Training Package version 3.1 Release 3 created to correct a unit title in the elective bank
Release 2	This version released with FNS Financial Services Training Package version 1.1 Release 2 created to correct typographical error
Release 1	This qualification first released with FNS Financial Services Training Package version 1.0

Qualification Description

This qualification is designed to reflect the role of persons carrying out work in life insurance in a range of environments including as a team member in a large organisation or a small practice. Individuals in these roles apply specialist knowledge and skills to work autonomously and exercise judgement in completing routine and non-routine activities relating to customer service and assistance with policies and claims. They apply solutions to a defined range of life insurance problems, and analyse and evaluate information from a variety of relevant sources

Licensing/Regulatory Information

No licensing or certification requirements apply to this qualification at the time of publication. However, some units will specify relevant licensing, legislative and/or regulatory requirements that impact on the unit. Refer to the FNS Implementation Guide Companion Volume for guidance on requirements.

Entry Requirements

Nil.

Packaging Rules

Total number of units = 13

2 core units plus

11 elective units

The elective units consist of:

8 from the electives below.

Of the remaining 3 units:

up to 3 may be from the electives

up to 3 may be from a Certificate III, Certificate IV or Diploma in any endorsed training package or accredited course.

The elective units chosen must be relevant to the work outcome and meet local industry needs.

Core Units

FNSINC301 Work effectively in the financial services industry

FNSILF403 Develop and maintain in-depth knowledge of products and services used by the life insurance sector

Elective Units

BSBCMM301 Process customer complaints

FNSCMP501 Comply with financial services legislation

FNSCUS301 Respond to customer enquiries

FNSCUS402 Resolve disputes

FNSCUS403 Deliver a professional service to customers

FNSILF302 Process a life insurance application

FNSILF303 Issue a life insurance policy

FNSILF401 Contribute to the life risk underwriting process

FNSILF404 Process policy alterations and assignments

FNSILF405 Evaluate life insurance claims

FNSILF406 Collect and manage information to facilitate claims assessment

FNSILF407 Settle life insurance claims

FNSILF408 Process life insurance contract maturity and surrender payment requests

FNSISV406 Use specialist terminology in insurance claims

FNSISV407 Use medical terminology in an insurance context

Qualification Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNS41515 Certificate IV in Life Insurance	FNS41512 Certificate IV in Life Insurance	Updated to meet Standards for Training Packages	Equivalent qualification

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

FNS41720 Certificate IV in Insurance Broking

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.
Release 2	This version first released with FNS Financial Services Training Package Version 6.0. Release created to reflect updated units of competency.

Qualification Description

This qualification reflects the role of insurance brokers who provide advice on retail products and services to retail insurance clients. They may also have a role in providing specialist advice and managerial activities. Individuals in these roles apply specialist skills and knowledge to work autonomously and exercise judgement in completing routine and non-routine activities and to analyse and evaluate information from a variety of relevant sources.

Licensing, legislative, regulatory or certification considerations

Work functions in the occupational areas where this qualification may be used are subject to regulatory requirements. Relevant regulatory authorities should be consulted to confirm those requirements before applying the qualification.

Entry Requirements

Nil

Packaging Rules

Total number of units = 12

8 core units plus

4 elective units, of which:

at least 2 must be from the elective units listed below

the remaining units may be from any currently endorsed training package qualification or accredited course at AQF Level 3 or above, provided they do not duplicate the outcome of another unit chosen for the qualification.

Elective units must be relevant to the work environment and the qualification, maintain the overall integrity of the AQF alignment, and contribute to a valid vocational outcome.

Core units

FNSASIC314 Provide Tier 2 general advice in general insurance

FNSASIC315 Provide Tier 2 personal advice in general insurance

FNSIBK412 Implement new and renewed insurance program for insurance broking clients

FNSIBK413 Place client insurances with insurer and confirm insurance cover with clients

FNSIBK414 Provide a claims service to insurance broking clients

FNSIBK415 Meet compliance requirements relating to insurance broking

FNSIBK416 Deliver insurance broking services

FNSINC412 Apply and maintain knowledge of financial products and services

Elective units

Communication

BSBCMM411 Make a presentation

BSBOPS305 Process customer complaints

FNSCUS401 Participate in negotiations

Customer service

BSBCUS403 Implement customer service standards

BSBOPS404 Implement customer service strategies

BSBOPS505 Manage organisational customer service

Workers’ compensation insurance

FNSIBK401 Research, analyse and report information in insurance broking

FNSISV405 Analyse insurance claims

FNSISV408 Manage handling and settlement of routine insurance claims for retail clients

FNSPIM313 Work within the personal injury management sector

FNSPIM314 Assess and determine initial entitlements for personal injury claims

FNSPIM403 Educate clients on personal injury management issues

FNSPIM406 Develop and maintain knowledge of personal injury management insurance

FNSPIM419 Maintain relationship with personal injury clients

FNSPIM423 Educate clients on personal injury management issues

Risk management

BSBWHS414 Contribute to WHS risk management

FNSISV413 Survey potential risk exposure

FNSRSK512 Assess risks

Team and organisation

BSBLDR411 Demonstrate leadership in the workplace

BSBOPS402 Coordinate business operational plans

BSBPEF402 Develop personal work priorities

BSBSMB407 Manage a small team

Qualification Mapping Information

No equivalent qualification. Supersedes and is not equivalent to FNS41715 Certificate IV in Insurance Broking.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

FNS41820 Certificate IV in Financial Services

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

Qualification Description

This qualification is designed to provide a flexible general purpose pathway in the financial services industry. It is intended for individuals with job roles that involve working across a range of duties in the financial services sector where a specialist qualification is not the most suitable qualification. Individuals in these roles apply theoretical and technical knowledge and skills to work autonomously and exercise judgement in completing routine and non-routine activities.

Licensing/Regulatory Information

Work functions in the occupational areas where this qualification is used may be subject to regulatory requirements. Refer to the relevant regulator for specific guidance on requirements.

Entry Requirements

Nil

Packaging Rules

Total number of units = 13

1 core units plus

12 elective units of which:

8 units must be selected from the electives listed below and 6 of these units must have the FNS code

4 units may be selected from the remaining listed electives or from a Certificate III, Certificate IV or Diploma qualification in any currently endorsed training package or accredited course.

Elective units must be relevant to the work environment and the qualification, maintain the overall integrity of the AQF alignment and contribute to a valid vocational outcome.

Core Units

FNSINC411 Conduct work according to professional practices in the financial services industry

Elective Units

General financial service units

FNSACC405 Maintain inventory records

FNSACC412 Prepare operational budgets

FNSACC413 Make decisions in a legal context

FNSBNK401 Coordinate a small business customer portfolio

FNSBNK402 Align banking products with the needs of small business customers

FNSBNK403 Provide services in a Business Transaction Centre

FNSBNK414 Promote mobile banking services

FNSBNK415 Provide mobile banking sales and service

FNSBNK416 Manage mobile lending services

FNSCUS401 Participate in negotiations

FNSCUS402 Resolve disputes

FNSFLT401 Be MoneySmart through a career in small business

FNSFMK411 Perform reconciliations

FNSFMK402 Develop and maintain knowledge of financial markets products

FNSFMK403 Interpret financial markets information

FNSFMK515 Comply with financial services regulation and industry codes of practice

FNSINC402 Develop and maintain in-depth knowledge of products and services used by an organisation or sector

FNSINC501 Conduct product research to support recommendations

FNSINC503 Identify situations requiring complex ethical decision making

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

FNSORG411 Conduct individual work within a compliance framework

FNSPIM410 Collect, assess and use information

FNSRSK411 Apply risk management strategies to own work

FNSSAM401 Sell financial products and services

FNSSAM402 Implement a sales plan

FNSSAM403 Prospect for new clients

FNSSUP409 Provide specialist retirement income stream information to clients

FNSSUP410 Establish and administer retirement income streams

FNSSUP411 Terminate retirement income streams

FNSSUP412 Determine impact of social security entitlements on retirement income

FNSSUP413 Apply knowledge of retirement planning issues when dealing with clients

FNSSUP414 Develop and apply knowledge of aged care

FNSTPB402 Establish and maintain payroll systems

Mortgage lending

FNSCRD401 Assess credit applications

FNSCRD402 Establish and maintain appropriate security

FNSCRD403 Manage and recover bad and doubtful debts

FNSCRD404 Utilise the legal process to recover outstanding debt

FNSCRD405 Manage overdue customer accounts

FNSCRD503 Promote understanding of the role and effective use of consumer credit

Generic units

BSBADM405 Organise meetings

BSBCMM401 Make a presentation

BSBCOM401 Organise and monitor the operation of compliance management system

BSBCOM402 Implement processes for the management of a breach in compliance requirements

BSBCOM405 Promote compliance with legislation

BSBCUE405 Survey stakeholders to gather and record information

BSBCUS401 Coordinate implementation of customer service strategies

BSBCUS403 Implement customer service standards

BSBGOV403 Analyse financial reports and budgets

BSBINM401 Implement workplace information system

BSBITU402 Develop and use complex spreadsheets

BSBLDR402 Lead effective workplace relationships

BSBLDR403 Lead team effectiveness

BSBLEG413 Identify and apply the legal framework

BSBLEG415 Apply the principles of contract law

BSBMGT401 Show leadership in the workplace

BSBMGT403 Implement continuous improvement

BSBPMG411 Apply project quality management techniques

BSBPMG412 Apply project cost management techniques

BSBPMG415 Apply project risk management techniques

BSBREL402 Build client relationships and business networks

BSBRES411 Analyse and present research information

BSBRKG404 Monitor and maintain records in an online environment

BSBRSK401 Identify risk and apply risk management processes

BSBSMB407 Manage a small team

BSBWHS414 Contribute to WHS risk management

BSBWOR404 Develop work priorities

TAEDEL402 Plan, organise and facilitate learning in the workplace

TAEDEL404 Mentor in the workplace

Qualification Mapping Information

No equivalent qualification. Supersedes and is not equivalent to FNS41815 Certificate IV in Financial Services.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

FNS42020 Certificate IV in Banking Services

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

Qualification Description

This qualification is designed to reflect job roles requiring specialist understanding of financial products and services working in banking, customer contact centre or retail financial services environments. Individuals in these roles apply specialist knowledge and skills to work autonomously and exercise judgement in completing routine and non-routine activities. The qualification allows for specialisation in sales and marketing, lending and mobile banking.

Licensing/Regulatory Information

Work functions in the occupational areas where this qualification is used may be subject to regulatory requirements. Refer to the relevant regulator for specific guidance on requirements

Entry Requirements

Nil

Packaging Rules

Total number of units = 12

5 core units plus

7 elective units of which:

3 units must be selected from one of the following elective groups:

Group A Customer services, or

Group B Lending, or

Group C Mobile banking.

Of the remaining electives, 2 must be selected from the remaining elective units and up to 2 may be selected from a Certificate III, Certificate IV or Diploma in any currently endorsed training package or accredited course.

Elective units must be relevant to the work environment and the qualification, maintain the overall integrity of the AQF alignment and contribute to a valid vocational outcome.

Core Units

BSBCUS403 Implement customer service standards

FNSINC411 Conduct work according to professional practices in the financial services industry

FNSINC402 Develop and maintain in-depth knowledge of products and services used by an organisation or sector

FNSINC503 Identify situations requiring complex ethical decision making

FNSRSK411 Apply risk management strategies to own work

Elective Units

Group A - Customer services

FNSSAM401 Sell financial products and services

FNSSAM402 Implement a sales plan

FNSSAM403 Prospect for new clients

Group B - Lending

FNSCRD401 Assess credit applications

FNSCRD402 Establish and maintain appropriate security

FNSCRD503 Promote understanding of the role and effective use of consumer credit

Group C - Mobile Banking

FNSBNK414 Promote mobile banking services

FNSBNK415 Provide mobile banking sales and service

FNSBNK416 Manage mobile lending services

Group D - General

BSBCUE301 Use multiple information systems

BSBCUE407 Administer customer engagement technology

BSBCUS301 Deliver and monitor a service to customers

BSBCUS401 Coordinate implementation of customer service strategies

BSBMGT405 Provide personal leadership

BSBSMB407 Manage a small team

BSBWOR501 Manage personal work priorities and professional development

FNSBNK401 Coordinate a small business customer portfolio

FNSBNK403 Provide services in a Business Transaction Centre

FNSCUS402 Resolve disputes

FNSFLT501 Assist customers to budget and manage own finances

FNSFMB402 Identify client needs for broking services

FNSFMB403 Present broking options to client

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

FNSMCA402 Initiate legal recovery of debts

Qualification Mapping Information

No equivalent qualification. Supersedes and is not equivalent to FNS42015 Certificate IV in Banking Services.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

FNS42120 Certificate IV in Personal Injury Management

Modification History

Release	Comments
Release 2	The following elective units of competency have been deleted as directed by the AISC: FNSPIM512 Negotiate settlements for medical indemnity claims. The above training products were identified as having zero enrolments over a three year period.
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Qualification Description

This qualification reflects job roles requiring well developed skills and a broad knowledge base in a wide variety of contexts within the personal injury management sector. It may involve supervision or leadership and guidance with some limited responsibility for others. Individuals in these roles apply theoretical and technical knowledge and skills to work autonomously and exercise judgement in completing routine and non-routine activities. Individuals may specialise in claims management, return to life or underwriting.

Licensing, legislative, regulatory or certification considerations

Work functions in the occupational areas where this qualification is used may be subject to regulatory requirements. Relevant regulatory authorities should be consulted to confirm those requirements before applying the qualification.

Entry Requirements

Nil

Packaging Rules

Total number of units = 12

2 core units plus

10 elective units, of which:

all units in one of the following streams must be completed:

Group A Claims management

Group B Return to life

Group C Underwriting

of the remaining units:

at least 4 must be from the electives listed below

up to 2 may be from elsewhere in this or any other currently endorsed Certificate III or above training package qualification or accredited course.

Elective units must be relevant to the work environment and the qualification, maintain the overall integrity of the AQF alignment, not duplicate the outcome of another unit chosen for the qualification, and contribute to a valid industry-supported vocational outcome.

Core units

FNSPIM313 Work within the personal injury management sector

FNSPIM419 Maintain relationships with personal injury clients

Elective units

Group A - Claims management

FNSISV408 Manage handling and settlement of routine insurance claims for retail clients

FNSPIM415 Manage personal injury case loads

FNSPIM434 Manage personal injury claims

FNSPIM505 Use medical knowledge in the management of personal injury claims

Group B - Return to life

FNSCUS401 Participate in negotiations

FNSPIM411 Plan and implement rehabilitation and return to life strategies

FNSPIM425 Facilitate recovery and return to life

FNSPIM522 Facilitate workplace assessment with stakeholders for personal injury cases

Group C - Underwriting

FNSCRD403 Manage and recover bad and doubtful debts

FNSPIM407 Register policy

FNSPIM408 Renew and maintain policy

Group D - General

BSBINS401 Analyse and present research information

BSBLDR301 Support effective workplace relationships

BSBLDR411 Demonstrate leadership in the workplace

BSBLDR413 Lead effective workplace relationships

BSBOPS304 Deliver and monitor a service to customers

BSBPEF402 Develop personal work priorities

BSBPMG430 Undertake project work

CHCCOM002 Use communication to build relationships

CHCDIV001 Work with diverse people

FNSCUS402 Resolve disputes

FNSINC401 Apply principles of professional practice to work in the financial services industry

FNSISV411 Evaluate insurance risk for business

FNSISV412 Underwrite insurance business

FNSISV417 Use medical terminology in an insurance context

FNSISV512 Work with legal teams to resolve complex claims

FNSPIM314 Assess and determine initial entitlements for personal injury claims

FNSPIM406 Develop and maintain knowledge of personal injury management insurance

FNSPIM410 Collect, assess and use information

FNSPIM423 Educate clients on personal injury management issues

FNSPIM424 Assist personal injury clients with job placement

FNSPIM505 Use medical knowledge in the management of personal injury claims

FNSPIM509 Comply with regulatory frameworks

FNSPIM521 Develop return to work or injury management strategies

PSPGEN051 Conduct evaluations

PSPINM003 Undertake initial rehabilitation assessments

PSPINM005 Conduct situational workplace assessments

PSPINM006 Develop return to work plans

PSPINM007 Implement and monitor return to work plans

PSPINM014 Contribute to a quality injury management system

Qualification Mapping Information

No equivalent qualification. Supersedes and is not equivalent to FNS42115 Certificate IV in Personal Injury Management.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

FNS42215 Certificate IV in Personal Trust Administration

Modification History

Release	Comments
Release 4	This version released with FNS Financial Services Training Package version 6.2. The following elective unit of competency has been reinstated as directed by the AISC: FNSPRT301 Establish entitlements to an intestate estate.
Release 3	This version released with FNS Financial Services Training Package version 3.0.
Release 2	This version released with FNS Financial Services Training Package version 2.1. Release 2 created to update elective unit list.
Release 1	This qualification first released with FNS Financial Services Training Package Version 2.0.

Qualification Description

This qualification is designed to reflect job roles of a person working in varied contexts within personal trust administration. Individuals in these roles apply solutions to a defined range of predictable and unpredictable problems and analyse and evaluate information from a variety of sources. They work autonomously, may provide guidance to others and have limited responsibility for the output of others.

Licensing/Regulatory Information

No licensing or certification requirements apply to this qualification at the time of publication. However, some units will specify relevant licensing, legislative and/or regulatory requirements that impact on the unit. Refer to the FNS Implementation Guide Companion Volume for guidance on requirements.

Entry Requirements

Nil

Packaging Rules

Total number of units = 11

7 core units plus

4 elective units

The elective units consist of:

2 from the electives below

Of the remaining 2 units:

up to 2 may be from the electives below

up to 2 may be from Certificate III or above in any currently endorsed training package or accredited course.

The elective units chosen must be relevant to the work outcome and meet local industry needs.

Core Units

FNSINC401 Apply principles of professional practice to work in the financial services industry

FNSPRT402 Prepare a will

FNSPRT403 Administer a complex estate

FNSPRT404 Administer a trust dealing with complex matters

FNSPRT405 Establish powers of attorney or financial administration orders

FNSPRT406 Administer powers of attorney or financial administration orders

FNSPRT505 Develop and maintain knowledge of financial services and assets

Elective Units

BSBCOM405 Promote compliance with legislation

BSBCUS402 Address customer needs

BSBREL402 Build client relationships and business networks

BSBRSK401 Identify risk and apply risk management processes

BSBLDR403 Lead team effectiveness

BSBWOR404 Develop work priorities

FNSACC413 Make decisions in a legal context

FNSCUS401 Participate in negotiations

FNSCUS402 Resolve disputes

FNSFPL401 Extract and analyse information on specified financial strategies and products

FNSPIM409 Maintain customer relationship

FNSPIM510 Implement informed decision-making

FNSPRT301 Establish entitlements to an intestate estate

FNSPRT302 Administer a non-complex estate

FNSPRT303 Administer a trust with non-complex matters

FNSPRT407 Investigate and substantiate entitlement in an intestate estate

FNSPRT501 Advise clients on trust structures

FNSPRT502 Advise clients in estate planning

FNSPRT508 Administer a charitable trust

Qualification Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNS42215 Certificate IV in Personal Trust Administration (Release 3)	FNS42215 Certificate IV in Personal Trust Administration (Release 2)	Updates to unit elective lise	Equivalent qualification

Links

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

FNS50217 Diploma of Accounting

Modification History

Release	Comments
Release 3	This version first released with FNS Financial Services Training Package Version 5.0. Release created to reflect updated units of competency.
Release 2	This version first released with FNS Financial Services Training Package Version 3.1. Update to description of entry requirements, plus correction of unit title in elective unit list.
Release 1	This version first released with FNS Financial Services Training Package Version 3.0.

Qualification Description

This qualification reflects professional accounting job roles in financial services and other industries, including tax agents, accounts payable and accounts receivable officers, payroll service providers, and employees performing a range of accounting tasks for organisations in a range of industries. Individuals in these roles apply solutions to a range of often complex problems, and analyse and evaluate information from a variety of sources. They apply initiative to plan, coordinate and evaluate their own work and provide guidance to others within defined guidelines.

Licensing, legislative, regulatory or certification considerations

Work functions in the occupational areas where this qualification 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 requirements.

This qualification includes units that comprise an approved Tax Practitioner Board (TPB) course in Australian taxation law and commercial law, which are relevant for registration as a tax agent. Persons seeking registration with the TPB should check current registration requirements with the TPB, as registration requirements are reviewed regularly.

Entry Requirements

Completion of the FNSSS00014 Accounting Principles Skill Set;

OR

Completion of FNS40217 Certificate IV in Accounting and Bookkeeping or equivalent; or its superseded versions (FNS40215 Certificate IV in Bookkeeping or FNS40615 Certificate IV in Accounting) or their equivalent.

Packaging Rules

Total number of units = 11

6 core units plus

5 elective units, of which:

up to 5 may be from the elective units listed below

up to 2 may be from a Certificate IV, Diploma or Advanced Diploma in any currently endorsed training package or accredited course, provided they do not duplicate the outcome of another unit chosen for the qualification.

Elective units must be relevant to the work environment and the qualification, maintain the overall integrity of the AQF alignment, and contribute to a valid vocational outcome.

Core units

FNSACC511 Provide financial and business performance information

FNSACC512 Prepare tax documentation for individuals1

FNSACC513 Manage budgets and forecasts

FNSACC514 Prepare financial reports for corporate entities*

FNSACC516 Implement and maintain internal control procedures

FNSACC517 Provide management accounting information

Elective units

BSBLDR413 Lead effective workplace relationships

BSBTEC402 Design and produce complex spreadsheets

FNSACC408 Work effectively in the accounting and bookkeeping industry

FNSACC505 Establish and maintain accounting information systems

FNSACC601 Prepare and administer tax documentation for legal entities*1

FNSACC607 Evaluate business performance*

FNSFMK515 Comply with financial services regulation and industry codes of practice

FNSINC503 Identify situations requiring complex ethical decision making

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

FNSINC601 Apply economic principles to work in the financial services industry

FNSINC602 Interpret and use financial statistics and tools

FNSORG505 Prepare financial reports to meet statutory requirements

FNSORG506 Prepare financial forecasts and projections

FNSPAY501 Process salary packaging arrangements and additional allowances in payroll

FNSPAY502 Process superannuation payments in payroll

FNSPAY503 Process complex employee terminations in payroll

FNSPAY504 Interpret and apply knowledge of industrial regulations relevant to payroll

FNSPAY505 Interpret and apply knowledge of taxation systems relevant to payroll

FNSTPB503 Apply legal principles in consumer and contract law2

FNSTPB504 Apply legal principles in corporations and trust law2

FNSTPB505 Apply legal principles in property law2

FNSTPB506 Apply taxation requirements when providing tax (financial) advice services3

FNSTPB507 Apply legal principles in commercial law when providing tax (financial) advice services3

1 Unit included in the Tax Practitioners Board approved course in Australian taxation law: FNSSS00008 Taxation Law for Tax Agents Skill Set (Tax documentation).

2 Unit included in the Tax Practitioners Board approved course in commercial law: FNSSS00005 Commercial Law for Tax Agents Skill Set.

3 Unit included in the Tax Practitioners Board approved course in commercial law for tax (financial) advisers: FNSSS00006 Commercial Law for Tax (Financial) Advisers Skill Set

*Note the following prerequisite unit requirements.

Unit in this qualification	Prerequisite units
FNSACC514 Prepare financial reports for corporate entities	BSBFIA401 Prepare financial reports FNSACC311 Process financial transactions and extract interim reports
FNSACC601 Prepare and administer tax documentation for legal entities	FNSACC512 Prepare tax documentation for individuals
FNSACC607 Evaluate business performance	FNSACC511 Provide financial and business performance information

Qualification Mapping Information

Supersedes and is equivalent to FNS50217 Diploma of Accounting.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

FNS50320 Diploma of Finance and Mortgage Broking Management

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Qualification Description

This qualification reflects management roles in finance and mortgage broking where work is undertaken independently, through an aggregator, or involves managing a workplace team. At this level individuals are expected to apply theoretical knowledge and specialised skills in a range of situations and display initiative and judgement in completing activities. They have autonomy in performing complex technical operations and may be responsible for the work of others within broad but generally well-defined parameters.

Licensing, legislative, regulatory or certification considerations

Work functions in the occupational areas where this qualification may be used are subject to regulatory requirements. Relevant regulatory authorities should be consulted to confirm those requirements before applying the qualification.

Entry Requirements

Nil

Packaging Rules

Total number of units = 15

10 core units plus

5 elective units, of which:

at least 3 must be from the electives listed below

up to 2 may be from elsewhere in this or any other currently endorsed Diploma or above training package qualification or accredited course.

Elective units must be relevant to the work environment and the qualification, maintain the overall integrity of the AQF alignment, not duplicate the outcome of another unit chosen for the qualification, and contribute to a valid industry-supported vocational outcome.

Core units

FNSCUS511 Develop and maintain professional relationships in financial services industry

FNSFMB411 Prepare loan applications on behalf of clients

FNSFMB412 Identify client needs and present broking options

FNSFMB512 Identify and develop credit options for clients with special financial circumstances

FNSFMB513 Present broking options to client with special financial circumstances

FNSFMB514 Implement complex loan structures

FNSFMK515 Comply with financial services regulation and industry codes of practice

FNSINC411 Conduct work according to professional practices in the financial services industry

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

FNSRSK511 Undertake risk identification

Elective units

BSBESB404 Market new business ventures

BSBHRM413 Support the learning and development of teams and individuals

BSBINS402 Coordinate workplace information systems

BSBLDR414 Lead team effectiveness

BSBLDR523 Lead and manage effective workplace relationships

BSBLDR602 Provide leadership across the organisation

BSBOPS502 Manage business operational plans

BSBOPS505 Manage organisational customer service

BSBSUS511 Develop workplace policies and procedures for sustainability

FNSFMB511 Implement credit contracts in preparation for settlement

FNSINC412 Apply and maintain knowledge of financial products and services

FNSINC503 Identify situations requiring complex ethical decision making

FNSORG512 Develop, implement and monitor policy and procedures

FNSPRM611 Monitor and review organisational system compliance with legislation and regulations

FNSPRM612 Improve business of financial practices

FNSPRM613 Grow financial practices

FNSRSK512 Assess risks

FNSRSK612 Determine and manage risk exposure strategies

Qualification Mapping Information

No equivalent qualification. Supersedes and is not equivalent to FNS50315 Diploma of Finance and Mortgage Broking Management.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

FNS50417 Diploma of Payroll Services

Modification History

Release	Comments
Release 2	This version first released with FNS Financial Services Training Package Version 3.1. Update to Qualification Description to include TPB registration information.
Release 1	This version first released with FNS Financial Services Training Package Version 3.0.

Qualification Description

This qualification reflects the job roles of workers who perform payroll administration and payroll management tasks in a variety of industries. It includes establishing payroll systems and using them to perform sometimes complex tasks, including preparing salary packaging arrangements and additional allowances, processing superannuation payments, and processing employee terminations. Individuals in these roles apply solutions to a range of often complex problems, and analyse and evaluate information from a variety of sources, including relevant legislation and taxation systems. They apply initiative to plan, coordinate and evaluate their own work and provide guidance to others within defined guidelines.

Licensing/Regulatory Information

Work functions in the occupational areas where this qualification 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 requirements.

Persons providing a business activity statement (BAS) service for a fee or other reward must be registered by the Tax Practitioners Board (TPB) and this qualification is currently cited as meeting the TPB education requirements for registration as a BAS agent. Other requirements apply, including a designated period of experience. If registration is granted, the TPB may also impose a condition on registration. Persons seeking BAS agent registration should check current registration requirements with the TPB, as registration requirements are reviewed regularly.

Entry Requirements

Nil.

Packaging Rules

Total number of units of competency = 11

8 core units plus

3 elective units

The elective units must be relevant to the work environment and the qualification, maintain the integrity of the AQF alignment, and contribute to a valid industry-supported vocational outcome, and are to be chosen as follows:

all 3 units may be chosen from the elective units listed below

up to 2 units may be from a Certificate IV, Diploma or Advanced Diploma in any currently endorsed training package or accredited course, provided they do not duplicate the outcome of another unit chosen for the qualification.

Core Units

BSBFIM502 Manage payroll

FNSTPB402 Establish and maintain payroll systems

FNSINC401 Apply principles of professional practice to work in the financial services industry

FNSPAY501 Process salary packaging arrangements and additional allowances in payroll

FNSPAY502 Process superannuation payments in payroll

FNSPAY503 Process complex employee terminations in payroll

FNSPAY504 Interpret and apply knowledge of industrial regulations relevant to payroll

FNSPAY505 Interpret and apply knowledge of taxation systems relevant to payroll

Elective Units

BSBCUS402 Address customer needs

BSBFIA401 Prepare financial reports

BSBFIM501 Manage budgets and financial plans

BSBHRM501 Manage human resource services

BSBHRM505 Manage remuneration and employee benefits

BSBHRM507 Manage separation or termination

BSBITU402 Develop and use complex spreadsheets

BSBLDR501 Develop and use emotional intelligence

BSBMGT403 Implement continuous improvement

BSBMGT516 Facilitate continuous improvement

BSBREL402 Build client relationships and business networks

BSBRSK501 Manage risk

BSBSMB412 Introduce cloud computing into business operations

FNSACC311 Process financial transactions and extract interim reports

FNSACC312 Administer subsidiary accounts and ledgers

FNSACC313 Perform financial calculations

FNSACC411 Process business tax requirements

FNSACC416 Set up and operate a computerised accounting system

FNSACC511 Provide financial and business performance information

FNSINC503 Identify situations requiring complex ethical decision making

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

FNSTPB401 Complete business activity and instalment activity statements

FNSCUS505 Determine client requirements and expectations

Qualification Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNS50417 Diploma of Payroll Services (Release 2)	FNS50417 Diploma of Payroll Services (Release 1)	Updates to qualification description	Equivalent qualification

Links

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

FNS50720 Diploma of Superannuation

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Qualification Description

This qualification reflects a range of job roles with specialist responsibilities in the superannuation industry. Individuals in these roles have autonomy in performing technical operations, apply solutions to a range of often complex problems, and research, analyse and evaluate information from a variety of sources. They apply initiative to plan, coordinate and evaluate their own work and provide guidance to others.

Licensing, legislative, regulatory or certification considerations

Work functions in the occupational areas where this qualification may be used are subject to regulatory requirements. Relevant regulatory authorities should be consulted to confirm those requirements before applying the qualification.

Entry Requirements

Nil

Packaging Rules

Total number of units = 12

2 core units plus

10 elective units, of which:

at least 4 must be from Group A and/or Group B

at least 4 must be from any elective group below

up to 2 may be from any currently endorsed training package or accredited course at AQF Level 4 or above, provided they do not duplicate the outcome of another unit chosen for the qualification.

Elective units must be relevant to the work environment and the qualification, maintain the overall integrity of the AQF alignment, and contribute to a valid vocational outcome.

Core units

FNSINC402 Develop and maintain in-depth knowledge of products and services used by an organisation or sector

FNSINC411 Conduct work according to professional practices in the financial services industry

Elective units

Group A Superannuation

FNSSUP417 Assess superannuation benefits and insurance claims under special conditions of release

FNSSUP509 Work within a defined benefit fund

FNSSUP511 Manage customer complaints in superannuation

FNSSUP512 Manage insurer liaison within a superannuation organisation

FNSSUP513 Develop client relationships with employers and establish superannuation systems

FNSSUP514 Provide information or general advice to superannuation clients

FNSSUP515 Produce reports for superannuation

FNSSUP516 Manage compliance with operational guidelines in superannuation organisations

FNSSUP517 Review performance of superannuation funds against regulatory and contractual requirements

FNSSUP518 Provide information to superannuation fund members in writing

Group B Self-managed superannuation

FNSSMS411 Process self-managed superannuation contributions

FNSSMS512 Manage changes to memberships in self-managed superannuation funds

FNSSMS513 Manage administration activities of self-managed superannuation funds

FNSSMS514 Meet self-managed superannuation fund compliance requirements

Group C General

BSBITS411 Maintain business technology

BSBLDR602 Provide leadership across the organisation

BSBMKG541 Identify and evaluate marketing opportunities

BSBPMG422 Apply project quality management techniques

BSBPMG430 Undertake project work

BSBRES411 Analyse and present research information

BSBSTR402 Support organisation strategy

BSBSUS511 Develop workplace policies and procedures for sustainability

FNSCUS511 Develop and maintain professional relationships in financial services industry

FNSFMK515 Comply with financial services regulation and industry codes of practice

FNSINC503 Identify situations requiring complex ethical decision making

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

FNSORG503 Develop a resource plan

FNSORG514 Monitor and supervise work practices to meet financial services regulatory requirements

FNSORG604 Establish outsourced services and monitor performance

Qualification Mapping Information

No equivalent qualification. Supersedes and is not equivalent to FNS50715 Diploma of Superannuation.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

FNS50920 Diploma of Banking Services Management

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

Qualification Description

This qualification is designed to reflect a range of the job roles with team and business result responsibilities in banking or other deposit taking institutions' customer contact centres or retail and/or commercial financial services environments. Individuals in these roles have autonomy in performing technical operations, apply solutions to a range of often complex problems, and research, analyse and evaluate information from a variety of sources. They apply initiative to plan, coordinate and evaluate their own work and provide guidance to others.

Licensing/Regulatory Information

Work functions in the occupational areas where this qualification is used may be subject to regulatory requirements. Refer to the relevant regulator for specific guidance on requirements.

Entry Requirements

Nil

Packaging Rules

Total number of units = 12

5 core units plus

7 elective units of which:

4 units must be selected from the electives listed below,

3 units may be selected from the remaining listed electives or from a Certificate IV, Diploma or Advanced Diploma in any currently endorsed training package or accredited course

Elective units must be relevant to the work environment and the qualification, maintain the overall integrity of the AQF alignment and contribute to a valid vocational outcome.

Core Units

BSBINM401 Implement workplace information system

BSBMGT502 Manage people performance

BSBSMB420 Evaluate and develop small business operations

FNSCUS501 Develop and nurture relationships with clients, other professionals and third party referrers

FNSINC411 Conduct work according to professional practices in the financial services industry

Elective Units

Customer relationship building

BSBCUS501 Manage quality customer service

FNSCUS502 Monitor client requirements

FNSCUS503 Review business performance

FNSCUS504 Manage premium customer relationships

FNSCUS505 Determine client requirements and expectations

Market analysis

BSBMKG501 Identify and evaluate marketing opportunities

BSBSLS502 Lead and manage a sales team

FNSSAM501 Apply advanced selling techniques to selling of financial products and services

FNSSAM502 Assess market needs

FNSSAM503 Monitor market opportunities

Commercial and retail lending

FNSBNK502 Manage services in a Business Transaction Centre

FNSBNK511 Manage banking and service strategy for small business customers

FNSCRD402 Establish and maintain appropriate security

FNSCRD503 Promote understanding of the role and effective use of consumer credit

General business

BSBINN502 Build and sustain an innovative work environment

BSBMGT516 Facilitate continuous improvement

BSBMGT605 Provide leadership across the organisation

BSBSUS501 Develop workplace policy and procedures for sustainability

BSBWHS308 Participate in WHS hazard identification, risk assessment and risk control processes

BSBWOR501 Manage personal work priorities and professional development

FNSBNK402 Align banking products with the needs of small business customers

FNSBNK503 Provide business advisory services within a financial services context

FNSCUS506 Record and implement client instructions

FNSINC503 Identify situations requiring complex ethical decision making

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

FNSORG503 Develop a resource plan

FNSRSK612 Determine and manage risk exposure strategies

Qualification Mapping Information

No equivalent qualification. Supersedes and is not equivalent to FNS50915 Diploma of Banking Services Management.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

FNS51020 Diploma of Financial Markets

Modification History

Release	Comments
Release 2	This version first released with FNS Financial Services Training Package Version 6.1. The following elective units of competency have been deleted as direct by the AISC: FNSASICL503 Provide advice in the regulated emissions market. The above training products were identified as having zero enrolments over a three year period.
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

Qualification Description

This qualification reflects job roles in financial markets involving duties in the areas of client advising, operations and trading. Individuals in these roles have autonomy in performing technical operations, apply solutions to a range of often complex problems, and research, analyse and evaluate information from a variety of sources. They apply initiative to plan, coordinate and evaluate their own work and provide guidance to others.

Licensing/Regulatory Information

No licensing, legislative or certification requirements apply to this qualification at the time of publication.

Entry Requirements

Nil

Packaging Rules

Total number of units = 10

6 core units plus

5 elective units of which:

3 units must be selected from the electives listed below,

2 units may be selected from the remaining listed electives or from a Certificate IV, Diploma, or Advanced Diploma in any currently endorsed training package or accredited course.

Elective units must be relevant to the work environment and the qualification, maintain the overall integrity of the AQF alignment and contribute to a valid vocational outcome.

Core Units

FNSINC503 Identify situations requiring complex ethical decision making

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

FNSFMK416 Conduct work within financial markets compliance framework

FNSFMK521 Analyse financial markets and information

FNSFMK522 Apply financial product knowledge in the context of the deal transaction cycle

FNSFMK524 Conduct work within financial markets organisational risk management framework

Elective Units

Group A

Client advisory roles

FNSASICS503* Provide advice in foreign exchange

FNSASICT503* Provide advice in managed investments

FNSASICV503* Provide advice in derivatives

FNSASICW503* Provide advice in securities

FNSCUS504 Manage premium customer relationships

FNSCUS505 Determine client requirements and expectations

FNSCUS506 Record and implement client instructions

FNSFMK502 Analyse financial market products for client

FNSFMK503 Advise clients on financial risk

FNSFMK512 Apply knowledge of emissions markets

FNSIAD501 Provide appropriate services, advice and products to clients

FNSIAD502 Provide appropriate and timely information and advice to clients

FNSINC501 Conduct product research to support recommendations

Group B

Operational roles

FNSFMK411 Perform reconciliations

FNSFMK514 Complete confirmation and settlement processes

FNSFMK517 Analyse risk mitigation in the operation process

FNSFMK518 Monitor and process collateral

Group C

Trading and sales roles

FNSFMK611 Price financial transactions

FNSFMK612 Manage trading exposures

FNSFMK520 Develop and monitor risk management strategies for clients

FNSFMK513 Undertake assessment of product and advice suitability for non-retail clients

*Note the following prerequisite unit requirements:

Unit in this qualification	Prerequisite unit
FNSASICS503 Provide advice in foreign exchange	FNSINC501 Conduct product research to support recommendations FNSIAD501 Provide appropriate services, advice and products to clients FNSCUS505 Determine client requirements and expectations FNSCUS506 Record and implement client instructions
FNSASICT503 Provide advice in managed investments	FNSINC501 Conduct product research to support recommendations FNSIAD501 Provide appropriate services, advice and products to clients FNSCUS505 Determine client requirements and expectations FNSCUS506 Record and implement client instructions
FNSASICV503 Provide advice in derivatives	FNSFMK502 Analyse financial market products for client FNSFMK503 Advise clients on financial risk FNSCUS505 Determine client requirements and expectations FNSCUS506 Record and implement client instructions
FNSASICW503 Provide advice in securities	FNSFMK502 Analyse financial market products for client FNSFMK503 Advise clients on financial risk FNSCUS505 Determine client requirements and expectations FNSCUS506 Record and implement client instructions

**FNSFMK521 Analyse financial markets and information is the updated and equivalent version of FNSFMK501 Analyse financial markets information.

Qualification Mapping Information

No equivalent qualification. Supersedes and is not equivalent to FNS51015 Diploma of Financial Markets.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

FNS51120 Diploma of General Insurance

Modification History

Release	Comments
Release 4	This version released with FNS Financial Services Training Package version 6.2. The following elective unit of competency has been reinstated as directed by the AISC: FNSISV503 Undertake post-loss risk management.
Release 3	This version released with FNS Financial Services Training Package version 6.1. The following elective units of competency have been deleted as directed by the AISC: FNSISV503 Undertake post-loss risk management FNSISV505 Determine risk rating for investment and insurance products. The above training products were identified as having zero enrolments over a three year period.
Release 2	This version released with FNS Financial Services Training Package version 6.0. Release created to reflect updated units of competency.
Release 1	This version released with FNS Financial Services Training Package version 5.0.

Qualification Description

This qualification reflects a range of job roles with team and management responsibilities in general insurance industry environments. Individuals in these roles have autonomy in performing technical operations and management. They apply solutions to a range of often complex problems, and research, analyse and evaluate information from a variety of sources. They apply initiative to plan, coordinate and evaluate their own work and provide guidance to others. Work may include claims and underwriting management, personal advice, risk management, client relationship management and sales and marketing.

Licensing, legislative, regulatory or certification considerations

Work functions in the occupational areas where this qualification may be used are subject to regulatory requirements. Relevant regulatory authorities should be consulted to confirm those requirements before applying the qualification.

Entry Requirements

Nil

Packaging Rules

Total number of units = 12

3 core units plus

9 elective units, of which:

at least 7 must be from the elective units listed below

the remaining units may be from any currently endorsed training package qualification or accredited course at AQF Level 4 or above, provided they do not duplicate the outcome of another unit chosen for the qualification.

Elective units must be relevant to the work environment and the qualification, maintain the overall integrity of the AQF alignment, and contribute to a valid vocational outcome.

Core units

BSBPEF501 Manage personal and professional development

FNSINC411 Conduct work according to professional practices in the financial services industry

FNSINC412 Apply and maintain knowledge of financial products and services

Elective units

Group A Claims management

FNSISV408 Manage handling and settlement of routine insurance claims for retail clients

FNSISV520 Manage non-routine and complex insurance claims

FNSISV521 Settle non-routine and complex insurance claims

FNSISV522 Work with legal teams to resolve non-routine and complex insurance claims

FNSISV525 Evaluate and report on status of insurance claims portfolios

FNSISV527 Implement insurance claim recovery procedures

FNSISV536 Investigate insurance claims

Group B Underwriting management

FNSISV524 Negotiate treaty reinsurance

FNSISV531 Issue contracts of insurance covering non-routine and complex situations

FNSISV532 Review operational performance of insurance portfolios

FNSISV535 Determine risk rating for investment and insurance products

Group C ASIC Tier 1 Compliance

FNSASICN503 Provide Tier 1 personal advice in general insurance

FNSASICO503 Provide Tier 1 general advice in general insurance

Group D Client relationship management

BSBOPS505 Manage organisational customer service

FNSCUS504 Manage premium customer relationships

FNSCUS511 Develop and maintain professional relationships in financial services industry

FNSCUS512 Monitor clients’ financial requirements

FNSCUS513 Review business performance

FNSCUS515 Determine client financial requirements and expectations

FNSCUS516 Record and implement client instructions

FNSINC503 Identify situations requiring complex ethical decision making

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

Group E Risk management

BSBWHS414 Contribute to WHS risk management

FNSISV503 Undertake post-loss risk management

FNSRSK511 Undertake risk identification

FNSRSK512 Assess risks

FNSRSK611 Develop and implement risk mitigation plan

FNSRSK612 Determine and manage risk exposure strategies

Group F Sales and marketing

BSBMKG541 Identify and evaluate marketing opportunities

BSBMKG543 Plan and interpret market research

BSBSLS501 Develop a sales plan

FNSSAM511 Apply advanced techniques to sell financial products and services

Group G Leadership

BSBCMM511 Communicate with influence

BSBLDR521 Lead the development of diverse workforces

BSBPMG540 Manage project integration

BSBTWK502 Manage team effectiveness

BSBXCM501 Lead communication in the workplace

Group H General

BSBINS401 Analyse and present research information

BSBSUS511 Develop workplace policies and procedures for sustainability

FNSIAD501 Provide appropriate services, advice and products to clients

FNSINC511 Conduct financial product research to support product recommendations

FNSISV526 Allocate authorities and guidelines for distribution

Qualification Mapping Information

No equivalent qualification. Supersedes and is not equivalent to FNS51115 Diploma of General Insurance.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

FNS51220 Diploma of Insurance Broking

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.
Release 2	This version first released with FNS Financial Services Training Package Version 6.0. Release created to reflect updated units of competency.

Qualification Description

This qualification reflects the role of insurance brokers working in a range of organisations, including professional insurance broking advisers. Individuals performing this role assist individuals and businesses to identify their risks, and recommend how these risks can be managed using insurance and other risk management strategies. They have autonomy in performing technical operations; apply solutions to a range of often complex problems; and research, analyse and evaluate information from a variety of sources.

The advice services provided in this role may be to retail, business or large corporate consumers and may deal with a variety of types of insurances provided by the general and life insurance sectors.

Licensing, legislative, regulatory or certification considerations

Work functions in the occupational areas where this qualification may be used are subject to regulatory requirements. Relevant regulatory authorities should be consulted to confirm those requirements before applying the qualification.

Entry Requirements

Nil

Packaging Rules

Total number of units = 11

7 core units plus

4 elective units, of which:

at least 2 must be from the elective units listed below

up to 2 may be from any currently endorsed training package qualification or accredited course at AQF Level 4 or above, provided they do not duplicate the outcome of another unit chosen for the qualification.

Elective units must be relevant to the work environment and the qualification, maintain the overall integrity of the AQF alignment, and contribute to a valid vocational outcome.

Core units

FNSASICY513 Provide advice in insurance broking*

FNSIBK415 Meet compliance requirements relating to insurance broking

FNSIBK416 Deliver insurance broking services

FNSIBK518 Implement changes to insurance programs of broking clients

FNSIBK523 Prepare submissions for new insurance broking business

FNSIBK524 Manage complex risk portfolios for insurance broking clients

FNSISV408 Manage handling and settlement of routine insurance claims for retail clients

Elective units

Customer service and sales

BSBMKG541 Identify and evaluate marketing opportunities

BSBMKG543 Plan and interpret market research

BSBOPS505 Manage organisational customer service

FNSCUS504 Manage premium customer relationships

FNSINC412 Apply and maintain knowledge of financial products and servicesFNSINC503 Identify situations requiring complex ethical decision making

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

FNSSAM501 Apply advanced selling techniques to selling of financial products and services

Finance

BSBFIN501 Manage budgets and financial plans

Claims management

FNSIBK522 Negotiate complex claims settlement for insurance broking clients

FNSISV405 Analyse insurance claims

Information management

BSBINS401 Analyse and present research information

Operations

BSBAUD516 Develop and monitor processes for the management of breaches in compliance requirements

BSBOPS502 Manage business operational plans

BSBSTR502 Facilitate continuous improvement

FNSIBK517 Review insurance broking service performance

FNSIBK525 Monitor insurance broking client programs

Risk management

BSBOPS504 Manage business risk

FNSINC612 Interpret and apply financial statistics and tools

FNSRSK511 Undertake risk identification

FNSRSK512 Assess risks

Team and organisation

BSBLDR522 Manage people performance

BSBPEF501 Manage personal and professional development

BSBSLS502 Lead and manage a sales team

BSBTWK502 Manage team effectiveness

*Note the following prerequisite unit requirements.

Unit in this qualification	Prerequisite unit
FNSASICY513 Provide advice in insurance broking	FNSIBK416 Deliver insurance broking services FNSIBK518 Implement changes to insurance programs of broking clients FNSIBK523 Prepare submissions for new insurance broking business

Qualification Mapping Information

No equivalent qualification. Supersedes and is not equivalent to FNS51215 Diploma of Insurance Broking.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

FNS51315 Diploma of Life Insurance

Modification History

Release	Comments
Release 5	This version released with FNS Financial Services Training Package version 6.2. The following elective units of competency have been reinstated as directed by the AISC: FNSILD501 Prepare a distribution plan FNSILD502 Resource a distribution plan FNSILF507 Manage group life insurance policy administration FNSISV503 Undertake post-loss risk management FNSISV513 Provide decisions on legal liability and indemnity of a claim FNSISV514 Review and update claim reserves in portfolio FNSISV525 Evaluate and report on status of insurance claims portfolios FNSISV535 Determine risk rating for investment and insurance products FNSISV537 Review claims settlement policies and procedures.
Release 4	This version released with FNS Financial Services Training Package version 6.1. The following elective units of competency have been deleted as directed by the AISC: FNSILD501 Prepare a distribution plan FNSILD502 Resource a distribution plan FNSILF507 Manage group life insurance policy administration FNSISV503 Undertake post-loss risk management FNSISV505 Determine risk rating for investment and insurance products FNSISV513 Provide decisions on legal liability and indemnity of a claim FNSISV514 Review and update claim reserves in portfolio FNSISV515 Evaluate and report on status of claims portfolio FNSISV517 Review claims settlement policies and procedures. The above training products were identified as having zero enrolments over a three year period.
Release 3	This version released with FNS Financial Services Training Package version 3.0 Release 3 created to update elective unit list
Release 2	This version released with FNS Financial Services Training Package version 1.1 Release 2 created to correct typographical error
Release 1	This qualification first released with FNS Financial Services Training Package version 1.0

Qualification Description

This qualification is designed to reflect team leadership, supervisory and advanced technical roles in life insurance in a range of organisations. Individuals in these roles have autonomy in performing technical operations, apply solutions to a range of often complex problems, and research, analyse and evaluate information from a variety of sources. They apply initiative to plan, coordinate and evaluate their own work and provide guidance to others.

Licensing/Regulatory Information

Work functions in the occupational areas where this qualification 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.

Entry Requirements

Nil.

Packaging Rules

Total number of units = 12

1 core units plus

11 elective units

The elective units consist of:

9 from the electives below.

Of the remaining 2 units:

up to 2 may be from the electives

up to 2 may be from Certificate IV, Diploma or Advanced Diploma any currently endorsed training package or accredited course.

The elective units chosen must be relevant to the work outcome and meet local industry needs.

Core Units

FNSILF403 Develop and maintain in-depth knowledge of products and services used by the Life Insurance sector

Elective Units

FNSASICM503 Provide Tier 1 personal advice in life insurance

FNSASICX503* Provide advice in life insurance

FNSCMP501 Comply with financial services legislation

FNSCUS505 Determine client requirements and expectations

FNSCUS506 Record and implement client instructions

FNSIAD501 Provide appropriate services, advice and products to clients

FNSILD501 Prepare a distribution plan

FNSILD502 Resource a distribution plan

FNSILD503 Establish services to provide advice

FNSILD504 Implement and manage the distribution plan

FNSILF502 Underwrite complex medical life risks

FNSILF503 Underwrite complex non-medical risks

FNSILF504 Manage complex life insurance claims

FNSILF505 Manage ongoing disability claims

FNSILF506 Manage group life insurance claims

FNSILF507 Manage group life insurance policy administration

FNSINC501 Conduct product research to support recommendations

FNSINC503 Identify situations requiring complex ethical decision making

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

FNSISV406 Use specialist terminology in insurance claims

FNSISV407 Use medical terminology in an insurance context

FNSISV502 Review operational performance of the portfolio

FNSISV503 Undertake post-loss risk management

FNSISV504 Negotiate treaty reinsurance

FNSISV506 Investigate claims

FNSISV509 Analyse financial, medical and psychological claims assessments

FNSISV512 Work with legal teams to resolve complex claims

FNSISV513 Provide decisions on legal liability and indemnity of a claim

FNSISV514 Review and update claim reserves in portfolio

FNSISV525 Evaluate and report on status of insurance claims portfolios

FNSISV535 Determine risk rating for investment and insurance products

FNSISV537 Review claims settlement policies and procedures

*Note the following prerequisite unit requirements:

Unit in this qualification	Prerequisite unit
FNSASICX503 Provide advice in life insurance	FSNINC501 Conduct product research to support recommendations FNSIAD501 Provide appropriate services, advice and products to clients FNSCUS505 Determine client requirements and expectations FNSCUS506 Record and implement client instructions

Qualification Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNS51315 Diploma of Life Insurance (Release 3)	FNS51315 Diploma of Life Insurance (Release 2)	Updates to elective unit list	Equivalent qualification

Links

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

FNS51420 Diploma of Loss Adjusting

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Qualification Description

This qualification is for loss adjusters who provide standard loss adjusting services in a range of insurance organisations. Individuals in these roles have autonomy in performing technical operations, apply solutions to a range of often complex problems, and research, analyse and evaluate information from a variety of sources. They apply initiative to plan, coordinate and evaluate their own work and provide guidance to others. Work may include analysing claims information, conducting claims investigations, and managing and monitoring operational performance.

Licensing, legislative, regulatory or certification considerations

Work functions in the occupational areas where this qualification may be used are subject to regulatory requirements. Relevant regulatory authorities should be consulted to confirm those requirements before applying the qualification.

Entry Requirements

Nil

Packaging Rules

Total number of units = 9

7 core units plus

2 elective units, of which:

all must be from the electives listed below.

Elective units must be relevant to the work environment and the qualification, maintain the overall integrity of the AQF alignment, not duplicate the outcome of another unit chosen for the qualification, and contribute to a valid industry-supported vocational outcome.

Core units

FNSCUS505 Determine client requirements and expectations

FNSFMK515 Comply with financial services regulation and industry codes of practice

FNSIGN404 Inspect damage and develop scope of work

FNSILA511 Plan and implement loss investigation

FNSILA512 Evaluate collected information and report findings in loss adjusting

FNSILA514 Negotiate and affect settlement relating to loss situation, damage or injury

FNSISV405 Analyse insurance claims

Elective units

FNSILA506 Provide specialist theft, money and fidelity loss adjusting advice and services

FNSILA507 Provide specialist business interruption loss adjusting services

FNSILA508 Provide specialist liability loss adjusting advice and services

FNSILA509 Provide specialist building loss adjusting advice and services

FNSILA510 Provide specialist construction loss adjusting advice and services

Qualification Mapping Information

No equivalent qualification. Supersedes and is not equivalent to FNS51415 Diploma of Loss Adjusting.

Links

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

FNS51520 Diploma of Credit Management

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

Qualification Description

This qualification reflects job roles in a range of financial services and other industry enterprises requiring well-developed skills and a broad knowledge base of the credit management sector. Individuals in these roles have autonomy in performing technical operations, apply solutions to a range of often complex problems, and analyse and evaluate information from a variety of sources. They apply initiative to plan, coordinate and evaluate their own work and provide guidance to others.

Licensing/Regulatory Information

Work functions in the occupational areas where this qualification is used may be subject to regulatory requirements. Refer to the relevant regulator for specific guidance on requirements.

Entry Requirements

Nil

Packaging Rules

Total number of units = 12

7 core units plus

5 elective units of which:

3 units must be selected from the electives listed below,

2 units may be selected from the remaining listed electives or any currently endorsed training package qualification or accredited course at Certificate IV or above.

Elective units must be relevant to the work environment and the qualification, maintain the overall integrity of the AQF alignment and contribute to a valid vocational outcome.

Core Units

BSBRSK501 Manage risk

FNSCRD504 Manage the credit relationship

FNSCRD511 Respond to personal insolvency situations

FNSCRD515* Respond to corporate insolvency situations

FNSINC411 Conduct work according to professional practices in the financial services industry

FNSORG411 Conduct individual work within a compliance framework

FNSORG512 Develop, implement and monitor policy and procedures

Elective Units

Debt Collection

FNSCRD404 Utilise the legal process to recover outstanding debt

FNSCRD405 Manage overdue customer accounts

FNSCRD502 Manage factoring and invoice discounting arrangements

Loan Assessment

FNSBNK512 Assess complex loans

FNSCRD503 Promote understanding of the role and effective use of consumer credit

FNSCUS504 Manage premium customer relationships

Business ethics and management

BSBSUS501 Develop workplace policy and procedures for sustainability

FNSINC503 Identify situations requiring complex ethical decision making

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

FNSORG507 Manage client service and business information

FNSRSK611 Develop and implement risk mitigation plan

General

BSBCOM402 Implement processes for the management of a breach in compliance

BSBCNV506 Establish and manage a trust account

BSBCUS501 Manage quality customer service

BSBINN601 Lead and manage organisational change

BSBMGT605 Provide leadership across the organisation

BSBMGT617 Develop and implement a business plan

BSBMGT502 Manage people performance

BSBSMB407 Manage a small team

BSBWOR501 Manage personal work priorities and professional development

FNSCUS505 Determine client requirements and expectations

FNSORG604 Establish outsourced services and monitor performance

*Note the following prerequisite unit requirements:

Unit in this qualification	Prerequisite unit
FNSCRD515 Respond to corporate insolvency situations	FNSCRD511 Respond to personal insolvency situations

Qualification Mapping Information

No equivalent qualification. Supersedes and is not equivalent to FNS51515 Diploma of Credit Management.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

FNS51820 Diploma of Financial Services

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.
Release 2	This version first released with FNS Financial Services Training Package Version 6.0. Release created to reflect updated units of competency.

Qualification Description

This qualification is designed to provide a general purpose pathway into the financial services industry. It is also intended to provide an effective development option for those candidates for whom the specialist qualification pathways in the Financial Services Training Package are not yet appropriate. Individuals in these roles apply solutions to a range of often complex problems and analyse and evaluate information from a variety of sources. They apply initiative to plan, coordinate and evaluate their own work and provide guidance to others or teams within defined guidelines.

Licensing/Regulatory Information

Work functions in the occupational areas where this qualification is used may be subject to regulatory requirements. Refer to the relevant regulator for specific guidance on requirements.

Entry Requirements

Nil

Packaging Rules

Total number of units = 10

3 core units plus

7 elective units of which:

5 units must be selected from the electives listed below and have an FNS code,

2 units may be selected from the remaining listed electives or any currently endorsed training package qualification or accredited course at Certificate IV or above.

Elective units must be relevant to the work environment and the qualification, maintain the overall integrity of the AQF alignment and contribute to a valid vocational outcome.

Core Units

FNSINC411 Conduct work according to professional practices in the financial services industry

FNSINC503 Identify situations requiring complex ethical decision making

FNSRSK411 Apply risk management strategies to own work

Elective Units

Financial services

FNSFLT511 Assist customers to budget and manage own finances

FNSFLT512 Facilitate customer awareness of the Australian financial system and markets

FNSFLT513 Promote basic financial literacy in clients

FNSFLT514 Facilitate customer knowledge of personal financial statements

FNSFLT515 Facilitate knowledge of superannuation as an investment tool

FNSFMK521 Analyse financial markets and information

FNSFMK515 Comply with financial services regulation and industry codes of practice

FNSFMK509 Process transaction documentation

FNSINC412 Apply and maintain knowledge of financial products and services

FNSINC511 Conduct financial product research to support product recommendations

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

FNSISV417 Use medical terminology in an insurance context

FNSISV519 Analyse financial, medical and psychological claims assessments

FNSISV537 Review claims settlement policies and procedures

FNSORG501 Develop and manage a budget

FNSORG503 Develop a resource plan

FNSORG514 Monitor and supervise work practices to meet financial services regulatory requirements

FNSORG515 Prepare financial reports to meet statutory requirements

FNSORG506 Prepare financial forecasts and projections

FNSORG508 Analyse and comment on management reports

FNSORG512 Develop, implement and monitor policy and procedures

FNSORG613 Establish and prepare organisational guidelines in financial services organisations

FNSORG614 Establish and manage outsourced services

FNSSAM511 Apply advanced techniques to sell financial products and services

Risk management

FNSFMK520 Develop and monitor risk management strategies for client

FNSFMK524 Conduct work within financial markets organisational risk management framework

FNSRSK511 Undertake risk identification

FNSRSK512 Assess risks

FNSRSK611 Develop and implement risk mitigation plan

Business banking

FNSCUS513 Review business performance

FNSBNK502 Manage services in a Business Transaction Centre

FNSBNK503 Provide business advisory services within a financial services context

FNSBNK511 Manage banking and service strategy for small business customers

FNSORG507 Manage client service and business information

Consumer lending

FNSBNK512 Assess complex loans

FNSCRD503 Promote understanding of the role and effective use of consumer credit

FNSCRD504 Manage the credit relationship

FNSCRD511 Respond to personal insolvency situations

FNSCRD515* Respond to corporate insolvency situations

Market analysis

BSBMKG501 Identify and evaluate marketing opportunities

FNSSAM502 Assess market needs

FNSSAM503 Monitor market opportunities

FNSSAM612 Identify and evaluate marketing opportunities in the financial services industry

FNSSAM613 Tailor financial products to meet client needs

FNSSAM614 Establish agreements with intermediaries for product distribution

Customer service and relationships

BSBCUS501 Manage a quality customer service

FNSCUS504 Manage premium customer relationships

FNSCUS512 Monitor clients’ financial requirements

FNSCUS515 Determine client financial requirements and expectations

FNSCUS516 Record and implement client instructions

FNSFLT511 Assist customers to budget and manage own finances

FNSFLT512 Facilitate customer awareness of the Australian financial system and markets

FNSFLT514 Facilitate customer knowledge of personal financial statements

FNSFLT515 Facilitate knowledge of superannuation as an investment tool

FNSIAD501 Provide appropriate services, advice and products to clients

FNSIAD502 Provide appropriate and timely information and advice to clients

General

BSBCNV501 Take instructions in relation to a transaction

BSBCNV502 Read and interpret a legal document and provide advice

BSBCNV503 Analyse and interpret legal requirements for a transaction

BSBCOM501 Identify and interpret compliance requirements

BSBCOM503 Develop processes for the management of breaches in compliance requirements

BSBHRM506 Manage recruitment selection and induction processes

BSBINN502 Build and sustain an innovative work environment

BSBLEG513 Apply legal principles in corporations law matters

BSBMGT502 Manage people performance

BSBMGT516 Facilitate continuous improvement

BSBMGT517 Manage operational plan

BSBPMG521 Manage project integration

BSBPMG517 Manage project risk

BSBPMG522 Undertake project work

BSBSLS502 Lead and manage a sales team

BSBSUS501 Develop workplace policy and procedures for sustainability

BSBWHS504 Manage WHS risks

BSBWHS513 Lead WHS risk management

BSBWHS517 Contribute to managing WHS information system

BSBWOR501 Manage personal work priorities and professional development

*Note the following prerequisite unit requirements:

Unit in this qualification	Prerequisite unit
FNSCRD515 Respond to corporate insolvency situations	FNSCRD501 Respond to personal insolvency situations

Qualification Mapping Information

No equivalent qualification. Supersedes and is not equivalent to FNS51815 Diploma of Financial Services.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

FNS51920 Diploma of Personal Injury and Disability Insurance Management

Modification History

Release	Comments
Release 2	The following elective units of competency have been deleted as directed by the AISC: FNSPIM503 Represent personal injury management agent or insurer at conciliation and review hearings FNSPIM504 Manage impairment benefit claims. The above training products were identified as having zero enrolments over a three year period.
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Qualification Description

This qualification reflects job roles requiring well developed skills and a broad knowledge base in a wide variety of leadership contexts in the personal injury management sector. Individuals in these roles have autonomy in performing technical operations, apply solutions to a range of often complex problems and analyse and evaluate information from a variety of sources. They apply initiative to plan, coordinate and evaluate their own work and provide guidance and leadership to others. The qualification provides the knowledge required in advanced case management, advanced return to work, disability insurance and workplace injury insurance management.

Licensing, legislative, regulatory or certification considerations

Work functions in the occupational areas where this qualification may be used are subject to regulatory requirements. Relevant regulatory authorities should be consulted to confirm those requirements before applying the qualification.

Entry Requirements

Nil

Packaging Rules

Total number of units = 11

1 core unit plus

10 elective units, of which:

at least 8 must be from the electives listed below

up to 2 may be from elsewhere in this or any other currently endorsed Certificate IV or above training package qualification or accredited course.

Elective units must be relevant to the work environment and the qualification, maintain the overall integrity of the AQF alignment, not duplicate the outcome of another unit chosen for the qualification, and contribute to a valid industry-supported vocational outcome.

Core unit

FNSPIM509 Comply with regulatory frameworks

Elective units

Group A - Advanced case management

CHCCSM004 Coordinate complex case requirements

CHCCSM006 Provide case management supervision

FNSPIM521 Develop return to work or injury management strategies

Group B - Advanced return to work

FNSPIM411 Plan and implement rehabilitation and return to life strategies

FNSPIM516 Promote the health benefits of returning to work

FNSPIM517 Manage complex return to work cases

FNSPIM518 Evaluate and improve return to work programs

Group C - Disability insurance

CHCDIS004 Communicate using augmentative and alternative communication strategies

FNSFLT511 Assist customers to budget and manage own finances

FNSPIM531 Facilitate the setting and achievement of goals in personal injury management

Group D - Workplace injury insurance management

FNSISV536 Investigate insurance claims

FNSPIM505 Use medical knowledge in the management of personal injury claims

FNSPIM522 Facilitate workplace assessment with stakeholders for personal injury cases

Group E - General

BSBCMM411 Make presentations

BSBFIN501 Manage budgets and financial plans

BSBLDR522 Manage people performance

BSBOPS404 Implement customer service strategies

BSBOPS505 Manage organisational customer service

BSBPMG430 Undertake project work

BSBSUS511 Develop workplace policies and procedures for sustainability

CHCCCS025 Support relationships with carers and families

CHCDIV001 Work with diverse people

FNSINC411 Conduct work according to professional practices in the financial services industry

FNSINC503 Identify situations requiring complex ethical decision making

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

FNSISV512 Work with legal teams to resolve complex claims

FNSISV518 Review and advise on claims costs, policies and procedures

FNSISV519 Analyse financial, medical and psychological claims assessments

FNSISV531 Issue insurance contracts covering non-routine and complex situations

FNSORG504 Monitor and supervise work practices to meet financial services regulatory requirements

FNSPIM313 Work within the personal injury management sector

FNSPIM406 Develop and maintain knowledge of personal injury management insurance

FNSPIM415 Manage personal injury case loads

FNSRSK502 Assess risks

MSMSUP390 Use structured problem-solving tools

PSPGEN036 Provide workplace coaching

PSPGEN053 Provide leadership

TAEDEL402 Plan, organise and facilitate learning in the workplace

Qualification Mapping Information

No equivalent qualification. Supersedes and is not equivalent to FNS51915 Diploma of Personal Injury and Disability Insurance Management.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

FNS52015 Diploma of Personal Trusts

Modification History

Release	Comments
Release 3	This version released with FNS Financial Services Training Package version 6.2. The following elective unit of competency has been reinstated as directed by the AISC: FNSPRT503 Assess, allocate and supervise work within the personal trustee sector.
Release 2	This version first released with FNS Financial Services Training Package Version 3.0. Upates to elective unit list
Release 1	This version first released with FNS Financial Services Training Package Version 2.0.

Qualification Description

This qualification reflects the job role of individuals working in organisations offering personal trustee services. At this level individuals are expected to apply theoretical and specialised skills in a range of situations and to display initiative and judgement in completing activities. They have autonomy in performing complex technical work and can be responsible for planning, coordinating and evaluating the work of others within broad but generally well defined parameters.

Licensing/Regulatory Information

No licensing, legislative or certification requirements apply to this qualification at the time of publication.

Entry Requirements

Nil.

Packaging Rules

Total number of units = 13

5 core units plus

8 elective units

The elective units must consist of:

4 from Group A electives below

2 from Group B electives below

Of the remaining 2 units:

up to 2 may be from the electives

up to 2 may be from Certificate IV or above in any currently endorsed training package or accredited course.

The elective units chosen must be relevant to the work outcome and meet local industry needs.

Core Units

FNSINC401 Apply principles of professional practice to work in the financial services industry

FNSPRT504 Apply knowledge of the regulatory environment relevant to trustee organisations

FNSPRT505 Develop and maintain knowledge of financial services and assets

FNSPRT506 Develop understanding of traditional trustee services

FNSPRT507 Apply principles of fiduciary duty, substituted decision making and ethical decision making

Group A Elective Units

FNSACC413 Make decisions in a legal context

FNSPRT402 Prepare a will

FNSPRT403 Administer a complex estate

FNSPRT404 Administer a trust dealing with complex matters

FNSPRT405 Establish powers of attorney or financial administration orders

FNSPRT406 Administer powers of attorney or financial administration orders

FNSPRT407 Investigate and substantiate entitlement in an intestate estate

FNSPRT501 Advise clients on trust structures

FNSPRT502 Advise clients in estate planning

FNSPRT503 Assess, allocate and supervise work within the personal trustee sector

FNSPRT508 Administer a charitable trust

Group B Elective Units

BSBCOM501 Identify and interpret compliance requirements

BSBCUS501 Manage quality customer service

BSBMGT502 Manage people performance

BSBLDR803 Develop and cultivate collaborative partnerships and relationships

BSBRSK501 Manage risk

BSBWOR502 Lead and manage team effectiveness

BSBWOR501 Manage personal work priorities and professional development

FNSCUS506 Record and implement client instructions

FNSFPL401 Extract and analyse information on specified financial strategies and products

FNSINC503 Identify situations requiring complex ethical decision making

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

FNSORG601 Negotiate to achieve goals and manage disputes

FNSPIM510 Implement informed decision-making

Qualification Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNS52015 Diploma of Personal Trusts (Release 2)	FNS52015 Diploma of Personal Trusts (Release 1)	Updates to elective unit list	Equivalent qualification

Links

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

FNS60217 Advanced Diploma of Accounting

Modification History

Release	Comments
Release 2	This version first released with FNS Financial Services Training Package Version 3.1. Minor updates to elective unit list
Release 1	This version first released with FNS Financial Services Training Package Version 3.0.

Qualification Description

This qualification reflects the role of individuals working in accounting and seeking professional recognition, including tax agents, accounts managers and business analysts; and to employees performing a range of accounts management tasks for organisations in a range of industries. At this level individuals are expected to apply theoretical and technical skills in a range of situations and to display initiative and judgement in planning activities. They have autonomy in performing complex operations and can be responsible for planning, coordinating and evaluating the work of others within broad but generally well-defined parameters.

Licensing/Regulatory Information

Work functions in the occupational areas where this qualification 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 requirements.

This qualification includes units that comprise an approved Tax Practitioner Board (TPB) course in Australian taxation law and commercial law, which are relevant for registration as a tax agent. Persons seeking registration with the TPB should check current registration requirements with the TPB, as registration requirements are reviewed regularly.

Entry Requirements

Completion of both FNSSS00014 Accounting Principles Skill Set and FNSSS00015 Advanced Accounting Principles Skill Set;

OR

Completion of FNS50215 Diploma of Accounting;

OR

Completion of FNS50217 Diploma of Accounting.

Packaging Rules

Total number of units = 14

3 core units plus

11 elective units

The elective units must be relevant to the work environment and the qualification, maintain the integrity of the AQF alignment, and contribute to a valid industry-supported vocational outcome, and are to be chosen as follows:

all 11 units may be chosen from the elective units listed below

up to 6 units may be from a Certificate IV, Diploma or Advanced Diploma in any currently endorsed training package or accredited course, provided they do not duplicate the outcome of another unit chosen for the qualification.

Core Units

FNSACC624 Monitor corporate governance activities

FNSINC601 Apply economic principles to work in the financial services industry

FNSINC602 Interpret and use financial statistics and tools

Elective Units

FNSACC601 Prepare and administer tax documentation for legal entities*1

FNSACC602 Audit and report on financial systems and records*

FNSACC603 Implement tax plans and evaluate tax obligations*1

FNSACC605 Implement organisational improvement programs

FNSACC606 Conduct internal audit*

FNSACC608 Evaluate organisation’s financial performance*

FNSACC609 Evaluate financial risk*

FNSACC610 Develop and implement financial strategies*

FNSACC611 Implement an insolvency program

FNSACC612 Implement reconstruction plan

FNSACC613 Prepare and analyse management accounting information*

FNSACC614 Prepare complex corporate financial reports*

FNSFMK505 Comply with financial services legislation and industry codes of practice

FNSINC503 Identify situations requiring complex ethical decision making

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

FNSORG602 Develop and manage financial systems

FNSRSK602 Determine and manage risk exposure strategies

FNSTPB503 Apply legal principles in contract and consumer law2

FNSTPB504 Apply legal principles in corporations and trust law2

FNSTPB505 Apply legal principles in property law2

FNSTPB506 Apply taxation requirements when providing tax (financial) advice services3

FNSTPB507 Apply legal principles in commercial law when providing tax (financial) advice services3

*Note the following prerequisite unit requirements.

Unit in this qualification	Prerequisite unit
FNSACC601 Prepare and administer tax documentation for legal entities	FNSACC512 Prepare tax documentation for individuals
FNSACC602 Audit and report on financial systems and records	FNSACC516 Implement and maintain internal control procedures
FNSACC603 Implement tax plans and evaluate tax compliance	FNSACC512 Prepare tax documentation for individuals
FNSACC606 Conduct internal audit	FNSACC516 Implement and maintain internal control procedures
FNSACC608 Evaluate organisation’s financial performance	FNSACC511 Provide financial and business performance information
FNSACC609 Evaluate financial risk	FNSACC511 Provide financial and business performance information
FNSACC610 Develop and implement financial strategies	FNSACC511 Provide financial and business performance information
FNSACC613 Prepare and analyse management accounting information	FNSACC517 Provide management accounting information
FNSACC614 Prepare complex corporate financial reports	FNSACC514 Prepare financial reports for corporate entities

1 Unit included in the Tax Practitioners Board approved course in Australian taxation law: FNSSS00008 Taxation Law for Tax Agents Skill Set (Tax documentation).

2 Unit included in the Tax Practitioners Board approved course in commercial law: FNSSS00005 Commercial Law for Tax Agents Skill Set.

3 Unit included in the Tax Practitioners Board approved course in commercial law for tax (financial) advisers: FNSSS00006 Commercial Law for Tax (Financial) Advisers Skill Set

Qualification Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNS60217 Advanced Diploma of Accounting	FNS60215 Advanced Diploma of Accounting	Updates to elective unit list.	No equivalent qualification.

Links

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

FNS60620 Advanced Diploma of Banking Services Management

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

Qualification Description

This qualification is designed to flexibly reflect senior management and service job roles with team and business result responsibilities in banking or other deposit taking institutions, customer contact centres or retail financial services environments. At this level individuals are expected to apply specialist skills and knowledge in a range of situations to deal with complex situations and issues. They work across a broad range of technical or management functions with accountability for personal outputs and for team outcomes.

Licensing/Regulatory Information

Work functions in the occupational areas where this qualification is used may be subject to regulatory requirements. Refer to the relevant regulator for specific guidance on requirements.

Entry Requirements

Nil

Packaging Rules

Total number of units = 14

8 core units plus

6 elective units of which:

6 units must be selected from the electives listed below,

2 units may be selected from the remaining listed electives or any currently endorsed training package qualification or accredited course at Diploma or above.

Elective units must be relevant to the work environment and the qualification, maintain the overall integrity of the AQF alignment and contribute to a valid vocational outcome.

Core Units

BSBCUS501 Manage quality customer service

BSBMGT502 Manage people performance

BSBMGT605 Provide leadership across the organisation

BSBMGT608 Manage innovation and continuous improvement

BSBSMB409 Build and maintain relationships with small business stakeholders

FNSINC411 Conduct work according to professional practices in the financial services industry

FNSSAM601 Monitor performance in sales of financial products or services

FNSSAM602 Identify and evaluate marketing opportunities in the financial services industry

Elective Units

BSBCOM602 Develop and create compliance requirements

BSBCOM603 Plan and establish compliance management systems

BSBCUE504 Integrate customer engagement within the organisation

BSBINN601 Lead and manage organisational change

BSBLDR803 Develop and cultivate collaborative partnerships and relationships

BSBMGT616 Develop and implement strategic plans

BSBSUS501 Develop workplace policy and procedures for sustainability

FNSINC503 Identify situations requiring complex ethical decision making

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

FNSORG501 Develop and manage a budget

FNSORG602 Develop and manage financial systems

FNSPRM605 Establish or review marketing, client services and supplier relationships

FNSPRM606 Establish or review human resources, administration and information support

FNSRSK611 Develop and implement financial risk mitigation plan

FNSSAM603 Tailor financial products to meet customer needs

FNSSAM604 Establish agreements with intermediaries for product distribution

Qualification Mapping Information

No equivalent qualification. Supersedes and is not equivalent to FNS60615 Advanced Diploma of Banking Services Management.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

FNS60720 Advanced Diploma of Financial Licensing Management

Modification History

Release	Comments
Release 2	This version first released with FNS Financial Services Training Package Version 6.1. The following elective units of competency have been deleted as directed by the AISC: FNSASICL503 Provide advice in the regulated emissions market. The above training products were identified as having zero enrolments over a three year period.
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

Qualification Description

This qualification is designed for individuals occupying the position of responsible manager in a financial services organisation. At this level individuals are expected to apply specialist skills and knowledge in a range of situations to deal with complex situations and issues. They work across a broad range of technical or management functions with accountability for personal outputs and for team outcomes.

Licensing/Regulatory Information

Work functions in the occupational areas where this qualification is used may be subject to regulatory requirements. Refer to the relevant regulator for specific guidance on requirements.

Entry Requirements

Nil

Packaging Rules

Total number of units = 10

5 core units plus

5 elective units of which:

3 units must be selected from the electives listed below,

up to 2 units may be selected from the electives listed below, or from a Diploma or Advanced Diploma in any currently endorsed training package or accredited course.

Elective units must be relevant to the work environment and the qualification, maintain the overall integrity of the AQF alignment and contribute to a valid vocational outcome.

Core Units

FNSINC503 Identify situations requiring complex ethical decision making

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

FNSFMK516 Review and confirm human resources and IT systems satisfy requirements of licence

FNSFMK523 Comply with requirements of licence and regulatory framework

FNSFMK619 Develop and implement policies and procedures to support organisational values and culture

Elective Units

Group A

Financial risk management

FNSRSK511 Undertake risk identification

FNSRSK512 Assess risks

FNSRSK611 Develop and implement risk mitigation plan

FNSRSK612 Determine and manage risk exposure strategies

Group B

Financial markets

FNSFMK520 Develop and monitor risk management strategies for clients

FNSFMK521 Analyse financial markets and information

FNSFMK611 Price financial transactions

FNSFMK612 Manage trading exposures

FNSFMK513 Undertake assessment of product and advice suitability for non-retail clients

Group C

Client advisory roles

FNSASICS503* Provide advice in foreign exchange

FNSASICV503* Provide advice in derivatives

FNSASICW503* Provide advice in securities

FNSASICT503* Provide advice in managed investments

FNSCUS504 Manage premium customer relationships

FNSCUS505 Determine client requirements and expectations

FNSCUS506 Record and implement client instructions

FNSFMK502 Analyse financial market products for client

FNSFMK503 Advise clients on financial risk

FNSFMK515 Comply with financial services legislation and industry codes of practice

FNSIAD501 Provide appropriate services, advice and products to clients

FNSIAD502 Provide appropriate and timely information and advice to clients

FNSINC501 Conduct product research to support recommendations

*Note the following prerequisite unit requirements:

Unit in this qualification	Prerequisite unit
FNSASICS503 Provide advice in foreign exchange	FNSINC501 Conduct product research to support recommendations FNSIAD501 Provide appropriate services, advice and products to clients FNSCUS505 Determine client requirements and expectations FNSCUS506 Record and implement client instructions
FNSASICT503 Provide advice in managed investments	FNSINC501 Conduct product research to support recommendations FNSIAD501 Provide appropriate services, advice and products to clients FNSCUS505 Determine client requirements and expectations FNSCUS506 Record and implement client instructions
FNSASICV503 Provide advice in derivatives	FNSFMK502 Analyse financial market products for client FNSFMK503 Advise clients on financial risk FNSCUS505 Determine client requirements and expectations FNSCUS506 Record and implement client instructions
FNSASICW503 Provide advice in securities	FNSFMK502 Analyse financial market products for client FNSFMK503 Advise clients on financial risk FNSCUS505 Determine client requirements and expectations FNSCUS506 Record and implement client instructions

**FNSFMK521 Analyse financial markets and information is the updated and equivalent version of FNSFMK501 Analyse financial markets information.

Qualification Mapping Information

No equivalent qualification. Supersedes and is not equivalent to FNS60715 Advanced Diploma of Financial Licensing Management.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

FNS60820 Advanced Diploma of Integrated Risk Management

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

Qualification Description

This qualification reflects the role of individuals who undertake specialist risk management roles in financial services organisations. These roles include cross-industry tasks and responsibilities relating to finance, compliance, corporate governance, strategy and business continuity.

Individuals in these roles have autonomy in performing technical operations, apply solutions to a range of often complex problems, and research, analyse and evaluate information from a variety of sources. They apply initiative to plan, demonstrate customer advocacy, have business empathy, coordinate and evaluate their own work, challenge and facilitate risk conversations, demonstrate resilience and provide guidance to others.

Licensing/Regulatory Information

No licensing or certification requirements apply to this qualification at the time of publication. However, some units will specify relevant licensing, legislative and/or regulatory requirements that impact on the unit. Refer to the regulator for guidance on requirements.

Entry Requirements

Nil

Packaging Rules

Total number of units = 12

8 core units plus

4 elective units of which:

2 must be selected from the electives listed below,

2 units may be selected from the remaining listed electives or any currently endorsed training package qualification or accredited course at Diploma or above.

Elective units must be relevant to the work environment and the qualification, maintain the overall integrity of the AQF alignment and contribute to a valid vocational outcome.

Core Units

BSBCOM602 Develop and create compliance requirements

BSBCOM603 Plan and establish compliance management systems

BSBRSK501 Manage risk

FNSORG512 Develop, implement and monitor policy and procedures

FNSRSK511 Undertake risk identification

FNSRSK512 Assess risks

FNSRSK611 Develop and implement risk mitigation plan

FNSRSK612 Determine and manage risk exposure strategies

Elective Units

Managing financial risk

BSBMGT517 Manage operational plan

FNSACC511 Provide financial and business performance information

FNSACC609* Evaluate financial risk

FNSINC411 Conduct work according to professional practices in the financial services industry

FNSORG514 Monitor and supervise work practices to meet financial services regulatory requirements

FNSORG515 Prepare financial reports to meet statutory requirements

FNSORG602 Develop and manage financial systems

Corporate governance

FNSACC606 Conduct internal audit

FNSACC624 Monitor corporate governance activities

FNSFMK515 Comply with financial services regulation and industry codes of practice

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

Business ethics and conduct

FNSINC503 Identify situations requiring complex ethical decision making

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

Managing compliance

BSBCOM401 Organise and monitor the operation of compliance management system

BSBCOM402 Implement processes for the management of a breach in compliance requirements

BSBCOM501 Identify and interpret compliance requirements

BSBCOM503 Develop processes for the management of breaches in compliance requirements

BSBINM401 Implement workplace information system

BSBINM501 Manage an information or knowledge management system

BSBLDR402 Lead effective workplace relationships

BSBPMG411 Apply project quality management techniques

BSBPMG415 Apply project risk management techniques

BSBRSK401 Identify risk and apply risk management processes

BSBSMB401 Establish legal and risk management requirements of small business

BSBWHS504 Manage WHS risks

BSBWHS603 Implement WHS risk management

FNSACC516 Implement and maintain internal control procedures

FNSORG508 Analyse and comment on management reports

FNSORG603 Establish and prepare operational guidelines in a financial services organisation

Strategic risk management and business continuity

BSBINN601 Lead and manage organisational change

BSBSUS501 Develop workplace policy and procedures for sustainability

BSBMGT605 Provide leadership across the organisation

BSBMGT615 Contribute to organisation development

BSBMGT616 Develop and implement strategic plans

BSBMGT617 Develop and implement a business plan

BSBPMG517 Manage project risk

BSBWHS520 Manage implementation of emergency procedures

FNSORG601 Negotiate to achieve goals and manage disputes

*Note the following prerequisite unit requirements:

Unit in this qualification	Prerequisite unit
FNSACC609 Evaluate financial risk	FNSACC511 Provide financial and business performance information

Qualification Mapping Information

No equivalent qualification. Supersedes and is not equivalent to FNS60815 Advanced Diploma of Integrated Risk Management (Release 3).

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

FNS60920 Advanced Diploma of Paraplanning

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Qualification Description

This qualification reflects the role of paraplanners who provide a comprehensive range of financial planning services across a variety of product environments, including those involving complex issues and/or requiring innovative strategies. Individuals in these roles require well-developed skills and a broad knowledge base of the financial planning sector and required regulatory frameworks. At this level individuals are expected to apply specialist skills and knowledge in a range of situations to deal with complex situations and issues. They work across a broad range of technical or management functions with accountability for personal outputs and for team outcomes.

Licensing, legislative, regulatory or certification considerations

Work functions in the occupational areas where this qualification may be used are subject to regulatory requirements. Relevant regulatory authorities should be consulted to confirm those requirements before applying the qualification.

Entry Requirements

Nil

Packaging Rules

Total number of units = 12

9 core units plus

3 elective units, of which:

at least 1 must be from Group A Financial planning

up to 2 may be from the remaining elective units in Groups A and B or from any currently endorsed training package qualification or accredited course at AQF Level 5 or above, provided they do not duplicate the outcome of another unit chosen for the qualification.

Elective units must be relevant to the work environment and the qualification, maintain the overall integrity of the AQF alignment, and contribute to a valid vocational outcome.

Core units

FNSCUS516 Record and implement client instructions

FNSFPL614 Develop financial plans

FNSFPL615 Present and negotiate financial plans

FNSFPL616 Implement financial plans

FNSFPL621 Comply with ethical and operational guidelines, legislation and regulations in financial planning

FNSFPL622 Conduct financial planning analysis and research

FNSPRM611 Monitor and review organisational system compliance with legislation and regulations

FNSINC411 Conduct work according to professional practices in the financial services industry

FNSINC511 Conduct financial product research to support product recommendations

Elective units

Group A Financial planning

FNSFPL607 Prepare advice in margin lending

FNSFPL608 Prepare advice in foreign exchange

FNSFPL609 Prepare advice in managed investments

FNSFPL610 Prepare advice in superannuation

FNSFPL617 Prepare advice in derivatives

FNSFPL618 Prepare advice in securities

FNSFPL619 Prepare advice in life insurance

FNSFPL620 Prepare advice in insurance broking

Group B General financial services

Aged care

FNSSUP434 Develop and provide knowledge of aged care to superannuation clients

Insurance broking

FNSIBK413 Place client insurances with insurer and confirm insurance cover with clients

FNSIBK416 Deliver insurance broking services

FNSIBK517 Review insurance broking service performance

FNSIBK518 Implement changes to insurance programs of broking clients

FNSIBK523 Prepare submissions for new insurance broking business

FNSIBK525 Monitor insurance broking client programs

Mortgage broking

FNSFMB502 Identify and develop broking options for clients with complex needs

FNSFMK505 Comply with financial services regulation and industry codes of practice

Risk and compliance

BSBAUD514 Interpret compliance requirements

BSBAUD515 Evaluate and review compliance

BSBAUD516 Develop and monitor processes for the management of breaches in compliance requirements

BSBAUD601 Establish and manage compliance management systems

FNSRSK512 Assess risks

FNSRSK612 Determine and manage risk exposure strategies

Self-managed superannuation funds

FNSSMS511 Invest self-managed superannuation fund assets

FNSSMS512 Manage changes to memberships in self-managed superannuation funds

FNSSMS513 Manage administration activities of self-managed superannuation funds

FNSSMS514 Meet self-managed superannuation fund compliance requirements

FNSSMS515 Support trustees in selecting and monitoring performance of outsourced services

Superannuation

FNSSUP423 Provide knowledge of retirement planning issues when dealing with superannuation clients

FNSSUP432 Determine impact of social security entitlements on retirement income

General business

BSBINS402 Coordinate workplace information systems

BSBOPS505 Manage organisational customer service

BSBOPS601 Develop and implement business plans

BSBSTR501 Establish innovative work environments

BSBSUS511 Develop workplace policies and procedures for sustainability

FNSCUS511 Develop and maintain professional relationships in financial services industry

FNSCUS512 Monitor clients’ financial requirements

FNSCUS515 Determine client financial requirements and expectations

FNSFMK522 Apply financial product knowledge in the context of the deal transaction cycle

FNSFMK525 Analyse clients’ financial risk

FNSFPL611 Provide technical and professional financial planning guidance

FNSFPL612 Determine client requirements and expectations in financial planning

FNSFPL613 Monitor financial plans and provide ongoing service

FNSINC503 Identify situations requiring complex ethical decision making

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

Qualification Mapping Information

No equivalent qualification. Newly created.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

FNS80020 Graduate Certificate in Anti-Money Laundering and Counter Terrorism Financing

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

Qualification Description

This qualification reflects the role of individuals who apply knowledge and skills in a compliance and management role which may include aspects of anti-money laundering and counter terrorism financing.

Individuals at this level make autonomous decisions and use initiative and judgement to assess and design a range of anti-money laundering and counter terrorism financing functions in varied contexts.

They have full responsibility and accountability for personal outputs and for the work or function of others.

They use cognitive and creative skills to review, critically analyse, consolidate and synthesise knowledge, in order to generate ideas and provide solutions to complex problems. They use communication skills to demonstrate their understanding of theoretical concepts and to transfer knowledge and ideas to others.

Licensing/Regulatory Information

No licensing, legislative or certification requirements apply to this qualification at the time of publication.

Entry Requirements

Entry to this qualification is limited to those individuals who:

have completed a Diploma or Advanced Diploma qualification in related fields of study

OR

have completed a Bachelor degree in related fields of study

OR

have three years equivalent full-time relevant workplace experience at a banking or financial institution with exposure to transaction processes, controls, and/or client onboarding.

Packaging Rules

Total number of units = 3

3 core units

This qualification has no elective units

Core Units

FNSAML812 Design and assess controls to monitor money-laundering and terrorism financing risk

FNSAML815 Manage assessment of organisational vulnerability to money laundering and terrorism financing

FNSINC811 Lead compliance with financial services legislation and industry codes of practice

Qualification Mapping Information

No equivalent qualification.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

FNS80120 Graduate Diploma of Anti-Money Laundering and Counter Terrorism Financing

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

Qualification Description

This qualification reflects the role of individuals who apply advanced knowledge and skills in an anti-money laundering and counter terrorism financing compliance and management role.

Individuals at this level make high level autonomous decisions and use initiative and judgement to plan and implement a range of anti-money laundering and counter terrorism financing management functions in varied contexts.

They have full responsibility and accountability for personal outputs and for the work or function of others.

They use cognitive and creative skills to review, critically analyse, consolidate and synthesise knowledge, in order to generate ideas and provide solutions to complex problems. They use communication skills to demonstrate their understanding of theoretical concepts and to transfer knowledge and ideas to others.

Licensing/Regulatory Information

No licensing, legislative or certification requirements apply to this qualification at the time of publication.

Entry Requirements

Entry to this qualification is limited to those individuals who:

have completed a Diploma or Advanced Diploma qualification in related field of study and three years equivalent full-time workplace experience at a banking or financial institution with exposure to transaction processes, controls, and/or client onboarding

OR

have completed a Bachelor degree in related fields of study or FNS80020 Graduate Certificate in Anti-Money Laundering and Counter Terrorism Financing, and two years equivalent full-time relevant workplace experience at a banking or financial institution with exposure to transaction processes, controls, and/or client onboarding

OR

have five years equivalent full-time relevant workplace experience at a banking or financial institution with exposure to transaction processes, controls, and/or client onboarding at a significant level of project or program leadership and management responsibility and/or complexity in an enterprise.

Packaging Rules

Total number of units = 8

6 core units plus

2 elective units of which:

1 unit must be selected from the electives listed below,

1 unit may be selected from the remaining listed electives or from a Graduate Certificate or Graduate Diploma in any currently endorsed training package or accredited Course.

Elective units must be relevant to the work environment and the qualification, maintain the overall integrity of the AQF alignment and contribute to a valid vocational outcome.

Core Units

FNSAML811 Design anti-money laundering and counter terrorism financing programs

FNSAML812 Design and assess controls to monitor money-laundering and terrorism financing risk

FNSAML813 Design and monitor reporting systems for suspicious transactions

FNSAML814 Design customer due diligence policies and procedures

FNSAML815 Manage assessment of organisational vulnerability to money laundering and terrorism financing

FNSAML816 Implement anti-money laundering and counter terrorism financing programs

Elective Units

BSBMGT802 Lead design and review of enterprise systems

BSBPMG803 Manage and review portfolio performance

BSBPMG805 Lead the portfolio

BSBPMG806 Manage portfolio communications and change

BSBPMG808 Manage portfolio risk

FNSINC811 Lead compliance with financial services legislation and industry codes of practice

FNSINC802 Develop and build effective relationships with regulators and industry bodies

Qualification Mapping Information

Supersedes and is equivalent to FNS80115 Graduate Diploma of Anti-Money Laundering and Counter Terrorism Financing.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

FNSACM311 Process and manage payments

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to process and allocate payments, including maintaining customer and payment details, addressing routine questions and issues about payments and actioning required adjustments.

The unit applies to those who may work as part of the finance or accounting team in organisations, or in customer facing roles.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Account 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. Prepare customer payments	1.1 Determine customer requirements 1.2 Confirm information required to allocate payments with customer 1.3 Allocate bank receipts and customer payments to customer account according to organisational policies and procedures 1.4 Investigate where payment details provided do not match expected payments and rectify where required 1.5 Issue payment receipts according to organisational policies and procedures
2. Address routine enquiries and issues	2.1 Respond to customer payment, billing and account queries according to organisational policies and procedures 2.2 Investigate concerns about incorrect payment allocation 2.3 Update customer details as advised according to organisational policies and procedures
3. Action required adjustments	3.1 Apply discounts or late payment fees according to organisational policies and procedures, as required 3.2 Apply approved account, invoice or billing adjustments according to organisational policies and procedures as required 3.3 Escalate complex matters and customer complaints as required

Foundation Skills

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

SKILL	DESCRIPTION
Numeracy	Accesses and checks numerical information embedded in a range of texts
Oral communication	Uses listening and questioning techniques to confirm understanding of requirements Uses clear, specific and culturally sensitive language to convey information Follows accepted communication practices and protocols, adjusting personal communication style in response to the values, beliefs and cultural expectations of different customers
Reading	Interprets and analyses textual information
Writing	Updates details in computer systems
Planning and organising	Plans, organises and implements tasks according to organisational requirements
Technology	Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

No equivalent unit. Supersedes and is not equivalent to FNSACM301 Administer financial accounts.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSACM311 Process and manage payments

Modification History

Release	Comments
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:

process and manage at least six different payments to the correct accounts, and action at least one instance where the payment cannot be immediately allocated due to incorrect information provided.

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:

organisational policies and procedures for:

processing and allocating payments received

managing routine customer queries

updating and maintaining financial and personal data

processing financial transactions

approving and processing account, invoice or billing adjustments

escalating complex queries and customer complaints

financial and computer system processes for accepting payments and looking up payment history and allocations.

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:

organisational equipment, technology, software and consumables

organisational policies and procedures.

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

FNSACM312 Reconcile financial transactions

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to reconcile financial transactions from bank accounts to the correct customer and ledger accounts and investigate difficulties.

The unit applies to those who may be required to work as part of a finance or accounting team.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Account 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. Reconcile financial transactions to accounting system records and invoices	1.1 Obtain receipts data for required period 1.2 Match financial transactions where data shows match 1.3 Update accounting records for financial transactions not in the accounting system 1.4 Process over and underpayments received according to organisational policies and procedures
2. Action unmatched transactions	2.1 Identify unmatched receipts and payments and investigate according to organisational policies and procedures 2.2 Check possible receipt matches and confirm correct allocation 2.3 Record and allocate payments made to suppliers to correct expense account according to organisational policies and procedures 2.4 Follow up payments made to suppliers but not yet showing on banking data according to organisational policies and procedures 2.5 Identify irreconcilable financial transitions and action according to organisational policies and procedures 2.6 Identify data and allocation discrepancies and follow up with customers, suppliers, the bank and internal staff as required according to organisational policies and procedures
3. Complete reconciliation process	3.1 Finalise reconciliation within required timeframes and according to organisational policies and procedures 3.2 Report unresolved reconciliation issues according to organisational policies and procedures 3.3 Prepare, update and file documentation according to organisational policies and procedures

Foundation Skills

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

SKILL	DESCRIPTION
Numeracy	Uses a calculator or other systems to perform mathematical calculations and reconcile numerical and financial data Inputs accurate numerical data
Oral communication	Uses clear, specific and culturally sensitive language to convey information Uses listening and questioning techniques to confirm understanding of requirements Follows accepted organisational practices and protocols for communicating information or seeking advice
Reading	Identifies discrepancies in financial information
Planning and organising	Plans, organises and implements tasks according to organisational requirements
Problem solving	Follows structured processes to make routine decisions relevant to own role
Technology	Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

No equivalent unit. Supersedes and is not equivalent to FNSACM302 Prepare, match and process receipts.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSACM312 Reconcile financial transactions

Modification History

Release	Comments
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:

perform bank reconciliations on at least three different occasions with each occasion involving at least 10 financial transactions and at least four transaction types.

In the course of the above, the candidate must:

identify at least two discrepancies and liaise with required personnel to resolve outstanding issues.

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:

organisational policies and procedures for bank reconciliation and accounts

accounts system procedures and operational steps for reconciliation using computerised systems

accounting information, including:

GST calculation and application

invoices and tax invoices

source records maintenance requirements

procedures for resolving common discrepancies between bank financial transactions and accounting system records, including:

overpayments

underpayments

missing invoice or purchase order details

bank data or import issues

incorrectly allocated payments

investigative approaches used to identify and action unreconciled items

types of financial transactions.

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

bank records of financial transactions to be reconciled

accounts system or computerised accounts system for bank reconciliation

organisational policies and procedures

integrated financial software system 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

FNSACM313 Process authorised payments

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to process business financial payments such as paying suppliers, and to initiate non-cash payment services and facilities on the behalf of customers.

The unit applies to those who may work under supervision but have responsibility for ensuring the prompt and accurate processing of business expense payments, or initiating non-cash payment facilities on behalf of customers

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Account 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. Verify payment facility requirements	1.1 Confirm payment has been correctly authorised 1.2 Obtain and update data required to facilitate payment 1.3 Identify and adhere to payment system security requirements
2. Create payment facility	2.1 Process payment facility according to organisational policies and procedures 2.2 Create payment records and provide payment receipts as required according to organisational policies and procedures
3. Address routine enquiries and issues about payments made	3.1 Respond to queries about payments made according to organisational policies and procedures 3.2 Investigate concerns about incorrect payments 3.3 Update payment details as advised according to organisational policies and procedures
4. Complete documentation process	4.1 Update and maintain documentation and authorisations required according to organisational policies and procedures and legislative obligations 4.2 Provide copies of payment facility documentation to others as required

Foundation Skills

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

SKILL	DESCRIPTION
Numeracy	Uses calculators or tools to perform mathematical calculations and checks accuracy of data
Oral communication	Uses appropriate vocabulary to provide or gather information Uses questioning and active listening to confirm requirements
Reading	Interprets and analyses information from a range of sources to confirm accuracy and determine required actions
Planning and organising	Plans, organises and implements tasks according to organisational requirements
Problem solving	Follows structured processes to make routine decisions relevant to own role
Technology	Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

No equivalent unit. Supersedes and is not equivalent to FNSACM303 Process payment documentation.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSACM313 Process authorised payments

Modification History

Release	Comments
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:

process payment documentation for at least six transactions, at least one of which has a discrepancy.

In the course of the above, the candidate must:

use at least three different payment systems.

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:

organisational policies and procedures for:

making payments

processing financial transaction

handling routine queries about payments made and payment systems

entering financial and personal data into systems

updating and maintaining documentation and authorisations

different payment systems and their features, fees and procedures

key requirements of legislation and industry codes of practice relevant to payment systems, including:

ePayments code

banking codes of practice

financial and computer system processes for accepting payments and looking up payment history and allocations.

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

payment systems

integrated financial software system 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

FNSACM411 Authorise valid expense payments

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to verify the validity and accuracy of payment requests, prepare payment documentation, authorise payments, liaise with suppliers and investigate issues.

The unit applies to those who may work under limited supervision and hold responsibility for ensuring that controls are adhered to when processing financial transactions.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Account 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. Verify validity and accuracy of payment request	1.1 Match payment requests with required supporting information according to purchasing and accounts procedures 1.2 Check supporting documentation for completeness and accuracy 1.3 Confirm authorisation of request and follow up and rectify discrepancies as required 1.4 Obtain confirmation of goods and services supply as required and validate request for payment 1.5 Identify and report financial risk situations as required
2. Prepare payment	2.1 Authorise payments and approval information according to organisational policies and procedures and commercial terms 2.2 Escalate approvals in excess of personal delegated authority according to organisational policy and procedures
3. Action required adjustments to payments	3.1 Verify GST treatment of payment according to organisational policy and procedures 3.2 Request and process required credit notes and adjustment notes 3.3 Apply billing adjustments to the payment as required according to organisational policies and procedures 3.4 Liaise with suppliers to resolve billing issues as required
4. Make payment and complete documentation	4.1 Make payment using required payment system according to organisational policies and procedures 4.2 Update and maintain documentation and authorisations required according to organisational policies and procedures and legislative obligations 4.3 Update and maintain records of payment according to organisational policies and procedures and legislative obligations

Foundation Skills

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

SKILL	DESCRIPTION
Numeracy	Uses calculators to perform mathematical calculations and reconciles numerical and financial data
Oral communication	Uses active listening, questioning and summarising skills to identify and confirm requirements Negotiates with suppliers
Reading	Interprets and analyses information from a range of sources and confirms accuracy
Writing	Uses clear and specialised language to document requirements and outcomes
Planning and organising	Plans, organises and implements tasks according to organisational requirements Follows structured processes to determine payment status and handle discrepancies
Technology	Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

No equivalent unit. Supersedes and is not equivalent to FNSACM401 Evaluate and authorise payment requests.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSACM411 Authorise valid expense payments

Modification History

Release	Comments
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:

assess and document payment for at least six payments, at least one of which has a discrepancy.

In the course of the above, the candidate must:

use at least three different payment systems.

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:

organisational policies and procedures for:

evaluating and authorising payment requests

making payments

processing financial transactions

handling routine queries about payments made and payment systems

entering of financial and personal data

types of payment requests and associated documentation handled by the organisation

authorised personnel within organisation.

different payment system features, fees and procedures and key requirements of legislation

key requirements of legislation and industry codes of practice relevant to payment systems, including:

ePayments code

banking codes of practice

financial or computer system processes for accepting payments and looking up payment history and allocations

types of financial risks, including:

improper requests for payments

false invoices

undersupply of goods

fraudulent purchases.

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.

common office equipment, technology, software and consumables

organisational policies and procedures

legislation and regulations required for purchasing and payment authorisation

integrated financial software system 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

FNSAML811 Design anti-money laundering and counter terrorism financing programs

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

Application

This unit describes the skills and knowledge required to design and develop an organisation’s anti-money laundering and counter terrorism financing (AML/CTF) program to meet organisational goals and regulatory requirements. It covers the research and analysis of requirements and the design and development of new, redesigned or reconfigured AML/CTF programs.

The unit applies to individuals who use specialised AML/CTF knowledge and skills to evaluate complex information and compliance requirements. Individuals typically lead and review organisation wide activities, exercise significant autonomy, responsibility and accountability and contribute to the strategic goals and operations of the organisation. They review, critically analyse, consolidate and synthesise knowledge to generate ideas and provide solutions to complex problems.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Anti-money laundering and counter terrorism financing

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. Research and analyse requirements for AML/CTF program development	1.1 Analyse regulatory requirements that determine AML/CTF policy and practice including specific requirements of the Australian Privacy Principles 1.2 Evaluate AML/CTF implications for products and services offered by organisation 1.3 Analyse and assess organisation’s AML/CTF program requirements and goals, considering organisation’s nature, scale and complexity of business 1.4 Research and assess other guidance including industry codes and standards, sector counterparts and international regulators 1.5 Collate and analyse organisational data and trends relating to AML/CTF activity and controls 1.6 Synthesise outcomes of research and analysis and brief personnel on implications of findings for organisation’s AML/CTF program
2. Design an AML/CTF program for an organisation	2.1 Review outcomes of research and design a program for a new, redesigned or reconfigured AML/CTF program in consultation with key personnel 2.2 Document proposal for new, redesigned or reconfigured AML/CTF program that includes consideration of resource allocations, assessment of risk and prioritised actions and timeframes 2.3 Present proposal for new, redesigned or reconfigured AML/CTF program, advocate benefits and secure approval from senior management and/or Board
3. Develop the AML/CTF program	3.1 Oversee preparation of draft policies and procedures and specifications for changes to system requirements 3.2 Consult with stakeholders to seek input and feedback on new, redesigned or reconfigured AML/CTF program to ensure agreement and ownership 3.3 Lead evaluation of feedback on draft policies and procedures and system requirements, and authorise changes 3.4 Designate responsibility and accountability in job roles and/or organisational sections for ensuring compliance with aspects of AML/CTF program 3.5 Develop AML/CTF program goals and performance criteria 3.6 Secure approval from senior management or Board for new, redesigned or reconfigured AML/CTF program

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Reading	Sources and critically analyses documentation from a variety of sources and records and consolidates information to determine requirements
Writing	Uses a range of formats and structures to report and present information logically for different audiences Develops material for a specific audience using clear and detailed language to convey information and recommendations
Oral communication	Participates in verbal exchanges using active listening and questioning techniques to convey information and elicit the views and opinions of key stakeholders Clearly explains detailed information using concepts, language, tone and pace appropriate to the particular audience
Numeracy	Interprets, analyses and presents numeric and financial information
Planning and organising	Designs, develops and implements programs to ensure organisational goals are achieved and performance improved Monitors and reviews organisational policies, procedures and adherence to regulatory requirements Develops flexible plans for routine and complex activities with strategic implications that involve a range of personnel
Self-management	Accepts responsibility for planning and sequencing complex tasks and workload Uses a variety of communication tools and strategies in building and maintaining effective working relationships Plays a lead role in situations requiring effective collaboration and high-level negotiation skills
Problem solving	Systematically gathers and analyses all relevant information, reviews data and evaluates options in order to inform decisions about complex organisational programs Analyses, assesses and interprets data to identify problems and improve systems
Technology	Uses digital systems and technologies to enter, store or access information

Unit Mapping Information

Supersedes and is equivalent to FNSAML802 Design and assess controls to monitor money laundering and terrorism financing risk.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSAML811 Design anti-money laundering and counter terrorism financing programs

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

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:

design one anti-money laundering and counter terrorism financing program.

In the course of the above, the candidate must:

present research and analysis findings for requirements for an organisational anti-money laundering and counter terrorism (AML/CTF) program

oversee development and evaluation of draft policies and procedures

develop proposal for a new, redesigned or reconfigured AML/CTF program that includes consideration of resource allocations, assessment of risk and prioritised actions and timeframes.

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:

regulatory requirements that determine AML/CTF policy and practice

implications of Privacy Act 1988 for AML/CTF policies and procedures

products and services offered by organisation

national and international regulatory and industry requirements relating to AML/CTF

methods for measuring AML/CTF compliance against goals and performance criteria

organisational policies and procedures, system requirements, goals and performance criteria for AML/CTF programs

methodologies for data interpretation and analysis

tools and techniques that support effective stakeholder management.

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:

regulations, standards and codes required to design AML/CTF programs

organisational records, systems and policies and procedures required for the performance evidence.

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

FNSAML812 Design and assess controls to monitor money laundering and terrorism financing risk

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

Application

This unit describes the skills and knowledge required to design and implement procedural controls to proactively identify money laundering (ML) and terrorism financing (TF) risks for an organisation. It covers developing risk analysis criteria to assess an organisation’s risk exposure and then designing, implementing and monitoring controls that are flexible and responsive to changes in ML and TF typologies.

The unit applies to individuals who lead and review organisation wide activities, exercise significant autonomy, responsibility and accountability and contribute to the goals and operations of the organisation. They will typically have responsibility for the establishment and review of significant programs in the organisation. They use cognitive and creative skills to review, critically analyse, consolidate and synthesise knowledge, generate ideas and provide solutions to complex problems.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Anti-money laundering and counter terrorism financing

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. Analyse requirements and develop risk evaluation criteria	1.1 Analyse all stages of risk assessment process, including identification, assessment, evaluation, mitigation and monitoring, related to organisational requirements 1.2 Analyse relevant industry related typologies including those issued by Australian Transaction Reports and Analysis Centre (AUSTRAC) annually 1.3 Evaluate and select risk management tools for organisation 1.4 Develop risk criteria to evaluate risk based on organisation’s vulnerability to ML and TF 1.5 Formulate and document risk management methodologies, including assessing risk appetite and holistic organisational ML and TF risk review processes
2. Assess organisation’s current exposure	2.1 Analyse risk exposure in organisation’s operations, including products offered, clients, systems, channels of access and geographical sphere 2.2 Analyse vulnerability of organisation to ML and TF risks 2.3 Evaluate overall level of risk posed to organisation and confirm that level is within stated risk appetite tolerance
3. Design and implement controls	3.1 Evaluate risk mitigation controls already in place and assess if proportionate to nature, size and complexity of organisation 3.2 Determine risks with ineffective and insufficient controls 3.3 Discuss risk management deficiencies with relevant stakeholders and identify required controls 3.4 Allocate responsibility for managing controls to senior managers in organisation 3.5 Work with stakeholders to implement controls where required
4. Monitor and maintain effectiveness of controls	4.1 Review organisation’s overall risk assessment addressing methodology, and changes in organisation and regulatory landscape 4.2 Implement processes to regularly monitor and assess effectiveness of mitigation controls 4.3 Analyse deficiencies and work with stakeholders to ensure remediation 4.4 Report deficiencies to relevant internal stakeholders, including management, Board, and audit and risk manager 4.5 Report significant breaches to relevant authorities, including AUSTRAC 4.6 Monitor implementation of improvements and changes to mitigation controls 4.7 Research and analyse changes to industry and environment that may increase risk and necessitate changes to controls

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Reading	Identifies, critically analyses and evaluates complex documentation from a variety of sources to determine requirements
Writing	Uses clear and concise language and appropriate terminology to convey complex information and provide detailed instructions Prepares logically organised documents using appropriate formats for audience and purpose
Oral communication	Uses language and features appropriate to context and audience to present, report and discuss complex information
Numeracy	Collates, interprets and analyses financial and statistical information to determine and assess requirements
Self-management	Works autonomously and in teams, making decisions to achieve and improve organisational goals and operations Selects and uses appropriate communication methods and practices to provide information and recommendations Accepts responsibility for planning and sequencing complex tasks and workload
Problem solving	Systematically gathers and analyses relevant information, reviews data and evaluates options in order to inform decisions about complex organisational programs Uses analytical thinking techniques to identify or predict issues and generate possible solutions Analyses, assesses and interprets data to identify problems and improve systems
Technology	Uses digital systems and technologies to enter, store or access information

Unit Mapping Information

Supersedes and is equivalent to FNSAML802 Design and assess controls to monitor money laundering and terrorism financing risk.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSAML812 Design and assess controls to monitor money laundering and terrorism financing risk

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

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:

design and assess at least one procedural control to monitor money laundering (ML) and terrorism financing (TF) risks in an organisation.

In the course of the above, the candidate must:

design and implement the control to address the ML/TF risk

develop and document risk assessment criteria for the organisation

assess organisation’s current exposure to ML/TF risk

monitor and report on effectiveness of implemented procedural control.

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:

risk analysis criteria relevant to evaluation of anti-money laundering and counter terrorism financing (AMLCTF) processes

money laundering and terrorism financing (ML/TF) risk assessment process, including identification, assessment, evaluation, mitigation and monitoring

ML/TF risk management tools used in organisations and their effectiveness

organisational processes and procedures for implementing and monitoring ML/TF risk mitigation controls

regulatory and industry requirements for AML/CTF

tools and techniques that support effective stakeholder management

methodologies for data interpretation and analysis

organisational operations, product knowledge, clientele, systems, channels of access and geographical sphere.

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:

regulations, standards and codes required to design and assess controls to monitor ML/TF risk

organisational records, policies and procedures required for the performance evidence

organisational reporting system for suspicious transactions or case study scenarios.

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

FNSAML813 Design and monitor reporting systems for suspicious transactions

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

Application

This unit describes the skills and knowledge required to design, implement and maintain a transaction monitoring and reporting system, which assists organisations to identify, investigate and ultimately report suspicious matters relating to money laundering and terrorism financing (ML/TF).

The unit applies to individuals who lead and review organisation wide activities, exercise significant autonomy, responsibility and accountability and contribute to the goals and operations of the organisation. They typically have responsibility for the establishment and review of significant programs in the organisation. They use cognitive and creative skills to review, critically analyse, consolidate and synthesise knowledge, generate ideas and provide solutions to complex problems. They use communication skills to demonstrate their understanding of theoretical concepts and to transfer knowledge and ideas to others.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Anti-money laundering and counter terrorism financing

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 and analyse global risks and vulnerabilities	1.1 Identify ML/TF risks and vulnerabilities that may potentially impact on organisation including cross border transactions 1.2 Research, analyse and assess types of unusual activity relevant to industry and organisation 1.3 Apply investigation techniques and analytical tools to detect suspicious matters relating to ML/TF 1.4 Assess risk profile of different organisational portfolios and determine allocation of resources to monitor transactions 1.5 Evaluate approaches for monitoring transactions to identify risks and vulnerabilities
2. Review analytical tools and reporting systems	2.1 Analyse capabilities of organisation’s manual and automatic systems and assess appropriateness for different risk scenarios 2.2 Evaluate effectiveness of organisation’s automated transaction monitoring software in detecting unusual transaction activity 2.3 Review training programs to build staff skills in detecting and investigating unusual matters 2.4 Review and evaluate organisational processes for triggering and monitoring alerts and creating suspicious matter reports 2.5 Analyse overall process and organisational procedures for evidence-based investigations 2.6 Evaluate processes and procedures for performing periodic effectiveness monitoring
3. Monitor performance of analytical tools and reporting systems	3.1 Monitor and review alerts based on specific detection rules 3.2 Test and evaluate reporting solution relevant to detection rules 3.3 Manage provision of information and training to staff about transaction monitoring program
4. Manage investigation of alerts and generation of suspicious matter reports	4.1 Investigate alerts that have been triggered based on detection rules and prioritise those with highest risk score 4.2 Analyse alerts to determine if activity requires further investigation 4.3 Ensure organisational procedures are followed for initiating an investigative activity or case 4.4 Use previously investigated cases to inform current actions 4.5 Implement effective feedback loops to ensure continuous improvement and training of staff
5. Analyse and report suspicious transactions	5.1 Analyse trends in data related to alerts, activities investigated, and suspicious matters reported to determine effectiveness of reporting systems 5.2 Oversee provision of feedback to relevant staff on decisions regarding reports into suspicious transactions and activities 5.3 Prepare internal reports on suspicious transactions and activities according to organisational procedures 5.4 Prepare reports on suspicious transactions and activities for regulators, including cross border regulators, following required reporting formats 5.5 Manage sensitivities and protocols relating to privacy and confidentiality of information when working with multiple regulators or reporting bodies

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Learning	Shares information and knowledge with others in formal and informal training situations Contributes to review and content of training programs to improve organisational practice
Reading	Sources and critically analyses data and information from a variety of sources and consolidates according to specific criteria to determine requirements
Writing	Records and reports information using clear language and organisational formats and protocols
Oral communication	Clearly explains detailed information using language, tone and pace appropriate to audience
Numeracy	Analyses and synthesises mathematical information embedded in tasks and texts Uses mathematical problem-solving techniques to analyse data and values to determine trends and patterns
Self-management	Uses a variety of communication tools and strategies in building and maintaining effective working relationships Accepts responsibility for planning and sequencing complex tasks and workload
Initiative and enterprise	Uses initiative to identify and analyse data and trends related to financial risk, processes and practices that may have legal implications Takes a lead role in improving organisational processes with a focus on building awareness and engaging others
Problem solving	Applies systematic and analytical decision-making processes for complex and non-routine situations Analyses, assesses and interprets data to identify problems and improve systems
Technology	Uses digital technologies to access, check, report and store information required to complete work tasks

Unit Mapping Information

Supersedes and is equivalent to FNSAML803 Design and monitor a reporting system for suspicious transactions.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSAML813 Design and monitor reporting systems for suspicious transactions

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

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:

design and monitor one reporting system for suspicious transactions relating to money laundering (ML) and terrorism financing (TF).

In the course of the above, the candidate must:

document outcomes from review of organisational anti-money laundering and counter terrorism financing (AML/CTF) reporting system in required format as set out by organisation and industry

monitor AML/CTF reporting system for suspicious transactions

oversee investigations and reporting of suspicious matters.

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:

regulatory and industry requirements relating to reporting suspicious ML/TF activities

Australian Transaction Reports and Analysis Centre (AUSTRAC) reporting requirements

money laundering and terrorism financing risks and vulnerabilities, including areas of high priority for monitoring and reporting

investigative techniques and analytical tools to detect suspicious matters relating to ML/TF

circumstances where manual transaction monitoring is required and those where automated transaction monitoring is best

behaviours that constitute unusual industry or organisation activity

key features of automated transaction monitoring systems

methodologies for data interpretation and analysis

key features of information and training programs for staff on organisational reporting system

organisational processes and procedures for:

performing periodic effectiveness monitoring

reviewing alerts

investigating suspicious activities.

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:

regulations, standards and codes design and monitor reporting system for suspicious transactions

organisational records, policies and procedures required for the performance evidence

organisational reporting system for suspicious transactions or case study scenarios.

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

FNSAML814 Design customer due diligence policies and procedures

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

Application

This unit describes the skills and knowledge required to analyse requirements and design customer due diligence policies and procedures relating to the identification of customers, monitoring of customer behaviour and governance processes and controls for the customer identification process.

The unit applies to individuals who use specialised anti-money laundering and counter terrorism financing (AML/CTF) knowledge and skills to evaluate and apply complex information and compliance requirements and apply to relevant tasks. Individuals typically lead and review organisation wide activities, exercise significant autonomy, responsibility and accountability and contribute to the strategic goals and operations of the organisation. They review, critically analyse, consolidate and synthesise knowledge to generate ideas and provide solutions to complex problems.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Anti-money laundering and counter terrorism financing

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. Design processes for customer identification	1.1 Design processes to collect identification information and documentation from different categories of clients 1.2 Design processes for determining ultimate beneficial owner of assets or funds where client is a trust or fund or wealth management company 1.3 Design a separate process for verifying client information and documentation 1.4 Establish procedures for retention and retrieval of information and documentation from clients 1.5 Design an assurance or oversight process to ensure all collection, verification, retention and retrieval processes comply with relevant AML/CTF rules and regulations 1.6 Design processes for risk rating clients based on evaluating their characteristics, including jurisdiction and nature of business or occupation, with a financial crime specific risk framework
2. Design processes for identifying and monitoring customer behaviour	2.1 Devise a process for determining a customer’s source of wealth 2.2 Specify a control for identifying source of funding for a transaction, where required 2.3 Design a process for analysing products used by a customer and considering how that may impact their risk profile 2.4 Establish a procedure investigating the entities and individuals with whom a client is involved and whether this impacts their risk profile 2.5 Determine risk indicators that may apply to specific customers who represent an increased risk to organisation 2.6 Determine specific monitoring, approval and review controls applicable to different client categories based on risk that they represent for organisation
3. Design governance processes and controls for customer due diligence processes	3.1 Determine assurance governance procedures for client identification and money laundering and terror financing (ML/TF) risk processes 3.2 Determine oversight framework for customer due diligence procedure 3.3 Design a governance framework for customer due diligence policies and procedures 3.4 Design a process for ensuring that client risk assessment is consistent with organisation’s risk appetite 3.5 Specify processes for ensuring that customer due diligence policies and procedures are updated to reflect changes in regulation and organisational risk appetite 3.6 Design and document escalation procedure, including escalation triggers and to whom issues will be escalated 3.7 Design and document exemptions policy and procedure

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Reading	Critically analyses complex documentation and records from a variety of sources and consolidates information relating to specific criteria to determine requirements
Writing	Documents outcomes and changes to policies and procedures using industry relevant information and organisational formats and protocols Compiles logically sequenced texts using appropriate text type and support materials to convey detailed information and clear instructions
Numeracy	Uses a range of mathematical problem-solving techniques to analyse trends, benchmarks and control indicators linked to risk in customers and financial data
Self-management	Follows policies, procedures and regulatory requirements and identifies organisational implications of new legislation or regulations Plans and sequences complex tasks according to defined requirements and takes responsibility for decisions Develops systems and supporting documentation to achieve required outcomes
Initiative and enterprise	Seeks to improve policies and procedures to better meet organisational strategic goals Identifies and resolves key business issues, processes and practices that may breach legal requirements Applies systematic and analytical decision-making processes in complex and non-routine situations
Technology	Uses main features and functions of digital technologies to complete work tasks

Unit Mapping Information

Supersedes and is equivalent to FNSAML804 Design customer due diligence policies and procedures.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSAML814 Design customer due diligence policies and procedures

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

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:

design an organisational process for customer due diligence that includes customer identification, identifying and monitoring customer behaviour and controls for the processes.

In the course of the above, the candidate must:

document customer due diligence processes clearly using organisational formats and protocols.

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:

customer behaviour identification and monitoring processes and controls

organisational assurance governance procedures for client identification and money laundering and terrorism financing (ML/TF) risk processes

organisational processes and procedures for:

documenting designed due diligence policies and procedures

designing processes for risk rating clients

assurance procedures for customer identification processes

regulatory and industry requirements for anti-money laundering and counter terrorism financing (AML/CTF).

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:

legislation, regulations, standards and codes required to produce the performance evidence

organisational records, policies and procedures required to produce the performance evidence.

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

FNSAML815 Manage assessment of organisation vulnerability to money laundering and terrorism financing

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

Application

This unit describes the skills and knowledge required to assess the vulnerability of financial products and services for the use in money laundering and terrorism financing. It addresses the skills and knowledge required to develop and maintain an in-depth knowledge of the financial products and services. It covers the analysis of money laundering and terrorism financing (ML/TF) risk and recommended enhancements to organisational systems to manage vulnerabilities.

The unit applies to individuals who use specialised knowledge and skills to evaluate complex information and compliance requirements and apply to relevant tasks. Individuals typically lead and review organisation wide activities, exercise significant autonomy, responsibility and accountability and contribute to the strategic goals and operations of the organisation. They review, critically analyse, consolidate and synthesise knowledge to generate ideas and provide solutions to complex problems.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Anti-money laundering and counter terrorism financing

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. Analyse products and services an organisation uses	1.1 Research existing and new products, services and channels used by organisation and sector and determine their purpose 1.2 Analyse characteristics of products and services and their strengths, weaknesses, terms and conditions 1.3 Document function of each product and service and the client need it satisfies
2. Conduct a ML/TF risk assessment of organisation’s products and services	2.1 Develop a process to analyse and evaluate characteristics of products and services to determine their potential use for ML/TF 2.2 Develop risk criteria and conduct a ML/TF risk assessment of current and new products and services for an organisation 2.3 Analyse and report outcomes of ML/TF risk assessment of products and services for an organisation
3. Recommend enhancements to anti-money laundering and counter terrorism financing (AML/CTF) systems to manage specific vulnerabilities of products and services	3.1 Collect, assess and evaluate information about existing AML/CTF controls 3.2 Determine appropriate enhancements to system AML/CTF controls for managing risks for specific products, services and channels 3.3 Prepare recommendations for enhancing AML/CTF systems 3.4 Submit recommendations for approval to governance or management group
4. Maintain product, service and channel knowledge	4.1 Review products and services regularly and apply any changes to terms and conditions in daily work 4.2 Establish and use systems for keeping up with changes and maintaining up-to-date knowledge about products, services and channels 4.3 Review emerging trends affecting financial services industry and apply to product, service and channel knowledge

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Reading	Evaluates information and products from a variety of sources to ensure appropriateness to client needs
Writing	Prepares documentation using clear language and correct terminology
Oral communication	Employs language appropriate for audience and uses active listening techniques to elicit, clarify and convey information
Numeracy	Interprets, analyses and presents numeric and financial information
Self-management	Ensures knowledge of products, regulations and standards relevant to role is comprehensive and current Uses communication tools and strategies to develop effective working relationships Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effective outcomes
Initiative and enterprise	Takes a lead role in improving organisational processes with a focus on providing information and recommendations Contributes to continuous improvement of current work practices by applying basic principles of analytical and lateral thinking
Problem solving	Analyses, assesses and interprets data to identify problems and improve systems
Technology	Uses digital technologies to access, check, report and store information required to complete work tasks

Unit Mapping Information

Supersedes and is equivalent to FNSAML805 Manage assessment of organisation vulnerability to money laundering and terrorism financing.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSAML815 Manage assessment of organisation vulnerability to money laundering and terrorism financing

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

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:

manage assessment of at least two organisational financial products or services and their vulnerability to money laundering and terrorism.

In the course of the above, the candidate must:

research and identify changes to financial products and services used by organisation and sector, including their features and compliance requirements

analyse organisational products and services for their potential use in money laundering and terrorism financing (ML/TF), and assess capability of organisational controls to address risk

document and report assessment findings in required format.

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:

systems that can be accessed to obtain up-to-date information on products and services

financial products and services used by organisation and sector

compliance requirements for products and services used by organisation and sector

characteristics of products and services that make them vulnerable to money laundering and terrorism financing (ML/TF)

anti-money laundering and counter terrorism (AML/CTF) controls

general client characteristics and needs for organisation and sector

emerging trends affecting financial services industry and financial products

organisational reporting formats.

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:

legislation, regulations, standards and codes required to assess organisational vulnerability to ML/TF

organisational records, systems, policies and procedures required for the performance evidence.

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

FNSAML816 Implement an anti-money laundering and counter terrorism financing program

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

Application

This unit describes the skills and knowledge required to implement and monitor an organisation’s new, redesigned or reconfigured anti-money laundering and counter terrorism financing (AML/CTF) program to meet organisational goals and regulatory requirements.

The unit applies to individuals who use specialised AML/CTF knowledge and skills to evaluate complex information and compliance requirements and apply to relevant tasks. Individuals typically lead and review organisation wide activities, exercise significant autonomy, responsibility and accountability and contribute to the strategic goals and operations of the organisation. They review, critically analyse, consolidate and synthesise knowledge to generate ideas and provide solutions to complex problems.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Anti-money laundering and counter terrorism financing

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. Implement an AML/CTF program	1.1 Review requirements for new, redesigned or reconfigured AML/CTF program and develop an implementation plan 1.2 Consult, negotiate and communicate implementation plan with stakeholders including work redesign and resource allocation 1.3 Ensure procedures and/or system requirements are developed, tested and refined 1.4 Analyse and adopt organisational change processes to integrate new, redesigned or reconfigured AML/CTF requirements 1.5 Develop a communication strategy for promoting and sustaining staff awareness of AML/CTF program 1.6 Consult with relevant personnel to ensure staff training programs and arrangements are established within required timeframes
2. Monitor an AML/CTF program	2.1 Design monitoring and supervision processes to ensure regular reviews of AML/CTF compliance 2.2 Collect, analyse and report performance data against program goals and performance criteria 2.3 Ensure rectification of any AML/CTF related compliance failings 2.4 Report and consult on progress and performance with stakeholders
3. Review and evaluate an AML/CTF program	3.1 Monitor organisational business strategy and regulatory environment for changes that may impact on organisation’s AML/CTF program 3.2 Consult with stakeholders on strategies for continuous improvement of organisation’s AML/CTF program 3.3 Report review findings to senior management and/or Board as required 3.4 Oversee communication of further changes to AML/CTF program to staff and ensure requirements are implemented

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Learning	Plans and oversees implementation of training for staff to achieve organisational goals
Reading	Sources and critically analyses documentation from a variety of sources and records and consolidates information to determine requirements
Writing	Uses a range of formats and structures to report and present information logically for different audiences Develops material for a specific audience using clear and detailed language to convey information and recommendations
Oral communication	Participates in verbal exchanges using active listening and questioning techniques to convey information and elicit the views and opinions of key stakeholders Clearly explains detailed information using concepts, language, tone and pace appropriate to audience
Numeracy	Interprets, analyses and presents numeric and financial information
Self-management	Monitors and reviews organisational policies, procedures and adherence to regulatory requirements Uses a variety of communication tools and strategies in building and maintaining effective working relationships Accepts responsibility for planning and sequencing complex tasks and workload
Initiative and enterprise	Plays a lead role in situations requiring effective collaboration and high-level negotiation skills
Planning and organising	Develops and implements programs to ensure organisational goals are achieved and performance improved Monitors results against stated goals, adjusting plans and resources where necessary Develops flexible plans for routine and complex activities with strategic implications that involve a diverse range of personnel
Problem solving	Systematically gathers and analyses all relevant information, reviews data and evaluates options in order to inform decisions about complex organisational programs Analyses, assesses and interprets data to identify problems and improve systems
Technology	Uses digital systems and technologies to enter, store or access information

Unit Mapping Information

Supersedes and is equivalent to FNSAML806 Implement an anti-money laundering and counter terrorism financing programs.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSAML816 Implement an anti-money laundering and counter terrorism financing program

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

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:

implement and monitor one new, redesigned or reconfigured anti-money laundering and counter terrorism finance program.

In the course of the above, the candidate must:

document an implementation plan to address new or changed requirements for an anti-money laundering and counter terrorism (AML/CTF) program

design and implement a system to monitor and review AML/CTF program and organisational policies and procedures

gather and analyse data against program goals and performance criteria.

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:

regulatory and industry requirements relating to AML/CTF programs

organisational and industry standard processes for monitoring AML/CTF related compliance failings, including internal audit and compliance arrangements

standard methods and systems for capturing, collating, recording and managing information and data

key features of management planning tools

methodologies for data interpretation and analysis

processes for reviewing AML/CTF program and determining alignment to strategic operations, business strategy and regulation

impact of internal and external environmental factors on implementation of an AML/CTF program

organisational communication strategies.

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:

legislation, regulations, standards and codes required to implement an AML/CTF program

organisational records, policies and procedures required for the performance evidence.

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

FNSASIC303 Provide advice on first home saver account deposit products and non-cash payments

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 assess a client’s financial requirements and accurately advise customers about financial products and services at the Australian Securities and Investments Commission (ASIC) Tier 2 level.

It applies to individuals who perform their duties skilfully and who are proficient communicators. They will need to satisfy the training requirements for authorisation by an Australian financial services licence (AFSL) holder to provide advice on first home saver account deposit products at Tier 2 level.

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.

Pre-requisite Unit

FNSASIC301	Establish client relationship and analyse needs
FNSASIC302	Develop, present and negotiate client solutions

Unit Sector

ASIC units

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. Develop appropriate strategies and solutions	1.1 Determine appropriate strategy to provide for identified needs and outcomes based on analysis of first home saver account deposit product risk profile and assessment of client information 1.2 Conduct relevant research, analysis and product modelling, and draft appropriate transaction for presentation to client that demonstrates understanding of ASIC identified generic and specialist knowledge relevant to products being offered
2. Present appropriate strategies and solutions to client	2.1 Explain and discuss proposed transaction with client in clear and unambiguous way, demonstrating product knowledge appropriate for service or product offered 2.2 Explain and emphasise relevant details, terms and conditions of first home saver account deposit product or service, including impacts and possible risks of proposed solution in clear and concise manner 2.3 Provide client with written supporting documentation and guide client through key aspects of documentation
3. Negotiate financial transaction with client	3.1 Discuss and clarify any concerns or issues client has regarding proposed transaction 3.2 Seek confirmation that client fully understands proposed transaction
4. Coordinate implementation of agreed transaction	4.1 Gain client’s formal agreement to proposed transaction 4.2 Clearly explain associated fees, cost structures and timeframes for execution and processing, and confirm client understands these details
5. Complete and maintain necessary documentation	5.1 Ensure that proposal and all other statutory and transactional documents are completed and signed off by client 5.2 Exchange signed agreement and copies of appropriate documentation
6. Provide ongoing service where requested by client	6.1 Agree with client about type and form of ongoing service, including reporting on performance and review of first home saver account deposit product 6.2 Clearly explain and confirm fees and costs for ongoing and specifically defined services, and confirm client understands these details 6.3 Ensure ongoing service is provided as required

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	Recognises and analyses textual information from relevant sources to safeguard client needs and ensure currency of product and service
Writing	1.2, 2.1-2.3, 3.1, 3.2, 4.1, 4.2, 6.1, 6.2	Uses clear, specific and industry related terminology to complete and update workplace documentation
Oral Communication	1.2, 2.1-2.3, 3.1, 3.2, 4.1, 4.2, 6.1, 6.2	Clearly articulates features of products and services using language appropriate to the audience and environment, and participates in negotiated outcomes Confirms the understanding of others through active listening and questioning
Numeracy	1.1, 4.2, 6.2	Interprets and uses financial product information and analyses numerical data within spreadsheets and databases
Navigate the world of work	1.2, 5.1	Develops knowledge of legislation and regulations relevant to current role Takes responsibility for providing advisory services and documentation that comply with legal and organisational requirements
Interact with others	2.1-2.3, 4.1, 4.2, 6.1, 6.2	Selects and uses the appropriate conventions and protocols when communicating with clients to build rapport, seek or share information, establish clear agreement and maintain an ethical service relationship Adapts personal communication style to show respect for the values, beliefs and cultural expectations of others
Get the work done	1.1, 1.2, 4.1, 5.1, 5.2, 6.3	Takes responsibility for the sequence and priority of tasks within own workload to achieve effective and compliant outcomes Uses analytical processes to determine and implement solutions that meet client needs Uses familiar digital tools and systems to complete job tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSASIC303 Provide advice on first home saver account deposit products and non-cash payments	FNSASIC303A Provide advice on first home saver account deposit products and non-cash payments	Updated to meet Standards for Training Packages	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 for FNSASIC303 Provide advice on first home saver account deposit products and non-cash payments

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:

interpret and comply with industry regulations and codes of practice

analyse client needs relevant to first home saver account deposit products and services, and develop strategies and solutions to meet client requirements

finalise transactions, ensuring all documentation is completed accurately following organisational procedures.

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 satisfy knowledge requirements relevant to the products and activities in which advice is given. They must:

explain the legal environment including disclosure and compliance covering:

role of the representative or adviser

relevant legal principles relating to the Corporations Act, Financial Services Reform Act (FSRA), Competition and Consumer Act, Privacy Amendment (Private Sector) Act and Australian Securities and Investments Commission (ASIC) Act

relationship between ethics and regulatory requirements including good faith and utmost good faith

full disclosure of remuneration and fees and any other conflicts of interest which may influence the adviser's recommendation

relevant industry standards and codes of conduct

complaints resolution procedures (internal and external)

ASIC guidelines on adviser conduct and training

outline the economic environment and characteristics impacting on first home saver account products including:

interest rates

exchange rates

inflation

government monetary and fiscal policy

describe the operation of first home saver market institutions including:

banks

credit unions

building societies

identify taxation issues in relation to first home saver accounts

explain advisory functions including:

role of the representative or adviser

participants in the advisory services market

range of services provided

profile and financial information of the client

appropriateness of a risk assessment

explain first home saver account financial products including:

general definition

age limitations

cooling-off period

interest paid – institution and government

fees and charges

non-cash payments:

direct debit

external funds transfer (EFT)

auto transfer

withdrawal limits and requirements

specific inclusions and exclusions

types of financial risk.

Assessment Conditions

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

common office equipment, technology, software and consumables

first home saver account deposit product information.

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

FNSASIC314 Provide Tier 2 general advice in general insurance

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to assess clients’ insurance needs and accurately advise them about retail general insurance products and services, excluding personal accident and illness at the Australian Services and Investment Commission (ASIC) Tier 2 level.

The unit applies to insurance advisers with well-developed communication and interpersonal skills, who apply product knowledge when providing general advice in relation to Tier 2 (retail general insurance) products to clients.

At the time of publication, no licensing requirements apply to this unit. However, given potential future changes in the licensing environment, users must check with the relevant licensing body to confirm whether this unit is required to complete a licence.

Unit Sector

ASIC units

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. Respond to initial client enquiry for general insurance	1.1 Establish and respond to client enquiry according to organisational protocols and within required timeframes 1.2 Provide client with assistance and confirm full and accurate completion of initial documentation, as required 1.3 Determine and clarify products of interest through interaction with clients 1.4 Inform clients that general advice will be provided to them in relation to products of interest and that only personal information for underwriting and calculating cost of product will be sought 1.5 Gather and record information relating to the risk to be insured according to organisational policies and procedures 1.6 Refer clients to suitable specialist personnel where required advice is deemed to fall outside category of general advice
2. Prepare general advice to client	2.1 Analyse range of products of interest to clients and options available to determine their categorisation as areas of general advice in line with legislation and organisational policies 2.2 Provide disclosure documentation according to legislation and organisational policies 2.3 Confirm general advice warning and other disclosures are given to client in line with legislative and organisational policies and any special communication needs of client
3. Communicate and discuss general advice with client	3.1 Demonstrate relevant product and industry knowledge when providing advice to client 3.2 Explain and discuss product advice with client in language that avoids giving impression adviser has considered client’s personal circumstances in providing advice 3.3 Confirm that client is asked to consider appropriateness of advice for own circumstances 3.4 Advise client to read product disclosure statement before making decision

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Interprets financial product information and completes calculations to achieve required outcomes
Oral communication	Articulates product and service information unambiguously, using language and non-verbal signals suitable to audience and environment Uses active listening and questioning techniques when responding to client enquiry and providing assistance
Reading	Interprets textual information from relevant sources
Writing	Uses clear, specific and industry-related terminology to complete and update workplace documentation
Initiative and enterprise	Takes responsibility for adherence to legal, regulatory and organisational requirements that relate to own work role Ensures industry and product knowledge is current and used in compliance with organisational protocols
Self-management	Takes responsibility for routine tasks and decisions relating to client advice and support that comply with legal and organisational requirements
Teamwork	Uses communication strategies to achieve effective connection with a diverse range of clients
Technology	Uses digital technologies and main features and functions of digital tools to access, enter and store information

Unit Mapping Information

Supersedes and is equivalent to FNSASIC304 Provide Tier 2 general advice in general insurance.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSASIC314 Provide Tier 2 general advice in general insurance

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

respond to client enquiries and prepare relevant Tier 2 general advice with respect to different retail insurance products and for at least two different clients.

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:

legislative and organisational compliance requirements in relation to advice, including:

legislation affecting the provision of general and personal advice, including relevant regulatory guidelines on conduct and disclosure

roles and responsibilities of different advisers within the organisation

organisational policies and guidelines relating to provision of general advice

legal environment, including disclosure and compliance covering:

role of broker, representative and/or adviser and applicable fiduciary duty obligations and range of services provided

legal principles relating to the Corporations Act, Financial Services Reform Act (FSRA), Competition and Consumer Act, Insurance Contracts Act, and Australian Services and Investment Commission (ASIC) Act

relationship between ethics and regulatory requirements, including good faith, faith and utmost good faith

details of relevant marketing and disclosure documents, including product disclosure statements and marketing brochures on relevant products

full disclosure of remuneration and fees and any other conflicts of interest that may influence adviser’s recommendation

relevant insurance industry codes of practice and organisational codes of conduct

internal and external complaints resolution procedures

ASIC guidelines on adviser conduct and training

insurance products and services delivered by the organisation, including:

purpose of products and services

conditions, exclusions and level of coverage of risk transfer products

insurance product options available

taxation issues relating to insurance products

required content of disclosure statements, including content that:

complies with requirements of current regulations and organisational policies and procedures

includes key aspects of recommendations, including possible risks.

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:

organisational equipment, technology, software and consumables

organisational records

organisational policies and procedures.

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

FNSASIC315 Provide Tier 2 personal advice in general insurance

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.
Release 2	This version first released with FNS Financial Services Training Package Version 6.0. Version created to correct unit mapping error.

Application

This unit describes the skills and knowledge required to assess clients’ insurance needs and accurately advise them about retail general insurance products and services excluding personal accident and illness at the Australian Securities and Investments Commission (ASIC) Tier 2 level.

The unit applies to insurance advisers with well-developed communication and interpersonal skills, who apply substantial general insurance product knowledge when providing personal advice on standard retail general insurance products to clients.

At the time of publication, no licensing requirements apply to this unit. However, given potential future changes in the licensing environment, users must check with the relevant licensing body to confirm whether this unit is required to complete a licence.

Unit Sector

ASIC units

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. Prepare to provide personal advice in general insurance	1.1 Determine and respond to client enquiry, establishing client objectives and risk profile according to organisational procedures 1.2 Record relevant client information according to organisational procedures and ensure appropriate risk assessment processes and tools are used 1.3 Inform client about role of adviser and licensee or principal responsible for adviser’s conduct 1.4 Refer client to external adviser if client request indicates they may require specialist advice outside adviser’s operational limits
2. Develop and present appropriate risk solution	2.1 Identify and assess available options using information from risk analysis 2.2 Conduct relevant product research 2.3 Prepare disclosure documents and options for presentation to client, ensuring disclosure statements incorporate detail required by current regulations and organisational policies and procedures 2.4 Present appropriate solutions to client 2.5 Discuss and clarify client queries regarding proposed insurance plan, policy or transaction 2.6 Refer client to appropriate adviser for higher level or specialist advice if required
3. Confirm chosen insurance product and complete necessary documentation	3.1 Obtain instructions from client and confirm preferred insurance plan, policy or transaction 3.2 Seek agreement from client regarding insurance plan, policy or transaction regarding terms, fees and costs and explain timeframes for execution and processing to client 3.3 Obtain signed agreement regarding chosen insurance plan, policy or transaction from client and ensure copies of required documentation are exchanged 3.4 Create and update client records according to organisational procedures
4. Agree to arrangements for providing ongoing service where requested by client	4.1 Agree to type and form of ongoing service to be provided 4.2 Clearly explain fees and costs for defined ongoing services and confirm client understanding of details 4.3 Implement procedures for agreed ongoing services according to organisational policies and procedures

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Learning	Develops and maintains product knowledge to provide accurate and relevant information in compliance with organisational protocols
Numeracy	Interprets financial product information and completes calculations to achieve required outcomes
Oral communication	Articulates product and service information unambiguously, using language suitable to audience and environment Uses active listening and questioning techniques to confirm client understanding
Reading	Interprets textual information from relevant sources
Writing	Uses clear, specific and industry-related terminology to record and consolidate workplace documentation
Initiative and enterprise	Adheres to organisational requirements and protocols within own area of responsibility
Self-management	Takes responsibility for mostly routine tasks and decisions relating to client advice and support that comply with legal and organisational requirements
Teamwork	Selects and uses appropriate communication conventions and protocols to establish rapport with clients to determine their understanding, needs and preferences and provide the information required to negotiate agreement
Technology	Uses digital technologies and main features and functions of digital tools to access, enter and store information

Unit Mapping Information

No equivalent unit. Supersedes and is not equivalent to FNSASIC305 Provide Tier 2 personal advice in general insurance.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSASIC315 Provide Tier 2 personal advice in general insurance

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

identify and analyse client objectives and risk profile to provide Tier 2 personal advice in general insurance and complete required documentation to establish an insurance plan, policy or transaction for at least two different clients.

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:

legislative and organisational compliance requirements in relation to advice, including:

legislation affecting the provision of general and personal advice, including relevant regulatory guidelines on conduct and disclosure

roles and responsibilities of different advisers within the organisation

organisational policies and guidelines relating to provision of advice

legal environment, including disclosure and compliance covering:

role of broker, representative and/or adviser and applicable fiduciary duty obligations and range of services provided

legal principles relating to the Corporations Act, Financial Services Reform Act (FSRA), Competition and Consumer Act, Insurance Contracts Act, and Australian Securities and Investments Commission (ASIC) Act

relationship between ethics and regulatory requirements, including good faith, faith and utmost good faith

details of relevant marketing and disclosure documents, including product disclosure statements and marketing brochures on relevant products

full disclosure of remuneration and fees and any other conflicts of interest that may influence adviser’s recommendation

relevant insurance industry codes of practice and organisational codes of conduct

internal and external complaints resolution procedures

ASIC guidelines on adviser conduct and training

documentation requirements according to organisational policies and procedures

insurance products and services delivered by the organisation, including:

purpose of products and services and their relation to insurable risk exposures and risk assessment

conditions, exclusions and level of coverage of risk transfer products

insurance product options available

taxation issues relating to insurance products

required content of disclosure statements, including content that:

complies with requirements of current regulations and organisational policies and procedures

includes key aspects of recommendations, including possible risks.

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:

organisational equipment, technology, software and consumables

organisational policies, procedures and records.

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

FNSASICQ503 Provide advice in first home saver market linked accounts

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 analyse client needs and provide advice ethically and professionally relating to first home saver market linked accounts, in compliance with industry regulations and codes of practice. It addresses the training requirements of current Australian Securities and Investments Commission (ASIC) and Australian financial services (AFS) licensing at Tier 1 level.

It applies to individuals who analyse client needs, provide financial products and service advice to clients, and assess the impacts of taxation on clients’ financial requirements. Discharging these duties requires well-developed interpersonal skills, proficient communication skills and a range of self-management skills.

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 ASIC for specific guidance on requirements.

Pre-requisite Unit

FNSINC501	Conduct product research to support recommendations
FNSIAD501	Provide appropriate services, advice and products to clients
FNSCUS505	Determine client requirements and expectations
FNSCUS506	Record and implement client instructions

Unit Sector

ASIC units

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. Establish relationship with client and identify client’s objectives, needs and financial situation	1.1 Establish client’s knowledge about financial products and services 1.2 Respond to enquiries about first home saver market linked products and services by explaining range of products and services available and their relevant fee and charging methodology 1.3 Inform client about role of adviser and licensee or principal responsible for adviser's conduct, including procedures for complaints handling and circumstances in which they should be engaged 1.4 Ask client about objectives and goals and obtain personal, financial and business details to identify client needs 1.5 Establish product risk profile of client, including expectations of cash flow and relevant taxation obligations
2. Analyse client’s objectives, needs, financial situation and risk profile to develop appropriate strategies and solutions	2.1 Undertake assessment of client needs using all information gathered, taking into account client’s product expectations and specific needs 2.2 Consult client throughout analysis for further clarification where necessary 2.3 Analyse need for specialist advice and ensure client is referred to appropriate adviser for higher level or specialist advice if required 2.4 Assess and confirm product risk profile of client, demonstrating ASIC identified generic and specialist knowledge relevant to products being offered 2.5 Determine appropriate strategy to provide for identified needs and outcomes based on analysis of products, client risk profile and assessment of client needs 2.6 Conduct relevant research, analysis and product modelling and draft appropriate solution, plan, policy or transaction for presentation to client
3. Present appropriate strategies and solutions to client and negotiate financial plan, policy or transaction	3.1 Apply appropriate knowledge for service or product offered when presenting product 3.2 Clearly and unambiguously explain proposed transaction to client 3.3 Reinforce all relevant details, terms and conditions of product and/or service 3.4 Disclose impacts and possible risks of solution in clear and concise manner 3.5 Provide supporting written documentation and guide client through key aspects of documentation 3.6 Discuss and clarify any concerns or issues client has regarding proposed plan, policy or transaction 3.7 Confirm that client understands proposed plan, policy or transaction
4. Agree to plan, policy or transaction and complete documentation	4.1 Obtain client’s formal agreement to proposed plan, policy or transaction 4.2 Clearly explain and confirm that client understands all associated fees, cost structures and timeframes for execution and processing 4.3 Ensure that proposal and all other statutory and transactional documents are completed and signed off by client 4.4 Exchange copies of signed agreement and other appropriate documentation
5. Provide ongoing service where requested by client	5.1 Ensure that type and form of ongoing service, including reporting on performance and review of plan, policy or transaction, is agreed with client 5.2 Clearly explain all fees and costs for ongoing and specifically defined services, and check that client understands these details 5.3 Provide ongoing service as required

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	2.1, 2.5, 2.6	Recognises and interprets textual information from relevant sources
Writing	1.1-1.3, 1.5, 2.1, 2.2, 2.4-2.6, 3.2, 3.3, 3.5, 3.7, 4.1, 5.1	Uses clear, specific and industry related terminology to complete and consolidate workplace documentation
Oral Communication	1.1-1.5, 2.2, 2.4, 3.2-3.7, 4.2, 5.1, 5.2	Clearly articulates requirements using industry specific language appropriate to the audience and environment, and participates in negotiated outcomes Uses active listening and questioning to confirm understanding
Numeracy	1.5, 5.2	Interprets financial product information and completes calculations to achieve required outcomes
Navigate the world of work	1.3, 2.4, 2.6, 3.3, 3.4, 5.1	Takes personal responsibility for following explicit and implicit policies, procedures and protocols to provide advisory services and documentation that comply with legal and organisational requirements Extends knowledge of product features and applications relevant to current role
Interact with others	1.5, 2.4, 3.5, 3.6, 4.2, 5.2	Selects and uses the appropriate conventions and protocols when communicating with clients to build rapport, seek and share information, establish clear agreement and maintain an ethical service relationship Adapts personal communication style to show respect for the values, beliefs and cultural expectations of others
Get the work done	1.5, 2.1, 2.3, 2.5, 2.6, 3.1, 4.1, 4.3, 4.4, 5.3	Takes responsibility for the sequence and priority of tasks within own workload to achieve effective and compliant outcomes Applies systematic and analytical decision-making processes to determine and implement solutions that meet client needs and financial requirements Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSASICQ503 Provide advice in first home saver market linked accounts	FNSASICQ503A Provide advice in first home saver market linked accounts	Updated to meet Standards for Training Packages	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 for FNSASICQ503 Provide advice in first home saver market linked accounts

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:

interpret and comply with industry regulations and codes of practice

analyse client needs and advise client ethically and accurately about first home saver market linked account products and services

assess the impacts of taxation on client’s financial requirements for specific products offered.

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 satisfy generic and specialist knowledge requirements relevant to the products and activities in which advice is given.

Generic knowledge

analyse and provide an overview of the economic environment including:

characteristics and impact of economic and business cycles

interest rates and exchange rates

inflation

government monetary and fiscal policy

analyse and provide a detailed explanation of the operation of financial markets including:

roles played by intermediaries and issuers

structure and interrelationships within the financial markets

interrelationship between industry sectors

outline financial products including:

concept of a financial product – general definition, and specific inclusions and exclusions

types of financial investment products

types of financial risk products.

Specialist knowledge

explain the types, characteristics and associated risks of first home saver account products

describe types of alternative products including managed investments, life insurance and deposit products

outline product characteristics including:

eligibility requirements

withdrawal conditions

government contributions

cooling-off period

interest paid including institution, and fees and charges

non-cash payments (direct debit, external funds transfer (EFT), auto transfer

specific inclusions and exclusions

discuss the operation of first home saver market institutions

outline taxation issues in relation to first home saver market linked financial products and markets in which they operate

discuss the legal environment including disclosure and compliance covering:

role of the representative or adviser

relevant legal principles relating to the Corporations Act, Australian Securities and Investments Commission (ASIC) Act, Privacy Amendment (Private Sector) Act, Financial Services Reform Act (FSRA) and Competition and Consumer Act

relationship between ethics and regulatory requirements including good faith, faith, utmost good faith, full disclosure of remuneration and fees, and any other conflicts of interest which may influence the adviser's recommendation

relevant industry standards and codes of conduct

regulators’ guidelines including ASIC Regulatory Guide (RG)146 requirements

complaints resolution procedures (external and internal).

Assessment Conditions

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

office equipment, technology, software and consumables

financial services first home saver market linked accounts product information.

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

FNSASICU503 Provide advice in superannuation

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 analyse client needs and provide advice ethically and professionally on superannuation in compliance with industry regulations and codes of practice. It addresses the training requirements of current Australian Securities and Investments Commission (ASIC) and Australian financial services (AFS) licensing at Tier 1 level.

It applies to individuals who use well-developed interpersonal skills and excellent communication and self-management skills to perform a specialist advisory role in superannuation.

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 ASIC for specific guidance on requirements.

Pre-requisite Unit

FNSINC501	Conduct product research to support recommendations
FNSIAD501	Provide appropriate services, advice and products to clients
FNSCUS505	Determine client requirements and expectations
FNSCUS506	Record and implement client instructions

Unit Sector

ASIC units

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. Establish relationship with client and identify client’s objectives, needs and financial situation	1.1 Establish client’s knowledge about financial products and services 1.2 Respond to enquiries about superannuation products and services by explaining range of products and services available and their relevant fee and charging methodology 1.3 Inform client about role of adviser and licensee or principal responsible for adviser's conduct, including procedures for complaints handling and circumstances in which they should be engaged 1.4 Ask about client’s objectives and goals and obtain personal, financial and business details to identify client needs 1.5 Establish product risk profile of client, including expectations of cash flow and relevant taxation obligations
2. Analyse client’s objectives, needs, financial situation and risk profile to develop appropriate strategies and solutions	2.1 Undertake assessment of client needs using all information gathered, taking into account client’s product expectations and specific needs 2.2 Consult client throughout analysis for further clarification where necessary 2.3 Analyse need for specialist advice and ensure client is referred to appropriate adviser for higher level or specialist advice if required 2.4 Assess and confirm product risk profile of client, demonstrating ASIC identified generic and specialist knowledge relevant to products being offered 2.5 Determine appropriate strategy to provide for identified needs and outcomes based on analysis of products, client risk profile and assessment of client’s needs 2.6 Conduct relevant research, analysis and product modelling and draft appropriate solution, plan, policy or transaction for presentation to client
3. Present appropriate strategies and solutions to client and negotiate financial plan, policy or transaction	3.1 Apply appropriate knowledge for service or product offered when presenting product 3.2 Clearly and unambiguously explain proposed transaction to client 3.3 Reinforce all relevant details, terms and conditions of product and/or service 3.4 Disclose impacts and possible risks of solution in clear and concise manner 3.5 Provide supporting written documentation and guide client through key aspects of documentation 3.6 Discuss and clarify any concerns or issues client has regarding proposed plan, policy or transaction 3.7 Confirm that client understands proposed plan, policy or transaction
4. Agree to plan, policy or transaction and complete documentation	4.1 Obtain client’s formal agreement to proposed plan, policy or transaction 4.2 Clearly explain and confirm client understands all associated fees, cost structures and timeframes for execution and processing 4.3 Ensure that proposal and all other statutory and transactional documents are completed and signed off by client 4.4 Exchange copies of signed agreement and other appropriate documentation
5. Provide ongoing service where requested by client	5.1 Ensure that type and form of ongoing service, including reporting on performance and review of plan, policy or transaction, is agreed with client 5.2 Clearly explain all fees and costs for ongoing and specifically defined services, and check that client understands these details 5.3 Provide ongoing service as required

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	2.1, 2.5, 2.6	Recognises and interprets textual information from relevant sources
Writing	1.1-1.3, 1.5, 2.1, 2.2, 2.4-2.6, 3.2, 3.3, 3.5, 3.7, 4.1, 5.1	Uses clear, specific and industry related terminology to complete and consolidate workplace documentation
Oral Communication	1.1-1.5, 2.2, 2.4, 3.2-3.7, 4.2, 5.1, 5.2	Clearly articulates requirements using industry specific language appropriate to the audience and environment Uses active listening and questioning to elicit information and confirm understanding
Numeracy	1.5, 5.2	Interprets financial product information and calculates client costs, risks and returns
Navigate the world of work	1.3, 2.4, 2.6, 3.3, 3.4, 5.1	Takes personal responsibility for following explicit and implicit policies, procedures and protocols to provide advisory services and documentation that comply with legal, statutory and organisational requirements Extends knowledge of product features and applications of superannuation investment schemes relevant to current role using research and investigative analysis
Interact with others	1.5, 2.4, 3.5, 3.6, 4.2, 5.2	Selects and uses the appropriate conventions and protocols when communicating with clients to build rapport, seek and share information, establish clear agreement and maintain an ethical service relationship Adapts personal communication style to show respect for the values, beliefs and cultural expectations of others
Get the work done	1.5, 2.1, 2.3-2.6, 3.1, 4.1, 4.3, 4.4, 5.3	Takes full responsibility for the planning, sequence and priority of tasks within own workload to achieve effective and compliant outcomes Applies systematic and analytical decision-making processes to determine and implement investment solutions that meet client needs and financial requirements, including referral to specialist personnel as required Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSASICU503 Provide advice in superannuation	FNSASICU503A Provide advice in superannuation	Updated to meet Standards for Training Packages	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 for FNSASICU503 Provide advice in superannuation

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:

interpret and comply with industry regulations and codes of practice

analyse client’s needs, financial situation and risk profile, and prepare appropriate strategies or solutions relating to superannuation

provide accurate and ethical advice on superannuation products and services

implement the plan, policy or transaction once agreed by the client and complete documentation accurately.

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 satisfy generic and specialist knowledge requirements relevant to the products and activities in which advice is given.

Generic knowledge

analyse and provide an overview of the economic environment including:

characteristics and impact of economic and business cycles

interest rates and exchange rates

inflation

government monetary and fiscal policy

analyse and provide a detailed explanation of the operation of financial markets including:

roles played by intermediaries and issuers

structure and interrelationships within the financial markets

interrelationship between industry sectors

outline financial products, including:

concept of a financial product – general definition, and specific inclusions and exclusions

types of financial investment products

types of financial risk products.

Specialist knowledge

outline the operation and management of the superannuation industry including:

characteristics and structure of a superannuation product

roles played by intermediaries and issuers

types of superannuation products

fee structures including administration and management costs

types of contribution

annuities and pensions, allocated pensions and income stream products

associated risks

trustees appointment, duties and responsibilities

structure of superannuation plans management and administration of superannuation products

preservation rules

investment strategies within superannuation funds including investment concepts and strategies

restrictions on investment strategies

outline taxation issues in relation to superannuation financial products and markets in which they operate covering:

impact on investment earnings

employer and employee contributions

benefit payments and expenses

tax deductions

capital gains tax treatment

roll-overs

reasonable benefit limits

superannuation surcharge

social security pension eligibility

retirement planning

death benefits

franking credits

discuss the legal environment including disclosure and compliance covering:

role of the representative or adviser

relevant legal principles relating to the Corporations Act, Australian Securities and Investments Commission (ASIC) Act, Superannuation Industry (Supervision) Act, Privacy Amendment (Private Sector) Act, Financial Services Reform Act (FSRA) and Competition and Consumer Act

relationship between ethics and regulatory requirements including good faith, utmost good faith, full disclosure of remuneration and fees and any other conflicts of interest which may influence the adviser's recommendation

relevant industry standards and codes of conduct

regulators’ guidelines including ASIC Regulatory Guide (RG)146 requirements

complaints resolution procedures (external and internal)

trustee rules

explain theories of investment, portfolio management and management of investment and risk:

investment concepts

investment strategies

identification of types of risk

client risk profile

outline key requirements of the following:

Retirement Savings Account Act (RSA)

Superannuation Industry (Supervision) Act (SIS)

Superannuation Guarantee Act and other relevant legislation

Superannuation Contribution Tax (Assessment and Collection) Act.

Assessment Conditions

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

office equipment, technology, software and consumables

superannuation product information.

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

FNSASICY513 Provide advice in insurance broking

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to analyse a client’s insurance needs and provide ethical and professional advice that complies with industry regulations and codes of practice. It addresses the training requirements of current Australian Securities and Investments Commission (ASIC) and Australian Financial Services (AFS) licensing at Tier 1 level.

The unit applies to those who use well-developed interpersonal, communication and self-management skills and general insurance knowledge to perform a specialist advisory role in insurance broking and address the needs of both retail and wholesale clients.

At the time of publication, no licensing requirements apply to this unit. However, given potential future changes in the licensing environment, users must check with the relevant licensing body to confirm whether this unit is required to complete a licence.

Pre-requisite Unit

FNSIBK416 Deliver insurance broking services

FNSIBK518 Implement changes to insurance programs of broking clients

FNSIBK523 Prepare submissions for new insurance broking business

Unit Sector

ASIC units

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. Prepare to provide advice in insurance broking	1.1 Identify client enquiry and inform client about role of adviser and licensee or principal responsible for adviser’s conduct 1.2 Establish client’s objectives and goals and obtain personal, financial and business details to identify client’s needs 1.3 Respond to enquiries about insurance broking products and services by explaining range of products and services available and their relevant fee and charging methodology 1.4 Establish risk profile in relation to client’s business activities according to organisational procedures
2. Analyse client’s objectives, needs, financial situation and risk profile to develop appropriate strategies and solutions	2.1 Assess client needs taking into account client’s information, product expectations and specific needs 2.2 Consult client throughout analysis for further clarification where necessary 2.3 Analyse need for higher level or specialist advice and ensure client is referred to appropriate adviser if required 2.4 Assess and confirm risk profile of client, demonstrating ASIC-identified generic and specialist knowledge relevant to products and services being offered 2.5 Determine appropriate strategy to provide for identified needs and outcomes, based on analysis of products and services, client risk profile and assessment of client needs 2.6 Conduct relevant research, analysis and product modelling, and draft appropriate solution and plan, policy or transaction for presentation to client
3. Present appropriate strategies and solutions to client and negotiate financial plan, policy or transaction	3.1 Apply appropriate knowledge for product or service offered when presenting outcomes of analysis 3.2 Clearly and unambiguously explain proposed transaction to client 3.3 Reinforce required details, terms and conditions of product or service 3.4 Disclose impacts and possible risks of solution in clear and concise manner 3.5 Provide supporting written documentation and guide client through key aspects of documentation 3.6 Discuss and clarify concerns and issues that client has regarding proposed plan, policy or transaction 3.7 Confirm that client understands proposed plan, policy or transaction
4. Agree to plan, policy or transaction and complete documentation	4.1 Obtain client’s formal agreement to confirmed plan, policy or transaction 4.2 Explain and confirm client understanding of fees, cost structures and timeframes for execution and processing of agreed plan, policy or transaction 4.3 Obtain signed proposal and statutory and transactional documents required from client 4.4 Exchange copies of signed agreement and other required documentation according to organisational procedures
5. Agree to and implement arrangements for providing ongoing service	5.1 Agree to type and form of client-preferred ongoing service to be provided 5.2 Clearly explain fees and costs for ongoing and specifically defined services, and confirm client understanding 5.3 Implement arrangements for agreed ongoing service according to organisational policies and procedures

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Interprets financial information on products and services, and calculates client costs, risks and returns
Oral communication	Clearly articulates requirements using language suitable to audience and environment Uses active listening and questioning techniques to confirm understanding
Learning	Extends knowledge of insurance broking product and service features relevant to current role using research and investigative analysis to select investments that suit client needs
Reading	Interprets information from required sources
Writing	Uses clear, specific and industry-related terminology to complete and consolidate workplace documentation
Initiative and enterprise	Takes personal responsibility for following policies, procedures and protocols to provide advisory services and documentation that comply with legal, statutory and organisational requirements
Self-management	Takes responsibility for the planning, sequence and priority of tasks within own workload to achieve effective and compliant outcomes Applies systematic and analytical decision-making processes to determine and implement investment solutions that meet client needs and financial requirements
Teamwork	Selects and uses appropriate conventions and protocols when communicating with clients to build rapport, seek and share information, establish clear agreement and maintain an ethical service relationship
Technology	Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

Supersedes and is equivalent to FNSASICY503 Provide advice in insurance broking.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSASICY513 Provide advice in insurance broking

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

provide advice in insurance broking to at least three different clients.

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:

legislative and organisational compliance requirements in relation to advice, including:

legislation affecting the provision of general and personal advice, including relevant regulatory guidelines on conduct and disclosure

roles and responsibilities of different advisers within the organisation

organisational policies and guidelines relating to provision of advice and communication

legal environment, including disclosure and compliance covering:

role of the representative or adviser and applicable fiduciary duty obligations

relationship between ethics and regulatory requirements, including good faith, faith, utmost good faith, full disclosure of remuneration and fees, and any other conflicts of interest which may influence the adviser’s recommendation

required industry standards and codes of practice

regulators’ guidelines, including Australian Securities and Investments Commission (ASIC) Regulatory Guides applicable to the insurance broking sector and advisory role of a broker and Australian Financial Services (AFS) licensing

internal and external complaints resolution procedures

legal principles relating to legislation and regulations that impact on the general insurance and general insurance broking sector, including the Corporations Act, ASIC Act, Insurance Contracts Act, privacy regulations, Competition and Consumer Act

broking practices in respect to assisting clients with insurance claims

methods for assessing insurable risk exposures

organisational procedures for delivering insurance broking services

impact of economic environment on general insurance sector

operation of insurance markets, including:

definition of insurance product and service

characteristics and participants of the Australian insurance market

roles played by intermediaries

key features of general insurance products and services, including retail and wholesale products and:

conditions, exclusions and levels of coverage of risk transfer products

pricing

aspects of ongoing service provision, including:

reporting on performance

review of plan, policy or transaction

available ways of communication

taxation issues in relation to insurance products and markets

advisory functions, including:

roles and responsibilities of insurance adviser, broker or agent

role of licensee or principal responsible for adviser’s conduct, including procedures for complaints handling and circumstances in which they should be applied

participants in the insurance advisory services market

relationship between industry sectors.

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:

organisational equipment, technology, software and consumables

insurance broking product information.

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

FNSBNK414 Promote mobile banking services

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

Application

This unit describes the skills and knowledge required to identify clients who would benefit from mobile banking services and develop promotional tools and techniques to introduce the service.

It applies to individuals who work within a team and have responsibility for implementing and promoting strategic activities to build business.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Banking

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. Establish client needs	1.1 Identify clients who would benefit from mobile banking services from referrals or analysis of customer records 1.2 Evaluate customer status and sustainability for a loan, according to organisational policies and procedures 1.3 Gather applicable products and service information in readiness for customer 1.4 Determine applicable communication techniques for informing clients about mobile banking services 1.5 Develop contact procedures for clients
2. Develop and implement promotional tools	2.1 Identify appropriate mobile banking service model 2.2 Analyse applicable promotional concepts for mobile banking specific to individual clients 2.3 Identify and develop suitable promotional tools and techniques for mobile banking services 2.4 Produce documentation to assist in promotional activities according to organisational policies and procedures
3. Finalise promotional tools and techniques with sales team	3.1 Provide team members with information on promoting mobile banking services 3.2 Address queries on techniques and tools with sales team, and inform of procedure to escalate complex queries from clients according to organisational policies and procedures 3.3 Finalise documents for agreements on providing mobile banking services to clients in line with applicable standards as set out in quality control documentation 3.4 Advise team members of follow-up services to be provided to clients, if required

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Reading	Accesses and analyses key features of information from a range of sources to address specific criteria and determine requirements
Writing	Prepares information and completes documentation using appropriate formats and structures for the audience and purpose Uses clear and concise language, incorporating correct spelling and grammar and avoiding industry jargon
Oral communication	Participates in verbal exchanges of information using language, tone and pace specific to the audience and purpose Uses active listening and questioning to convey information, elicit feedback and confirm understanding with a range of stakeholders
Numeracy	Performs mathematical calculations to check data accuracy and consolidate financial information
Self-management	Incorporates organisational policies, procedures and standards in all activities and documentation Sequences and schedules complex activities, monitors implementation and manages relevant communication Implements standard procedures for routine decision making
Initiative and enterprise	Develops ideas and products following analysis of complex information and data Analyses and consolidates client information to produce solutions that address client needs
Technology	Uses a range of digitally based technologies and software packages, including spreadsheets, databases and the internet

Unit Mapping Information

Supersedes and is equivalent to FNSBNK404 Promote mobile banking services.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSBNK414 Promote mobile banking services

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

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:

promote mobile banking services to at least two clients.

In the course of the above, the candidate must:

apply current knowledge of mobile banking products and services to identify potential clients

contribute to developing new tools and documentation to promote mobile banking services

adhere to organisational policies and procedures when developing promotional tools, techniques and documentation

follow organisational policies, procedures and privacy principles when developing communication techniques and using client information for marketing purposes

communicate information on promoting mobile banking services with team members.

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 client motivations, needs and wants relating to mobile banking

organisational policies and procedures related to mobile banking services and products

methods of customer status and sustainability evaluation for loans

key characteristics and conditions of similar mobile lending services available in the industry

key requirements of financial services legislation required to produce the performance evidence

key characteristics of promotional tools and selling techniques required to produce the performance evidence

key communication techniques required to produce the performance evidence

financial documents relating to mobile banking products and services, including:

brochures

fact sheets

types of standard promotional concepts.

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

organisational policies and procedures for providing services

mobile banking service information.

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

FNSBNK415 Provide mobile banking sales and services

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

Application

This unit describes the skills and knowledge required to sell mobile banking services to clients and provide follow-up service.

It applies to individuals who use specialised knowledge, products and techniques to build the organisation’s business and maintain clients.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Banking

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 clients for mobile banking services	1.1 Identify client needs and assess relevant products and services 1.2 Evaluate client status and sustainability for a loan, according to organisational policies and procedures 1.3 Confirm benefits of mobile banking services for client
2. Identify and explain mobile banking service features to clients	2.1 Identify appropriate mobile services suitable for clients 2.2 Provide initial documentation to clients setting out mobile banking services 2.3 Inform clients about restrictions that may apply to mobile banking services 2.4 Explain all characteristics of mobile banking service details to clients and confirm understanding according to organisational policies and procedures
3. Complete mobile banking service agreements	3.1 Assist clients to make informed choices on mobile banking services, with advice provided in strict accordance with regulatory restrictions and organisational policies 3.2 Discuss and explain recommendations to clients 3.3 Complete and process documentation to provide mobile banking services to client accounts according to organisational requirements
4. Provide follow-up service	4.1 Contact mobile banking clients to obtain comments about using service 4.2 Respond to problems in using service within required time frames 4.3 Provide guidance on more effective use of service as required

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Reading	Interprets textual information from a range of sources to make comparisons and to determine critical features and required action
Writing	Completes business documentation accurately and legibly, following organisational policies and procedures Uses clear and concise language, incorporating correct spelling and grammar and avoiding unnecessary industry jargon, to convey accurate information
Oral communication	Participates in verbal exchanges of information using language, tone and pace appropriate to the audience and purpose Uses active listening and questioning to convey information, elicit feedback and confirm understanding
Numeracy	Uses mathematical equations to perform calculations and check for accuracy in financial and numerical information
Teamwork	Recognises the importance of building rapport to establish and maintain effective working and client relationships Adapts personal communication style to show respect for the values, beliefs and cultural expectations of others
Self-management	Takes responsibility for own workload and sequences work to meet work requirements promptly and effectively Identifies and solves client problems, and provides advice and options that enhance the service to clients Recognises and follows business rules and protocols and meets expectations associated with own role
Technology	Uses a range of digitally based technologies and software packages, including spreadsheets, databases and the internet

Unit Mapping Information

Supersedes and is equivalent to FNSBNK405 Provide mobile banking sales and services.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSBNK415 Provide mobile banking sales and services

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

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:

provide mobile banking sales and services to at least three clients.

In the course of the above, the candidate must:

comply to regulatory restrictions and organisational policies and procedures to provide sales and services to clients.

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:

mobile banking products and services available to clients

key characteristics and conditions of similar mobile lending services available in the industry

organisational policies and procedures related to mobile banking services and products

financial documents relating to mobile banking products and services, including:

brochures

fact sheets

key requirements of financial services legislation required to produce the performance evidence

key features of vulnerable customers and associated implications with lending services

codes of conduct related to customer service and lending services

communication and interpersonal techniques to respond to customer needs

different levels of advice provision, and methods for ensuring general advice only is provided

key characteristics of promotional tools and selling techniques required to produce the performance evidence.

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

organisational policies and procedures and regulations for providing services

mobile banking service information.

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

FNSBNK416 Manage mobile lending services

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

Application

This unit describes the skills and knowledge required to meet directly with customers seeking or using mobile lending services and deal effectively with their needs.

It applies to individuals who use specialised product knowledge, and strong communication and interpersonal skills to build rapport and provide mobile lending products.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Banking

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. Prepare for customer visits	1.1 Contact customers who may require mobile lending services from referrals or analysis of customer records 1.2 Access and evaluate details of current customer banking business to assess their status and the sustainability of a loan, according to organisational policies and procedures 1.3 Arrange suitable time and location for customer visit 1.4 Gather applicable product and service information in readiness for customer 1.5 Complete personal safety and risk processes, according to organisational policy and procedures
2. Establish customer mobile lending needs and match with services	2.1 Determine customer mobile lending needs, according to organisational procedure and processes 2.2 Identify suitable products or services that match customer needs and in line with industry codes of practice and standards 2.3 Provide product information to clients according to industry and organisational requirements 2.4 Respond to customer queries in manner adhering to organisational codes of conduct
3. Finalise customer service requirements	3.1 Confirm customer agreement to products or services 3.2 Finalise conditions of products or services 3.3 Ensure necessary documentation is completed according to organisational policy and procedures 3.4 Advise customer of follow-up services to be provided

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Reading	Interprets textual information from a range of sources to determine critical features and required action
Writing	Completes business documentation, following organisational procedures and protocols Uses clear and concise language, incorporating spelling, grammar and avoiding unnecessary industry jargon, to convey information
Oral Communication	Participates in verbal exchanges of information using language, tone and pace to create a supportive environment intended for the audience and purpose Uses active listening and questioning to convey information, respond to feedback and confirm understanding Uses facial expressions and voice modulation to create supportive environment Use advanced communication skills to establish and sustain relationships
Numeracy	Uses mathematical equations to perform calculations and check for accuracy in financial and numerical information
Self-management	Follows business rules and protocols, and meets expectations associated with own role Uses initiative to prepare and organise customer portfolios prior to customer visit
Planning and organising	Sequences and schedules complex activities, monitors implementation and manages communication
Problem solving	Develops options, resolves issues and negotiates solutions to problems
Technology	Uses a range of digitally based technologies and software packages, including spreadsheets, databases and the internet

Unit Mapping Information

Supersedes and is equivalent to FNSBNK406 Manage customer visits.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSBNK416 Manage mobile lending services

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

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:

prepare for and manage at least two consultations with different customers.

In the course of the above, the candidate must:

identify suitable lending products and services including required actions, in one situation involving a potentially vulnerable customer

provide information and respond to queries about suitable mobile lending products and services available to customers.

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 and conditions of organisational and industry policy related to mobile lending services and products

organisational policies and procedures related to personal safety and risk processes

key features of vulnerable customers and associated implications with lending services

codes of conduct related to customer service and lending services

communication and interpersonal techniques to respond to customer needs

required documentation standards for customer service

conditions of mobile lending services

specialised product and service information.

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

mobile lending services information

organisational policy and procedures for providing services.

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

FNSBNK511 Manage banking and service strategy for small business customers

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

Application

This unit describes the skills and knowledge required to develop and improve small businesses by offering tailored services to directly deal with their needs. This includes establishing and monitoring team performance measures and standards, applying high level problem solving, and identifying opportunities for improvement and reporting.

It applies to individuals who use a range of managerial techniques and leadership skills to plan and monitor the work of the team, while taking responsibility for implementing and promoting strategic business activities.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Banking

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. Develop and improve services for small businesses	1.1 Identify attributes of service needs and wants of small business customers 1.2 Analyse current usage patterns of the organisation’s small business customers to identify product and service options for them 1.3 Review current product and service offerings targeted to small business customer segment and recommend solutions for improvement 1.4 Design new products and services tailored to small business customers, and negotiate their implementation 1.5 Identify and plan campaigns targeted to small business portfolios 1.6 Develop reward and recognition strategies to build customer loyalty and manage implementation and processes
2. Develop and communicate team processes, performance measures and service standards	2.1 Consult with required persons to develop the service standards and performance indicators for the team in alignment to organisational goals, plans and objectives 2.2 Establish and communicate the service standards and performance indicators to the team 2.3 Establish processes and standards for communication within the team 2.4 Develop and communicate processes to resolve customer complaints
3. Lead and support the team in meeting expected outcomes	3.1 Establish and communicate roles and responsibilities of the team to individuals 3.2 Communicate to specific teams or individuals to plan individual goals 3.3 Address issues, concerns and problems identified by team members and resolve with responsible persons 3.4 Support continuous improvement of the team by providing information and coaching where required
4. Monitor, improve and report on customer service	4.1 Monitor team and individual performance, and provide effective feedback to support the achievement of service standards and performance indicators 4.2 Utilise customer insights, data and feedback to provide ongoing improvements to the customer experience and more tailored services 4.3 Report against targets and analyse exception or feedback reports

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Reading	Analyses complex textual information from a range of sources and relates specific aspects of information to requirements
Writing	Uses organisational templates and formats to report and present information logically and sequentially Uses clear language, incorporating spelling, grammar and terminology, to convey information, instructions and recommendations
Oral Communication	Uses active listening and questioning techniques to elicit the views and opinions of others and to confirm understanding Participates in verbal exchanges of information, clearly articulating recommendations and instructions using language, tone and pace intended to the audience and purpose
Numeracy	Interprets numerical and statistical information to determine trends
Initiative and enterprise	Schedules complex activities of self and others, monitors implementation and manages communication Applies information and data in reports and from research to develop creative ideas and solutions that meet customer needs
Teamwork	Develops interpersonal skills to establish and enhance rapport with and between team members
Technology	Uses a range of digitally based technologies and software packages, including spreadsheets, databases and the internet

Unit Mapping Information

Supersedes and is equivalent to FNSBNK501 Manage banking and service strategy for small business customers.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSBNK511 Manage banking and service strategy for small business customers

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

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:

manage banking and service strategy for at least two different small business customers.

In the course of the above, the candidate must:

support and manage a team of small business customer service officers to achieve expected outcomes and standards

undertake high level planning and implement identified strategies.

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:

customer motivations, needs and expectations

issues relating to the small business market segment and related strategic business activities

benefits and applications of a range of financial products and services applicable to small businesses

legislation and regulation applicable to:

financial services

company law

competition and consumers

key features and relationship between organisational systems, policy, procedures and protocols related to managing services for small business customers

key inputs for automated processes or decisions in the process of servicing small business customers

key principles of human resource management, including leadership and team management strategies.

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 policy, procedures and process documentation.

regulations governing the financial services industry required to demonstrate the performance evidence and knowledge evidence.

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

FNSBNK512 Assess complex loans

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

Application

This unit describes the skills and knowledge required to identify the capacity of a client to meet the terms and conditions of suitable loan products and services available.

It applies to individuals who work with clients with special financial needs and consider complicated issues such as client financial structures and legislative requirements. Individuals apply research and analytical skills to complex and multifaceted scenarios to develop customised solutions for clients.

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

Unit Sector

Credit 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 client borrowing needs	1.1 Identify client needs and any special or complex features 1.2 Evaluate special or complex features of a client’s situation against organisational guidelines and procedures 1.3 Assess ability to successfully meet client needs according to applicable legislation, regulation and organisational guidelines and procedures
2. Collate financial documents required to assess client’s borrowing needs	2.1 Identify the financial documents required by the credit provider to progress the loan application progress 2.2 Review documents to ensure compliance with organisational guidelines and procedures, and legislative and regulatory requirements 2.3 Engage in further consultation with the client as required
3. Analyse financial documents and assess risks of the borrowing needs	3.1 Analyse credit information to establish that sufficient evidence of accurate information has been provided 3.2 Identify and evaluate possible risks to determine overall level of risk associated with application 3.3 Identify issues that may require further consideration or consultation with other financial services professionals 3.4 Document risk assessment in accordance with organisational procedures
4. Finalise loan	4.1 Evaluate borrowing request based on assessed information in accordance with organisational risk management policy 4.2 Determine credit terms and limits within organisational credit policy guidelines and advise customers of credit decisions 4.3 Complete credit account administration according to organisational credit policy and timelines, and legislative requirements

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Reading	Analyses and interprets textual information from internal and external sources to determine content relevant to individual client needs and to inform compliant actions
Writing	Processes records and documents strategies using clear, concise and industry specific language for others to interpret and follow
Numeracy	Uses mathematical skills to perform calculations and interpret a range of statistical information and financial data related to credit management activity
Self-management	Takes full responsibility for following policies, procedures and legislative requirements and identifies organisational implications of new legislation or regulation Works independently or with others in making decisions to achieve organisational outcomes and strategies
Planning and organising	Applies systematic and analytical decision-making processes for complex and non-routine situations Accepts responsibility for planning and sequencing complex tasks and workload, negotiating key aspects with others and taking into account capabilities, efficiencies and effectiveness
Problem solving	Applies judgement skills for making credit risk determinations
Technology	Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

No equivalent unit. New unit.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSBNK512 Assess complex loans

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

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:

assess complex loans for at least three clients.

In the course of the above, the candidate must:

assess the impact of each option on the client’s financial circumstances

comply with relevant legislative, regulatory and organisational requirements pertaining to dealing with clients in difficult circumstances.

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:

features and benefits of credit products and their application requirements

complex features of a client’s financial situation including:

high assets

income

expenditure requirements

complex taxation

nature and forms of securities to be taken

legal issues

organisational risk management policy

different structures available to clients to meet their financial goals including:

sole trader

partnership

company

trust – family, unit and hybrid

partnership, company and trust in relation to:

financial statements and tax returns

income, expenditure and accounting treatments

communication methods between clients, accountants and real estate agents in relation to financial statements and business structure

financial data including add backs to calculate loan serviceability

sources of income where multiple entities or structures are included in the client relationship

financial information needed for data entry into loan calculators to confirm loan serviceability

risk issues relating to:

borrowing risk and gearing

specific product risk

institutional risk

risk factors and return expectations of the client

volatility of income and capital

types of security to be taken for complex loan structures:

joint and several personal or related company guarantees

multiple mortgages

registered company charges

second mortgages

the involvement of unit or family trusts as either borrowers or guarantors

relevant legislation including state and territory legislation, charges and taxes.

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:

legislation, regulation, and organisational policy and procedures relevant to credit risk

common office equipment, technology and consumables

client financial profiles

credit product information

software 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

FNSCRD311 Process applications for credit

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

Application

This unit describes the skills and knowledge required to gather and submit customer information to determine the outcome of their credit applications. This includes providing recommendations on the outcome of a credit application to senior persons when the decision making is outside of individuals’ authority.

It applies to those who occupy entry level positions and work cooperatively in a team environment, under the supervision of managers or team leaders.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Credit 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. Verify application details	1.1 Gather and record information required to support application according to organisational and industry credit policy and processes 1.2 Obtain information provided by applicant and verify information against other sources for accuracy and compliance with legislative requirements, industry regulations and organisational guidelines
2. Determine application outcome and communicate to customer	2.1 Conduct a credit assessment using established credit policy and request additional information from the customer if necessary 2.2 Prepare recommendations to accept or decline applications to provide credit or advance funds and identify any required security 2.3 Check that all information required to approve or decline application is provided and if decisions are beyond the limit of own authority, escalate to approving persons 2.4 Implement recommendation if required, and present outcome to approving persons 2.5 Inform applicant of the decision to decline or accept application
3. Maintain application records and monitor system	3.1 Produce documentation according to organisational and legislative requirements and required timeframes 3.2 Monitor and record file movements according to industry and organisational data security and safety standards

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria

Skill	Description
Reading	Identifies textual information from a range of sources
Writing	Records facts and information using clear, concise language to convey requirements, recommendations and outcomes
Oral Communication	Participates in exchanges to elicit and verify information using careful listening and questioning techniques with consideration of context, purpose and audience Evaluates verbal and non-verbal signals to establish connection and rapport with customers
Numeracy	Extracts, evaluates, monitors and checks numerical information embedded in a range of sources and formats
Self-management	Complies with explicit policies and procedures Seeks advice and clarification when unsure of tasks or activities Plans, sequences and prioritises tasks and own workload
Technology	Uses industry standard digital technologies and systems to access information, search and enter data, present information and communicate with others

Unit Mapping Information

Supersedes and is equivalent to FNSCRD301 Process applications for credit.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSCRD311 Process applications for credit

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

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:

process credit applications for at least three different customers.

In the course of the above, the candidate must:

obtain all required information from the customer to reach an outcome on the application

record and verify application details

assess applications following legislative requirements, industry codes of practice and organisational credit policy and procedures

record all digital information in a manner compliant with industry and organisational data security and safety standards.

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:

applicable credit legislation, statutory requirements and industry codes of practice, covering:

consumer credit

personal property securities

privacy

organisational policies and procedures that relate to credit assessments, data security and customer service

organisation’s processes and protocols related to escalating credit applications

features of credit products and their application requirements

methods of obtaining and checking information from applicants

information and customer data required to assess credit applications and set the credit terms and limits

organisations key personnel.

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:

common office equipment, technology and consumables

credit product information

software systems and data

organisational and industry policy and procedures

financial services legislation required to produce the performance and knowledge evidence.

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

FNSCRD511 Respond to personal insolvency situations

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

Application

This unit describes the skills and knowledge required to monitor personal insolvency situations, analyse the risk impact on creditors and determine required actions.

It applies to individuals who may use a range of managerial techniques to analyse and monitor personal insolvency situations performed in their job role.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Credit 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. Analyse potential risk of insolvency	1.1 Identify factors in client accounts that may contribute to a possible personal insolvency situation and indicate risk factors to the lending organisation 1.2 Assess impact of insolvency options that can be taken by a trustee or other third party
2. Determine action	2.1 Evaluate personal insolvency actions for client according to legislative rights and obligations of both debtor and creditor 2.2 Implement action according to legislative requirements, and organisational policy and procedures 2.3 Prepare documents required for legal proceedings, if necessary
3. Review circumstances which led to the personal insolvency situation	3.1 Evaluate causes of insolvency and review organisational procedures 3.2 Implement recommendations of review

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Reading	Interprets and analyses complex textual information from a range of sources to identify and monitor potential for risk
Writing	Compiles documents which convey complex financial information as required
Numeracy	Extracts and evaluates numerical information embedded in familiar texts and formats to assess risk and calculate associated costs
Self-management	Applies systematic and analytical decision-making processes for complex and non-routine situations Accepts responsibility for planning and sequencing complex tasks and workload, negotiating key aspects with others and taking into account capabilities, efficiencies and effectiveness

Unit Mapping Information

Supersedes and is equivalent to FNSCRD501 Respond to personal insolvency situations

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSCRD511 Respond to personal insolvency situations

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

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:

monitor at least two client accounts for possible personal insolvency situations or risks, and carry out actions in line with established processes for personal insolvency for one account.

In the course of the above work, the candidate must:

act in accordance with legislative requirements and organisational policy

complete documentation relating to taking insolvency action.

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:

legislative requirements, organisational policy and procedures relating to insolvency and insolvency management

documents required for legal proceedings in personal insolvency situations

organisational policy and procedures applying to personal insolvency situations

factors that lead to personal insolvency

applicable industry indicators of insolvency risk

potential risks to the organisation from insolvency situations

full range of insolvency options within legal requirements.

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 and consumables

credit product information

software systems and data

legislation, organisational policy and procedures.

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

FNSCRD515 Respond to corporate insolvency situations

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

Application

This unit describes the skills and knowledge required to determine actions and respond to corporate insolvency and its effect on creditors in an insolvency situation.

It applies to individuals in managerial and other specialist positions of responsibility who deal with insolvent situations and apply monitoring and reviewing techniques to perform their work.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Pre-requisite Unit

FNSCRD501 Respond to personal insolvency situations

Unit Sector

Credit 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. Monitor and analyse potential risk of corporate insolvency	1.1 Identify factors in corporate client accounts that may contribute to corporate insolvency 1.2 Analyse potential risk factors and impact on creditor organisation 1.3 Analyse impact of insolvency options that may be taken by liquidator, administrator, receiver or other third party 1.4 Consult with person/s as established in organisational policy and procedures to determine if action is required
2. Determine action	2.1 Evaluate corporate insolvency actions in accordance with legislative rights and obligations of both debtor and creditor 2.2 Implement action according to legislative requirements, and organisational policy and procedures 2.3 Prepare documents required for legal proceedings, if necessary
3. Review circumstances which led to corporate insolvency situation and implement response.	3.1 Determine mechanisms to identify contributing factors 3.2 Evaluate causes of corporate insolvency and review organisational procedures 3.3 Implement recommendations from review

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Reading	Interprets and analyses complex information from a range of sources to identify and monitor risk potential and determine relevance to required actions
Writing	Compiles documents which convey complex financial information required for processes and procedures
Oral Communication	Uses active questioning and listening techniques, initiates points of clarification and uses clear and direct language to establish required actions
Numeracy	Extracts and evaluates numerical information embedded in a range of texts and formats to assess risk and prepare accurate claim information
Self-management	Works independently or with others in making decisions to achieve organisational outcomes Accepts responsibility for planning and sequencing complex tasks and workload
Problem solving	Applies judgement skills for making insolvency risk determinations

Unit Mapping Information

Supersedes and is equivalent to FNSCRD505 Respond to corporate insolvency situations

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSCRD515 Respond to corporate insolvency situations

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

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:

identify risk of corporate insolvency for at least two different situations and implement required action for at least one situation.

In the course of the above the candidate must:

complete required documentation for legal proceedings

evaluate circumstances of corporate insolvency and determine changes to organisational procedures.

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 current legislative requirements relating to corporate insolvency

organisational policy relating to corporate insolvency management

factors that lead to corporate insolvency

industry indicators of insolvency

potential insolvency actions and full range of credit options within legal requirements

range of insolvency situations and risk factors for the creditor organisation

corporate insolvency specialist personnel within organisation with whom to consult

documents required for legal proceedings in corporate insolvency situations.

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 and consumables

credit product information

software systems and data

organisational policy and procedures related to managing insolvency.

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

FNSCUS311 Respond to customer enquiries

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit covers the skills and knowledge required to determine, confirm and provide a comprehensive answer to customer enquiries about financial products or services.

It applies to individuals who effectively communicate specialised information within a primary customer contact role in a financial service environment.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Customer service

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. Obtain type of enquiry and details of customer	1.1 Identify characteristics of enquiry and document all customer details 1.2 Determine whether enquiry is within scope of individual’s responsibility or to be escalated to senior authority 1.3 Identify whether customer is dissatisfied and follow the procedures set by the organisation to address dissatisfaction if required 1.4 Provide a response to customer according to organisational procedures and protocols 1.5 Determine next steps and inform customer of details and expected timeframes
2. Arrange response to enquiry	2.1 Identify sources of information required to produce a response 2.2 Organise information to provide response in line with organisational procedures, guidelines and authorities
3. Communicate information to customer	3.1 Provide a comprehensive and clear response to customer 3.2 Confirm that the response satisfies customer needs 3.3 Determine if there are further queries from the customer and address according to organisational procedures and protocols
4. Update required records	4.1 Collect information on nature and frequency of enquiries for evaluation as set out in organisational procedures and protocols 4.2 Record details of enquiry as required by organisational procedures

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Reading	Interprets and analyses information from a range of texts including customer communication, organisational documentation and legislation
Writing	Prepares documentation and correspondence according to organisational formats using clear language, grammar, spelling and terminology
Oral Communication	Speaks clearly using tone and pace intended for the audience and purpose Uses questioning and active listening skills to check understanding Follows accepted communication practices and protocols, adjusting personal communication style in response to the values, beliefs and cultural expectations of others Communicates to customers courteously and encourages an ongoing relationship
Numeracy	Interprets and comprehends a range of mathematical information that is embedded in familiar and routine texts
Self-management	Understands roles and responsibilities of own role and makes basic decisions on work completion parameters Follows organisational policy, procedures and protocols, and legislative requirements required to perform own role Plans and implements routine tasks and workload, making limited decisions on sequencing and timing
Initiative and enterprise	Responds to predictable and routine customer service problems and implements solutions Applies conflict-resolution skills when responding to customer complaints and dissatisfaction
Technology	Uses the main features and functions of digital tools to complete work tasks and access information

Unit Mapping Information

Supersedes and is equivalent to FNSCUS301 Respond to customer enquiries.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSCUS311 Respond to customer enquiries

Modification History

Release	Comments
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:

respond with specialised information to at least four different enquiries received in a primary customer contact role, at least one of which must relate to a financial product and one to financial service.

In the course of the above, the candidate must:

identify customer needs

apply the required level of conflict resolution skills.

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 customer groups and types of specialised information typically sought

organisational policy, procedures and requirements in responding to customer enquiries

sources of information to access to provide an informed response to customer enquiries

communication and interpersonal skills, including conflict resolution skills to respond to customer needs

systems that can be assessed to obtain up-to-date information on nature and frequency of enquiries

legislation and industry codes of practice required to produce knowledge evidence and performance evidence

privacy and confidentiality requirements of organisational procedures and applicable legislation

levels of authority and escalation methods within organisation

limits of own individual level of authority.

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

organisational records, policy and procedures.

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

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

FNSCUS511 Develop and maintain professional relationships in financial services industry

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to communicate and network with a wide range of people, internal and external to the organisation, to increase efficiency and build continuing professional relationships.

The unit applies to those who develop relationships in the financial services industry to inform their work. They use a range of specialised managerial techniques to engage with others. The relationships may be with clients, financial advisers, third-party referrers and other professionals in the financial services industry.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Customer service

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. Establish professional business relationships	1.1 Identify business and professional networks and contacts to benefit own work and that of organisation 1.2 Communicate with identified network members and contacts according to organisational policies and procedures, legislative and regulatory requirements, and professional codes of practice 1.3 Maintain confidentiality when communicating and negotiating with internal and external parties
2. Develop professional business relationships	2.1 Develop and secure positive relationships according to organisation’s social, business and ethical standards 2.2 Develop existing and identified relationships using business and professional networks to promote and market organisation 2.3 Identify areas of business practices with potential for efficiency improvements
3. Review and maintain relationships	3.1 Engage with required personnel to review relationships according to organisational needs 3.2 Identify other sources of information that assist relationships according to organisational policies and procedures 3.3 Expand reputation of organisation in cooperation with other professionals and third parties and identify new and improved business practices 3.4 Maintain business and professional network and identify new and improved business practices in identified areas

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Oral communication	Initiates effective spoken interactions using active listening and questioning techniques to establish information and interest from others
Reading	Extracts and interprets required information from a range of complex texts
Writing	Uses clear and logical language and applicable terminology to convey ideas and advice
Planning and organising	Plans, organises and implements tasks to achieve promotion and networking objectives of the organisation Systematically gathers and analyses required information and evaluates options to make decisions about building and maintaining business networks and relationships
Teamwork	Collaborates and cooperates with others to build rapport and maintain business networks Selects and uses conventions and protocols when communicating with business and professional networks, and adjusts personal communication style in response to the values, beliefs and cultural expectations of others
Technology	Uses financial systems for researching and documenting relationship attributes

Unit Mapping Information

No equivalent unit. Supersedes and is not equivalent to FNSCUS501 Develop and nurture relationships with clients, other professionals and third-party referrers.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSCUS511 Develop and maintain professional relationships in financial services industry

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

develop and maintain at least three different relationships in the financial services industry, including at least one with a financial services professional and one with a third-party referrer.

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:

legislative and regulatory requirements, and industry and professional codes of practice that apply to relationship management in the financial services industry

organisational policies and procedures relating to developing and maintaining professional relationships in the financial services industry

organisational social, business and ethical standards relevant to building relationships and business

products and services offered by organisation, and market/competitors and business contexts for networking and relationship development

role of different communication channels and tools in developing relationships with clients, client-authorised representatives, and other professionals and third parties in the financial services industry

networking opportunities and business contexts that support developing and maintaining professional relationships in the financial services industry

techniques for performing client needs evaluation

specialised managerial techniques to engage with others

negotiation and communication principles and techniques.

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:

organisational equipment

contact software system and data

financial services product information.

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

FNSCUS512 Monitor clients' financial requirements

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to collect and analyse client information and to use it as the basis for determining and reviewing the required level of service to achieve clients’ financial needs. It addresses the level of contact required to monitor and maintain the quality of service provided.

The unit applies to those who use a range of specialised managerial techniques to plan, monitor and review their work in any sector of the financial services industry. The information required to monitor clients’ financial requirements may come from authorised representatives, including financial advisers, shareholders, financial organisations, stockbrokers, trustees, agents and intermediaries.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Customer service

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. Determine client financial needs	1.1 Obtain all available information on client required to perform work task from authorised representative according to organisational procedures and industry compliance requirements 1.2 Review records and confirm currency of client information according to organisational procedures 1.3 Assess client risks and take required action according to organisational procedures 1.4 Maintain records of assessed risks and action taken according to organisational procedures
2. Establish communication with authorised representative	2.1 Apply service guidelines to determine level of required contact 2.2 Establish communication with authorised representative according to agreed service guidelines and based on client need 2.3 Formalise communication where interests of organisation and client need to be protected 2.4 Monitor effectiveness of service guidelines according to organisational policies and procedures and adjust as required
3. Identify and review information required to service client’s financial needs	3.1 Identify and gather information relevant to service provided according to organisational procedures 3.2 Monitor business environment and identify need to amend information services 3.3 Establish mechanisms to select and filter information according to organisational policies and procedures 3.4 Review and maintain information to ensure its effectiveness in meeting client requirements according to organisational procedures

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Oral communication	Clearly explains detailed information using language, tone and pace relevant to purpose and audience Initiates effective spoken interactions using active listening and questioning techniques to establish and identify client needs
Reading	Identifies and interprets information from a range of sources
Writing	Uses a range of text types to document and convey logically structured, relevant information
Initiative and enterprise	Makes informed decisions about potential modifications or improvements to information services
Problem solving	Uses problem-solving processes to address client monitoring issues
Self-management	Observes compliance requirements in relation to client needs Accepts responsibility for planning, prioritising and sequencing tasks and workload
Technology	Uses digital technologies and tools to access, store and share information

Unit Mapping Information

Supersedes and is equivalent to FNSCUS502 Monitor client requirements.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSCUS512 Monitor clients' financial requirements

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

monitor the financial needs of at least three different clients.

In the course of the above, the candidate must:

apply a systematic approach to collecting and analysing required information

review and monitor client records and data to determine contact required and monitor risk

contact authorised representatives regularly and consider any special client requirements and/or business needs.

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 compliance requirements for client services

industry and organisational policy requirements regarding client information management, communication and service guidelines

organisational policies and procedures relating to managing client information and communication

financial services industry developments and trends relevant to client needs and the business

industry market position relative to product and line of business

types of organisational communication channels.

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:

organisational communication equipment

integrated financial software system 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

FNSCUS513 Review business performance

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to collect, organise, analyse, investigate and review data to improve the efficiency and quality of performance of a business or business unit.

The unit applies to those who use a range of managerial techniques to review and analyse their own work and the work of others to determine required actions.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Customer service

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. Establish system to review business performance	1.1 Determine service parameters and performance targets in consultation with required stakeholders and according to organisational procedures 1.2 Establish business performance measures that provide accurate and accessible information on business provision 1.3 Establish accurate, secure and reliable data-recording facilities according to organisational procedures
2. Analyse business performance data	2.1 Obtain and record business performance data at regular intervals according to organisational procedures 2.2 Collate data against determined business performance targets 2.3 Analyse data and establish whether business performance targets have been achieved 2.4 Document variations in business performance against performance targets according to organisational procedures
3. Determine action required	3.1 Assess variations in performance and determine degree of change required to improve business performance 3.2 Implement procedures to address required changes 3.3 Determine effectiveness of changes

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Analyses qualitative and quantitative data Interprets data and measurements relating to timeframes and compares against performance requirements
Reading	Identifies and interprets information from a range of sources and assesses it for relevance
Writing	Uses logical organisational structure to document clear and concise procedures to measure and address business performance
Planning and organising	Develops plans to manage relatively complex routine and non-routine tasks
Problem solving	Evaluates effectiveness of systems and processes to inform decisions on how to implement improvements
Self-management	Works independently in making decisions to achieve organisational outcomes in relation to business performance
Technology	Uses digital technologies and tools to access, store and share information

Unit Mapping Information

Supersedes and is equivalent to FNSCUS503 Review business performance.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSCUS513 Review business performance

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

review the performance of a business or business unit against at least three different business performance targets, at least one of which must be efficiency related and at least one quality related.

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 organisational policies and procedures and industry compliance requirements relating to collecting and analysing data and conducting a business performance review

role of performance measures, targets and budgets in analysing business performance

common business performance targets or key performance indicators (KPIs), and their impact on business performance

managerial techniques to review and analyse their own work and the work of others to determine required actions.

market position of the business or business unit described in the performance evidence relative to its competitors.

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:

organisational equipment and consumables

organisational records, policies and procedures.

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

FNSCUS515 Determine client financial requirements and expectations

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to establish clients’ requirements and expectations for financial investment products, which include quotations, claims and requests for services or amendments.

It applies to individuals who may provide guidance and responsibility in any sector of the financial services industry. The information required to determine client financial requirements and expectations to be implemented may come from authorised representatives, including financial advisers, shareholders, financial organisations, stockbrokers, trustees, agents and intermediaries.

The unit does not cover the application of the specific skills and knowledge required to recommend and provide advice on specific financial products requiring Australian Securities and Investments Commission (ASIC) licensing.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Customer service

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. Establish client’s personal and financial situation	1.1 Obtain from authorised representative all available information on client required to identify client’s situation according to organisational procedures and professional protocols 1.2 Identify and clarify with authorised representative client expectations, needs and objectives 1.3 Develop summary analysis of client’s financial position and determine their contact category based on extent of client disclosure 1.4 Determine if client requires execution or settlement-only action and do not offer or provide further advice 1.5 Update organisational system with required client information
2. Determine client’s financial position and risk profile	2.1 Review summary analysis and communicate with relevant stakeholders to confirm client’s financial position according to organisational procedures 2.2 Identify risk and fraud indicators and take required action according to organisational procedures 2.3 Record assessment of client’s financial position where required
3. Assess client preferences relating to financial investment products	3.1 Determine client investment needs and preferences with respect to financial product and service selection or portfolio 3.2 Clarify client requirements, expectations and concerns with authorised representative, and respond to identified concerns according to professional protocols 3.3 Obtain specialist advice where necessary or refer client to relevant personnel or organisation if required services cannot be provided by organisation 3.4 Analyse information provided by authorised representative and determine risk or reward and asset allocation strategies according to client and legislative requirements, organisational policies and procedures and industry codes of practice
4. Prepare documentation	4.1 Complete required client information, financial and personal histories and disclosure documentation according to organisational procedures 4.2 File completed documentation and information according to legislative and regulatory requirements, and organisational policies and procedures 4.3 Create or update organisation’s client records as required and according to organisational procedures

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Oral communication	Participates in verbal exchanges with a wide range of stakeholders using active listening and questioning techniques to convey and clarify information Presents information structuring tone, pace and content in line with audience and purpose
Reading	Extracts and analyses information from texts using specialised terminology and vocabulary
Writing	Uses relevant financial text type, format, language and conventions to record key facts and required information
Teamwork	Collaborates and cooperates with others to achieve joint outcomes Selects and uses relevant conventions and protocols when communicating with required stakeholders
Planning and organising	Accepts responsibility for planning, prioritising and sequencing tasks and workload to achieve organisational and legislative requirements
Problem solving	Uses problem-solving skills to address client needs
Self-management	Accepts responsibility and ownership for the task and makes decisions about the need to transfer responsibility to others
Technology	Uses digital technologies and tools to access, store and share information

Unit Mapping Information

Supersedes and is equivalent to FNSCUS505 Determine client requirements and expectations.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSCUS515 Determine client financial requirements and expectations

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

determine the financial requirements and expectations for financial investment products of at least three different clients.

In the course of the above, the candidate must:

establish an overview of each client’s personal and financial situation

determine each client’s risk profile.

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:

legislative requirements and industry codes of practice relating to determining client financial requirements and expectations

organisational policies, procedures and protocols, including for:

determining client financial requirements, expectations and investment needs

recording and maintaining client-related information, including required formats and accessible locations

types of information used to determine clients’ financial situation and expectations

financial product sales techniques

risk and fraud indicators relating to client’s financial position

risk and reward principles in relation to financial products and services

techniques and tools for providing quality customer service.

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:

organisational equipment

integrated client contact and information system and data

financial product information.

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

FNSCUS516 Record and implement client instructions

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to record and implement instructions regarding financial investments from a range of clients. It also covers the provision of client after sales service.

The unit applies to those who provide responsibility for their own and others’ work outcomes. The client instructions to be implemented may come from financial advisers, or from shareholders, financial organisations, stockbrokers, trustees, agents and intermediaries.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Customer service

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. Establish client instructions	1.1 Identify client, and obtain client objectives, requirements and expectations according to organisational policies and procedures 1.2 Confirm instructions according to best practice principles and policies and procedures 1.3 Analyse client information to identify marketing strategies and communication methods available within organisation that best suit client and client needs 1.4 Consult authorised representative and agree to instructions, and implementation strategies, actions, and communication methods to be used when implementing client instructions 1.5 Document agreed client instructions and communication methods according to organisational policies and guidelines, legislative and confidentiality requirements, and industry codes of practice
2. Implement client instructions	2.1 Review and monitor terms and conditions of agreed financial options and investment strategies for consistency with client instructions 2.2 Monitor and review agreed implementation strategies and actions, and confirm their compliance with client instructions 2.3 Update required stakeholders on the implementation and administration of agreed investment strategies and instructions 2.4 Confirm that no breaches of agreement or anomalies occur 2.5 Report and document changes to financial markets where required and according to legislative and organisational requirements, and guidelines where appropriate
3. Establish after sales service procedures	3.1 Review client documentation and information and determine areas where additional after sales service can be provided 3.2 Use identified marketing strategies to communicate potential additional after sales service to authorised representative 3.3 Provide agreed additional after sales service based on authorised representative’s confirmation of client agreement 3.4 Identify and address areas of client dissatisfaction according to organisational procedures, legislative and confidentiality requirements, and industry codes of practice

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Learning	Maintains accurate and current knowledge of legislation relevant to role
Numeracy	Records, identifies and assesses numerical data in client instructions
Oral communication	Participates in spoken interactions using relevant conventions and protocols, including questioning and active listening techniques, to elicit information and confirm understanding Presents information that reflects compliance requirements, structuring tone, pace and content relevant to purpose and audience
Reading	Identifies and extracts information in texts of relative complexity with specialised terminology and vocabulary to monitor client requirements and instructions
Writing	Uses relevant text types, formats and terminology to record and consolidate relevant facts, information, instructions and agreements Documents responses to problems in compliance with organisational and regulatory requirements
Initiative and enterprise	Uses strategies to develop and maintain working relationships and persuasive techniques to negotiate agreement to further services
Planning and organising	Organises, plans and sequences own workload Systematically gathers and analyses required information and evaluates options to make decisions about service provision
Problem solving	Uses analytical problem-solving skills to monitor and resolve client satisfaction issues
Self-management	Takes responsibility for providing quality advisory services that comply with legal and organisational requirements
Technology	Uses digital technologies and tools to access, store and share information

Unit Mapping Information

Supersedes and is equivalent to FNSCUS506 Record and implement client instructions.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSCUS516 Record and implement client instructions

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

record and implement instructions from at least three different clients in relation to a required financial investment

provide after sale services in relation to at least one of the above clients.

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:

financial services industry and legislative requirements and codes of practice relating to recording and implementing client instructions regarding financial investments

organisational policies and procedures relating to recording and implementing client instructions, including:

providing additional after sales service

confidentiality requirements

best practice principles

financial product services offered by the organisation, and their terms and conditions

sales and marketing techniques relevant to provision of after sales service

fraud detection and prevention procedures and practices relating to implementing client instructions

business rules of financial associations relevant to clients

relevance of the following to implementing client financial investment instructions:

key characteristics of local and international financial markets and investments

current economic climate and outlook of the financial services industry

influence of tax factors on financial services clients.

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:

organisational equipment, technology, software and consumables

financial services product information

client information system 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

FNSCUS601 Establish, manage and monitor key relationships

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 define, identify and provide a quality service, and manage relationships with key clients of the organisation.

It applies to individuals who provide leadership and guidance with responsibility for the outcomes of their own and others’ work.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Customer service

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. Establish criteria for identifying key relationships	1.1 Establish criteria for identifying client as key relationship to organisation 1.2 Communicate criteria for key relationships to staff and agents for organisation as required 1.3 Conduct regular reviews of organisation’s criteria for key relationships to take into account changing market conditions and client profiles
2. Identify key relationships	2.1 Review existing clients using criteria for key relationships to develop database of key relationship clients 2.2 Allocate each key relationship to identified senior representatives 2.3 Inform all staff of key relationships and responsible representative for each key relationship
3. Establish service structures for key relationships	3.1 Provide appropriate training to representatives who deal with key relationships 3.2 Establish administrative and research arrangements to support key relationships 3.3 Establish service guidelines for key relationships, including terms of trade and fees, and communicate to representatives 3.4 Prepare organisational capability briefs for key relationships, including clear statements on standards of service, quality assurance procedures, reporting arrangements and compliance with legislative and regulatory requirements
4. Establish monitoring procedures for key relationship services	4.1 Establish procedures for representatives to report on key relationship service delivery 4.2 Establish reporting arrangements that protect client confidentiality and comply with industry codes of practice, and legislative and regulatory requirements 4.3 Conduct client satisfaction surveys with key relationships and communicate results to staff 4.4 Resolve complaints efficiently and analyse process for potential service improvements 4.5 Conduct regular reviews of key relationship service delivery against organisational standards and key performance indicators (KPIs)

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, 1.3, 2.1, 3.2, 3.4, 4.2, 4.3, 4.4, 4.5	Extracts, analyses and compares information from a range of texts to determine actions Evaluates structurally complex texts to ensure service delivery complies with organisational, legislative and regulatory requirements
Writing	1.1, 1.2, 1.3, 2.1-2.3, 3.1, 3.2, 3.3, 3.4, 4.1, 4.2, 4.3, 4.4, 4.5	Analyses and compiles numerical data and text information to define criteria for key client relationships Conveys specific operational information, requirements and recommendations to others using clear and detailed language, correct terminology, grammar and punctuation
Oral Communication	1.1, 1.2, 2.1, 2.3, 3.1, 3.2, 3.3, 4.3, 4.4	Participates in verbal exchanges of information demonstrating control of a range of oral techniques to elicit the views and opinions of others and to confirm understanding Clearly articulates requirements using language, tone and pace appropriate to audience and environment
Numeracy	1.1, 1.3, 3.3	Uses financial systems, interprets detailed financial texts and extracts relevant information for others
Navigate the world of work	3.3, 3.4, 4.1, 4.2, 4.5	Develops or modifies organisational policy and procedures to comply with legislative requirements and organisational goals
Interact with others	1.1, 1.2, 2.1, 2.3, 3.1, 3.2, 3.3, 4.3, 4.4	Identifies and uses appropriate conventions and protocols when communicating with colleagues and external stakeholders Provides support in their field of expertise to the management team Recognises the importance of building rapport to establish effective working relationships
Get the work done	1.1-1.3, 2.1-2.3, 3.1-3.4, 4.1-4.5	Plans, organises and implements work activities of self and others that ensure compliance with organisational policy and procedures, and legislative requirements Takes responsibility for planning, organising and implementing systems to manage sensitive information and key relationships with clients Evaluates effectiveness of systems and processes to inform decisions on how to implement improvements Takes responsibility for maintaining the currency of documents and the quality of record keeping related to key relationship service provision Uses digital technologies and tools to access, store and share information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSCUS601 Establish, manage and monitor key relationships	FNSCUS601A Establish, manage and monitor key relationships	Updated to meet Standards for Training Packages	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 for FNSCUS601 Establish, manage and monitor key relationships

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:

determine criteria and identify key relationships for the business

develop comprehensive systems to manage relationships and provide quality service

monitor procedures and systems to ensure key relationships are managed and maintained effectively

comply with industry regulations and codes of practice

work effectively with others using high level communication, interpersonal and negotiation skills.

Note: If 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 organisational criteria used to define key relationships

outline the role of changing market conditions in establishing, managing and monitoring key relationships

outline organisational administrative, research, reporting and training requirements relevant to the effective management of key relationships

explain key requirements of relevant industry legislation, regulations and codes of practice

discuss principles and techniques of effective communication and negotiation in key relationship management.

Assessment Conditions

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

common office equipment, technology, software and consumables

financial services product information.

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

FNSFLT211 Develop and use personal budgets

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to develop, implement and monitor a personal savings budget. It has wide application and may be used in workplaces, schools, adult and community learning organisations or registered training organisations to build the financial literacy of learners. The unit may also be used as part of pre-vocational or new apprenticeship programs, or as part of services provided by counselling or advisory organisations.

The unit applies to those who use new ideas and techniques to develop personal financial literacy skills.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Financial literacy

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. Prepare to develop a personal budget	1.1 Obtain a template budget spreadsheet 1.2 Identify period of time for which to develop a personal budget 1.3 Identify all sources of income, regular fixed expenses and variable expenses for specified period 1.4 Record all income and expenses in the budget spreadsheet for specified period
2. Develop a personal budget	2.1 Subtract total expenses recorded from total income recorded 2.2 Identify whether a budget is in surplus or deficit for specified period 2.3 Identify reasons for deficit budget as required 2.4 Identify opportunities and options to meet financial goals 2.5 Incorporate selected options into a budget plan
3. Implement and monitor personal budget	3.1 Follow budget according to plan for a specified period of time 3.2 Record actual expenses and income for period during which budget is implemented 3.3 Compare budgeted expenses and income with actual amounts and modify budget where necessary 3.4 Monitor and update budget as required

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Performs mathematical calculations including addition, subtraction, multiplication, division and percentages, and interprets financial information relating to budgets
Oral communication	Participates in verbal exchanges using active listening and questioning to develop a clear understanding of budgeting information
Reading	Gathers and interprets financial information and identifies key aspects relevant to the task
Writing	Records and documents information relating to personal budgets using correct language, concepts and terminology
Planning and organising	Plans routine tasks and organises work according to defined requirements Reviews effectiveness of decisions and adjusts as required
Technology	Uses digital systems and tools to design work processes and complete work tasks

Unit Mapping Information

Supersedes and is equivalent to FNSFLT201 Develop and use a personal budget.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSFLT211 Develop and use personal budgets

Modification History

Release	Comments
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:

develop and use a personal budget for at least two different time periods.

In the course of the above, the candidate must:

calculate interest and loan repayments.

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 aspects of budgeting, including its purpose, key principles and benefits

methods for setting and calculating financial goals

techniques to interpret financial information relating to budgets

key benefits of financial goal setting

common obstacles to achieving financial goals

impact of different stages of life on financial goals

key behaviours and skills required to facilitate adherence to a budget

key features of fixed and variable expenses

role of credit and savings in managing a budget and establishing personal wealth

role of financial institutions and their savings products to assist with managing a personal budget.

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

information about the budgeting process, personal financial records and other required resources.

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

FNSFLT212 Develop and use savings plans

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to develop and implement a savings plan to achieve identified goals. It has wide application and may be used in workplaces, schools, adult and community learning organisations or registered training organisations to build the financial literacy of learners. The unit may also be used as part of pre-vocational or new apprenticeship programs, or as part of services provided by counselling or advisory organisations.

The unit applies to those who use new ideas and techniques to develop personal financial literacy skills.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Financial literacy

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 own approach to risk for saving and investing	1.1 Identify current and future requirements of savings 1.2 Identify preferred level of risk aversion 1.3 Determine own risk profile based on current and future requirements and level of risk aversion
2. Develop savings plan	2.1 Identify personal savings goals 2.2 Quantify savings goals as dollar amounts 2.3 Prioritise savings goals 2.4 Identify funds available to contribute towards savings goals using a personal budget 2.5 Establish savings plan based on personal savings goals and available funds
3. Implement savings plan	3.1 Research financial product options available 3.2 Select most appropriate financial product according to own requirements 3.3 Identify documentary requirements of financial product 3.4 Use identified financial product to commence savings plan 3.5 Monitor and update savings plan as required

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Performs a range of mathematical calculations to interpret financial information and to balance or create budgets and savings plans
Oral communication	Uses active listening and questioning to develop a clear understanding of information related to savings plans
Reading	Researches and interprets written information from a range of sources to identify relevant aspects for the required task
Writing	Records and documents information using correct language, terminology and concepts
Planning and organising	Plans routine tasks and organises work according to defined requirements, changing plans where necessary
Problem solving	Gathers and analyses relevant information and evaluates options to make decisions about savings goals Reviews results of decisions to modify goals
Technology	Uses digital systems tools to design work processes and complete work tasks

Unit Mapping Information

Supersedes and is equivalent to FNSFLT202 Develop and use a savings plan.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSFLT212 Develop and use savings plans

Modification History

Release	Comments
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:

develop and use at least one savings plan.

In the course of the above, the candidate must:

identify and plan for at least three different savings goals.

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:

methods for identifying own saving and spending habits

key features of budgets and saving plans

key factors that can impact savings plans

key aspects of savings goals

impact of different stages of life on savings goals

impact of attitudes and spending habits on reaching savings goals

key features of risk and return concepts in relation to savings and investment

key principles of budgeting

role of budgeting and saving in meeting savings goals

key aspects of basic financial products used to maximise savings

role of financial institutions and their basic savings products.

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

information about the budgeting process, current interest rates, savings products and other required resources.

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

FNSFLT213 Develop knowledge of debt and consumer credit

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to understand the functions and implications of different forms of credit, and the strategies and methods to make decisions regarding management of personal debt and use of credit facilities. It has wide application and may be used in workplaces, schools, adult and community learning organisations or registered training organisations to build the financial literacy of learners. The unit may also be used as part of pre-vocational or new apprenticeship programs, or as part of services provided by counselling or advisory organisations.

The unit applies to those who explore new ideas and techniques to build personal financial literacy knowledge.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Financial literacy

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 role of credit in society	1.1 Identify concepts and terminology of credit provided by financial institute and debt incurred by borrower 1.2 Identify historical and current role of consumer credit in Australian society 1.3 Identify advantages and disadvantages of credit use 1.4 Discuss impact of consumer debt on national economy
2. Identify range of credit options available	2.1 Identify and compare types of credit facilities used by businesses and by individuals 2.2 Identify differences between unsecured and secured loans 2.3 Identify implications of default on secured loans to borrower
3. Identify and compare costs of using credit	3.1 Compare fees and costs associated with different types of credit options 3.2 Compare features and associated risks of fixed versus variable interest rates 3.3 Identify ways to compare advertised interest rates and effects of fees and charges
4. Identify effective use of consumer credit	4.1 Identify ways to avoid excessive and unmanageable debt 4.2 Identify strategies to minimise fees on credit 4.3 Identify effects of meeting and not meeting minimum payments on credit cards 4.4 Identify ways to avoid credit card fraud
5. Review personal credit rating and history	5.1 Identify role of credit reference agencies 5.2 Identify purpose and use of credit reference reports in assessing loan applications 5.3 Identify implications of establishing a poor credit history 5.4 Describe methods of obtaining own credit reference report and identify information on right to access the report

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Performs a range of mathematical calculations to interpret the impact of varying fees and costs and to compare financial information
Oral communication	Participates in verbal exchanges using active listening and questioning to elicit information and develop a clear understanding
Reading	Researches, interprets and compares written information from a range of sources to identify key details relevant to the enquiry
Writing	Documents information using correct spelling, grammar and terminology Describes concepts accurately and in a format appropriate for the audience and purpose
Self-management	Identifies, confirms and understands regulatory requirements Maintains up-to-date knowledge of debt and consumer credit required for own situation
Technology	Uses digital systems and tools to conduct research and complete tasks

Unit Mapping Information

Supersedes and is equivalent to FNSFLT203 Develop knowledge of debt and consumer credit.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSFLT213 Develop knowledge of debt and consumer credit

Modification History

Release	Comments
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:

present overview of the functions of at least two different forms of credit.

In the course of the above, the candidate must:

identify strategies and methods to make decisions regarding management of personal debt and use of credit facilities.

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 principles and types of lending and credit options

role of credit in society

key stakeholders involved in the provision and management of credit such as financial institutions, regulatory bodies, credit reference agencies and consumer advisory bodies

advantages and disadvantages of credit

examples of fixed and revolving credit facilities

key features of secured and unsecured loans, and the implications of default on secured loans

methods for comparing fees and costs, and minimising fees

key methods to avoid credit card fraud

key features of and methods of obtaining credit reference reports

implications of an individual having a poor credit rating

techniques to compare financial information.

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

internet to source information.

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

FNSFLT214 Develop knowledge of superannuation

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to understand the role of superannuation and other longer-term investment vehicles, and to make effective and informed decisions about related products. It has wide application and may be used in workplaces, schools, adult and community learning organisations or registered training organisations to build the financial literacy of learners. The unit may also be used as part of pre-vocational or new apprenticeship programs, or as part of services provided by counselling or advisory organisations.

The unit applies to those who explore new ideas and techniques to build personal financial literacy knowledge.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Financial literacy

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 role of investments	1.1 Identify role of savings and investments at different points of an individual’s life cycle 1.2 Identify role of long term and short-term investments 1.3 Identify and compare savings and investment patterns of Australia with other countries 1.4 Identify purpose and characteristics of savings and investment vehicles used for short-term and long-term savings and investment
2. Develop knowledge of the superannuation environment in Australia	2.1 Identify purposes and benefits of superannuation 2.2 Identify basic terminology used for customers of the superannuation industry 2.3 Identify the role of regulators and trustees in management of the Australian superannuation industry 2.4 Identify and access sources of information about superannuation in Australia 2.5 Document the locations and uses of the identified sources
3. Identify characteristics and structures of superannuation funds	3.1 Identify and compare types of superannuation schemes and fund managers 3.2 Identify common investment objectives and role of death benefits in superannuation schemes, and their related strategies 3.3 Identify role and nature of preserved and non-preserved components of superannuation funds 3.4 Identify common costs of administering and managing superannuation funds 3.5 Compare examples of cross-section of superannuation funds’ performance over time and identify variables that contributed to performance
4. Foster active management of superannuation funds	4.1 Identify importance and method of checking accuracy of superannuation statements 4.2 Identify and apply techniques for analysing superannuation funds 4.3 Identify minimum age that superannuation benefits can be accessed and the impact on fund management 44 Identify structures and techniques for use of superannuation funds upon retirement 4.5 Identify mechanisms to carry out an action in relation to an individual’s superannuation fund 4.6 Develop questions on superannuation issues that may be put to employers and fund providers

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Performs a range of mathematical calculations to interpret patterns and trends, and to compare financial information
Oral communication	Uses active listening and questioning to clarify and elicit information related to the topic or enquiry Participates in verbal exchanges to share information
Reading	Identifies, reviews and compares written and numerical information from a range of sources to identify key details relevant to the activity
Writing	Prepares written information and structures questions logically using correct terminology Describes concepts accurately and in a format appropriate for the audience and purpose
Self-management	Identifies, confirms and understands regulatory requirements Maintains up-to-date knowledge of superannuation issues required for own situation
Technology	Uses digital systems and tools to conduct research and complete tasks

Unit Mapping Information

Supersedes and is equivalent to FNSFLT204 Develop knowledge of superannuation.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSFLT214 Develop knowledge of superannuation

Modification History

Release	Comments
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:

present overview of at least two different superannuation funds and at least one other type of longer-term investment vehicle.

In the course of the above, the candidate must:

identify strategies and methods to make decisions regarding management of superannuation fund investment.

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 consumer issues relating to superannuation information

mechanisms to complete common actions in relation to an individual’s superannuation fund, including:

gaining information and clarification

tracking lost contributions

lodging complaints

savings and investment patterns at different life cycle stages

key characteristics of superannuation in Australia, including the impact of population growth and societal ageing patterns

differentiating factors of superannuation funds useful for analysis

key types of short-term and long-term savings and investment vehicles

common terms and their meaning used in superannuation statements and other provisions

ways of using superannuation funds upon retirement

key regulatory bodies involved in regulating superannuation

basic features and its impact of legislation relating to superannuation

common patterns of savings and investments of Australia and other countries

roles of and relationships between participants in the Australian financial services industry, including banks and key financial intermediaries

techniques to interpret patterns, trends and financial information.

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

information about the structures of Australia’s superannuation system and a wide range of superannuation schemes and products.

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

FNSFLT215 Develop knowledge of the Australian financial system and markets

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to understand the financial systems and markets operating in Australia, including identifying the main participants in financial markets, the role of the central bank, the impact of its decisions on business and consumers, key factors that influence the Australian economy and the role of financial regulators. It has wide application and may be used in workplaces, schools, adult and community learning organisations or registered training organisations to build the financial literacy of learners. The unit may also be used as part of pre-vocational or new apprenticeship programs, or as part of services provided by counselling or advisory organisations.

The unit applies to those who research information to develop personal financial literacy knowledge and skills.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Financial literacy

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. Define Australian financial markets	1.1 Identify financial markets and their purpose and history in Australia 1.2 Identify financial market participants 1.3 Identify roles of banks and financial institutions in financial markets as financial intermediaries
2. Determine role of Reserve Bank of Australia (RBA)	2.1 Identify role of RBA as Australia’s central bank 2.2 Compare role of RBA with other banking institutions 2.3 Identify impact of RBA’s monetary policy on the Australian economy and consumers
3. Research Australia’s monetary system	3.1 Identify economic reasons for individuals to hold or invest money 3.2 Identify the monetary cycle in the domestic and global economy 3.3 Identify impact of increases and decreases in money supply and importance of regulating the money supply of any country
4. Identify factors that influence the Australian economy	4.1 Identify the role and impact of Commonwealth and state government actions on the economy 4.2 Identify the impact of change in domestic interest rates on different sectors of the economy 4.3 Identify the impact of changes in consumer activity on the Australian economy
5. Identify the role of regulators in the financial system	5.1 Identify the main regulators of the financial system 5.2 Identify the role of each regulator

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Oral communication	Participates in verbal exchanges to share information using vocabulary, pace and tone appropriate for the audience and purpose Uses active listening and questioning to develop a clear understanding of topics and issues
Reading	Interprets information from a range of sources to identify key information
Writing	Prepares and logically structures written information to convey information Uses correct spelling, grammar, terminology and concepts appropriate for the audience and purpose
Planning and organising	Plans and organises work according to defined requirements
Self-management	Maintains up-to-date knowledge of financial systems and markets required for own situation
Technology	Uses digital systems and tools to design work processes and complete work tasks

Unit Mapping Information

Supersedes and is equivalent to FNSFLT205 Develop knowledge of the Australian financial system and markets.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSFLT215 Develop knowledge of the Australian financial system and markets

Modification History

Release	Comments
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:

present overview of the Australian financial system and at least three financial markets.

In the course of the above, the candidate must:

identify at least three key factors that influence the Australian economy.

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:

high-level trends and changes to the Australian financial system and markets

common Commonwealth and state government actions in response to key current issues and events relating to the Australian financial system and markets

types of financial markets in Australia

purpose of financial markets

role of the Reserve Bank of Australia (RBA)

main regulators their roles

key functions of money

types of consumer activity in the financial system/markets.

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

information about Australia’s financial system and other markets, basic economics and other required resources.

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

FNSFLT216 Develop knowledge of taxation

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to understand the role of taxation in the Australian economy, including why and how tax is levied and collected, types of taxes paid by business and individuals, and its impact on investment choices. It has wide application and may be used in workplaces, schools, adult and community learning organisations or registered training organisations to build the financial literacy of learners. The unit may also be used as part of pre-vocational or new apprenticeship programs, or as part of services provided by counselling or advisory organisations.

The unit applies to those who apply new ideas and knowledge to develop and maintain personal financial literacy skills.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Financial literacy

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 the role of taxation in the Australian economy	1.1 Identify the purpose of taxation in the Australian economy at local, state and federal levels 1.2 Identify how taxation in Australia compares with other countries 1.3 Identify methods of collection and groups from whom tax is collected 1.4 Identify the role of Australian Taxation Office 1.5 Identify the uses of taxation revenue
2. Develop knowledge of personal tax	2.1 Identify key terminology used in personal taxation and associated definitions 2.2 Identify documents and information applicable to personal tax 2.3 Identify personal tax assessment methods and tax return processes 2.4 Identify and access sources of personal tax information in Australia 2.5 Document the locations and uses of the identified sources
3. Develop knowledge of business tax	3.1 Identify key terminology used in business taxation and associated definitions 3.2 Identify different business structures and associated effects on taxation 3.3 Identify methods by which business tax is assessed and paid 3.4 Identify methods used by businesses to assess and pay employee superannuation contributions 3.5 Identify and access sources of information about business tax in Australia 3.6 Document the locations and uses of the identified sources
4. Develop knowledge of tax liability	4.1 Identify methods for individuals to determine their tax liability 4.2 Identify methods for small business operators to pay tax 4.3 Identify the implications of underpayment and overpayment of tax

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Interprets financial information relating to taxation to determine how calculations are made
Oral communication	Uses active listening and questioning to develop a clear understanding of topics and issues, and participates in verbal exchanges to share information
Reading	Accesses, interprets and collates information from a range of sources and identifies key relevant information for the task
Self-management	Maintains up-to-date knowledge of taxation necessary for own situation Plans and organises tasks according to defined requirements
Technology	Uses digital systems and tools to source and analyse information

Unit Mapping Information

Supersedes and is equivalent to FNSFLT206 Develop knowledge of taxation.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSFLT216 Develop knowledge of taxation

Modification History

Release	Comments
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:

present overview of taxation for three different taxation types:

personal tax,

business tax

and tax liability.

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:

purpose of taxation

methods of tax collection

role of the Australian Tax Office

key uses for taxation revenue and impacts on the wellbeing and lifestyle of Australian citizens

key terminology used in personal taxation

key documents and information applicable to personal tax, including:

declaration forms

Tax File Number requirements

rates of personal taxation

key sources of information about personal tax

methods for completion and payment of taxation returns

key types of business structures

methods for business tax assessment and payment

methods for individuals to determine their tax liability by assessing income and deductions

key issues relating to underpayment or overpayment of tax.

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

information about Australia’s taxation system and other required resources.

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

FNSFLT311 Develop and apply knowledge of personal finances

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills required to develop, maintain and apply knowledge of personal finances, including taxation, superannuation and insurance.

The unit applies to those who build financial literacy in workplaces, schools, adult and community learning organisations or registered training organisations. The unit may also be used as part of pre-vocational or new apprenticeship programs, or as part of services provided by counselling and advisory organisations.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Financial literacy

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. Develop knowledge of personal financial matters	1.1 Identify effects of career choice, education and skills on income and goal attainment 1.2 Identify short-term and long-term financial goals 1.3 Identify tax matters relating to personal income 1.4 Identify impact of consumer and financial behaviour on personal spending 1.5 Identify common risk management strategies used to protect against financial loss 1.6 Identify components of superannuation relevant to individual income earners
2. Manage personal finances	2.1 Identify spending decisions and compare costs with alternative choices 2.2 Identify purpose of planning personal finances 2.3 Evaluate consequences of personal financial decisions 2.4 Develop methods and systems to monitor personal cash flow 2.5 Identify own personal financial goals
3. Maintain knowledge of personal financial matters	3.1 Identify and assess factors that affect personal credit worthiness 3.2 Seek advice from specialists and mentors as required 3.3 Develop systems for maintaining knowledge about personal finances and career opportunities to achieve goals 3.4 Identify and access sources of information related to personal finance matters

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Performs a range of mathematical calculations to interpret financial information, and to balance or create budgets and savings plans
Oral communication	Uses active listening and questioning to source advice and develop a clear understanding of information
Reading	Researches and interprets written information from a range of sources to identify relevant aspects for the required task
Writing	Records and documents information using correct language, terminology and concepts
Self-management	Maintains up-to-date knowledge of personal financial management necessary for own situation Plans routine tasks and organises work according to defined requirements
Technology	Uses digital systems and tools to complete tasks, and to access and manage finance related information

Unit Mapping Information

Supersedes and is equivalent to FNSFLT301 Be MoneySmart.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSFLT311 Develop and apply knowledge of personal finances

Modification History

Release	Comments
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:

present overview of factors that impact personal finances on at least two occasions.

In the course of the above, the candidate must:

set own personal financial goals

access opportunities for mentoring and advice on personal finances.

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 aspects of debt management relating to personal finances

common effects of career choices, education and skill on income and goal attainment

methods to identify pay rates

methods to establish and maintain a good credit history

key methods and benefits of saving money

common risk management strategies used to protect against financial loss, including insurance

key characteristics of insurance relating to personal finance

key implications of taxation matters, including:

the role of the Australian Taxation Office

key aspects of tax being paid on income basis

personal tax liabilities and allowable deductions

tax rates

lodgement dates

goods and services tax (GST)

pay as you go tax (PAYG)

Australian business numbers (ABN)

tax file numbers (TFN)

business activity statements (BAS)

key principles of budgeting, cash flow and saving, including:

role of credit and savings in establishing personal wealth

financial institutions and their savings, investment and credit products

key methods and systems for monitoring personal cash flow, spending and use of debt

key aspects of and consequences of personal financial products and decisions, including:

bank accounts, including savings, credit and investment

insurance cover for health, car, phone, warranty, tools, household and income protection

contracts, including phones, data, tenancy and finance

key superannuation matters relating to personal finances.

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.

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

FNSFLT411 Determine financial requirements of small businesses

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to determine the key financial requirements for establishing and maintaining a successful small or micro business.

The unit applies to those who are engaged in a small business occupation, such as trade-based operators, seeking to enhance their financial literacy.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Financial literacy

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 costs and benefits of small and micro business	1.1 Determine business’ financial needs, objectives and opportunities 1.2 Identify benefits and disadvantages of operating a small or micro business 1.3 Identify start-up and ongoing costs associated with running a small or micro business
2. Analyse obligations and risks of operating a small or micro business	2.1 Determine legislative, regulatory, registration and licensing requirements affecting operations of the business 2.2 Assess different business models and associated financial decisions 2.3 Identify insurance requirements and associated mitigation strategies 2.4 Analyse taxation and record-keeping obligations
3. Identify mechanisms for supporting business success	3.1 Research and establish licensing, legislative, registration and regulatory requirements applicable to the business 3.2 Identify business processes required to maintain records and compliance 3.3 Identify long-term business objectives and career goals
4. Identify opportunities for business learning, mentoring and advice	4.1 Identify education, training and development opportunities that support business objectives 4.2 Identify key components of a business plan 4.3 Identify skills and knowledge required to develop and monitor the business 4.4 Identify and evaluate personal attributes required to operate a small or micro business 4.5 Identify potential mentors, advisers, networks and sources of assistance for the business and methods to engage with them

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Performs a range of mathematical calculations to interpret financial information and to develop and manage business plans and budgets
Reading	Researches and interprets written information from a range of sources to identify relevant aspects for the required task
Initiative and enterprise	Actively sources mentors and advisors to access their perspectives and experiences
Planning and organising	Plans routine tasks and organises work according to defined requirements Uses systematic, analytical processes in routine and non-routine situations, gathering and interpreting information, informing decision making and identifying and evaluating potential strategies
Self-management	Identifies, confirms and understands licensing, legal and regulatory requirements Maintains up-to-date knowledge of small business financial management and applies this to own situation
Technology	Uses digital systems and tools to complete tasks, and to access and manage finance related information

Unit Mapping Information

No equivalent unit. Supersedes and is not equivalent to FNSFLT401 Be MoneySmart through a career in small business.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSFLT411 Determine financial requirements of small businesses

Modification History

Release	Comments
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:

determine the financial requirements of at least one small business.

In the course of the above, the candidate must:

determine a range of income and expense budgets based on the worst and likely case scenarios

determine a realistic cashflow scenario and evaluate if that meets liquidity requirements

establish the required sales or income levels to maintain the financial viability of the business to cover taxation and depreciation obligations.

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 business registration and licensing requirements, including:

Australian Securities and Investments Commission (ASIC) Connect business names and registration

registration for Australian business number (ABN), tax file number (TFN) and goods and services tax (GST)

trade and occupational licensing

key types of regulatory, legislative and licensing requirements affecting operations of a business

methods to identify and calculate start-up and key costs associated with running a business, including:

labour hire

employee entitlements

compliance with occupational licensing and other legislation as required

cash flow management

liquidity management

key aspects of business plans, including:

key components of business plans

risks to be included in business plans

benefits of business planning

financial requirements of business plans

documentation requirements

key sources of assistance for micro and small business operators

key taxation responsibilities for small and micro business, including:

record keeping, invoicing and GST

preparing the return, lodgement and payment of business activity statements (BAS)

employee and contractor payroll and pay as you go (PAYG) taxation

education, training and development opportunities and how they support business objectives.

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.

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

FNSFLT511 Assist customers to budget and manage own finances

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to assist customers to develop basic budgeting skills to manage day-to-day living expenses and work towards identified financial goals and priorities.

The unit applies to those who use specialised knowledge to build relationships and provide financial budgeting assistance and/or contribute to the development of financial literacy in others.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Financial literacy

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. Assist customer to identify financial goals and priorities	1.1 Identify customer’s financial situation, needs and objectives 1.2 Assist customer to identify short, medium and long-term financial goals that are specific, realistic and achievable 1.3 Identify and confirm financial priorities with customer, taking into consideration all aspects of customer’s financial situation
2. Discuss budgeting considerations with customer	2.1 Discuss budgeting and planning for payment of regular and irregular expenses with customer 2.2 Discuss purpose of developing and implementing a personal budget with customer 2.3 Discuss behaviours and skills required to develop and implement a personal budget with customer
3. Assist customers to develop a budget	3.1 Assist customer to identify and list all income and expenditure for required period of time 3.2 Assist customer to establish and project regular and irregular items of expenditure over required time period 3.3 Identify and discuss surplus or deficit financial situation with customer 3.4 Assist customer to identify opportunities to allocate surplus funds towards meeting identified financial goals
4. Provide ongoing assistance to customers	4.1 Provide budgeting tools to customers to assist in developing own personal budgets for required time periods 4.2 Provide customers with strategies and tips for implementing and managing personal budgets and finances as required 4.3 Assist customer to establish their own ongoing review of their personal budgets

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Performs a range of mathematical calculations to interpret financial information and calculate income, loan costs and repayments relevant to budgets and savings plans
Oral communication	Participates in verbal exchanges using clear language, terminology and concepts appropriate to the customer Uses questioning and active listening to elicit and clarify information Follows communication practices and protocols, adjusting personal communication style in response to the particular needs, values, beliefs and cultural expectations of others
Reading	Reviews and interprets information to determine customer needs analysing relevance, currency and accuracy
Writing	Records and prepares documents for customers using clear, concise and accurate language
Initiative and enterprise	Implements strategies for a diverse range of customers to build rapport and foster strong relationships
Planning and organising	Plans routine tasks and organises work according to defined requirements Uses systematic, analytical processes in routine and non-routine situations, gathering information, interpreting information and identifying and evaluating potential strategies
Technology	Uses digital systems and tools to conduct research, design work processes and complete work tasks

Unit Mapping Information

Supersedes and is equivalent to FNSFLT501 Assist customers to budget and manage own finances.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSFLT511 Assist customers to budget and manage own finances

Modification History

Release	Comments
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:

assist at least three customers to budget and manage their own finances.

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 principles of:

budgeting and other strategies to manage income and expenditure

lending and credit

key features of budgeting tools and software, including common time periods applied in budgeting

key methods of identifying customers’ financial situations, needs and objectives

key requirements of relevant industry codes of practice and legislation relating to consumer credit and protection, debt recovery and privacy

roles and relationships between participants within the Australian financial services industry, including banks and other financial intermediaries

issues relevant to the economic environment which may impact personal budgeting considerations

key behaviours and skills required to develop and implement a personal budget

methods of identifying income and expenditure over a required period of time

methods of maintaining knowledge of basic savings and investment strategies useful in providing guidance on the achievement of short, medium and long-term financial goals

methods of conveying financial information to improve financial literacy in others

key methods of establishing ongoing reviews of personal budgets and key factors to consider in review, including ongoing relevance and accuracy of budget

techniques to interpret financial information

methods to calculate income, loan costs and repayments relevant to budget and saving plans.

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

customer information relevant to budgeting and managing finances.

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

FNSFLT512 Facilitate customer awareness of the Australian financial system and markets

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to facilitate customer awareness of how the monetary and financial systems and markets operate in Australia, with the aim of enhancing basic consumer financial literacy.

The unit applies to those who use specialised knowledge to build relationships and/or contribute to the development of financial literacy in others.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Financial literacy

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. Explain to customers the function and role of the Reserve Bank of Australia (RBA)	1.1 Explain to the customer the role of the Reserve Bank of Australia (RBA) 1.2 Explain to the customer differences between RBA and other banking institutions 1.3 Explain to the customer the effects of RBA’s monetary policy on the Australian economy and consumers’ personal finances 1.4 Explain to the customer the role of the RBA in maintaining financial stability and regulating the Australian Payments System
2. Outline to customers the role of money and Australia's monetary base	2.1 Identify and discuss with the customer society’s motivations for holding money and various functions of money 2.2 Explain to customer the impact of changes in supply of money
3. Outline the main features of the Australian financial markets	3.1 Identify and explain to the customer the purpose of financial markets and the major markets in the Australian financial system 3.2 Discuss with the customer the role of banks and financial institutions as financial intermediaries 3.3 Explain to the customer the role and function of the short-term money market and the types of products it deals in
4. Inform customers about regulation of the Australian financial system	4.1 Explain to the customer the role of independent regulation and the main regulators in the Australian financial system 4.2 Provide examples of protection afforded to individuals by regulators

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Oral communication	Participates in verbal exchanges using active listening and questioning Explains and shares information using simple language, tone and pace appropriate to audience and purpose
Reading	Analyses information from a range of sources to identify key information appropriate for customer needs
Writing	Prepares and logically structures written information to clearly and effectively convey information for customers Uses clear language, terminology and concepts appropriate for the purpose and customer understanding
Initiative and enterprise	Follows accepted communication practices and protocols, adjusting personal communication style in response to the particular needs, values, beliefs and cultural expectations of others Implements strategies for a diverse range of customers to build rapport and trust
Planning and organising	Plans and sequences tasks and organises work according to defined requirements Uses systematic, analytical processes in routine and non-routine situations, gathering information, interpreting information and identifying and evaluating potential strategies
Technology	Uses digital systems and tools to conduct research and communicate with customers

Unit Mapping Information

Supersedes and is equivalent to FNSFLT502 Facilitate customer awareness of the Australian financial system and markets.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSFLT512 Facilitate customer awareness of the Australian financial system and markets

Modification History

Release	Comments
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:

explain relevant characteristics of the Australian financial system and markets to at least two customers to facilitate their awareness of the Australian financial system and markets. .

In the course of the above, the candidate must:

convert complex information into plain language that may be understood by a variety of people with minimal financial market knowledge.

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 functions of the Reserve Bank of Australia (RBA) and associated systems, including Australian Payments System

key features of required industry codes of practice and legislative and regulatory requirements relating to privacy, consumer credit and protection, and debt recovery

key features of the Australian financial system and markets, and state of the economic environment

financial instruments traded on the short-term money market

functions of money and motivations for holding money

key examples of protection afforded to individuals by regulators in the Australian financial system

roles and relationships between key participants in the Australian financial system, including:

RBA

banks and other financial intermediaries

key regulators.

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

Australian financial system and markets information

customer to explain relevant characteristics.

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

FNSFLT513 Promote basic financial literacy in clients

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to promote basic financial literacy in clients so they can make informed financial decisions, including regarding the need and purpose of bank accounts, basic savings and investment principles, risk and return, and the role of insurance and superannuation.

It applies to individuals in lending or counselling roles who use specialised knowledge and interpersonal skills to build the financial literacy skills of people with limited understanding of financial systems and the use and management of money.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Financial literacy

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 extent of client’s financial awareness	1.1 Identify client’s understanding of the Australian financial system and key features of the system 1.2 Explain the Australian financial system and key features of the system to clients as required 1.3 Identify key aspects of client’s own financial situations and discuss areas of concern
2. Discuss with client methods available for spending and saving money	2.1 Identify and discuss with client options available for purchase of goods and services 2.2 Identify and discuss with client the advantages and disadvantages of identified options 2.3 Identify with client their necessity and means of opening and operating a bank account, and account options available for holding and saving money 2.4 Identify and discuss with client advantages and disadvantages of identified account options 2.5 Discuss with client methods to access funds
3. Discuss with client basic money management principles	3.1 Discuss with client importance of record-keeping for tax purposes and individual money management 3.2 Explain to client the benefits and methods of developing a savings plan and strategy, and the role of budgeting 3.3 Explain to client methods of compiling and implementing a budget 3.4 Explain to client relationship between risk and return 3.5 Discuss with client techniques for evaluating alternative financial products and associated risks in relation to the client’s situation
4. Discuss with client other forms of savings and investment options	4.1 Discuss with client the role and benefits of insurance for protection against risk 4.2 Explain to client the role of superannuation and retirement planning 4.3 Discuss with clients methods by which they can provide for and address their own future requirements

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Interprets, deconstructs and clarifies numerical and financial information to assist client understanding
Oral communication	Uses questioning and active listening in verbal exchanges to elicit and clarify information Uses vocabulary, tone, pace and concepts suitable for clients
Reading	Gathers and analyses information from a range of sources to determine client needs and assess information for relevance, currency and accuracy
Writing	Prepares documents for clients using clear, concise and unambiguous language
Initiative and enterprise	Follows accepted communication practices and protocols, adjusting personal communication style in response to the particular needs, values, beliefs and cultural expectations of others Implements strategies for a diverse range of clients to build rapport and trust
Self-management	Plans tasks and organises workload according to defined requirements Uses systematic, analytical processes in routine and non-routine situations, gathering information, interpreting information and identifying and evaluating potential strategies
Technology	Uses digital systems and tools to conduct research, design work processes and complete work tasks

Unit Mapping Information

Supersedes and is equivalent to FNSFLT503 Promote basic financial literacy skills.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSFLT513 Promote basic financial literacy in clients

Modification History

Release	Comments
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:

promote basic financial literacy skills in at least three clients.

In the course of the above, the candidate must:

address client queries and concerns.

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 the Australian financial system, including:

role of financial institutions in the economy

definition and role of money and how it is exchanged

key aspects of clients’ financial situations required to determine areas of concern

options for purchasing goods and services

advantages and disadvantages of options for purchasing goods and services

options and required means for clients to open and operate a bank account

account options available for holding and saving money

advantages and disadvantages of account options available for holding and saving money

methods of accessing funds

key benefits and methods of developing a savings plan and strategy

role of budgeting in client financial literacy, including methods of compiling and implementing a budget

key aspects of the relationship between risk and return

key techniques for evaluating financial products and their associated risks in relation to a client’s situation

key features of different types of insurance

key aspects of the role of superannuation and retirement planning in client financial literacy, including potential for superannuation coverage of life and permanent disability insurance

methods by which clients can provide for and address their own future requirements

key requirements of relevant industry codes of practice and legislation relating to privacy, consumer credit and protection, and debt recovery

roles and relationships between key participants in the Australian financial services industry, including banks and other financial intermediaries

techniques to build financial literacy skills of people.

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

client with limited understanding of financial systems and the use and management of money.

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

FNSFLT514 Facilitate customer knowledge of personal financial statements

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to educate customers in understanding and interpreting information contained in personal financial statements, including bank and credit card statements, utility bills and statements from superannuation funds.

The unit applies to those who use specialised knowledge and interpersonal skills to counsel and educate others in financial literacy matters.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Financial literacy

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. Discuss customer responsibilities in relation to personal financial statements	1.1 Identify range and frequency of personal financial statements received by customer 1.2 Discuss with customer purposes of financial statements and benefits of retaining financial statements
2. Discuss with customer information contained in financial statements	2.1 Explain to customer terminology used in financial statements as required 2.2 Identify and explain to customer common items listed on credit card and superannuation fund statements 2.3 Identify and explain to customer fees and charges applicable to superannuation and credit cards 2.4 Provide contact details to customer for financial advice on information contained in financial statements as required and according to organisational policies and procedures and regulatory requirements
3. Discuss with customer ways of managing personal financial statements	3.1 Explain and demonstrate to customer importance of and methods for checking accuracy of financial statements 3.2 Identify and discuss with customer methods to estimate and plan for payments, and repayment options 3.3 Explain to customer options available to consumers in case of inability to pay amounts owed in financial statements

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Performs mathematical calculations and reviews numerical and financial information to determine options for customers
Oral communication	Uses questioning and active listening in verbal exchanges to elicit and clarify information Uses vocabulary, tone, pace and concepts suitable for customers
Planning and organising	Plans and schedules tasks and organises workload according to defined requirements
Reading	Consolidates information from a range of sources to determine customer requirements and analyses information for relevance, currency and accuracy
Writing	Prepares documents for customers using clear, concise and unambiguous language
Self-management	Uses systematic, analytical processes in routine and non-routine situations, gathering and interpreting information and identifying potential approaches to explaining financial information Follows accepted communication practices and protocols, adjusting personal communication style in response to the particular needs, values, beliefs and cultural expectations of others Implements strategies for a diverse range of customers to build rapport and trust
Technology	Uses digital systems and tools to conduct research, design work processes, complete work tasks and explain concepts

Unit Mapping Information

Supersedes and is equivalent to FNSFLT504 Facilitate customer knowledge of personal financial statements.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSFLT514 Facilitate customer knowledge of personal financial statements

Modification History

Release	Comments
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:

facilitate customer knowledge of personal financial statements for at least three customers.

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:

common personal financial statements received by consumers and their key features, including:

purpose

terminology used

layout

fees and charges

key benefits of retaining financial statements, including for tax and other purposes

key methods for calculating and checking the accuracy of financial statements

key consumer issues relating to superannuation information and credit cards

organisational policies and procedures and regulatory requirements and restrictions applicable to the provision of financial advice

key methods of estimating and planning for payments

key repayment options available to customers

key options available to consumers in case of inability to pay amounts owed in financial statements

key requirements of relevant industry codes of practice and legislation relating to privacy, consumer credit and protection, and debt recovery

roles and relationships between key participants in the Australian financial services industry, including banks and other financial intermediaries

techniques to counsel and educate people in financial literacy matters.

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

customers.

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

FNSFLT515 Facilitate knowledge of superannuation as an investment tool

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to educate customers, or other people in or entering the workforce, about the role of superannuation as a long-term investment device to assist with their preparation for retirement. This includes the purpose of superannuation, statutory requirements for employer contributions, and the role of a range of investment vehicles in the building of a superannuation portfolio and the monitoring of a superannuation scheme’s performance over time.

The unit applies to those who use specialised knowledge and interpersonal skills to mentor and educate others in financial literacy matters.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Financial literacy

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. Facilitate individual’s knowledge of superannuation environment in Australia	1.1 Identify and analyse with individual purposes and benefits of superannuation as part of a long-term investment strategy to support people in retirement 1.2 Identify and assess with individual characteristics of superannuation in Australia 1.3 Identify and discuss with individual the role of regulators and trustees in the regulation and management of superannuation funds in the Australian superannuation industry 1.4 Identify and discuss with individual sources for obtaining information about superannuation in Australia
2. Outline investment vehicles used in superannuation funds to individual	2.1 Identify with individual types and roles of superannuation schemes and fund managers 2.2 Explain to individual and analyse investment objectives and their related strategies 2.3 Explain to individual role of death benefits in superannuation schemes 2.4 Explain to individual and analyse costs of administering and managing superannuation funds 2.5 Analyse and compare with individual cross-section of superannuation funds’ performance over time 2.6 Discuss with individual variables that contributed to performance of analysed superannuation funds
3. Foster individual’s active management of superannuation funds	3.1 Explain and demonstrate to individual methods for checking and analysing superannuation statements 3.2 Identify and discuss with individual strategies for building superannuation savings 3.3 Identify and discuss with individual mechanisms to carry out actions in relation to the individual’s own superannuation fund
4. Foster individual’s understanding of structures and strategies to deploy superannuation savings	4.1 Identify and discuss with individual events, processes and requirements which prompt management or deployment of superannuation funds 4.2 Explain to individual the role and nature of preserved and non-preserved components of superannuation funds 4.3 Identify and explain to individual the minimum age that superannuation benefits can be accessed and the impact on the fund management 4.4 Define and explain to individual the nature of accumulation funds and defined benefit funds 4.5 Explain to individual structures and techniques for using superannuation funds upon retirement

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Performs a range of mathematical calculations to interpret patterns and trends, and compare financial information
Oral communication	Uses questioning and active listening in verbal exchanges to elicit and clarify information Uses tone, pace and concepts suitable for the customer and responds appropriately to sensitive cases
Planning and organising	Plans and schedules tasks and organises workload according to defined requirements
Reading	Researches, analyses and compares written information from a range of sources to identify key details
Writing	Prepares written information that describes concepts appropriate for the audience and purpose, using clear and unambiguous language
Self-management	Uses systematic, analytical processes in routine and non-routine situations, gathering and interpreting information and identifying potential approaches to explaining financial information Follows accepted communication practices and protocols, adjusting personal communication style in response to the particular needs, values, beliefs and cultural expectations of others Implements strategies for a diverse range of customers to build rapport and trust
Technology	Uses digital systems and tools to conduct research, design work processes, complete work tasks and explain concepts

Unit Mapping Information

No equivalent unit. Supersedes and is not equivalent to FNSFLT505 Facilitate customer or employee knowledge of superannuation as an investment.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSFLT515 Facilitate knowledge of superannuation as an investment tool

Modification History

Release	Comments
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:

facilitate knowledge of superannuation as an investment tool in at least three individuals.

In the course of the above, the candidate must:

explain and clarify key terminology used in the superannuation industry.

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 characteristics, types of superannuation schemes and terminology used in the Australian superannuation industry

key impacts of the introduction of superannuation guarantee contributions by employers, including their impact on individual and community savings patterns

key types of superannuation fund managers and the different strategies that can be used in a fund

key sources for obtaining information about superannuation in Australia

key costs associated with administering and managing funds, and how to check statements

key role of death benefits in superannuation schemes

methods for analysing and comparing the performance of superannuation funds over time

key methods for checking and analysing superannuation statements, including for:

accuracy

performance

rate of return

government taxes

other common costs

key strategies for building superannuation savings, including:

personal contributions

salary sacrificing

key potential impacts of changing employment or employer on superannuation

mechanisms to complete common actions in relation to an individual’s superannuation fund, including:

gaining information and clarification

tracking lost contributions

lodging complaints

common events, processes and requirements which prompt management and/or deployment of superannuation including:

change of employment status

change of employer

role and nature of preserved and non-preserved components of superannuation funds

key requirements of relevant government legislation relating to superannuation, including minimum age of access

key consumer issues relating to superannuation information

key features of relevant industry codes of practice relating to privacy and consumer credit and protection

common structures and techniques for using superannuation funds upon retirement

regulatory requirements and restrictions applicable to the provision of financial advice

roles and relationships between key participants in the Australian financial services industry, including:

key regulators

superannuation trustees

banks and other financial intermediaries

techniques to interpret patterns, trends and compare financial information

techniques to mentor and educate people in financial literacy matters.

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 superannuation product information

individuals.

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

FNSFMB411 Prepare loan applications on behalf of clients

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to prepare a client loan application to the specific requirements of a credit provider.

The unit applies to individuals who use analytical and organisational skills to complete administrative requirements and use interpersonal skills to work effectively with a range of clients and personnel.

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

Finance/mortgage broking

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. Compile loan information	1.1 Identify client goals, objectives and client confidentiality requirements 1.2 Obtain client’s financial and personal information 1.3 Identify information required to support loan application according to codes of practice, legislative and regulatory requirements 1.4 Gather required documents and signatures for loan application 1.5 Advise client of loan preparation and presentation process
2. Prepare loan documentation	2.1 Confirm loan requirements and check supporting documentation for accuracy and readability 2.2 Complete documentation that reflects client’s financial situation and personal information according to lender requirements and guidelines 2.3 Review documents and confirm information with client 2.4 Complete document execution according to organisational procedures as required
3. Present documentation for assessment	3.1 Submit documents to lender or approving officer according to client confidentiality requirements 3.2 Obtain decision of lender or approving officer and notify client of offer or non-offer of loan according to organisational policies and procedures 3.3 Gather additional information requested by lender to support loan application as required 3.4 Provide required information to client if loan application is non-offer

Foundation Skills

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

SKILL	DESCRIPTION
Numeracy	Uses mathematical equations to perform calculations and check accuracy of financial data relating to loans
Oral communication	Uses language and concepts appropriate to audience and purpose to convey and clarify information Uses questioning and active listening in verbal exchanges to determine and confirm client loan requirements
Reading	Accesses and interprets appropriate textual information from a variety of sources to determine client's and lender's requirements Reviews written and numerical information, carefully checking for accuracy and readability
Writing	Completes documentation using accurate terminology, grammar and spelling to ensure clarity and readability
Initiative and enterprise	Identifies and follows explicit and implicit protocols, legislative and ethical requirements, and meets expectations associated with own role
Interact with others	Selects and uses the relevant conventions and protocols when communicating in a range of familiar work contexts
Planning and organising	Uses a formal decision-making process in undertaking evaluations against set criteria
Self-management	Plans a range of routine and non-routine tasks in accordance with stated goals and aims to achieve them efficiently and effectively
Technology	Uses digital technologies to access, enter and store information

Unit Mapping Information

Supersedes and is equivalent to FNSFMB401 Prepare loan application on behalf of finance or mortgage broking clients.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSFMB411 Prepare loan applications on behalf of clients

Modification History

Release	Comments
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:

prepare at least three different loan applications on behalf of clients, each with different credit scenarios.

In the course of the above, the candidate must:

meet lender requirements and provide all necessary support documentation

communicate efficiently and effectively with clients, lenders and other required parties

provide clear, comprehensive and accurate information to client

adhere to codes of practice, legislative and regulatory requirements

advise clients on how to proceed following the lender’s decision on an offer or non-offer.

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:

codes of practice, legislative and regulatory requirements relating to credit, finance and mortgage broking, including:

responsible lending

best interest duty

organisational policies and procedures, and codes of practice related to loan applications

organisational documentation processes

differences between capable, comfortable and required borrowing

different types of required lender forms and signatures

general and specific lender requirements and guidelines for loan applications and securing a loan

information required to support a loan application

methods to analyse business and financial data

key features of loan management and instructing valuers to assess the value of a property or other types of security

stages and features of loan settlement processes

loan requirements and characteristics, including:

term

interest rate

amount

support documentation

confidentiality requirements

types of security that may be required by lenders.

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

organisational products and information

organisational policies and procedures documentation.

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

FNSFMB412 Identify client needs and present broking options

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to determine clients’ broking requirements, explain capabilities, legal and compliance related issues and present broking options to clients.

The unit applies to individuals who are skilled at building relationships and who use specialised knowledge and analytical skills to provide advice and a range of services for clients.

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

Finance/mortgage broking

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. Establish client needs and knowledge of broking process	1.1 Identify client priorities, goals and product expectations 1.2 Confirm understanding of client needs as required 1.3 Explain finance and mortgage broking process to client and outline background, credentials and role of broker 1.4 Present services, values and capacity of organisation to client and confirm understanding of fees and charges 1.5 Identify and confirm procedures for complaints handling and resolution with clients
2. Determine client’s financial situation	2.1 Obtain required information on client’s personal and financial situation 2.2 Establish client’s financial position and conduct initial analysis based on extent of disclosure 2.3 Document and confirm client financial and personal histories, and manage confidentially according to organisational policies and procedures, codes of practice and applicable legislation
3. Prepare options	3.1 Research and review applicable lender products, services and features 3.2 Identify and match products according to client needs and expectations 3.3 Seek specialist advice or referrals as required 3.4 Organise product information according to client needs and level of understanding
4. Present options to clients	4.1 Explain product options and its features to client 4.2 Explain fees, charges, broker payments and commissions to client 4.3 Discuss impact, short and long-term benefits and risks of options with client 4.4 Communicate the strategic and commercial relationship of representative and organisation with each product provider to client 4.5 Obtain feedback from client on service and product, and confirm refined requirements and expectations as required 4.6 Identify and respond to client concerns and present alternatives, referring to specialists as required 4.7 Resolve issues with product options as required
5. Finalise client documentation	5.1 Obtain agreement from client to proceed with product 5.2 Discuss and confirm implementation actions between client and broker 5.3 Identify and complete required documentation and finalise product 5.4 Create or update client records according to organisational policies and procedures

Foundation Skills

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

SKILL	DESCRIPTION
Reading	Interprets and analyses complex written information to determine requirements Researches textual information from a range of sources and analyses and compares information to client needs
Writing	Accurately records information using logical structure and clear and concise formats Prepares and presents correspondence and documentation using logical structure in a range of formats suitable for the purpose
Oral communication	Participates in verbal exchanges using active listening and questioning to elicit information and respond to queries and concerns Uses tone, pace and gestures appropriate for audience and purpose Adapts personal communication style to show respect for the values, beliefs and cultural expectations of others
Numeracy	Performs calculations relating to numerical and financial information to determine requirements, develop options and explain fees and charges
Initiative and enterprise	Maintains knowledge of industry and products necessary for own role
Self-management	Identifies boundaries of own role and seeks assistance where required Takes responsibility for adherence to legal/regulatory responsibilities relevant to own work
Teamwork	Selects and uses appropriate conventions and protocols when conferring with clients, co-workers and experts on financial and administrative matters Builds rapport to establish and maintain effective working relationships Adapts personal communication style to show respect for the values, beliefs and cultural expectations of others
Planning and organising	Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effective outcomes Systematically gathers and analyses all relevant information and evaluates options to make appropriate decisions
Technology	Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

No equivalent unit. Supersedes and is not equivalent to:

FNSFMB402 Identify client needs for broking services

FNSFMB403 Present broking options to client.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSFMB412 Identify client needs and present broking options

Modification History

Release	Comments
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:

identify the needs of at least three clients and present each client different broking options.

In the course of the above, the candidate must:

use different communication and interpersonal skills to establish rapport with the client

file client information securely and in the required format and location

organise all information clearly and concisely

establish clients’ current investment, asset, income, expenditure and liability position

discuss and document implementation actions in anticipation of a loan application

comply with organisational policies and procedures and applicable legislation.

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:

basic financial and accounting terms and concepts related to mortgage or finance broking, including:

variable and fixed rate interest rates

types of mortgage accounts

procedures and principles of deposit bonds

financial records relating to different ownership models

best practice methods of identifying client financial needs

organisational policies and procedures, and codes of practice related to credit services

credit and credit reporting services

current government assistance for:

first home buyers

disadvantaged or low-income earners

complaint handling and resolution processes

roles of the alternative dispute resolution schemes and services

features of the economic environment and business cycle, financial markets and roles of industry participants, interest rates, exchange rates and inflation

features of the legal environment and legislative and regulatory requirements affecting finance and mortgage broking services related to:

disclosure

privacy

industry codes of practice

best interest duty

fees and commissions and disclosures

credit reporting services

potentially vulnerable clients

key features of lender’s mortgage insurance

loan transaction terminology and definitions of parties involved, including:

lender and borrower

lessor and lessee

mortgagee and mortgagor

risks and security associated with sharing information with clients, including:

confidential information

identifying legitimacy

borrowing

loan application process

negotiation process

presentation techniques, including technology supported presentations

lending products available in the finance and mortgage industry

accounting and mathematical formulas to calculate:

interest rates

mortgage repayments

term of a loan.

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

finance and mortgage product information

lending product information

required software system 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

FNSFMB511 Implement credit contracts in preparation for settlement

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to identify client needs and assist in the preparation of securities to implement a credit contract in preparation for loan settlement.

The unit applies to individuals who use organisational skills to complete and coordinate tasks within agreed timelines and industry or organisational conditions.

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

Finance/mortgage broking

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 client needs and prepare credit contract terms	1.1 Discuss client needs and requirements 1.2 Identify documents required for credit contract 1.3 Agree on property settlement date and security 1.4 Confirm client understanding of conditions of finance approval
2. Assist in preparation and registration of securities	2.1 Communicate information on property, insurances and securities in credit contract to client 2.2 Assist client to initiate steps to implement security as required 2.3 Communicate with client, conveyancer and credit provider, and confirm all parties are prepared for settlement 2.4 Assist client in preparing security documents prior to settlement according to lender’s policies and procedures, and legislative and regulatory requirements 2.5 Confirm documents can be accepted and registered with required stakeholders
3. Execute credit contract and prepare for settlement	3.1 Confirm with client that credit contract has been executed 3.2 Assist client in submitting credit contract and required documents 3.3 Communicate payment and stamp duty information to client 3.4 Confirm client makes required payments prior to settlement

Foundation Skills

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

SKILL	DESCRIPTION
Numeracy	Performs mathematical calculations to analyse and check financial and numerical information for accuracy and completeness Checks calculations and results using calculators
Oral communication	Provides clear and explicit information and instructions to others Confirms and clarifies requirements using active listening and questioning Adapts personal communication style to show respect for the values, beliefs and cultural expectations of others
Reading	Checks documents for accuracy and correct formatting
Self-management	Identifies and follows organisational protocols and meets expectations Monitors adherence to legal and regulatory obligations
Teamwork	Collaborates with others to achieve joint outcomes Selects and uses appropriate communication conventions and protocols to liaise with clients, lenders and other stakeholders
Technology	Accesses, enters and stores information using digital technologies

Unit Mapping Information

No equivalent unit. Supersedes and is not equivalent to FNSFMB501 Settle applications and loan arrangements in the finance and mortgage broking industry.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSFMB511 Implement credit contracts in preparation for settlement

Modification History

Release	Comments
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:

implement credit contracts and prepare for loan settlements for at least three different clients.

In the course of the above, the candidate must:

confirm credit contracts have correct details before execution including, where applicable, property settlement date and security

adhere to legislative and regulatory requirements

confirm credit contracts are complete, signed, witnessed and dated.

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:

pre-settlement conditions required by lenders including gaining consent of prior mortgagee if second mortgage security is being taken

documentation required by lenders, including:

credit check authority signed

guarantees

loan contract

periodical payment authority

signed application form

pre-settlement evidence required by lenders

pre-settlement undertakings by the borrower required by lenders, including:

sale and settlement of other property

repayment of other debts

provision of evidence of insurance

key features of industry codes of practice, legislative, regulatory and statutory requirements, including:

National Credit Code

privacy legislation

credit legislation

best interest duty

organisational policies and procedures relating to implementing and executing credit contracts and settling applications and loan arrangements

role of various parties involved in the settlement process

settlement issues that can occur

steps in process of registering security documentation

steps required to open account for disbursement of funds.

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

credit providers requirements for credit contract execution, loan settlement, security preparation and registration

legislation and regulations related to loan applications, securities and settlement arrangements.

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

FNSFMB512 Identify and develop credit options for clients with special financial circumstances

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to identify special financial circumstances of a client, consider complicated issues such as economic and legislative requirements, and develop credit strategies and solutions for the client.

The unit applies to individuals who apply research and analytical skills to complex and multifaceted scenarios to develop customised solutions for clients.

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

Finance/mortgage broking

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. Determine special financial needs and risk profile	1.1 Identify client goals, objectives, requirements and situation 1.2 Assess special financial needs of client situation and discuss with client 1.3 Identify and discuss risk issues and tolerance with client 1.4 Assess impact of risks to client according to legislative requirements and organisational guidelines and procedures 1.5 Develop recommendations on risk management strategies 1.6 Communicate complaints resolution procedures to client
2. Research and analyse complex credit options	2.1 Determine client opportunities and constraints according to client needs, requirements and special financial needs and circumstances 2.2 Research loan structures and options according to client needs, requirements and special financial needs 2.3 Analyse client’s special financial needs 2.4 Model, analyse and prioritise suitable options for client, and reject inappropriate options 2.5 Select complex credit options for review with client
3. Finalise complex credit options	3.1 Assess ability to successfully meet client goals and objectives 3.2 Obtain and develop explanatory material for client 3.3 Respond to queries from client as required

Foundation Skills

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

SKILL	DESCRIPTION
Numeracy	Uses calculators to perform detailed mathematical calculations and estimations of financial data Manipulates data for analysis Undertakes comparative analyses of numerical and financial information to determine requirements and develop options
Oral communication	Uses active listening and questioning to elicit information and explore issues Participates in verbal exchanges to explain and clarify complex financial information Adapts personal communication style to show respect for the values, beliefs and cultural expectations of others
Reading	Researches textual information from a range of sources and analyses issues and risks to develop strategic options
Writing	Prepares recommendations containing complex information and strategies in logical structure using organisational formats Uses clear and concise language, terminology and concepts appropriate for the client
Initiative and enterprise	Maintains currency of industry and product knowledge as required by role
Self-management	Adheres to workplace protocols and procedures Monitors adherence to legislative requirements in the conduct of work Assesses the impact of decisions on outcomes
Problem solving	Identifies s and addresses complex problems involving multiple variables
Planning and organising	Uses formal and informal planning processes to identify relevant information and risks, and evaluate appropriate strategies
Teamwork	Selects and uses appropriate communication conventions and protocols to liaise with clients and other stakeholders
Technology	Uses digital technologies to access, enter and store information

Unit Mapping Information

Supersedes and is equivalent to FNSFMB502 Identify and develop broking options for clients with complex needs.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSFMB512 Identify and develop credit options for clients with special financial circumstances

Modification History

Release	Comments
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:

identify and develop complex credit options for at least three clients with different special financial circumstances.

In the course of the above, the candidate must:

compare features, fees, charges and risks when analysing credit options.

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:

legislation, regulations and codes of practice affecting the broking industry, including best interest duty

comparison characteristics of financial products, including features, fees, charges and risks

complex credit features of client needs, including:

business or commercial loans

bridging loans

chattel leases

contaminated sites or properties near noxious industries

cross-collateralisation

native title rights

heritage issues

multiple mortgages

loans to trusts, partnerships or corporations

reverse mortgages

rural land mortgages

common products available in the broking industry

internal and external complaint handling and dispute resolution procedures

organisational guidelines and procedures on assessing impact of risks and documenting broking recommendations

research methods on gathering information on new or non-standard products

key risk issues, including:

borrowing risk and gearing

economic risk and impact on incomes and asset values

unusual risk issues or requirements, including interdependencies and implications

specific product risk, including penalties

risk factors and return expectations of the client

volatility of income and capital

types of loan structures, including new and non-standard products.

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

economic, taxation and insurance information required

finance and mortgage product information

lender or credit provider’s basic lending acceptance criteria

data and documents related to developing complex credit options.

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

FNSFMB513 Present credit options to clients with special financial circumstances

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to present credit options to clients with special financial circumstances, communicating complex information and completing, providing and maintaining required disclosures and documentation.

The unit applies to individuals who use specialised knowledge and strong communication and interpersonal skills to convey complex information.

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

Finance/mortgage broking

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. Prepare to present credit options to clients	1.1 Identify client objectives, requirements, level of financial understanding and special needs 1.2 Determine legislative and regulatory requirements, codes of practice, and organisational policies and procedures related to presenting credit options to clients 1.3 Identify organisational complaint handling policies and procedures
2. Discuss credit options with clients	2.1 Guide client through credit options and discuss impact of each option 2.2 Explain fees, charges and commissions to client and provide copies of research and other required documentation 2.3 Disclose any commercial relationship of representative and organisation with the options 2.4 Identify and address issues that require further consideration or consultation with other financial services professionals 2.5 Confirm client understands credit options 2.6 Define post-broking service to be provided and communicate to clients
3. Address concerns and provide alternative options	3.1 Identify and respond to client concerns as required 3.2 Escalate any risks and concerns with required personnel 3.3 Provide alternative options to clients as required 3.4 Obtain agreement to proceed from clients
4. Complete and maintain necessary documentation	4.1 Record client interaction and agreement according to regulatory and legislative requirements, and industry codes of practice 4.2 Share applicable documents with clients and obtain signatures 4.3 Notify clients of required documents and evidence under proposed credit solution

Foundation Skills

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

SKILL	DESCRIPTION
Numeracy	Interprets and clearly explains potentially complex numerical and financial information
Oral communication	Clarifies information using active listening and questioning skills in verbal exchanges Presents information and options to clients using language, tone and pace appropriate to the audience Communicates with clients using clear and unambiguous language Uses the appropriate communication mode and protocols to respond, explain, clarify and seek information as required
Reading	Accesses and interprets information to determine and confirm requirements
Writing	Prepares correspondence and documentation using clear and unambiguous language to convey complex information Records information clearly and effectively, using logical structure and appropriate formats
Planning and organising	Develops plans to manage routine and non-routine tasks with an awareness of their impact on long-term operational and strategic goals
Problem solving	Identifies and addresses any issues using professional judgment
Self-management	Determines if further referrals or requirements are needed using experience and judgment Identifies and applies legislative requirements and workplace protocols, and meets expectations associated with role
Teamwork	Builds rapport to establish and maintain effective working relationships Adapts personal communication style to show respect for the values, beliefs and cultural expectations of others
Technology	Uses digital technologies to access, enter and store information

Unit Mapping Information

No equivalent unit. Supersedes and is not equivalent to FNSFMB503 Present broking options to client with complex needs.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSFMB513 Present credit options to clients with special financial circumstances

Modification History

Release	Comments
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:

present at least three complex credit options to different clients with special financial circumstances.

In the course of the above, the candidate must:

interpret and comply with legislative requirements, industry regulations and codes of practice

present broking options based on:

impact of each option on client’s financial circumstances

consideration of client’s complex needs

consideration of client's level of financial understanding

obtain client feedback and respond appropriately to any concerns

complete relevant documentation according to industry requirements and organisational guidelines.

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:

legislative and regulatory requirements, codes of practice and other industry requirements affecting the broking industry, including:

best interest duty

disclosure

privacy

industry codes of practice

National Credit Code

fees and commissions and disclosures

credit reporting services

aspects of credit options that require thorough explanation to clients, including:

advantages and disadvantages

risks

short- and long-term financial implications

assumptions and possibilities

complex features of a client situation and needs, including:

multiple mortgages

cross-collateralisation

loans to trusts or partnerships or corporations

rural land mortgages

bridging loans

reverse mortgages

business or commercial loans

chattel leases

native title rights

heritage issues

contaminated sites or properties near noxious industries

products available in the broking industry

organisational policies and procedures in relation to client services and complaint handling

strategies to interpret and present complex numerical and financial information

lending limits

commercial relationship

commissions

risk issues relating to:

borrowing risk and gearing

economic risk and impact on incomes and asset values

specific product risk, including penalties

risk factors and return expectations of the client

volatility of income and capital.

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

data and documents related to presenting credit options.

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

FNSFMB514 Implement complex loan structures

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to establish actions, timings and priorities to implement complex loans and supervise the implementation process.

The unit applies to individuals who use specialised knowledge and well-developed organisational skills to coordinate the implementation of complex financial processes.

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

Finance/mortgage broking

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. Organise implementation actions	1.1 Identify client needs, requirements and objectives 1.2 Review complex and special features of client situation and identify loan implementation implications 1.3 Establish and prioritise implementation actions, timing and activities according to client needs and situation 1.4 Explain implementation actions required by client 1.5 Obtain written agreement to actions and establish implementation records according to organisational policies and procedures
2. Establish procedures for implementation	2.1 Identify and brief applicable stakeholders of their responsibilities and actions 2.2 Coordinate implementation actions with other professionals 2.3 Establish monitoring procedures
3. Supervise implementation	3.1 Assist applicable stakeholders to implement complex loan structures 3.2 Issue instructions to required personnel as per loan structure 3.3 Consult with and monitor relevant stakeholders 3.4 Check and follow up on lodgement of documentation 3.5 Obtain and process fees and charges according to organisational policies and procedures, and legislative and regulatory requirements 3.6 Debrief with client post-implementation and address concerns and queries

Foundation Skills

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

SKILL	DESCRIPTION
Numeracy	Interprets numerical and financial information to determine required actions, timings and sequences Performs mathematical equations to check calculations
Oral communication	Issues instructions and explains information using language, tone and pace appropriate to audience and purpose Clarifies information and builds relationships using active listening and questioning skills in verbal exchanges
Reading	Reviews information from a range of sources and interprets key aspects to determine implementation actions
Writing	Prepares correspondence and documentation using clear and unambiguous language to convey complex information appropriate for audience and purpose
Planning and organising	Organises, plans and sequences own workload, and schedules work activities of others
Self-management	Identifies and applies legislative requirements and workplace protocols, and meets expectations associated with role
Teamwork	Identifies the information requirements and selects the appropriate communication format when responding to routine and non-routine exchanges Builds rapport to establish and maintain effective working relationships Collaborates with others to achieve joint and desired outcomes Adapts personal communication style to show respect for the values, beliefs and cultural expectations of others
Technology	Uses digital technologies to access, enter and store information

Unit Mapping Information

Supersedes and is equivalent to FNSFMB504 Implement complex loan structures.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSFMB514 Implement complex loan structures

Modification History

Release	Comments
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:

implement complex loan structures for at least three different clients.

In the course of the above, the candidate must:

review impacts of high asset, income or expenditure requirements, complex taxation, complex nature of and forms of securities, and other legal or complex requirements.

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:

features of legislative and regulatory requirements, including:

state and territory legislation

best interest duty

charges and taxes

organisational policies and procedures relating to:

written agreement to actions

establishing implementation records

process fees and charges

complex features of a client situation and needs, including:

bridging loans

business or commercial loans

chattel leases

contaminated sites or properties near noxious industries

cross-collateralisation

heritage issues

loans to trusts or partnerships or corporations

multiple mortgages

native title rights

reverse mortgages

rural land

complex nature of securities to be taken, including:

implications of borrowing against leased premises

multiple securities of differing kinds

rural land

specialised securities, including hotels

documentation requirements relating to:

disclaimers

disclosures

insurance policies

prospectuses

receipts

written advice

forms of security to be taken for complex loan structures, including:

assignment of rental income to the lender

joint and several personal or related company guarantees

multiple mortgages

registered company charges

involvement of unit or family trusts as borrowers and guarantors

loan implementation implications, including:

high asset, income or expenditure requirements

complex taxation

nature and forms of securities to be taken

other legal or complex issues

methods to analyse business and financial data

time management techniques and tools to support implementation process.

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

data and documents related to implementing loan structures.

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

FNSFMK411 Perform reconciliations

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

Application

This unit describes the skills and knowledge required to ensure internal and external information is consistent with data held in operational systems and accounts, and escalate and resolve discrepancies.

The unit applies to individuals who use specialised knowledge to carefully review discrepancies in organisational systems, investigate the cause(s), and resolve or escalate to minimise any compensation claims or overdraft items.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Financial markets

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 non-reconciled items	1.1 Identify accounts or data held in internal and external systems for reconciliation 1.2 Check and compare details of trades, cash and security movements against internal and external systems for inconsistencies and errors 1.3 Identify discrepancies in transaction holdings
2. Investigate, escalate, and resolve discrepancy	2.1 Investigate discrepancies and exceeded tolerance levels within set timeframes as set out in organisational standards and procedures 2.2 Escalate unreconciled discrepancies for review to organisational personnel according to organisational procedures 2.3 Resolve reconciliation after discrepancies have been rectified

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Reading	Reads and interprets information to determine and confirm work requirements
Writing	Records information and completes documentation appropriate to audience and purpose
Oral communication	Participates in verbal exchanges using appropriate language and concepts to convey and clarify information
Numeracy	Uses mathematical equations to perform calculations and identify discrepancies
Self-management	Accepts responsibility for ensuring transactions comply with organisational requirements Selects and uses appropriate conventions and protocols when communicating with clients and co-workers in a range of work contexts Makes routine decisions and implements standard procedures for routine tasks, using formal decision-making processes for more complex and non-routine situations
Planning and organising	Plans, organises and implements tasks, aiming to achieve them efficiently and effectively
Technology	Uses main features and functions of digital tools and systems to complete work tasks and find information

Unit Mapping Information

Supersedes and is equivalent to FNSFMK401 Perform reconciliations.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSFMK411 Perform reconciliations

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

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:

identify, investigate and resolve at least three different discrepancies.

In the course of the above, the candidate must:

communicate with appropriate stakeholders to reconcile discrepancies

escalate unresolved discrepancies in line with organisational procedure

interpret and follow organisational and industry reconciliation procedures.

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:

role of reconciliation as a control for managing risk in the transaction process

systems that hold data in operational systems and accounts

account types and systems to be reconciled

types of reconciliations

basic ledger and book-keeping functions for organisational and industry reconciliation procedures.

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 for operational systems and consumables required to produce the performance evidence

organisational personnel

organisational records, policies and procedures required to produce the performance evidence.

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

FNSFMK416 Conduct work within financial markets compliance framework

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

Application

This unit describes the skills and knowledge required to identify statutory, legislative and regulatory requirements in financial markets and relate them to individual work practices to ensure ongoing adherence to the compliance framework.

It applies to individuals who to carry out work in accordance with the compliance framework applying to job roles in financial markets.

No licensing, legislative, regulatory or certification requirements apply to this unit at the time of publication.

Unit Sector

Regulation, licensing and risk – Compliance

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 individual compliance requirements	1.1 Identify global regulatory frameworks and regulators for financial markets 1.2 Assess commonalities and key differences in legal requirements for buy-side and sell-side organisations 1.3 Identify regulatory requirements relevant to own job role 1.4 Identify industry standards, conventions, organisational requirements and whistleblowing policies and procedures relevant to own job role 1.5 Identify obligations under the organisation’s code of conduct for own job role 1.6 Map compliance requirements against individual position description and work practices
2. Escalate compliance issues	2.1 Identify critical steps for escalating regulatory and ethical concerns 2.2 Consult with appropriate persons when there is a potential breach of regulatory requirements or a breach of organisational policies or values 2.3 Escalate issues where there may be a breach of regulatory requirements or organisational policies, in accordance with organisational policies and procedures 2.4 Analyse and reflect on personal efficacy in identifying and actioning compliance issues
3. Monitor and apply changes in compliance requirements to own job role	3.1 Monitor changes in regulatory environment that may affect the requirements or responsibilities of own job role 3.2 Access and analyse documentation relating to changes in compliance issues 3.3 Undertake organisational training addressing changes in compliance requirements

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Learning	Reflects on own actions to improve future performance
Reading	Analyses complex information from a range of sources and consolidates information to determine requirements Identifies and analyses complex texts to determine key information, specific requirements and responsibilities
Oral Communication	Discusses compliance or ethical issues using structure and language to suit the audience Uses listening and questioning techniques to confirm understanding of compliance requirements
Self-management	Takes personal responsibility for following explicit and implicit policies, procedures and legislative requirements
Teamwork	Selects and uses appropriate communication conventions and practices when discussing, seeking or sharing information
Planning and organisation	Systematically gathers and analyses information, reviews information and evaluates options in order to inform decisions about compliance requirements

Unit Mapping Information

No equivalent unit. New unit.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSFMK416 Conduct work within financial markets compliance framework

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

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:

identify and escalate possible breaches of regulatory requirements or organisational policies in accordance with organisational procedures on at least three separate occasions.

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:

organisational, legislative and regulatory requirements relevant to own job role

industry codes of practice relevant to own job role

organisational policies and procedures relevant to workplace

key elements of the regulatory framework for financial markets including:

laws and regulations

industry standards, conventions and guidance documents

ethics

organisational policies and procedures

primary market regulators in Australia and overseas, including:

Australian Securities and Investments Commission (ASIC)

Australian Prudential Regulation Authority (APRA)

Australian Transaction Reports and Analysis Centre (AUSTRAC)

Australian Competition and Consumer Commission (ACCC)

regulatory and reporting obligations and processes relating to:

trade reporting

privacy

money laundering

overseas registration requirements for swaps dealers/substituted compliance

client disclosures

market misconduct

individual work requirements and practices as contained in position description and occupational standards.

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:

legislation, regulations and codes of conduct relevant to own job role

information about relevant professional associations required to produce the performance evidence

organisation policies and procedures relevant to own job role.

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

FNSFMK513 Undertake assessment of product and advice suitability for non-retail clients

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

Application

This unit describes the skills and knowledge required to assess client needs, determine suitability of appropriate product and advice needs of the client, and monitor and review this periodically.

The unit applies to individuals who use analytical skills and systematic approaches to evaluate a client’s business needs, exposures, expertise and knowledge in financial markets before determining whether the product and services that the organisation can provide are suitable for the client and consistent with client expectations.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Financial markets

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. Research and investigate needs and services required by client	1.1 Investigate financial needs of client, including objectives, risk tolerance and types of services client is seeking 1.2 Gather information necessary to assess client knowledge and experience in financial products according to regulatory and organisational requirements 1.3 Confirm all onboarding requirements have been met, including required organisational and regulatory documentation
2. Assess and provide suitable product	2.1 Assess client’s financial needs to determine appropriate product and advice consistent with client needs and organisational capability 2.2 Advise client of applicable product or advice 2.3 Complete required documentation and tasks to ensure compliance with organisation’s client suitability framework 2.4 Communicate assessment to required team members and client according to organisational policies and procedures
3. Monitor and review client needs and product suitability	3.1 Conduct periodic reviews of client needs and product suitability 3.2 Monitor and record changes to client’s financial needs and objectives relevant to provided product and/or advice 3.3 Communicate to required team members whether existing product and advice remains fit for purpose

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Oral communication	Participates in verbal exchanges using active listening and questioning skills to confirm understanding and seek feedback Presents and clarifies information using tone, pace and language applicable to audience and purpose
Reading	Critically analyses complex documentation and records from a variety of sources and consolidates information relating to specific criteria to determine requirements
Writing	Uses language, terminology and concepts to convey and confirm explicit information and requirements Prepares logically structured documents using appropriate format and style for audience and purpose
Planning and organising	Plans and sequences complex tasks and workload, negotiating key aspects with others and taking into account capabilities, efficiencies and effectiveness
Problem solving	Applies systematic and analytical decision-making processes for complex and non-routine situations
Self-management	Selects and uses applicable conventions and protocols when communicating with clients to build rapport, seek and share information, establish clear agreement and maintain an ethical service relationship Works independently or with others in making decisions to achieve organisational outcomes
Technology	Uses main features and functions of digital tools to complete work tasks and access information

Unit Mapping Information

No equivalent unit. New unit.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSFMK513 Undertake assessment of product and advice suitability for non-retail clients

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

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:

apply organisation’s product and advice suitability framework to at least one client.

In the course of the above, the candidate must:

evaluate client information to establish client financial situation, knowledge and experience in financial markets

assess client needs and risk profile

determine suitable products or advice for client

conduct review of client product and advice suitability

report on ongoing suitability or unsuitability of the product and advice for the client

comply with organisational practices when assessing client product and advice suitability.

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:

definitions of client suitability and elements of established client suitability frameworks

types of client categorisations and implications on product and advice suitability

organisational processes for assessing client product and suitability of advice

regulatory requirements that may affect assessment of client suitability

range of products available in a particular asset class

documentation required for trading in financial products including ISDA Master Agreements.

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 required to produce the performance evidence

regulations and codes of practice required to produce the performance evidence

organisational and industry standards relating to client and product suitability.

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

FNSFMK514 Complete confirmation and settlement processes

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

Application

This unit describes the skills and knowledge required to check dealing transaction information to complete confirmation and settlement processes.

The unit applies to individuals who use specialised knowledge and systematic approaches to complete confirmation and settlement processes for both automated and manual settlements.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Financial markets

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. Validate trades	1.1 Validate trades by checking details of transaction recorded on internal trading system to information communicated to clients by front office 1.2 Follow up any discrepancies with front office before initiating confirmation flow
2. Confirm trades	2.1 Create confirmation outlining details of the trade in line with conditions outlined in master agreement 2.2 Forward draft confirmation to appropriate personnel for checking before sending to client 2.3 Forward confirmation to client after complying with internal checking protocols 2.4 Investigate confirmation discrepancies with appropriate personnel 2.5 Follow up outstanding confirmations with client to ensure settlement flow can be actioned within settlement timeframe 2.6 Comply with internal process when checking client approval of trade confirmations 2.7 Initiate settlement flow for confirmed trades if all confirmation requirements are met 2.8 Comply with organisational processes for monitoring and resolving longer-dated outstanding client confirmations
3. Determine settlement details and instructions	3.1 Identify details of settlement and settlement instructions, and if inconsistent with standard settlement instructions, follow up with counterparty 3.2 Review organisational records on client or counterparty practices for additional instructions if required 3.3 Clarify uncertainties around settlement instructions or details with stakeholders
4. Complete settlement procedures	4.1 Check data recorded on internal systems for accuracy and adjust details if required 4.2 Action settlement, if both counterparties agree with settlement details, according to confirmed settlement procedures in line with organisational and industry requirements 4.3 Clarify or escalate unusual transactions or transactions that have not settled

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Reading	Interprets and checks accuracy of information from a range of sources to determine and confirm work requirements
Writing	Records key information and prepares documentation following organisational procedures and protocols
Numeracy	Uses mathematical equations to perform calculations
Self-management	Takes responsibility for completing process to industry and organisational requirements Selects and uses appropriate conventions and protocols when communicating with clients
Planning and organising	Plans, organises and completes tasks, aiming to complete efficiently and effectively
Technology	Uses main features and functions of digital tools and software systems to complete work tasks and access information

Unit Mapping Information

Supersedes and is equivalent to FNSFMK504 - Complete confirmation and settlement processes.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSFMK514 Complete confirmation and settlement processes

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

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:

complete confirmation processes for at least two different transactions

complete settlement processes for at least two different transactions

document at least one event where settlement does not occur as required.

In course of the above work, the candidate must:

resolve any discrepancies in the confirmations, following organisational processes and procedures

communicate with required stakeholders within required timeframes to resolve uncertainties around the settlement process.

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:

organisational and industry confirmation and settlement systems and procedures

key causes of discrepancies in confirmations

validation systems and processes

financial markets products including settlement processes, lifecycle of trades and accounting principles related to the product

risks in the settlement process and consequences of settlement risk

integrated financial software systems and data

methodologies for data interpretation and analysis

purpose and key features of confirmation documentation, methods and processes.

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 required to produce the performance evidence

an integrated financial software system 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

FNSFMK515 Comply with financial services regulation and industry codes of practice

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

Application

This unit describes the skills and knowledge required to ensure compliance with finance industry regulations and industry codes of practice on an organisational level.

It applies to individuals who use, maintain and disseminate highly specialised knowledge to a range of personnel to ensure compliance and quality standards.

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

Unit Sector

Financial markets

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 and apply organisational requirements of regulatory obligations	1.1 Access source documents for regulations relevant to provision of financial products and services 1.2 Identify procedural requirements of these source documents and their impact on organisational requirements and work practices 1.3 Execute procedural requirements in line with organisational policy 1.4 Comply with role authorities and restrictions identified in position profiles 1.5 Implement internal monitoring or audit program according to organisational and role requirements
2. Identify changes to regulations and procedural implications	2.1 Identify, access and communicate changed regulations and policies according to organisational policy, within organisational time frames 2.2 Review operational procedures to reflect changes to regulations 2.3 Identify implications for products and services 2.4 Implement changes according to client, regulatory and organisational requirements
3. Monitor compliance with relevant industry and professional codes	3.1 Source and access relevant industry codes of practice 3.2 Interpret implications of industry codes of practice and confirm and clarify with relevant persons, as required 3.3 Execute changes to organisational policy, procedures and practices to align with industry codes of practice 3.3 Implement internal monitoring and audit program according to organisational and role requirements
4. Maintain statutory records	4.1 Maintain relevant records and keep copies of any relevant agreements on file 4.2 Maintain evidence of current authorisation, training and relevant licences according to organisational, legal and regulatory requirements

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Learning	Establishes mechanisms to ensure currency of regulatory literature is maintained
Reading	Researches, analyses and interprets complex information from a range of sources and consolidates information to determine requirements
Writing	Produces reports and records information using language, concepts and terminology appropriate to audience and purpose Develops material for a specific audience using clear and detailed language to convey information and recommendations
Oral communication	Participates in verbal exchanges and explains and presents complex information using language, tone and pace appropriate to audience Communicates changes to legislation, codes of practice and organisational requirements to relevant persons and seeks clarification of interpretation as required.
Self-management	Takes full responsibility for following policies, procedures and legislative requirements, and identifies organisational implications of new legislation or regulation Actively maintains knowledge required to carry out work role Uses communication tools and strategies to develop effective working relationships
Planning and organising	Accepts responsibility for planning and sequencing complex tasks and workload Applies systematic and analytical decision-making processes to make recommendations in complex and non-routine situations
Technology	Uses the main features and functions of digital tools to complete work tasks, store data and access information

Unit Mapping Information

Supersedes and is equivalent to FNSFMK505 Comply with financial services regulation and industry codes of practice.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSFMK515 Comply with financial services regulation and industry codes of practice

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

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:

access, interpret and comply with relevant industry codes of practice and relevant regulation in an organisation on at least three occasions.

In the course of the above, the candidate must:

communicate changes and implications of regulations to clients and colleagues

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:

compliance issues relating to:

disclosure of capacity criteria

contract law principles

duty of care principles

fiduciary duties

general obligations of a financial services officer

laws of principal and agents

key features of:

financial products and services of the organisation

relevant agency agreements or broker authority

relevant industry codes of practice

relevant regulation pertaining to the financial services industry

categories of statutory records a financial services organisation needs to maintain

internal organisational monitoring or audit program processes.

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 regulation and industry code of practice information.

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

FNSFMK516 Review and confirm human resources and IT systems satisfy requirements of licence

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

Application

This unit describes the skills and knowledge required by a responsible manager for an Australian Financial Services (AFS) licensee to assist with confirming human resources and information systems meet business needs as well as licence compliance requirements. This involves assessing licence requirements, assessing adequacy of staffing levels and information technology (IT) systems and implementing necessary adjustments.

It applies to individuals who carry out work as a responsible manager for an AFS licensee.

Work functions in the occupational areas where this unit is used may be subject to regulatory requirements. Refer to the relevant regulator for specific guidance on requirements.

Unit Sector

Regulation, licensing and risk – Compliance

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. Review regulatory and licence requirements	1.1 Analyse relevant regulatory requirements, regulator guidance, and organisational licence conditions and obligations 1.2 Identify compliance requirements for provision of financial services by the organisation 1.3 Analyse the alignment of the business unit or organisation with licence requirements
2. Assess adequacy of staffing levels and skills for meeting licence requirements	2.1 Review and analyse staffing levels of organisation or business unit against licence requirements 2.2 Identify and review skills and knowledge required by staff to adhere to licence requirements 2.3 Monitor staff performance metrics to identify areas where skills and knowledge of staff indicate concerns or potential breaches 2.4 Escalate concerns or potential breaches where staff knowledge and skills create a compliance risk for the organisation
3. Assess adequacy of IT systems for meeting licence requirements	3.1 Review and analyse IT system metrics of organisation or business unit against licence requirements 3.2 Monitor and analyse developments in cyber security and data privacy requirements 3.3 Escalate concerns or potential breaches where IT systems create a compliance risk for the organisation 3.4 Communicate to staff their responsibilities for ensuring that there are no breaches of regulatory requirements for protecting data in IT systems
4. Monitor compliance with licence obligations	4.1 Identify and assess implications of changes in business strategies of the organisation and priorities for the licence 4.2 Assess implications of changes to licence obligations for business unit or staffing and IT systems of the organisation 4.3 Monitor and evaluate alignment of staffing and IT systems of the organisation with licence requirements according to organisational timelines

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Oral communication	Uses active listening and questioning techniques to elicit the views and opinions of others and to confirm understanding with consideration of context, purpose and audience
Reading	Analyses complex textual information from a range of sources and relates specific aspects of information to requirements
Writing	Records and reports information using clear language and organisational templates and formats
Teamwork	Uses interpersonal skills to establish and enhance rapport with and between team members
Initiative and enterprise	Monitors implementation and manages communication Critically analyses data generated in automated processes and systems for validity
Self-management	Maintains knowledge of changes to regulations relevant to own rights and responsibilities and considers implications of these when planning and undertaking work
Technology	Uses industry standard digital technologies and systems to access information, search and enter data, present information and communicate with others

Unit Mapping Information

No equivalent unit. New unit.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSFMK516 Review and confirm human resources and IT systems satisfy requirements of licence

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

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:

Conduct an assessment of the human resources and IT systems of one organisation or business unit for compliance with licence requirements.

In the course of the above, the candidate must:

obtain relevant metrics to assess compliance with requirements of licence

identify adjustments in human resources and IT systems required to comply with requirements of licence.

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:

organisational licence conditions and regulatory requirements including regulator guidance

legislative and regulatory requirements specific to IT policy and practice including:

cyber resilience

systems disaster recovery

security, storage and communication of different types of data and information

privacy legislation

organisational metrics for monitoring performance and IT systems

developments in cyber security and data requirements

business continuity and disaster recovery procedures

key types of potential breaches of regulatory requirements and licence obligations pertaining to IT systems, including

breaches of the privacy legislation

security vulnerabilities

potential cyber risks

network access control breaches

internal procedures for escalation of potential breaches

responsibilities of staff for monitoring compliance of IT systems with regulatory requirements including:

cyber security

communication of data and information.

human resource responsibilities including strategies to monitor staff training needs and staff performance.

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:

legislation, regulations, standards and codes required to determine licence requirements

office equipment, technology, software and consumables required to produce the performance evidence

operating organisational software systems and data required to produce the performance evidence.

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

FNSFMK517 Analyse risk mitigation in the operations process

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

Application

This unit describes the skills and knowledge required to analyse risks in the financial market operations process and determine appropriate mitigation and treatment methods.

It applies to individuals with highly specialised knowledge who use analytical skills and systematic approaches to make judgements and provide organisational advice relating to risk.

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

Unit Sector

Financial markets

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. Determine financial market operation risk profiles	1.1 Identify types and characteristics of financial market risks relevant to the operations process of the organisation 1.2 Analyse operations processes to detect risk 1.3 Assess operations processes of the organisation for exposure to identified financial market risks using existing measures and relevant risk measurement techniques and tools 1.4 Rank identified risks against likelihood and organisational impact
2. Develop risk mitigation strategy	2.1 Consider risk mitigation options and treatments for each risk identified in operations process 2.2 Select appropriate treatment options 2.3 Determine financial and non-financial costs and benefits arising from treatment options 2.4 Review adequacy of existing controls, and establish need for additional or alternative controls
3. Develop risk mitigation recommendations	3.1 Identify and establish personnel and resources necessary to carry out actions 3.2 Develop viable recommendations to management to mitigate organisational risks 3.3 Establish key indicators to monitor the effectiveness of the risk mitigation process

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Reading	Analyses complex information from a range of sources to determine requirements and complete necessary actions
Writing	Prepares formal and informal documents using appropriate terminology and clear language and concepts appropriate for the audience and purpose
Oral communication	Participates in verbal exchanges using active listening and questioning skills to disseminate, present and clarify information
Numeracy	Uses mathematical equations to perform calculations relating to financial data
Teamwork	Selects and uses appropriate conventions and protocols when communicating with personnel
Self-management	Accepts responsibility for planning and sequencing complex tasks and workload Uses formal analytical processes to identify potential problems and lateral thinking processes to generate possible solutions Applies systematic and analytical decision-making processes to select appropriate options in complex and non-routine situations

Unit Mapping Information

Supersedes and is equivalent to FNSFMK507 Analyse risk mitigation in the operations process.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSFMK517 Analyse risk mitigation in the operations process

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

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:

analyse risks and develop mitigation treatment for at least two operations processes.

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 financial markets products and services

key financial markets risks

organisational operations processes and operations processing systems

methods of determining suitability of risk treatment options for particular applications

key features of relevant financial services legislation, industry code or practice requirements

risk analysis techniques and tools

issues relating to the range of possible financial risk treatment options

characteristics of key types of financial markets risk arising in the operations process.

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 organisational data

access to relevant financial services legislation, industry code or practice policy documentation.

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

FNSFMK518 Monitor and process collateral

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

Application

This unit describes the skills and knowledge required to monitor collateral activity, process collateral and manage disputes.

The unit applies to individuals who use highly specialised knowledge, analytical skills and systematic approaches for problem solving and making judgements about financial decisions in complex situations.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Financial markets

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. Assess collateral support documentation	1.1 Assess credit support annexe (CSA) against operational capabilities, and regulatory requirements relating to processing collateral 1.2 Identify required changes to CSA established by organisation with specified counterparty 1.3 Communicate required changes to person/s as set out in organisational procedures and processes
2. Monitor collateral activity	2.1 Monitor collateral systems for outstanding trades with counterparties 2.2 Undertake daily market value of trades using source of pricing specified in CSA 2.3 Comply with internal control process to ensure marking to market of trades is consistent with previous day’s value 2.4 Investigate and resolve or escalate discrepancies in line with organisational processes 2.5 Seek agreement from counterparty to proceed with collateral obligation 2.6 Conduct checks before initiating settlement of collateral in line with organisational controls
3. Manage collateral disputes	3.1 Identify differences in valuations to those provided by counterparty 3.2 Investigate differences by reconciling trade details against records of trades provided by counterparty 3.3 Compare internal calculation of mark to market of trades to those provided by counterparty and agree on use of pricing data 3.4 Investigate difference by checking calculation methodology used by both parties 3.5 Apply default calculation methodology if no resolution reached among counterparties 3.6 Document and escalate unresolved disputes to appropriate personnel as required
4. Identify collateral defaults	4.1 Investigate and escalate non-settlement or fails of agreed collateral to appropriate risk stream in line with service level agreements 4.2 Escalate collateral default to person/s as set out in organisational procedures and standards

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Reading	Interprets and checks accuracy of information from a range of sources to determine and confirm work requirements
Writing	Records key information and prepares written material following organisational procedures and protocols Prepares formal and informal documents using required terminology, clear language and concepts appropriate for the audience and purpose
Numeracy	Uses mathematical equations to perform calculations to determine trends and compare financial information
Self-management	Takes responsibility for provision of secure and applicable information according to legal and organisational requirements and within required timeframes Selects and uses applicable conventions and protocols when communicating with clients
Planning and organising	Accepts responsibility for planning and sequencing complex tasks and workload
Technology	Uses main features and functions of digital tools and systems to complete work tasks, store data and access information

Unit Mapping Information

Supersedes and is equivalent to FNSFMK508 Monitor and process collateral.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSFMK518 Monitor and process collateral

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

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:

manage at least one collateral dispute with a counterparty, including:

investigating differences in valuations by checking the calculation methodology

escalating and documenting unresolved disputes as specified by organisational procedures

assessing collateral documentation to ensure compliance with operational and regulatory requirements

accessing systems to monitor collateral activity, and determine adjustments in financial positions

complying with organisational requirements and industry codes of practice.

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:

relevant financial products

purpose and key features of collateral agreements

market and regulatory factors which impact collateral

systems to monitor collateral activity

legal and organisational requirements for collateral agreements

industry codes of practice and organisational processes for managing collateral disputes and defaults.

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 systems and consumables required to produce the performance evidence

an integrated financial software system and data required to produce the performance evidence.

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

FNSFMK520 Develop and monitor risk management strategies for client

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

Application

This unit covers the skills and knowledge required to analyse client needs, develop applicable risk management strategies and monitor client positions on an ongoing basis.

The unit applies to individuals who have a knowledge of financial markets, are able to interpret and analyse market trends and develop customised solutions for clients.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Financial markets

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. Analyse client needs, objective and tolerance to risk	1.1 Identify client needs, objective and tolerance to risk 1.2 Assess implications of applicable market trends and product data to client situation and needs 1.3 Comply with organisational protocols, regulatory requirements and applicable codes of conduct prior to developing risk management solutions for client 1.4 Provide client with analysis of market trends and product data according to organisational communication policies and procedures
2. Develop risk management strategy for client	2.1 Identify risk management strategies consistent with client needs 2.2 Explain proposed risk management strategies, outlining benefits and risks to client 2.3 Assess client’s understanding of proposed risk management strategy, and refer to further advice if required 2.4 Obtain client acceptance of risk management strategy
3. Maintain client financial positions	3.1 Undertake ongoing monitoring of client positions 3.2 Consult regularly with client about market developments that may impact on strategy 3.3 Adjust risk management strategy if and as required

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Reading	Researches and evaluates complex textual information from a range of sources to determine requirements and complete necessary actions
Writing	Produces logically structured documentation using style and protocols appropriate for audience and purpose Uses appropriate language, terminology and concepts to convey and confirm explicit information and requirements
Oral communication	Participates in verbal exchanges using active listening, questioning skills and clear language to present and clarify complex information Effectively presents detailed information using language, tone and pace appropriate to audience and purpose
Numeracy	Uses comparative analysis techniques and mathematical equations to perform calculations, make comparisons and determine trends Evaluates complex numerical information and financial data
Self-management	Follows organisational policy, procedures and protocols, and regulatory requirements relevant to own role Takes responsibility for ensuring that information and suggestions to client comply with regulators, industry and organisational requirements Follows and stays updated on market trends through a range of sources including research reports and data releases
Technology	Uses main features and functions of digital tools to complete work tasks and access information

Unit Mapping Information

Supersedes and is equivalent to FNSFMK510 Prepare trading strategies for clients.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSFMK520 Develop and monitor risk management strategies for client

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

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:

identify risks to the client and develop at least two different risk management strategies.

In the course of the above, the candidate must:

comply with organisational guidelines and applicable codes of conduct

to develop risk management solutions for client

when communicating with clients

take required steps to assess client’s understanding of the proposed strategy before implementation

analyse impact of market trends

monitor client financial position and adjust where warranted

follow organisational protocol when the query is beyond their authority or knowledge.

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:

financial products that can be traded in a particular asset class

key market trends and drivers within financial markets and their impact on an asset class

technical and fundamental analysis of financial markets

passive and active investment styles used in portfolio management

types of risk management strategies

regulatory and organisational guidelines or codes of conduct when dealing with and providing risk solutions to clients.

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:

common office equipment, technology, software and consumables required to produce the performance evidence

risk related case studies and client scenarios

organisational records, policies and procedures required to produce the performance evidence.

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

FNSFMK521 Analyse financial markets and information

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

Application

This unit describes the skills and knowledge required to interpret and assess market information, analyse the impact of economic and regulatory trends, and summarise and communicate findings.

The unit applies to individuals who source, interpret and synthesise market trends and information in order to evaluate the impact on the organisation and clients.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Financial markets

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 and source market information	1.1 Formulate economic or financial issue for organisation or client to be addressed in the analysis 1.2. Identify market indicators and information required to complete the analysis 1.3 Identify reliable sources of information on changes to governmental economic policies and regulatory framework that may affect financial markets 1.4 Evaluate validity, reliability and relevance of information sources to the analysis
2. Interpret and analyse market information	2.1 Interpret market indicators to determine market and economic trends 2.2 Synthesise market consensus views on the outlook for the market and sector 2.3 Evaluate likely impact if market events differ from market expectations 2.4 Assess impact of regulatory change in Australia and overseas on the outlook for financial markets 2.5 Consider and assess impact of national and international political events on the outlook for financial markets
3. Apply and communicate research findings	3.1 Determine implications of market analysis for economic or financial issue 3.2 Explain implications of market analysis to relevant stakeholders 3.3 Comply with organisational guidelines and codes of conduct when using and communicating data and market information

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Reading	Systematically researches and analyses complex information required for role
Writing	Produces logically structured documentation using formats, style and protocols appropriate for audience and purpose Uses clear language and correct terminology to convey complex information
Oral communication	Determines and confirms requirements, using questioning and active listening Clearly explains detailed information using language, tone and pace appropriate to audience Participates effectively in verbal exchanges to share and present information and concepts appropriate for audience and purpose
Numeracy	Uses mathematical equations and statistical techniques, and performs elementary probability calculations relating to financial and numerical information
Self-management	Takes responsibility for delivering within required timeframes and relevant information according to ethical, legal and organisational requirements Selects and uses required conventions and protocols when liaising or sharing information with clients or personnel Applies systematic and analytical decision-making processes to make recommendations for complex and non-routine situations Apply sound inductive reasoning to ensure consistency of interpretations based on available information
Planning and organising	Accepts responsibility for planning and sequencing complex tasks and workload
Initiative and enterprise	Critically analyses data generated in automated processes and systems for validity
Technology	Uses main features and functions of digital tools to complete work tasks and access information

Unit Mapping Information

Supersedes and is equivalent to FNSFMK501 Analyse financial markets and information.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSFMK521 Analyse financial markets and information

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

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:

analyse market indicators and market outlook to assess the implications for three different economic or financial issues.

In the course of the above, the candidate must:

work within legal and ethical constraints

assess current economic environment and develop predictions for the level of economic or financial activity in the future

synthesise views on market outlooks

explain impact of regulatory change on prices and behaviour of financial markets

identify and interpret market indicators

comply with organisational guidelines and codes of conduct when using and communicating data and market information

evaluate and communicate the impact of an unexpected change in market conditions or a regulatory change on the stakeholder situation.

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:

roles played in financial markets and financial services by participants including governments, domestic and international market regulators, central banks, intermediaries, investors, and borrowers

methods for interpreting key market and international indicators, including inflation, wages and labour force, and gross domestic product

interrelationships between key market sectors including interest rate markets, foreign exchange markets, and equity markets

structure and interrelationships in the economic environment including market drivers, government monetary and fiscal policies, interest rates, exchange rates, and inflation

impact on economic and financial analysis of political and environmental factors including:

national and international political events and resultant changes in economic structure and flows

changes in regulatory environment

rules and guidelines for use and communication of market information specified in regulation, industry conventions, codes of conduct and organisational guidelines.

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 required to produce the performance evidence

financial market related case studies and client scenarios

financial services product information

regulation required to produce the performance evidence.

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

FNSFMK522 Apply financial product knowledge in the context of the deal transaction cycle

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

Application

This unit describes the skills and knowledge required to carry out work tasks in financial markets. It involves analysing financial products used by market participants and applying that knowledge in the workplace.

It applies to individuals who use well-developed skills and a broad knowledge of financial products to work in a range of roles in financial markets. They apply solutions to a range of unpredictable problems and analyse and evaluate information from a variety of sources.

Work functions in the occupational area where this unit is used are determined by the job role of the individual and in some circumstances may be subject to regulatory requirements. Refer to the relevant regulator for specific guidance on requirements.

Unit Sector

Financial markets

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. Analyse financial markets products and their characteristics	1.1 Review the relationship between risk and return for financial products 1.2 Compare different types of financial products traded in exchange-traded and over-the-counter (OTC) markets and the variables impacting their pricing 1.3 Assess the capabilities, benefits and risks of different physical and derivative financial products 1.4 Identify risk management strategies to manage the risks inherent in the financial products 1.5 Discuss how and why various financial market products are used by market participants
2. Analyse the deal transaction cycle	2.1 Identify categories of trading strategies 2.2 Differentiate the trading processes for exchange-traded and OTC markets 2.3 Outline the steps in the trading, clearing and settlement processes for exchange-traded financial products 2.4 Determine the steps for trading, confirming, settling, reconciling and managing collateral for OTC products 2.5 Identify risks and risk management strategies in transaction processes for financial markets products
3. Maintain financial market knowledge	3.1 Assess the impact of technological and regulatory factors on financial products and how they are traded and processed 3.2 Maintain professional competence in market knowledge in accordance with codes of conduct and regulatory and organisational requirements 3.3 Implement processes for maintaining up-to-date knowledge of relevant aspects of financial markets

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Reading	Analyses complex textual information from a range of sources and relates specific aspects of information to requirements
Writing	Records information using clear language and organisational templates
Initiative and enterprise	Critically analyses changes in regulation and organisational procedures
Self-management	Keeps up-to-date on changes to regulations relevant to own role and considers their implications when planning and undertaking work
Technology	Uses industry standard digital technologies and systems to access information, and search and enter data

Unit Mapping Information

No equivalent unit. New unit.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSFMK522 Apply financial product knowledge in the context of the deal transaction cycle

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

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:

assess three different problems in the deal transaction cycle by applying knowledge of financial products and the deal cycle.

In the course of the above, the candidate must:

analyse and evaluate key issues identified

review analysis with appropriate individuals in the organisation.

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:

methods for sourcing and maintaining currency of own knowledge of financial markets products

characteristics, capabilities and liabilities of common types of financial market products traded in OTC and exchange-traded markets, including:

physical and derivative financial products

factors affecting product use by market participants

variables impacting product pricing

risks associated with each type of financial product

steps in the transaction cycle for OTC and exchange-traded financial products

operation of OTC and exchange-traded markets, including:

main participants and their key objectives

relevant industry standards and codes of conduct

relevant regulatory requirements

organisational procedures for:

accessing financial product information

codes of conduct, and regulatory and organisational requirements relating to maintaining and enhancing financial market knowledge.

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:

regulations, standards and codes required to produce the performance evidence

office equipment, technology, software and consumables required to research financial product information

organisational software systems and data required to produce the performance evidence.

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

FNSFMK523 Comply with requirements of licence and regulatory framework

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

Application

This unit describes the skills and knowledge required to assist with ensuring compliance with requirements of an Australian Financial Service Licence (AFSL) and financial markets regulatory framework. This involves monitoring regulatory change, changes to business that may affect compliance with AFSL requirements and assisting in creating a culture of accountability.

It applies to responsible managers for the AFSL of the organisation.

Work functions in the occupational areas where this unit is used may be subject to regulatory requirements. Refer to the relevant regulator for specific guidance on requirements.

Unit Sector

Regulation, licensing and risk – Compliance

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. Monitor licence and regulatory change	1.1 Identify compliance requirements of AFSL and regulatory obligations applying to the organisation’s business activities 1.2 Review licence on an ongoing basis to ensure any changes to organisational strategies or product and service offerings are meeting licence requirements and regulatory obligations 1.3 Evaluate the impact of regulatory changes on the organisation or business unit
2. Monitor and report risks and vulnerabilities	2.1 Identify risks and vulnerabilities that may impact on the organisation’s compliance with AFSL requirements 2.2 Review a range of operational controls to detect possible breaches of licence 2.3 Investigate alerts triggered by controls and address breaches according to organisational policies and procedures 2.4 Analyse trends in data generated by procedural controls to determine the effectiveness of reporting systems 2.5 Report areas identified as needing improvement to parties responsible for those areas 2.6 Confirm that remedial action has been agreed upon and completed
3. Communicate regulatory change to the organisation or business unit	3.1 Ensure new regulatory requirements and codes of practice are integrated into organisational compliance processes and internal policy documents 3.2 Contextualise and communicate implications of regulatory change for business processes and procedures to staff 3.3 Incorporate compliance issues and procedures into practice guidelines and document appropriately 3.4 Report to the board on compliance with regulatory framework for the organisation or business unit
4. Assist in creating a culture of accountability	4.1 Communicate and confirm accountabilities and responsibilities to team members consistent with their capabilities and the operational plans of the organisation 4.2 Support staff in developing their compliance awareness and competence

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Oral communication	Participates in exchanges to elicit and verify information using careful listening and questioning techniques with consideration of context, purpose and audience Uses active listening and questioning techniques to elicit the views and opinions of others and to confirm understanding
Reading	Analyses complex textual information from a range of sources and relates specific aspects of information to requirements
Writing	Accurately records and reports information using clear language and organisational templates and formats
Teamwork	Develops interpersonal skills to establish and enhance rapport with and between team members
Initiative and enterprise	Monitors implementation and manages communication Critically analyses changes in regulation and organisational procedures
Self-management	Keeps up to date on changes to regulations relevant to own rights and responsibilities and considers implications of these when planning and undertaking work Accepts responsibility for planning and sequencing complex tasks and workload
Technology	Uses industry standard digital technologies and systems to access information, search and enter data, present information and communicate with others

Unit Mapping Information

No equivalent unit. New unit.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSFMK523 Comply with requirements of licence and regulatory framework

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

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:

conduct a review of one organisation or business unit to determine requirements of compliance with AFSL and regulatory framework.

In the course of the above, the candidate must:

assess viability of current controls and their compliance with requirements of licence and regulatory frameworks

communicate and confirm operational controls reliance with appropriate personnel

communicate strategic issues to different groups of stakeholders

build compliance capabilities of teams.

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 principles of AFSL and relevant legislation

types of compliance breaches and breach reporting standards

types of mitigation controls for monitoring risk

techniques and performance indicators for monitoring the operation of compliance

organisational operational controls including breach of licence controls

key resources required by staff in meeting compliance objectives, including training programs, technology and support staff.

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:

regulations, standards and codes required to determine compliance framework

office equipment, technology, software and consumables required to produce the performance evidence

operating organisational software systems and data required to produce the performance evidence.

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

FNSFMK524 Conduct work within financial markets organisational risk management framework

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

Application

This unit describes the skills and knowledge required to examine the likelihood of risks in financial markets and their consequences and assess the organisation’s exposure to those risks.

It applies to individuals who use specialised knowledge within a financial markets’ context, and who use systematic approaches to problem solving and make recommendations within organisational processes and procedures.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Risk 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. Research financial markets organisational risk management framework	1.1 Research the main risks for financial markets 1.2 Analyse the impact of regulatory and technological changes on the financial markets risk landscape 1.3 Research risk mitigation strategies and controls used for managing key financial markets risks 1.4 Identify the key risks outlined in the risk management framework of the organisation
2. Identify and assess individual risk management responsibilities	2.1 Identify individual role in relation to the three lines of defence 2.2 Identify key risks for the organisation relevant to own job role 2.3 Analyse the link between own Key Performance Indicators (KPIs) and the risk framework of the organisation
3. Review individual work practices	3.1 Critically analyse work tasks and processes to identify potential risks 3.2 Analyse controls used to detect and prevent risks associated with own job role
4. Respond to risk events	4.1 Assess anomalies in data or processes 4.2 Escalate anomalies in data or processes according to organisational policies and procedures 4.3 Record relevant information in relation to risk event, including any required actions
5. Identify and monitor ongoing requirements of risk management	5.1 Monitor organisational risks within responsibility of own job role 5.2 Identify and research ongoing issues relating to financial markets organisational risk management frameworks 5.3 Monitor and respond to changes to risk management framework requirements and organisational procedures

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Reading	Critically analyses complex documentation from a variety of sources and consolidates information relating to specific criteria to determine requirements
Writing	Uses a range of formats and structures to report and present information logically
Oral Communication	Participates in verbal exchanges using active listening and questioning techniques to convey information and elicit the views and opinions of internal and external personnel Clearly explains detailed information using concepts, language, tone and pace appropriate to the audience
Problem Solving	Identifies and resolves key business issues, processes and practices that may have legal or organisational implications Uses formal analytical thinking techniques to identify or predict issues and generate possible solutions
Self-management	Accepts responsibility for planning and sequencing complex tasks and workload, negotiating key aspects with others and taking into account capabilities, efficiencies and effectiveness Investigates new and innovative ideas as a means to continuously improve work practices and processes through consultation, and formal analytical thinking
Technology	Uses digital systems and technologies to enter, store or access information

Unit Mapping Information

No equivalent unit. New unit.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSFMK524 Conduct work within financial markets organisational risk management framework

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

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:

identify at least two risks relevant to own job role.

In the course of the above, the candidate must:

liaise and communicate with required persons for escalations

evaluate consequence of unmitigated risks for the organisation

analyse own work environment to identify anomalies that may indicate risk

critically assess data and processes in own work environment to identify risk.

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 risk management principles and practices, including:

risk tolerance, appetite, exposure, detection, and prevention

risk mitigation strategies and controls used for managing key financial markets risks

key steps of the risk management process

the three lines of defence

risk evaluation criteria

risk maps

prioritisation methods

residual risk

risk culture

organisational policies, procedures and operational guidelines relating to risk evaluation criteria and risk assessment

the effects of regulatory and technological change on the financial markets risk landscape

methods for identifying data and process anomalies

organisational policies and procedures for escalation of anomalies and risk events.

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

relevant organisational policies and procedures, legislation, regulations and codes of practice.

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

FNSFMK525 Analyse clients' financial risk

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to determine a client’s financial risk profile, assess risk management options, produce detailed reports, and provide findings to authorised representatives and other stakeholders.

The unit applies to those with specialised knowledge who use analytical skills and systematic approaches to advise and make recommendations in their area of responsibility. Information relating to clients’ financial risk may come from authorised representatives, including financial advisers, or from shareholders, financial organisations, stockbrokers, trustees, agents and intermediaries.

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

Financial markets

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. Determine client’s financial situation and risk profile	1.1 Confirm client’s financial needs, expectations and objectives according to organisational requirements 1.2 Obtain valid and relevant information to determine complexity of client needs and client’s current asset and liability management framework 1.3 Assess risk based on understanding of client’s personal situation, and operating environment or core business 1.4 Establish client’s risk tolerance level and discuss with client to confirm risk profile
2. Assess product risk relative to client’s risk profile	2.1 Develop assessment criteria for measuring level of potential and existing risk and for assessing associated consequences according to organisational policies and procedures 2.2 Identify range of products that meet client objectives 2.3 Access information on risks associated with these products and investment risk profile using appropriate analytical techniques 2.4 Assess and compare risk of financial products based on understanding of client’s personal situation, operating environment and core business
3. Assess risk management options	3.1 Evaluate alternative products according to risk assessment and client requirements and estimate short-term and long-term effects 3.2 Identify, analyse and discuss incidents and factors affecting financial performance with authorised representative 3.3 Determine strategy recommendations based on product evaluation and confirm viability with authorised representative 3.4 Confirm with authorised representative client’s understanding of risks relating to potential strategy recommendations
4. Report findings	4.1 Document risk management alternatives according to legislative and organisational requirements 4.2 Prepare retail client disclosure documents that outline client responsibilities 4.3 Update, modify and maintain client information according to legislative and organisational requirements 4.4 Prepare and file risk analysis documentation according to legislative and organisational requirements

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Uses mathematical equations to perform calculations and comparative analysis techniques to determine trends and compare financial information
Oral communication	Participates in verbal exchanges using active listening and questioning techniques to confirm understanding
Reading	Analyses and evaluates complex information from a range of sources to determine requirements and complete necessary actions
Writing	Records and maintains written information using formats and protocols Prepares formal and informal documents using terminology, language and concepts relevant for the audience and purpose
Planning and organising	Applies systematic and analytical decision-making processes to make recommendations in complex and non-routine situations
Self-management	Takes responsibility for the provision of timely, accurate, secure and relevant information according to legal and organisational requirements Accepts responsibility for planning and sequencing complex tasks and workload
Teamwork	Selects and uses relevant conventions and protocols when liaising or sharing information with authorised representatives
Technology	Uses the main features and functions of digital tools to complete work tasks, store data and access information

Unit Mapping Information

Supersedes and is equivalent to FNSFMK503 Advise clients on financial risk.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSFMK525 Analyse clients' financial risk

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

analyse the financial risk profile of at least two different clients.

In the course of the above, the candidate must:

interpret and comply with legislative requirements

assess the impact of financial risks to each client and recommend strategies to control risk

review and prepare risk assessment findings.

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:

ethics and regulatory requirements relating to analysing clients’ financial risk, including:

key features of relevant legal principles

disclosure and compliance requirements

organisational policies and procedures for establishing client risk profiles and required reporting

key principles for managing investment and risk

financial information sources and products

client information required for risk profile assessment

key risk characteristics

risk assessment criteria and techniques to assess client risk profile and financial product risk

incidents and factors in economic environment that impact financial performance, including:

characteristics and impacts of economic and business cycles

government monetary and fiscal policies

interest rates, exchange rates and inflation

product and strategy sensitivity to conditions, including to:

economic cycle

supply and demand

economic data

exchange rates

interest rates

government and regulatory policy

correlation risk with other markets or asset classes

key theories of investment and risk management.

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:

organisational equipment, technology and software

financial services product information.

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

FNSFMK611 Price financial transactions

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

Application

This unit describes the skills and knowledge required to price financial transactions by assessing the risk of the transaction and the price-maker’s trading portfolio, given market conditions and trading risk parameters.

The unit applies to individuals who use analytical skills and systemic approaches to evaluate market conditions, data and risk in order to price financial transactions.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Financial markets

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. Establish transaction details	1.1 Identify type of transaction to be priced for client 1.2 Clarify details of the trade
2. Assess risks and price transaction	2.1 Confirm transaction is within designated product dealing authority and individual market risk limit structure as a market maker 2.2 Identify source of financial data and underlying inputs required for pricing the proposed transaction 2.3 Assess risks of proposed transaction given market conditions and individual market view 2.4 Assess impact of proposed transaction on risk profile of trading portfolio to determine appropriate price 2.5 Calculate price of the underlying transaction
3. Confirm price and execute transaction	3.1 Communicate price to price taker with appropriate level of transparency and comply with organisational processes regarding customer orders 3.2 Adjust price of transaction if underlying inputs move 3.3 Confirm client acceptance or rejection of transaction price, according to organisational requirements 3.4 Execute transaction within required timeframes and confirm that updated market risk profile of portfolio correctly reflects transaction

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Reading	Researches and analyses complex financial information from a range of sources Consolidates information and identifies gaps relevant to requirements
Writing	Records information and data using required format, terminology and conventions specific to requirements Develops material for a specific audience using clear and detailed language
Oral communication	Participates in verbal exchanges using active listening and questioning techniques to share, convey and clarify information Uses language, terminology and concepts appropriate to audience and purpose Uses various techniques to identify different perspectives, build rapport and confirm, clarify or revise understanding
Numeracy	Interprets and analyses information to perform calculations and develop transaction prices
Self-management	Keeps up to date on changes to regulation relevant to own rights and responsibilities and considers implications of these when planning and undertaking work Accepts responsibility for planning and sequencing complex tasks and workload Takes responsibility for high impact decisions in complex situations involving many variables and constraints
Initiative and enterprise	Critically analyses data generated in automated processes and systems for validity
Technology	Uses digital tools to access and organise complex data and analyse multiple sources of information for strategic purposes

Unit Mapping Information

Supersedes and is equivalent to FNSFMK601 Price financial transactions.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSFMK611 Price financial transactions

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

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:

calculate price from relevant sources for at least two financial transactions.

In the course of the above work, the candidate must:

confirm details of transaction, including dates, volume, side of spread, client order for the purpose of pricing

evaluate risks of proposed transaction against existing exposures and market conditions

calculate price of transaction.

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:

organisational and regulatory factors which may impact pricing and products

transaction pricing principles and input variables, and impact of changes

financial products in a select asset class

market drivers and their impact on asset classes and transaction price, including market conditions and related market view

market conventions for pricing financial products and transactions

client order types – indicative, live, working an order and stop loss

organisational guidelines for managing client orders

methodologies to access and analyse complex data from multiple sources.

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 required to price financial transactions

financial markets operating software systems and data required to produce the performance evidence.

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

FNSFMK612 Manage trading exposures

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

Application

This unit covers the skills and knowledge required to manage financial risk, arising as a result of client transactions. It involves assessing existing exposures and risk appetite and then developing strategies to minimise, prevent and mitigate financial risk.

The unit applies to individuals who use analytical skills and systematic approaches to assess, review and manage trading exposures.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Financial markets

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. Assess risk and determine need for hedging	1.1 Review existing trading portfolio and risk appetite to determine if hedging is required 1.2 Assess risks of various underlying hedge transactions including outright risk and basis risk
2. Develop and execute hedging strategies to mitigate risk	2.1 Formulate appropriate hedging strategy to mitigate risk, in line with market conditions and organisational hedging policies 2.2 Confirm hedge is within own authority to transact and within own existing market risk limit structure as a market maker 2.3 Determine most appropriate venue for executing hedge transaction 2.4 Execute hedging strategy in accordance with organisational, industry standards and regulatory requirements. 2.5 Identify and report trading breaches in compliance to organisational processes
3. Review adjusted risk position and develop strategies to minimise risks	3.1 Assess post-transaction portfolio for inclusion of both original transaction and any subsequent hedges 3.2 Assess if position is within organisational risk tolerance and adjusted for changing market conditions

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Reading	Interprets and analyses information from a range of texts including customer communication, organisational documentation and regulation
Writing	Prepares documentation and correspondence according to organisational formats using clear language, grammar, spelling and terminology
Numeracy	Interprets and analyses mathematical information to manage risk
Self-management	Identify roles and responsibilities of own role and makes basic decisions on work completion parameters Follows organisational policy, procedures and protocols, and regulatory requirements relevant to own role Plans and implements routine tasks and workload, making limited decisions on sequencing and timing
Technology	Uses main features and functions of digital tools to complete work tasks and access information

Unit Mapping Information

Supersedes and is equivalent to FNSFMK602 Manage financial risk.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSFMK612 Manage trading exposures

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

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:

assess risk and develop two hedging strategies to manage trading exposures.

In the course of the above, the candidate must:

develop hedging strategies to mitigate risk in line with organisational risk tolerance

assess risks of underlying hedge transactions and existing portfolio structure

evaluate and adjust financial positions

comply with organisational practices for identifying and reporting potential trading limit breaches.

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:

regulatory and organisational requirements for managing trading exposures

financial market products that are traded in a particular asset class

market risk, basis risk, value at risk (VaR)

trading limit types

organisational policies and procedures for managing potential trading limit breaches and risks

risk measurement techniques such as VaR and basis point (BPS)

market conditions and liquidity when managing financial risk

venues for executing financial transactions

methodologies for data interpretation and analysis.

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:

common office equipment, technology, software and consumables required to manage trading exposure

organisational records, policies and procedures required for the performance evidence.

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

FNSFMK619 Develop and implement policies and procedures to support organisational values and culture

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

Application

This unit describes the skills and knowledge required to develop and implement policies and procedures that embed and promote values and culture in an organisation.

It involves assessing the current state of the organisation’s values and culture, modelling organisational values, embedding ethical practice into the organisation's culture and processes and promoting ethical leadership and decision making at all levels of the organisation.

It applies to responsible managers in financial services organisations, who are responsible for leading and influencing work practices and conduct in the organisation. They use cognitive and creative skills to review, critically analyse, consolidate and synthesise knowledge, in order to generate ideas and provide solutions to complex problems. They use communication skills to demonstrate their understanding of theoretical concepts and to transfer knowledge and ideas to others.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Ethics and conduct

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. Assess current state of organisational values and culture	1.1 Source and interpret information related to organisation’s values and culture 1.2 Analyse the implications of the licence obligation to provide financial services ‘efficiently, honestly and fairly’ for the organisation’s operations. 1.3 Identify threats to organisational purpose, vision and mission and develop strategies to act on them. 1.4 Identify policies and procedures that do not align to organisational values and culture
2. Embed compliance into organisation’s culture and processes	2.1 Interpret organisational values in terms of the company’s vision statement and mission 2.2 Articulate an organisational purpose that is meaningful for staff of organisation or business unit 2.3 Ensure common understanding by discussing organisational purpose and values with staff
3. Influence the development of policies and procedures that support organisational values and culture	3.1 Influence the development of policies and procedures to align with organisational purpose, vision, mission and organisational values and in accordance with organisational procedures 3.2 Influence the development of policies and procedures that allow individuals to safely report potential breaches of organisational values and procedures 3.3 Review and revise policy and procedures in consultation with key stakeholders
4. Implement and promote the developed policies and procedures	4.1 Identify and assess accountability structures in the organisation to determine alignment with organisational purpose and values 4.2 Establish strategies to monitor and evaluate performance for alignment with organisational values 4.3 Communicate policies, procedures, conduct expectations, requirements and guidance to staff according to strategy
5. Promote a shared understanding of organisational values and culture	5.1 Assess conduct risks in business unit or organisation and develop conduct guidance for staff 5.2. Establish metrics to identify weaknesses and threats to organisational values and culture 5.3 Identify weaknesses and threats to organisational culture by monitoring established metrics 5.4 Develop remedial strategies and training to address conduct risks, identified weaknesses and threats

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Oral communication	Demonstrates flexibility in spoken interactions and uses a range of analytical and inclusive techniques to clearly convey information Uses listening and questioning techniques to elicit the views and opinions of others and to confirm understanding
Reading	Extracts, analyses and consolidates information and data from a range of sources including structurally complex texts
Writing	Uses a range of text types to identify applicable information, gather responses and establish priorities
Teamwork	Selects and uses appropriate conventions and protocols to communicate with internal and external stakeholders to gain and provide information Plays a lead role in situations requiring collaboration, demonstrating high level negotiation skills and ability to gather information through consultation
Planning and organising	Plans and implements processes to monitor achievement of organisational goals
Problem solving	Applies systematic and analytical decision-making processes to make recommendations in complex and non-routine situations
Self-management	Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effective outcomes Seeks to update own knowledge of legislation and regulations applicable to role to ensure it is comprehensive and current
Technology	Uses digital technologies to access, extract and share information to achieve outcomes

Unit Mapping Information

No equivalent unit. New unit.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSFMK619 Develop and implement policies and procedures to support organisational values and culture

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

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:

develop and implement policies and procedures that support organisational values and culture for at least one vulnerable area in an organisation or business unit’s current practices.

In the course of the above, the candidate must:

assess conduct risks in business unit or organisation

establish process for reporting suspected breaches of organisational values and culture.

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 requirements of licence obligations

key features of policies and procedures, including:

expectations of conduct within organisation and with external stakeholders

strategies for implementing policies and procedures to reinforce organisational values and culture

strategies for application to complex ethical problems

reporting methods for suspected breaches and unethical conduct

information sources of organisational values and culture, including:

organisation’s vision and mission statements

financial services industry code of conduct

organisational code of conduct and protocols

communication methods for promoting policies and procedures relating to organisational values and culture

leadership styles and their application in supporting the organisation’s mission, objectives and values.

industry standard tools and techniques used for establishing metrics for implementation of policies and procedures and recording and storing data

strategies and protocols that can be used to identify and address actions that are not aligned with organisational values.

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:

common office equipment, technology, software and consumables

organisational information systems and data, including legislation, regulations, and tools required to produce the performance evidence.

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

FNSFPL402 Prepare financial plans to set strategies and guidelines

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 determine and prepare a financial plan according to organisational guidelines, where a client’s preferred strategies and key parameters have already been established by a qualified financial planner. It encompasses confirming financial plan objectives and scope, testing strategic assumptions, reviewing and settling a draft strategy and options according to organisational guidelines, and developing preliminary financial plans.

It applies to individuals who work within a team and use specialised knowledge and systematic approaches to recommend customised solutions for a diverse range of clients.

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

Financial planning

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. Confirm plan objectives and scope	1.1 Check plan strategy and key parameters with qualified financial planner and client 1.2 Establish research topics and review and compare research results to client requirements and expectations, as set out in strategy and key parameters 1.3 Analyse current client situation to determine opportunities and constraints within strategy boundaries 1.4 Develop plan objectives for asset growth, income, risk, taxation and any other objectives set out in plan strategy
2. Test strategic assumptions	2.1 Test client related key assumptions against draft strategy 2.2 Test and review economic key assumptions in strategy as required 2.3 Test legislative and regulatory assumptions, including taxation assumptions, against strategy 2.4 Obtain clarification from strategy author on any identified discrepancies
3. Develop financial plan to set strategy	3.1 Analyse and model strategic options set by financial planner 3.2 Identify and discuss inconsistencies in strategic options with strategy author 3.3 Develop financial plan according to established organisational guidelines
4. Review and settle draft strategy and options	4.1 Select strategic options for review and mode of presentation according to organisational guidelines 4.2 Review each strategic option with strategy author, including positives, negatives and risks for each option 4.3 Establish broad agreement on strategies with strategy author
5. Develop preliminary financial plan	5.1 Select specific products and options that meet given strategy and key parameters 5.2 Incorporate cash flow and liquidity, and set capital preservation and/or estate planning requirements consistent with given strategy and key parameters 5.3 Develop recommendations for financial asset allocation structure according to organisational guidelines 5.4 Develop recommendations for changes to income and taxation arrangements, including referral advice to accountants and/or lawyers as appropriate 5.5 Develop recommendations on risk management strategies and products, and incorporate according to organisational guidelines 5.6 Check all recommendations to ensure consistency with given strategy and key parameters, and that they meet specific objectives with high dependability of outcome 5.7 Incorporate description of anticipated fees and charges, and information on internal and external complaints resolution procedures into the plan, where appropriate 5.8 Document preliminary financial plan according to organisational guidelines and procedures

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	1.1-1.3, 4.2, 5.6	Interprets and analyses information from a range of sources and records and consolidates information relevant to requirements
Writing	1.1, 1.4, 2.4, 3.2, 3.3, 4.1-4.3, 5.2-5.8	Prepares reports using format, terminology and conventions specific to requirements, audience and purpose Writes, edits and proofreads documents to ensure clarity of meaning, accuracy and consistency of information
Oral Communication	1.1, 2.4, 3.2, 4.2, 4.3	Participates in verbal exchanges using active listening and questioning techniques to share, convey and clarify information Uses language, terminology and concepts appropriate to the audience and purpose
Numeracy	1.1-1.3, 2.2, 2.3, 3.1-3.3, 4.2, 5.2-5.7	Uses mathematical equations to perform calculations and comparative analysis techniques to compare financial information
Navigate the world of work	2.3, 3.3, 4.1, 5.3, 5.5, 5.8	Takes personal responsibility for ensuring that documentation and processes comply with policies, procedures and legislative requirements
Interact with others	1.1, 2.4, 3.2, 4.2, 4.3	Selects and uses appropriate conventions and protocols to communicate with clients, colleagues and other stakeholders Maintains knowledge of compliance legislation necessary to perform own role
Get the work done	1.1-1.4, 2.1, 2.2, 2.4, 3.1, 3.2, 4.1-4.3, 5.1-5.8	Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effectiveness Systematically gathers and analyses all relevant information and evaluates options to decide on appropriate financial plan components Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSFPL402 Prepare financial plans to set strategies and guidelines	FNSFPL402A Prepare financial plans to set strategies and guidelines	Updated to meet Standards for Training Packages	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 for FNSFPL402 Prepare financial plans to set strategies and guidelines

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 a preliminary financial plan for clients that:

complies with relevant legislative requirements, industry codes of practice and organisational procedures

confirms financial plan objectives and scope, and tests strategic assumptions

assesses the impact of taxation, social security, economic and other government policy on client investment and financial requirements

provides recommendations on risks and financial outlays

work with other associated financial advisers

accurately document a preliminary financial plan according to organisational procedures.

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 features of:

generic products available in the financial services industry

investment and savings vehicles, financial markets, asset classes and investment characteristics

analyse investment risk factors and relationship to return expectations

describe the key features of relevant industry codes of practice

explain the requirements related to the disclosure of capacity

explain the general impact of relevant economic, taxation and social security policy on a client's financial planning needs

describe the general impact of relevant estate planning considerations on a client's financial planning needs

outline the role of the financial planning adviser and the financial planning practice

describe the key terms of relevant legislation and regulations affecting the financial planning industry.

Assessment Conditions

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

office equipment, technology, software and consumables.

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

FNSFPL403 Implement financial plans to predetermined guidelines

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 implement financial plans where the implementation actions are routine or predetermined.

It applies to individuals who work in a team and use organisational skills and specialised knowledge to establish administrative support and maintain quality standards.

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

Financial planning

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. Establish administrative actions needed to implement financial plan	1.1 Check financial plan to verify that implementation actions are within planner’s skills, knowledge and authority 1.2 Establish implementation actions which are consistent with client needs and specifications, and prioritise timings for each action to maximise advantage to client 1.3 Establish implementation diaries and other appropriate records
2. Undertake required actions for implementation of financial plan	2.1 Issue implementation instructions to internal and external personnel as per plan requirements 2.2 Check and follow up actions on lodgement of documentation to ensure plan timings are met 2.3 Obtain and process fees and charges according to organisational and legislative requirements and codes of practice 2.4 Complete and document implementation actions
3. Establish administrative actions needed to review financial plan	3.1 Establish standard operating procedures for reviewing ongoing performance of plan 3.2 Ensure quality of ongoing service meets organisational and regulatory requirements, with any special arrangements agreed to with client 3.3 Issue review instructions to internal and external personnel as per plan requirements 3.4 Establish system to monitor lodged documentation to ensure plan timings are met 3.5 Establish process for ensuring fees and charges are recovered according to organisational and legislative requirements 3.6 Establish audit trails to ensure financial plans are in line with client requirements and managed in accordance with organisational procedures

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, 2.2, 2.3, 3.4, 3.5	Interprets and analyses information and products from a variety of sources to ensure appropriateness to client needs, currency and accuracy
Writing	1.2, 1.3, 2.1, 2.2, 2.4, 3.1-3.6	Completes documentation accurately following organisational procedures and protocols Uses clear language, correct spelling and grammar and appropriate terminology to convey information to a range of personnel and clients
Oral Communication	2.1, 2.2, 3.2, 3.3	Participates in verbal exchanges using active listening and questioning techniques to share, convey and clarify information Uses language and concepts appropriate to the situation and for internal and external stakeholders
Numeracy	1.1, 2.3	Uses mathematical equations to perform calculations and to check the accuracy of financial information
Navigate the world of work	1.1, 2.3, 2.4, 3.2, 3.5, 3.6	Takes personal responsibility for ensuring that documentation and processes comply with legislation, codes of practice and organisational requirements Maintains knowledge of compliance legislation and requirements, and verifies extent of own authority
Interact with others	1.2, 2.1, 3.2, 3.3	Selects and uses appropriate conventions and protocols to communicate with clients, colleagues and external stakeholders Recognises the importance of building rapport to establish effective working relationships Collaborates and cooperates with others to achieve joint outcomes
Get the work done	1.2, 1.3, 2.2-2.4, 3.1-3.6	Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effectiveness Uses the main features and functions of digital tools to complete work tasks

Unit Mapping

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSFPL403 Implement financial plans to predetermined guidelines	FNSFPL403A Implement financial plans to predetermined guidelines	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 for FNSFPL403 Implement financial plans to predetermined guidelines

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:

effectively administer, implement and review financial plans, including:

effectively compiling records and data

processing fees and charges for preparation and monitoring of financial plans

monitoring to ensure adherence to client needs and expectations

establishing appropriate audit trails.

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:

identify sources of information on financial products and markets

describe the key features of:

financial products, financial markets and investment characteristics

government financial and superannuation policy

relevant legislation and regulations for financial planning activities

corporations and consumer legislation

industry codes of practice

compare and contrast financial forecasting techniques

describe methods of presenting financial data

identify state and territory charges and taxes

describe the skills, knowledge and levels of authority necessary to administer and implement financial plans developed to predetermined guidelines

describe the concept of duty of care relating to personnel nominated to implement financial plans

discuss the possible impacts of the following on client investment and financial requirements:

roles of associated financial advisers

taxation

social security

economic and other government policy.

Assessment Conditions

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

office equipment, technology, software and consumables.

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

FNSFPL503 Develop and prepare financial plan

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 develop and prepare a financial plan that meets the client’s needs. It encompasses establishing plan objectives and scope, and developing strategic assumptions, strategies and a preliminary financial plan compliant with regulatory and organisational requirements.

It applies to individuals who, within their level of authority, manage relationships, apply systematic approaches and use specialised knowledge to recommend customised solutions for a diverse range of clients.

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

Financial planning

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. Establish plan objectives and scope	1.1 Review research results and compare to client requirements and expectations 1.2 Analyse current client situation to determine opportunities and constraints 1.3 Identify and assess desired financial resource and market parameters 1.4 Develop plan objectives for asset growth, income, risk, taxation and any other objectives developed in consultation with client
2. Develop strategic assumptions	2.1 Develop and test client related and economic key assumptions 2.2 Identify and test legislative and regulatory requirements, including taxation assumptions 2.3 Seek clarification from client or other professionals as required and document strategic assumptions for client review
3. Develop financial plan strategy	3.1 Develop initial options based on strategic assumptions and client specifications 3.2 Analyse and model strategic options and reject any inappropriate options 3.3 Develop supporting arguments for each final strategic option and include in draft overall strategy 3.4 Conduct any necessary client checks or consultations to verify plan strategy
4. Develop preliminary financial plan	4.1 Select specific products and options to meet agreed strategy with cash flow, liquidity and capital preservation or estate planning requirements incorporated as required 4.2 Develop recommendations for financial asset allocation structure, including where provision is required for equities, trusts, partnerships, allocated pensions and superannuation, and planned capital expenditure 4.3 Develop recommendations for changes to income and taxation arrangements, including referral advice to accountants or lawyers as appropriate 4.4 Develop recommendations on risk management strategies and products, and incorporate in plan 4.5 Incorporate anticipated fees and charges into preliminary plan 4.6 Incorporate information on internal and external complaints and dispute resolution procedures available to client 4.7 Document preliminary financial plan according to organisational guidelines and procedures
5. Ensure compliance of financial plan with regulatory and organisational requirements	5.1 Check preliminary financial plan to ensure that role of representative or adviser is properly documented and complies with relevant Acts, regulations and regulatory guidelines 5.2 Assess preliminary financial plan for its ability to successfully achieve objectives 5.3 Check preliminary financial plan to ensure that it complies with ethical and regulatory requirements
6. Produce completed plan	6.1 Produce financial plan in accordance with organisational quality control requirements 6.2 Attach relevant supporting documentation relating to products, regulatory considerations and organisational processes, including internal and external complaints procedures

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, 1.3, 2.2, 3.2, 5.1-5.3	Analyses and reviews complex information from a range of sources to identify key details, make judgements and determine requirements
Writing	1.4, 2.1, 2.3, 3.3, 3.4, 4.2-4.7, 6.1	Develops material to a specific audience using clear and detailed language and financial data to convey explicit information, requirements and recommendations Uses appropriate formats and structures to report and present information logically
Oral Communication	2.3, 3.4	Participates in verbal exchanges using active listening and questioning skills and uses collaborative techniques to convey and clarify information appropriate to the audience and purpose
Numeracy	1.1-1.4, 2.1, 4.2, 4.5	Performs calculations and analyses and tests financial information to achieve required outcomes
Navigate the world of work	2.2, 4.6, 4.7, 5.1, 5.3, 6.1	Takes full responsibility for ensuring that documentation and processes comply with organisational policy and procedures, and regulatory and ethical requirements Maintains knowledge of compliance legislation necessary to perform role
Interact with others	2.3, 3.4	Selects and uses appropriate conventions and protocols when communicating with internal and external stakeholders to seek or share information
Get the work done	1.1-1.4, 2.1-2.3, 3.1-3.4, 4.1-4.7, 5.2, 6.1	Plans, organises, implements and monitors work processes and tasks to meet legislative and organisational requirements and ethical standards, changing processes where necessary Systematically gathers, analyses and evaluates research findings to decide on appropriate products or advice Uses the main features and functions of digital tools to complete work tasks and to access information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSFPL503 Develop and prepare financial plan	FNSFPL503A Develop and prepare financial plan	Updated to meet Standards for Training Packages Minor rewording and reorganisation 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 for FNSFPL503 Develop and prepare financial plan

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:

analyse options and make justified recommendations to clients using use in-depth knowledge of the financial planning industry, industry regulations, codes of practice, financial products, financial markets and investment characteristics

develop a detailed financial plan that :

maximises the client’s outcomes and reaches client objectives

establishes plan objectives and scope, and develops strategic assumptions

complies with regulatory and organisational procedures

assesses impacts of taxation, social security, economic and other government policy on client investment and financial requirements.

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 features of generic products available in the financial services industry

discuss the impact of taxation, social security, economic and other government policy on client investment and financial requirements

describe the key features of investment and savings vehicles, financial markets, asset classes and investment characteristics

identify investment risk factors and describe relationship to return expectations

discuss the principles of effective negotiation

describe the internal and external complaints and dispute resolution procedures available to clients

describe the key features of relevant industry codes of practice

outline the key ethical considerations in developing and preparing financial plans

outline the general impact of relevant:

economic, taxation and social security policy on the client’s financial planning needs

state and territory planning considerations on the client’s financial planning needs

explain the role of the financial planning adviser and financial planning practice, including compliance requirements and the disclosure of capacity

describe the key features of legislation and regulations affecting the financial services industry.

Assessment Conditions

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

office equipment, technology, software and consumables.

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

FNSFPL504 Implement financial plan

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 prepare and provide financial planning advice, which may include products, services and strategies. It encompasses establishing the actions, timings and priorities needed to implement and monitor or supervise the implementation of financial plan actions.

It applies to individuals who work within a team environment using specialised knowledge, systematic processes and managerial techniques to complete required work.

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

Financial planning

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. Establish actions, timings and priorities needed to implement financial plan	1.1 Establish implementation actions which are consistent with client needs and specifications 1.2 Establish individual implementation actions, including timing and priorities designed to maximise advantage to client 1.3 Clearly identify implementation actions and obtain written agreement to actions from client 1.4 Establish implementation diaries and enter appropriate records
2. Establish procedures for implementation of financial plan	2.1 Identify and brief personnel to implement each action in plan 2.2 Identify and follow up internal and external documentation requirements and establish audit trails 2.3 Establish monitoring procedures for critical timings and priorities
3. Undertake and/or supervise implementation of financial plan actions	3.1 Check that authorised representative ensures clients have information on actions they must undertake and provides assistance where needed 3.2 Check that authorised representative ensures instructions are issued to internal and external personnel as per plan requirements 3.3 Check and follow up lodgement of documentation to ensure plan timings are met 3.4 Check that authorised representative ensures fees and charges are obtained and processed according to organisational and legislative requirements 3.5 Debrief client and address any concerns promptly and effectively

Foundation Skills

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

Skill	Performance Criteria	Description
Reading	2.2, 3.3	Interprets and analyses information and products from a variety of sources to ensure appropriateness to client needs, currency and accuracy
Writing	1.3, 1.4, 2.1, 2.2, 3.1, 3.2, 3.5	Completes documentation accurately following organisational procedures and protocols Uses clear language, correct spelling and grammar and appropriate terminology to convey information to a range of personnel
Oral Communication	2.1, 3.1, 3.2, 3.5	Participates in verbal exchanges using active listening and questioning skills and uses collaborative techniques to share, convey and clarify information Uses language and concepts appropriate to team members and clients, and relevant to the situation
Numeracy	1.2, 2.3, 3.3, 3.4	Uses mathematical equations to perform calculations and check accuracy of financial data Analyses, records and stores complex financial data and information Develops timelines to plan and monitor progress
Navigate the world of work	3.4	Takes full responsibility for ensuring that documentation and processes comply with organisational policy and procedures, and regulatory and ethical requirements Maintains knowledge of compliance legislation necessary to perform role
Interact with others	1.3, 2.1, 2.2, 3.1-3.5	Selects and uses appropriate conventions and protocols when communicating with internal and external stakeholders to provide or seek information Recognises the importance of building rapport to establish effective working relationships with diverse clients Collaborates and cooperates with others to achieve joint outcomes
Get the work done	1.1-1.4, 2.1- 2.3, 3.1-3.5	Plans, sequences and implements processes and tasks to meet legislative and organisational requirements, changing processes where necessary Uses the main features and functions of digital tools to complete work tasks and access information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSFPL504 Implement financial plan	FNSFPL504A Implement financial plan	Updated to meet Standards for Training Packages	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 for FNSFPL504 Implement financial plan

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:

establish the actions, timings and priorities needed to implement financial plans, and undertake and/or supervise the implementation of financial plan actions

comply with relevant legislation, regulations, industry codes of practice and organisational procedures

prepare materials and brief personnel for implementing financial plans

gain client feedback on and/or agreement to the plan

accurately document all planning processes and instruments, and establish appropriate audit trails.

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:

explain the key features of the financial planning industry, financial products, financial markets and investment characteristics

discuss the key features and relevant issues relating to:

financial planning legislation

financial planning documentation requirements

government financial and superannuation policy

industry codes of practice

identify and categorise:

sources of information on financial products and markets

state and territory legislation, charges and taxes

explain the procedure and requirements in establishing audit trails.

Assessment Conditions

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

office equipment, technology, software and consumables.

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

FNSFPL505 Review financial plans and provide ongoing service

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 monitor the implementation and progress of financial plans and establish ongoing client service arrangements. It encompasses discussing and confirming arrangements and procedures for ongoing service with clients, establishing procedures for providing ongoing service, and undertaking or supervising review of a financial plan.

It applies to individuals, working within a team, who use specialised knowledge and managerial techniques to monitor and complete their own work and/or the work of others and to build relationships and rapport with others.

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

Financial planning

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. Discuss and confirm arrangements for ongoing service	1.1 Identify ongoing service options for client and recommend appropriate options 1.2 Propose ongoing standard of service for client, including quality parameters, reporting frequency and arrangements for reviews and client initiated changes 1.3 Explain and confirm fees and charges for ongoing service to client 1.4 Develop agreement for ongoing service when agreement is reached
2. Establish procedures for providing ongoing service	2.1 Identify and brief personnel to implement each action in ongoing service arrangements 2.2 Identify and follow internal and external documentation requirements 2.3 Diarise key revision dates and establish client contact arrangements 2.4 Establish monitoring procedures for critical timings and priorities, and periodically review client objectives
3. Undertake and/or supervise review of financial plan	3.1 Establish arrangements for reviewing ongoing relevance and performance of financial plan 3.2 Review quality of ongoing service provided by authorised representative to ensure organisational and regulatory requirements are met 3.3 Issue instructions to internal and external personnel as per plan requirements, including checks and follow ups made on lodgement of documentation to ensure plan timings are met 3.4 Ensure fees and charges are obtained by authorised representative and processed according to organisational and legislative requirements 3.5 Establish clear arrangements for clients to contact representatives at any time with concerns or queries

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, 2.2	Evaluates information and products from a variety of sources to ensure appropriateness to client needs, currency and accuracy
Writing	1.1-1.4, 2.1, 3.3	Develops material for a specific audience using clear and detailed language and financial data to convey explicit information, requirements and recommendations Uses appropriate formats and structures to report and present information logically
Oral Communication	1.1-1.4, 2.1, 3.3	Participates in verbal exchanges and clearly explains detailed information using language, tone and pace appropriate to internal and external stakeholders Uses active listening and questioning to elicit the views and needs of others and to confirm understanding
Numeracy	1.1, 1.3, 2.3, 3.3, 3.4	Performs mathematical calculations to determine fees, reconcile amounts and perform comparisons of financial information Analyses, records and stores complex financial data and information
Navigate the world of work	2.2, 2.3, 3.2, 3.4	Takes full responsibility for following policies, procedures and legislative requirements relevant to own role
Interact with others	1.1-1.4, 2.1	Selects and uses appropriate conventions and protocols when communicating with diverse internal and external stakeholders to provide or seek information, or promote positive relationships
Get the work done	1.1,1.2, 2.1-2.4, 3.1-3.5	Plans, sequences, implements and monitors processes and tasks to meet legislative and organisational requirements, changing processes where necessary Uses the main features and functions of digital tools to complete work tasks and access information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSFPL505 Review financial plans and provide ongoing service	FNSFPL505A Review financial plans and provide ongoing service	Updated to meet Standards for Training Packages	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 for FNSFPL505 Review financial plans and provide ongoing service

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:

effectively discuss, negotiate and confirm arrangements for review of a financial plan and ongoing service with clients

develop ongoing service agreements for clients who:

comply with relevant legislation, regulations and industry codes of conduct

follow organisational procedures

review or supervise the review of financial plans, including assessment of:

outcomes against changing client needs

impacts of taxation, social security, economic and other government policy on client investment and financial requirements

maintain accurate documentation of records and data relating to implementation and review.

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:

outline the key features of the financial planning industry, financial products, financial markets and investment characteristics

outline common fees and charges associated with ongoing services

compare and contrast:

financial forecasting techniques

methods of presenting financial data

describe the key features and discuss issues relating to:

government financial and superannuation policy

relevant corporations and consumer legislation

relevant financial legislation

industry codes of practice

identify and outline sources of information on financial products and markets

discuss strategies for the ongoing review and assessment of financial plans

outline the key requirements relating to documenting financial plans.

Assessment Conditions

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

office equipment, technology, software and consumables.

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

FNSFPL607 Prepare advice in margin lending

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to analyse client needs in regard to margin lending; and prepare advice ethically, professionally and in compliance with industry regulations and codes of practice.

The unit applies to those who use well-developed interpersonal, communication and self-management skills when performing a specialist advisory role in margin lending. The requirement to prepare advice may come from authorised representatives, including financial advisers, shareholders, financial organisations, stockbrokers, trustees, agents and intermediaries.

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

Financial planning

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. Analyse client needs and risk profile	1.1 Analyse client needs using all information gathered and considering client’s product expectations 1.2 Consult with authorised representative throughout analysis for further clarification where necessary according to organisational procedures 1.3 Identify need for specialist advice and ensure client is referred to appropriate adviser if required 1.4 Assess and confirm client’s product risk profile according to expectations of cashflow and relevant taxation obligations
2. Develop margin lending strategies and solutions that meet client needs and risk profile	2.1 Identify legislative, regulatory and code of practice requirements relevant to products being offered 2.2 Determine required margin lending strategy based on analysis of margin lending products, client risk profile, and analysis of client needs 2.3 Conduct required research, analysis and product modelling and apply stress tests for changes in market conditions
3. Provide strategies and solutions to authorised representative	3.1 Draft required solution, plan, policy or transaction and provide to authorised representative 3.2 Explain proposed solution, plan, policy or transaction to authorised representative 3.3 Confirm required details, terms and conditions of product or service 3.4 Disclose impacts and possible risks of proposed solution, plan, policy or transaction and offer alternative solutions to authorised representative 3.5 Provide supporting written documentation and guide authorised representative through key aspects of documentation 3.6 Discuss and clarify concerns and issues regarding proposed solution, plan, policy or transaction with authorised representative 3.7 Confirm with authorised representative client’s understanding of proposed solution, plan, policy or transaction
4. Establish agreement and complete documentation process	4.1 Obtain formal agreement from authorised representative and obtain their sign-off on proposed solution, plan, policy or transaction 4.2 Document fees, cost structures and timeframes for execution and processing of agreed solution, plan, policy or transaction 4.3 Ensure proposal and required statutory and transactional documents are completed and signed off by client 4.4 Provide draft agreement and other required documentation to authorised representative
5. Agree to arrangements for providing ongoing services	5.1 Prepare documentation of fees and costs for ongoing and specifically defined services according to organisational policies and procedures 5.2 Agree to type and form of ongoing service to be provided 5.3 Provide documented service arrangements to authorised representative for confirmation 5.4 Implement procedures for agreed ongoing service according to organisational policies and procedures

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Learning	Extends knowledge of product features and applications relevant to current role using research and analysis
Numeracy	Interprets financial product information and calculates client costs, risks and returns
Oral communication	Articulates requirements using industry-specific language appropriate to audience and environment, and participates in negotiated outcomes Uses active listening and questioning techniques to confirm understanding and elicit information
Reading	Interprets textual information from relevant sources
Writing	Uses clear, specific and industry-related terminology to complete and consolidate workplace documentation
Planning and organising	Takes responsibility for the planning, sequence and priority of tasks within own workload to achieve effective and compliant outcomes Applies systematic and analytical decision-making processes to determine and implement solutions that meet client needs and financial requirements
Self-management	Takes personal responsibility for following policies, procedures and protocols to provide advisory services and documentation that complies with legal, ethical and organisational requirements
Teamwork	Selects and uses appropriate conventions and protocols when communicating with authorised representatives Seeks and shares information, establishes agreements and maintains ethical service relationships Adapts personal communication style to show respect for the values, beliefs and cultural expectations of others
Technology	Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

No equivalent unit. Newly created unit.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSFPL607 Prepare advice in margin lending

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

prepare accurate and ethical advice on margin lending for financial plans for at least two different clients.

In the course of the above, the candidate must:

analyse client needs, financial situation and risk profile, and prepare appropriate strategies and solutions relating to margin lending

document recommendations on margin lending products and services

prepare policy or transaction once agreed by the client and complete documentation.

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:

Generic knowledge

economic environment, including:

characteristics and impact of economic and business cycles

interest rates and exchange rates

inflation

government monetary and fiscal policy

operation of financial markets, including:

roles played by intermediaries and issuers

structure and interrelationships within financial markets

interrelationship between industry sectors

financial products, including:

concept of a financial product: general definition, and specific inclusions and exclusions

types of financial investment products

types of financial risk products

aspects of ongoing service provision, including:

reporting on performance

communicating comprehensively and clearly

reviewing of solution, plan, policy or transaction.

Specialist knowledge

legal environment, including disclosure and compliance covering:

role of the authorised representative or adviser

relevant legal principles relating to the Corporations Act, Australian Securities and Investments Commission (ASIC) Act, Privacy Amendment (Private Sector) Act, and Competition and Consumer Act

relationship between ethics and regulatory requirements, including good faith, faith, utmost good faith, full disclosure of remuneration and fees, and other conflicts of interest that may influence authorised representative’s recommendation

relevant industry standards and codes of practice

regulatory guidelines

internal and external complaints resolution procedures

characteristics of margin lending products, including:

various types of margin lending facility products and their operation, including standard margin lending facilities and non-standard margin lending facilities

associated risks and alternative products, including derivatives where relevant

provider and client rights and responsibilities

effect of provider taking security over client assets

effect of provider receiving a transfer of client assets

calculating loan-to-value ratios of both individual products and the overall portfolio

consequences of issuers altering the loan-to-value ratio of individual products

margin calls: ways of making a margin call, consequences of margin calls and how they may be resolved, and strategies by which the borrower may avoid margin calls

approved product list: consequences of removing a product from the approved products list

taxation issues in relation to margin lending facilities, including:

deductibility of costs associated with margin lending, including interest payments

liability for capital gains tax (CGT)

theories of investment, portfolio management and management of investment and risk, including:

investment concepts

investment strategies for margin lending, including role of cash flow and alternative investment strategies

investment options using a margin lending facility

identification of types of risk, including sensitivity of margin lending strategies to changes in interest rates and investment returns

client risk profile, including source and stability of clients’ income source, the source of funding for the investment and risk profiles unsuited to margin lending facility products

stress testing of proposed client portfolio

risks associated with gearing, including relationship between levels of gearing and risks, and risks associated with double gearing.

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:

organisational equipment, technology, software and peripherals

margin lending product information.

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

FNSFPL608 Prepare advice in foreign exchange

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to analyse client needs in regard to foreign exchange, and prepare advice ethically, professionally and in compliance with industry regulations and codes of practice.

The unit applies to those who use well-developed interpersonal, communication and self-management skills when performing a specialist advisory role in foreign exchange. The requirement to prepare advice may come from authorised representatives, including financial advisers, shareholders, financial organisations, stockbrokers, trustees, agents and intermediaries.

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

Financial planning

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. Analyse client needs and risk profile	1.1 Analyse client needs using all information gathered and considering client’s product expectations 1.2 Consult with authorised representative throughout analysis for further clarification where necessary according to organisational procedures 1.3 Identify need for specialist advice and ensure client is referred to appropriate adviser where required 1.4 Assess and confirm client’s product risk profile according to expectations of cashflow and relevant taxation obligations
2. Develop foreign exchange strategies and solutions that meet client needs and risk profile	2.1 Identify legislative, regulatory and code of practice requirements relevant to products being offered 2.2 Determine required foreign exchange strategy based on analysis of foreign exchange products, client risk profile, and client needs 2.3 Conduct required research, analysis and product modelling and apply stress tests for changes in market conditions
3. Provide strategies and solutions to authorised representative	3.1 Draft required solution, plan, policy or transaction and provide to authorised representative 3.2 Explain proposed solution, plan, policy or transaction to authorised representative 3.3 Confirm details, terms and conditions of product and service 3.4 Disclose impacts and possible risks of proposed solution, plan, policy or transaction and offer alternative solutions to authorised representative 3.5 Provide supporting written documentation and guide authorised representative through key aspects of documentation 3.6 Discuss and clarify concerns and issues regarding proposed solution, plan, policy or transaction 3.7 Confirm with authorised representative client’s understanding of proposed solution, plan, policy or transaction
4. Establish agreement and complete documentation process	4.1 Obtain formal agreement from authorised representative and obtain their sign-off on proposed solution, plan, policy or transaction 4.2 Document fees, cost structures and timeframes for execution and processing of agreed solution, plan, policy or transaction 4.3 Ensure proposal and required statutory and transactional documents are completed and signed off by client 4.4 Provide draft agreement and other required documentation to authorised representative
5. Agree to arrangements for providing ongoing services	5.1 Prepare documentation of fees and costs for ongoing and specifically defined services according to organisational policies and procedures 5.2 Agree to type and form of ongoing service to be provided 5.3 Provide documented service arrangements to authorised representative for confirmation 5.4 Implement procedures for agreed ongoing service according to organisational policies and procedures

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Learning	Extends knowledge of foreign exchange product features and applications relevant to current role using research and analysis
Numeracy	Interprets financial product information and calculates client costs, risks and returns
Oral communication	Articulates requirements using industry-specific language appropriate to audience and environment Uses active listening and questioning techniques to elicit information and confirm understanding
Reading	Interprets textual information from relevant sources
Writing	Uses specific industry-related terminology to complete and consolidate workplace documentation
Planning and organising	Takes responsibility for the planning, sequence and priority of tasks within own workload to achieve effective and compliant outcomes
Self-management	Takes personal responsibility for following policies, procedures and protocols to provide advisory services and documentation that comply with legal and organisational requirements Applies systematic and analytical decision-making processes to determine and implement solutions that meet client needs and financial requirements
Teamwork	Selects and uses conventions and protocols when communicating with authorised representatives Seeks and shares information, establishes agreement and maintains ethical service relationships Adapts personal communication style to show respect for the values, beliefs and cultural expectations of others
Technology	Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

No equivalent unit. Newly created unit.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSFPL608 Prepare advice in foreign exchange

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

prepare accurate and ethical advice on foreign exchange for at least two different clients; with one of the two clients requiring advice on foreign exchange products, and one advice on foreign exchange services.

In the course of the above, the candidate must:

interpret and comply with industry regulations and codes of practice

analyse client needs, financial situation and risk profile, and prepare appropriate strategies or solutions relating to foreign exchange.

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:

Generic knowledge

economic environment, including:

characteristics and impact of economic and business cycles

interest rates and exchange rates

inflation

government monetary and fiscal policy

operation of financial markets, including:

roles played by intermediaries and issuers

structure and interrelationships within financial markets

interrelationship between industry sectors

financial products, including:

concept of a financial product: general definition, and specific inclusions and exclusions

types of financial investment products

types of financial risk products

aspects of ongoing service provision, including:

reporting on performance

communicating comprehensively and clearly

reviewing of solution, plan, policy or transaction.

Specialist knowledge

legal environment, including disclosure and compliance covering:

role of the authorised representative or adviser

relevant legal principles relating to the Corporations Act, Australian Securities and Investments Commission (ASIC) Act, Privacy Amendment (Private Sector) Act, and Competition and Consumer Act

relationship between ethics and regulatory requirements, including good faith, faith, utmost good faith, full disclosure of remuneration and fees, and other conflicts of interest that may influence authorised representative’s recommendation

relevant industry standards and codes of practice

regulatory guidelines

internal and external complaints resolution procedures

foreign exchange markets, including:

market participants

roles played by intermediaries

types of foreign exchange products, their characteristics, associated risks and alternative products, including derivatives

taxation issues in relation to foreign exchange products and markets in which they operate

theories of investment, portfolio management and management of investment and risk, including:

investment concepts and strategies

identification of types of risk

client risk profile

hedging concepts.

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:

organisational equipment, technology, software and peripherals

foreign exchange product information.

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

FNSFPL609 Prepare advice in managed investments

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to analyse client needs in regard to managed investments; and provide advice ethically, professionally and in compliance with industry regulations and codes of practice.

The unit applies to those who use well-developed interpersonal, communication and self-management skills when performing an advisory role in managed investments. The requirement to prepare advice may come from authorised representatives, including financial advisers, shareholders, financial organisations, stockbrokers, trustees, agents and intermediaries.

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

Financial planning

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. Analyse client needs and risk profile	1.1 Analyse client needs using all information gathered and considering client’s product expectations 1.2 Consult with authorised representative throughout analysis for further clarification where necessary according to organisational procedures 1.3 Identify need for specialist advice and ensure client is referred to appropriate adviser if required 1.4 Assess and confirm client’s product risk profile according to expectations of cashflow and relevant taxation obligations.
2. Develop strategies and solutions for managed investment that meet client needs and risk profile	2.1 Identify legislative, regulatory and code of practice requirements relevant to products being offered 2.2 Determine required managed investment strategy based on analysis of managed investment products, client risk profile, and client needs 2.3 Conduct required research, analysis and product modelling and apply stress tests for changes in market conditions
3. Provide strategies and solutions to authorised representative	3.1 Draft required solution, plan, policy or transaction and provide to authorised representative 3.2 Explain proposed solution, plan, policy or transaction to authorised representative 3.3 Confirm details, terms and conditions of product and service with authorised representative 3.4 Disclose impacts and possible risks of solution, plan, policy or transaction according to organisational policies and procedures 3.5 Provide supporting written documentation and guide authorised representative through key aspects of documentation 3.6 Discuss and clarify concerns and issues that authorised representative has regarding proposed solution, plan, policy or transaction 3.7 Confirm understanding of proposed solution, plan, policy or transaction with authorised representative
4. Establish agreement and complete documentation process	4.1 Obtain authorised representative formal agreement and sign-off to proposed solution, plan, policy or transaction 4.2 Document fees, cost structures and timeframes for execution and processing 4.3 Ensure that proposal and required statutory and transactional documents are completed and signed off by client 4.4 Provide draft agreement and other appropriate documentation to authorised representative
5. Agree to arrangements for providing ongoing services	5.1 Prepare documentation of fees and costs for ongoing and specifically defined services according to organisational policies and procedures 5.2 Agree to type and form of ongoing service to be provided 5.3 Provide documented service arrangements to authorised representative for confirmation 5.4 Implement procedures for agreed ongoing service according to organisational policies and procedures

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Learning	Extends knowledge of product features and applications of managed investment schemes relevant to current role using research and analysis
Numeracy	Interprets financial product information and calculates client costs, risks and returns
Oral communication	Articulates requirements using industry-specific language appropriate to audience and environment Uses active listening and questioning techniques to confirm understanding and elicit information
Reading	Interprets textual information from a variety of sources
Writing	Uses industry-related terminology to complete and consolidate workplace documentation
Planning and organising	Takes responsibility for the planning, sequence and priority of tasks within own workload to achieve effective and compliant outcomes Applies systematic and analytical decision-making processes to determine and implement investment solutions that meet client needs and financial requirements
Self-management	Takes personal responsibility for following policies, procedures and protocols to provide advisory services and documentation that comply with legal and organisational requirements
Teamwork	Selects and uses the appropriate conventions and protocols when communicating with authorised representatives Seeks and shares information, establishes agreement and maintains ethical service relationships Adapts personal communication style to show respect for the values, beliefs and cultural expectations of others
Technology	Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

No equivalent unit. Newly created unit.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSFPL609 Prepare advice in managed investments

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

prepare accurate and ethical advice on managed investment products and/or services for at least two different clients.

In the course of the above, the candidate must:

interpret and comply with industry regulations and codes of practice

analyse client needs, financial situation and risk profile, and prepare appropriate strategies or solutions relating to managed investments

implement the solution, plan, policy or transaction once agreed by the client and complete documentation.

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:

Generic knowledge

economic environment, including:

characteristics and impact of economic and business cycles

interest rates and exchange rates

inflation

government monetary and fiscal policy

operation of financial markets, including:

roles played by intermediaries and issuers

structure and interrelationships within financial markets

interrelationship between industry sectors

financial products, including:

concept of a financial product: general definition, and specific inclusions and exclusions

types of financial investment products

types of financial risk products

aspects of ongoing service provision, including:

reporting on performance

communicating comprehensively and clearly

reviewing of solution, plan, policy or transaction.

Specialist knowledge

legal environment, including disclosure and compliance covering:

role of the authorised representative or adviser

relevant legal principles relating to the Corporations Act, Australian Securities and Investments Commission (ASIC) Act, Privacy Amendment (Private Sector) Act, and Competition and Consumer Act

relationship between ethics and regulatory requirements, including good faith, utmost good faith, full disclosure of remuneration and fees, and other conflicts of interest that may influence authorised representative’s recommendation

relevant industry standards and codes of practice

regulatory guidelines

internal and external complaints resolution procedures

managed investment products, including:

range of products offered under managed investments schemes, or a specific product offered under a scheme, including:

equity trusts, fixed interest trusts

film schemes

primary production schemes

property trusts, real estate investment strategies, valuation techniques, property management

serviced strata schemes

time-sharing schemes

types of risks associated with managed investment products

taxation issues in relation to managed investment products and markets in which they operate

theories of investment, portfolio management and management of investment and risk, including:

investment concepts and strategies

identification of types of risk

client risk profile.

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:

organisational equipment, technology, software and peripherals

managed investment product information.

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

FNSFPL610 Prepare advice in superannuation

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to analyse client needs in regard to superannuation; and prepare advice ethically, professionally and in compliance with industry regulations and codes of practice.

The unit applies to those who use well-developed interpersonal, communication and self-management skills when performing a specialist advisory role in superannuation. The requirement to prepare advice may come from authorised representatives, including financial advisers, shareholders, financial organisations, stockbrokers, trustees, agents and intermediaries.

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

Financial planning

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. Analyse client needs and risk profile	1.1 Analyse client needs using all information gathered and considering client’s product expectations 1.2 Consult with responsible authorised representative throughout analysis for further clarification where necessary according to organisational procedures 1.3 Identify need for specialist advice and ensure client is referred to appropriate adviser if required 1.4 Assess and confirm client’s product risk profile according to expectations of cashflow and relevant taxation obligations
2. Develop superannuation strategies and solutions that meet client needs and risk profile	2.1 Identify legislative, regulatory and code of practice requirements relevant to products being offered 2.2 Determine required superannuation strategy based on analysis of superannuation products, client risk profile, and client needs 2.3 Conduct required research, analysis and product modelling and apply stress tests for changes in market conditions
3. Provide strategies and solutions to authorised representative	3.1 Draft required solution, plan, policy or transaction and provide to authorised representative 3.2 Explain proposed solution, plan, policy or transaction to authorised representative 3.3 Confirm required details, terms and conditions of product and service 3.4 Disclose impacts and possible risks of solution, plan, policy or transaction 3.5 Prepare supporting written documentation and guide authorised representative through key aspects of documentation 3.6 Discuss and clarify concerns and issues that authorised representative has regarding proposed solution, plan, policy or transaction 3.7 Confirm with authorised representative client’s understanding of proposed solution, plan, policy or transaction
4. Establish agreement and complete documentation process	4.1 Obtain authorised representative’s formal agreement and sign-off to proposed solution, plan, policy or transaction 4.2 Document fees, cost structures and timeframes for execution and processing 4.3 Ensure that proposal and required statutory and transactional documents are completed and signed off by client 4.4 Provide draft agreement and other required documentation to authorised representative
5. Agree to arrangements for providing ongoing services	5.1 Prepare documentation of fees and costs for ongoing and specifically defined services according to organisational policies and procedures 5.2 Agree to type and form of ongoing service to be provided 5.3 Provide documented service arrangements to authorised representative for confirmation 5.4 Implement procedures for agreed ongoing service according to organisational policies and procedures

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Learning	Extends knowledge of product features and applications of superannuation investment schemes relevant to current role using research and analysis
Numeracy	Interprets financial product information and calculates client costs, risks and returns
Oral communication	Articulates requirements using industry-specific language appropriate to audience and environment Uses active listening and questioning techniques to elicit information and confirm understanding
Reading	Interprets textual information from relevant sources
Writing	Uses industry-related terminology to complete and consolidate workplace documentation
Planning and organising	Takes responsibility for the planning, sequence and priority of tasks within own workload to achieve effective and compliant outcomes
Self-management	Takes personal responsibility for following policies, procedures and protocols to provide advisory services and documentation that comply with legal, statutory and organisational requirements Applies systematic and analytical decision-making processes to determine and implement investment solutions that meet client needs and financial requirements, including referral to specialist personnel as required
Teamwork	Selects and uses the appropriate conventions and protocols when communicating with authorised representative Seeks and shares information, establishes agreement and maintains ethical service relationships Adapts personal communication style to show respect for the values, beliefs and cultural expectations of others
Technology	Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

No equivalent unit. Newly created unit.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSFPL610 Prepare advice in superannuation

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

prepare accurate and ethical advice on superannuation products and/or services for at least two different clients.

In the course of the above, the candidate must:

interpret and comply with industry regulations and codes of practice

analyse client needs, financial situation and risk profile, and prepare appropriate strategies or solutions relating to superannuation

implement the solution, plan, policy or transaction once agreed by the client and complete documentation.

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:

Generic knowledge

economic environment, including:

characteristics and impact of economic and business cycles

interest rates and exchange rates

inflation

government monetary and fiscal policy

operation of financial markets, including:

roles played by intermediaries and issuers

structure and interrelationships within financial markets

interrelationship between industry sectors

financial products, including:

concept of a financial product: general definition, and specific inclusions and exclusions

types of financial investment products

types of financial risk products

aspects of ongoing service provision, including:

reporting on performance

communicating comprehensively and clearly

reviewing of solution, plan, policy or transaction.

Specialist knowledge

legal environment, including disclosure and compliance covering:

role of the authorised representative or adviser

relevant legal principles relating to the Corporations Act, Australian Securities and Investments Commission (ASIC) Act, Superannuation Industry (Supervision) Act, Privacy Amendment (Private Sector) Act, and Competition and Consumer Act

relationship between ethics and regulatory requirements, including good faith, utmost good faith, full disclosure of remuneration and fees and other conflicts of interest that may influence authorised representative’s recommendation

relevant industry standards and codes of practice

regulatory guidelines

internal and external complaints resolution procedures

trustee rules

key requirements of:

Retirement Savings Account Act (RSA)

Superannuation Industry (Supervision) [SIS] Act

Superannuation Guarantee Act and other relevant legislation

Superannuation Contribution Tax (Assessment and Collection) Act

operation and management of the superannuation industry, including:

characteristics and structure of a superannuation product

roles played by intermediaries and issuers

types of superannuation products

fee structures, including administration and management costs

types of contribution

annuities and pensions, allocated pensions and income stream products

associated risks

trustee appointment, duties and responsibilities

structure of superannuation plans management and administration of superannuation products

preservation rules

investment strategies within superannuation funds

restrictions on investment strategies

taxation issues in relation to superannuation financial products and markets in which they operate covering:

impact on investment earnings

employer and employee contributions

benefit payments and expenses

tax deductions

capital gains tax (CGT) treatment

rollovers

reasonable benefit limits

superannuation surcharge

social security pension eligibility

retirement planning

death benefits

franking credits

theories of investment, portfolio management and management of investment and risk, including:

investment concepts and strategies

identification of types of risk

client risk profile.

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:

organisational equipment, technology, software and peripherals

superannuation product information.

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

FNSFPL611 Provide technical and professional financial planning guidance

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.
Release 2	This version first released with FNS Financial Services Training Package Version 6.0. Version created to correct unit mapping error.

Application

This unit describes the skills and knowledge required to provide technical and professional guidance in a financial planning practice. It involves mentoring staff in the practice, providing technical information to staff and peers, and acting as a practice reference for any special areas of expertise.

The unit applies to those with experience and specialised knowledge of the sector and well-developed communication skills who provide leadership and guidance to others within their organisation, making judgements within their level of responsibility.

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

Financial planning

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. Mentor team members in the practice	1.1 Provide technical guidance and advice to practice team members in developing financial plans appropriate to their skill level and need 1.2 Provide technical advice and assistance to practice administrative and processing staff where required 1.3 Identify potential problems before they develop and take preventative steps according to organisational policies and procedures 1.4 Model and communicate ethical behaviour and provide feedback to team members according to organisational policies and procedures
2. Provide technical and professional information to team members	2.1 Circulate information relevant to team members for development purposes 2.2 Provide opportunities to colleagues for feedback and queries on circulated information 2.3 Use specialists with appropriate advanced technical competency as point of reference when required
3. Provide skill development opportunities in practice in special areas of expertise	3.1 Monitor market, product, legislative and regulatory changes in special areas of expertise for development purposes 3.2 Monitor practice information and skill requirements in special areas of expertise 3.3 Establish staff briefings and training sessions for team members for development purposes in area of expertise 3.4 Develop and deliver skill development exercises for individual team members as required 3.5 Seek and integrate feedback from team members on skill development provided and make applicable improvements

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Learning	Updates own skills and knowledge through advising, coaching, mentoring and training others
Numeracy	Interprets and explains financial information when determining requirements and clarifying others’ understanding
Oral communication	Articulates information clearly and involves others in discussions using active listening and questioning techniques Uses pace, tone and gestures appropriately when presenting information to others
Reading	Researches, analyses and manages information from a range of sources to determine and confirm staff development requirements
Writing	Prepares and presents information using relevant formats, language and concepts for team member training and development
Initiative and enterprise	Takes responsibility for compliance with legislative and ethical requirements and identifies organisational implications of new or changed legislation or regulations
Planning and organising	Plans, organises and coordinates processes and activities to achieve team development requirements
Problem solving	Uses a range of strategies and systematic analysis to identify potential problems and implement contingency plans
Self-management	Selects and uses appropriate communication conventions and protocols to seek and provide required information Demonstrates sophisticated control over oral, visual and/or written formats, drawing on a range of communication practices to achieve goals
Technology	Uses main features and functions of digital tools to complete work tasks

Unit Mapping Information

Supersedes and is equivalent to FNSFPL601 Provide technical and professional guidance.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSFPL611 Provide technical and professional financial planning guidance

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.
Release 2	This version first released with FNS Financial Services Training Package Version 6.0. Version created to correct unit mapping error.

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:

provide technical and professional financial planning guidance to others within the practice on at least three different occasions; with at least one occasion involving mentoring a team member and at least one occasion delivering a skill development session

respond to feedback or a query from at least two different colleagues in response to information circulated to team members for development purposes.

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:

legislative requirements, regulatory guidelines and industry codes of practice relating to providing financial planning guidance and information, including:

government financial and superannuation policies

social security legislative updates

state and territory charges and taxes

corporations and consumer legislation

ethical standards

organisational policies and procedures relating to providing financial planning guidance and information

current industry trends, sources of information, and industry activities relevant to own financial planning practice

key features of the financial planning industry and different types of:

financial products

financial markets, and implications of market activities on financial planning

investment characteristics

financial forecasting techniques

methods of presenting financial data

roles and responsibilities of technical specialists

relevant interdisciplinary contacts and industry expertise

sources of information on financial products and markets, state and territory charges and taxes

type of training and development opportunities for team members, including for:

paraplanners

financial planners and trainee financial planners

professional development activities suitable for financial planning context

approaches and activities for effective mentoring and training in the workplace.

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:

organisational equipment, technology and software.

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

FNSFPL612 Determine client requirements and expectations in financial planning

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to determine the financial requirements and expectations of clients in financial planning. It involves informing required stakeholders of the financial planning process and service, obtaining required information on the client’s financial situation and expectations, and preparing and updating necessary documentation.

The unit applies to those who manage relationships and apply systematic approaches using highly specialised knowledge to problem solve and develop customised solutions. This unit requires in-depth financial knowledge. Client information may be provided by authorised representatives, including financial advisers, shareholders, financial organisations, stockbrokers, trustees, agents and intermediaries.

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

Financial planning

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 client’s financial needs and expectations	1.1 Identify and document client’s expectations, requirements, priorities and objectives 1.2 Identify financial planning process, roles, licensees, principals, services and capacity of organisation to meet client needs 1.3 Detail fees and charges to authorised representative and confirm understanding 1.4 Identify and report client’s relationship with other financial services to authorised representative 1.5 Identify client special needs and take required action, making referral to specialists where required 1.6 Explain procedures for internal and external complaints handling and resolution to authorised representative
2. Establish client’s financial situation	2.1 Obtain and assess information on client’s financial situation 2.2 Document findings from assessment of client’s financial situation 2.3 Obtain and check with authorised representative relevant facts and information and manage confidentially according to organisational policies and procedures, legislative requirements and industry codes of practice 2.4 Develop summary analysis of client’s financial position
3. Identify and gather information on client taxation and estate issues	3.1 Identify taxation and estate issues affecting client’s financial planning needs, and discuss implications with authorised representative 3.2 Establish and document client’s expectations, requirements, priorities and objectives for identified issues 3.3 Develop and document summary analysis of client’s taxation and estate financial position according to legislative requirements and organisational policies and procedures
4. Establish final client position and risks	4.1 Combine information and generate comprehensive view of client’s financial position 4.2 Identify interdependencies and implications of situation, and obtain further information where required 4.3 Develop initial summary of client’s financial position and discuss client expectations, priorities, and requirements 4.4 Review summary with authorised representative against comprehensive position 4.5 Discuss risk issues and tolerances with required stakeholders and assess unusual risks and requirements 4.6 Communicate risks and consequent impact on financial planning services to authorised representative according to organisational policies and procedures and relevant legislation

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Learning	Maintains accurate and current knowledge of legislative requirements relevant to role
Numeracy	Performs calculations to analyse and compare financial information to achieve required outcomes
Oral communication	Participates in verbal exchanges using active listening and questioning techniques to convey and clarify information relevant to audience and purpose Uses relevant pace, tone and gestures to provide information and encourage feedback and engagement with others
Reading	Analyses and reviews complex information from a range of sources to identify details, make judgements and determine requirements
Writing	Develops material for a specific audience using clear and detailed language to convey explicit information, requirements and recommendations Uses relevant formats and structures to report and present information logically
Planning and organising	Takes responsibility for planning, sequencing and prioritising complex tasks to achieve client requirements according to legislative and organisational requirements
Problem solving	Uses systematic, analytical problem-solving processes in complex situations by gathering information, identifying issues and generating possible solutions Systematically evaluates complex information to make informed decisions
Self-management	Takes responsibility for carrying out own role ethically and according to legislative and organisational requirements
Teamwork	Uses collaboration techniques to encourage review and resolution of discussed matters Adapts personal communication style to show respect for the opinions, values and needs of others
Technology	Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

Supersedes and is equivalent to FNSFPL602 Determine client requirements and expectations for clients with complex needs.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSFPL612 Determine client requirements and expectations in financial planning

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

determine client requirements and expectations for financial planning for at least three different clients.

In the course of the above, the candidate must:

comply with relevant industry codes of practice, legislation and regulations, and organisational policies and procedures

offer thorough and ongoing assistance with enquiries and requests for service

communicate features and benefits of available products and services.

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:

legislative requirements relating to financial planning

organisational policies, procedures and requirements relating to financial planning, including:

client privacy and confidentiality

establishing client’s investment needs and preferences

complaints handling processes and procedures

business principles and law relating to financial planning

economic climate and outlook and impact on financial planning

local and international financial market and investment information included in financial plans

key features of client’s financial situation impacting on financial planning, including:

personal, family and business matters

family financial histories

key features of family structures and property structures and associated legal implications

taxation and property structures and their financial implications

estate planning issues

indications and implications of risk and fraud relating to client’s financial position

financial risk and reward principles

financial products:

features and benefits

service terms and conditions

sales and marketing techniques relevant to the financial services industry.

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:

organisational equipment, technology and software.

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

FNSFPL613 Monitor financial plans and provide ongoing service

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to comprehensively monitor the implementation and progress of financial plans and establish ongoing client service arrangements. It involves discussing and confirming arrangements for ongoing service with authorised representatives, establishing procedures for that service, monitoring or supervising the monitoring of financial plans, and implementing procedures that establish long-term professional relationships with clients.

The unit applies to those experienced in the financial planning industry who use strong organisational and communication skills and systematic approaches to manage relationships and monitor organisational services. Client information may be provided by authorised representatives, including financial advisers, shareholders, financial organisations, stockbrokers, trustees, agents and intermediaries.

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

Financial planning

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. Discuss and confirm arrangements for ongoing service	1.1 Confirm with authorised representative that financial targets to be reviewed and allocation of responsibilities have been defined and agreed with client 1.2 Confirm with authorised representative client agreement on provision of ongoing service 1.3 Identify and document fees and charges for ongoing service according to organisational policies and procedures 1.4 Obtain signed client agreement for ongoing service from authorised representative 1.5 Establish arrangements for client contact regarding concerns and queries
2. Establish procedures for providing ongoing service	2.1 Identify and brief required personnel to implement actions in agreed ongoing service arrangements 2.2 Identify and follow internal and external documentation requirements according to organisational procedures and protocols 2.3 Record key revision dates for financial targets and confirm client contact arrangements with authorised representative 2.4 Develop procedures for unscheduled review requests by client 2.5 Establish procedures to monitor critical timings and priorities
3. Monitor or supervise monitoring of financial plan	3.1 Establish arrangements for monitoring ongoing performance of financial plan and its compliance with regulatory and organisational requirements 3.2 Implement procedures for monitoring quality of ongoing client service 3.3 Confirm that authorised representative issues instructions to internal and external personnel as per plan requirements 3.4 Check and follow up lodgement of required documentation to ensure plan timings are met 3.5 Confirm authorised representative obtains and processes fees and charges according to legislative, taxation and organisational requirements 3.6 Monitor client satisfaction against performance indicators of the practice

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Uses mathematical equations to perform calculations, make comparisons and check the accuracy of financial data Analyses, records and stores complex financial data and information
Oral communication	Effectively participates in verbal exchanges using active listening and questioning techniques to share, convey and clarify information Uses language, tone and concepts appropriate to audience and purpose
Reading	Interprets and analyses information and products from a variety of sources to ensure appropriateness to client needs
Writing	Uses clear language, correct spelling and grammar and appropriate terminology to convey information to a range of personnel
Planning and organising	Takes responsibility for planning, sequencing and prioritising complex tasks to achieve client requirements according to legislative and organisational requirements Systematically analyses and evaluates complex information to make informed decisions
Self-management	Adapts personal communication style to show respect for the opinions, values and needs of others Takes responsibility for ensuring that documentation and processes comply with legislative and organisational requirements
Teamwork	Selects and uses appropriate conventions and protocols when communicating with diverse internal and external stakeholders to provide or seek information Uses collaboration techniques to negotiate agreement about service provision
Technology	Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

Supersedes and is equivalent to FNSFPL603 Provide comprehensive monitoring and ongoing service.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSFPL613 Monitor financial plans and provide ongoing service

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

monitor the performance of the financial plan of at least three different clients and provide required associated ongoing services.

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:

legislative and taxation requirements relating to providing financial planning services, including:

corporations and consumer legislation

financial legislation

government financial and superannuation policy

state and territory charges and taxes relating to clients’ financial plans

key features of financial planning industry, financial products, financial markets, investment characteristics and the role of authorised representatives

key features of codes of practice relating to the role of authorised representatives, including of financial planners

effective organisational and communication skills

types and categories of:

fees and charges associated with ongoing financial planning services

matters to be considered in fees and charges for services rendered

best practice strategies for ongoing monitoring and assessment of financial plans, including:

quality parameters

reporting frequency

key features of sales and marketing media and methodologies that align with provision of services to financial planning clients.

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:

organisational equipment, technology, software and peripherals.

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

FNSFPL614 Develop financial plans

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to develop and prepare financial plans. It involves preparing to develop the plan by establishing its objectives and scope, and developing strategic assumptions and financial strategies that address plan objectives.

The unit applies to those experienced in the financial planning industry who use specialised knowledge, systematic approaches, and strong analytical skills to develop recommendations and solutions to meet complex requirements when developing financial plans. Client information may be provided by authorised representatives, including financial advisers, shareholders, financial organisations, stockbrokers, trustees, agents and intermediaries.

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

Financial planning

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. Establish objectives and scope of financial plan	1.1 Identify client requirements and expectations for plan, risk profile and market parameters as per information provided by an authorised representative 1.2 Analyse current client situation to determine opportunities and constraints relating to plan 1.3 Review special features of client’s financial situation 1.4 Conduct research and review results according to organisational policies and procedures 1.5 Identify desired financial resource and market parameters and develop plan objectives for asset growth, income, risk, estate planning and other relevant objectives 1.6 Identify taxation and/or estate objectives and discuss with authorised representative
2. Develop strategic assumptions	2.1 Develop and test economic, legislative, regulatory and taxation assumptions relevant to client 2.2 Seek clarification from authorised representative and other financial services professionals as required on strategic assumptions according to organisational policies and procedures 2.3 Record strategic assumptions according to organisational policies and procedures
3. Develop financial strategy	3.1 Develop initial options based on strategic assumptions and client specifications 3.2 Analyse, model and prioritise accepted strategic options according to organisational procedures 3.3 Develop supporting arguments for each strategic option and include in draft financial strategy 3.4 Integrate strategy, where required, into taxation, legal, estate or insurance and asset strategies being developed for client by other professional advisers for financial plan to achieve synergy and benefit for client 3.5 Review draft financial strategy against organisational best practice compliance and risk management requirements and ethical standards 3.6 Ensure that implications of each option and associated regulatory and legal implications for client’s situation, needs and goals, are explained to client 3.7 Include fee and charge analysis for draft strategy options 3.8 Identify areas where advice should be sought from other professionals
4. Review and settle draft strategy and options with authorised representative	4.1 Communicate initial options to authorised representative 4.2 Explain implications of each option to authorised representative and seek additional professional advice where required 4.3 Establish broad agreement on strategies with authorised representative and resolve any concerns and issues 4.4 Finalise products and options that meet agreed strategy with authorised representative
5. Develop preliminary financial plan	5.1 Identify comprehensive products and develop and obtain explanatory material for preliminary financial plan 5.2 Incorporate requirements for cash flow, liquidity, capital preservation and estate planning into preliminary financial plan 5.3 Develop recommendations for financial asset allocation structure, changes to client’s financial situation and risk management strategies and products 5.4 Incorporate applicable advice from accountants and lawyers into preliminary financial plan as required 5.5 Incorporate information on anticipated fees and charges and internal and external complaints resolution procedures into preliminary plan according to organisational policies and procedures
6. Ensure compliance of financial plan with regulatory and organisational requirements	6.1 Check preliminary financial plan to ensure role of representative or adviser is documented as required 6.2 Check that preliminary financial plan complies with legislative requirements and ethical and regulatory guidelines 6.3 Assess whether preliminary financial plan successfully achieves established objectives and scope
7. Finalise financial plan	7.1 Produce final version of financial plan according to organisational requirements 7.2 Include supporting information and product information in plan documentation, and regulatory and complaints information where required, according to organisational policies and procedures 7.3 Store and distribute plan to required personnel according to legislative and organisational requirements

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Learning	Undertakes research to develop own knowledge and maintain currency and accuracy of information, including of legislative requirements relevant to role
Numeracy	Performs calculations and uses analytical techniques to determine trends and compare complex financial information Analyses, records and stores data according to organisational requirements
Oral communication	Clearly presents detailed and comprehensive information using language, tone and pace appropriate for audience and purpose Participates in verbal exchanges using active listening and questioning techniques to explain and ensure understanding of complex information
Reading	Researches information and products to determine appropriateness to client needs Consolidates and evaluates information from a range of sources to form a holistic perspective of complex situations and to identify implications
Writing	Synthesises and presents comprehensive financial and textual information using formats, language and concepts appropriate for audience and purpose
Planning and organising	Plans a range of routine and non-routine work tasks according to requirements, accepting defined goals and achieving them efficiently
Problem solving	Uses systematic, analytical problem-solving processes in complex routine and non-routine situations to evaluate complex information and make informed decisions
Self-management	Monitors own performance against best practice criteria Takes responsibility for ensuring that financial strategies comply with organisational policies and procedures, legislative and ethical requirements, and client objectives
Technology	Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

No equivalent unit. Supersedes and is not equivalent to FNSFPL604 Develop complex and innovative financial planning strategies.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSFPL614 Develop financial plans

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

develop a different financial plan in at least two of the following practice areas:

aged care

direct investments

estate planning

life insurance

managed investments

retirement planning

social securities

superannuation

taxation.

In the course of the above, the candidate must:

maximise client outcomes and successfully achieve established objectives

analyse strategic options and make justified recommendations, addressing complex needs and issues

check financial plan to ensure its compliance with relevant Acts, legislation and regulatory requirements and guidelines, and ethical requirements.

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:

legislative and regulatory requirements and codes of practice relating to development of financial plans

organisational policies, procedures and requirements relating to development of financial plans, including:

internal and external complaints and dispute resolution procedures available to clients

quality control requirements

documentation and recording information

methods for presenting, storing and distributing financial plans

best practice compliance

impact of the following on client’s financial planning needs:

relevant economic, taxation and social security policy that impact client investment and financial requirements

relevant estate planning considerations

role of clients’ authorised representatives and financial planning practice in the development of financial plans

key features of financial planning industry, including:

investment and savings vehicles

financial markets

complex taxation and legal issues

asset classes and investment characteristics

products available in the financial services industry

income and expenditure requirements

high assets

aged care plans

estate planning

income and taxation arrangement consequences

life insurance

managed investments

asset growth

financial resources

financial asset allocation structure, including:

allocated pensions

insurance

partnerships

provision for equities

superannuation

risks associated with financial plans, including investment risk factors and their relationship to return expectations

requirements relating to disclosure of capacity, including areas where advice should be sought from other professionals

ethical standards in developing and preparing financial plans, including disclosure of potential conflicts of interest

key features of effective communication processes, including principles of negotiation.

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:

organisational equipment, technology and software

organisational records, policies and procedures

legislation and regulatory documents.

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

FNSFPL615 Present and negotiate financial plans

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to present preliminary, amended and final drafts of financial plans to authorised representatives. It includes engaging with authorised representatives, establishing and negotiating implementation actions relating to plans, handling complaints, and completing and maintaining necessary documentation.

The unit applies to those experienced in the financial planning industry who use specialised knowledge and experience, and strong communication and interpersonal skills, to manage relationships and convey complex information and requirements. The negotiation of financial plans will be through authorised representatives, including financial advisers, shareholders, financial organisations, stockbrokers, trustees, agents and intermediaries.

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

Financial planning

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. Analyse available information on financial plans and identify client needs	1.1 Identify and assess available information on client needs and objectives and address capacity and roles of relevant stakeholders 1.2 Identify and document client concerns and enquiries according to organisational policies and procedures 1.3 Identify services that meet client needs and objectives 1.4 Identify and explain client strategies and recommendations in financial plan and discuss impact of recommendations with authorised representative
2. Present financial plan	2.1 Prepare and discuss financial plan with authorised representative according to organisational policies and procedures 2.2 Guide authorised representative through assumptions used in formulating plan and discuss degree to which variations in assumptions may impact on expected outcomes 2.3 Discuss proposed actions with authorised representative and obtain written agreement of actions according to organisational policies and procedures 2.4 Explain fees, charges and commissions in financial plan according to organisational policies and procedures
3. Establish and negotiate implementation actions	3.1 Disclose any commercial relationships of representative and organisation to products and services mentioned in plan 3.2 Identify and negotiate issues that may require further consideration and refer to relevant financial services professionals and specialists 3.3 Provide copies of research and other documentation to authorised representative and confirm understanding of recommendations presented
4. Negotiate plan-related matters effectively	4.1 Assist authorised representative regarding solutions to client needs and objectives, and present alternatives to recommendations when requested 4.2 Identify and assess any complaints according to organisational policies and procedures and professional protocols 4.3 Maintain communication channels when dealing with complaints and observe internal and external complaint handling procedures and professional protocols 4.4 Obtain agreement in principle from authorised representative to proceed
5. Finalise plan and maintain required documentation	5.1 Seek feedback from authorised representative on financial plan 5.2 Adjust financial plan according to feedback, complete proposal and related documentation, and obtain sign-off to agreed plan 5.3 Create and update client records and complete contract variations if required according to organisational procedures 5.4 Confirm completion with authorised representative 5.5 Record client advice according to current industry documentation requirements and organisational policies and procedures 5.6 Ensure instructing or purchasing documentation is signed by client where required

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Learning	Maintains accurate and current knowledge of products and legislative requirements relevant to role
Numeracy	Performs calculations and uses analytical techniques to determine trends and compare complex financial information Analyses, records and stores data according to organisational requirements
Oral communication	Uses active listening and questioning techniques to elicit the views of others and confirm understanding Presents detailed and comprehensive information, options and recommendations using language, tone and pace relevant to audience and purpose
Reading	Researches and manages information and products to determine appropriateness to client needs Consolidates and evaluates information from a range of sources to form a holistic perspective of complex situations and to identify implications
Writing	Synthesises and presents comprehensive financial and textual information using relevant formats and concepts for the audience and purpose Uses clear and unambiguous language, avoiding jargon and in a language relevant to the receiver
Planning and organising	Plans, sequences and prioritises complex tasks to meet legislative and organisational requirements, ethical standards and client requirements
Problem solving	Uses systematic, analytical problem-solving processes in complex routine and non-routine situations by gathering information and identifying and evaluating options against agreed criteria Systematically evaluates complex information to make informed decisions
Self-management	Takes responsibility for behaving ethically and ensuring that documentation and processes comply with legislative and organisational requirements
Teamwork	Uses collaboration techniques to negotiate agreement Adapts personal communication style to show respect for the opinions, values and needs of others
Technology	Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

No equivalent unit. Supersedes and is not equivalent to FNSFPL605 Present and negotiate complex and innovative financial plans.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSFPL615 Present and negotiate financial plans

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

present and negotiate three different financial plans, each to a different authorised representative.

In the course of the above, the candidate must:

present and negotiate preliminary, amended and final draft of financial plan to authorised representative that provides justification and research evidence for all elements of the plan

comply with and observe limits imposed by legislative requirements, regulations, codes of practice, and organisational policies and procedures

obtain feedback and agreement on plan from authorised representative.

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:

legislative requirements, regulations and codes of practice relating to financial planning, including:

terms of the Acts relating to financial plans

organisational policies and procedures, including:

internal and external complaint handling and dispute resolution procedures and protocols

client record management and industry documentation requirements

impact on clients’ financial planning needs of relevant:

economic, taxation and social security policy

estate planning and insurance considerations

requirements relating to disclosure of capacity

key features of financial planning industry, including:

investment and savings vehicles

financial markets

asset classes and investment characteristics

products available in the financial services industry

investment risk factors and their relationship to return expectations

key features of sales and marketing media and methodologies

products available in the financial services industry and advice offered

advantages, risks and disadvantages of financial plan proposals

role of clients’ authorised representatives and financial planning practice in the development of financial plans.

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:

organisational equipment, technology and software.

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

FNSFPL616 Implement financial plans

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to implement a financial plan and successfully present it to an authorised representative. It involves establishing the actions, timings and priorities needed to implement and monitor or supervise the implementation of financial plan actions.

The unit applies to those experienced in the financial planning industry who use specialised knowledge, systematic processes and managerial techniques to complete complex work and to manage relationships. The implementation of financial plans will be through authorised representatives, including financial advisers, or from shareholders, financial organisations, stockbrokers, trustees, agents and intermediaries.

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

Financial planning

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. Establish actions, timings and priorities needed to implement financial plan	1.1 Identify and source financial plan to be implemented 1.2 Review special features of client situation for implementation implications 1.3 Establish implementation actions and confirm they are consistent with client needs and objectives, and prioritise specifications and timings for each action to be implemented 1.4 Explain implementation actions to authorised representative and obtain written agreement to actions 1.5 Establish implementation diary and other required records according to organisational policies and procedures
2. Establish procedures for implementing financial plan	2.1 Identify and brief required personnel to implement each action in financial plan 2.2 Identify and meet internal and external communication and documentation requirements 2.3 Coordinate implementation actions that depend on and involve actions by other professionals 2.4 Establish audit trails and monitoring procedures for critical implementation timings and priorities
3. Undertake and/or supervise implementation of actions associated with financial plan	3.1 Ensure authorised representative provides client with information on actions they must undertake 3.2 Confirm authorised representative issues instructions to required internal and external personnel as per financial plan requirements 3.3 Maintain consultation and monitoring with internal and external stakeholders where joint implementation action is required 3.4 Check and follow up lodgement of documentation to ensure plan timings are met 3.5 Obtain fees and charges, and process according to organisational and legislative requirements 3.6 Seek and integrate feedback on implemented actions from relevant stakeholders

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Learning	Maintains knowledge of compliance legislation and regulatory environment necessary to perform role
Numeracy	Uses mathematical equations to perform calculations and check accuracy of fees and financial data Analyses, records and stores complex financial data and information
Oral communication	Participates in verbal exchanges, choosing relevant language to explain complex concepts to audiences Uses active listening and questioning techniques to confirm understanding
Reading	Researches and manages information and products to determine currency, accuracy and appropriateness to client needs Consolidates and evaluates information from a range of sources to form a holistic perspective of complex situations and to identify implications
Writing	Completes documentation following organisational procedures and protocols Uses clear language, relevant terminology and correct spelling and grammar to convey information to a range of stakeholders
Teamwork	Selects and uses relevant conventions and protocols when communicating with internal and external stakeholders to provide or seek information Uses collaboration techniques to build trust and encourage stakeholders to voice concerns Adapts personal communication style to show respect for the opinions, values and needs of others
Planning and organising	Plans, sequences and implements processes and tasks to meet legislative, organisational and client requirements
Problem solving	Systematically evaluates complex information to make informed decisions about relevant services
Technology	Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

Supersedes and is equivalent to FNSFPL606 Implement complex and innovative financial plans.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSFPL616 Implement financial plans

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

implement one different financial plan in at least three of the following practice areas:

aged care

direct investments

estate planning

life insurance

managed investments

retirement planning

social securities

superannuation

taxation.

In the course of the above, the candidate must:

present each plan to client’s authorised representative, explaining required implementation actions and obtaining agreement to the actions

complete documentation and establish relevant audit trails of records and data using applicable technology and software.

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:

legislative requirements relating to implementing financial plans, including:

corporations and consumer legislation

relevant financial legislation

government financial and superannuation policy

organisational policies and procedures relating to implementing financial plans

common methods of presenting financial data and documenting financial plans

types and key features of financial products and markets relating to implementing financial plans, including banks and other authorised representatives

special features of client situation that have implications when implementing financial plans, including:

complex estate planning issues

complex taxation

unusual or infrequent income and expenditure

high asset

legal issues

roles and responsibilities of other professionals involved in implementing financial plans, including of accountants and lawyers.

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:

organisational equipment, technology and software.

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

FNSFPL617 Prepare advice in derivatives

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to analyse client needs in regard to derivatives, and prepare advice ethically, professionally and in compliance with industry regulations and codes of practice.

The unit applies to those who use well-developed interpersonal, communication and self-management skills when performing a specialist advisory role in derivatives. The requirement to prepare advice may come from authorised representatives, including financial advisers, shareholders, financial organisations, stockbrokers, trustees, agents and intermediaries.

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

Financial planning

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. Analyse client needs and risk profile	1.1 Analyse all information gathered from authorised representative taking client product expectations and specific needs into account according to organisational procedures 1.2 Consult with authorised representative throughout analysis for further clarification where necessary 1.3 Identify need for specialist advice and ensure client is referred to appropriate adviser where required 1.4 Assess and confirm client’s product risk profile according to expectations of cash flow and relevant taxation obligations
2. Develop derivatives strategies and solutions that meet client needs and risk profile	2.1 Identify legislative, regulatory and code of practice requirements relevant to products being offered 2.2 Determine required derivatives strategy based on analysis of derivative products, client risk profile and client’s needs 2.3 Conduct required research, analysis and product modelling and apply stress tests for changes in market conditions
3. Provide strategies and solutions to authorised representative	3.1 Draft required solution, plan, policy or transaction and provide to authorised representative 3.2 Explain proposed solution, plan, policy or transaction to authorised representative 3.3 Confirm required details, terms and conditions of product and service 3.4 Disclose impacts and possible risks of solution and offer alternative solutions to authorised representative 3.5 Prepare supporting written documentation and guide authorised representative through key aspects of documentation 3.6 Discuss and clarify concerns and issues regarding proposed solution, plan, policy or transaction with authorised representative 3.7 Confirm with authorised representative client’s understanding of proposed solution, plan, policy or transaction
4. Establish agreement and complete documentation process	4.1 Obtain authorised representative’s formal agreement and sign-off to proposed solution, plan, policy or transaction 4.2 Document fees, cost structures and timeframes for execution and processing 4.3 Ensure that proposal and required statutory and transactional documents are completed and signed off by client 4.4 Provide draft agreement and other required documentation to authorised representative
5. Agree to arrangements for providing ongoing services	5.1 Prepare documentation of fees and costs for ongoing and specifically defined services according to organisational policies and procedures 5.2 Agree to type and form of ongoing service to be provided 5.3 Provide documented service arrangements to authorised representative for confirmation 5.4 Implement procedures for agreed ongoing service according to organisational policies and procedures

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Learning	Extends knowledge of product features and applications of derivative investments relevant to current role using research and analysis
Numeracy	Interprets financial product information and calculates client costs, risks and returns
Oral communication	Articulates requirements using industry-specific language appropriate to audience and environment Uses active listening and questioning techniques to elicit information and confirm understanding
Reading	Interprets textual information from relevant sources
Writing	Uses industry-related terminology to complete and consolidate workplace documentation
Planning and organising	Takes responsibility for the planning, sequence and priority of tasks within own workload to achieve effective and compliant outcomes
Self-management	Takes personal responsibility for following policies, procedures and protocols to provide advisory services and documentation that comply with legal, statutory and organisational requirements Applies systematic and analytical decision-making processes to determine and implement investment solutions that meet client needs and financial requirements, including referral to specialist personnel as required
Teamwork	Selects and uses the appropriate conventions and protocols when communicating with authorised representatives Seeks and shares information, establishes agreement and maintains ethical service relationships Adapts personal communication style to show respect for the values, beliefs and cultural expectations of others
Technology	Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

No equivalent unit. Newly created unit.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSFPL617 Prepare advice in derivatives

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

prepare accurate and ethical advice on derivative products and services for at least two different clients.

In the course of the above, the candidate must:

interpret and comply with industry regulations and codes of practice

analyse client needs, financial situation and risk profile, and prepare appropriate strategies or solutions relating to derivatives

implement the solution, plan, policy or transaction once agreed by the client and complete documentation.

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:

Generic knowledge

economic environment, including:

characteristics and impact of economic and business cycles

interest rates and exchange rates

inflation

government monetary and fiscal policy

operation of financial markets, including:

roles played by intermediaries and issuers

structure and interrelationships within financial markets

interrelationship between industry sectors

financial products, including:

concept of a financial product: general definition, and specific inclusions and exclusions

types of financial investment products

types of financial risk products

aspects of ongoing service provision, including:

reporting on performance

using effective communication skills

reviewing of solution, plan, policy or transaction.

Specialist knowledge

legal environment, including disclosure and compliance covering:

role of the authorised representative or adviser

relevant legal principles relating to the Corporations Act, Australian Securities and Investments Commission (ASIC) Act, Privacy Amendment (Private Sector) Act, and Competition and Consumer Act

relationship between ethics and regulatory requirements, including good faith, utmost good faith, full disclosure of remuneration and fees, and other conflicts of interest that may influence authorised representative’s recommendation

relevant industry standards and codes of practice

regulatory guidelines

internal and external complaints resolution procedures

ASIC market integrity rules

Australian Securities Exchange (ASX) 24 Operating Rules

elements of the Registered Representatives Examination

operation of derivatives markets, including:

market participants

roles played by intermediaries

structure and interrelationships between the securities and derivatives sectors

characteristics of a range of derivatives, the associated risks and investment options using derivatives products

theories of investment, portfolio management and management of investment and risk, including:

investment concepts and strategies

identification of types of risk

client risk profile

taxation issues in relation to derivatives, financial products and markets in which they operate.

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:

organisational equipment, technology, software and peripherals

derivatives product information.

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

FNSFPL618 Prepare advice in securities

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to analyse client needs in securities and prepare advice ethically, professionally and in compliance with industry regulations and codes of practice.

The unit applies to those who use well-developed interpersonal, communication and self-management skills when performing a specialist advisory role in securities. The requirement to prepare advice may come from authorised representatives, including financial advisers, shareholders, financial organisations, stockbrokers, trustees, agents and intermediaries.

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

Financial planning

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. Analyse client needs and risk profile	1.1 Analyse client needs using all information gathered and considering client’s product expectations 1.2 Consult with authorised representative throughout analysis for further clarification where necessary according to organisational procedures 1.3 Identify need for specialist advice and ensure client is referred to appropriate adviser, where required 1.4 Assess and confirm client’s product risk profile according to expectations of cash flow and relevant taxation obligations
2. Develop securities strategies and solutions that meet client needs and risk profile	2.1 Identify legislative, regulatory and code of practice requirements relevant to products being offered 2.2 Determine required securities strategy based on analysis of products, client’s risk profile and needs 2.3 Conduct required research, analysis and product modelling and apply stress tests for changes in market conditions
3. Provide strategies and solutions to authorised representative	3.1 Draft required solution, plan, policy or transaction and provide to authorised representative 3.2 Explain proposed solution, plan, policy or transaction to authorised representative 3.3 Confirm required details, terms and conditions of product and service 3.4 Disclose impacts and possible risks of solution, plan, policy or transaction and offer alternative solutions to authorised representative 3.5 Prepare supporting written documentation and guide authorised representative through key aspects of documentation 3.6 Discuss and clarify concerns and issues regarding proposed solution, plan, policy or transaction 3.7 Confirm with authorised representative client’s understanding of proposed solution, plan, policy or transaction
4. Establish agreement and complete documentation process	4.1 Obtain authorised representative’s formal agreement and signoff to proposed solution, plan, policy or transaction 4.2 Document fees, cost structures and timeframes for execution and processing 4.3 Ensure that proposal and required statutory and transactional documents are completed and signed off by client 4.4 Provide draft agreement and other required documentation to authorised representative
5. Agree to arrangements for providing ongoing services	5.1 Prepare documentation of fees and costs for ongoing and specifically defined services according to organisational policies and procedures 5.2 Agree to type and form of ongoing service to be provided 5.3 Provide documented service arrangements to authorised representative for confirmation 5.4 Implement procedures for agreed ongoing service according to organisational policies and procedures

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Learning	Extends knowledge of product features and applications of securities investment relevant to current role using research and analysis
Numeracy	Interprets financial product information and calculates client costs, risks and returns
Oral communication	Articulates requirements using industry-specific language appropriate to audience and environment Uses active listening and questioning techniques to elicit information and confirm understanding
Reading	Interprets textual information from relevant sources
Writing	Uses industry-related terminology to complete and consolidate workplace documentation
Planning and organising	Takes responsibility for the planning, sequence and priority of tasks within own workload to achieve effective and compliant outcomes
Self-management	Takes personal responsibility for following policies, procedures and protocols to provide advisory services and documentation that comply with legal, statutory and organisational requirements Applies systematic and analytical decision-making processes to determine and implement investment solutions that meet client needs and financial requirements, including referral to specialist personnel as required
Teamwork	Selects and uses the appropriate conventions and protocols when communicating with authorised representatives Seeks and shares information, establishes agreement and maintains ethical service relationships Adapts personal communication style to show respect for the values, beliefs and cultural expectations of others
Technology	Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

No equivalent unit. Newly created unit.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSFPL618 Prepare advice in securities

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

prepare accurate and ethical advice on securities products and/or services for at least two different clients.

In the course of the above, the candidate must:

interpret and comply with industry regulations and codes of practice

analyse client needs, financial situation and risk profile, and prepare appropriate strategies or solutions relating to securities

implement the solution, plan, policy or transaction once agreed by the client and complete documentation.

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:

Generic knowledge

economic environment, including:

characteristics and impact of economic and business cycles

interest rates and exchange rates

inflation

government monetary and fiscal policy

operation of financial markets, including:

roles played by intermediaries and issuers

structure and interrelationships within financial markets

interrelationship between industry sectors

financial products, including:

concept of a financial product: general definition, and specific inclusions and exclusions

types of financial investment products

types of financial risk products

aspects of ongoing service provision, including:

reporting on performance

using effective communication skills

preparing required records and documentation

reviewing of solution, plan, policy or transaction.

Specialist knowledge

legal environment, including disclosure and compliance covering:

role of the authorised representative or adviser

relevant legal principles relating to the Corporations Act, Australian Securities and Investments Commission (ASIC) Act, Privacy Amendment (Private Sector) Act, and Competition and Consumer Act

relationship between ethics and regulatory requirements covering good faith, utmost good faith, full disclosure of remuneration and fees, and other conflicts of interest that may influence authorised representative’s recommendation

relevant industry standards and codes of practice

regulatory guidelines

internal and external complaints resolution procedures

stockbroking competency standards

Australian Securities Exchange (ASX) Operating Rules

ASIC market integrity rules

operation of securities markets, including:

market participants

roles played by intermediaries

characteristics of types of products, including:

range of securities

associated risks

investment options using securities product

alternative products, including derivatives

theories of investment, portfolio management and management of investment and risk, including:

investment concepts

investment strategies

identification of types of risk

client risk profile

taxation issues in relation to securities, financial products and markets in which they operate.

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 peripherals

securities product information.

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

FNSFPL619 Prepare advice in life insurance

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to analyse client needs in life insurance; and prepare advice ethically, professionally and in compliance with industry regulations and codes of practice.

The unit applies to those who use well-developed interpersonal, communication and self-management skills when performing a specialist advisory role in life insurance. The requirement to prepare advice may come from authorised representatives, including financial advisers, shareholders, financial organisations, stockbrokers, trustees, agents and intermediaries.

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

Financial planning

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. Analyse client needs and risk profile	1.1 Analyse client needs using all information gathered from authorised representative and considering client product expectations 1.2 Consult with authorised representative throughout analysis for further clarification where necessary according to organisational procedures 1.3 Identify need for specialist advice and ensure client is referred to appropriate adviser if required 1.4 Assess and confirm client’s product risk profile according to expectations of cash flow and relevant taxation obligations
2. Develop life insurance strategies and solutions that meet client needs and risk profile	2.1 Identify legislative, regulatory and code of practice requirements relevant to products being offered 2.2 Determine required life insurance strategy based on analysis of life insurance products, client risk profile and client’s needs 2.3 Conduct required research, analysis and product modelling and apply stress tests for changes in market conditions
3. Provide strategies and solutions to authorised representative	3.1 Draft required solution, plan, policy or transaction and provide to authorised representative 3.2 Explain proposed solution, plan, policy or transaction to authorised representative 3.3 Confirm details, terms and conditions of product and service 3.4 Disclose impacts and possible risks of proposed solution, plan, policy or transaction and offer alternative solutions to authorised representative 3.5 Provide supporting written documentation and guide authorised representative through key aspects of documentation 3.6 Discuss and clarify concerns and issues that authorised representative has regarding proposed solution, plan, policy or transaction 3.7 Confirm with authorised representative client’s understanding of proposed solution, plan, policy or transaction
4. Establish agreement and complete documentation	4.1 Obtain formal agreement from authorised representative and obtain their sign-off on proposed solution, plan, policy or transaction 4.2 Document fees, cost structures and timeframes for execution and processing of agreed solution, plan, policy or transaction 4.3 Ensure proposal and required statutory and transactional documents are completed and signed off by client 4.4 Provide draft agreement and other required documentation to authorised representative
5. Agree to arrangements for providing ongoing services	5.1 Prepare documentation of fees and costs for ongoing and specifically defined services according to organisational policies and procedures 5.2 Agree to type and form of ongoing service to be provided 5.3 Provide documented service arrangements to authorised representative for confirmation 5.4 Implement procedures for agreed ongoing service according to organisational policies and procedures

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Learning	Extends knowledge of product features and applications of life insurance products relevant to current role using research and analysis
Numeracy	Interprets financial product information and calculates client costs, risks and returns
Oral communication	Articulates requirements using industry-specific language appropriate to audience and environment Uses active listening and questioning techniques to elicit information and confirm understanding
Reading	Interprets textual information from relevant sources
Writing	Uses industry-related terminology to complete and consolidate workplace documentation
Planning and organising	Takes responsibility for the planning, sequence and priority of tasks within own workload to achieve effective and compliant outcomes
Self-management	Takes personal responsibility for following policies, procedures and protocols to provide advisory services and documentation that comply with legal, statutory and organisational requirements Applies systematic and analytical decision-making processes to determine and implement investment solutions that meet client needs and financial requirements, including referral to specialist personnel as required
Teamwork	Selects and uses the appropriate conventions and protocols when communicating with authorised representatives Seeks and shares information, establishes agreement and maintains ethical service relationships Adapts personal communication style to show respect for the values, beliefs and cultural expectations of others
Technology	Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

No equivalent unit. Newly created unit.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSFPL619 Prepare advice in life insurance

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

prepare accurate and ethical advice on life insurance products and/or services for at least two different clients.

In the course of the above, the candidate must:

interpret and comply with industry regulations and codes of practice

analyse client needs, financial situation and risk profile, and prepare appropriate strategies or solutions relating to life insurance

implement the solution, plan, policy or transaction once agreed by the client and complete documentation.

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:

Generic knowledge

legal environment, including disclosure and compliance covering:

role of the authorised representative or adviser

relevant legal principles relating to the Corporations Act, Australian Securities and Investments Commission (ASIC) Act, Insurance Contracts Act, Life Insurance Act, Privacy Amendment (Private Sector) Act, and Competition and Consumer Act

relationship between ethics and regulatory requirements, including good faith, faith, utmost good faith, full disclosure of remuneration and fees, and other conflicts of interest that may influence authorised representative’s recommendation

relevant industry standards and codes of practice

regulatory guidelines

internal and external complaints resolution procedures

economic environment, including:

characteristics and impact of economic and business cycles

interest rates and exchange rates

inflation

government monetary and fiscal policy

operation of financial markets, including:

roles played by intermediaries and issuers

structure and interrelationships within financial markets

interrelationship between industry sectors

financial products, including:

concept of a financial product: general definition, and specific inclusions and exclusions

types of financial investment products

types of financial risk products

aspects of ongoing service provision, including:

reporting on performance

using effective communication skills

preparing required records and documentation

reviewing of solution, plan, policy or transaction.

Specialist knowledge

operation of insurance markets, including:

definition of insurance product

characteristics and participants of the Australian insurance market

roles played by intermediaries

types of insurance products, including risk insurance products, investment life insurance products and general insurance products

key aspects of insurance products:

conditions, exclusions and levels of coverage of risk transfer products

pricing

taxation issues in relation to insurance products and markets

advisory functions, including:

role of insurance adviser, broker or agent

participants in the insurance advisory services market

range of services provided

profile and financial information of the client

appropriateness of a risk assessment

theories of investment, portfolio management and management of investment and risk, including:

investment concepts

investment strategies

identification of types of risk

client risk profile.

aspects of life insurance:

types and classes of life insurance products and policies

standard cover and deviations

product development

policy wording

underwriting

insurance claims

premium rating and risk assessment

types of investment strategies and components of life insurance products.

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 peripherals

life insurance product information.

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

FNSFPL620 Prepare advice in insurance broking

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to analyse a client’s insurance needs and prepare advice ethically, professionally and in compliance with industry regulations and codes of practice.

The unit applies to those who use well-developed interpersonal, communication and self-management skills when performing a specialist advisory role in insurance broking. The requirement to prepare advice may come from authorised representatives, including financial advisers, shareholders, financial organisations, stockbrokers, trustees, agents and intermediaries.

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

Financial planning

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. Analyse client needs and risk profile	1.1 Assess client needs using all information gathered and considering client product expectations 1.2 Consult with authorised representative throughout analysis for further clarification where required according to organisational procedures 1.3 Identify need for specialist advice and ensure client is referred to appropriate adviser where required 1.4 Assess and confirm client’s product risk profile according to organisational policies and procedures
2. Develop insurance strategies and solutions that meet client needs and risk profile	2.1 Identify legislative, regulatory and code of practice requirements relevant to products being offered 2.2 Determine required insurance strategy based on analysis of insurance broking products, client risk profile and client needs 2.3 Conduct required research, analysis and product modelling and apply stress tests for changes in market conditions
3. Provide strategies and solutions to authorised representative	3.1 Draft required solution, plan, policy or transaction and provide to authorised representative 3.2 Explain proposed solution, plan, policy or transaction to authorised representative 3.3 Confirm required details terms and conditions of product and service 3.4 Disclose impacts and possible risks of proposed solution, plan, policy or transaction and offer alternative solutions to authorised representative 3.5 Provide supporting written documentation and guide authorised representative through key aspects of documentation 3.6 Discuss and clarify concerns and issues that authorised representative has regarding proposed solution, plan, policy or transaction 3.7 Confirm with authorised representative client’s understanding of proposed solution, plan, policy or transaction
4. Establish agreement and documentation process	4.1 Obtain authorised representative’s formal agreement and sign-off to proposed solution, plan, policy or transaction 4.2 Document fees, cost structures and timeframes for execution and processing 4.3 Ensure that proposal and required statutory and transactional documents are completed and signed off by client 4.4 Provide draft agreement and other required documentation to authorised representative
5. Agree to arrangements for providing ongoing services	5.1 Prepare documentation of fees and costs for ongoing and specifically defined services according to organisational policies and procedures 5.2 Agree to type and form of ongoing service to be provided 5.3 Provide documented service arrangements to authorised representative for confirmation 5.4 Implement procedures for agreed ongoing service according to organisational policies and procedures

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Learning	Extends knowledge of product features and applications of insurance broking products relevant to current role using research and analysis
Numeracy	Interprets financial product information and calculates client costs, risks and returns
Oral communication	Articulates requirements using industry-specific language appropriate to audience and environment Uses active listening and questioning techniques to elicit information and confirm understanding
Reading	Interprets textual information from relevant sources
Writing	Uses industry-related terminology to complete and consolidate workplace documentation
Planning and organising	Takes responsibility for the planning, sequence and priority of tasks within own workload to achieve effective and compliant outcomes
Self-management	Takes personal responsibility for following policies, procedures and protocols to provide advisory services and documentation that comply with legal, statutory and organisational requirements Applies systematic and analytical decision-making processes to determine and implement investment solutions that meet client needs and financial requirements, including referral to specialist personnel as required
Teamwork	Selects and uses the appropriate conventions and protocols when communicating with authorised representatives Seeks and shares information, establishes agreement and maintains ethical service relationships Adapts personal communication style to show respect for the values, beliefs and cultural expectations of others
Technology	Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

No equivalent unit. Newly created unit.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSFPL620 Prepare advice in insurance broking

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

prepare accurate and ethical advice on insurance broking products and/or services for at least two different clients.

In the course of the above, the candidate must:

interpret and comply with industry regulations and codes of practice

analyse client’s needs, financial situation and risk profile, and prepare appropriate strategies or solutions relating to insurance broking

implement the solution, plan, policy or transaction once agreed by the client and complete documentation.

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:

Generic knowledge

economic environment, including:

characteristics and impact of economic and business cycles

interest rates and exchange rates

inflation

government monetary and fiscal policy

operation of financial markets, including:

roles played by intermediaries and issuers

structure and interrelationships within financial markets

interrelationship between industry sectors

financial products, including:

concept of a financial product: general definition, and specific inclusions and exclusions

types of financial investment products

types of financial risk products

aspects of ongoing service provision, including:

reporting on performance

using effective communication skills

preparing required records and documentation

reviewing of solution, plan, policy or transaction

types of documents and documentation requirements for insurance broking

Specialist knowledge

legal environment, including disclosure and compliance covering:

role of the authorised representative or adviser

relevant legal principles relating to the Corporations Act, Australian Securities and Investments Commission (ASIC) Act, Insurance Contracts Act, Life Insurance Act, Privacy Amendment (Private Sector) Act, and Competition and Consumer Act

relationship between ethics and regulatory requirements, including good faith, faith, utmost good faith, full disclosure of remuneration and fees, and other conflicts of interest that may influence authorised representative’s recommendation

relevant industry standards and codes of practice

regulatory guidelines

internal and external complaints resolution procedures

operations of insurance markets, including:

definition of insurance product

characteristics and participants of the Australian insurance market

roles played by intermediaries

insurance products, including risk insurance products, investment life insurance products and general insurance products

insurance products:

conditions, exclusions and levels of coverage of risk transfer products

pricing

taxation issues in relation to insurance products and markets

types of analysis and product modelling

types of stress tests for changes in market conditions

advisory functions, including:

role of insurance adviser, broker or agent

participants in the insurance advisory services market

range of services provided

profile and financial information of the client

appropriateness of a risk assessment.

characteristics of insurance broking:

types and classes of insurance products and policies

standard cover and deviations

product development

policy wording

underwriting

insurance claims

premium rating and risk assessment

types of broking services.

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 peripherals

insurance broking product information.

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

FNSFPL621 Comply with ethical and operational guidelines, legislation and regulations in financial planning

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to meet compliance requirements in financial planning work, including ethical and operational guidelines, industry codes of practice, legislation and regulations.

The unit applies to those experienced in the financial planning industry who use specialised knowledge to review and check information in their own work to ensure quality standards are maintained.

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

Financial planning

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 and apply compliance requirements to financial planning work	1.1 Identify and access information on legislative, regulatory and industry codes of practice requirements relating to own work 1.2 Apply compliance requirements in own work tasks 1.3 Identify experts within practice, and regulatory advisory services external to practice, and seek their guidance on compliance where required 1.4 Apply advice and guidance where required
2. Apply ethical standards and operational compliance guidelines to financial planning	2.1 Identify principles and standards of ethical behaviour relating to own work 2.2 Identify and check updates to operational compliance guidelines and apply to own work 2.3 Identify experts within organisation responsible for interpreting identified guidelines and seek their assistance where required 2.4 Check tasks to be completed that may raise doubt regarding their propriety, and clear with an expert source
3. Review compliance of own work	3.1 Establish personal monitoring system to self-monitor own compliance with compliance requirements, ethical standards and operational guidelines 3.2 Use monitoring system to confirm that own work meets legislative and regulatory requirements, ethical and operational guidelines, and industry codes of practice 3.3 Identify where own performance does not meet compliance requirements and make necessary adjustments 3.4 Seek feedback on identified required compliance adjustments from required stakeholders

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Learning	Actively seeks out information and advice from a range of sources to improve own work performance and ensure that knowledge of legislative and regulatory requirements is accurate, comprehensive and current Identifies and participates in professional development activities to maintain currency of industry knowledge and improve work practices
Oral communication	Participates in verbal exchanges using relevant conventions and protocols, including active listening and questioning techniques, when communicating with internal and external stakeholders Uses language and concepts relevant to audience and purpose
Reading	Researches and analyses textual information to determine and confirm work requirements
Planning and organising	Plans and organises work processes and tasks to meet legislative and organisational requirements and ethical standards, changing processes where necessary
Problem solving	Uses problem-solving techniques to identify and analyse possible compliance issues and decide on suitable actions
Technology	Uses the main features and functions of digital tools to complete work tasks and access information

Unit Mapping Information

No equivalent unit. Supersedes and is not equivalent to FNSFPL501 Comply with financial planning practice ethical and operational guidelines and regulations.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSFPL621 Comply with ethical and operational guidelines, legislation and regulations in financial planning

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

demonstrate compliance with financial planning legislative and regulatory requirements, ethical and operational compliance guidelines, and industry codes of practice when completing three different financial planning work tasks, each of which must be chosen from a different listed practice area:

aged care

direct investments

estate planning

life insurance

managed investments

retirement planning

social securities

superannuation

taxation.

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:

legislative and regulatory requirements relating to financial planning and their application to financial planning job roles

key features and requirements of:

current government financial policy

organisational operational procedures

industry codes of practice

principles and standards of ethical behaviour in financial planning

personal monitoring system, including:

checklists

peer review mechanisms

ethical behaviours in financial planning and sources of information on ethical standards

key sources of:

financial planning information

expert or specialist personnel who can provide advice

opportunities for professional development and learning relating to ethical standards in financial planning, including training programs, peers, industry codes of practice, and operational guidelines.

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:

organisational equipment, technology and software

opportunities for professional development and learning.

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

FNSFPL622 Conduct financial planning analysis and research

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to undertake analysis and research within the field of financial planning and in relation to financial strategies, products and markets. It involves evaluating a client’s current situation, identifying issues, and researching requirements and parameters for extracting and analysing information, summarising research information and providing it to relevant stakeholders.

The unit applies to those experienced in the financial planning industry who apply specialised knowledge, systematic approaches and analytical techniques to research and prepare information customised for clients and/or situations. The client instructions for the research to be undertaken may come from financial advisers, or from shareholders, financial organisations, stockbrokers, trustees, agents and intermediaries.

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

Financial planning

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. Evaluate client’s current situation and identify issues	1.1 Obtain client personal, financial and business information from authorised representative as required by research task 1.2 Analyse integrity of information provided 1.3 Identify, quantify and test client objectives with required stakeholders for viability
2. Identify research requirements, parameters and resources	2.1 Establish research aims, objectives and strategy 2.2 Establish intended use of research information 2.3 Identify and access internal and external resources relevant to research requirements and parameters and according to organisational policies and procedures 2.4 Establish research timeframes and prioritise requests for information to ensure milestones are met
3. Extract and analyse information according to research requirements and parameters	3.1 Establish data extraction criteria relevant to intended use and client requirements 3.2 Identify trends to provide information on performance of possible financial strategies, products and markets 3.3 Identify legislative and regulatory requirements that must be considered in choice of financial planning strategies 3.4 Conduct risk assessment of strategies and products identified through research 3.5 Analyse financial strategies and products suitable to client needs within required timeframes 3.6 Prioritise information according to client requirements and expectations 3.7 Identify issues that require specialist research or advice and obtain advice as required and according to organisational policies and procedures
4. Summarise research information and provide to required stakeholders	4.1 Collate and record research information on financial strategies and products according to organisational policies and procedures and industry codes of practice 4.2 Check information against research requirements and parameters 4.3 Prepare and check written performance, trends and risk analyses against research specifications 4.4 Describe and document assumptions, recommendations and issues for further research 4.5 Provide research to required stakeholders and store according to organisational requirements

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Performs calculations and uses analytical techniques to determine trends and make comparisons of financial information
Oral communication	Uses active listening and questioning techniques to clarify and elicit information from a range of stakeholders
Writing	Uses language, concepts and terminology appropriate to audience and purpose to share, convey and clarify explicit information and requirements
Planning and organising	Plans and monitors research progress to meet required timeframes
Self-management	Plans, organises and implements processes to ensure required tasks are completed efficiently and effectively Systematically gathers, analyses and evaluates research findings on appropriate financial strategies, products and advice
Teamwork	Selects and uses conventions and protocols when communicating with internal and external stakeholders to seek or share information
Technology	Uses the main features and functions of digital tools to complete work tasks and to access information

Mapping Information

No equivalent unit. Supersedes and is not equivalent to FNSFPL502 Conduct financial planning analyses and research.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSFPL622 Conduct financial planning analysis and research

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

meet research requirements of at least three different financial planning clients, each research response relating to a different listed practice area:

aged care

direct investments

estate planning

life insurance

managed investments

retirement planning

social securities

superannuation

taxation.

In the course of the above, the candidate must:

prioritise information and findings against client requirements

develop appropriate strategies to conduct each piece of financial planning analysis and research

summarise analysis against client expectations.

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 the following as they relate to research:

legislative requirements and regulations governing trusts and companies

financial industry Acts and regulations

relevant industry codes of practice requirements

organisational policies and procedures relating to research, including for identifying and classifying a wide range of available information sources

key features of taxation and social security systems and regulations, and their effect on specified financial products

research aims and objectives, including financial strategy or product and performance parameters against client requirements and expectations, and against identified issues

financial industry sources of information and data, and research techniques for accessing them

key trends and latest research findings relating to financial strategies, products and markets

key features of financial products and services, including:

associated benefits from a financial planning perspective

use in portfolios

risks and implications associated with use of financial products and services

key features of different financial planning strategies

theories of investment, portfolio management, and management of investment and risk, including:

investment concepts

investment strategies

identification of types of risk

client risk profile.

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:

organisational equipment, technology and software

contact software system and data

financial services product information.

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

FNSIBK412 Implement new and renewed insurance program for insurance broking clients

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to implement a new or renewed insurance program based on a client’s current objectives and risk profile.

The unit applies to those working in insurance broking who assess and review information for retail clients.

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

Insurance broking

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. Determine insurance program requirements	1.1 Establish client’s knowledge level and type of advice required 1.2 Identify client’s objectives according to organisational policies and procedures 1.3 Respond to enquiries for advice on new or renewed insurance program and explain program components
2. Evaluate client objectives and risk situation	2.1 Gather client information according to organisational procedures to determine client risk profile 2.2 Complete risk assessment in compliance with brokerage guidelines and applicable legislative and regulatory requirements 2.3 Confirm effective dates for insurance changes with client 2.4 Maintain comprehensive records of risks assessed and actions taken according to regulatory requirements and organisational procedures 2.5 Check and review records regularly to ensure information is current
3. Analyse required changes to client’s insurance program	3.1 Research and recommend appropriate products based on product comparison and cost-benefit analysis 3.2 Identify and record required changes to program using information gathered 3.3 Compare new and additional risks with current insurance program so that discrepancies are clear 3.4 Consult client throughout analysis and seek advice about required changes within required timeframe 3.5 Determine need for specialist advice and refer client to appropriate adviser for higher level or specialist advice if required and according to organisational policies and procedures 3.6 Obtain client declarations as required by underwriter
4. Negotiate any program changes with insurers	4.1 Obtain terms to meet client requirements 4.2 Clarify terms required for renewal and change of client’s insurance with insurers
5. Communicate options to client and obtain instructions	5.1 Advise clients about outcomes of negotiation with insurers to enable informed decisions 5.2 Clarify options for client that specify client benefits and disadvantages 5.3 Present justified recommendations clearly to clients, responding to questions as required 5.4 Obtain client instructions to enable precise action to be taken 5.5 Forward renewal notices to client according to organisational timeframe requirements
6. Agree to arrangements for providing ongoing service	6.1 Explain fees and costs of ongoing service and confirm client understanding 6.2 Agree to type and form of ongoing service to be provided 6.3 Implement procedures for agreed ongoing service according to organisational policies and procedures

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Performs calculations to determine cost-benefit analyses, insurance requirements and fees according to organisational methodologies
Oral communication	Uses language suitable to audience and purpose to convey information and requirements Uses active listening and questioning techniques to confirm understanding
Reading	Gathers, interprets and analyses information from a range of sources and identifies key information, including organisational and industry policy wording
Writing	Records and completes organisational documentation and correspondence using clear language and correct spelling, grammar and terminology Writes, edits and proofreads own documents to ensure clarity of meaning, and accuracy and consistency of information
Planning and organising	Takes responsibility for planning, sequencing and prioritising tasks and own workload to meet organisational requirements Applies systematic and analytical decision-making processes to make informed recommendations in relation to risk assessment
Self-Management	Takes personal responsibility for following policies, procedures and legislative requirements Selects and uses appropriate techniques when communicating with clients and insurers in a range of contexts
Teamwork	Uses collaboration techniques to negotiate agreed outcomes
Technology	Uses digital technologies to access, enter and store information

Unit Mapping Information

Supersedes and is equivalent to FNSIBK402 Implement new or renewed insurance program for insurance broking clients.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSIBK412 Implement new and renewed insurance program for insurance broking clients

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

implement at least one new and one renewed program, each for a different insurance broking client.

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:

legislative requirements, regulatory and brokerage guidelines relating to implementing insurance programs for insurance broking clients

organisational policies, procedures and authorities relating to implementing new and renewed insurance programs for broking clients, including for:

identifying client needs and objectives

gathering client information

completing risk assessments

maintaining client risk and program records

referring clients to specialist advisers

available insurance products, product types, and broking services and programs, and:

associated fees

charging methodologies

organisational and industry policy wording in developing recommendations for broking clients

key features of client risk assessment, including risk profile

roles and responsibilities of adviser or principal responsible for adviser’s conduct

methods for comparing researched products and completing associated cost-benefit analyses

regulatory requirements for providing advice to retail clients.

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:

organisational equipment, technology, software and consumables

organisational records

organisational policies and procedures.

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

FNSIBK413 Place client insurances with insurer and confirm insurance cover with clients

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to complete an agreed insurance transaction by following the required processes to place and confirm a client’s insurance with an insurer.

The unit applies to those with well-developed communication and administrative skills who provide broking assistance. Individuals may work in small or large brokerage organisations dealing with retail and commercial clients.

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

Insurance broking

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. Prepare to place insurance cover	1.1 Establish client insurance requirements and selected cover according to organisational policies and procedures 1.2 Calculate and negotiate premium and statutory duties with client 1.3 Notify insurer of client details and selected cover according to organisational policies and procedures
2. Establish interim cover	2.1 Obtain interim cover and confirm correct details 2.2 Forward confirmation of interim cover to insurers and client according to organisational policies and procedures 2.3 Identify and communicate optional extras to client
3. Complete client documentation	3.1 Assist client in completing required documentation and declarations according to organisational policies and procedures 3.2 Confirm required documentation and declarations are completed prior to expiry of interim cover 3.3 Review and finalise client documentation and declarations according to organisational policies and procedures 3.4 Ensure premium payments have been made according to organisational policies 3.5 Provide required documentation to insurer
4. Obtain and record documented evidence of insurance cover	4.1 Update client records according to organisational policies and procedures 4.2 Record insurer’s documentation on receipt and according to organisational policies and procedures 4.3 Update business and disclosure records according to organisational policies and procedures 4.4 Check receipt of documentation and confirm timely delivery to meet client requirements

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Performs calculations to determine insurance requirements, fees and costs, and credit arrangements
Oral communication	Articulates clearly, using language suitable to audience and purpose to convey requirements Uses active listening and questioning techniques to confirm understanding
Reading	Gathers, interprets and analyses information from a range of sources and identifies key information Identifies errors and inconsistencies in documentation
Writing	Completes, records and consolidates required information, organisational documentation, and correspondence using clear language and correct spelling, grammar and terminology
Planning and organising	Takes responsibility for planning, sequencing and prioritising tasks and own workload to meet organisational and client requirements
Self-management	Meets expectations of client and those associated with own role
Teamwork	Selects and uses relevant communication conventions and protocols to liaise with clients and insurers in a range of contexts
Technology	Uses digital technologies to access, enter and store information

Unit Mapping Information

Supersedes and is equivalent to FNSIBK403 Place client insurances with insurer and confirm insurance cover with clients.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSIBK413 Place client insurances with insurer and confirm insurance cover with clients

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

place and confirm client’s insurance with an insurer for at least two different clients.

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:

legislative and industry compliance requirements relating to insurance transactions

organisational policies, procedures and authorities relating to insurance transactions

insurance details, including product policy conditions, benefits and exclusions

administrative and record-keeping processes

methods for calculating premium and statutory duties.

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

organisational documentation and records.

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

FNSIBK414 Provide a claims service to insurance broking clients

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to provide an insurance claims service to clients in an insurance broking context.

The unit applies to those who use well-developed communication and interpersonal skills in insurance broking organisations of various sizes and across a range of customer bases.

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

Insurance broking

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. Register claim	1.1 Use internal broking claims system to register and process client claims 1.2 Update claims recording system in a manner that minimises processing time and according to organisational policies and procedures
2. Advise insurers and complete required documentation	2.1 Verify appointment of loss adjuster on receipt of claim 2.2 Obtain formal acknowledgment of receipt of claim from insurers 2.3 Make formal claim reports according to organisational procedures and within brokerage time requirements 2.4 Provide assistance to client, when required to complete claim documentation according to codes of practice 2.5 Ensure full and accurate information is available to insurers in assessing claim
3. Advise client of rights and obligations	3.1 Formally request insurer to reinstate sum insured where required and inform client where reinstatement occurs 3.2 Review terms and conditions of insurance policy with client to ensure maximum claim recovery is sought 3.3 Advise client on administration of claims to ensure no breach of contract occurs and claims are managed efficiently 3.4 Advise client of legislative requirements to protect client interests
4. Liaise with service providers	4.1 Identify need for independent service providers with suitable expertise for claim, where settlement authority exists 4.2 Engage suitable service provider based on client instructions where settlement authority exists and according to organisational policies and procedures 4.3 Brief service provider thoroughly to ensure investigation is comprehensive where settlement authority exists 4.4 Review and assess service provider’s report within agreed timeframes where settlement authority exists 4.5 Maintain contact with insurer’s service provider to ensure reports and issues are dealt with within required timeframe
5. Notify terms of settlement to client and update files and records	5.1 Prepare details of insurer’s settlement offer without delay, with recommendations for client to review 5.2 Obtain and act on client’s response to settlement offer without delay and according to organisational procedures 5.3 Remit settlement funds to client according to legislative requirements and organisational policies and procedures 5.4 Update business records promptly according to organisational policies and procedures

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Checks calculations to confirm insurance requirements and settlements Plans and schedules to manage timeframes
Oral communication	Uses language suitable to audience and purpose to convey requirements Uses active listening and questioning techniques to confirm understanding
Reading	Interprets information from a range of sources and identifies key information
Writing	Records and completes organisational documentation and correspondence using language appropriate to audience and purpose, and correct spelling, grammar and terminology Writes, edits and proofreads documents to ensure clarity of meaning, and accuracy and consistency of information
Planning and organising	Plans, sequences and prioritises tasks and own workload to achieve organisational requirements Takes responsibility for planning, organising, implementing and reviewing systems to manage sensitive information
Self-management	Follows legislative requirements, and organisational policies and procedures, and meets expectations of own role Implements strategies to establish a sense of connection and build rapport with clients
Teamwork	Uses collaboration techniques to negotiate agreed outcomes Selects and uses appropriate conventions and protocols when communicating with clients, insurers and service providers in a range of contexts
Technology	Uses digital technologies to access, enter and store information

Unit Mapping Information

Supersedes and is equivalent to FNSIBK404 Provide a claims service to an insurance broking client.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSIBK414 Provide a claims service to insurance broking clients

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

provide a claims service to at least two different insurance broking clients.

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:

legislative compliance requirements and codes of practice relating to adviser dealing with client claims

organisational policies and procedures, including for:

establishing client insurance requirements and covers

notifying insurer of claims-related information

assisting client in completing required documentation and declarations

using brokerage claims systems and procedures

finalising client documentation and declarations

engaging external service providers

remitting funds

responsibilities of adviser in claims process

processes for analysing insurance contract terms and conditions in relation to claims process and administering claims

key components of broking claim systems and claim documentation

common terms and conditions in brokerage insurance policies.

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:

organisational equipment, technology, software and consumables

organisational records

organisational policies and procedures.

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

FNSIBK415 Meet compliance requirements relating to insurance broking

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes skills and knowledge required to apply industry and legislative requirements, guidelines and standards, and organisational policies and procedures in a daily work context in an insurance broking business.

The unit applies to those working with retail products or retail clients in an insurance broking environment.

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

Insurance broking

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. Manage client and regulatory information	1.1 Collect and analyse information according to required legislation, regulations and codes of practice and other relevant industry guidelines and standards 1.2 Monitor changes to operational and regulatory requirements and update reference material according to organisational policies and procedures
2. Apply professional work practices	2.1 Clarify and refine work practices in regard to legislation, regulations and codes of practice within required timeframes 2.2 Guide ethical approach to workplace practices and decisions applying required codes of practice 2.3 Obtain assistance from appropriate personnel to clarify work practices and obtain required information when necessary and according to organisational policies and procedures
3. Meet regulatory requirements	3.1 Follow established work, health and safety procedures and contribute to eliminating work hazards and reducing risk in work environment 3.2 Comply with legislative requirements and codes of practice relating to retail clients and retail products when completing work tasks and documentation 3.3 Confirm compliance with codes of practice in respect to retail clients and retail products

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Learning	Develops and uses personal organisational systems to gather and organise information Identifies and accepts opportunities to maintain vocational currency and further develop subject matter knowledge
Oral communication	Articulates clearly using language suitable to audience and purpose to seek or share information Uses active listening and questioning techniques to confirm understanding
Reading	Interprets information from a range of sources and identifies key information
Writing	Completes organisational documentation using clear language and correct spelling, grammar and terminology
Self-management	Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effectiveness
Teamwork	Selects and uses appropriate conventions and protocols when communicating with others in a range of contexts
Technology	Uses digital technologies and suitable software to access, enter and store information

Unit Mapping Information

Supersedes and is equivalent to FNSIBK405 Meet industry and legislative guidelines and organisational procedures relating to insurance broking.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSIBK415 Meet compliance requirements relating to insurance broking

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

follow operational procedures to meet compliance requirements regarding insurance contracts on at least three different occasions.

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:

legislative requirements and regulatory guidelines and codes of practice relevant to retail insurance products and retail clients and their application to the insurance broking role, including:

relevant sections of:

Corporations Act

Privacy Act and its data breach provisions

Insurance Contracts Act, and regulations in respect to insurance contracts

work health and safety requirements

organisational policies and procedures relating to meeting compliance requirements in insurance broking, and their role in compliance

roles and responsibilities of insurance broker and associated job roles, including underwriters, loss adjusters, risk surveyors, and risk managers

processes for monitoring changes to operational and regulatory requirements

key components of accepted codes of practice relating to broking role, including those relating to:

maintaining confidentiality

duty of care

ethical behaviours

non-discriminatory practices

conflict of interest

compliance with reasonable direction

key features of information management systems and software used to meet compliance requirements.

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:

organisational equipment, technology, software and consumables

organisational records

legislation, regulations and codes of practice relevant to retail insurance products and retail clients.

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

FNSIBK416 Deliver insurance broking services

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to deliver insurance broking services to clients. It includes responding to client enquiries for broking services, undertaking risk assessments, and establishing arrangements for providing ongoing services.

The unit applies to those who use well-developed communication and administrative skills when providing broking assistance in a range of client services. Individuals may work in small or large brokerage organisations dealing with retail and/or commercial clients.

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

Insurance broking

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. Respond to client enquiries for broking services	1.1 Identify nature of broking services required to satisfy enquiry 1.2 Confirm information and identify research activities required to prepare response to enquiries according to organisational policies and procedures 1.3 Conduct research, collect and process information, and prepare response according to legislative and organisational requirements 1.4 Communicate information to client and seek feedback and additional requirements 1.5 Inform client of disclosure requirements according to legislative and regulatory requirements
2. Undertake risk assessment	2.1 Determine client’s insurance needs based on client objectives and by undertaking assessment of current risk situation 2.2 Identify and discuss insurable and non-insurable risk exposures with client 2.3 Identify cover requirement changes to client’s existing insurance program as advised by client 2.4 Maintain and review record of assessment
3. Assess suitable cover and placement of risk	3.1 Conduct product research to determine most suitable product to meet risk exposure 3.2 Review policy conditions relevant to client’s risk exposures 3.3 Conduct market research to determine suitable insurers 3.4 Negotiate with insurers as required to obtain terms for placement of cover
4. Finalise insurance claim	4.1 Review terms and conditions of insurer’s offer and sums insured with client 4.2 Communicate outcomes of negotiations and detailed information on options available to client 4.3 Make recommendations to client and obtain client instructions to enable precise actions to be taken 4.4 Complete required documentation, and confirm premiums and statutory imposts prior to issuing instructions for completion of cover to insurer 4.5 Bind cover as instructed by client and issue documentation as required by organisational policies and procedures 4.6 Monitor payment of premium and hold covered terms
5. Agree to and implement arrangements for providing ongoing service	5.1 Agree to type and form of ongoing services to provide 5.2 Implement procedures for agreed ongoing services according to organisational policies and procedures 5.3 Review client’s claims history regularly and identify additional risk exposures associated with clients who regularly lodge claims 5.4 Undertake immediate changes to insurance program when requested by client 5.5 Review terms of renewals and remarkets if required 5.6 Confirm premium payments are made within required endorsement or renewal offer period 5.7 Provide claims service when required

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Performs calculations to determine insurance requirements and fees and costs according to predetermined methodologies
Oral communication	Speaks clearly using language, tone and pace suitable to audience and purpose Uses active listening and questioning techniques to clarify and confirm understanding
Reading	Researches and interprets information from various sources in a range of formats to establish client needs and determine relevant products Gathers, analyses and interprets information on policy wording
Writing	Records and completes organisational documentation and correspondence
Planning and organising	Plans, organises and implements tasks, aiming to complete them efficiently and according to organisational requirements
Problem solving	Applies systematic and analytical decision-making processes to make informed recommendations in relation to risk assessment
Self-management	Follows legislative requirements and organisational protocols, policies and procedures relevant to own role
Teamwork	Selects and uses relevant communication conventions and protocols to liaise with clients and insurers in a range of contexts Uses collaboration techniques to negotiate agreed outcomes
Technology	Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

No equivalent unit. Supersedes and is not equivalent to FNSIBK406 Deliver professional insurance broking services.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSIBK416 Deliver insurance broking services

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

deliver the following four insurance broking services that meet legislative and organisational requirements to at least one client:

respond to client enquiry for broking services

undertake risk assessment

finalise client’s insurance claim

agree to and implement arrangements for providing ongoing service to client.

In the course of the above, the candidate must:

provide responses to a range of enquiries in line with client needs and outcome of risk assessment

use organisational tools to collect, analyse and record information to provide broking services

access and complete required documentation.

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:

legislative requirements and industry codes of practice relating to providing insurance broking services

organisational policies, procedures and authorities for broking services, including for:

dealing with client enquiries

conducting research relevant for broking services

identifying errors and inconsistencies in assessment records

insurance service processes and standards in relation to:

information collection

risk assessment and methods for assessing cover

placing client insurances

providing follow-up assistance

insurance and risk plans for typical retail and commercial client situations and risk profiles

details of insurance programs, including:

terms and required timeframes of settlement

terms and conditions of policy

extent of cover

optional extras

excess

insurance product and policy types and their:

corresponding levels of supplier services

terms and conditions, including benefits and exclusions

cost and fee structures

disclosure requirements

methodology and sources of information relating to assessing insurance cover and placing risk.

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 and software

organisational records and relevant documents

organisational policies and procedures.

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

FNSIBK517 Review insurance broking service performance

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to collect and analyse data in relation to a client service, and review the broking service provided by insurance broking organisations to identify suitable actions. It includes investigating, analysing and evaluating broker performance in implementing client’s service plans and developing improvement strategies.

The unit applies to those who provide broking assistance using well-developed research, analytical and administrative skills. Individuals may work in small or large brokerage organisations dealing with retail and/or commercial clients.

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

Insurance broking

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. Establish system to review broking service performance	1.1 Determine service parameters for performance review 1.2 Establish measures of performance for service provision 1.3 Establish data recording methods 1.4 Design and implement monitoring system and record service performance data according to organisational policies and procedures 1.5 Establish review schedule
2. Review broking performance data	2.1 Collate performance data according to planned outcomes 2.2 Analyse data and establish achievement of planned outcomes 2.3 Identify variations of performance against planned outcomes
3. Determine action required	3.1 Assess variations in performance and determine degree of required change 3.2 Prepare and record action plan to accommodate changes once implemented, according to organisational policies and procedures 3.3 Implement procedures to effectiveness of changes

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Analyses both qualitative and quantitative data and performs mathematical calculations to achieve required outcomes
Reading	Organises, interprets and critiques material from a range of sources and identifies key information
Writing	Generates documentation using relevant terminology and clear and concise language
Problem solving	Evaluates effectiveness of performance measures to inform decisions on how to implement improvements
Technology	Uses digital technologies to access, enter and store information

Unit Mapping Information

Supersedes and is equivalent to FNSIBK507 Review service performance.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSIBK517 Review insurance broking service performance

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

review performance of service provided by an insurance broking organisation on at least three different occasions, and on each occasion analyse service results and develop an action plan to address required changes.

In the course of the above, the candidate must:

apply high level analysis, decision making, and review skills to confirm that service performance is in line with desired outcomes

review performance and conduct spot checks against service performance indicators.

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:

compliance requirements for brokers undertaking client servicing

organisational policies and procedures relating to reviewing insurance broking service performance

underwriting guidelines and authorities and their impact on organisational policies and procedures relating to client servicing

good practice and continuous improvement approaches in client service provided by insurance broking organisations

key performance indicators and key result areas for client servicing

marketing principles and practices in developing action plans for client servicing.

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:

organisational equipment, technology, software and consumables

organisational policies and procedures, documentation and records.

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

FNSIBK518 Implement changes to insurance programs of broking clients

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to identify and implement insurance program changes for an insurance broking client, including undertaking a review of the existing portfolio and insurance history. It involves making changes following a prior review of the client’s personal and/or business needs.

The unit applies to both general and life insurance brokers in small or large brokerage organisations who provide advice to wholesale and retail clients. It applies to those who apply well-developed interpersonal, analytical and communication skills when dealing with retail and/or wholesale clients.

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

Insurance broking

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 required risk changes to insurance program	1.1 Establish required changes to program using checklist or questionnaire 1.2 Identify alternative risk management strategies to provide client with viable options 1.3 Review current insurance program to determine whether existing cover can be endorsed and whether new covers are required 1.4 Seek instructions from client about required changes according to organisational procedures
2. Negotiate change with insurers	2.1 Establish availability of market with terms relevant to client requirements 2.2 Negotiate terms required for change with suppliers 2.3 Identify options for client according to client requirements 2.4 Communicate negotiation outcome, and benefits and disadvantages of identified options
3. Obtain client instructions for program amendments	3.1 Assist client to make decisions on program changes according to legislative requirements 3.2 Record agreed client instructions on changes according to organisational procedures to ensure information is current 3.3 Confirm client instructions and protect interests of both broker and client 3.4 Complete required documentation according to organisational procedures
4. Agree to arrangements for providing ongoing service	4.1 Agree to type and form of ongoing service with client 4.2 Explain fees and costs for ongoing and specifically defined services, and confirm client understanding 4.3 Implement procedures and schedule for agreed ongoing service according to organisational policies and procedures

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Learning	Maintains knowledge of products, services and legislation relevant to own role
Numeracy	Analyses and interprets basic statistical data and performs mathematical calculations to achieve required outcomes
Oral communication	Participates in verbal exchanges using tone and language suitable to audience and purpose Uses active listening and questioning techniques to confirm understanding
Reading	Organises, interprets and critiques material from a range of sources and identifies key information
Writing	Develops material for a specific audience using clear and detailed language to convey explicit information, requirements and recommendations
Initiative and enterprise	Takes responsibility for ensuring that documentation and advice comply with legislative and organisational procedures
Planning and organising	Accepts responsibility for planning and sequencing complex tasks and workload to meet service requirements
Problem solving	Systematically gathers and analyses required information and evaluates options to make recommendations
Teamwork	Selects and uses relevant conventions and protocols to liaise with the client and others in a range of contexts Uses collaboration techniques to negotiate agreed outcomes
Technology	Uses digital technologies to access, enter and store information

Unit Mapping Information

Supersedes and is equivalent to FNSIBK508 Implement changes to broking client’s insurance program.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSIBK518 Implement changes to insurance programs of broking clients

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

implement changes to broking client’s insurance program for at least two different clients.

In the course of the above, the candidate must:

review existing client portfolio and client insurance history to identify gaps in the portfolio and recommend strategies to cater to client needs

undertake risk assessment to ensure changed insurance program is suitable

develop a communication strategy that demonstrates gathering and analysis of information and development of options, and shows justification for recommended lines of action.

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:

legislative requirements relating to implementing changes to broking clients’ insurance programs

organisational policies and procedures relating to improving service to broking clients

principles and methods of cost-benefit analysis in recommending changes to client insurance programs

available communication strategies relevant to recommendation of changes to insurance programs

commercial and financial lines product knowledge and offerings available in the market

key features of risk-management strategies available to broking clients

aspects of ongoing service provision, including:

reporting on performance

review of insurance program.

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:

organisational equipment, technology, software and consumables

organisational records

organisational policies and procedures.

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

FNSIBK522 Negotiate complex claims settlement for insurance broking clients

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to negotiate terms and conditions of complex claims settlements for insurance broking clients. It involves researching and organising information, identifying points of difference, clarifying crucial issues in the claim, and presenting a case in regard to an insurance claim settlement on behalf of clients.

The unit applies to those who use well-developed interpersonal, analytical and communication skills in insurance broking organisations of various sizes and across a range of customer bases.

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

Insurance broking

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. Establish content of complex claim	1.1 Review terms and conditions of insurance policy with client 1.2 Advise client on potential claim recovery 1.3 Identify non-insured items and potential issues
2. Negotiate matters relating to complex claim	2.1 Identify type of claim and establish applicable type of negotiation based on variation to standard claims settlement 2.2 Prepare grounds for negotiation according to legislative and organisational requirements 2.3 Negotiate terms and conditions of settlement with insurer, representing client interests 2.4 Obtain and review negotiated agreement with insurer
3. Finalise complex claim settlement	3.1 Prepare and document details of insurer’s settlement offer with recommendations for client review and acceptance 3.2 Obtain client’s response to settlement offer according to organisational procedures 3.3 Update business records according to organisational procedures

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Interprets data and performs mathematical calculations to achieve required outcomes
Oral communication	Uses active listening and questioning techniques to confirm understanding Participates in verbal negotiations using tone and language suitable to audience and purpose
Reading	Organises, interprets and critiques material from a range of sources and identifies key information
Writing	Develops material for a specific audience using clear, detailed language to convey explicit information, requirements and recommendations
Planning and organising	Accepts responsibility for planning and sequencing complex tasks and workload to meet organisational policies and procedures Systematically gathers and analyses information and evaluates options to make decisions and recommendations regarding settlement terms
Self-management	Takes responsibility for ensuring that processes and documentation meet organisational policies and procedures
Teamwork	Selects and uses required conventions and protocols when communicating with insurer and others to seek and provide information
Technology	Uses digital technologies to access, enter and store information

Unit Mapping Information

Supersedes and is equivalent to FNSIBK512 Negotiate complex claims settlement for insurance broking client.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSIBK522 Negotiate complex claims settlement for insurance broking clients

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

negotiate complex claims settlements for at least two different insurance broking clients.

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:

legislative and industry compliance requirements that impact client rights and obligations when negotiating complex claims

organisational policies and procedures relating to negotiating complex claims settlement for insurance broking clients, including for managing the claims process on behalf of clients and:

obtaining client responses to settlement offers

using insurance broking systems and procedures

features of insurance contract terms and conditions

roles and responsibilities of broker in negotiating complex claims

key aspects of underwriter’s claims dispute resolution process

techniques to interpret and analyse client’s needs, including key trends of client’s business environment

processes for preparing grounds for negotiation and for negotiating complex insurance claims

communication strategies to advise clients throughout negotiation process

insurance fundamentals and methods to interpret, comprehend and apply policy wording.

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:

organisational equipment, technology, software and consumables

organisational records

organisational policies and procedures.

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

FNSIBK523 Prepare submissions for new insurance broking business

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to determine and prepare submissions for new insurance broking businesses.

The unit applies to those responsible for providing insurance broking services who use well-developed communication and analytical skills and apply specialist product knowledge when working with wholesale and retail clients.

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

Insurance broking

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. Determine client and resource requirements	1.1 Determine nature of submission required by client and if letter of appointment is required 1.2 Establish availability of skills and resources required to prepare submission and source as required 1.3 Identify client objectives, risk needs and financial situation according to organisational policies, procedures and standards 1.4 Explain range of insurance products and broking services available according to legislative and organisational requirements 1.5 Communicate to client the role and responsibilities of broker, adviser’s conduct, and available complaint-handling processes
2. Develop client and product risk profile	2.1 Conduct risk assessment and prepare product risk profile for client according to organisational guidelines 2.2 Develop client’s risk profile and prepare risk profile from risk analysis 2.3 Maintain records of risk assessment and actions taken
3. Identify suitable insurance program and market availability	3.1 Determine suitable insurance or risk management program according to risk assessment and client objectives, risk needs and financial situation according to organisational policies, procedures and standards 3.2 Compare proposed program with relevant checklist and other similar clients, and identify required changes 3.3 Confirm program meets client objectives, risk needs and financial situation 3.4 Identify and analyse availability of market with terms that match client requirements 3.5 Select insurers and negotiate terms and communicate outcome to client
4. Make submission to client	4.1 Develop and check draft written submission that specifies benefits and advantages for client, according to organisational procedures 4.2 Provide written submission to client in required format 4.3 Discuss and resolve client concerns and issues relating to submission 4.4 Complete and submit final documentation

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Learning	Maintains accurate and current knowledge of products, services and legislation relevant to own role
Numeracy	Performs numerical calculations to identify client needs and submission requirements
Oral communication	Conveys complex information in a manner suitable to audience and purpose Uses active listening and questioning techniques to confirm understanding
Reading	Analyses information and products from a variety of sources and consolidates information in line with client requirements
Writing	Records information and prepares correspondence and documentation using clear language that complies with organisational and client formats and protocols
Planning and organising	Accepts responsibility for planning and sequencing complex tasks and workload to meet organisational and client requirements
Problem solving	Systematically gathers and analyses required information and evaluates options to make decisions
Teamwork	Selects and uses appropriate conventions and protocols when communicating with colleagues and others to seek or provide information Implements strategies to establish a sense of connection and build rapport with clients Uses collaboration techniques to negotiate agreed outcomes
Technology	Uses digital technologies to access, enter and store information

Unit Mapping Information

No equivalent unit. Supersedes and is not equivalent to FNSIBK513 Prepare a submission for new business.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSIBK523 Prepare submissions for new insurance broking business

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

prepare at least three different submissions for a new insurance broking business.

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:

industry compliance requirements and regulatory guidelines in marketing broking services within the context of a business submission

organisational policies, procedures and standards relating to preparing business submissions

insurance products, including:

policy conditions

benefits and exclusions, including fees and charging methodology

key features of insurance industry, including the economic and taxation factors impacting insurance markets and products

techniques to evaluate insurance products and broking services

risk analysis procedures.

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:

organisational equipment, technology and software

organisational records

organisational policies and procedures.

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

FNSIBK524 Manage complex risk portfolios for insurance broking clients

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to manage clients with a complex insurance portfolio by identifying and assessing risks and negotiating insurance changes and renewals. It involves identifying additional exposures and advising on changes to the insurance program.

The unit applies to those who work with wholesale clients in a brokerage organisation to synthesise industry information and monitor clients’ product needs.

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

Insurance broking

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 significant risk changes impacting client portfolio	1.1 Identify significant variations in client’s insurance program by monitoring client requested changes 1.2 Identify major changes to level of risk exposure by monitoring and analysing external environment against client program 1.3 Undertake risk assessment in compliance with organisational policies and procedures 1.4 Seek specialist advice as required and according to organisational procedures 1.5 Identify precedents through analysis of similar situations 1.6 Maintain records of risks assessed and actions taken
2. Advise client on changes to insurance program	2.1 Provide advice based on assessment of current insurance program that considers changes in risk context and external environment 2.2 Present alternative risk management strategies 2.3 Undertake a cost-benefit analysis of program options 2.4 Identify, record and verify client’s preferred program options 2.5 Obtain client declarations, as required by insurers
3. Negotiate complex changes and renewals with insurers	3.1 Identify suitable market for client requirements and approach selected insurers according to organisational procedures 3.2 Obtain client instructions for negotiated outcomes with insurers 3.3 Negotiate options and alternative portfolio structures with insurers 3.4 Obtain negotiated outcomes that provide level of cover required by client
4. Obtain client instructions and arrange changes to insurance program	4.1 Advise client on outcomes of negotiation with insurers and provide client with opportunity to discuss and question alternatives 4.2 Explain benefits and disadvantages of available options to client and make recommendations 4.3 Clarify and document client instructions and communicate change instructions to insurers 4.4 Issue insurance documents within required timeframes and according to organisational requirements

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Undertakes data analysis and performs accurate mathematical calculations to undertake risk assessment and cost-benefit analysis
Oral communication	Participates in verbal exchanges using tone and language suitable to audience and purpose Uses active listening and questioning techniques to confirm understanding
Reading	Organises, interprets and critiques material from a range of sources and identifies required and key information
Writing	Develops material for a specific audience using clear and detailed language to convey explicit information, requirements and recommendations
Planning and organising	Accepts responsibility for planning and sequencing complex tasks and workload to meet service requirements Systematically gathers and analyses required information and evaluates options to make recommendations
Self-management	Takes responsibility for compliance of documentation and advice with legislative requirements and organisational procedures
Teamwork	Selects and uses appropriate conventions and protocols when communicating with colleagues and others to seek or provide information Uses collaboration techniques to negotiate agreed outcomes
Technology	Uses digital technologies to access, enter and store information

Unit Mapping Information

Supersedes and is equivalent to FNSIBK514 Manage a complex risk portfolio for a broking client.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSIBK524 Manage complex risk portfolios for insurance broking clients

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

manage a complex risk portfolio for at least two different insurance broking clients.

In the course of the above, the candidate must:

synthesise and coordinate knowledge of the industry to monitor client’s need for portfolio changes

undertake client interviews, gather information and analyse options based on risk assessment methodologies, for presentation to the client

review insurance benefits, credit stability assessments, claims history, and level of supplier service.

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:

legislative and compliance requirements relating to client management procedures

organisational policies, procedures and authorities in developing management plans for clients with complex portfolios and risks

risk assessment methods and risk management strategies required to develop risk management plans for clients with complex risks

techniques to interpret and analyse client’s needs, including key trends and structure of client’s industry and insurance market

key marketing principles and practices applied when managing complex client portfolios

range of insurance products on the market, including knowledge of complex products

key aspects of cost-benefit analysis used in managing complex client risk portfolios and risk portfolios with high risk volatility

insurance fundamentals and methods to interpret, comprehend and apply policy wording

precedents and previous organisational results for changes in complex risk portfolios.

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:

organisational equipment, technology, software and consumables

organisational records

organisational policies and procedures.

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

FNSIBK525 Monitor insurance broking client programs

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to establish ongoing monitoring and review processes, which include insurance loss trends, in order to establish an appropriate loss control program to improve loss ratios.

The unit applies to those who use well-developed interpersonal, analytical and communication skills in small or large brokerage organisations dealing with retail and/or commercial clients.

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

Insurance broking

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. Establish communication protocols with client	1.1 Apply brokerage service guidelines and determine level of client contact required 1.2 Formalise communications where interests of broker and client need to be protected 1.3 Focus communications on ongoing review of client requirements 1.4 Establish regular communications based on client needs
2. Gather and review client portfolio and loss trends	2.1 Identify and analyse client claims history and assess loss trends 2.2 Identify unreported insured losses and report to insurers according to organisational policy requirements 2.3 Protect client’s interests by identifying options to reduce incidence and frequency of loss 2.4 Monitor underwriting environment to identify if amendments to client program are required
3. Review and adjust monitoring program	3.1 Apply standard industry procedures to broking monitoring processes 3.2 Adjust monitoring program on the basis of analysed information and data 3.3 Identify significance of analysis for client program and specify areas of effective loss control measures 3.4 Identify options to reduce incidence and frequency of loss to protect client interests 3.5 Document client loss control program and reasons for recommendations made to client 3.6 Monitor client records according to broking service protocols

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Analyses both qualitative and quantitative data and performs mathematical calculations to monitor and identify changes affecting the client Undertakes statistical analysis, interprets data and performs mathematical calculations to achieve required outcomes
Oral communication	Conveys and seeks information using language and tone suitable to audience and purpose Uses active listening and questioning techniques to confirm understanding
Reading	Organises, interprets and critiques material from a range of sources and identifies key information
Writing	Develops material for a specific audience using clear, detailed language to convey explicit information, requirements and recommendations Communicates information using clear and concise language and industry-related terminology according to organisational formats and protocols
Self-management	Accepts responsibility for planning and sequencing complex tasks and workload to meet service requirements Systematically gathers and analyses required information and evaluates options to make decisions and recommendations regarding loss control
Teamwork	Selects and uses appropriate conventions and protocols when communicating with colleagues and others to seek or provide information
Technology	Uses digital technologies to access, enter and store information

Unit Mapping Information

No equivalent unit. Supersedes and is not equivalent to FNSIBK515 Monitor broking client requirements and establish loss control programs.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSIBK525 Monitor insurance broking client programs

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

monitor insurance broking client programs for at least two different clients.

In the course of the above, the candidate must:

assess and record current and new risks to the portfolio by applying systematic and methodological approaches to monitor situations in the context of product market developments and industry trends

comply with broking and communication protocols and practices

analyse data relating to loss incidents to determine loss trends, make recommendations to improve loss controls, and recommend actions to cover losses.

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:

industry and organisational compliance requirements relating to dealing with client losses

organisational policies, procedures and authorities relating to loss analysis and reporting

key components of service level agreements (SLAs)

analysis and evaluation techniques used to identify potential changes to client portfolios

loss control techniques used when managing client risks

methods that support systematic and methodological monitoring of situations relevant to client programs

insurance survey requirements to monitor the requirements of clients with potential risk changes, including those relating to workplace safety

policy wording in relation to client losses

brokerage service guidelines, including broking and communication protocols and practices.

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:

organisational equipment, technology and software

organisational records

organisational policies and procedures.

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

FNSIGN401 Provide technical guidance

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 access and interpret technical information, assist repairers with service and repair work, and provide technical information to repairers.

It applies to individuals who advise and assist others in roles involving repair work within organisations of various sizes and across a range of customer bases.

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

Insurance general

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. Assist repairers with service or repair work	1.1 Provide technical guidance, appropriate to skill level and need, to repairers when determining repair or service needed 1.2 Use repairers with appropriate advanced technical competency as point of reference when required 1.3 Provide technical assistance to repairers when needed to identify any difficult faults 1.4 Provide assistance to repairers during work completion, when needed, to ensure technical requirements are met 1.5 Recognise potential faults before they develop and take precautionary steps to prevent them 1.6 Address problems arising from repair procedure appropriately during course of repair
2. Provide technical information to repairers	2.1 Make appropriate technical information available to repairers when needed 2.2 Communicate current and relevant technical information to all repairers 2.3 Show repairers where information can be found and how to access, interpret and apply it when required 2.4 Access a range of information sources through an established network when required

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, 1.3, 1.4, 2.3, 2.4	Locates, interprets, applies and maintains a range of technical information from a variety of familiar sources to inform repairers and guide service work
Writing	1.1, 1.5, 2.2, 2.3	Uses appropriate text types and formats to clearly identify and diagnose repairs or preventative action and convey current technical information to relevant personnel
Oral Communication	1.1, 1.3, 1.4, 1.5, 1.6, 2.2, 2.3	Participates effectively in verbal exchanges using clear and detailed language and active listening techniques to identify repairs and provide accurate technical advice and critical evaluation, and elicits expert opinion from others if required
Numeracy	1.1, 2.2, 2.3	Extracts, evaluates and applies mathematical information in a range of tasks and texts
Navigate the world of work	1.1	Takes responsibility for providing quality advisory services and assistance to meet organisational goals and regulatory requirements
Interact with others	1.1-1.4, 2.2-2.3	Selects and uses appropriate conventions and protocols when communicating with others in a range of work contexts Maintains a supportive environment and adapts communication style to suit individual needs when providing assistance and information to a range of repairers
Get the work done	1.1, 1.5, 1.6, 2.1-2.4	Plans, organises and implements routine and non-routine tasks, aiming to achieve them efficiently Uses formal analytical thinking techniques to identify issues, generate possible solutions and implement preferred solution, seeking input from others as required Anticipates potential problems and implements contingency plans as soon as warning signs are recognised Uses digital technologies and systems to locate information, enter data and present information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSIGN401 Provide technical guidance	FNSIGN401A Provide technical guidance	Updated to meet Standards for Training Packages	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 for FNSIGN401 Provide technical guidance

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:

provide clear technical information and guidance to repairers and service providers

assist repairers with service and repair work, and in identifying potential faults

access a range of information to provide guidance.

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:

explain advanced technical knowledge in areas of expertise

outline the technical requirements that impact on completion of work including:

relevant industry standards

organisational quality requirements and procedures

supplier or manufacturer specifications

describe how coaching principles are used to develop the fault finding and rectification of faults capabilities of repairers

describe sources of current technical information and available networks

describe recent technical and technological developments relevant to the sector.

Assessment Conditions

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

organisational records, policy and procedures

common office equipment, technology, software and consumables.

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

FNSIGN402 Inspect quality of work

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 inspect the work done by a builder or repairer, apply quality standards to work and protect client property and interests.

It applies to individuals who inspect the work of others such as an insurance assessor within organisations of various sizes and across a range of client bases.

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

Insurance general

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. Inspect work done by builder or repairer	1.1 Conduct appropriate inspections safely, to ensure in-house quality systems and procedures are maintained and observed in line with regulatory requirements and standards 1.2 Conduct observation and inspection at level appropriate to skill and experience of staff member 1.3 Identify faults and bring them to repairer’s attention in appropriate manner for prompt correction
2. Apply quality standards to work	2.1 Conduct inspections throughout course of work where required to ensure quality standards are maintained 2.2 Apply appropriate quality standards during work completion to ensure treatment of client property meets industry and/or organisational standards 2.3 Record problems in work quality and refer to relevant staff 2.4 Report non-compliances to ensure continuous improvement occurs
3. Protect client property and interests	3.1 Adhere to quality procedures and use of protective materials at all stages of repair or service to avoid possible damage to client property 3.2 Review quality of work to best serve interests of client

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, 1.3, 3.2	Interprets and applies information from diagrams, plans, manuals, industry quality standards and safety procedures
Writing	1.1, 1.3, 2.3, 2.4, 3.2	Uses appropriate text types and terminology to accurately document inspection outcomes for clients and relevant staff
Oral Communication	1.2, 1.3, 2.1, 2.3, 2.4, 3.2	Engages in effective verbal interactions using careful questioning and listening techniques, and appropriate clear and detailed language, to convey observations, critical feedback and information
Navigate the world of work	1.1, 2.1, 2.2, 2.4, 3.1	Takes personal responsibility for following explicit and implicit policies, procedures and standards
Interact with others	1.2, 1.3, 2.3, 2.4	Follows accepted communication practices and protocols, adjusting personal communication style in response to the values, beliefs and cultural expectations of others
Get the work done	1.1, 2.1, 2.2, 2.3, 3.1, 3.2	Plans, organises and implements routine and non-routine tasks, aiming to achieve them efficiently Makes decisions about quality of work by evaluating whether work completed meets defined standards Uses digital technologies and systems to locate information, enter data and present information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSIGN402 Inspect quality of work	FNSIGN402A Inspect quality of work	Updated to meet Standards for Training Packages Minor edits 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 for FNSIGN402 Inspect quality of work

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:

carry out inspections of work done by a builder or repairer safely and effectively

inspect works to ensure that regulatory requirements, standards, organisational operating procedures and relevant codes of practice are complied with

review quality of work to protect client’s property and interests.

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:

explain the organisational processes and work quality expected relevant to work inspections

describe the workplace health and safety (WHS) requirements that apply to work inspections

describe the regulatory requirements and standards that apply to the work being undertaken

outline effective communication strategies when providing feedback to repairers or builders

identify quality assurance principles relevant to work activity

describe key technical issues essential to the quality of work in the relevant sector.

Assessment Conditions

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

organisational records, policy and procedures

office equipment, technology, software and consumables.

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

FNSIGN403 Estimate jobs

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 estimate the time requirements for jobs, gather cost estimates from external service providers, scope the jobs, and produce and document the estimates. It encompasses inspecting the vehicle or property to determine the cause and extent of damage for the preferred method of repair, and determining a preferred method or strategy for restoration or repair.

It applies to individuals who work within organisations of various sizes and across a range of customer bases.

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

Insurance general

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. Estimate time requirements for jobs	1.1 Calculate time estimates for job requirements based on industry times, staff estimates, standard service or repair times, relevant specifications and subcontracted work time 1.2 Estimate repair times and consider whether repair is a viable option 1.3 Incorporate turnaround times for work completed by subcontractor into total time estimates
2. Determine availability and source of parts or materials	2.1 Ascertain viability of replacement compared to repair to meet appropriate standards and legal requirements where appropriate 2.2 Determine parts or materials requirements to ensure cost constraints are met 2.3 Determine availability of parts or materials and consumables where required
3. Identify subcontract repair work costs for incorporation into total estimated cost	3.1 Document estimate appropriately 3.2 Document relevant repair requirements, scope of works, procedures and costs in logical order 3.3 Document repair requirements in detail whenever possible 3.4 Note potential variations on estimate
4. Estimate total job costs	4.1 Give external repairers or service providers clear outline of work and time requirements of job 4.2 Cost parts, materials and consumables according to industry and/or organisation pricing standards 4.3 Document and agree on job cost estimate with repairers or external service providers 4.4 Approve repair or total loss settlement in accordance with organisational procedures and legislation 4.5 Document final estimate and contract conditions 4.6 Prepare variations estimate if required

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, 4.4	Interprets, analyses and evaluates textual information from a range of sources and complexity levels
Writing	1.1 3.1-3.4, 4.1-4.6	Generates clear and detailed textual and numerical information in a logical sequence to convey scope of requirements, timeframe and costs Uses text type and vocabulary appropriate to the audience, and legislative and organisational requirements to detail agreed final repair cost or settlement
Oral Communication	4.1, 4.3	Participates effectively in verbal exchange using clear and direct language to convey requirements, and careful listening and questioning techniques to elicit and confirm the agreement of others
Numeracy	1.1-1.3, 2.1, 2.2, 3.1, 3.2, 3.4, 4.2, 4.4, 4.5, 4.6	Uses developed mathematical knowledge to predict timeframes, identify, interpret and evaluate numerical information, and perform and document accurate calculations and variances
Navigate the world of work	2.1, 4.2, 4.4	Takes personal responsibility for following explicit and implicit policies, procedures and legislative requirements
Interact with others	4.1, 4.3	Selects and uses appropriate conventions and protocols when communicating with internal or external stakeholders to seek or share information
Get the work done	1.1, 1.2, 2.2, 2.3, 3.1-3.4, 4.1-4.6	Plans, organises and implements routine and non-routine tasks, aiming to achieve them efficiently Systematically gathers and analyses all relevant information and evaluates options to make decisions about repair requirements that adhere to organisational and legislative requirements Uses digital technologies and systems to locate information, enter or update data and present information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSIGN403 Estimate jobs	FNSIGN403A Estimate jobs	Updated to meet Standards for Training Packages	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 for FNSIGN403 Estimate jobs

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:

accurately estimate time required for service and repair jobs by collating information relevant to specifications, industry standard service and repair timeframes, and staff estimates

determine availability and source of parts and materials

estimate total job costs incorporating costs relating to subcontractors, materials and parts

document relevant repair requirements, scope of works, procedures and costs in a logical order.

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 relevant compliance requirements

describe contract law relating to insurance repairs

explain estimating principles

explain sale-contracting principles

describe processes to access subcontractors, materials and parts

outline effective negotiation techniques

describe key areas of technical knowledge of vehicles and/or buildings used in estimating jobs.

Assessment Conditions

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

organisational records, policy and procedures

common office equipment, technology, software and consumables.

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

FNSIGN406 Inspect property for saleable items and determine their value

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 inspect property subject to a claim, and identify serviceable and saleable property and items to determine whether they can be sold and what their value would be.

It applies to individuals who may use specialist techniques to carry out inspections within organisations of various sizes and across a range of customer bases.

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

Insurance general

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. Carry out inspection of property to identify serviceable and saleable items and components	1.1 Complete inspection safely without causing damage to any property, component or system 1.2 Access and interpret correct information 1.3 Inspect property, components and items to identify serviceable and saleable components 1.4 Include planned action and expected result of sale in final loss calculation 1.5 Carry out inspection activities according to industry regulations and guidelines
2. Determine property, component and item retail or salvage price	2.1 Undertake valuation of identified property serviceable and saleable items and components to calculate final value 2.2 Estimate retail price and salvage cost 2.3 Recommend action and record according to organisational policy, legislation and regulations

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	1.2, 1.5, 2.2, 2.3	Accesses, analyses and evaluates textual information from a variety of sources to identify details and determine requirements
Writing	1.3, 1.4, 2.1, 2.2, 2.3	Documents inspection outcomes and recommendations using industry specific language
Numeracy	1.2, 1.4, 2.1, 2.2	Accesses and interprets numerical information and performs calculations using formal mathematical language and symbols to estimate and record results
Navigate the world of work	1.1, 1.5, 2.3	Takes personal responsibility for following explicit and implicit policies, procedures and legislative requirements
Get the work done	1.1, 1.2, 1.3, 1.4, 1.5, 2.1, 2.3	Plans, organises and implements routine and non-routine tasks, aiming to achieve them efficiently and in accordance with organisational and legislative requirements Makes routine decisions and implements standard procedures for routine tasks, using formal decision-making processes for more complex and non-routine situations Uses digital technologies and systems to locate information, enter or update data and present information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSIGN406 Inspect property for saleable items and determine their value	FNSIGN406A Inspect vehicle or property for saleable items and determine their value	Updated to meet Standards for Training Packages Industry updates - reference to vehicles removed from unit and title	No 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 for FNSIGN406 Inspect property for saleable items and determine their value

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:

carry out inspections of property to identify serviceable and saleable items and components in compliance with industry codes of practice, legislation and regulations

determine retail or salvage price of property component or item

undertake loss calculations to determine recommended action.

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:

explain the key requirements of legislation, regulations and industry codes of practice relating to safety and standard of goods for sale

describe the technical knowledge needed to estimate the value of items and components, and determine whether salvage or sale is a viable option

describe the characteristics and operation of the market for salvaged items

outline the factors to be considered when determining if items or components can be salvaged.

Assessment Conditions

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

organisational records, policy and procedures

common office equipment, technology, software and consumables.

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

FNSILA505 Provide ancillary services

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 provide ancillary services and guidance relating to a loss situation, and options to minimise the extent of future loss, damage or injury.

It applies to individuals in the loss adjusting sector who use specialised knowledge, analytical skills and strong communication skills to convey requirements and options. It may be applied within organisations of various sizes and across a range of customer bases.

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

Insurance loss adjusting

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. Provide guidance on prevention of future losses	1.1 Identify opportunities to provide guidance on loss prevention while current loss situations are being assessed 1.2 Interview clients and relevant third parties to identify potential risk and hazard indicators 1.3 Identify and assess all relevant risk information to determine integrity of its source, and whether it is comprehensive, valid, reliable and pertinent to nature of risk and meets client needs 1.4 Assess risk types against known exposure factors and for compliance with relevant legislation and client or organisational policy guidelines
2. Provide guidance on application of risk management techniques where appropriate	2.1 Determine client product, service types and environment so that nature of risk can be identified and appropriate techniques can be applied 2.2 Present range of viable risk management strategies and techniques, and benefits and disadvantages of various options, to clients 2.3 Carry out cost–benefit analysis on various options identified 2.4 Provide guidance based on objective assessment of client needs and risk exposure factors 2.5 Document guidance on risk management strategies and techniques provided to clients, and record promptly and accurately 2.6 Discuss appropriateness and adequacy of current insurance cover with clients

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, 1.3, 1.4, 2.1	Critically analyses complex documentation from a variety of sources and consolidates information relating to specific criteria to determine requirements
Writing	2.2, 2.4, 2.5	Presents carefully structured information using clear and accurate language to convey options and recommendations specific to the audience and purpose
Oral Communication	1.2, 2.2, 2.4, 2.6	Participates in verbal exchanges, clearly presenting information and options using language, tone and pace appropriate to the audience and environment Uses listening and questioning techniques to elicit the views and opinions of other and to confirm understanding
Numeracy	2.3	Performs calculations and uses mathematical problem-solving techniques to analyse numerical and financial data
Navigate the world of work	1.4	Takes full responsibility for following policies, procedures and legislative requirements, and identifies the organisational implications of new legislation or regulation Identifies and resolves key business issues, processes and practices that may have legal implications
Interact with others	1.2, 2.2, 2.4, 2.6	Implements strategies for a diverse range of colleagues and clients to build rapport and foster strong relationships Recognises the diversity in people and manages this diversity to improve relations and practices
Get the work done	1.1, 1.3, 2.1, 2.2, 2.3, 2.5	Accepts responsibility for planning and sequencing complex tasks and workload, negotiating key aspects with others and taking into account capabilities, efficiencies and effectiveness Applies systematic and analytical decision-making processes for complex and non-routine situations Uses the main features and functions of digital tools to complete work tasks and access information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSILA505 Provide ancillary services	FNSILA505A Provide ancillary services	Updated to meet Standards for Training Packages	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 for FNSILA505 Provide ancillary services

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 1.0.

Performance Evidence

Evidence of the following must be provided:

apply risk management techniques to provide advice on loss reduction and loss prevention

use fraud detection, control and prevention principles to advise clients on preventative strategies for loss reduction

use arbitration and dispute resolution principles and processes, applying thorough knowledge of types and categories of insurance policies and products, industry codes of practice and relevant legislation

undertake cost–benefit analysis of a loss situation.

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

Knowledge Evidence

Evidence of the ability to:

explain the key features of:

claims management processes and procedures

relevant policy coverage and requirements

recovery processes

salvage and disposal methods

subrogation

type and categories of insurance policies

identify and describe the key features of:

insurance and contract law principles

relevant legislation and industry codes of practice

loss adjusting principles and practice

risk management and minimisation principles and techniques.

Assessment Conditions

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

organisational records

organisational policy, procedures, legislation and regulations as they relate to contracts of insurance

common office equipment, technology, software and consumables.

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

FNSILA506 Provide specialist theft, money and fidelity loss adjusting advice and services

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to select techniques and provide appropriate advice and services when loss adjusting theft, money and fidelity claims. It includes determining liability and extent of loss, and loss mitigation and recovery options for insurance loss or damage.

The unit applies to individuals working in the loss adjusting sector who use specialised knowledge, analytical skills and techniques to complete their work within organisations of various sizes and across a range of customer bases.

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

Insurance loss adjusting

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. Establish facts and options for loss mitigation	1.1 Collect evidence required to confirm circumstances of loss or damage for theft, money or fidelity claim 1.2 Identify information deficiencies and obtain additional information from required sources 1.3 Review insurance policy conditions and determine if loss falls within policy coverage 1.4 Identify and evaluate options for loss mitigation relating to claim
2. Analyse facts and determine liability and extent of loss	2.1 Assess collected evidence and information 2.2 Identify fraud indicators 2.3 Assess validity of loss situation and claim against reported circumstances, available evidence and policy specifications 2.4 Determine extent of liability and loss according to legislative requirements and organisational policies and guidelines
3. Determine options for recovery	3.1 Identify required contributory insurances 3.2 Identify and assess cases for potential subrogation action 3.3 Identify and evaluate methods of salvage and disposal, and inform clients of appropriate steps to preserve salvageable materials
4. Communicate with required parties	4.1 Identify need for specialist assistance 4.2 Convey facts and outcomes to client and other required parties 4.3 Communicate with authorities as required

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Uses a range of mathematical problem-solving techniques to analyse and estimate numerical and financial data
Oral communication	Uses active listening and questioning to convey and clarify information and to confirm understanding Presents information using clear and convincing language, tone and pace appropriate for the audience and purposes
Planning and organising	Accepts responsibility for planning and sequencing complex tasks and workload, negotiating key aspects with others and considers capabilities, efficiencies and effectiveness Implements strategies for a diverse range of colleagues and clients to build rapport and foster strong relationships
Problem solving	Applies systematic and analytical decision-making processes for complex and non-routine situations Makes critical decisions quickly in complex situations, considering a range of variables including the outcomes of previous decisions
Self-management	Takes responsibility for following policies, guidelines and legislative requirements
Technologies	Uses digital technologies to access, enter and store information required to complete work tasks
Writing	Records and completes organisational documents and correspondence using clear language and correct spelling, grammar and terminology

Unit Mapping Information

No equivalent unit. New unit.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSILA506 Provide specialist theft, money and fidelity loss adjusting advice and services

Modification History

Release	Comments
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:

provide specialist advice and services for at least two of the following types of loss adjusting claims:

theft

money

fidelity.

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:

legislative and regulatory guidelines and industry sector compliance requirements relevant to job role

organisational policies and guidelines relating to the provision of specialist theft, money and fidelity loss adjusting advice and services

types and features of theft, money and fidelity insurance policies, including scope of cover and key terms and conditions

fraud indicators

indicators and characteristics of subrogation actions relating to theft, money and fidelity claims

loss mitigation measures for theft, money and fidelity claims

possible impacts of theft, money and fidelity loss on involved stakeholders

role of loss adjuster in managing theft, money and fidelity claims

specialist services required for loss adjusting theft, money and fidelity claims

techniques for estimating the extent of loss in theft, money and fidelity claims

techniques for investigating and verifying theft, money and fidelity claims

techniques to analyse and estimate numerical and financial data.

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:

common office equipment, technology, software and consumables

organisational records

organisational policies and guidelines.

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

FNSILA507 Provide specialist business interruption loss adjusting advice and services

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to select techniques and provide appropriate advice and services when loss adjusting business interruption claims. It includes determining liability and extent of loss, and loss mitigation and recovery options for business interruption types of insurance loss or damage.

The unit applies to individuals working in the loss adjusting sector who use specialised knowledge, analytical skills and techniques to complete their work within organisations of various sizes and across a range of customer bases.

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

Insurance loss adjusting

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. Establish facts and options for loss mitigation	1.1 Collect evidence required to confirm circumstances of loss or damage for business interruption claim 1.2 Identify information deficiencies and obtain additional information from required sources 1.3 Review insurance policy conditions and determine if loss falls within policy coverage 1.4 Identify and evaluate options for loss mitigation relating to claim
2. Analyse facts and determine liability and extent of loss	2.1 Assess collected evidence and information 2.2 Assess validity of loss situation and claim against reported circumstances, available evidence and policy specifications 2.3 Determine extent of liability and loss according to legislative requirements and organisational policies and guidelines
3. Determine options for recovery	3.1 Identify required contributory insurances 3.2 Identify and assess cases for potential subrogation action
4. Communicate with required parties	4.1 Identify the need for specialist assistance 4.2 Convey facts and outcomes to client and other required parties 4.3 Communicate with authorities as required

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Uses a range of mathematical problem-solving techniques to analyse and estimate numerical and financial data
Oral communication	Uses active listening and questioning to convey and clarify information and to confirm understanding Presents information using clear and convincing language, tone and pace appropriate for the audience and purpose
Planning and organising	Accepts responsibility for planning and sequencing complex tasks and workload, negotiating key aspects with others and considers capabilities, efficiencies and effectiveness
Problem solving	Applies systematic and analytical decision-making processes for complex and non-routine situations
Reading	Analyses and consolidates information and data from a range of sources, against defined criteria and requirements, and checks for accuracy and completeness
Self-management	Takes responsibility for following policies, guidelines and legislative requirements and identifies organisational implications of new legislation or regulation
Technologies	Uses digital technologies to access, enter and store information required to complete work tasks
Writing	Records and completes organisational documents and correspondence using clear language and correct spelling, grammar and terminology

Unit Mapping Information

No equivalent unit. New unit.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSILA507 Provide specialist business interruption loss adjusting advice and services

Modification History

Release	Comments
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:

provide specialist business interruption loss adjusting advice and services for at least two different clients.

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:

legislative and regulatory guidelines and industry sector compliance requirements relating to job role

organisational policies and guidelines relating to the provision of specialist business interruption loss adjusting advice and services

types and features of business interruption insurance policies, including the scope of cover, key terms and conditions, and conditions for a valid claim to arise

loss mitigation measures for business interruption claims

impacts of business interruption loss on involved stakeholders

role of loss adjuster in managing business interruption claims

indicators and characteristics of subrogation actions relating to business interruption claims

specialist services that may be required for loss adjusting business interruption claims

techniques for estimating the extent of liability and loss in business interruption claims

techniques for investigating and verifying business interruption claims

techniques to analyse and estimate numerical and financial data.

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:

common office equipment, technology, software and consumables

organisational records

organisational policies and guidelines.

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

FNSILA508 Provide specialist liability loss adjusting advice and services

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to select techniques and provide appropriate advice and services when loss adjusting liability claims. It includes determining liability and extent of loss, and loss mitigation and recovery options for liability types of insurance loss or damage.

The unit applies to individuals working in the loss adjusting sector who use specialised knowledge, analytical skills and techniques to complete their work within organisations of various sizes and across a range of customer bases.

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

Insurance loss adjusting

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. Establish facts and options for loss mitigation	1.1 Collect evidence required to confirm circumstances of loss, damage or injury for liability claim 1.2 Identify information deficiencies and obtain additional information from required sources 1.3 Review insurance policy conditions and determine if loss falls within policy coverage 1.4 Identify and evaluate options for loss mitigation relating to claim
2. Analyse facts and determine liability and extent of loss	2.1 Assess collected evidence and information 2.2 Identify fraud indicators 2.3 Assess validity of loss situation and claim against reported circumstances, available evidence and policy specifications 2.4 Determine extent of liability and loss according to legislative requirements and organisational policies and guidelines
3. Determine options for recovery	3.1 Identify required contributory insurances 3.2 Identify and assess cases for potential subrogation action
4. Communicate with required parties	4.1 Identify the need for specialist assistance 4.2 Convey facts and outcomes to client and other required parties 4.3 Communicate with authorities as required

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Uses a range of mathematical problem-solving techniques to analyse and estimate numerical and financial data
Oral communication	Uses active listening and questioning to convey and clarify information and to confirm understanding Presents information using clear and convincing language, tone and pace appropriate for the audience and purpose
Planning and organising	Accepts responsibility for planning and sequencing complex tasks and workload, negotiating key aspects with others and considers capabilities, efficiencies and effectiveness Implements strategies for a diverse range of colleagues and clients to build rapport and foster strong relationships
Problem solving	Applies systematic and analytical decision-making processes for complex and non-routine situations
Reading	Analyses and consolidates information and data from a range of sources, against defined criteria and requirements, and checks for accuracy and completeness
Self-management	Takes responsibility for following policies, guidelines and legislative requirements and identifies organisational implications of new legislation or regulation
Technologies	Uses digital technologies to access, enter and store information required to complete work tasks
Writing	Records and completes organisational documents and correspondence using clear language and correct spelling, grammar and terminology

Unit Mapping Information

No equivalent unit. New unit.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSILA508 Provide specialist liability loss adjusting advice and services

Modification History

Release	Comments
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:

provide specialist liability loss adjusting advice and services for at least two different clients.

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:

legislative and regulatory guidelines and industry sector compliance requirements relating to job role

organisational policies and guidelines relating to the provision of specialist liability loss adjusting advice and services

types and features of liability insurance policies including the scope of cover and key terms and conditions

defences to liability claims

fraud indicators

loss mitigation measures for liability claims

impacts of liability loss on involved stakeholders

principles used to determine legal liability, including:

law of torts

contract law

statute law

equity

role of loss adjuster in managing liability claims

indicators and characteristics of subrogation actions relating to liability claims

specialist services required for loss adjusting liability claims

techniques required for estimating the extent of loss in liability claims

techniques required for investigating and verifying liability claims

techniques to analyse and estimate numerical and financial data.

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:

common office equipment, technology, software and consumables

organisational records

organisational policies and guidelines.

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

FNSILA509 Provide specialist building loss adjusting advice and services

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to select techniques and provide appropriate advice and services when loss adjusting building claims. It includes determining liability and extent of loss, and loss mitigation and recovery options for insurance claims for building losses.

The unit applies to individuals working in the loss adjusting sector who use specialised knowledge, analytical skills and techniques to complete their work within organisations of various sizes and across a range of customer bases.

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

Insurance loss adjusting

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. Establish facts and options for loss mitigation	1.1 Collect evidence and information required to confirm circumstances of loss or damage for building claim 1.2 Identify information deficiencies and obtain additional information from required sources 1.3 Review insurance policy conditions and determine if loss falls within policy coverage 1.4 Identify and evaluate options for loss mitigation relating to claim
2. Analyse established facts	2.1 Assess collected evidence and information 2.2 Assess validity of loss situation and claim against reported circumstances, available evidence and policy specifications
3. Determine extent of loss or damage and establish options for recovery	3.1 Determine extent of liability and loss according to legislative requirements and organisational policies and guidelines 3.2 Identify contributory insurances 3.3 Identify and assess cases for potential subrogation action
4. Communicate with required parties	4.1 Identify the need for specialist assistance 4.2 Convey facts and outcomes to client and other required parties 4.3 Communicate with authorities as required

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Numeracy	Uses a range of mathematical problem-solving techniques to analyse and estimate numerical and financial data
Oral communication	Uses active listening and questioning to convey and clarify information and to confirm understanding Presents information using clear and convincing language, tone and pace appropriate for the audience and purpose
Planning and organising	Accepts responsibility for planning and sequencing complex tasks and workload, negotiating key aspects with others and considers capabilities, efficiencies and effectiveness Implements strategies for a diverse range of colleagues and clients to build rapport and foster strong relationships
Problem solving	Applies systematic and analytical decision-making processes for complex and non-routine situations
Reading	Analyses and consolidates information and data from a range of sources, against defined criteria and requirements, and checks for accuracy and completeness
Self-management	Takes responsibility for following policies, guidelines and legislative requirements and identifies organisational implications of new legislation or regulation
Technologies	Uses digital technologies to access, enter and store information required to complete work tasks
Writing	Records and completes organisational documents and correspondence using clear language and correct spelling, grammar and terminology

Unit Mapping Information

No equivalent unit. New unit.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSILA509 Provide specialist building loss adjusting advice and services

Modification History

Release	Comments
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:

provide specialist building loss adjusting advice and services for at least two clients.

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:

legislative and regulatory guidelines and industry codes of practice relating to job role

organisational policies and guidelines relating to the provision of specialist building loss adjusting advice and service

types and features of insurance policies including the scope of cover and key terms and conditions

loss mitigation measures for building claims

impacts of building loss on involved stakeholders

specialist services required for loss adjusting building claims

role of loss adjuster in managing building claims

indicators and characteristics of subrogation actions relating to building claims

techniques required for estimating the extent of loss in building claims

techniques required for investigating and verifying building claims

techniques to analyse and estimate numerical and financial data.

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:

common office equipment, technology, software and consumables

organisational records

organisational policies and guidelines.

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

FNSILA510 Provide specialist construction loss adjusting advice and services

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to select techniques and provide appropriate advice and services when loss adjusting construction claims. It includes determining liability and extent of loss, and loss mitigation and recovery options for construction types of insurance loss or damage.

The unit applies to individuals working in the loss adjusting sector who use specialised knowledge, analytical skills and techniques to complete their work within organisations of various sizes and across a range of customer bases.

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

Insurance loss adjusting

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. Establish facts and options for loss mitigation	1.1 Collect evidence and information to confirm circumstances of loss, damage or injury for construction claims 1.2 Identify information deficiencies and obtain additional information from required sources 1.3 Review insurance policy conditions and determine if loss falls within policy coverage 1.4 Identify and evaluate options for loss mitigation relating to claim
2. Analyse established facts	2.1 Assess collected evidence and information 2.2 Identify fraud indicators 2.3 Assess validity of loss situation and claim against reported circumstances, available evidence and policy specifications
3. Determine extent of loss, damage or injury and establish options for recovery	3.1 Determine extent of liability and loss according to legislative requirements and organisational policy and guidelines 3.2 Identify required contributory insurances 3.3 Identify and assess cases for potential subrogation action 3.4 Identify and evaluate methods of salvage and disposal and inform clients of appropriate steps to preserve salvageable materials
4. Communicate with required parties	4.1 Identify the need for specialist assistance 4.2 Convey facts and outcomes to client and other required parties 4.3 Communicate with authorities as required

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Uses a range of mathematical problem-solving techniques to analyse and estimate numerical and financial data
Oral communication	Uses active listening and questioning to convey and clarify information and to confirm understanding Presents information using clear and convincing language, tone and pace appropriate for the audience and purpose
Planning and organising	Accepts responsibility for planning and sequencing complex tasks and workload, negotiating key aspects with others and considers capabilities, efficiencies and effectiveness
Problem solving	Applies systematic and analytical decision-making processes for complex and non-routine situations
Reading	Analyses and consolidates information and data from a range of sources, against defined criteria and requirements, and checks for accuracy and completeness
Self-management	Takes responsibility for following policies, guidelines and legislative requirements and identifies organisational implications of new legislation or regulation
Technologies	Uses digital technologies to access, enter and store information required to complete work tasks
Writing	Records and completes organisational documents and correspondence using clear language and correct spelling, grammar and terminology

Unit Mapping Information

No equivalent unit. New unit.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSILA510 Provide specialist construction loss adjusting advice and services

Modification History

Release	Comments
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:

provide specialist construction loss adjusting services for at least two different clients.

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:

common law precedents, legislative and regulatory guidelines and industry sector compliance requirements

organisational policies and guidelines relating to the provision of specialist construction loss adjusting advice and services

types and features of construction insurance policies including the scope of cover and key terms and conditions

fraud indicators

loss mitigation measures for construction claims

role of loss adjuster in managing construction claims

indicators and characteristics of subrogation actions relating to construction claims

specialist services required for loss adjusting construction claims

techniques required for estimating the extent of loss in construction claims

techniques required for investigating and verifying construction claims

types and features of construction contracts relevant to loss adjustment process

techniques to analyse and estimate numerical and financial data.

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:

common office equipment, technology, software and consumables

organisational records

organisational policies and guidelines.

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

FNSILA511 Plan and implement loss investigations

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to perform activities, including interacting with clients, authorities and specialists, to plan and implement loss investigations.

The unit applies to individuals who, within their level of responsibility, use specialised knowledge and organisational skills to coordinate a range of activities required to conduct loss investigations and to ensure thorough and accurate completion of these activities. These individuals use high level analytical, liaison and planning skills to interact with others.

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

Insurance loss adjusting

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. Analyse, negotiate and confirm assignment	1.1 Access and analyse terms of engagement and instructions for assignment, and determine whether provided information is sufficient 1.2 Determine conflicts of interest and confirm assignment is within scope of own knowledge and expertise 1.3 Negotiate, confirm and document terms of engagement and instructions according to client and organisational policies, regulatory and legislative requirements, codes of practice and level of authority 1.4 Advise required parties of decisions to accept or reject terms of engagement, instructions and reasons for decisions as required
2. Plan loss investigation	2.1 Assess validity of loss situation and claim against reported circumstances, available evidence and information 2.2 Determine insurance cover for loss, damage or injury as required and review policy conditions to confirm loss falls within policy coverage 2.3 Establish contractual and other obligations of each party according to circumstances under enquiry 2.4 Document required facts and information according to organisational policies and guidelines 2.5 Determine viable course of action and choose investigative activities 2.6 Assess proposed investigative activities for compliance with codes of practice, regulatory and legislative requirements, and organisational policies and guidelines
3. Implement loss investigation	3.1 Collect facts and information required to confirm circumstances of loss, damage or injury 3.2 Identify information deficiencies and obtain additional information as required 3.3 Identify fraud indicators 3.4 Establish confidential channels of communication with clients and other parties as required 3.5 Establish and maintain professional and cordial relationships with required parties during investigation 3.6 Establish and maintain comprehensive records of investigative activities, methodology and allocated time during investigation
4. Provide interim guidance to involved parties	4.1 Identify and determine requirements for urgent action to protect client interests 4.2 Inform involved parties of loss mitigation actions and preservation of evidence as required 4.3 Inform client of their potential exposure and initial estimate of reserve
5. Verify and clarify information	5.1 Review facts and information gathered and assess for thoroughness and consistency 5.2 Clarify conflicting evidence or information
6. Organise and preserve evidence	6.1 Collate and organise evidence gathered, and record according to organisational policies and guidelines 6.2 Preserve required evidence according to codes of practice, regulatory and legislative requirements, and organisational policies and guidelines 6.3 Maintain confidentiality and security of information according to legislative, industry and organisational requirements
7. Communicate with authorities	7.1 Liaise with authorities as required 7.2 Receive clearance or authorisation for investigative activities from authorities as required and document outcomes
8. Appoint specialists	8.1 Determine need to appoint specialist and convey request to client and other parties as required 8.2 Engage and brief appointed specialists as required

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Interprets numerical and financial information relevant to assessing insurance loss
Oral communication	Conveys information using language, tone and pace appropriate to the audience and environment Uses listening and questioning techniques to elicit the views and opinions of others and to confirm understanding
Planning and organising	Accepts responsibility for planning and sequencing complex tasks and workload, negotiating key aspects with others and taking into account capabilities, efficiencies and effectiveness Monitors progress schedules and reviews and changes them to meet new demands and priorities Implements strategies for a diverse range of colleagues and clients to build rapport and foster strong relationships
Problem solving	Applies systematic and analytical decision-making processes for complex and non-routine situations
Reading	Critically analyses complex documentation from a variety of sources and consolidates information relating to specific criteria to determine requirements
Self-management	Takes responsibility for following policies, guidelines and legislative requirements
Technology	Uses digital technologies to access, enter and store information required to complete work tasks
Writing	Records information and writes detailed notes using required format, spelling and grammar, terminology and conventions specific to requirements

Unit Mapping Information

No equivalent unit. Supersedes and is not equivalent to FNSILA501 Plan and implement loss investigation.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSILA511 Plan and implement loss investigations

Modification History

Release	Comments
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:

plan and implement at least two loss investigations.

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:

legislative and regulatory requirements and codes of practice relevant to loss investigations

organisational policies, guidelines, codes of practice and levels of authority relating to loss investigations

contract and commercial law principles, and the key features of insurance law

key features of insurance loss, including:

claims management

fraud detection, control and prevention principles

rules of evidence, and information gathering and documenting principles

insurable interest

policy coverage and requirements

principles of loss adjusting, including:

investigative practices and guidelines

types of insurance loss and damage

roles, responsibilities and jurisdiction of specialists and other authorities

types of conflict of interest relating to loss adjusting

types of insurance policies and key terms and conditions

methods to interpret numerical and financial information relevant to insurance loss assessment.

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:

common office equipment, technology, software and consumables

organisational records

organisational policies and guidelines.

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

FNSILA512 Evaluate collected information and report findings in loss adjusting

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to apply diagnostic and mathematical skills to determine liability and extent of loss, damage or injury, and report on loss investigation findings. It encompasses providing guidance and information to involved parties on issues such as recovery rights and success relating to a loss situation.

The unit applies to individuals who use specialised knowledge, analytical skills and, systematic approaches and techniques to problem solve. It also includes skills required to prepare data, present information and communicate effectively with clients.

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

Insurance loss adjusting

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. Analyse established facts	1.1 Assess evidence and information gathered during investigative activities 1.2 Identify fraud indicators 1.3 Assess validity of claim against reported circumstances, available evidence and information 1.4 Assess validity of claim against policy coverage and policy specifications 1.5 Document data analysis techniques and procedures used
2. Assess liability and recovery options	2.1 Determine extent of liability and amount of loss according to insurance policy, legislative and regulatory requirements and organisational policies and guidelines 2.2 Carry out cost–benefit analysis on available recovery options as required
3. Determine recovery rights	3.1 Identify contributory insurances 3.2 Identify and assess cases for potential subrogation action and evaluate likelihood of recovery success 3.3 Identify and evaluate methods of salvage and disposal and potential returns 3.4 Inform involved parties of required steps to preserve salvageable materials 3.5 Notify other parties of the intent to seek recovery where required
4. Report findings	4.1 Prepare reports according to client or organisational policies and guidelines, legislative requirements and codes of practice 4.2 Provide reports to required parties 4.3 Prepare and update reports to reflect current status of assignment

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Interprets numerical and financial information against a range of criteria to calculate and estimate loss Applies data analysis techniques and procedures, and business mathematics and statistics relevant to assessing insurance loss
Planning and organising	Accepts responsibility for planning and sequencing complex tasks and workload, negotiating key aspects with others and taking into account capabilities, efficiencies and effectiveness
Problem solving	Applies systematic and analytical decision-making processes for complex and non-routine situations
Reading	Critically analyses complex documentation from a variety of sources and consolidates information relating to specific criteria to determine requirements
Self-management	Takes responsibility for following policies, guidelines and legislative requirements
Technology	Uses digital technologies to access, enter, check and store information required to complete work tasks
Writing	Records and completes organisational documents and correspondence using clear language and correct spelling, grammar and terminology Reports specific information logically and revises and updates documentation based on outcomes of action

Unit Mapping Information

No equivalent unit. Supersedes and is not equivalent to:

FNSILA502 Evaluate collected information

FNSILA503 Report findings and provide guidance to involved parties.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSILA512 Evaluate collected information and report findings in loss adjusting

Modification History

Release	Comments
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:

evaluate and validate loss situation and report findings on at least two different occasions.

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:

legislative and regulatory guidelines and codes of practice relevant to loss investigations

business mathematics relating to assessing insurance loss

evidence and data analysis techniques and procedures required to assess insurance loss

common fraud indicators relating to loss adjusting

insurance, contract and commercial law principles relating to loss investigations

key features of insurance loss, including:

claims management process

insurable interest

types of insurance policies and key terms and conditions

loss adjusting principles and practice

principles of cost estimating

recovery options, including salvage and disposal methods and subrogation

types of liabilities to be considered in assessing loss

workplace reporting requirements.

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:

organisational records

organisational policies, guidelines, legislation and regulations as they relate to contracts of insurance

common office equipment, technology, software and consumables.

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

FNSILA514 Negotiate and affect settlement relating to loss situation, damage or injury

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to identify available options for settlement and to assist in the settlement process relating to loss situations, damage or injury. This includes resolving disputes in the case of contention within the settlement process and issuing recovery demands.

The unit applies to individuals working in the loss adjusting sector who use specialised knowledge, well-developed organisational skills and strong communication skills to effectively negotiate with a range of personnel.

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

Insurance loss adjusting

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. Prepare for negotiation	1.1 Identify issues and options for settlement 1.2 Obtain additional information as required according to identified options 1.3 Carry out cost-benefit analysis on identified options 1.4 Prepare and document information and data needed for settlement meetings according to client instructions, organisational policies and guidelines, legislative and regulatory requirements and codes of practice
2. Facilitate and document negotiations and settlement	2.1 Arrange and conduct meetings of involved parties and facilitate resolution of issues and settlement 2.2 Document and convey outcomes of meetings to client and other required parties 2.3 Make documents and information processed as part of loss adjustment activities available to involved parties as required
3. Manage dispute for client or organisation	3.1 Represent clients or organisational interests where dispute arises and provide required documents and information to other involved parties 3.2 Issue recovery demands as required

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Performs calculations and uses mathematical problem-solving techniques to analyse numerical and financial data
Oral Communication	Participates in verbal exchanges, clearly presenting a case using language, tone and pace appropriate to the audience and environment Uses listening and questioning techniques to elicit the views and opinions of others and to confirm understanding
Planning and organising	Accepts responsibility for planning and sequencing complex tasks and workload, negotiating key aspects with others and taking into account capabilities, efficiencies and effectiveness
Problem solving	Responds to problems requiring immediate resolution, drawing on past experiences to focus on the cause of a problem Applies systematic and analytical decision-making processes for complex and non-routine situations
Reading	Critically analyses complex documentation from a variety of sources and consolidates information relating to specific criteria to determine requirements
Self-management	Takes responsibility for following policies, guidelines and legislative requirements
Teamwork	Implements strategies for a diverse range of colleagues and clients to build rapport, foster strong relationships and negotiate positive outcomes
Technology	Uses digital technologies to access, enter and store information required to complete work tasks
Writing	Accurately records and completes organisational documents and correspondence using clear language and correct spelling, grammar and terminology

Unit Mapping Information

No equivalent unit. Supersedes and is not equivalent to FNSILA504 Negotiate and effect settlement.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSILA514 Negotiate and affect settlement relating to loss situation, damage or injury

Modification History

Release	Comments
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:

negotiate and affect at least two settlements.

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:

organisational policies and guidelines relating to loss investigations

legislative and regulatory guidelines relating to settlements

information and data needed for settlement meetings, including settlement options

contract and commercial law principles, and the key features of insurance law

features of claims management and recovery processes, including:

required policy coverage

salvage and disposal methods

rights of subrogation

types and categories of insurance policies

loss adjusting principles and practice

negotiation processes and strategies

techniques to calculate and estimate numerical and financial data.

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:

common office equipment, technology, software and consumables

organisational records

organisational policies and guidelines.

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

FNSILD501 Prepare a distribution plan

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 determine and prepare a distribution plan. It encompasses determining business objectives, defining markets and their needs, determining products and services, identifying and selecting distribution channels, establishing performance measures and documenting the plan.

It applies to experienced individuals who use specialised knowledge and skills to evaluate complex information and make recommendations relevant to strategic organisational activity.

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

Insurance life distribution

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. Determine business objectives	1.1 Identify distribution aspects of corporate strategic and business plans 1.2 Analyse current situation to determine opportunities in accordance with corporate plans 1.3 Identify and document desired financial resource and market parameters 1.4 Develop objectives through consultation with stakeholders
2. Define markets and needs	2.1 Identify and assess potential markets within corporate strategy and philosophy, and clearly delineate market groups 2.2 Ensure cost-benefit analysis results are within plan projections
3. Determine products and services	3.1 Assess likely future trends in selected markets 3.2 Select a range of products or services to meet market needs and profit objectives
4. Identify and select distribution channels	4.1 Identify current distribution channels and assess their advantages and disadvantages 4.2 Choose channels according to objective criteria
5. Determine and establish enterprise structure	5.1 Evaluate suitability of current structure for proposed distribution channels against business objectives, potential markets and services to be provided 5.2 Assess alternatives against business objectives, potential markets and services to be provided
6. Establish performance measures	6.1 Identify and document financial measures 6.2 Establish timeframes, and determine and document processes to monitor performance outcomes
7. Document plan	7.1 Integrate plan components into agreed format 7.2 Document in logical, concise and conclusive manner and obtain sign-offs from authorised personnel

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	1.1-1.3, 2.1, 4.1, 5.1, 6.1	Analyses and selects key information from a variety of sources and evaluates against specific criteria
Writing	1.3, 1.4, 6.1, 6.2, 7.1, 7.2	Consolidates and logically structures relevant information to produce clear and concise documentation relevant to the purpose and audience
Oral Communication	1.4, 7.2	Participates effectively in verbal exchanges using active listening and questioning to elicit and convey information
Numeracy	1.3, 2.2, 6.1	Performs calculations to analyse and evaluate financial information against a range of criteria
Navigate the world of work	1.2, 1.4, 2.1, 5.1	Plays a lead role in the development and implementation of plans to achieve organisational objectives
Interact with others	1.4, 7.2	Selects and uses appropriate conventions and protocols to gain and provide information relevant to business objectives Collaborates with others to achieve joint outcomes, playing an active role in facilitating and negotiating agreement
Get the work done	1.1-1.4, 2.1, 2.2, 3.1, 3.2, 4.1, 4.2, 5.1, 5.2, 6.2, 7.1, 7.2	Plans, organises and implements tasks to achieve business objectives, changing plans when necessary Applies systematic and analytical decision-making processes for complex and non-routine situations to determine appropriate actions Uses the main features and functions of digital tools to complete work tasks and access information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSILD501 Prepare a distribution plan	FNSILD501A Prepare a distribution plan	Updated to meet Standards for Training Packages	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 for FNSILD501 Prepare a distribution plan

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:

conduct analysis of critical information required to develop a distribution plan including:

business objectives, products and services

markets and needs

distribution channels

performance measures

document distribution plan according to organisational requirements.

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:

analyse and describe key client profiles

discuss key features of distribution and marketing approaches

identify expense ratios

identify financial metrics relevant to monitoring performance of the distribution network

identify and explain human resource trends in the context of the life insurance industry

identify and describe key markets to be served

outline organisational planning processes to service the life insurance business

analyse and describe key:

sales trends

sales relating to market mix

sales relating to products

outline opportunities and strategies for maintaining and updating knowledge of available products and services.

Assessment Conditions

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

common office equipment, technology, software and consumables

organisational records

organisational policy and procedures.

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

FNSILD502 Resource a distribution plan

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 identify and allocate adequate resources for distribution plans. It encompasses satisfying human resource requirements, providing technology requirements and providing infrastructure requirements.

It applies to individuals who use specialised knowledge and organisational skills to plan and implement strategic organisational activity.

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

Insurance life distribution

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. Satisfy human resource requirements	1.1 Determine human resource needs and requirements according to plan requirements 1.2 Develop role specifications according to enterprise format and procedures 1.3 Consider internal and external options with staff selected according to enterprise policy, role descriptions, procedures and legislative requirements 1.4 Appoint staff following enterprise procedures 1.5 Implement performance management systems
2. Provide technology requirements	2.1 Determine technology specifications within enterprise policy and budgets 2.2 Install or contract technology within budget and timelines, and meet all legal requirements 2.3 Regularly review technology performance against specifications and establish contingency plans
3. Provide infrastructure needs	3.1 Specify infrastructure needs and source within budget and timeframes, and according to enterprise’s purchasing policies 3.2 Revise needs to continuously support distribution plan

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	2.3, 3.1, 3.2	Analyses and reviews key information from a variety of sources against specific criteria to determine needs and impacts
Writing	1.2, 2.3, 3.1	Uses clear language, logically structures information and produces documentation using correct organisational formats and procedures
Oral Communication	1.2, 1.4, 2.3	Leads and participates in verbal exchanges using active listening and questioning skills when dealing with a range of personnel in varied situations
Numeracy	2.2, 3.1	Performs calculations to interpret and analyse financial and numerical information relating to budgets
Navigate the world of work	1.1-1.5, 2.1, 2.2, 3.1	Develops and implements strategies to ensure organisational policy, procedures and regulatory requirements are met Ensures knowledge of products, services, legislation and regulations relevant to role is accurate, comprehensive and current
Interact with others	1.4, 1.5	Selects and uses appropriate conventions and protocols to gain and provide information relevant to resource requirements Collaborates with others to achieve joint outcomes, playing an active role in negotiating effective outcomes
Get the work done	1.1-1.5, 2.1-2.3, 3.1, 3.2	Plans, organises, implements and reviews systems and processes to manage resource requirements Applies systematic and analytical decision-making processes for complex and non-routine situations to determine appropriate actions Actively identifies systems, devices and applications with potential to meet current and/or future needs

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSILD502 Resource a distribution plan	FNSILD502A Resource a distribution plan	Updated to meet Standards for Training Packages	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 for FNSILD502 Resource a distribution plan

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:

organise and document human resource requirements for the distribution plan

determine and organise suitable technology and infrastructure requirements for the organisation relating to the distribution plan

determine and organise other infrastructure requirements for the distribution plan.

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:

identify and describe key features of facilities and infrastructure required for servicing a distribution plan

identify and explain human resource procedures and requirements, considering the relevant legislation

identify key features and requirements of IT to service the distribution plan

explain the role of logistics, and discuss procurement techniques and tools relating to distribution plans

outline technology resources relating to distribution plans.

Assessment Conditions

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

common office equipment, technology, software and consumables

organisational records

organisational policy and procedures.

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

FNSILF303 Issue a life insurance policy

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 issue customers with a life insurance policy.

It applies to individuals who use organisational skills and specialised knowledge to undertake administrative services, including preparing documentation, entering information and dispatching the policy to customers.

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

Life insurance

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. Action application	1.1 Receive and review application to identify underwriting instructions 1.2 Take action according to procedures and underwriting instructions 1.3 Communicate declined or deferred underwriting instructions to relevant parties
2. Issue life insurance policy	2.1 Collect relevant information to enable preparation of life insurance policy 2.2 Document life insurance policy with terms and conditions that accurately reflect underwriting instructions 2.3 Check that life insurance policy meets procedures and regulatory requirements 2.4 Select and apply dispatch method in accordance with procedures and customer request
3. Complete administration	3.1 File completed life insurance policy documentation in accordance with procedures and regulatory requirements 3.2 Process cancellations of life insurance policies occurring within cooling-off period in accordance with procedures, customer instructions and regulatory requirements

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, 2.1, 2.3	Gathers, analyses and interprets simple to complex information from a range of sources and identifies relevant information
Writing	1.3, 2.1, 2.2	Records key information relevant to requirements using appropriate text and correct spelling Produces texts of varying complexity using appropriate language and grammar in logical sequence to convey information effectively
Oral Communication	1.3, 2.1	Uses appropriate language, terminology and concepts when participating in verbal exchanges Uses active listening and questioning techniques to clarify information and confirm understanding of requirements
Numeracy	2.1	Interprets numeric data and relevant statistics, and performs calculations related to achieving required outcomes
Navigate the world of work	1.2, 2.3, 2.4, 3.1, 3.2	Follows legislative requirements and organisational policy and procedures relevant to own role
Interact with others	1.3, 2.1	Follows accepted communication practices and protocols, adjusting personal communication style in response to the values, beliefs and cultural expectations of others
Get the work done	1.2, 2.1, 2.4, 3.1, 3.2	Plans, organises and implements routine tasks, aiming to achieve them efficiently Responds to predictable routine problems and implements standard or logical solutions Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSILF303 Issue a life insurance policy	FNSILF303A Issue a life insurance policy	Updated to meet Standards for Training Packages	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 for FNSILF303 Issue a life insurance policy

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:

interpret and follow underwriting instructions accurately

prepare life insurance policies

accurately enter information in systems

perform tasks in accordance with procedures and regulatory requirements.

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 key features of life insurance terms and conditions

identify organisational procedures relevant to issuing of life insurance policies

describe organisational systems for data entry, filing and document registration

describe key features of life insurance product information

list key features of relevant regulatory requirements

describe key underwriting instructions that are relevant to life insurance policies.

Assessment Conditions

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

office equipment, technology, software and consumables

organisational records, policy and procedures.

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

FNSILF408 Process life insurance contract maturity and surrender payment requests

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 process and settle payment requests relating to non-risk based life insurance policies.

It applies to individuals working within the life insurance sector and whose responsibility involves assisting clients with their settlement requests.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Life insurance

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. Receive and validate notification	1.1 Receive request for surrender or notification of maturity of relevant life insurance contract 1.2 Check that documentation is correct and complete 1.3 Check request is valid 1.4 Determine organisational authority level required to process request and refer it to appropriately authorised individual or department as necessary
2. Provide advice to claimant	2.1 Advise claimant of consequences of proceeding with settlement 2.2 Inform client of alternatives to surrender where appropriate 2.3 Obtain discharge as appropriate
3. Calculate payment	3.1 Verify entitlements on basis of supplied evidence, and terms and conditions of life insurance policy 3.2 Calculate and check entitlements in accordance with procedures and regulatory requirements
4. Finalise settlement	4.1 Confirm method of payment with client 4.2 Enter and confirm payment information on appropriate systems to make payment 4.3 Communicate settlement details to relevant stakeholders, as required, in accordance with procedures and regulatory requirements 4.4 Update records and file documentation in accordance with procedures and regulatory requirements

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	1.1-1.3, 3.1, 3.2	Gathers, analyses and interprets simple to complex textual information from a range of sources and identifies relevant information
Writing	1.1, 1.4, 2.1-2.3, 4.1-4.4	Produces texts in logical sequence using appropriate technical and industry-specific language to convey and record information accurately and effectively
Oral Communication	1.4, 2.1-2.3, 4.1-4.3	Uses active listening and questioning techniques to confirm understanding of requirements and other information provided Uses clear, specific and technically correct language to convey information
Numeracy	3.2	Interprets numerical information, uses mathematic equations and performs calculations
Navigate the world of work	1.4, 3.2, 4.3, 4.4	Recognises and follows legislative requirements, explicit and implicit protocols, policies and procedures, and meets expectations associated with own role
Interact with others	1.4, 2.1-2.3	Selects and uses appropriate communication conventions and protocols to liaise with others Adjusts personal communication style in response to the values, beliefs and cultural expectations of others
Get the work done	1.1-1.4, 3.1, 3.2, 4.1-4.4	Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effectiveness Systematically gathers and analyses all relevant information and evaluates options to inform decisions about settlements Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSILF408 Process life insurance contract maturity and surrender payment requests	FNSILF408A Process life insurance contract maturity and surrender payment requests	Updated to meet Standards for Training Packages. Minor edits to clarify intent of elements.	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 for FNSILF408 Process life insurance contract maturity and surrender payment requests

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:

perform contract maturity and surrender payment requests in accordance with relevant procedures and regulatory requirements including:

checking and validating notifications

calculating benefits

communicating settlement advice and details

updating documentation.

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:

outline administrative requirements for non-risk based life insurance policies

list the life insurance policy payment criteria

describe life insurance policy terms and conditions

outline organisational procedures applicable to processing payment requests

list the organisational systems for data entry and filing

compare and contrast risk based life insurance policies and non-risk based life insurance policies

identify the relevant regulatory requirements

outline alternatives to surrender of claims.

Assessment Conditions

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

office equipment, technology, software and consumables

organisational records, policy and procedures.

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

FNSILF507 Manage group life insurance policy administration

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 effectively administer group life insurance policies.

It applies to those responsible for the management and administration of group life insurance policies.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Life insurance

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. Recognise and apply relevant policy guidelines	1.1 Identify relevant group policy ownership structure and associated rules of administration 1.2 Verify party’s authority to act in relation to group life insurance policy 1.3 Use inter-organisational relationships to collect information and authorisations
2. Review group life insurance policy	2.1 Verify that group meets automatic acceptance eligibility criteria 2.2 Review member schedule and verify members’ eligibility for group 2.3 Review member changes that have occurred in period under review and make necessary adjustments to premiums and/or sums insured 2.4 Reconcile details of policy to calculate premiums 2.5 Calculate and remit stamp duty payable on benefits as required in each state and territory 2.6 Calculate and apply group life profit share as per terms of policy, as necessary
3. Manage ongoing policy administration	3.1 Identify requests that exceed automatic acceptance limits and refer for individual underwriting 3.2 Manage medical information collection as necessary 3.3 Make payments to maintain distribution and administration agreements, and reinsurance treaties 3.4 Collect premiums in accordance with policy terms 3.5 Manage cancellation of cover where necessary 3.6 Update and issue documentation and records in accordance with procedures and regulatory requirements 3.7 Work with relevant parties to maintain organisational compliance
4. Manage complaints and disputes	4.1 Advise clients of dispute resolution procedures 4.2 Use inter-organisational relationships to seek resolution of complaints and disputes 4.3 Refer clients to relevant external dispute resolution body as appropriate

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	1.1-1.3, 2.1-2.4, 3.1, 3.6	Gathers, analyses and validates numeric and textual data from a range of sources and consolidates relevant information to achieve desired outcomes
Writing	1.3, 2.3, 3.5, 3.6, 4.1-4.2	Produces texts in a logical sequence using appropriate language and correct spelling, grammar, terminology and format Accurately records and completes organisational documents
Oral Communication	1.2, 1.3, 2.1, 2.2, 2.3, 3.4, 3.7, 4.1-4.3	Uses appropriate language and correct terminology to convey and share information to diverse audience Uses active listening, questioning and summarising techniques to gather, confirm and validate information
Numeracy	2.3, 2.4, 2.5, 2.6, 3.3, 3.4	Uses mathematical equations to perform calculations
Navigate the world of work	2.5, 3.6, 3.7	Takes full responsibility for adherence to legislative requirements, explicit and implicit protocols, policies and procedures, and meets expectations associated with own role
Interact with others	1.3, 2.2, 3.1, 3.7, 4.1-4.3	Establishes and uses appropriate conventions and protocols when conferring with various stakeholders to gather or share information, or resolve disputes Adjusts personal communication style in response to the values, beliefs and cultural expectations of others
Get the work done	1.1-1.3, 2.1-2.4, 3.1-3.7	Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effectiveness Makes decisions regarding claims based on systematic analysis of all information, taking into account organisational requirements and the regulatory environment Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSILF507 Manage group life insurance policy administration	FNSILF507A Manage group life insurance policy administration	Updated to meet Standards for Training Packages	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 for FNSILF507 Manage group life insurance policy administration

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:

effectively administer group life insurance policies by:

interpreting requirements, collecting relevant information and reviewing group life policies

calculating premium calculations and adjustments, and managing cancellations

updating relevant documentation

handling complaints and disputes in accordance with relevant procedures and in line with regulatory requirements.

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:

explain the group life insurance industry and types of products available

outline key features of group life insurance policy terms and conditions

identify the relevant organisational procedures associated with life insurance policy administration

explain the internal and external dispute resolution processes

outline the group life insurance policy payment criteria

explain the organisational guidelines relating to automatic acceptance under group life insurance policies

explain the procedural fairness requirements in management of group life policies

describe relevant regulatory requirements

explain the group life profit sharing systems and the provisions for collection of stamp duty

list the stakeholders in the management of a group life policy.

Assessment Conditions

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

office equipment, technology, software and consumables

organisational records, policy and procedures.

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

FNSINC311 Work together in the financial services industry

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to interpret and apply industry and organisational procedures, guidelines, policies, ethical standards, and sustainability requirements to day-to-day work in the financial services industry.

The unit applies to those with the fundamental skills required to work in the financial services industry. It underpins other entry-level units used in all sectors of the industry.

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

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. Work within industry requirements and guidelines	1.1 Apply relevant workplace procedures, instructions, organisational guidelines and codes of practice 1.2 Carry out work tasks safely and effectively according to specific organisational policies, guidelines and procedures, professional practice and ethical principles 1.3 Seek assistance from appropriate personnel to clarify application of guidelines, procedures and legislation, where necessary
2. Establish and identify relationships	2.1 Develop and maintain positive relationships 2.2 Identify needs, objectives and expectations of relevant stakeholders 2.3 Identify and respond to instructions and enquiries according to organisational policies and procedures 2.4 Identify required stakeholders to report queries and concerns about safety in the workplace
3. Obtain and develop workplace information	3.1 Access required information management systems and databases according to organisational policies and procedures 3.2 Develop workplace documents, input and extract data, and make calculations using organisational software 3.3 Confirm that presentation of written information meets relevant requirements 3.4 Assess risk and take action to reduce risk and to eliminate workplace hazards
4. Work in a team environment	4.1 Provide support to team members and contribute to work group goals and tasks 4.2 Share required financial information with group to ensure designated goals are met 4.3 Seek feedback on own performance, identify opportunities for improvement, and share feedback with group if required

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Learning	Maintains accurate and current knowledge of regulations and standards relevant to role
Oral communication	Engages in verbal exchanges, using active listening and questioning techniques to convey and clarify information Communicates with others suitable to the audience
Reading	Interprets, consolidates and checks completeness of information and data
Writing	Records and completes organisational documentation and correspondence using clear language and correct spelling, grammar and terminology
Planning and organising	Plans and implements routine tasks and workload, making limited decisions on sequencing, timing and collaboration, and seeking assistance in setting priorities
Problem solving	Makes low-impact decisions within familiar situations, based on a range of predefined or routine solutions, and evaluates the effectiveness of the outcomes Responds to predictable routine problems by implementing standard or logical solutions
Self-management	Understands roles and responsibilities for task and makes basic decisions on work completion parameters Identifies and takes steps to follow accepted communication practices and protocols Complies with work instructions and contributes to work group discussions and tasks using accepted conventions
Teamwork	Uses a limited range of accepted practices for communicating in a work environment Responds to common cultural and other differences of people in the work context and makes adjustments when addressing the differences
Technology	Uses digital systems and technologies for accessing, entering, storing and sharing information according to routine procedures and security requirements Works with proprietary and organisational software to develop workplace documents, input and extract data, and make calculations

Unit Mapping Information

Supersedes and is equivalent to FNSINC301 Work effectively in the financial services industry.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSINC311 Work together in the financial services industry

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

work with at least three different financial services colleagues in the course of own work role.

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:

legislative and statutory requirements and industry codes of practice relating to working with others in own role, including:

work health and safety (WHS)

environmental sustainability, and approaches to environmental and resource efficiency

organisational policies, procedures and guidelines relating to own work tasks, including those relating to:

relevant management systems and databases

organisational standards of style and format

risk assessment and responses to workplace hazards and emergency incidents

organisational philosophy, values and objectives relevant to own work role

key features of financial services industry and the way it operates

types of financial risks in financial services

ethical principles that apply when working in the financial services industry

effective questioning and listening techniques

types of communication channels to share financial information

proprietary and/or organisational software that can be used to develop workplace documents, input and extract data, and make calculations.

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:

organisational policies, procedures, regulations and codes of practice

organisational equipment, technology and software.

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

FNSINC411 Conduct work according to professional practices in the financial services industry

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

Application

This unit describes the skills and knowledge required to identify industry professional approaches to procedures, guidelines, policies and standards, including ethical requirements, and to model and meet expectations of these in all aspects of work.

It applies to individuals who work in the financial services industry and underpins other specialist units used in all sectors of the industry.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the relevant regulator for specific guidance on 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. Prepare to provide financial services	1.1 Identify tasks, requirements and responsibilities involved in own job role 1.2 Identify procedures, guidelines, policies, standards, codes of practice and ethical requirements relevant to own job role 1.3 Consult with appropriate colleagues to identify position and responsibilities of own job role in wider organisation
2. Provide financial services within the professional practice framework	2.1 Apply relevant procedures, guidelines, policies, standards, codes of practice and ethical considerations to own job role 2.2 Carry out work tasks according to organisational policies and procedures, and in accordance with industry, organisational and community expectations 2.3 Communicate with colleagues and clients regarding stakeholder needs and expectations of own job role as required
3. Maintain professional practice	3.1 Identify and review personal professional development needs and goals on regular basis 3.2 Clarify and comply with organisational, legislative, and regulatory requirements 3.3 Consult with managerial staff to clarify ongoing expectations and goals of organisation and job role

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Learning	Identifies, plans and implements strategies to manage gaps in personal knowledge
Reading	Analyses and consolidates information and data from a range of sources, against defined criteria and requirements, and checks for accuracy and completeness
Writing	Prepares a range of textual information appropriate for audience for informal and formal purposes
Oral communication	Participates in verbal exchanges of information using language, tone and pace appropriate to audience and environment Uses listening and questioning techniques to elicit the views and opinions of others and to confirm understanding
Numeracy	Performs mathematical calculations to interpret and compare financial data and information
Self-management	Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effective outcomes Accepts responsibility and ownership for the task and makes decisions on completion parameters and the need for coordination with others by following explicit and implicit policies, procedures and legislative requirements Defines timeframes according to schedule requirements
Teamwork	Recognises the importance of building rapport to establish and maintain effective working and client relationships Adapts personal communication style to show respect for the values, beliefs and cultural expectations of others
Problem solving	Makes routine decisions and implements standard procedures for routine tasks, using formal decision-making and problem-solving processes for more complex and non-routine situations
Technology	Uses the main features and functions of digital tools to complete work tasks and access information Adapts to changes in technology required in own organisation and job role

Unit Mapping Information

No equivalent unit. Supersedes and is not equivalent to FNSINC401 Apply principles of professional practice to work in the financial services industry.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSINC411 Conduct work according to professional practices in the financial services industry

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

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:

complete at least two work tasks according to professional practices in the financial services industry.

In the course of the above, candidate must:

interpret and comply with organisational, legislative, and regulatory requirements.

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 documents related to own job role required to produce the performance evidence including:

organisational policies and procedures

guidelines

legislation

regulation

industry codes of practice required to produce the performance evidence

ethical considerations pertaining to own job role

industry, organisational and community expectations of dealing with products, services and clients in the financial services industry

communication pathways within financial services organisations

key professional development opportunities in the financial services industry.

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:

organisational policies, procedures, legislation, regulation and codes of practice

common office equipment, technology, software and consumables.

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

FNSINC412 Apply and maintain knowledge of financial products and services

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to apply and maintain an in-depth knowledge of the financial products and services provided by an organisation, or those an organisation uses, and how they may be applied to client needs.

The unit applies to those who work in various financial services industry job roles, with a wide range of financial products or services.

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

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. Identify and communicate characteristics of financial products and services to clients	1.1 Identify products and services used by organisation and their characteristics and purpose 1.2 Identify key terms and conditions of products and services and how they affect consumer use of them 1.3 Communicate characteristics of products and services to clients
2. Identify compliance obligations for products and services	2.1 Determine compliance requirements in the provision, sale and use of products and services and communicate to clients 2.2 Identify compliance reporting requirements and complete documentation as identified
3. Match products and services to clients	3.1 Identify organisational promotional strategies for products and services in business activities 3.2 Identify clients whose needs match products and services according to promotional strategies 3.3 Provide information and documentation for products and services to client according to organisational policies and procedures and legislative and regulatory requirements
4. Maintain product knowledge	4.1 Access information regarding updates to products and services using workplace systems 4.2 Review updated product and service terms and conditions to maintain currency of product knowledge 4.3 Review and apply updates to compliance requirements as required

Foundation Skills

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

SKILL	DESCRIPTION
Learning	Identifies, plans and implements strategies to manage gaps in personal knowledge
Reading	Evaluates information and products from a variety of sources to achieve personal understanding
Writing	Prepares documentation using clear language, and correct spelling and terminology
Oral communication	Employs appropriate language for the target audience and uses active listening techniques to confirm own understanding Selects and uses appropriate conventions and protocols when communicating with clients in a range of work contexts Participates in verbal exchanges using active listening and questioning to elicit information and respond to queries and concerns
Initiative and enterprise	Ensures knowledge of products and services, legislation, regulations and standards relevant to role is accurate, comprehensive and current
Self-management	Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effective outcomes Understands boundaries of own role and seeks assistance where required
Technology	Uses digital tools to access information

Unit Mapping Information

Supersedes and is equivalent to FNSINC402 Develop and maintain in-depth knowledge of products and services used by an organisation or sector.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSINC412 Apply and maintain knowledge of financial products and services

Modification History

Release	Comments
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:

apply and maintain knowledge of at least six different financial products and services.

In the course of the above, the candidate must:

respond to client enquiries regarding products and services.

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:

organisational policies and procedures related to documentation and reporting requirements and ethical, legal and regulatory conditions in promoting financial products and services to clients

compliance reporting requirements, including breaches, anti-money laundering and other issues related to financial products and services

industry codes of conduct that relate to the provision of financial products and services, including complaint and dispute processes

financial products and services used by organisations and in the sector, including their:

purpose

strengths

weaknesses

terms and conditions

fees and charges

compliance and regulatory requirements

methods to respond to client enquiries regarding products and services according to organisational procedures

organisational promotional strategies for selling financial products and services

systems that can be used to obtain current information on financial products and services.

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 products and services information

clients.

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

FNSINC511 Conduct financial product research to support product recommendations

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to carry out research by interpreting available information and analysing and reviewing research findings and activities to enable the determination of financial investment strategies, products and options.

The unit applies to those who work in a range of financial services job roles involving research functions.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

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. Prepare to conduct financial product research	1.1 Confirm nature and scope of required research and establish research strategy 1.2 Establish timelines to meet required research goal and timeframes 1.3 Identify sources of information relevant to research 1.4 Source and retrieve required information according to organisational policies and procedures 1.5 Prepare research approach based on interpretation of available information and according to organisational policies and procedures
2. Undertake research activities and review	2.1 Conduct research activities according to legislative and confidentiality requirements, organisational policy and guidelines and industry codes of practice 2.2 Analyse research findings and activities to ensure accuracy and thoroughness 2.3 Review and maintain compliance with statutory disclosure requirements 2.4 Seek feedback on effectiveness and appropriateness of research activities from required stakeholders
3. Document and distribute research to required parties	3.1 Check research to ensure compliance with legislative requirements, organisational policy and guidelines, and industry codes of practice 3.2 Finalise research documentation according to organisational procedures 3.3 Obtain required authorisations to release research according to organisational procedures 3.4 Distribute research to required stakeholders according to organisational policies and procedures 3.5 Obtain confirmation of receipt of research information where relevant and complete organisational records of compliance

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Reading	Analyses and consolidates information and data from a range of sources, against defined criteria and requirements
Writing	Records and completes organisational documentation, reports and correspondence using clear language and correct spelling, grammar and terminology Produces, edits and proofreads documents to ensure clarity of meaning, and accuracy and consistency of information
Initiative and enterprise	Modifies or develops research strategies consistent with organisational policy, procedures, legislative requirements, codes of practice and research goals
Planning and organising	Accepts responsibility for planning and sequencing complex tasks and workload and considering capabilities, efficiencies and effectiveness Monitors progress of plans and schedules, and reviews and changes them to meet new demands and priorities
Problem solving	Applies systematic and analytical decision-making processes for complex and non-routine situations
Self-management	Takes responsibility for following policies, procedures and legislative requirements
Technology	Uses the main features and functions of digital tools to complete work tasks and access information

Unit Mapping Information

Supersedes and is equivalent to FNSINC501 Conduct product research to support recommendations.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSINC511 Conduct financial product research to support product recommendations

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

conduct research into a different financial product to support recommendations in at least three of the following practice areas:

aged care

direct investments

estate planning

life insurance

managed investments

retirement planning

social securities

superannuation

taxation.

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:

legislative requirements and codes of practice relating to financial product research, including:

protocols relating to product research

confidentiality requirements

organisational policies, procedures, guidelines and requirements relating to products and research, including for:

sourcing required product information

conducting research activities

preparing and documenting research findings

obtaining release authorisations

distributing research and receipt confirmation

completing records of compliance

sources of information for research on financial products

current economic climate and forecasted outlook for researched financial products

financial forecasting techniques and tools to be used to assess the market for financial products

local and international financial markets and investment outlook for financial products

techniques and tools for evaluating and interpreting research data.

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:

organisational equipment, technology, software and consumables

sources of financial services product information.

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

FNSINC512 Assess vulnerability of financial products and services to money laundering and terrorism financing

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to assess financial products and services provided by an organisation, or those an organisation uses, and determine their vulnerability to money laundering and terrorism financing. It includes undertaking Money Laundering and Terrorism Financing (ML/TF) risk assessments, assessing existing Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) controls and reviewing and responding to industry changes affecting financial products’ and services’ risk to ML/TL.

The unit applies to those who work in various financial services industry job roles and with a wide range of financial products or services.

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

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. Assess financial products and services	1.1 Identify products and services used by an organisation and determine their purpose 1.2 Analyse characteristics of products and services 1.3 Document functions of each product and service and the client needs it satisfies
2. Undertake ML/TF risk assessments of products and services	2.1 Identify characteristics of products and services that are at risk of money laundering and terrorism financing 2.2 Conduct ML/TF risk assessment of products and services as required by organisational policies and procedures
3. Recommend enhancements to AML/CTF systems	3.1 Collect and assess information on existing AML/CTF controls 3.2 Determine enhancements to system controls for managing ML/TF risks for products and services identified through risk assessment 3.3 Manage vulnerabilities of products and services 3.4 Prepare and communicate recommendations for enhancing AML/CTF systems according to organisational policies and procedures
4. Maintain product knowledge	4.1 Review required products and services and initiate any changes to terms and conditions 4.2 Establish and use systems to inform and maintain knowledge regarding products and services 4.3 Review emerging trends affecting the financial services industry and action any required changes to products and services

Foundation Skills

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

SKILL	DESCRIPTION
Learning	Identifies, plans and implements strategies to manage gaps in personal knowledge
Reading	Evaluates information and products from a variety of sources to ensure appropriateness to client needs
Writing	Prepares documentation using clear language, and correct spelling and terminology
Oral communication	Employs language appropriate for audience and uses active listening techniques to confirm own understanding
Initiative and enterprise	Maintains accurate, comprehensive and current knowledge of products, legislation, regulations and standards relevant to role
Self-management	Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effective outcomes Contributes to continuous improvement of current work practices by applying basic principles of analytical and lateral thinking
Technology	Uses digital tools to access information

Unit Mapping Information

Supersedes and is equivalent to FNSINC502 Assess financial products and services vulnerability to money laundering and terrorism financing.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSINC512 Assess vulnerability of financial products and services to money laundering and terrorism financing

Modification History

Release	Comments
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:

assess vulnerability of financial products and services to money laundering and terrorism financing on at least three occasions.

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 organisational policies and procedures, and legislative and regulatory requirements relating to assessing vulnerability of financial products and services to money laundering and terrorism financing

characteristics of products and services, including their:

purpose

strengths

weaknesses

terms and conditions

vulnerability to Money Laundering and Terrorism Financing (ML/TF)

risk assessment methods

Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) controls

compliance requirements for products and services used by the organisation and the sector

general client characteristics and needs for the organisation or sector

information systems available to inform updates affecting products and services in the industry.

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

organisational policies and procedures, legislation and regulations as they relate to financial products and services vulnerability to money laundering and terrorism financing

financial services product information.

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

FNSINC612 Interpret and use financial statistics and tools

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to access, interpret, analyse and record statistical data in the financial services industry. It encompasses producing new statistical information and reports from existing data using a range of tools and processes.

It applies to individuals with an understanding of the sources of financial data, and statistical methods and techniques for analysis. It is a base unit on which other skills required for work in the financial services industry can be built. It applies across all sectors of the industry.

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

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. Apply statistical methods to work	1.1 Determine required work outcome and required data 1.2 Evaluate and select statistical tools and techniques applicable to financial services work to suit required work outcome
2. Source and interpret statistical data	2.1 Access internal and external data and information sources to gather required data 2.2 Validate data according to industry statistical standards 2.3 Verify currency and utility using data summaries and trends 2.4 Interpret and use sampling techniques and diagrammatic, graphical and tabular information to achieve required work outcome
3. Analyse data using statistical techniques and tools	3.1 Analyse statistical data according to organisational requirements and priorities 3.2 Analyse and apply tools and techniques to correct data errors 3.3 Produce reports of analysis in format suited to meet required work outcome
4. Record statistical data analysis results and records	4.1 Confirm accuracy and consistency of analysis with industry and organisational standards 4.2 File and store records to meet security requirements

Foundation Skills

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

SKILL	DESCRIPTION
Reading	Analyses complex statistical documentation from a variety of sources and consolidates information relating to specific criteria to determine requirements
Writing	Records information and prepares reports and documentation, using clear language and organisational formats and protocols
Numeracy	Performs mathematical calculations to analyse statistical information and research to consolidate and inform others
Initiative and enterprise	Works autonomously, making high level decisions to achieve and improve organisational goals Develops and implements strategies that confirm organisational policies, procedures and regulatory requirements are being met Monitors and reviews organisational policies, procedures and adherence to legislative requirements to implement and manage change
Self-management	Plans strategic priorities and outcomes within a flexible context in a diverse environment exposed to competing demands Gathers and analyses data and seeks feedback to improve organisational outcomes Explores and incubates new and innovative ideas through unconstrained analysis and critical thinking to develop and improve organisational goals Uses features and functions of digital tools to complete work tasks and access information according to security requirements

Unit Mapping Information

Supersedes and is equivalent to FNSINC602 Interpret and use financial statistics and tools.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSINC612 Interpret and use financial statistics and tools

Modification History

Release	Comments
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:

interpret and use financial statistics and tools on at least three occasions.

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:

statistical ratios and analysis methods, tools and techniques required in the financial services industry

industry and organisational statistical standards

process for verifying currency and utility of data

process for reporting analysis

mathematical principles of statistical standards and methods used in the financial services industry, including:

sampling techniques used to gather data

data validation techniques

sources and relevance of information available to the financial services industry

types of graphs, charts, diagrams and tables used in statistical modelling and reporting.

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:

statistical modelling software and data

office equipment, technology, software and consumables

organisational policies and procedures, legislation and regulations as they relate to financial statistics and tools

statistical reports 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

FNSINC811 Lead compliance with financial services regulations and industry codes of practice

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

Application

This unit describes the skills and knowledge required to manage organisational processes and compliance with finance industry regulations and industry codes of practice at an organisational level.

The unit applies to individuals who use specialised knowledge and skills to evaluate legislation and industry codes of practice to determine and lead the compliance requirements of organisations.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Generic

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. Evaluate organisational requirements of regulatory obligations	1.1 Research and access source documents for regulations applicable to provision of financial products and services 1.2 Evaluate procedural requirements of source documents and their impact on organisational requirements and work practices 1.3 Implement procedural requirements in line with organisational policy 1.4 Establish role authorities and restrictions in position profiles and organisational procedures 1.5 Design and implement internal monitoring or audit program according to organisational requirements
2. Analyse changes to regulations and procedural implications	2.1 Design and establish systems to ensure currency of regulatory information and requirements 2.2 Establish and lead processes to communicate changes to regulations and policies within required timeframes according to organisation policy 2.3 Review operational procedures to reflect changes to regulations 2.4 Evaluate and communicate implications of change for products and services according to client, regulatory and organisational requirements
3. Manage compliance with relevant industry or professional codes	3.1 Evaluate implications of industry codes of practice relevant to organisational operations 3.2 Oversee execution of changes to organisational policies, procedures and practices to align with industry codes of practice
4. Review processes for maintaining statutory records	4.1 Establish a system to maintain records and documentary requirements 4.2 Oversee maintenance of evidence of current authorisation, training and licences according to organisational, legal and regulatory requirements

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Reading	Researches and critically analyses complex information from a range of sources and consolidates information to determine requirements
Writing	Uses a range of formats and structures to report and present information logically for different audiences Develops material for a specific audience using clear and detailed language to convey information and recommendations
Oral communication	Participates effectively in verbal exchanges and clearly explains and presents complex information using language, tone and pace appropriate to audience
Self-management	Takes full responsibility for analysing policies, procedures and regulatory requirements and identifying organisational implications of new legislation or regulation Actively maintains industry knowledge required to carry out work role Uses communication tools and strategies to develop effective working relationships
Planning and organising	Communicates changes to legislation, codes of practice and organisational requirements to relevant persons Systematically gathers and analyses information, reviews information and evaluates options in order to inform decisions about compliance requirements Accepts responsibility for planning and sequencing complex tasks and workload
Technology	Uses main features and functions of digital tools and systems to complete work and communicate information

Unit Mapping Information

Supersedes and is equivalent to FNSINC801 Lead compliance with financial services legislation and industry codes of practice.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSINC811 Lead compliance with financial services regulations and industry codes of practice

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

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:

lead compliance with finance industry regulations and industry codes of practice on at least one occasion.

In the course of the above, the candidate must:

research and evaluate industry codes of practice and regulations

establish systems to maintain statutory records and requirements

establish mechanisms to changes and implications of regulations and industry requirements to clients and colleagues

comply with organisational requirements and industry codes of practice.

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:

organisational financial products and services

regulatory compliance requirements for the organisation

statutory records the organisation needs to maintain

internal organisational monitoring and audit program processes

organisational systems that maintain records and documents

financial services industry conventions, standards regulation and codes of practice.

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:

legislation, regulations, standards and codes of practice required to produce the performance evidence

organisational policies and procedures required to produce the performance evidence.

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

FNSISV408 Manage handling and settlement of routine insurance claims for retail clients

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to handle routine retail insurance claims. It includes organising and analysing information to establish probable cause and policy coverage, determining the quantum of claims, and assessing settlement options.

The unit applies to those who use well-developed interpersonal, analytical and communication skills in organisations of various sizes and across a range of retail insurance customer bases.

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

General Insurance

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. Analyse insurance claim to determine validity	1.1 Source and analyse information, and check its accuracy and completeness 1.2 Determine and evaluate probable cause, parties to the claim, insurable interest, additional information requirements, and if loss assessor is required 1.3 Evaluate application of relevant statutory and common law principles relevant to claim 1.4 Confirm insured’s entitlement to cover based on terms and conditions of insurance policy 1.5 Seek confirmation and/or approvals by required stakeholders 1.6 Evaluate option to fast track claim in cases of financial hardship 1.7 Identify suspicious, fraudulent and non-standard elements of claim 1.8 Document decision, including evidence and information collected
2. Monitor progress of insurance claim	2.1 Monitor provision of service provider reports according to relevant codes of practice 2.2 Provide progress reports to the insured according to relevant codes of practice 2.3 Liaise with internal and external stakeholders relevant to claim
3. Determine scope of insurance claim and settlement options	3.1 Review information to identify scope of claim and deficiencies 3.2 Determine extent of loss according to organisational policies and procedures 3.3 Confirm insured and non-insured items 3.4 Determine basis of settlement and settlement options according to terms and conditions of insurance contract 3.5 Review recovery options and their impact on settlement of claim 3.6 Obtain approval for basis of settlement, as required
4. Provide claims response to the insured	4.1 Prepare or review statement of claim for offers of cash settlement in part or full, according to regulatory requirements and organisational policies and procedures 4.2 Negotiate claim settlement with the insured 4.3 Inform the insured of the internal complaints process and external dispute resolution process and of insured’s right to information 4.4 Settle claim in line with the insured’s preferred settlement method
5. Finalise and document settlement decisions	5.1 Confirm final payments were made to insured within required timeframes 5.2 Document decisions and all evidence and information considered in determining claim according to organisational policies and procedures

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Performs mathematical calculations to process settlement payments
Oral communication	Presents complex information using vocabulary, tone and pace suitable to audience and purpose Uses questioning and active listening techniques to clarify and confirm understanding
Reading	Analyses and consolidates information and data from a range of sources against defined criteria and requirements Analyses and interprets reports
Writing	Records and completes organisational documentation and correspondence using clear language and correct spelling, grammar and terminology
Planning and organising	Plans tasks and workload considering required timeframes and involved stakeholders Makes low-impact decisions within familiar situations based on a range of predefined or routine practices
Self-management	Applies systematic and analytical decision-making processes to determine and implement investment solutions that meet client needs and financial requirements
Teamwork	Complies with work instructions and contributes to work group discussions using accepted conventions Negotiates with a range of people, identifies common cultural and other differences in the work context, and makes adjustments to address the differences
Technology	Uses digital technologies to access, enter and store information

Unit Mapping Information

No equivalent unit. Newly created unit.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSISV408 Manage handling and settlement of routine insurance claims for retail clients

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

handle and settle routine insurance claims for at least two different retail clients.

In the course of the above, the candidate must:

assess and interpret a variety of insurance product wording and associated endorsements to validate the claims.

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:

legislative and common law requirements and codes of practice relevant to the claim, including those relating to the application of the Insurance Contracts Act

principles of Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Act, General Insurance Code of Practice, and collection of monies relating to routine insurance claims

organisational policies and procedures relating to handling and settlement of retail clients’ routine insurance claims

effective analytical and communication skills

principles of utmost good faith

key features of internal complaints process and external dispute resolution process

interpretation of proximate cause, relevance of causation and impact on indemnity of a claim

principles of indemnity relating to settlement of a claim

principles of subrogation relating to settlement of a claim

insurance product and policy types and their terms and conditions

roles and responsibilities of insurance claim stakeholders, including colleagues, loss assessors, specialists and/or other authorities.

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:

organisational records

organisational policies, procedures, legislation and regulations as they relate to contracts of insurance

common technology and software required to manage claims.

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

FNSISV411 Evaluate insurance risk for business

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to evaluate risk for insurance for a new or renewing business, including gathering risk information, and reviewing and assessing it against appropriate risk criteria.

The unit applies to those performing underwriting roles in a range of insurance sectors, in organisations of various sizes and across a range of client bases.

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

Insurance services

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 and obtain risk information	1.1 Identify, record and gather all sources of risk information and rectify deficiencies 1.2 Determine relevance and reliability of gathered information and integrity of its source 1.3 Prepare data according to organisational policies and procedures 1.4 Confirm compliance with legislative and regulatory requirements
2. Assess information against underwriting guidelines	2.1 Review and initiate required surveys and reports 2.2 Interpret data on risk exposure from survey and reports 2.3 Compare risk information against underwriting guidelines and organisational capacity to assess and accept risk according to terms and conditions 2.4 Liaise with internal stakeholders to assess impact on business as required 2.5 Review and assess proposed amendments against underwriting guidelines and according to organisational policies and procedures 2.6 Document risk assessment data according to organisational policies and procedures
3. Issue quotation	3.1 Prepare quotation based on risk assessment data according to underwriting guidelines 3.2 Communicate information regarding quote to required stakeholders

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Performs mathematical calculations to analyse financial data to accurately evaluate risk
Oral communication	Participates in verbal exchanges to gather or share information using questioning and listening techniques to ascertain other opinions
Reading	Analyses complex documentation from a variety of sources and consolidates information relating to specific criteria to determine requirements
Writing	Records and completes organisational documents and correspondence using clear language and correct spelling, grammar and terminology
Planning and organising	Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effective outcomes
Problem solving	Makes routine decisions and implements standard procedures for routine tasks, using formal decision-making processes for more complex and non-routine situations
Self-management	Takes personal responsibility for following policies, procedures and legislative requirements Identifies and acts on issues that contravene relevant policies, procedures and legal requirements Selects and uses appropriate conventions and protocols when communicating with clients and co-workers in a range of work contexts
Technology	Uses digital technologies to access, enter and store information required to complete work tasks

Unit Mapping Information

No equivalent unit. Supersedes and is not equivalent to FNSISV401 Evaluate risk for new business.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSISV411 Evaluate insurance risk for business

Modification History

Release	Comments
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:

evaluate risk for insurance business, including either:

evaluating risk for at least one new and at least one renewing general insurance business, or

evaluating risk for at least two new Private Health Insurance business.

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:

legislative and regulatory requirements and industry sector codes of practice relating to risk evaluation

organisational policies and procedures, and underwriting guidelines relating to risk evaluation

application of required common law, legal systems and procedures relating to:

insurance contracts

competition and consumer practices

key features of insurance policies

insurance risk and relative industry hazards associated with organisational products

procedures and requirements to conduct and review surveys and reports

risk prevention methods and application

techniques to analyse financial data and evaluate risk.

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:

organisational records

organisational policies and procedures, legislation and regulations relating to new and renewal business

technology and software required to evaluate insurance risk.

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

FNSISV412 Underwrite insurance business

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to underwrite a new or renewing business, including determining the terms and conditions, risk acceptance, evaluating the response of the client, negotiating and finalising the cover.

The unit applies to those working in underwriting roles across range of insurance sectors, in organisations of various sizes and across a range of client bases.

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

Insurance services

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. Determine terms and conditions of risk acceptability	1.1 Collect risk acceptance information and determine terms and conditions of acceptance 1.2 Determine risk acceptability within authority limitations and capacities 1.3 Determine terms and conditions of risk acceptance according to risk acceptance criteria and client history as required 1.4 Determine referrals, as required 1.5 Place facultative reinsurance, as required
2. Communicate result of risk assessment	2.1 Prepare and communicate quotation, as required 2.2 Advise client of terms and conditions of risk acceptance according to organisational timeframes 2.3 Advise rejection of risk as required according to organisational timeframes and guidelines
3. Negotiate agreement	3.1 Determine whether action to modify terms and conditions is required by assessing client response 3.2 Modify offer as required and prepare advice to client according to organisational policies and procedures 3.3 Confirm offer complies with underwriting acceptance authorities and criteria and seek referral approval, as required 3.4 Negotiate revised offer and establish reinsurance as required 3.5 Advise client of acceptance or rejection of risk according to organisational policies and procedures
4. Finalise agreement	4.1 Specify disclosure requirements 4.2 Issue documentation to client according to organisational policies and procedures 4.3 Confirm reinsurance cover, as required 4.4 Record documents according to organisational policies and procedures 4.5 Monitor expiry of interim cover according to organisational policies and procedures as required

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Performs mathematical calculations to analyse financial data and statistics to accurately process insurance cover
Oral communication	Interacts effectively in verbal exchanges, using active listening and questioning to convey and clarify information Clearly explains detailed information using language, tone and pace appropriate to audience
Reading	Critically analyses complex documentation from a variety of sources and consolidates information relating to specific criteria to determine requirements
Writing	Accurately records and completes organisational documents and correspondence using clear language and correct spelling, grammar and terminology Writes, edits and proofreads documents to ensure clarity of meaning, and accuracy and consistency of information
Planning and organising	Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effective outcomes
Self-management	Accepts responsibility and ownership for the task and makes decisions on completion parameters and the need to coordinate with others Takes personal responsibility for following policies, procedures and legislative requirements
Teamwork	Selects and uses appropriate conventions and protocols when communicating with clients and co-workers in a range of work contexts Recognises and accommodates basic differences and priorities of others Recognises behaviours and triggers that contribute to conflict and implements strategies to reduce issues during negotiations
Technology	Uses digital technologies to access, enter and store information required to complete work tasks

Unit Mapping Information

No equivalent unit. Supersedes and is not equivalent to:

FNSISV402 Underwrite new business

FNSISV404 Underwrite renewal business.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSISV412 Underwrite insurance business

Modification History

Release	Comments
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:

underwrite insurance business, including either:

underwriting at least one new and at least one renewing general insurance business, or

underwriting at least two new Private Health Insurance business.

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:

legislative and regulatory requirements and industry sector codes of practice relating to underwriting new and renewal business

organisational policies and procedures, level of authorities and underwriting guidelines, including:

best underwriting guides (BUGs)

loss control guides

compliance requirements for insurance policies, including disclosure requirements

key features and processes for negotiating insurance offers

insurance product and policy types and their terms and conditions

reinsurance procedures related to underwriting new and renewal business

underwriting principles for insurance products and organisational underwriting guidelines, including terms and conditions of risk acceptance and organisational acceptance criteria

techniques to analyse financial data and statistics.

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:

organisational records

organisational policies and procedures, legislation and regulations relating to new and renewal business

organisational equipment, technology, software and consumables.

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

FNSISV413 Survey potential risk exposure

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to survey risk exposure, including examining risk, analysing data, reporting and recommending and reviewing loss control measures.

The unit applies to those in underwriting roles in a range of insurance sectors, in organisations of various sizes and across a range of client bases.

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

Insurance services

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. Determine hazards and exposures	1.1 Examine risk and identify hazard indicators 1.2 Interview client and required stakeholders to identify potential risk components
2. Analyse level of hazards and exposures	2.1 Assess risk type against known exposure factors 2.2 Assess risk types for compliance with relevant legislation and organisational policy 2.3 Determine acceptability of risk according to organisational policies and procedures 2.4 Estimate maximum probable loss as required
3. Report and recommend on condition of risk exposure	3.1 Document condition and improvements according to organisational policies and procedures 3.2 Recommend and apply loss control measures as condition of risk acceptance and determination of renewal
4. Monitor and review loss control measures	4.1 Analyse effectiveness of loss control measures and record findings according to organisational policies and procedures 4.2 Monitor risk improvement against loss control measures 4.3 Conduct follow up risk surveys as required

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Performs mathematical calculations to analyse financial data and statistics, and to accurately calculate the value of risk
Oral communication	Interacts effectively in verbal exchanges, using active listening and questioning to convey and clarify information Clearly explains detailed information using language, tone and pace appropriate to audience
Reading	Critically analyses documentation from a variety of sources, and records and consolidates information to determine requirements
Writing	Records information and prepares correspondence and documentation using clear language and organisational formats and protocols
Planning and organising	Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effective outcomes Makes routine decisions and implements standard procedures for routine tasks, using formal decision-making processes for more complex and non-routine situations
Self-management	Takes personal responsibility for following policies, procedures and legislative requirements Identifies and acts on issues that contravene relevant policies, procedures and legal requirements Uses a range of strategies to establish a sense of connection and build rapport with clients
Teamwork	Selects and uses appropriate conventions and protocols when communicating with clients and co-workers in a range of work contexts
Technology	Uses digital technologies to access, enter and store information required to complete work tasks

Unit Mapping Information

Supersedes and is equivalent to FNSISV403 Survey potential risk exposure.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSISV413 Survey potential risk exposure

Modification History

Release	Comments
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:

survey potential risk exposure for at least three different clients.

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:

legislative and regulatory requirements, industry sector codes of practice and compliance requirements applicable to surveying potential risk exposure

organisational policies and procedures relating to surveying potential risk exposure

key aspects of insurance risk, including:

risk types

common risk exposure factors

risk acceptance

loss control measures

maximum probable loss

industry hazards and common indicators

required underwriting principles related to insurance products

techniques to analyse financial data, statistics and evaluate risk.

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:

organisational records

organisational policies and procedures, legislation and regulations relating to insurance risk

organisational equipment, technology, software and consumables.

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

FNSISV416 Use specialist terminology in insurance claims

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to understand, use and respond to written insurance claims documentation and written and verbal instructions involving specialist terminology, such as medical or legal terminology and processes.

The unit applies to those working in job roles involving the use of specialist medical and legal terminology in a range of insurance sectors, in organisations of various sizes and across a range of client bases.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Insurance services

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. Interpret instructions and claims documentation	1.1 Receive, review and document written and oral claim instructions containing specialist terminology 1.2 Interpret claims documentation containing specialist terminology and processes and their abbreviations 1.3 Seek clarification when necessary
2. Apply appropriate specialist terminology during insurance claims process	2.1 Use appropriate specialist terminology and abbreviations when communicating with internal and external parties in writing and orally regarding insurance claim 2.2 Complete claims-related tasks using appropriate specialist terminology and according to legislative requirements, organisational policies and procedures, and ethical codes of conduct 2.3 Present claims documentation to designated person for verification, if required 2.4 Seek assistance or clarification from specialist representatives or designated personnel as required
3. Build own skills in using specialist terminology	3.1 Identify gaps in knowledge of specialist terminology relating to own work role and seek clarification through appropriate source or person 3.2 Respond to questions from, or define terms for, external stakeholders relating to specialist terminology used in insurance claims when required

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Oral communication	Uses and pronounces specific language appropriate to context and audience Uses questioning and listening techniques to clarify own understanding and ask clarifying questions
Learning	Identifies gaps in own knowledge of the specialist terminology and abbreviations used in insurance claims, and actively locates sources to build understanding
Reading	Uses checklists and other sources of information to interpret specific medical and legal terminology and abbreviations relating to a claim, its specialist terms and related processes
Writing	Uses specific language, terminology, and abbreviations where appropriate in a specialist field Understands specific terminology and abbreviations within the context of a claim Spells specialist terminology relating to insurance claims in appropriate context
Planning and organising	Plans and implements routine tasks and workload, and seeks assistance as required
Self-management	Takes personal responsibility for following policies, procedures and legislative requirements
Teamwork	Selects and uses appropriate conventions and protocols when communicating with clients and co-workers in a range of work contexts
Technology	Uses digital technologies to access, enter and store information required to complete work tasks

Unit Mapping Information

Supersedes and is equivalent to FNSISV406 Use specialist terminology in insurance claims.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSISV416 Use specialist terminology in insurance claims

Modification History

Release	Comments
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:

accurately interpret at least two different instructions containing commonly used specialist terminology and abbreviations – at least one instruction being written and at least one oral

use appropriate specialist terminology in at least three different insurance claims

explain specialist terminology and process to at least one external stakeholder in simple, non-specialist language, ensuring that non-disclosable information remains confidential.

In the course of the above, the candidate must:

access an appropriate person or source of information to clarify instructions or to locate missing information at least once

conduct work according to legislative requirements, organisational policies and procedures, and ethical codes of conduct.

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:

legislative and regulatory requirements and industry sector codes of conduct relating to insurance claims, including confidentiality, privacy and compliance

policy coverage and/or requirements and procedures relating to communication and the release of information, security and confidentiality

organisational policies and procedures relating to interpreting instructions relating to insurance claims and completing claims-related tasks required of own role

underwriting and claims guidelines and levels of authority

legal, financial and ethical consequences of misusing terminology used in specialist insurance products

importance of wording of insurance policies in keeping with own organisation or industry sector

types and categories of specialist insurance policies

meaning of specialist terminology and abbreviations, including:

abbreviations for commonly used specialist terms and associated processes relevant to own work role

commonly used legal terminology in insurance:

insurance law

appropriate use of legal terminology in own area of responsibility in an insurance context

legal process as it relates to insurance and/or legal claims proceedings

commonly used medical insurance terminology relating to medical conditions

features and format of insurance claim documentation required in own work role.

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:

organisational insurance claims and records

organisational policies and procedures, legislation and regulations relating to insurance claims

organisational equipment, technology, software and consumables.

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

FNSISV417 Use medical terminology in an insurance context

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to understand, use and respond to important information involving medical terminology in relation to insurance policies.

The unit applies to those working in health insurance or workers’ compensation sectors where medical and health considerations are a core function of responsibility.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Insurance services

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. Interpret insurance-based information containing medical terminology	1.1 Receive and follow written and verbal instructions containing medical terminology 1.2 Read and interpret documentation containing medical terminology 1.3 Seek clarification when necessary
2. Communicate using medical terminology	2.1 Use medical terminology in insurance-based communications with stakeholders according to organisational policies, procedures and guidelines 2.2 Seek specialist advice from required stakeholders as necessary 2.3 Use medical abbreviations where required 2.4 Explain medical terminology in simple language to required stakeholders according to organisational policies and procedures

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Learning	Independently maintains up-to-date personal knowledge of medical terminology used in insurance contexts
Reading	Interprets and synthesises complex language and specific medical terminology
Writing	Notes specific medical terminology accurately and uses abbreviation conventions where appropriate Defines and explains specific terms for different audiences using writing conventions appropriate for different stakeholders
Oral communication	Pronounces complex medical terminology accurately and clearly Defines specific medical terminology in a way that is appropriate to target audience
Planning and organising	Follows clearly defined instructions regarding task completion and sequencing
Technology	Uses digital technologies to access information required to complete work tasks

Unit Mapping Information

Supersedes and is equivalent to FNSISV407 Use medical terminology in an insurance context.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSISV417 Use medical terminology in an insurance context

Modification History

Release	Comments
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:

use medical terminology in an insurance context on at least two different occasions.

In the course of the above, the candidate must:

accurately interpret and respond to instructions containing commonly used medical terminology and abbreviations

communicate appropriately by spelling and pronouncing medical terminology

use simple language to communicate medical matters to clients.

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:

organisational policies, procedures and guidelines relating to using medical insurance terminology in insurance-based communications with stakeholders

commonly used medical terminology and abbreviations

organisational products that relate to medical insurance and contain medical terminology

codes or compliance requirements that relate to the medical insurance sector

procedures and practices in communicating medical terms in insurance to a range of stakeholders

ethical issues and good practice in communicating to clients about medical matters in insurance

techniques for maintaining an up-to-date personal knowledge of medical terminology used in insurance contexts.

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:

organisational insurance records

organisational policies, procedures, and guidelines relating to insurance context in performance evidence

organisational equipment, technology, software and consumables.

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

FNSISV501 Issue contracts of insurance covering non-routine and complex situations

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 undertake processes related to a contract of insurance in a non-routine, complex situation. It encompasses identifying the necessary information and issuing a new policy or contract of insurance in response to requests for quotes, new policies or interim cover (cover note) in non-routine, complex situations.

It applies to individuals working in job roles with specialist knowledge and functions such as insurance brokers or agents in a range of insurance sectors within organisations of various sizes and across a range of client bases.

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

Insurance services

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 non-routine, complex aspects and clarify client’s situation	1.1 Identify non-routine and complex aspects of client requirements 1.2 Elicit all necessary information from client 1.3 Consult specialists where necessary 1.4 Apply relevant parameters for non-routine, complex situations 1.5 Verify risk information advised by client 1.6 Implement survey requirements, if applicable
2. Determine appropriate approach	2.1 Assess and interpret relevant parameters to determine organisation’s approach 2.2 Consult specialists within and outside organisation as necessary 2.3 Determine terms and conditions of contract and premiums within relevant parameters 2.4 Refer request to higher authority if outside policy and organisational guidelines
3. Issue insurance contact	3.1 Identify any special aspects of policy and notify client 3.2 Decline unacceptable request where applicable under law, inform client and give reasons why 3.3 Complete relevant calculations and contract documentation, and review to ensure it meets organisational procedures and legislative requirements 3.4 Check documentation for accuracy and omissions according to operating procedures for non-routine, complex contracts 3.5 Issue cover note, quote or new insurance policy following organisational operating procedures, and despatch to client

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, 2.1, 2.3, 3.1, 3.2, 3.4	Analyses documentation from a variety of sources, and records and consolidates information to determine requirements Evaluates information and products from a variety of sources to ensure appropriateness to client needs
Writing	1.2, 1.3, 2.2, 2.4, 3.1, 3.2, 3.3	Accurately records information and prepares correspondence and documentation using clear language and organisational formats and protocols
Oral Communication	1.2, 1.3, 1.5, 2.2, 2.4, 3.1, 3.2, 3.3	Employs appropriate listening and questioning skills to check understanding and convey complex information in a manner appropriate for the audience
Numeracy	2.1, 3.3, 3.4	Performs mathematical calculations to analyse and check financial data and to accurately process contract documentation
Navigate the world of work	2.4, 3.3, 3.4, 3.5	Takes full responsibility for following policies, procedures and legislative requirements, and identifies organisational implications of new legislation or regulation Identifies and resolves key business issues, processes and practices that may have legal implications
Interact with others	1.2, 1.3, 2.2, 2.4, 3.1, 3.2	Selects, implements and seeks to improve protocols governing communications to clients and co-workers in a range of work contexts Implements strategies for a diverse range of colleagues and clients to build rapport and foster strong relationships
Get the work done	1.1, 1.4, 1.5, 1.6, 2.3, 3.5	Accepts responsibility for planning and sequencing complex tasks and workload, negotiating key aspects with others and taking into account capabilities, efficiencies and effectiveness Makes critical decisions quickly and intuitively in complex situations, taking into consideration a range of variables including the outcomes of previous decisions Uses digital technologies to access, enter and store information required to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSISV501 Issue contracts of insurance covering non-routine and complex situations	FNSISV501A Issue contracts of insurance covering non-routine and complex situations	Updated to meet Standards for Training Packages. Minor edits to clarify 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 for FNSISV501 Issue contracts of insurance covering non-routine and complex situations

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:

accurately identify non-routine aspects and clarify the client's request

identify and verify risk information received from clients

determine correct premium and issue insurance contract.

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:

explain industry sector compliance, legislation and regulatory requirements

describe the process of interpreting application information and how to apply specific risk ratings

explain the importance of wording of insurance policies in keeping with the organisation or industry sector

outline key features of organisational policy, procedures, insurance guidelines and levels of authority for non-routine and complex situations

outline organisational systems required for issuing cover notes, quotes or new insurance policies.

Assessment Conditions

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

organisational records

organisational policy, procedures, legislation and regulations as they relate to contracts of insurance

a range of common technology and software.

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

FNSISV503 Undertake post-loss risk management

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 review the effect of losses on the portfolio, identify problems and develop remedial risk management strategies.

It applies to individuals working in job roles involving specialist knowledge and functions in a range of insurance sectors, particularly underwriting, and may be applied within organisations of various sizes and across a range of client bases.

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

Insurance services

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 unusual or unwanted trends in claims	1.1 Investigate and report unusual or unwanted trends in cover or claims 1.2 Access and analyse relevant data and documentation, including impact of reinsurance
2. Assess impact of claim and determine alternative strategies	2.1 Determine strategies to minimise potential negative impacts to portfolio within requirements to meet policy obligations and legal requirements 2.2 Protect consumers’ rights according to compliance requirements and codes of practice 2.3 Communicate information which impacts on portfolio or line of business promptly to underwriter 2.4 Determine and act on need for urgent action to protect organisation’s interests

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, 2.4	Critically analyses complex documentation from a variety of sources and consolidates information relating to specific criteria to determine requirements
Writing	1.1, 2.3, 2.4	Accurately records and completes organisational documents and correspondence using clear language and correct spelling, grammar and terminology Writes, edits and proofreads documents to ensure clarity of meaning, and accuracy and consistency of information
Oral Communication	1.1, 2.3, 2.4	Clearly explains detailed information using language, tone and pace appropriate to audience
Numeracy	1.2, 2.1	Performs mathematical calculations to analyse financial information, costs and values to accurately determine performance
Navigate the world of work	2.1, 2.2, 2.4	Identifies and resolves key business issues, processes and practices that may have legal implications Takes full responsibility for compliance with organisational policy and procedures, and legislative and regulatory requirements Modifies or develops organisational policy and procedures to comply with legislative requirements and organisational goals
Interact with others	1.1, 2.3	Implements strategies for a diverse range of colleagues and clients to build rapport and foster strong relationships
Get the work done	1.1, 1.2, 2.1, 2.2, 2.4	Accepts responsibility for planning and sequencing complex tasks and workload, negotiating key aspects with others and taking into account capabilities, efficiencies and effectiveness Makes critical decisions quickly and intuitively in complex situations, taking into consideration a range of variables including the outcomes of previous decisions Responds intuitively to problems requiring immediate resolution, drawing on past experiences Uses digital technologies to access, enter and store information required to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSISV503 Undertake post-loss risk management	FNSISV503A Undertake post-loss risk management	Updated to meet Standards for Training Packages	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 for FNSISV503 Undertake post-loss risk management

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:

accurately identify and assess data and trends relating to losses

effectively analyse the data and trends to identify post loss

use the analysis as a basis for developing effective strategies to minimise loss.

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:

explain consumers’ rights issues and requirements

describe industry trends as they relate to insurance losses

explain the principles for loss surveying

outline organisational policy, procedures, underwriting guidelines and authorities:

best underwriting guides (BUG)

loss control guides

identify and apply relevant legislation, regulatory guidelines and industry sector compliance requirements as they apply to:

insurance contracts

consumer protection

financial services

corporations

select and apply research and analysis techniques

outline risk management techniques and tools

outline impacts of losses on reinsurance.

Assessment Conditions

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

organisational records

organisational policy, procedures, legislation and regulations as they relate to contracts of insurance

a range of common technology and software.

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

FNSISV508 Review and advise on claims costs, policies and procedures

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 review claims history, predict future claims costs and review policies and procedures, including analysing data, preparing reports on claims and monitoring trends in claims settlement to advise on changes to minimise losses.

It applies to individuals working in claims and underwriting job roles involving specialist knowledge and functions in a range of insurance sectors and may be applied within organisations of various sizes and across a range of client bases.

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

Insurance services

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. Collect and analyse data on claims trends	1.1 Design and implement data gathering processes 1.2 Identify new data requirements and sources, and establish process for collecting data 1.3 Analyse data collected to identify trends in claims and related documents
2. Monitor claims trends	2.1 Prepare accurate and timely claims reports to document trends and identify issues, where appropriate 2.2 Communicate to management promptly relevant information which impacts on clients according to organisational procedures
3. Identify opportunities to improve client outcomes	3.1 Assist clients to identify changes to policies and procedures that will improve health and safety and return to work practices, and minimise claims costs in similar circumstances 3.2 Communicate advice to clients effectively and promote positive action 3.3 Provide sources of advice to clients where required

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	1.2, 1.3	Analyses documentation from a variety of sources and records and consolidates information to determine requirements
Writing	1.1, 1.2, 2.1, 2.2, 3.1, 3.2, 3.3	Writes, edits and proofreads documents to ensure clarity of meaning, and accuracy and consistency of information Documents outcomes and changes to policies and procedures using industry relevant terminology Accurately records information and prepares correspondence and documentation using clear language and organisational formats and protocols
Oral Communication	2.2, 3.1, 3.2, 3.3	Conveys and clarifies information effectively to a range of personnel using active listening and questioning to confirm understanding
Numeracy	1.3, 3.1	Performs mathematical calculations to analyse financial information, costs and values
Navigate the world of work	2.2	Takes full responsibility for following policies, procedures and legislative requirements and identifies organisational implications of new legislation or regulation
Interact with others	2.2, 3.1, 3.2	Selects and uses appropriate conventions and protocols when communicating with clients and co-workers in a range of work contexts Implements strategies to build rapport and foster strong relationships with diverse clients
Get the work done	1.1-1.3, 3.1, 3.3	Accepts responsibility for planning and sequencing complex tasks and workload, negotiating key aspects with others and taking into account capabilities, efficiencies and effectiveness Investigates new and innovative ideas as a means to continuously improve work practices and processes through consultation, and formal and analytical thinking

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSISV508 Review and advise on claims costs, policies and procedures	FNSISV508A Review and advise on claims costs, policies and procedures	Updated to meet Standards for Training Packages	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 for FNSISV508 Review and advise on claims costs, policies and procedures

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:

collect and interpret data from a wide range of sources

effectively monitor and analyse:

claims trends and their causes

effects on claims history

settlement policy and procedures

review policies and procedures and make recommendations for change

accurately prepare advice and recommendations for management and clients to undertake suitable actions.

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:

outline organisational policy, procedures, claims guidelines and levels of authority

explain and employ analysis techniques in evaluating data

outline broad industry trends in claims handling

explain the different type of claims events and possible remediation strategies

outline the types of data and documents to be analysed to monitor claim trends.

Assessment Conditions

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

organisational records

organisational policy, procedures, legislation and regulations as they relate to contracts of insurance

a range of common technology and software.

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

FNSISV513 Provide decisions on legal liability and indemnity of a claim

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 convey decisions to ensure stakeholders receive accurate, timely advice regarding the legal liability and indemnity of a claim.

It applies to individuals working in roles that require high level communication, analysis and decision-making skills to provide advice on the legal liability and indemnity of a claim to key stakeholders.

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

Insurance services

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. Monitor claims to support decision-making process	1.1 Establish monitoring procedures to ensure that validity of claim is assessed against organisational and policy acceptance criteria for relevant type and category of policy 1.2 Monitor claims practices to ensure that information used to determine claim validity is accurate, comprehensive and authentic
2. Decide on legal liability and indemnity of claim	2.1 Review relevant information and data to determine legal liability and indemnity of claim 2.2 Make decisions that comply with relevant legislation, organisational procedures and underwriting guidelines 2.3 Review decisions to ensure accuracy and that compliance requirements are fully met
3. Provide stakeholders with accurate, timely advice regarding legal liability and indemnity of claim	3.1 Provide stakeholders with consistent, accurate and timely advice regarding claim 3.2 Provide technical and non-technical claims advice to claims specialists, including review of outgoing correspondence and negotiation and settlement strategies, as appropriate 3.3 Provide stakeholders with accurate and timely advice regarding legal liability and indemnity of claim 3.4 Convey decisions within timeframes to ensure performance targets are achieved
4. Review decisions and identify any required policy or procedural changes	4.1 Evaluate and review decisions against requirements and outcomes on regular basis 4.2 Ensure review process identifies extent to which decisions support process of accepting and managing claim 4.3 Ensure review process identifies extent to which decisions support setting of accurate claim portfolio reserves 4.4 Document circumstances of claims and decisions concerning legal liability and indemnity of claim for consideration in portfolio review 4.5 Instigate changes to policy and procedures to minimise further loss in similar circumstances, if appropriate
5. Update records	5.1 Document actions, procedures and outcomes, and record promptly and accurately 5.2 Maintain finalised documentation according to organisational policy and legislative requirements and codes of practice, as applicable

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	1.2, 2.1, 2.3, 3.2, 4.1	Critically analyses complex documentation from a variety of sources and consolidates information relating to specific criteria to determine requirements
Writing	3.1, 3.2, 3.3, 3.4, 4.1, 4.4, 5.1, 5.2	Accurately records information and prepares correspondence and documentation using clear language and organisational formats and protocols Writes, edits and proofreads documents to ensure clarity of meaning, and accuracy and consistency of information
Oral Communication	3.1, 3.2, 3.3, 3.4	Clearly explains detailed information using language, tone and pace appropriate to the audience Clarifies information effectively using active listening and questioning
Numeracy	3.2, 3.3	Performs mathematical calculations to analyse financial data and statistics to accurately advise on cost of claims and liability
Navigate the world of work	1.1, 4.1-4.3, 4.5	Takes full responsibility for following policies, procedures and legislative requirements and identifies organisational implications of new legislation or regulation Modifies or develops organisational policy and procedures to comply with legislative requirements and organisational goals
Interact with others	3.1- 3.4	Implements strategies for a diverse range of colleagues and clients to build rapport and foster strong relationships Collaborates with others, sharing information to build strong work groups and avoid behaviours that are not conducive to a productive environment
Get the work done	1.1, 1.2, 2.2, 2.3, 3.1, 3.2, 3.4, 4.1-4.5, 5.2	Accepts responsibility for planning and sequencing complex tasks and workload, negotiating key aspects with others and taking into account capabilities, efficiencies and effectiveness Applies systematic and analytical decision-making processes for complex and non-routine situations Makes critical decisions quickly and intuitively in complex situations, taking into consideration a range of variables including the outcomes of previous decisions Investigates new and innovative ideas as a means to continuously improve work practices and processes through consultation, and formal and analytical thinking Uses digital technologies to access, enter, check and store information required to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSISV513 Provide decisions on legal liability and indemnity of a claim	FNSISV513A Provide decisions on legal liability and indemnity of a claim	Updated to meet Standards for Training Packages	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 for FNSISV513 Provide decisions on legal liability and indemnity of a claim

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:

effectively establish and implement monitoring processes

make decisions on legal liability and indemnity within given parameters

advise clients of decisions in a timely manner

initiate changes to policies and procedures to better support organisational goals

document all aspects of the process

apply organisational policy and procedures, and comply with legislation, regulations and industry codes of practice in the determination and provision of legal and indemnity advice associated with a claim.

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:

explain the claims management process

outline data analysis techniques and procedures

identify and outline key features of relevant legislation, regulatory guidelines and industry sector codes of practice as they apply to legal liability and indemnity in insurance claims

outline information technology and communications systems

explain the principles and practice of loss adjustment

outline key features of organisational policy, procedures, insurance guidelines and levels of authority

outline and explain the importance of wording of insurance policies in keeping with the organisation or industry sector

explain risk prevention and loss minimisation methods and application

identify types and categories of insurance policies.

Assessment Conditions

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

organisational records

organisational policy, procedures, legislation and regulations as they relate to contracts of insurance

a range of common technology and software.

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

FNSISV514 Review and update claim reserves in portfolio

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 review and update insurance claims reserves in a portfolio to minimise losses. It encompasses identifying and analysing claims, reserves trends data, legislation and regulations, reports and related documents, monitoring funds, interpreting the results and reporting on the findings to minimise losses.

It applies to individuals working in claims management job roles involving specialist knowledge and functions in a range of insurance sectors and may be applied within organisations of various sizes and across a range of client bases.

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

Insurance services

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. Review claims reserves and monitor funds	1.1 Review claims reserves regularly to ensure they accurately reflect expectations 1.2 Monitor funds to ensure adequate reserves exist to pay claims as they fall due for payment 1.3 Provide accurate data to assist underwriters to identify and charge appropriate policy premiums
2. Support claims staff in claims reserve activities	2.1 Ensure claims coordination staff are supported, as required, to identify accurate initial claims reserves 2.2 Ensure claims coordination staff are supported, as required, in allocation of claims to appropriate claims specialists
3. Authorise payments, settlements and changes to reserves	3.1 Authorise payments, settlements and reserves changes that are requested or required by claims specialists but outside their delegated authority
4. Identify required changes to portfolio, claims reserves policy or procedures	4.1 Communicate identified information promptly to decision-makers in the management structure according to organisational procedures 4.2 Instigate changes to policy and procedures to minimise claims losses in similar circumstances

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, 4.2	Analyses and consolidates information and data from a range of sources, against defined criteria and requirements, and checks for accuracy and completeness
Writing	1.3, 2.1, 2.2, 3.1, 4.1	Prepares documentation and correspondence using clear language and correct spelling and terminology
Oral Communication	1.3, 4.1	Interacts effectively in verbal exchanges, using active listening and questioning to convey and clarify information
Numeracy	1.1, 1.2, 1-3, 2.1, 3.1	Performs mathematical calculations to analyse financial information, costs and values to accurately determine performance and establish reserves requirement
Navigate the world of work	3.1, 4.2	Seeks to improve policies and procedures to better meet organisational goals Identifies and acts on issues that contravene relevant policies, procedures, legal requirements and levels of authority
Interact with others	2.1, 2.2, 4.1	Selects, implements and seeks to improve protocols governing communications to clients and co-workers in a range of work contexts Collaborates and supports others, sharing information to build strong work groups
Get the work done	2.1, 2.2, 3.1, 4.1, 4.2	Accepts responsibility for planning and sequencing complex tasks and workload, negotiating key aspects with others and taking into account capabilities, efficiencies and effectiveness Makes critical decisions quickly and intuitively in complex situations, taking into consideration a range of variables including the outcomes of previous decisions Uses digital technologies to access, enter, check and store information required to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSISV514 Review and update claim reserves in portfolio	FNSISV514A Review and update claim reserves in portfolio	Updated to meet Standards for Training Packages. Rewording and reordering of performance criteria to clarify intent.	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 for FNSISV514 Review and update claim reserves in portfolio

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:

undertake high level data collection, financial analysis and monitoring of funds for managing claims reserves

apply effective communication and management skills related to the review, update and reporting in an insurance claims portfolio

accurately interpret and comply with relevant legislation, and claims and reserves trends.

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:

explain data analysis techniques relating to claims reserves

outline industry trends in claims reserving policy and procedures

outline relevant information technology and communications systems required for determining claims reserves

outline key features of insurance guidelines, levels of authority and organisational policy, procedures and obligations in reserving

identify and describe key features of relevant legislation, regulatory guidelines and industry sector codes of practice

explain the importance of wording of insurance policies in keeping with the organisation or industry sector

explain the reinsurance processes and implications on claims reserves

explain risk prevention and loss minimisation methods and application to claims reserves

explain types and categories of insurance policies

outline processes for authorising payments, settlements and reserves changes.

Assessment Conditions

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

organisational records

organisational policy, procedures, legislation and regulations as they relate to contracts of insurance

a range of common technology and software.

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

FNSISV519 Analyse financial, medical and psychological claims assessments

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to arrange financial, medical or psychological assessments to support the claims assessment processes and to analyse and report on the results.

The unit applies to those working in job roles involving specialist knowledge and functions in a range of insurance sectors. It may apply to areas of claims assessment involving personal injury, long-term settlement and/or complex claims.

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

Insurance services

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. Establish need to appoint specialist to undertake assessment	1.1 Review facts, evidence and information relevant to circumstances of loss, damage and injury 1.2 Identify and advise client and other required stakeholders of need to appoint specialist assistance to undertake financial, medical or psychological assessment
2. Organise financial, medical or psychological assessments	2.1 Engage appointed specialists and brief them on requirements of assessment 2.2 Monitor assessment activity progress and report to required stakeholders within required timelines
3. Analyse data for claims assessments	3.1 Analyse and assess financial, medical or psychological assessment data 3.2 Calculate loss damages by using analysis tools to assess financial, medical or psychological assessments 3.3 Assess impartiality and validity of loss situation and claims against assessment data, and analyse against reported circumstances, available evidence, facts and information 3.4 Review insurance cover and policy conditions to confirm loss falls within policy coverage
4. Report results	4.1 Document assessment actions, procedures and outcomes according to organisations policies and procedures 4.2 Provide stakeholders with advice regarding financial, medical or psychological assessment for claim proceedings

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Performs mathematical calculations to check, interpret and confirm numerical information
Oral communication	Interacts effectively in verbal exchanges, using active listening and questioning to convey and clarify information that contains specialist terms
Reading	Analyses and consolidates information from a variety of different sources to identify inconsistencies and potential fraud Collates and interprets complex documentation and reviews specific data
Writing	Records and completes organisational documents and correspondence using clear language and correct spelling, grammar and terminology
Planning and organising	Accepts responsibility for planning and sequencing complex tasks and workload, negotiating key aspects with others and taking into account capabilities, efficiencies and effectiveness
Problem solving	Makes critical decisions quickly in complex situations, taking into consideration a range of variables including the outcomes of previous decisions
Teamwork	Selects and uses appropriate conventions and protocols when communicating with clients and co-workers in a range of work contexts
Technology	Uses digital technologies and main features and functions of digital tools to access, enter and store information

Unit Mapping Information

Supersedes and is equivalent to FNSISV509 Analyse financial, medical and psychological claims assessments.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSISV519 Analyse financial, medical and psychological claims assessments

Modification History

Release	Comments
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:

analyse at least three different claims assessments with at least one financial, one medical and one psychological claims assessments.

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 methods, tools, practices and guidelines for performing data analysis applicable to financial, medical and psychological assessments

fraud indicators related to claims

key methods of calculating loss damages applicable to financial, medical and psychological assessments

key aspects of claims management processes involving specialist circumstances

key aspects of reports documenting assessment actions, procedures and outcomes, including:

recommendations on validity of claim

recovery amounts in relation to assessment

data relevant to assessment

key features of insurance policies, including coverage and requirements

key features of legislation, regulatory guidelines and industry sector codes of practice applicable to financial, medical and psychological claims

principles of cost estimating in claims assessments

roles and responsibilities of financial, medical and psychological specialists in claims assessments

types and categories of insurance policies associated with financial, medical and psychological claims.

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:

organisational records

organisational policies and procedures, legislation and regulations relating to insurance

organisational equipment, technology, software and consumables.

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

FNSISV520 Manage non-routine and complex insurance claims

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to manage non-routine and complex insurance claims. It includes non-standard issues, determining the business impact, and managing all aspects of the claims-resolution process.

The unit applies to those who apply specialist knowledge and functions when managing non-routine and complex insurance claims, such as major losses, bodily injury losses, long-term settlement, and claims involving legal procedures across international boundaries.

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

Insurance services

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. Analyse claim to determine validity	1.1 Validate claim information, check its accuracy and completeness, and assess it against organisational policies and procedures, policy acceptance criteria, and claims guidelines 1.2 Manage sensitivities and protocols relating to privacy and confidentiality of information when handling investigations 1.3 Identify suspicious, fraudulent and non-standard elements of claim 1.4 Seek supporting advice from specialists, as required 1.5 Notify reinsurer of any claim within required timeframes
2. Evaluate impact of claim	2.1 Analyse data relating to extent of loss, damage or injury, and seek and review claim estimates 2.2 Determine strategies to minimise negative impact of any non-routine or complex claim within policy obligations 2.3 Determine necessity for urgent action to protect organisational interests
3. Determine settlement options	3.1 Identify settlement options within policy obligations and according to organisational, legislative and regulatory requirements 3.2 Seek advice on settlement options from appropriate stakeholders, as required 3.3 Prepare statement of claims settlement as required
4. Manage support arrangements to resolve claim	4.1 Liaise with required internal and external stakeholders to identify and meet support requirements 4.2 Manage legal processes associated with claim as required 4.3 Negotiate to resolve any issues or disputes associated with significant claim
5. Finalise claim process	5.1 Recommend continuous improvements to policies and procedures to enhance outcome for insured and organisation 5.2 Provide stakeholders with advice on claim proceedings 5.3 Document claim characteristics, actions, procedures and outcomes according to legislative and organisational requirements

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Performs mathematical calculations to analyse financial information, costs and values to process claims
Oral communication	Uses active listening and questioning techniques to convey and clarify information and confirm understanding Presents complex information in formal situations using clear and convincing language, tone and pace suitable to audience and purpose
Reading	Analyses and consolidates information and data from a range of sources, against defined criteria and requirements
Writing	Records and completes organisational documentation and correspondence using clear language and correct spelling, grammar and terminology Records required information using industry-related terminology
Planning and organising	Accepts responsibility for planning and sequencing complex tasks and workload, negotiating key aspects with others according to capabilities, efficiencies and effectiveness Makes critical decisions in complex situations, considering a range of variables, including outcomes of previous decisions Responds to problems requiring immediate resolution, drawing on past experiences to focus on the cause rather than the symptom
Self-management	Recommends modifications to organisational policies and procedures in compliance with legislative requirements and organisational goals
Teamwork	Selects and uses appropriate conventions and protocols when communicating with clients and colleagues in a range of contexts Implements strategies for a diverse range of colleagues and clients to build rapport and foster strong relationships
Technology	Uses digital technologies to access, enter and store information

Unit Mapping Information

No equivalent unit. Supersedes and is not equivalent to FNSISV510 Manage non-routine and complex claims.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSISV520 Manage non-routine and complex insurance claims

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

manage at least one non-routine and complex insurance claim.

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:

legislative and regulatory requirements, guidelines and industry sector codes of practice as they apply to:

insurance contracts

Privacy Act

insurance claims

Collection of Monies

Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Act

Australian consumer law

organisational policies and procedures, and claims guidelines relating to managing non-routine and complex insurance claims, including protocols for partnering with external stakeholders

implication of organisational policies and procedures on business objectives, including continuous improvement recommendations to policies and procedures

key aspects of settlement options and statement of claims

key aspects of legal processes in a national and international legal environment

key negotiation methods to resolve issues and disputes

insurance fundamentals and methods to interpret, comprehend and apply policy wording

types and categories of insurance policies and insurance trends in non-routine and complex insurance claims.

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:

organisational records

organisational policies and procedures, legislation and regulations as they relate to contracts of insurance

common technology and software required to manage insurance claims.

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

FNSISV521 Settle non-routine and complex insurance claims

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to settle non-routine and complex insurance claims. It includes identifying non-standard issues, accessing required information to allow a decision to be made, and negotiating and finalising the claims.

The unit applies to those who apply specialist knowledge and functions in a range of insurance sectors in organisations of various sizes and across a range of client bases.

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

Insurance services

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. Determine terms and conditions of settlement	1.1 Determine and evaluate non-routine aspects of claim and parties involved according to organisational policies and procedures 1.2 Determine settlement terms according to policy wording, legislation, organisational policies and procedures, codes of practice, and any relevant transfer of monies procedures 1.3 Identify type and level of variation to standard claims settlement and determine type of required negotiation and mediation 1.4 Perform reconciliations as required
2. Negotiate and communicate settlement terms	2.1 Communicate terms and conditions of settlement offer to client and associated parties according to claims procedures and within required timeframes 2.2 Assess need for adjustment based on response by client and associated parties on terms of settlement offer 2.3 Negotiate settlement terms, where required, and reach mutual agreement 2.4 Meet obligations and determine settlement for minimal loss to organisation 2.5 Document negotiated settlement and agreements 2.6 Update terms of settlement offer as required and advise client and associated parties within required timeframes
3. Document and communicate liability decisions	3.1 Review liability decision and confirm compliance with legislative and regulatory requirements and codes of practice 3.2 Provide statement of claims and disclaimer as required 3.3 Document liability decisions, evidence, and information considered 3.4 Communicate decision to required stakeholders 3.5 Determine if payment falls within individual authority limits, and if not refer claim to required stakeholders
4. Finalise settlement	4.1 Verify and recommend final payment and breakdown of costs to be paid to relevant stakeholders within required timeframes once settlement is reached 4.2 Obtain settlement release from client and third party, as required 4.3 Obtain discharge and determine potential for further liability
5. Finalise claim documentation and identify required changes to policies or procedures	5.1 Document claim circumstances for consideration in portfolio review and make recommendation to underwriter 5.2 Review policies and procedures to minimise further loss in similar circumstances, as required 5.3 Recommend changes to policies and procedures and monitor effectiveness of the review process 5.4 Record actions, procedures and outcomes according to organisational policies and procedures 5.5 Communicate advice regarding claims settlement to required stakeholders according to organisational policies and procedures 5.6 Maintain finalised claims files according to required organisational policy, legislative requirements, and codes of practice

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Interprets charts, graphs and statistical information to calculate settlement offers
Oral communication	Uses active listening and questioning techniques to convey and clarify information Presents complex information in formal situations using convincing language, tone and pace suitable to audience and purpose
Reading	Analyses and consolidates information and data from a range of sources against defined criteria and requirements
Writing	Records information and prepares correspondence and documentation using required language and organisational formats and protocols
Initiative and enterprise	Investigates new and innovative ideas as a means to continuously improve policies and processes through consultation and formal and analytical thinking
Planning and organising	Accepts responsibility for planning and sequencing complex tasks and workload, negotiating key aspects with others and taking into account capabilities, efficiencies and effectiveness
Problem solving	Responds to problems requiring immediate resolution, drawing on past experiences to focus on the cause rather than the symptom
Self-management	Manages conflict with clients and associated parties by identifying contributing factors and implementing strategies to resolve disputes
Team work	Implements strategies for a diverse range of colleagues and clients to build rapport and foster strong relationships
Technology	Uses digital technologies to access, enter, check and store information

Unit Mapping Information

No equivalent unit. Supersedes and is not equivalent to FNSISV511 Settle non-routine and complex claims.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSISV521 Settle non-routine and complex insurance claims

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

settle at least one non-routine and complex insurance claim.

In the course of the above, the candidate must:

document revised terms of claim based on review of non-routine claims and communicate to required parties

recommend modifications or report on potential changes to organisational policies and procedures to protect the organisation from future losses.

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:

legislative requirements, regulatory guidelines and industry sector compliance requirements and codes of practice as they apply to:

insurance contracts

insurance claims

consumer protection

Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Act and Austrac

organisational policies, procedures, codes of practice, insurance guidelines, levels of authority and accountabilities required to settle non-routine and complex insurance claims

dispute resolution bodies relevant to claim, and procedures for interacting with them

key features of financial transactions and settlement documentation

level and conditions at which claims should be escalated

procedures for applying legal precedents to determine and negotiate terms and conditions of settlement

organisational business objectives relating to settling non-routine and complex insurance claims

roles, responsibilities and jurisdiction of specialists and other authorities relevant to settling non-routine and complex insurance claims

insurance fundamentals and methods to interpret, comprehend and apply policy wording, including rights of subrogation

types and categories of insurance policies and insurance trends in non-routine and complex insurance claims.

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:

organisational records

organisational policies, procedures, legislation and regulations as they relate to contracts of insurance

common technology and software required to settle insurance claims.

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

FNSISV522 Work with legal teams to resolve non-routine and complex insurance claims

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to support legal proceedings to resolve non-routine and complex insurance claims. It involves establishing terms of reference for working with a legal team, providing timely and accurate information to support the legal proceedings for the claim, and participating in the settlement of a non-routine, complex claim that involves legal resolution.

The unit applies to those who work with legal teams to resolve non-routine, complex insurance claims, such as major losses, bodily injury losses and long-term settlement.

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

Insurance services

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. Establish requirements of legal proceedings for non-routine and complex insurance claim	1.1 Establish comprehensive terms of reference and instructions applicable to legal proceedings for claim 1.2 Identify terms of reference and confirm they are within organisational and legislative guidelines, codes of practice and personal authorities, and are documented accordingly 1.3 Negotiate, confirm and document roles and responsibilities of parties involved in legal proceedings for claim 1.4 Identify requirements and procedures of legal system involved in claim proceedings
2. Obtain and assess required claims information, and provide to legal team	2.1 Identify legal team representatives and obtain information requirements 2.2 Engage with legal team to identify legal data and information sources and discuss applicable options for obtaining requested legal data and information 2.3 Obtain facts, evidence and information applicable to claims proceedings 2.4 Research and analyse additional historical and legal data, as required 2.5 Identify information deficiencies and seek additional information 2.6 Provide legal data and information to legal team in compliance with organisational policies and procedures, and compliance, ethical and legal requirements
3. Support legal process to manage claim	3.1 Obtain instructions and receipt of legal advice pertaining to claim 3.2 Communicate with legal teams and other applicable parties as required and expedite insurance claim resolution 3.3 Negotiate timelines for provision of required documents to legal team within agreed timeframes 3.4 Clarify conflicting evidence and information according to organisational and legislative requirements, codes of practice, and other relevant guidelines and ensure settlement payments comply with relevant policies 3.5 Document all actions, procedures and outcomes in supporting legal team within required timeframes
4. Support legal team with settlement arrangements	4.1 Participate in mediation and negotiation activities, as required 4.2 Initiate meeting with instructing legal practitioner to discuss settlement meeting and review settlement documents 4.3 Check and exchange documentation with required parties 4.4 Draft letter of confirmation of settlement, and forward to instructing legal practitioner for review and despatch to required parties
5. Report claim outcomes and update records	5.1 Inform stakeholders of claim outcome according to organisational policies and procedures 5.2 Document and record actions, procedures and outcomes according to organisational policies and procedures, legislative requirements, and codes of practice 5.3 Provide stakeholders with advice regarding claim settlement

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Performs mathematical calculations to analyse costs
Oral communication	Uses active listening and questioning techniques to convey and clarify information and confirm understanding Presents complex information in formal situations using clear and convincing language, tone and pace suitable to audience and purpose
Reading	Critically analyses complex documentation from a variety of sources
Writing	Records outcomes of discussions and changes to policy documentation using industry-required terminology Writes, edits and proofreads documents to ensure clarity of meaning and consistency of information
Initiative and enterprise	Investigates new and innovative ideas to improve work practices and processes through consultation, formal and analytical thinking
Planning and organising	Monitors progress of plans and schedules, and reviews and changes them to meet new demands and priorities
Problem solving	Responds to problems requiring immediate resolution, drawing on past experiences to focus on the cause rather than the symptom
Self-management	Identifies organisational implications of new legislation and regulations Identifies and resolves key business issues, processes and practices that may have legal implications Accepts responsibility for planning and sequencing complex tasks and workload, negotiating key aspects with others and taking into account capabilities, efficiencies and effectiveness
Teamwork	Collaborates with others, sharing information to build strong organisational outcomes Manages conflict in the workplace by identifying contributing factors and implementing strategies to resolve conflict
Technology	Uses digital technologies to access, enter, check and store information

Unit Mapping Information

Supersedes and is equivalent to FNSISV512 Work with legal teams to resolve complex claims.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSISV522 Work with legal teams to resolve non-routine and complex insurance claims

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

work with a legal team during the resolution of at least two different insurance claims, where:

at least one claim is a non-routine insurance claim

at least one claim is a complex insurance claim.

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:

legislative requirements, regulatory guidelines, organisational policies and procedures, and industry sector codes of practice that apply to legal proceedings involving complex insurance claim resolution

key features of claims management process

contract and commercial law principles relevant to insurance claim settlements

roles, responsibilities and jurisdiction of specialists and other authorities applicable to resolving complex insurance claims, including key roles of legal teams and other stakeholders, including medical personnel

data analysis techniques and procedures

loss adjusting principles and practices relevant to complex insurance claims

underwriting guidelines and levels of authority relevant to insurance claim settlements

insurance fundamentals and methods to interpret, comprehend and apply policy wording

international and domestic legal systems relevant to resolving complex insurance claims

fundamentals of mediation and negotiation activities related to complex insurance claims

research methodologies and practices relevant to resolving complex insurance claims

principles of managing matters before court in a cost efficient manner that focuses on beneficial outcomes for own organisation

principles of rules of evidence and information gathering, including importance of accurate documentation for legal proceedings

types and categories of insurance policies.

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:

organisational records

organisational policies, procedures, legislation and regulations as they relate to contracts of insurance

common technology and software required to resolve insurance claims.

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

FNSISV524 Negotiate treaty reinsurance

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to analyse and prepare reinsurance submission, select reinsurance supplier and complete negotiation according to organisational guidelines and procedures.

The unit applies to those working in job roles involving specialist knowledge and functions in a range of insurance sectors, in organisations of various sizes and across a range of client bases.

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

Insurance services

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. Prepare reinsurance submission	1.1 Review previous submission arrangements and documents where required 1.2 Prepare information relating to treaty reinsurance submission and check for completeness 1.3 Confirm coverage of claim 1.4 Prepare submission conditions according to organisational policies and procedures, and treaty and facultative obligations 1.5 Prepare and confirm criteria for supplier selection 1.6 Pass on submission information to stakeholders as required
2. Select reinsurance supplier	2.1 Notify reinsurers of submission conditions and details under reinsurance submission arrangements 2.2 Request submission response from reinsurer according to organisational policies and procedures within required timeframes 2.3 Review reinsurance supplier quotations and evaluate against set selection criteria
3. Complete negotiation	3.1 Calculate recovery of whole claim and prepare reinstatements for policy terms and conditions to the required treaty 3.2 Manage transactions 3.3 Negotiate policy terms and conditions with selected reinsurers 3.4 Pass on reinsurer information to required stakeholders as required

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Performs mathematical calculations to analyse financial data and statistics to effectively value insurance contacts
Oral communication	Participates in verbal exchanges to convey complex information using vocabulary appropriate to audience
Reading	Analyses and consolidates information and data from a range of sources, against defined criteria and requirements, and checks for accuracy and completeness
Writing	Records information and prepares correspondence and documentation using clear language and organisational formats and protocols
Planning and organising	Plans and sequences complex tasks and workload, negotiating key aspects with others and taking into account capabilities, efficiencies and effectiveness
Problem solving	Responds to problems requiring immediate resolution, drawing on past experiences to focus on the cause of a problem rather than the symptom
Self-management	Follows policies, procedures and legislative requirements, and identifies organisational implications of new legislation or regulation Makes critical decisions quickly in complex situations, taking into consideration a range of variables including the outcomes of previous decisions
Teamwork	Implements communication strategies to build rapport, foster strong relationships and negotiate positive outcomes with a diverse range of colleagues and clients
Technology	Uses digital technologies to access, enter and store information required to complete work tasks

Unit Mapping Information

Supersedes and is equivalent to FNSISV504 Negotiate treaty reinsurance.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSISV524 Negotiate treaty reinsurance

Modification History

Release	Comments
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:

negotiate the reinsurance of at least two different treaties.

In the course of the above, the candidate must:

document and record required submission information at each stage of the process

compile a submission document, including collection of data and selection of methods of protection.

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 legislative and regulatory requirements and industry sector codes of practice applicable to negotiating treaty reinsurance

organisational policies, procedures, underwriting guidelines and authorities and treaty and facultative obligations, including those relating to:

best underwriting guides (BUG)

loss control guides

organisational information technology systems used in assessing reinsurance submission responses

preparation of submission conditions

insurance contracts

consumer protection

financial services

corporations

key principles and methods of documenting submission information

types of submissions

key considerations of wording of insurance policies in keeping with organisational or industry sector approaches

reinsurance terminology and concepts, including:

limits

excess

premium terms

net retained lines

reinstatements

terms and conditions of reinsurance arrangements

techniques to analyse financial data and statistics to value insurance contracts.

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:

organisational records

organisational policies and procedures, legislation and regulations relating treaty reinsurance

organisational equipment, technology, software and consumables.

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

FNSISV525 Evaluate and report on status of insurance claims portfolios

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to review, analyse and evaluate an insurance claims portfolio or line of business, including preparing reports on portfolio profitability status and recommending changes to minimise losses. It involves analysing claims data and risk, reviewing claims reserves, making assumptions and recommendations about the risks, preparing reports, and monitoring trends in claims activity. It requires the use of information systems, mathematics, financial theories and statistics, risk management methodologies, and financial modelling specific to the line of business.

The unit applies to those who work in claims management and underwriting job roles involving specialist knowledge and functions in a range of insurance sectors in organisations of various sizes and across a range of client bases.

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

Insurance services

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. Evaluate data on an insurance claims portfolio or a line of business claim	1.1 Source portfolio or line of business claims data using organisational collection processes in preparation for analysis 1.2 Identify any additional claims data sources, external influences and improvement to policies and procedures 1.3 Identify organisation’s expectations for claims portfolio performance 1.4 Analyse data and undertake risk analysis to determine profitability, loss ratio, claims reserves and future trends according to organisational policies and procedures 1.5 Research industry to determine benchmarks for claims portfolio
2. Interpret findings to report on assumptions and recommendations	2.1 Identify findings and formulate assumptions and recommendations to identify trends, future profitability, claims reserves and loss ratio for the line of business 2.2 Review and suggest amendments to policies and procedures to improve line of business financial outcomes 2.3 Prepare a report documenting findings, identified issues and assumptions
3. Communicate and review report	3.1 Communicate findings and recommendations to required stakeholders within required timeframe and according to organisational policies and procedures 3.2 Collate feedback and identified issues, and amend report accordingly
4. Finalise report findings and confirm approval	4.1 Submit final report for approval according to organisational lines of approval and delegation of authority 4.2 Document final report and communicate to relevant stakeholders for implementation according to organisational procedures

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Interpret charts, graphs and statistical information and financial modelling
Oral communication	Interacts effectively in verbal exchanges, using active listening and questioning techniques to convey and clarify information
Reading	Critically analyses documentation from a variety of sources and identify trends and anomalies Proofreads document to identify errors and inconsistencies
Writing	Records information and prepares correspondence and documentation using clear language and organisational formats and protocols Develops and edits documents to ensure accuracy, consistency and clarity of meaning
Problem solving	Identifies and resolves key business issues, processes and practices that may have legal implications Applies systematic and analytical decision-making processes for complex and non-routine situations
Self-management	Plans and sequences complex tasks and workload, negotiating key aspects with others and according to capabilities, efficiencies and effectiveness
Technology	Uses digital technologies to access, enter, check and store information

Unit Mapping Information

Supersedes and is equivalent to FNSISV515 Evaluate and report on status of claims portfolio.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSISV525 Evaluate and report on status of insurance claims portfolios

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

evaluate and report on status of at least one insurance claims portfolio or line of business.

In the course of the above, the candidate must:

research industry trends in portfolio management to reduce losses

make assumptions and recommendations based on findings

engage with required colleagues, communicate findings, and apply feedback.

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:

legislative requirements, regulatory guidelines and industry sector codes of practice relating to claims management and reporting

organisational policies and procedures, underwriting guidelines and levels of authority relating to evaluating and reporting on insurance claims portfolios

data and risk analysis techniques relevant to insurance claims portfolios

key aspects of financial theories and statistics relevant to insurance claims portfolios, including financial modelling and related mathematics

evaluation methodologies relevant to insurance claims portfolios

industry trends in insurance portfolio management

insurance fundamentals and methods to interpret, comprehend and apply policy wording

risk prevention and loss minimisation methods and their application in the development of claims portfolios

reporting techniques to communicate assumptions used and recommendations developed

types and categories of insurance policies.

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:

organisational records, data and financial models

organisational policies, procedures, legislation and regulations as they relate to contracts of insurance

common technology and software required to evaluate and report on insurance claims portfolios.

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

FNSISV526 Allocate authorities and guidelines for distribution

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to determine and allocate distribution authorities and guidelines. It involves applying criteria for selecting distribution authorities, reaching agreement, monitoring performance and evaluating the effectiveness of the agreement.

The unit applies to those working in job roles involving specialist knowledge and functions in a range of insurance sectors, in organisations of various sizes and across a range of client bases.

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

Insurance services

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. Provide feedback on and confirm authorities and guidelines	1.1 Read and interpret draft authorities and guidelines 1.2 Identify practical application of authorities and guidelines through market testing to determine need for variance 1.3 Negotiate final form of authorities and guidelines with required stakeholders and confirm they accommodate variations in workplace requirements and comply with organisational policies and procedures 1.4 Obtain authorised authorities and guidelines, and obtain written confirmation
2. Determine allocation of authorities and guidelines	2.1 Determine criteria to be used as basis for allocation 2.2 Confirm allocation is consistent with existing or updated distribution agreements 2.3 Determine allocations according to industry codes of practice and legislative requirements 2.4 Confirm allocation enables achievement of desired result in accordance with business plan
3. Negotiate variations to allocated authorities and guidelines	3.1 Identify opportunities to maximise or adjust business returns 3.2 Negotiate variations where required 3.3 Confirm outcome of negotiation is accepted by required stakeholders
4. Determine and implement authorities and guidelines	4.1 Provide advice on allocations 4.2 Provide training as required and assess its effectiveness 4.3 Record allocation of authorities and guidelines and confirm records are current 4.4 Verify understanding of authorities and guidelines with required stakeholders and record as required 4.5 Update variations to authorities and guidelines and confirm currency of organisational policies 4.6 Undertake implementation procedures in compliance with required industry codes of practice and legislative requirements
5. Monitor and review authorities and guidelines compliance	5.1 Check submissions received for compliance with authorities and guidelines 5.2 Monitor business trends and compliance variations to determine effectiveness of authorities and guidelines 5.3 Rectify non-compliance with authorities and guidelines to maintain business plan objectives
6. Evaluate effectiveness of authorities and guidelines	6.1 Identify market trends and confirm evaluation is based on reliable information 6.2 Assess trends to quantify impact on expected business 6.3 Revise allocations according to changes to codes of practice, legislative and organisational policy requirements

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Oral Communication	Clearly explains detailed information using language, tone and pace appropriate to audience Clarifies information effectively using active listening and questioning
Reading	Critically analyses complex documentation from a variety of sources and consolidates information relating to specific criteria to determine requirements
Writing	Records information and prepares correspondence and documentation using clear language and organisational formats and protocols Composes, edits and proofreads documents to ensure clarity, accuracy and consistency of meaning
Initiative and enterprise	Investigates new and innovative ideas as a means to continuously improve work practices and processes through consultation, and formal and analytical thinking
Planning and organising	Accepts responsibility for planning and sequencing complex tasks and workload, negotiating key aspects with others and taking into account capabilities, efficiencies and effectiveness
Problem solving	Responds to problems requiring immediate resolution, drawing on past experiences to focus on the cause of a problem
Self-management	Works independently or with others in making decisions to achieve organisational outcomes Takes responsibility for following policies, procedures and legislative requirements and identifies organisational implications of new legislation or regulation Modifies or develops organisational policies and procedures to comply with legislative requirements and organisational goals Applies systematic and analytical decision-making processes for complex and non-routine situations
Teamwork	Elicits feedback and provides feedback to others to improve self or workgroup behaviours Selects, implements and seeks to improve protocols governing communications to clients and co-workers in a range of work contexts Recognises the diversity in people and manages this diversity to improve workplace relations and practices
Technology	Uses digital technologies to access, enter, check and store information required to complete work tasks

Unit Mapping Information

Supersedes and is equivalent to FNSISV516 Allocate authorities and guidelines for distribution.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSISV526 Allocate authorities and guidelines for distribution

Modification History

Release	Comments
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:

allocate authorities and guidelines for distribution at least once.

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:

legislative and regulatory requirements and industry codes of practice applicable to the allocation of authorities and guidelines

organisational policies, procedures, authorities and guidelines applicable to the allocation of authorities and guidelines

key aspects of organisational business plan, its requirements and objectives

key aspects of negotiation techniques and procedures

methodologies to test application of authorities and guidelines

procedures and criteria used to determine allocation of authorities and guidelines

procedures and requirements to provide training applicable to allocation of authorities and guidelines for distribution and methods to assess its effectiveness.

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:

organisational records

organisational policies and procedures, legislation and regulations relating to allocating authorities and guidelines

organisational equipment, technology, software and consumables.

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

FNSISV527 Implement insurance claim recovery procedures

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to recover money relating to an insurance claim. It encompasses the complete process, from initiating the recovery to finalisation of the claim.

The unit applies to those who work in job roles such as underwriting. It involves specialist knowledge and functions in a range of insurance sectors, and may be applied in organisations of various sizes and across a range of client bases.

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

Insurance services

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. Establish viability of recovery	1.1 Identify sources and rights of recovery 1.2 Calculate achievable recovery amount 1.3 Evaluate extent of recovery success
2. Evaluate recovery methods	2.1 Determine recovery method based on assessing benefit to organisation and according to organisational operating procedures 2.2 Confirm that selected recovery method is appropriate to circumstances of loss and compliant with legislative and organisational requirements
3. Implement and monitor recovery progress and negotiate recovery	3.1 Issue demand to responsible party and appoint agents to undertake loss recovery, as required 3.2 Confirm knock for knock, as required 3.3 Make referral to solicitor and other relevant service provider, as required 3.4 Implement and follow up recovery within required timeframes and according to organisational procedures 3.5 Negotiate recovery settlement within required timeframes and according to organisational procedures
4. Process monies and record outcomes	4.1 Confirm receipt of recovery amounts 4.2 Prepare payment information and facilitation of claim payment, as required 4.3 Make recommendation to relevant team on payment of client’s share of recovery money, as required 4.4 Finalise claims according to legislation, regulations, organisational operating procedures and codes of practice, as required 4.5 Update required records and advise underwriter of any special circumstances, as required

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Performs mathematical calculations to analyse financial information, costs and values, and to process claims
Oral communication	Participates in verbal exchanges, using active listening and questioning techniques to convey and clarify information and confirm understanding
Reading	Interprets, consolidates and checks completeness and accuracy of information and data
Writing	Records communications and data, and completes organisational documentation and correspondence using clear language and correct spelling, grammar and terminology
Planning and organising	Plans and sequences complex tasks and workload, negotiating key aspects with others and according to capabilities, efficiencies and effectiveness Makes critical decisions in complex situations, considering a range of variables including outcomes of previous decisions
Self-management	Takes responsibility for following policies, procedures and legislative requirements
Teamwork	Selects and uses appropriate conventions and protocols when communicating with clients and colleagues in a range of contexts
Technologies	Uses digital technologies to access, enter and store information

Unit Mapping Information

Supersedes and is equivalent to FNSISV507 Implement claim recovery procedures.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSISV527 Implement insurance claim recovery procedures

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

implement claim recovery procedures for at least three different insurance claims.

In the course of the above, the candidate must:

collate information and determine viability of the recovery

review options and determine a suitable claim recovery method

engage in negotiations to secure settlement conditions

calculate achievable recovery amounts

oversee financial transactions of payments

maintain accurate records.

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:

legislative requirements, regulatory guidelines and industry sector compliance requirements as they apply to:

insurance contracts

consumer protection

privacy

collection of monies

Corporations Act

General Insurance Code of Practice

organisational policies, procedures, insurance guidelines and key stakeholders in claim recovery processes

legal aspects of insurance agents and brokers that apply when implementing claim recovery procedures

key aspects of claim recovery methods and their application

techniques for negotiating recovery settlements

insurance fundamentals and methods to interpret and apply policy wording, including rights of subrogation

key aspects of procedures of claims recovery from reinsurance

legal precedents and previous organisational results for insurance claims recovery.

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:

organisational records

organisational policies, procedures, legislation and regulations as they relate to contracts of insurance

common technology and software required to implement insurance claim recovery.

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

FNSISV531 Issue insurance contracts covering non-routine and complex situations

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to undertake processes related to issuing an insurance contract in non-routine and complex situations. It includes identifying the necessary information and issuing a new policy or contract of insurance in response to requests for quotes, new policies or interim cover (cover note) in non-routine and complex situations.

The unit applies to those working in job roles with specialist knowledge and functions, such as insurance brokers or agents, in a range of insurance sectors in organisations of various sizes and across a range of client bases.

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

Insurance services

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 non-routine and complex aspects, and clarify client situation	1.1 Identify non-routine and complex aspects of client requirements 1.2 Elicit required information from client according to organisational procedures 1.3 Consult specialists on non-routine and complex aspects of the client’s situation where required 1.4 Apply requirements to non-routine and complex situations that make risk acceptable 1.5 Verify risk information advised by client 1.6 Implement survey requirements as required
2. Determine approach	2.1 Assess and interpret required parameters to determine organisation’s approach 2.2 Consult specialists within and outside organisation as required 2.3 Determine terms and conditions of contract and premiums according to organisational policies and procedures 2.4 Refer request to escalation point as required according to organisational policies and procedures
3. Finalise insurance contract	3.1 Identify any special aspects of policy and notify client 3.2 Decline unacceptable request where applicable under law, inform client and provide reasons 3.3 Complete required calculations and contract documentation, and confirm compliance with organisational procedures and legislative requirements 3.4 Check documentation for accuracy and omissions according to organisational procedures for non-routine, complex contracts 3.5 Issue cover note, quote or new insurance policy according to organisational procedures, and despatch to client

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Performs mathematical calculations to analyse and check financial data and to accurately process contract documentation
Oral communication	Employs appropriate listening and questioning skills to check understanding and convey complex information in a manner appropriate for the audience
Reading	Analyses documentation from a variety of sources, and records and consolidates information to determine requirements Evaluates information and products from a variety of sources to match client needs
Writing	Records information and prepares correspondence and documentation using clear language and organisational formats and protocols
Planning and organising	Accepts responsibility for planning and sequencing complex tasks and workload, negotiating key aspects with others and taking into account capabilities, efficiencies and effectiveness Selects, implements and seeks to improve protocols governing communications to clients and co-workers in a range of work contexts Implements strategies for a diverse range of colleagues and clients to build rapport and foster strong relationships
Problem solving	Makes critical decisions quickly in complex situations, taking into consideration a range of variables including the outcomes of previous decisions
Self-management	Takes responsibility for following policies, procedures and legislative requirements, and identifies organisational implications of new legislation or regulation Identifies and resolves key business issues, processes and practices that may have legal implications
Technology	Uses digital technologies to access, enter and store information required to complete work tasks

Unit Mapping Information

Supersedes and is equivalent to FNSISV501 Issue contracts of insurance covering non-routine and complex situations.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSISV531 Issue insurance contracts covering non-routine and complex situations

Modification History

Release	Comments
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:

issue at least two insurance contracts covering non-routine and complex situations.

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:

legislative and regulatory requirements and industry sector codes of practice and levels of authority for non-routine and complex situations

organisational policies and procedures relating to issuing insurance contracts covering non-routine and complex situations, including those relating to conducting surveys

aspects of procedures for non-routine and complex situations, including required parameters

key aspects of insurance policies

documentation and organisational systems required for issuing cover notes, quotes and new insurance policies

specialists to consult regarding client’s non-routine and complex situations, including underwriting staff, product development staff and external lawyers

process of interpreting application information and application of specific risk ratings

risk parameters and its verification process

techniques to analyse and check financial data and process contract documentation.

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:

organisational records

organisational policies and procedures, legislation and regulations relating to contracts of insurance

organisational equipment, technology, software and consumables.

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

FNSISV532 Review operational performance of insurance portfolios

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to review the operational performance of insurance portfolios, including analysing portfolio performance, identifying problems and determining remedial action.

The unit applies to those working in job roles involving specialist knowledge and functions in a range of insurance sectors, in organisations of various sizes and across a range of client bases.

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

Insurance services

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. Analyse performance data	1.1 Collate and check identified key performance data 1.2 Review data against planned outcomes and prior record 1.3 Conduct analysis to confirm if planned outcomes have been achieved 1.4 Determine need for remedial action by assessing variations in portfolio performance 1.5 Investigate and report unusual or unwanted trends 1.6 Benchmark portfolio performance
2. Identify performance problems and remedial action	2.1 Use available information to undertake a performance assessment and identify performance problems 2.2 Refer unusual circumstances for strategic analysis as required 2.3 Undertake further analysis to identify improvement measures
3. Determine and implement remedial action	3.1 Review existing authorities and acceptance criteria to assess if amendments are needed 3.2 Prepare action plans to match performance with portfolio profile according to organisational guidelines and procedures 3.3 Implement action plans 3.4 Protect consumers’ rights according to compliance requirements and codes of practice 3.5 Communicate information which impacts on portfolio or line of business to underwriter
4. Monitor effectiveness of remedial action	4.1 Develop and implement procedures to monitor remedial action and its effectiveness 4.2 Analyse results according to required timeframes to confirm portfolio performance has stabilised and is moving towards planned outcomes

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Performs mathematical calculations to analyse financial information, costs and values to accurately determine performance
Oral communication	Articulates requirements in a succinct and appropriate manner to determine specific information
Reading	Critically analyses complex documentation and data from a variety of sources and consolidates information relating to specific criteria to determine requirements
Writing	Records information and prepares correspondence and documentation using clear language and organisational formats and protocols Writes, edits and proofreads documents to ensure clarity of meaning, and accuracy and consistency of information
Planning and organising	Monitors progress of plans and schedules, and reviews and changes them to meet new demands and priorities Accepts responsibility for planning and sequencing complex tasks and workload
Self-management	Takes responsibility for following policies, procedures and legislative requirements, and identifies organisational implications of new legislation or regulation Modifies or develops organisational policies and procedures to comply with legislative requirements and organisational goals Makes critical decisions quickly in complex situations, taking into consideration a range of variables including the outcomes of previous decisions Investigates new and innovative ideas as a means to continuously improve processes
Technology	Uses digital technologies to access, enter, check and store information required to complete work tasks

Unit Mapping Information

Supersedes and is equivalent to FNSISV502 Review operational performance of the portfolio.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSISV532 Review operational performance of insurance portfolios

Modification History

Release	Comments
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:

conduct an operational performance review of at least three different portfolios.

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:

legislative requirements applicable to reviewing operational performance of insurance portfolios, including those relating to:

statutory hazard

health and safety legislation

regulatory requirements and industry sector codes of practice, including compliance requirements applicable to reviewing operational performance of insurance portfolios

organisational policies and procedures relevant to reviewing operational performance of insurance portfolios

techniques to implement action plans

key performance data and methods of analysing achievement of planned outcome

unusual and unwanted trends

impact of reinsurance

industry market position relative to the product and/or line of business

interim cover as it relates to expiry of contracts and cancellations

techniques for implementing procedures related to monitoring remedial action and its effectiveness

techniques for benchmarking portfolio performance

techniques to analyse financial information, costs and values to determine performance.

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:

organisational records

organisational policies and procedures, legislation and regulations relating to insurance portfolios

organisational equipment, technology, software and consumables.

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

FNSISV535 Determine risk rating for investment and insurance products

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes skills and knowledge required to monitor and analyse risks and determine the risk rating associated with an existing or new investment or insurance product.

The unit applies to those working in job roles involving specialist knowledge and functions such as underwriting in a range of insurance sectors, in organisations of various sizes and across a range of client bases.

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

Insurance services

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. Monitor and collect information on risk factors	1.1 Identify product type and nature of the risk 1.2 Identify, monitor and collect information on product and risk factors
2. Analyse data collected	2.1 Review data for reliability and validity 2.2 Assess risk factors associated with product against known exposure factors 2.3 Analyse information collected on risk factors for product according to organisational policies and procedures 2.4 Identify additional information required to further evaluate risk as required
3. Establish and record risk rating for product	3.1 Determine acceptability of risk according to organisational policies and procedures, and underwriting guidelines 3.2 Establish risk rating that minimises risk liability according to organisational policies and procedures 3.3 Document basis for risk rating decision 3.4 Document risk rating information according to organisational policies and procedures
4. Communicate results to required stakeholders	4.1 Present results of research and analysis to required stakeholders 4.2 Review risk rating recommendations against existing products and organisational policies and procedures 4.3 Finalise risk rating recommendations and notify required stakeholders

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Performs mathematical calculations to analyse financial information, costs and values to accurately determine risk
Oral communication	Uses collaborative and inclusive techniques, including active listening and questioning, to convey and clarify information and to confirm understanding
Reading	Critically analyses complex documentation from a variety of sources and consolidates information relating to specific criteria to determine requirements
Writing	Prepares a range of textual information appropriate for audience and for informal and formal purposes Records information, and prepares correspondence and documentation using clear language and organisational guidelines and protocols
Planning and organising	Plans and sequences complex tasks and workload, negotiating key aspects with others and taking into account capabilities, efficiencies and effectiveness Applies systematic and analytical decision-making processes for complex and non-routine situations
Problem solving	Responds to problems requiring immediate resolution, drawing on past experiences to focus on the cause of a problem rather than the symptom
Self-management	Follows policies, procedures and legislative requirements, and identifies organisational implications of new legislation or regulation Modifies or develops organisational policies and procedures to comply with legislative requirements and organisational goals
Teamwork	Implements strategies for a diverse range of stakeholders to build rapport and foster strong relationships
Technology	Uses digital technologies to access, enter and store information required to complete work tasks

Unit Mapping Information

Supersedes and is equivalent to FNSISV505 Determine risk rating for investment and insurance products.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSISV535 Determine risk rating for investment and insurance products

Modification History

Release	Comments
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:

determine risk rating for at least three different investment or insurance products.

In the course of the above, the candidate must:

comply with applicable legislative and regulatory requirements.

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:

legislative and regulatory requirements and industry sector codes of practice applicable to determining risk ratings for investment and insurance products

basic actuarial principles used to assess risk and return on investment

organisational policies, procedures, underwriting guidelines and authorities, including:

best underwriting guides (BUG)

loss control guides

key differences between treaty and facultative reinsurance relating to risk

industry market positions relative to product or line of business required to determine risk rating

insurance and investment products and associated risks

key aspects of relationship between underwriting and rate making

key methods of risk analysis and prevention and their application

key types of risk and probability of occurrence

techniques to analyse financial information, costs and values to determine risk.

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:

organisational records

organisational policy, procedures, legislation and regulations relating to investment and insurance products

organisational equipment, technology, software and consumables.

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

FNSISV536 Investigate insurance claims

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to investigate an insurance claim. Investigation covers clarifying the brief, conducting the investigation and reporting on the findings.

The unit applies to those working in job roles involving specialist knowledge and functions, in a range of insurance sectors, in organisations of various sizes and across a range of client bases.

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

Insurance services

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. Confirm investigation instructions	1.1 Clarify brief provided by insurer 1.2 Check subject matter questions to be investigated
2. Conduct claims investigation and document material	2.1 Determine method of investigation 2.2 Collect and organise required information 2.3 Carry out investigations according to legislative and regulatory requirements, organisational operating procedures and codes of practice 2.4 Record all data and information according to organisational procedures 2.5 Store original documents, data and material securely and according to organisational policies and procedures 2.6 Prepare and communicate changes in brief or instructions as required 2.7 Comply with any changes in brief or instructions
3. Report on investigation	3.1 Prepare and transmit reports according to reporting guidelines 3.2 Provide copies of documents and materials to insurer’s nominated representative 3.3 Provide facts and justification for conclusions to insurer’s nominated representative 3.4 Make recommendations for action with appropriate justifications as required

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Performs mathematical calculations to interpret and compare financial data and information
Oral communication	Interacts effectively in verbal exchanges, using active listening and questioning to convey and clarify information
Reading	Critically analyses plans and other documentation from a variety of sources and consolidates information to determine requirements
Writing	Accurately records conversations and other details, and transfers information into organisational systems Writes, edits and proofreads documents and reports to ensure clarity of meaning, and accuracy and consistency of information
Planning and organising	Accepts responsibility for planning and sequencing complex tasks and workload, negotiating key aspects with others and taking into account capabilities, efficiencies and effectiveness
Problem solving	Responds to problems requiring immediate resolution, drawing on past experiences to focus on the cause of a problem
Self-management	Takes full responsibility for following policies, procedures and legislative requirements, and identifies organisational implications of new legislation or regulation
Teamwork	Selects and uses appropriate conventions and protocols when communicating with a diverse range of colleagues and clients to build rapport and foster strong relationships
Technology	Uses digital technologies to access, enter and store information required to complete work tasks

Unit Mapping Information

Supersedes and is equivalent to FNSISV506 Investigate insurance.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSISV536 Investigate insurance claims

Modification History

Release	Comments
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:

investigate at least three different insurance claims.

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 requirements of industry sector legal obligations and organisational policies and procedures in relation to investigating claims

key features of briefs provided by insurers to investigators, including:

facts of claim

insurer’s instructions

outcomes required

scoping required for investigating insurance claims, including in scope and out of scope areas

fraud indicators related to claims

key types of information required to make a logical case from an investigation

appropriate investigation methods, including:

interviews

surveillance

research

document authentication

observation

key features of legislative and regulatory requirements and industry sector codes of practice relating to:

insurance contracts

consumer protection

privacy

insurance investigation

key aspects of report writing conventions in insurance investigations

techniques to calculate and compare financial data and information.

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:

organisational records

organisational policies and procedures, legislation and regulations relating to insurance

organisational equipment, technology, software and consumables.

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

FNSISV537 Review claims settlement policies and procedures

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to review the effectiveness of claims settlement policy and procedures, including monitoring trends in claims settlement and formulating changes to minimise losses.

The unit applies to those involved in developing and monitoring policies and procedures associated with organisational claims risk within the insurance sector.

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

Insurance services

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. Collect data on claims trends	1.1 Design and implement data gathering processes 1.2 Research and obtain data on industry claims settlement trends for benchmarking purposes 1.3 Compare organisational data to industry benchmark data, and against industry codes of practice and regulatory requirements 1.4 Document findings according to organisational and regulatory requirements
2. Analyse and report on recommendations	2.1 Analyse data and identify claims settlement areas requiring review of policies and procedures 2.2 Conduct further analyses as required 2.3 Formulate recommendations report for improvements to claims settlement policies and procedures according to organisational policies and procedures
3. Finalise review	3.1 Obtain feedback on draft recommendations report from required stakeholders 3.2 Update recommendations report as required 3.3 Submit finalised recommendations report to required stakeholders 3.4 Instigate changes to policies and procedures as required

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Performs mathematical calculations to analyse information, costs and values to accurately determine trends
Oral communication	Clearly explains detailed information using language, tone and pace appropriate to the audience
Reading	Critically analyses complex documentation from a variety of sources and consolidates information relating to specific criteria to determine requirements
Writing	Records information and prepares correspondence and documentation using clear language and organisational formats and protocols Composes, edits and proofreads reports to ensure clarity of meaning, and accuracy and consistency of information
Planning and organising	Plans and sequences complex tasks and workload, negotiating key aspects with others and taking into account capabilities, efficiencies and effectiveness
Problem solving	Applies systematic and analytical decision-making processes for complex and non-routine situations
Self-management	Seeks to improve policies and procedures to better meet organisational goals Follows policies, procedures and legislative requirements and identifies organisational implications of new legislation or regulation Investigates new and innovative ideas as a means to continuously improve work practices and processes through consultation, formal and analytical thinking
Teamwork	Selects, implements and seeks to improve protocols governing communications to clients and co-workers in a range of work contexts
Technology	Uses digital technologies to access, enter, check and store information required to complete work tasks

Unit Mapping Information

No equivalent unit. Supersedes and is not equivalent to FNSISV517 Review claims settlement policies and procedures.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSISV537 Review claims settlement policies and procedures

Modification History

Release	Comments
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:

review claims settlement policies and procedures for at least two organisational claims risk areas.

In the course of the above, the candidate must:

confirm suggested changes to policies and procedures meet required national and international standards, codes and regulations.

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:

national and international standards, codes and regulations relevant to claims settlement policies and procedures, including those stipulated by:

Australian Prudential Regulation Authority (APRA)

Australian Securities and Investments Commission (ASIC)

Australian Transaction Reports and Analysis Centre (AUSTRAC)

International Organization for Standardization (ISO)

key features and types of organisational claims settlement policies, procedures and guidelines

documentation requirements of claims settlement policies, procedures and guidelines

key aspects of working with data relevant to analysing claims settlement trends, including:

approaches to data collection design and gathering

sources used to obtain data on industry claims settlement trends

methods for comparing organisational data against industry benchmark data

key methods for improving claims settlement policies and procedures

key aspects of recommendations reports and report writing

key impacts of ineffective claims settlement policies and procedures

techniques to analyse information, costs and values and determine trends.

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:

organisational records

organisational policies, procedures, legislation, codes, standards and regulations relating to contracts of insurance

a range of common technology and software.

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

FNSMCA311 Collect debts

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to analyse information about the status of a debtor and negotiate debt repayments on original or agreed terms.

The unit applies to individuals who perform debt collection functions within organisations of any size or location.

Note

The term "debtor’ in this unit relates to any customer who may have a debt to an organisation.

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

Mercantile agents

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. Plan and prepare initial contact with debtor	1.1 Interpret and confirm client’s written instructions and policies and procedures related to debt collection 1.2 Review comments on debtor’s file according to organisational policies and procedures, and regulatory and legislative requirements
2. Assess debtor status prior to contact with debtor	2.1 Review credit history and establish credit worthiness of debtor based on information available 2.2 Cross-reference information on debtor for verification according to organisational policies and procedures 2.3 Determine cost-effective recovery action options based on debtor’s credit worthiness and according to organisational policies and procedures
3. Negotiate debt payment or settlement with debtor within defined parameters	3.1 Establish contact with debtor and build rapport 3.2 Develop debt payment or settlement proposal for client and debtor according to organisational policies and procedures, and industry codes of conduct 3.3 Discuss debt payment or settlement proposal with required personnel and document reasons for proceeding, not proceeding or taking further action 3.4 Confirm and record debtor and client agreement, and procedures for debt payment or settlement 3.5 Refer debt for legal action according to organisational policies and procedures where required

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Accurately analyses, records and stores data according to organisational requirements Calculates debt status and settlement payments
Oral communication	Uses language and concepts appropriate to the audience and purpose to convey and clarify information Uses questioning and active listening to determine and confirm debt and debt settlement requirements
Reading	Interprets documentation and information from a variety of sources relevant to credit application
Planning and organising	Adopts efficient and effective organisational and time management skills to sequence tasks, meet timelines and arrange meetings
Problem solving	Makes decisions and recommendations that lead to best possible outcomes for all stakeholders, including referral to other authorities as necessary Identifies factors that have the potential to impact on the resolution of an issue and develops options to resolve these when they arise Clearly and thoroughly analyses tasks, then plans strategies and actions to achieve optimal outcomes within given parameters
Self-management	Takes responsibility for adhering to organisational policies and guidelines relevant to own work context Recognises and follows explicit and implicit protocols Develops and maintains strategies to manage own resilience
Teamwork	Selects the appropriate form, channel and mode of communication to build rapport, liaise with others and share information Implements strategies to moderate conflict and resolve disputes Negotiates with others to achieve agreeable outcomes in potentially contentious situations
Technology	Uses a range of digitally based technologies and software packages to complete work tasks

Unit Mapping Information

Supersedes and is equivalent to FNSMCA301 Collect debts.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSMCA311 Collect debts

Modification History

Release	Comments
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:

negotiate a debt collection approach and refer debt for legal action as required for at least three debtors.

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:

organisational policies and procedures, legislative and regulatory requirements and industry codes of conduct related to debt collection and mercantile agents

financial concepts relating to debt recovery

procedures and requirements for determining credit worthiness and reviewing credit history

cost-effective recovery action options

debt settlement options

process for developing debt settlement proposals

implications of different debt payment and settlement procedures on parties

reasons determining suitability of different debt settlement or payment procedures

strategies related to building rapport with debtors

negotiation techniques related to debt payment and settlements.

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:

organisational records

organisational policies and procedures

organisational equipment, technology and software.

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

FNSMCA312 Repossess property

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to liaise with creditors (clients), debtors and third parties, and apply legal requirements and ethical principles in repossessing property.

The unit applies to individuals who are required to repossess property as part of their role as a mercantile agent within financial services organisations of any size or location.

Note

The term "debtor’ in this unit relates to any customer who may have a debt to an organisation.

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

Mercantile agents

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. Plan and prepare repossession process	1.1 Interpret and confirm client’s written instructions according to organisational policies and procedures, and legislative and regulatory requirements 1.2 Determine legal basis for repossession 1.3 Confirm legal documents have been obtained 1.4 Establish location of property to be repossessed according to legislative requirements
2. Negotiate repossession	2.1 Establish contact and build rapport with debtor 2.2 Communicate reason for repossession and confirm debtor’s understanding of financial concepts required for repossession of property 2.3 Propose terms of debt settlement and negotiate resolution for client and debtor 2.4 Explain legal basis of repossession and provide debtor with details of next steps 2.5 Determine residual funds for which the debtor is entitled 2.6 Issue required notices to the debtor according to organisational policies and procedures
3. Repossess property	3.1 Arrange and facilitate repossession on behalf of client according to relevant organisational policies and procedures, and legislative and regulatory requirements 3.2 Identify and communicate with third parties required in repossessing and securing property 3.3 Follow procedures for safety of self and others involved in repossession
4. Finalise repossession activities	4.1 Facilitate valuations and notices on behalf of the client to the debtor 4.2 Arrange delivery, storage, disposal or liquidation of repossessed property according to client instructions 4.3 Maintain records on condition of property, repossession activity, disposal result and payment arrangements according to organisational policies and procedures 4.4 Update client and facilitate handover of property or disposal funds 4.5 Document outcomes according to organisational policies and procedures

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Analyses, records and stores data according to organisational requirements Calculates debt status, repossession values and residual funds
Oral communication	Uses language and concepts appropriate to the audience and purpose to convey and clarify information Uses questioning and active listening to determine and confirm client property repossession requirements
Reading	Interprets documentation from a variety of sources and consolidates debtor information
Writing	Drafts reports and letters, and completes repossession records
Teamwork	Selects the appropriate form, channel and mode of communication to build rapport and liaise with clients, debtors and third parties Implements strategies to moderate conflict and resolve disputes Negotiates with others to achieve outcomes in contentious situations
Planning and organising	Adopts organisational and time management skills to sequence tasks, meet timelines and arrange meetings
Problem solving	Identifies factors that have the potential to impact on the resolution of an issue and develops options to resolve these when they arise Makes decisions and recommendations that lead to best possible outcomes for all stakeholders, including referral to other authorities as required Analyses information related to defined tasks and plans strategies and actions to achieve optimal outcomes within given parameters
Self-management	Takes responsibility for adhering to organisational policies and guidelines relevant to own work context Recognises and follows explicit and implicit legal and ethical principles and obligations
Technology	Uses a range of digitally based technologies and software packages to complete work tasks

Unit Mapping Information

Supersedes and is equivalent to FNSMCA302 Repossess property.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSMCA312 Repossess property

Modification History

Release	Comments
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:

repossess at least three different properties.

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:

organisational policies and procedures, and legislative and regulatory requirements related to debt collection and mercantile agents, including those relating to:

property searching

trespass laws

debt collection guidelines

identification of hardship and hardship variations

personal securities register

mortgage security

limits related to debt amounts that prevent repossession

maintaining repossession documentation

negotiation and conflict resolution techniques related to debt settlements

principles and procedures of:

lawful repossession

notices of intention to repossess

court authorisation to repossess

methods of repossession

ethical practices in repossession

post-repossession valuation and notices to debtor

role of third-party agents and other service providers, including court officers and police in repossession of property

role, procedures and documentation of the various court jurisdictions and legal requirements prior to the repossession of property

safety procedures relevant to debt collection processes

strategies related to building rapport with debtors

techniques for legally searching to locate property to be repossessed.

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:

organisational policies and procedures

organisational records and templates, including reports and documents related to condition of property, repossession activities, disposal results and payment arrangements

legal documents authorising repossession

organisational equipment, technology, software and consumables.

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

FNSMCA313 Serve legal process

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to prepare and serve legal process per creditor (client) requirements and submit relevant court documents to confirm completion of the service.

The unit applies to individuals who are required to serve legal process as part of their role as a mercantile agent in financial services organisations of any size or location.

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

Mercantile agents

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. Plan and prepare service	1.1 Interpret and confirm client requirements and instructions 1.2 Identify legal and court service jurisdiction and process serving rules according to legislative and regulatory requirements and organisational policies and procedures 1.3 Identify type and timeframe of service according to nature of debt and legal process, recipient, client requirements and organisational policies and procedures
2. Serve documents	2.1 Confirm document contents and number of documents for service according to client instructions, organisational policies and procedures, and legislative and regulatory requirements 2.2 Identify and confirm recipient matches process documentation 2.3 Serve documents according to organisational policies and procedures, and legislative and regulatory requirements
3. Complete and submit court documents	3.1 Complete required court documents according to organisational policies and procedures, and legislative and regulatory requirements 3.2 File required court documents and confirm witness according to organisational policies and procedures, and legislative and regulatory requirements 3.3 Submit required court documents supporting the completion of service of legal process

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Reading	Interprets documentation from a variety of sources Confirms documentation is accurate and compliant with legal obligations
Writing	Completes legal forms without alterations
Oral communication	Uses language and concepts appropriate to the audience and purpose to convey and clarify information Uses questioning and active listening to determine and confirm process recipients’ identity
Planning and organising	Adheres to organisational policies, procedures and specified legal requirements relevant to own work context Analyses information and task requirements, and then plans actions to achieve best results within given parameters
Self-management	Adopts time management skills to sequence tasks, meet timelines and arrange meetings Initiates standard procedures when responding to familiar problems within own work context
Technology	Uses digitally based technologies and software packages to complete work requirements

Unit Mapping Information

Supersedes and is equivalent to FNSMCA303 Serve legal process.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSMCA313 Serve legal process

Modification History

Release	Comments
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:

serve legal process on at least three different occasions, using at least two different types of service.

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:

organisational policies and procedures, and legislative and regulatory requirements related to:

debt collection and mercantile agents

service of legal process

techniques for searching and locating parties to serve

distinction between types of service, including:

personal service

substituted service, including postal service, email and SMS service

service on corporations

factors impacting type and timeframe of service

procedures for preparing affidavit, including details of service, substituted service and attempts at service

evidence requirements within affidavits, including:

record of factual details

details of attempted service

support of a request for substituted service

key roles, procedures, timeframes and documentation for process serving of the various court jurisdictions within their state of jurisdiction

procedures for writing reports detailing outcome of service of legal process

specific requirements for originating process

types of commercial services that can be offered to clients when serving legal process.

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:

organisational policies and procedures

court civil procedures that specify process serving rules in that jurisdiction

documentation for process serving, including affidavit forms

organisational equipment, technology and software.

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

FNSMCA314 Locate individuals

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to search for, locate and record and report information relating to individuals in order to initiate or continue debt collection, serve process and repossess property.

The unit applies to individuals who follow organisational procedures to complete tasks in investigating and locating individuals for debt collection, process serving and property repossession purposes.

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

Mercantile agents

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. Confirm search requirements and obligations	1.1 Interpret and confirm client requirements and instructions to identify individual 1.2 Identify legal, privacy and procedural issues related to search 1.3 Identify scope of search efforts according to organisational policies and procedures
2. Research and enquire about the individual	2.1 Conduct preliminary search for individual’s information according to organisational policies and procedures 2.2 Review information from preliminary search and identify if further information is required 2.3 Follow up leads from preliminary search and determine location of individual while protecting their privacy rights 2.4 Identify and contact close connection, places of residence and employment related to the individual to obtain further information according to organisational policies and procedures
3. Record and report outcomes	3.1 Document times, dates, occurrences and results of searches, and contact made according to organisational policies and procedures 3.2 Determine action or non-action based on outcomes and notify required stakeholders according to organisational policies and procedures

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Oral communication	Uses language and concepts appropriate to the audience and purpose to convey and clarify information Determines and confirms client requirements, using questioning and active listening Selects the appropriate form, channel and mode of communication to build rapport, liaise with others and obtain information
Reading	Interprets and consolidates information from a variety of sources to determine relevance and establish appropriate approaches
Planning and organising	Considers information and task requirements, and plans actions to achieve best results within given parameters
Self-management	Adopts efficient and effective organisational and time management skills to sequence tasks and meet timelines Initiates standard procedures when responding to familiar problems within own work context Complies with legal obligations, industry and organisational codes of practice, and ethical principles
Technology	Uses digitally based technologies and software packages to complete required tasks Uses online search tools

Unit Mapping Information

Supersedes and is equivalent to FNSMCA304 Locate subjects.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSMCA314 Locate individuals

Modification History

Release	Comments
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:

locate at least three individuals using at least three different search tools.

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:

organisational policies and procedures, legislative and regulatory requirements, and ethical codes of conduct related to:

locating individuals and making contact

privacy rights and protections

coercion and harassment

methods and tools to locate and contact individuals, including:

public records

online search

field calls

methods of communication suited to making discrete enquiries.

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:

organisational equipment, technology and software

internet search tools and public databases

social media for search purposes.

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

FNSMCA411 Evaluate debt collection actions and develop recommendations

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to review debtor information, evaluate past debt collection activities and develop recommendations on future debt collection activities.

The unit applies to individuals who are required to develop and document debt collection case recommendations as part of their role as a mercantile agent in debt management and recovery.

Note

The term "debtor’ in this unit relates to any customer who may have a debt to an organisation.

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

Mercantile agents

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. Review debtor information and previous collections activity	1.1 Identify and confirm client requirements 1.2 Gather and review debt collection case information according to client requirements 1.3 Confirm debt collection case information is accurate and compliant with legislative and regulatory requirements 1.4 Identify and evaluate past debt collection activities related to the debtor 1.5 Analyse debt levels, costs of future enforcement actions, security and asset position of debtor for possible legal recovery action
2. Develop recommendations for future debt collection activity	2.1 Identify recommendations for actions according to client requirements and debt collection information 2.2 Determine cost effectiveness and legal basis of recommended actions 2.3 Determine changes to future debt collection activities based on recommended actions
3. Verify recommendations with client	3.1 Discuss recommendations with client 3.2 Negotiate and agree on recommendations with client 3.3 Develop report of agreed recommendations and present to client

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Oral communication	Uses language and concepts appropriate to the audience and purpose to convey and clarify information Uses clear and appropriate language to present or explain recommendations Uses careful listening and questioning techniques to clarify understanding and elicit required information
Reading	Interprets, analyses and consolidates information from a variety of sources to determine and confirm relevance
Initiative and enterprise	Selects the appropriate form, channel and mode of communication to liaise with required stakeholders, gain agreement and share information Uses formal processes to monitor implementation of solutions, reflect on outcomes and finalise documentation
Problem solving	Clearly and thoroughly analyses and synthesises information to compile reports and make decisions about appropriate recommendations for clients
Self-management	Adopts efficient and effective organisational and time management skills to sequence tasks, meet timelines and arrange meetings Takes responsibility for complying with organisational policies and procedures, legislative and regulatory requirements and ethical codes of conduct
Technology	Uses digitally based technologies and software packages to complete work requirements

Unit Mapping Information

No equivalent unit. Supersedes and is not equivalent to FNSMCA401 Develop and document case recommendations.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSMCA411 Evaluate debt collection actions and develop recommendations

Modification History

Release	Comments
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:

evaluate debt collection actions and develop recommendations for at least three different debtor cases.

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:

organisational policies and procedures, legislative and regulatory requirements, and ethical codes of conduct for evaluating debt collection actions and developing recommendations, including those relating to:

privacy and confidentiality

gathering and reviewing debt collection case information

analysis of debt levels

recommendation report formats

alternative actions and their rationales, including:

not pursuing debt further

extending credit terms

consolidating loans

reduced repayments

extended terms

repayment pauses

characteristics and evaluation techniques of debt collection activities

negotiation techniques.

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:

organisational policies and procedures related to mercantile agents

organisational equipment, technology and software.

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

FNSMCA412 Undertake legal action for recovery of debts

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to plan, initiate and finalise legal actions to recover debts from debtors.

The unit applies to individuals who use specialised knowledge of legal requirements and follow legal organisational procedures to complete tasks associated with legal recovery of debts.

Note

The term "debtor’ in this unit relates to any customer who may have a debt to an organisation.

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

Mercantile agents

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. Plan and prepare for legal action	1.1 Identify and confirm client instructions and court requirements 1.2 Gather and review debt collection case information 1.3 Identify legal avenues and procedural issues 1.4 Estimate costs and times of potential legal actions 1.5 Obtain approval from relevant stakeholders before proceeding with legal actions
2. Prepare originating legal documents and review debtor responses	2.1 Identify and complete originating legal documents 2.2 File or serve originating legal documents to required stakeholders according to legislative and regulatory requirements 2.3 Obtain and review debtor responses and seek specialist advice as required
3. Finalise legal action	3.1 Complete required documents according to court requirements 3.2 File or serve relevant documents as required 3.3 Obtain legal outcome on the recovery of debts and advise client 3.4 Update records and finalise documents according to organisational policies and procedures

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Oral communication	Uses language and concepts appropriate to the audience and purpose to convey and clarify information Use questioning and active listening in verbal exchanges to determine and confirm client requirements
Reading	Interprets, analyses and consolidates information from a variety of sources to determine and confirm relevance Reviews and interprets legal responses and refers for advice
Planning and organising	Seeks information or advice before implementing a solution, where appropriate
Problem solving	Clearly and thoroughly researches and analyses information and tasks, and then plans strategies and actions to achieve optimal outcomes within given parameters
Self-management	Adopts efficient and effective organisational and time management skills to sequence tasks and meet timelines Complies with legal obligations, industry and organisational codes of practice, and ethical principles
Teamwork	Selects the appropriate form, channel and mode of communication to build rapport, liaise with others and share information
Technology	Uses digitally based technologies and software packages to complete work requirements

Unit Mapping Information

No equivalent unit. Supersedes and is not equivalent to FNSMCA402 Initiate legal recovery of debts.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSMCA412 Undertake legal action for recovery of debts

Modification History

Release	Comments
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:

initiate legal action for the recovery of debts on at least three different occasions and seek different enforcement options for each occasion.

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:

organisational policies and procedures, legislative and regulatory requirements, and ethical codes of conduct for undertaking legal action to recover debts, including those relating to:

legal status and types of debtors

legal status of guarantors

statute of limitations

security interests

garnishee orders

court jurisdictions, forms, procedures and filing processes

originating actions and defences and responses

orders and awards

enforcement orders

originating legal documents, including Statement of Claim

debtor responses to legal processes, including:

legal defences

hardship claims

offers to settle

legal obligations underpinning credit management functions and their relationship to mercantile agents, such as hardship variations

legal process for seeking judgement

types of judgement

different enforcement options, including property repossession or garnishee orders

negotiation techniques related to debt settlements

techniques related to the estimation of cost and timeframes for court procedures and serving legal processes.

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:

organisational policies and procedures, legislation related to legal actions for debt collection

court forms and civil procedures

organisational equipment, technology and software.

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

FNSMCA413 Identify and manage individuals experiencing hardship

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to identify and manage individuals facing financial hardship and in vulnerable situations. It includes reviewing and confirming hardship applications, reporting outcomes back to the client and monitoring the agreement for any breaches.

The unit applies to individuals who engage with debtors in the recovery of outstanding debts.

Note

The term "debtor’ in this unit relates to any customer who may have a debt to an organisation.

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

Mercantile Agents

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 individual’s situation and prepare for hardship application	1.1 Identify that individual is experiencing hardship 1.2 Identify reasons for individual’s hardship 1.3 Identify and distribute hardship application and communicate to individual list of supporting documents required according to organisational policies and procedures 1.4 Communicate rights to individual for contacting bank and financier according to legislative and regulatory requirements
2. Review and confirm hardship application	2.1 Discuss individual’s hardship application with required stakeholders 2.2 Negotiate with individual and discuss potential outcomes of hardship application 2.3 Confirm outcome of application and advise individual of terms of agreement according to organisational policies and procedures 2.4 Notify client of hardship arrangement outcome
3. Monitor progress of arrangement	3.1 Liaise with client to monitor and identify breach of agreement and issue breach notices as required 3.2 Identify need for commencement of repossession or legal processes as required

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Accurately analyses, records and stores data according to organisational requirements Calculates debt status and settlement payments
Oral communication	Uses language and concepts appropriate to audience and purpose to convey and clarify information Uses questioning and active listening to determine and confirm process recipients’ identity
Reading	Interprets documentation from a variety of sources Confirms documentation is accurate and complies with legal obligations
Planning and organising	Sequences tasks, meets timelines and arranges meetings Analyses information and task requirements, and then plans actions to achieve best results within given parameters
Self-management	Adheres to organisational policies, procedures and specified legal and ethical requirements relevant to own work context
Problem solving	Initiates standard procedures when responding to familiar problems within own work context
Technology	Uses digitally based technologies and software packages to complete work requirements

Unit Mapping Information

No equivalent unit. New unit.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSMCA413 Identify and manage individuals experiencing hardship

Modification History

Release	Comments
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:

identify and manage at least three individuals experiencing financial hardship or vulnerability.

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:

organisational policies and procedures, and legislative and regulatory requirements for identifying and managing individuals experiencing hardship, including those relating to:

individuals’ rights in making arrangements with banks and financiers to support their hardship request

third parties who can act on behalf of individuals, including financial counsellors

legal actions following breaches in agreement

support mechanisms available to individuals with low financial literacy

signs of hardship and vulnerability

reasons and situations relating to hardship and vulnerability, including:

unemployment

reduced income

divorce

business failure

injury, illness or death

family breakdown

hardship applications and process

key supporting documents of hardship applications, including:

pay slips

family assistance payments

rental receipts or mortgage statements

utility bills

medical bills or certificates

procedures for issuing notices relating to the breach of the hardship arrangement, including repossession notices.

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:

organisational policies and procedures relevant to identifying and managing individuals experiencing financial hardship

financial hardship applications

organisational data and documents related to identifying and managing individuals undergoing hardship.

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

FNSORG411 Conduct individual work within a compliance framework

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

Application

This unit describes the skills and knowledge required to identify and interpret compliance requirements and procedures while carrying out work in a range of financial services positions.

It applies to individuals who use specialised knowledge and work cooperatively with others in meeting compliance requirements within financial services organisations of various sizes and across a range of customer bases.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Organisational skills

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 and assess individual compliance requirements	1.1 Review organisational policies and procedures and consult appropriate personnel to identify individual compliance requirements 1.2 Map compliance requirements against individual work practices 1.3 Discuss ethical considerations with appropriate parties
2. Review individual work practices	2.1 Review existing individual work practices and develop or modify to comply with organisational procedures 2.2 Record and report changes to appropriate organisational personnel
3. Identify and respond to ongoing requirements of compliance framework	3.1 Identify and research ongoing issues and updates relating to compliance frameworks applicable to individual work practices 3.2 Monitor and respond to changes to compliance requirements and organisational procedures 3.3 Identify and discuss own compliance professional development and training opportunities with key organisational personnel

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Reading	Interprets, analyses, assesses and reviews information from a range of structurally complex legislative and policy documents
Writing	Produces and updates logically sequenced texts that include customised information and recommendations
Oral Communication	Participates in verbal exchange with others using clear and detailed language to convey applicable information Uses questioning and active listening to confirm understanding
Numeracy	Extracts and interprets financial data, applicable terminology, numerical calculations and formula embedded in texts
Self-management	Recognises and follows applicable legislation, organisational policy, procedures and practices, and meets expectations associated with own work role Reviews and develops policies to meet organisational goals Research and update knowledge required to carry out work role
Teamwork	Selects and uses applicable conventions and protocols when communicating with diverse stakeholders Uses applicable techniques to liaise with others and share information
Planning and organising	Takes responsibility for planning, sequencing and prioritising tasks and own workload for outcomes
Technology	Uses the main features and functions of digital tools to complete work tasks Adopts new and emerging technologies to complete work tasks

Unit Mapping Information

No equivalent unit. Supersedes and is not equivalent to FNSORG401 Conduct individual work within a compliance framework.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSORG411 Conduct individual work within a compliance framework

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

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:

identify and interpret all organisational compliance requirements and map against all relevant components of own work role.

In the course of the above, the candidate must:

complete necessary organisational records

monitor and respond to changes in legislative, regulatory, and organisational compliance requirements.

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:

legislative, regulatory, and organisational requirements relating to work practices

key features of relevant codes of practice

compliance requirements of organisational policy and procedures

individual work requirements and practices

methods to obtain information about changes to compliance requirements

compliance framework updates and their implications

key personnel and their roles in ensuring compliance

professional development and training programs addressing compliance.

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:

common office equipment, technology, software and consumables

legislation, regulatory information, and organisational policy and procedures documentation required to produce the performance evidence.

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

FNSORG512 Develop, implement and monitor policy and procedures

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

Application

This unit describes the skills and knowledge required to develop and implement organisational policy and procedures and systematically monitor and evaluate.

It applies to individuals who use a range of specialist techniques to carry out work in policy development and implementation in any sector of the financial services industry.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Generic organisational skills

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 and document policy and procedure requirements	1.1 Undertake research and conduct stakeholder consultations to identify organisation policy and procedure requirements 1.2 Identify risks and changes to current practices in an organisation requiring policy and procedure development or adjustment 1.3 Determine priority areas for policy and procedure development 1.4 Assess policy and procedures against key performance indicators and organisational policy and procedures 1.5 Document changes to data relating to risk according to organisational policies and procedures
2. Develop and verify policy and procedure documentation	2.1 Develop policy and procedure documentation for identified practice 2.2 Review and verify developed policy and procedures with appropriate stakeholders 2.3 Respond to feedback and adopt as appropriate with updated documentation
3. Implement policy and procedures	3.1 Establish time frame and plan for policy and procedure implementation 3.2 Disseminate policy and procedure documentation to applicable stakeholders 3.3 Implement training and awareness processes of new or amended policy and procedures
4. Monitor effectiveness of policy and procedures	4.1 Establish regular processes to monitor compliance with policy and procedures 4.2 Review and record business framework and policy exemptions and non-compliance 4.3 Assess developed policy and procedures against key performance indicators (KPIs) and organisational targets 4.4 Evaluate currency and ongoing validity of policy and procedures
5. Manage and monitor effective risk control and compliance practices	5.1 Conduct end to end controls testing 5.2 Conduct monitoring and assurance reviews across business activities 5.3 Report findings of monitoring and assurance activities according to organisational policies and procedures 5.4 Critically review the operating effectiveness and design of monitoring programs

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Numeracy	Analyses financial terminology and calculations embedded in legislation and operational texts to identify loss and compliance management issues
Oral communication	Initiates spoken interactions using listening and questioning techniques to establish and clarify information and elicit the opinions of others Demonstrates flexibility in spoken interactions and uses a range of analytical and inclusive techniques to clearly convey information for implementation of policy and procedures
Reading	Extracts and analyses information from a wide range of sources, including structurally complex texts
Writing	Uses a range of text types to identify applicable information and gather responses Defines and organises the content of policy documents for others using clear organisational structures to suit multiple purposes and formats
Teamwork	Selects and uses appropriate conventions and protocols to communicate with internal and external stakeholders to gain and provide information Plays a lead role in situations requiring collaboration, demonstrating high level negotiation skills and ability to gather information through consultation
Planning and organising	Plans and implements processes to monitor achievement of organisational goals
Problem solving	Applies systematic and analytical decision-making processes to make recommendations in complex and non-routine situations
Self-management	Takes responsibility for developing, implementing and reviewing policies and procedures in accordance with organisational and legislative requirements Seeks to update own knowledge of legislation and regulations applicable to role to ensure it is comprehensive and current
Technology	Uses digital technologies to access, extract and share information to achieve outcomes Adopts new and emerging technologies to complete work tasks

Unit Mapping Information

Supersedes and is equivalent to FNSORG502 Develop and monitor policy and procedures.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSORG512 Develop, implement and monitor policy and procedures

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

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:

develop policy and procedures for at least one area of risk for one selected organisation in any sector of the financial services industry.

In the course of the above, the candidate must:

consult with appropriate stakeholders

establish monitoring processes.

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:

the purpose, structure, and features of organisational policy and procedures

methods used in identifying requirements for policy and procedure development, including analysis of business processes, industry indicators, organisational, regulatory and legislative requirements

industry standard tools and techniques used when developing, verifying and monitoring compliance of policy and procedures

data relating to risk, including:

risk profiles

emerging risks

control environment

incident trends

issue resolution

key risk indicators (KRI)

control testing methodologies

organisational procedures for critical review

design and operating effective testing methodologies, including:

strategies

plans

key personnel and stakeholder management techniques required to produce the performance evidence

key techniques for organisational process implementation planning, including information and document dissemination, and training provision

applicable legislation, regulation and compliance requirements for the financial services industry, including privacy obligations and codes of practice.

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:

common office equipment, technology, software and consumables

organisational information systems and data, including legislation, regulations, and tools required to produce the performance evidence.

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

FNSORG514 Develop, monitor and supervise work practices to meet financial services regulatory requirements

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

Application

This unit describes the skills and knowledge required to develop, monitor and supervise staff and work practices within a defined area of responsibility. It requires assessing the effectiveness of workplace procedures and implementing regulatory and quality assurance measures.

It applies to individuals who use a range of specialised and managerial techniques to manage their own work and supervise others in any sector of the financial services industry.

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

Unit Sector

Organisational skills

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 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

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

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

Unit Mapping Information

No equivalent unit. Supersedes and is not equivalent to FNSORG504 Monitor and supervise work practices to meet financial services regulatory requirements.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSORG514 Develop, monitor and supervise work practices to meet financial services regulatory requirements

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

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:

develop, monitor and supervise work practices that are required to meet financial services regulatory requirements on two occasions and include:

interpreting compliance with regulatory requirements and codes of conduct for work practices

monitoring of work practices to confirm compliance with applicable organisational, legislative and regulatory requirements

assessing of the effectiveness of workplace procedures

undertaking of continual professional development by staff

implementing of organisational quality assurance procedures.

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:

main industry roles of financial representatives

fraud deterrence practices

key trends of the regulatory environment

key government bodies and representatives involved in regulating financial products and services, and methods for accessing their regulatory guidance and information

main features, benefits, practices, and licensing and prudential requirements of different types of financial products and services offered by the organisation

organisational governance framework, policy, procedures, objectives and guidelines

a range of applicable professional development activities

applicable legislation, regulation and compliance requirements for the financial services industry, including privacy obligations and codes of practice

supervisory responsibilities for ensuring compliance within the applicable financial services area.

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:

common office equipment, technology, software and consumables

legislation, regulatory information, and organisational policy and procedures documentation required to produce the performance evidence.

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

FNSORG515 Prepare financial reports to meet statutory requirements

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

Application

This unit describes the skills and knowledge required to identify statutory reporting requirements, and plan, develop and submit financial reports for authorisation before distribution.

It applies to individuals who use a range of organisational techniques to manage their work and that of others.

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

Unit Sector

Organisational skills

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 statutory requirements of reports	1.1 Review current and relevant information on statutory reporting requirements 1.2 Identify updates or changes to statutory requirements for financial reporting and assess their impact on developing reports
2. Plan for delivery of reports	2.1 Establish timelines to meet report deadlines and data requirements, and communicate them to contributors for input 2.2 Establish lead times that ensure adequate time is available for contingencies 2.3 Finalise timelines with applicable organisational personnel
3. Develop reports	3.1 Collate financial information and prepare required documents according to established timelines 3.2 Review and cross-reference documents against detailed statutory requirements and applicable internal accounting records 3.3 Support report results in required formats where necessary 3.4 Review all reports for compliance and auditor requirements 3.5 Document audit trail of work performed and justifications for comprehensive financial monitoring
4. Submit reports for authorisation	4.1 Communicate outcome of review to required personnel 4.2 Obtain all required sign-offs, approvals and authorisations from responsible parties
5. Distribute reports	5.1 Provide authorised reports to appropriate parties according to established timelines 5.2 Obtain confirmation of receipt of reports and complete organisational record of compliance

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Reading	Accesses texts of relative complexity from a range of sources to determine content applicable to organisational requirements Reviews and checks data for compliance, completeness and accuracy
Writing	Uses specialised vocabulary and logical organisational structures to produce detailed and compliant financial reports Prepares clear and concise texts to convey operational information and instructions to others
Oral Communication	Obtains information and elicits the opinion of others using listening and questioning techniques Uses clear and direct language to convey requirements and confirm actions
Numeracy	Analyses and interprets numerical data to prepare financial documents Performs calculations necessary to check documents for accuracy and prepare achievable timelines
Initiative and enterprise	Identifies knowledge required to carry out work role
Self-management	Selects and uses appropriate conventions and protocols to gain and provide information pertaining to statutory reporting requirements Takes full responsibility for complying with policies, procedures and statutory reporting requirements
Planning and organising	Accepts responsibility for planning and sequencing complex tasks and workload Applies systematic and analytical decision-making processes to make recommendations in complex and non-routine situations
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

Unit Mapping Information

Supersedes and is equivalent to FNSORG505 Prepare financial reports to meet statutory requirements.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSORG515 Prepare financial reports to meet statutory requirements

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

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:

prepare at least two financial reports to meet statutory requirements.

In the course of the above, the candidate must identify, interpret and comply with statutory requirements and information.

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:

common financial report formats and typical quality indicators

financial services industry codes of practice

key requirements of organisational policy and procedures applicable to financial reporting

key requirements of legislation and regulations applicable to financial reporting

auditor requirements for financial reporting

time management techniques and timeline preparation

types of required signoffs, approvals and authorisations required to produce the performance evidence

organisational requirements for distribution channels

documentation required for confirmation of receipt post distribution

existing guidelines and formats for financial reports

key organisational personnel for authorisation and approval.

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:

common office equipment, technology, software and consumables

an integrated financial software system and data

statutory documentation.

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

FNSORG613 Establish and implement operational guidelines in financial services organisations

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

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	PERFORMANCE CRITERIA
Elements describe the essential outcomes.	Performance criteria describe the performance needed to demonstrate achievement of the element.
1. Establish scope of organisation	1.1 Determine and document scope of organisation 1.2 Identify and document key external relationships and intended client groups in operational guidelines
2. Identify and incorporate industry requirements	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
3. Establish strategies for delivery of services	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
4. Distribute information on operational guidelines	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
5. Implement and monitor operational guidelines	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

Foundation Skills

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

SKILL	DESCRIPTION
Reading	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
Writing	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
Oral communication	Leads detailed oral exchanges using language appropriate to the purpose and audience Uses active listening and questioning techniques to clarify and confirm understanding
Numeracy	Comprehends embedded numerical information in legislative and regulatory documents, and applies developed numerical skills to specify operational guidelines for data processing, reporting and security
Initiative and enterprise	Takes a lead role in the development and implementation of guidelines, policies and procedures to meet organisational goals and regulatory requirements
Teamwork	Identifies and uses appropriate conventions and protocols when communicating with colleagues and external stakeholders
Self-management	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
Technology	Uses digital technologies to access, extract and share relevant information to achieve required outcomes

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 for FNSORG613 Establish and implement operational guidelines in financial services organisations

Modification History

Release	Comments
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

FNSORG614 Establish and manage outsourced services

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to establish criteria for outsourced services, select and engage suppliers, and manage their performance.

It applies to individuals in senior roles across the financial services industry who use a range of managerial techniques to provide guidance and responsibility for the work outcomes of others.

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	PERFORMANCE CRITERIA
Elements describe the essential outcomes.	Performance criteria describe the performance needed to demonstrate achievement of the element.
1. Develop scope and criteria for outsourced services	1.1 Identify activities to be outsourced within organisation 1.2 Develop and document scope of services to be outsourced according to organisational policies and procedures and legislative and regulatory requirements 1.3 Decide on scope of services to be outsourced according to organisational requirements 1.4 Establish and document criteria for outsourced service according to organisational requirements
2. Prepare for and facilitate tender process	2.1 Prepare briefing and tender documents according to organisational policies and procedures 2.2 Facilitate tender process according to organisational policies and procedures 2.3 Select suppliers of outsourced services according to established criteria and organisational requirements
3. Engage outsourced suppliers	3.1 Engage and brief selected suppliers of outsourced services according to organisational policies and procedures 3.2 Inform required personnel within organisation about outsourced services and working implications
4. Manage performance of outsourced services	4.1 Assess outsourced service performance against performance outcomes and organisational requirements and establish review periods as required 4.2 Negotiate required changes in service with outsourced services supplier 4.3 Document supplier performance and communicate with required stakeholders according to organisational policies and procedures 4.4 Re-engage or disengage outsourced services as required

Foundation Skills

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

SKILL	DESCRIPTION
Reading	Interprets and analyses structurally complex texts to identify relevant content Applies critical evaluation criteria to tender documents to inform decisions
Writing	Addresses context, purpose and audience when generating a comprehensive range of texts that meet organisational and regulatory requirements Organises content using clear, logical organisational structures and vocabulary
Oral communication	Leads detailed oral exchanges using active listening and questioning techniques to elicit and clarify required service information from others Provides information using language appropriate to the purpose and audience
Numeracy	Comprehends mathematical information embedded in complex texts and applies knowledge of financial practices and systems to selection, induction and performance management of external service providers
Initiative and enterprise	Modifies or develops organisational policies and procedures that comply with legislative requirements and support organisational goals
Teamwork	Selects and uses appropriate conventions and protocols to gain and provide information relevant to outsourced services Collaborates and negotiates with others to achieve agreed outcomes
Self-management	Accepts responsibility for planning and sequencing complex tasks and workload Confirms knowledge of legislation and regulations relevant to role is accurate, comprehensive and current Takes responsibility for high impact decisions in complex situations which involve analysis and consideration of multiple variables and constraints
Technology	Uses digital technologies to access, extract and share relevant information to achieve required outcomes

Unit Mapping Information

Supersedes and is equivalent to FNSORG604 Establish outsourced services and monitor performance.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSORG614 Establish and manage outsourced services

Modification History

Release	Comments
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 manage outsourced services on at least three occasions.

In the course of the above, the candidate must:

define the scope of expertise required and performance standards required for outsourced services

request further information from supplier during the tender assessment process as required

establish and document monitoring and reporting procedures for outsourced services

establish and monitor procedures for integrating outsourced services with practices

brief outsourced supplier on required services, fund standards and procedures.

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 organisational policies and procedures, and legislative and regulatory requirements for establishing and managing outsourced services

methods to establish the reputation and expertise of service providers in the industry

tender processes and supporting documents required

methods for assessing tender applications

briefing processes for outsourced suppliers, including outlining required services, fund standards and required procedures to be followed

performance management procedures for outsourced services

risk management strategies for outsourced services

key features of compliance and reporting requirements of outsourced and specialist services in the industry, including timeframe requirements

methods for establishing and documenting performance standards of outsourced services.

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 information

organisational policies and procedures documentation.

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

FNSPIM313 Work within the personal injury management sector

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to apply organisational procedures, guidelines, policies and industry standards to day-to-day work in the personal injury management sector.

The unit applies to those who develop and apply specialised knowledge of the personal injury management sector, services and organisation to undertake a broad range of tasks.

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

Personal injury 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. Demonstrate knowledge of the personal injury sector	1.1 Outline the personal injury management process and the roles and responsibilities of stakeholders 1.2 Research the roles and functions of personal injury management authorities and organisations in Australia required for own role 1.3 Demonstrate knowledge of different scheme types and benefit models in Australia in discussions with stakeholders 1.4 Identify and explain personal injury operations and assistance available from personal injury management authorities 1.5 Identify and explain appropriate dispute resolution processes within the personal injury sector to stakeholders
2. Access information	2.1 Identify applicable codes of practice, legislative and regulatory requirements for personal injury management 2.2 Apply knowledge of applicable personal injury and rehabilitation codes of practice, legislative and regulatory requirements when working with stakeholders
3. Outline potential impacts of an injury	3.1 Identify applicable terminology used to cover different types of injuries suffered by workers 3.2 Determine impacts of an injury on a person’s wellness, work situation and social engagement with members of the community 3.3 Identify and coordinate access to specialist services for stakeholders within the personal injury sector as required
4. Undertake consultation with stakeholders	4.1 Support the consultation process by providing verbal and written communication to stakeholders within required timeframes 4.2 Follow organisational policies and procedures, and legislative and regulatory requirements for consulting and negotiating with stakeholders 4.3 Maintain participative communications with internal and external stakeholders

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Oral communication	Participates in verbal exchanges with a range of personnel using appropriate language Confirms understanding using active listening and questioning skills
Reading	Identifies and incorporates information to develop comprehensive sector, product and organisational knowledge
Writing	Completes documentation accurately following organisational procedures and protocols Conveys information to different personnel using clear language, correct spelling and grammar and applicable terminology
Planning and organising	Takes steps to develop knowledge and understanding of work role
Self-management	Organises work according to defined requirements taking responsibility for decisions and sequencing tasks to achieve efficient outcomes
Teamwork	Builds effective communication and rapport using applicable communication strategies to establish a sense of connection with others
Technology	Completes work tasks using the main features and functions of digital tools

Unit Mapping Information

Supersedes and is equivalent to FNSPIM303 Work within the personal injury management sector.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSPIM313 Work within the personal injury management sector

Modification History

Release	Comments
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:

present overview of personal injury management sector and impacts of an injury.

In the course of the above, the candidate must:

consult with stakeholders in the personal injury management sector on at least three different occasions.

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 organisational policies and procedures, legislative and regulatory requirements and industry codes of practice related to personal injury management demonstrated in the performance evidence

common personal injury management services and systems used

consultation and negotiation processes used in the context of personal injury management

relevant internal and external stakeholder types relevant to personal injury management

members of the community that could be impacted by personal injury, including family, employers and colleagues

financial and non-financial impacts of an injury to a client and other parties, including employers and families of the client

roles and responsibilities of key stakeholders in personal injury management within Australia, including personal injury management authorities

key steps in the personal injury referral process

types of dispute resolution processes

terminology definitions used for workers compensation, personal injury classifications and treatment

various scheme types and benefit models in Australia

processes for sourcing information for clients, including Commonwealth, State and Territory Acts, regulations and codes of practice.

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 and software

organisational records, policies and procedures.

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

FNSPIM314 Assess and determine initial entitlements for personal injury claims

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to assess an initial personal injury claim, including determining claim liability and identifying potential fraud indicators, and determine the outcome of a claim.

The unit applies to those who use specialised personal injury management knowledge and follow structured approaches using discretion and judgement within the limits of their authority and relevant to the claims management function.

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

Personal injury 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. Determine validity of claim	1.1 Gather information and review validity of claim according to organisational policies and procedures, and legislative and regulatory requirements 1.2 Return invalid claims and information to claimant for correction as required 1.3 Enter claim information into claims management system according to organisational policies and procedures and codes of practice 1.4 Refer claim to appropriate risk assessment area according to organisation delegation of authority procedures
2. Assess and manage risks	2.1 Identify and assess risks of the claim based on information collected during the claim registration process 2.2 Manage identified risks according to organisational policies and procedures 2.3 Escalate claim as required according to organisational policies and procedures
3. Assess claim for acceptance or rejection based on organisational policies and legislative requirements	3.1 Conduct investigations to determine initial liability and obtain appropriate medical and factual evidence 3.2 Assess evidence and information provided by the client and other required parties 3.3 Identify fraud indicators and escalate according to organisational policies or procedures, or legal requirements 3.4 Accept, deny or hold pending appropriate legal action according to legislative requirements, organisational policies or procedures
4. Determine entitlements and conduct claim management actions	4.1 Determine compensation entitlement amounts according to legislative and organisational policies and procedures 4.2 Plan and implement claim management strategies in consultation with stakeholders 4.3 Document referral process and seek stakeholder confirmation as required 4.4 Record stakeholder interaction and agree on actions according to organisational policies and procedures, and legislative and regulatory requirements 4.5 Identify and document contingency and corrective action plans 4.6 Determine medical liability in consultation with required stakeholders 4.7 Prepare case for conference according to organisational policies and procedures 4.8 Conduct conference and undertake agreed actions

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Oral communication	Participates in verbal exchanges with a range of personnel Uses active listening and questioning techniques to determine, clarify and confirm information
Reading	Compares and interprets information from a variety of sources to determine requirements
Writing	Records key enquiry information and prepares documentation using clear language, including appropriate terminology, spelling and grammar
Problem solving	Uses systematic, analytical problem-solving processes in complex, routine and non-routine situations, gathering information and identifying and evaluating options against agreed criteria
Self-management	Identifies and follows legislative and regulatory requirements, referral and delegation procedures, organisational policies and procedures Takes steps to source information in order to develop knowledge and understanding of work role
Teamwork	Uses collaborative techniques to liaise with others and elicit and share information
Technology	Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

No equivalent unit. Supersedes and is not equivalent to FNSPIM304 Assess and determine ongoing entitlements.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSPIM314 Assess and determine initial entitlements for personal injury claims

Modification History

Release	Comments
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:

assess and determine initial entitlements for at least two different personal injury claims.

In the course of the above, the candidate must:

collect and document information during the claim registration process, including:

return to work (RTW) status of the claim

return to health status of the claim

nature of the injury.

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:

regulatory and legislative requirements relevant to assessing and determining initial entitlements for personal injury claims

key features of organisational policies and procedures as they relate to capturing, processing and managing personal injury claims

contingency and corrective action plans for clients

compensation and/or medical liability calculations

key roles of stakeholders in managing personal injury claims

operations of organisational claims management information technology systems

process for identifying areas of risk within claims, including using information collected during claims registration process

range of potential risk and fraud indicators relevant to personal injury claims

referral and delegation procedures

record and documentation requirements.

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:

clients

office equipment, technology and software, including claims management system.

organisational records, policies and procedures.

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

FNSPIM403 Educate clients on personal injury management issues

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 educate clients on personal injury management issues by researching and providing information in a readily understood and accepted manner. It covers the application of sound industry and product knowledge including a working knowledge of relevant State or Territory legislative requirements.

It applies to individuals who have well developed interpersonal skills and a broad knowledge base of the sector, services and organisation. They have responsibility for case management and the development of customised strategies.

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

Personal injury 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, develop and implement strategies to educate clients	1.1 Research and establish personal injury management educational needs of clients 1.2 Identify current and future educational opportunities from internal and external networks and utilise to develop effective education strategies 1.3 Develop a variety of strategies to educate personal injury management clients in effective work practices 1.4 Develop promotional material using appropriate media and a style and quality to suit audience 1.5 Seek client feedback and use to improve the provision of education 1.6 Obtain cooperation and support from local industry employer organisations
2. Educate clients in the workplace	2.1 Ensure the personal injury management message is imparted accurately and in a clear, concise and confident manner to address the clients' concerns and enhance their knowledge of relevant issues 2.2 Facilitate group and individual learning processes and provide advice and support in a timely manner 2.3 Provide advice and support to engender joint commitment to the objectives of organisation policy and legislative responsibilities
3. Present information at meetings, seminars and public forums	3.1 Present information systematically and clearly, modifying it to suit clients’ educational needs, where necessary 3.2 Use presentation and training methods appropriate to the clients' background and aptitudes 3.3 Use presentation equipment and materials correctly and efficiently 3.4 Obtain feedback from individuals and groups and use to identify and introduce improvement in future presentations

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
Learning	1.5, 3.4	Actively seeks and uses feedback to improve own techniques
Reading	1.1, 1.2, 2.3, 3.3, 3.4	Interprets and analyses textual information from a variety of sources to expand knowledge and determine requirements
Writing	1.4, 1.5, 1.6, 2.1, 3.1, 3.2, 3.4	Develops a range of formal and informal material incorporating specific information using a style and language appropriate to audience and purpose
Oral Communication	1.5, 2.1, 3.1, 3.2, 3.4	Clearly and effectively presents detailed information using language, terminology, tone and pace appropriate to audience and purpose Participates in verbal exchanges using active listening and questioning techniques to clarify information and elicit feedback
Navigate the world of work	1.1, 1.2, 1.6, 2.3	Utilises a broad range of strategies to develop relevant skills and knowledge Works within legislative and regulatory requirements to provide advice to clients
Interact with others	1.2, 1.6	Collaborates and networks with a variety of stakeholders in order to achieve work outcomes Negotiates and advocates for clients
Get the work done	1.2-1.4, 1.6, 2.2, 3.1-3.2	Organises, plans and sequences work activities, including research, to inform advice provided to clients Uses a range of digitally based technologies to access, extract and share relevant information in order to achieve required outcomes Uses systematic, analytic processes to gather relevant information, evaluate options and make decisions

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSPIM403 Educate clients on personal injury management issues	FNSPIM403A Educate clients on personal injury management issues	Updated to meet Standards for Training Packages	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 for FNSPIM403 Educate clients on personal injury management issues

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:

interpret and comply with industry and organisational obligations and objectives, including relevant legislative requirements

deal with questions relating to all aspects of the business and issues that arise for clients

apply sound advocacy skills to convince clients of the benefits of the personal injury management system using a thorough grounding in return to work and health strategies and methods

identify and present on issues of relevance to clients.

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:

outline the critical features of common law, legal systems and procedures, and relevant legislation

outline the key organisational policy, procedures, underwriting guidelines and authorities

identify the features and uses of information and communications technology relevant to the education of clients

compare and contrast return to work strategies and methods

describe the key features of risk prevention methods and application

analyse and interpret:

industry sector and organisational policy wording

industry sector compliance requirements.

Assessment Conditions

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

office equipment, technology, software and consumables

organisational records, policy and procedures.

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

FNSPIM411 Plan and implement rehabilitation and return to life strategies

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to plan and implement rehabilitation and return to life strategies for recipients of personal injury benefits (clients), including strategies for return to work (RTW), return to health, return to community and recovery. It includes applying specific knowledge of rehabilitation processes, injury management models and legislation, along with strong case management, analytical and client service skills.

The unit applies to those who work in the personal injury management sector, within their level of authority, and coordinate multiple tasks and make judgements regarding recommended actions and client case management across a broad spectrum of claims.

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

Personal injury 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. Obtain information and establish rehabilitation and return to life needs	1.1 Determine nature and status of claim according to organisational policies and procedures 1.2 Contact client to discuss their rehabilitation and return to life needs and goals 1.3 Co-design goals with client based on information gathered in consultation with client and required stakeholders 1.4 Document conversations and outcomes according to organisational policies and procedures
2. Develop rehabilitation and return to life plan	2.1 Confirm goals meet client needs and recovery considerations 2.2 Draft and confirm rehabilitation and return to life plan in consultation with client and required stakeholders 2.3 Document, store and share plan according to organisational policies and procedures
3. Implement rehabilitation and return to life plan	3.1 Organise rehabilitation and recovery services according to rehabilitation and return to life plan 3.2 Liaise and discuss with service providers and required stakeholders to confirm rehabilitation and return to life plan is implemented as planned 3.3 Arrange payments for services according to costs and schedule of fees as required
4. Monitor client progress and effectiveness of rehabilitation and return to life plan	4.1 Monitor rehabilitation services and client progress by consulting with client and required stakeholders 4.2 Update rehabilitation and return to life plan to reflect changing needs and goals of client as required 4.3 Discuss and develop transition plan with required stakeholders once client goals have been met and move client from supported recovery to self-management

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Performs mathematical equations to calculate payments and costs related to rehabilitation and recovery services
Oral communication	Participates in verbal exchanges and explains, clarifies and confirms detailed information using language, tone and pace appropriate to the audience Uses collaborative techniques, including questioning and active listening to liaise with others and elicit and share information
Reading	Analyses and interprets documentation from a variety of sources and records and consolidates related information
Writing	Records key enquiry information and prepares documentation using clear language, including correct terminology, spelling and grammar Uses language and concepts appropriate for the audience to convey and clarify explicit information and requirements
Planning and organising	Identifies and responds to legislative and regulatory requirements, explicit and implicit protocols, policies and procedures and meets expectations associated with own role
Problem solving	Uses systematic, analytical processes in complex, routine and non-routine situations, gathering information and identifying and evaluating options against agreed criteria
Self-management	Develops plans to manage complex routine and non-routine tasks with an awareness of how they might contribute to broader strategy and goals Sequences and schedules activities, monitors implementation and manages necessary communication
Teamwork	Provides information to others as required Participates in joint ownership of process and outcomes and seeks to identify common understanding and agreement between those involved
Technology	Uses the main features and functions of digital tools and systems to complete work tasks

Unit Mapping Information

No equivalent unit. Supersedes and is not equivalent to FNSPIM401 Plan and implement rehabilitation, return to work and health strategies.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSPIM411 Plan and implement rehabilitation and return to life strategies

Modification History

Release	Comments
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:

plan and implement rehabilitation and return to life strategies for at least three clients.

In the course of the above, the candidate must:

assess risk factors and associated impacts for cases

communicate rehabilitation and recovery options to client and stakeholders

seek input from the client to identify and agree on specific roles and responsibilities related to recovery

promote cooperative participation during consultations between client and required stakeholders in developing rehabilitation programs and return to life plan

maintain relationships with required stakeholders throughout the client's recovery

seek feedback from the client and required stakeholders throughout the recovery process and adapt the return to life plan to reflect feedback.

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 organisational policies and procedures, and legislative and regulatory requirements related to planning and implementing rehabilitation and return to life strategies for personal injury clients, including:

client rehabilitation needs and objectives

methods of identifying and escalating high-risk claims

development and maintenance of rehabilitation and return to life plans

role and responsibilities of key stakeholders and third parties involved in the recovery process

client privacy and confidentiality

review process for medical and rehabilitation providers

estimation of costs

injury management models, including:

biopsychosocial

traditional medical management

types of return to life strategies and their processes, including:

return to work (RTW)

return to community

return to health

recovery

purpose and role of rehabilitation and return to life plans

benefits of early intervention for rehabilitation and parameters of personal injury management system

difference between rehabilitation and return to life needs

key risk prevention methods and their applications

barriers to return to life goals and objectives

principles relating to recovery-orientated approach, including:

client’s self-determination and self-management relating to health and wellbeing

tailored, personalised and strengths-based care specific to client’s unique strengths, circumstances, needs and preferences

contributing factors to a holistic approach to recovery and wellbeing, including:

social

emotional

physical

cognitive

cultural and spiritual

methods of identifying client strengths as they relate to recovery

types of rehabilitation and recovery services available and their durations

uses of required information and communications technology systems, including plan management systems.

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:

clients

office equipment, technology and software

organisational records, policies and procedures.

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

FNSPIM419 Maintain relationships with personal injury clients

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to maintain ongoing relationships with and retain the business of clients within the personal injury management sector. It involves using organisational and interpersonal skills in one-to-one interactions to retain and enhance the client relationship.

The unit applies to those who use personal injury sector specific knowledge and communication skills and techniques to network, build business and implement organisational strategies.

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

Personal injury 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. Establish client interaction requirements	1.1 Determine client needs and establish follow up required based on claim information and existing case management records 1.2 Establish communication methods and frequency with client 1.3 Confirm level of communication is appropriate to client requirements and adheres to organisational policies and procedures 1.4 Conduct initial client interaction
2. Provide client service	2.1 Review previous interactions with client based on case management records and claim information, and determine client requirements for follow up 2.2 Contact client based on preferred method and frequency as noted in previous case management records 2.3 Seek feedback from client to determine satisfaction levels with service provided 2.4 Resolve problems within scope of own role and escalate as required
3. Maintain records of client interaction	3.1 Confirm client information is current and update as required 3.2 Document client interactions according to organisational policies and procedures, and legislative and regulatory requirements

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Interprets, compares and records numerical information to meet requirements
Oral communication	Clearly and effectively presents detailed information using language, concepts, terminology, tone and pace appropriate to the audience and purpose Participates in verbal exchanges using active listening and questioning, and uses collaborative techniques to convey and clarify information and elicit feedback
Reading	Interprets and analyses information from a range of sources and consolidates information relating to requirements
Writing	Develops a range of formal and informal material incorporating specific information and using a style and language appropriate to the audience and purpose
Planning and organising	Plans and sequences work tasks to meet outcomes and client requirements Identifies and responds to legislative and regulatory requirements, policies and procedures and meets expectations associated with own role
Problem solving	Implements strategies aimed at building rapport and fostering strong relationships for a diverse range of clients Responds to predictable routine problems seeking advice where appropriate
Technology	Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

Supersedes and is equivalent to FNSPIM409 Maintain customer relationship.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSPIM419 Maintain relationships with personal injury clients

Modification History

Release	Comments
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:

maintain relationships with at least three different personal injury clients.

In the course of the above, the candidate must:

maintain records according to organisational policies and procedures, and legislative and regulatory requirements

confirm and adapt to any special needs and diversity of clients, including cultural, language, race, religion, ethnic origin, socioeconomic status and demographic needs.

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 organisational policies and procedures, industry codes of practice and legislative and regulatory requirements relating to personal injury case management, including:

databases and information technology systems

information to be recorded

chain of command when escalating issues

recording and maintaining client information

case management services offered by organisation

techniques related to:

communication methods and styles

client relationship development and management

feedback gathering

client service and case management

de-escalation and resolution of issues.

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:

clients

office and communication equipment, technology and software

organisational records, policies and procedures.

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

FNSPIM423 Educate clients on personal injury management issues

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to educate clients on personal injury management issues by researching and providing information. It covers the application of industry and product knowledge, including a working knowledge of state or territory legislative and regulatory requirements.

The unit applies to those who have developed interpersonal skills and a broad knowledge base of the personal injury management sector, services and organisations. They have responsibility for case management and the development of customised strategies.

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

Personal injury 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 and develop strategy to educate clients	1.1 Research and establish personal injury management educational needs of clients 1.2 Develop educational strategy by identifying current and future educational opportunities from internal and external networks 1.3 Develop promotional material according to education strategy 1.4 Seek client feedback and update educational strategy pertaining to the client’s needs and goals and promotional materials to reflect feedback
2. Educate clients using strategy	2.1 Deliver personal injury management message to client group according to educational strategy and using promotional materials 2.2 Facilitate group and individual learning processes and provide general advice and support 2.3 Provide advice and support to client group according to educational strategy, organisational policies and procedures, and legislative responsibilities
3. Present information at meetings, seminars and public forums	3.1 Present information and modify it to suit clients’ educational needs as required according to organisational policies and procedures 3.2 Identify and introduce improvement in future presentations by obtaining feedback from individuals and groups

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Oral communication	Presents detailed information using language, terminology, tone and pace appropriate to audience and purpose Participates in verbal exchanges using active listening and questioning techniques to clarify information and elicit feedback
Reading	Interprets and analyses textual information from a variety of sources to expand knowledge and determine requirements
Writing	Develops a range of formal and informal material incorporating specific information using a style and language appropriate to audience and purpose
Planning and organising	Organises, plans and sequences work activities, including research, to inform advice provided to clients Utilises a broad range of strategies to develop skills and knowledge Works within legislative and regulatory requirements to provide advice to clients
Problem solving	Uses systematic, analytic processes to gather required information, evaluate options and make decisions
Teamwork	Collaborates and networks with a variety of stakeholders in order to achieve work outcomes
Technology	Uses a range of digitally based technologies to access, extract and share required information in order to achieve required outcomes

Unit Mapping Information

Supersedes and is equivalent to FNSPIM403 Educate clients on personal injury management issues.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSPIM423 Educate clients on personal injury management issues

Modification History

Release	Comments
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:

educate at least two different clients on personal injury management issues.

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 and compliance requirements of common law, legal systems and procedures, and legislative and regulatory requirements relating to personal injury management

key features of personal injury management, including:

benefits of personal injury management systems for clients

methods and application of risk prevention

return to work (RTW) strategies and methods

research methods to determine key personal injury management issues of client

key features of educational strategies, including types of training and educational methods suitable for different client backgrounds and aptitudes

methods for implementing stakeholder feedback to own work

features and uses of information and communications technology systems required to educate clients

types of promotional media and suitability for different audiences

presentation methods, including those for presenting information at meetings, seminars and public forums.

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:

clients

office equipment, technology and software

organisational records, policies and procedures.

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

FNSPIM424 Assist personal injury clients with job placement

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to assist an injured person (client) with job placement. It includes assisting the client to obtain employment with new employers using job search techniques. It requires working with key stakeholders in the development of appropriate job placement that may depend on the person’s functional and employment capacity.

The unit applies to those who have developed skills and a broad knowledge base of the personal injury management sector and work independently or across multidisciplinary teams. They have responsibility for case management and the development of customised strategies.

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

Personal injury 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. Establish client information and skills	1.1 Obtain and analyse client information and return to work (RTW) strategy plans as required for job search activities 1.2 Assist client to identify own transferable skills by applying organisational policies and procedures and industry standard tools
2. Educate client on job search skills	2.1 Assist client to recognise and accept areas of employment that are within their scope of employment 2.2 Identify issues impacting job placement opportunities using required techniques 2.3 Develop objectives, timeframes and strategies of job search activities in consultation with required stakeholders and according to client capabilities 2.4 Assist client with job search activities
3. Match client needs with employer requirements and complete documentation	3.1 Assess employment opportunities and requirements against client skills, capacity and RTW strategy plans, and determine suitability 3.2 Negotiate with employers to implement client’s RTW strategies on behalf of client as required 3.3 Complete and distribute documentation to stakeholders according to organisational policies and procedures, and legislative and regulatory requirements

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Oral communication	Participates in verbal exchanges using language, tone and pace appropriate to the audience and purpose Uses active listening and questioning and collaborative techniques to mediate, negotiate and facilitate resolutions
Reading	Analyses complex textual information, including legislative and regulatory requirements and policy documents, from a range of sources and relates specific aspects of information to requirements
Writing	Develops and writes a range of texts and reports to specifications using clear language and correct terminology Presents information in an effective manner using concepts and approaches appropriate to a range of personnel
Planning and organising	Organises, plans and sequences work activities, including research, to inform and assess advice provided to clients Works within legislative and regulatory requirements, policies, industry protocols, and uses industry-standard tools to achieve outcomes
Problem solving	Seeks out and procures resources to facilitate best outcomes Accepts responsibility for addressing problems and initiates standard procedures in response, applying problem-solving processes to determine solutions
Self-management	Uses systematic, analytical processes to make decisions in the best interests of clients
Teamwork	Collaborates, negotiates and networks with a variety of stakeholders to achieve job placement outcomes and make appropriate referrals
Technology	Uses a range of digitally based technologies to access, extract and share information to achieve required outcomes

Unit Mapping Information

Supersedes and is equivalent to FNSPIM404 Assist clients with job placement.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSPIM424 Assist personal injury clients with job placement

Modification History

Release	Comments
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:

assist at least three different personal injury clients with job placement.

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 organisational policies and procedures, and legislative and regulatory requirements relating to job placement activities for injured people

negotiation techniques and approaches to assist injured persons to recognise and accept available areas of employment

techniques to identify issues impacting job placement opportunities

resources available to assist clients with job search activities, including key roles and functions of stakeholder groups available to support injured people with job placement

industry-standard tools relating to assisting personal injury clients with job replacement

job search skills and techniques for clients, including:

resume development

interview techniques

job applications

job search tools

strategies for contacting employers

methods for communicating disabilities to employers

types of documentation to support clients’ job placement

computer applications and organisational systems used to extract and distribute job placement information.

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:

client

office equipment, technology and software

organisational records, policies and procedures.

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

FNSPIM425 Facilitate recovery and return to life

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to develop and implement return to life strategies, including return to work (RTW), return to health, return to community and recovery for an injured person (client).

The unit applies to those who work in the personal injury management sector and have developed skills and a broad knowledge base of the personal injury management sector and work independently or across multidisciplinary teams. They have responsibilities for case management and the development of customised strategies.

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

Personal injury 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. Determine needs of client	1.1 Consult with client and required stakeholders to understand and determine needs of client 1.2 Collect and analyse information in consultation with client and required stakeholders 1.3 Determine extent of physiological and psychosocial impact of injury on client by consulting with clients and required stakeholders 1.4 Document conversations and information relating to client’s needs according to organisational policies and procedures
2. Develop return to life strategy	2.1 Identify client strengths and barriers to return to life in consultation with client and required stakeholders 2.2 Determine return to life strategy for clients according to their needs and perceived barriers and facilitating case conferences as required 2.3 Develop return to life objectives to reflect needs and intended goals in consultation with client and required stakeholders
3. Facilitate implementation of return to life strategy	3.1 Refer client to health and rehabilitation professional service providers according to client’s needs and confirm client’s goals and objectives with providers 3.2 Monitor, confirm and record progress of return to life strategy and discussions with the client and required stakeholders, according to organisational policies and procedures 3.3 Provide guidance, support and education on return to life process to client and stakeholders as required
4. Monitor and review effectiveness of return to life strategy	4.1 Gather information and seek feedback from client and stakeholders to review effectiveness of return to life strategy in meeting client’s needs and adapt plan to reflect as required 4.2 Complete and distribute updated documentation to stakeholders according to organisational policies and procedures, and legislative and regulatory requirements

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Learning	Seeks and uses assistance and expert advice to improve own knowledge and practice
Oral communication	Participates in verbal exchanges using language, tone and pace appropriate to the audience and purpose Uses active listening and questioning skills and collaborative techniques to elicit and convey information and facilitate resolutions
Reading	Researches and analyses complex textual information, including medical reports, from a range of sources and relates specific aspects of information to requirements
Writing	Uses clear language, concepts and correct terminology to prepare and present materials for a range of audiences and purposes
Planning and organising	Organises, plans and sequences work activities, including research, to inform and assess advice provided to clients Keeps up to date with legislative and regulatory requirements and organisational protocols
Problem solving	Accepts responsibility for addressing problems and initiates standard procedures in response, applying problem-solving processes to determine solutions
Self-management	Collaborates, negotiates and networks with a variety of stakeholders to achieve RTW outcomes and make appropriate referrals
Teamwork	Works independently but in close collaboration with others to achieve outcomes
Technology	Uses a range of digitally based technologies to access, extract and share information to achieve required outcomes

Unit Mapping Information

No equivalent unit. Supersedes and is not equivalent to FNSPIM405 Facilitate a return to work.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSPIM425 Facilitate recovery and return to life

Modification History

Release	Comments
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:

facilitate recovery and return to life for at least three personal injury clients.

In the course of the above, the candidate must:

follow organisational policies, protocols and procedures within limits of own role.

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 organisational policies and procedures, industry codes of practice and legislative and regulatory requirements relating to personal injury and return to life case management

key physiology, psychosocial and biological conditions of personal injury and related treatment services to support return to life

types of return to life strategies and their processes, including:

return to work

return to community

return to health

recovery

key principles, processes and practices of developing and facilitating return to life plans, strategies and case management

organisational systems and applications required for the facilitation of return to life and recording and distribution of information.

stakeholders involved in case conferencing and their role, including in development and monitoring of return to life strategies

contributing factors to a holistic approach to recovery, wellbeing and service development and delivery, including:

social

socioeconomic

demographic

emotional

physical

cognitive

cultural and spiritual

roles and functions of service providers and third parties in the return to life process, including:

personal injury case managers

organisational personnel

medical and health professionals

strategies for conducting effective case conferences.

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:

clients

office equipment, technology and software

organisational records, policies and procedures.

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

FNSPIM434 Manage personal injury claims

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to manage personal injury claims. It involves conducting initial assessments, developing case plans, reviewing case progress and conducting completion procedures on case closure.

The unit applies to those who have developed skills and a broad knowledge base of the personal injury management sector and who work independently or across multidisciplinary teams. They make judgements within their level of responsibility to achieve organisational objectives and standards.

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

Personal injury 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. Conduct initial assessment	1.1 Contact stakeholders to gather information on personal injury case according to organisational policies and procedures, and legislative and regulatory requirements 1.2 Conduct initial client interview and assessment according to organisational policies and procedures, and legislative and regulatory requirements 1.3 Determine need for further assessment and referral services according to legislative and regulatory requirements and provide referrals for these according to organisational policies and procedures 1.4 Collate and provide information to required stakeholders to support the referral process according to organisational policies and procedures, and legislative and regulatory requirements
2. Develop and obtain approval of personal injury case plan	2.1 Negotiate and agree on goals and develop case plan in consultation with client, treating medical practitioner, employer and other key stakeholders 2.2 Obtain approvals from treating medical practitioner and stakeholders prior to commencement of a return to life and health program according to organisational policies and procedures
3. Monitor and review case progress	3.1 Conduct case review meetings with multidisciplinary team and key stakeholders according to organisational policies and procedures 3.2 Monitor progress and effectiveness of client’s case against goals using organisational policies and procedures and modify case plan as required 3.3 Conduct follow up review meetings with client according to case plan and organisational policies and procedures 3.4 Conduct closure interviews on completion of case management plan according to organisational policies and procedures, and legislative and regulatory requirements 3.5 Complete and distribute case management reports according to organisational policies and procedures, and legislative and regulatory requirements

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Performs calculations, and records, sequences and schedules information to achieve required outcomes
Oral communication	Uses active listening and questioning techniques to clarify information Uses appropriate language, concepts, pace and tone to convey information appropriate to audience and purpose
Reading	Analyses and interprets complex information, including legislative and regulatory requirements and policies, from a range of sources synthesising specific aspects of information to meet requirements
Writing	Records information and completes documentation following organisational procedures and protocols Uses language and terminology appropriate to audience to convey and clarify explicit information and requirements
Planning and organising	Identifies and responds to legislative requirements, policies and procedures and meets expectations associated with own role Builds on protocols to establish more effective workplace systems Develops skills and knowledge through reading and practice
Problem solving	Implements strategies aimed at fostering cooperation and positive relationships with a diverse range of clients
Self-management	Plans, sequences and implements tasks and appropriate resources to meet requirements
Teamwork	Selects and uses appropriate conventions and protocols when collaborating, negotiating or consulting with clients and other stakeholders in a range of work contexts
Technology	Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

Supersedes and is equivalent to FNSPIM414 Manage personal injury claims.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSPIM434 Manage personal injury claims

Modification History

Release	Comments
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:

manage at least three different personal injury claims.

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 organisational policies and procedures, industry codes of practice and legislative and regulatory requirements relating to personal injury case management, including:

processes used to assess, plan, monitor, review and close a case

documentation requirements for personal injury case plan

internal and external case referral processes

decision-making processes

information required to support referral processes

rehabilitation evaluation methods

sources of information required for the rehabilitation planning process

reporting requirements

different goals and related case management methods related to:

recovery and rehabilitation

returning to work

returning to health

returning to community

negotiation techniques for goal setting

key stakeholders and sources of information to assist with managing and developing a case

strategies for dealing with issues and problems relating to case management

indicators and triggers for modification to the case plan

long-term client relationship management techniques.

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:

clients

office equipment, technology and software

organisational records, policies and procedures.

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

FNSPIM516 Promote health benefits of returning to work

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to research and communicate current information on health benefits of return to work (RTW) and personal injury management strategies to influence change for individuals and organisations.

The unit applies to those who work in the personal injury management sector and have well developed analytical and communication skills, and a broad knowledge base of the sector and services to provide strategic guidance in organisational activities.

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

Personal injury 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. Research current information on health benefits of work and RTW strategies	1.1 Research impacts of worklessness on individuals and communities 1.2 Analyse health benefits of work for individuals and other stakeholder groups 1.3 Determine role of health outcomes and forms of health outcome measurement in best practice RTW programs 1.4 Analyse organisational RTW data and identify issues or data collection improvement opportunities 1.5 Optimise RTW and health outcomes using required approaches
2. Develop communication strategies to promote health benefits of work	2.1 Design programs or projects that aim to improve understanding of health benefits of work 2.2 Communicate information on health benefits of work to stakeholders
3. Influence RTW for individuals and organisations	3.1 Review and update organisational policies and procedures to embed the health benefits of RTW and support for early intervention and proactive collaboration 3.2 Develop solutions to address complex barriers to RTW and issues relating to worker and employer motivation 3.3 Design projects and activities that initiate changes to perceptions and behaviours of individuals and the community 3.4 Establish collaborative relationships and negotiate with organisational staff, specialists and treating practitioners to advocate and achieve RTW strategies 3.5 Assist organisations with strategies to support RTW clients in the workplace

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Learning	Researches and develops own knowledge required to improving work outcomes
Numeracy	Interprets statistical reports and information related to RTW outcomes
Oral communication	Participates in verbal exchanges using active listening and questioning and uses collaborative negotiation and advocacy techniques to convey and clarify information
Reading	Researches, interprets and analyses texts from a variety of sources and records and consolidates related information
Writing	Organises, collates and documents information required to RTW and personal injury management
Initiative and enterprise	Advocates improved outcomes and influences change using different strategies
Planning and organising	Works within organisational and regulatory requirements in managing information
Problem solving	Employs problem solving processes to resolve issues
Self-management	Organises, plans and sequences work activities to research, prepare and present information
Teamwork	Collaborates and networks with a variety of stakeholders in order to achieve outcomes
Technology	Accesses, extracts, stores and shares information using different digitally based technologies

Unit Mapping Information

Supersedes and is equivalent to FNSPIM506 Promote the health benefits of returning to work.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSPIM516 Promote health benefits of returning to work

Modification History

Release	Comments
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:

promote the health benefits of returning to work on at least two occasions, including with at least one individual and at least one organisation.

In the course of the above, the candidate must:

collect and prepare a report on the analysis of quantitative data and qualitative information relating to return to work (RTW) programs within an organisation.

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:

benefits and challenges of integrating a health outcomes approach in personal injury schemes

biopsychosocial approaches related to optimisation of RTW and health

techniques related to evaluating role of multiple strategies or solutions for RTW programs

definition and examples of term biopsychosocial in a personal injury scheme context

factors that influence health outcomes in compensation and personal injury schemes, including:

scheme design

psychosocial factors

socioeconomic factors

health outcome measurements, their relation to personal injury case management and types of tools used

impact of worklessness on individuals and communities

key barriers to RTW and links to employer and worker motivation

key features of organisational policies and procedures relating to RTW strategies

methods of interpreting qualitative and quantitative organisational data

key points of current literature and research relating to health benefits of work

role of perception and attitudes towards injury or illness and its impacts on an individual’s RTW program

procedures for collecting organisational data.

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:

clients

office equipment, technology, software and consumables

organisational policies and procedures.

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

FNSPIM517 Manage complex return to work cases

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to analyse barriers to and approaches for managing complex return to work (RTW) cases within an organisation.

The unit applies to those who work in the personal injury management sector and have developed communication and organisational skills and a broad knowledge base of the sector. They make judgements regarding recommended actions and the management of injured persons returning to work in the organisation.

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

Personal injury 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. Analyse factors, barriers and strategies for managing complex RTW cases	1.1 Identify factors and barriers that contribute to a complex RTW case 1.2 Identify and analyse the impact and interplay of injuries, pre-existing conditions and secondary conditions on the case 1.3 Identify mechanisms to support injured persons available within the organisation 1.4 Determine situations where early intervention or changes to RTW management are required 1.5 Determine a support strategy for particular issues and complexities
2. Develop individually tailored injury management plan	2.1 Identify needs of the injured person and indicators of complex issues and risks 2.2 Seek advice from external specialists where required to assist in development of a sustainable RTW plan for injured person 2.3 Identify suitable duties, reasonable adjustments and area of work for injured person based on identified needs and advice from specialists as required 2.4 Determine a suitable RTW program for the injured person by liaising with the required authorities 2.5 Document an RTW plan identifying key duties, requirements, timeframes and expected outcomes 2.6 Communicate RTW plan to stakeholders according to health privacy principles
3. Monitor progress of RTW plan and review management of risk factors	3.1 Manage RTW plan according to organisational policies and procedures 3.2 Liaise with team leader and injured person to monitor progress towards outcomes 3.3 Identify and manage barriers, emerging conflicts and issues relating to the RTW plan 3.4 Communicate with injured person to minimise confusion and concerns 3.5 Review early intervention strategy and make changes as required 3.6 Develop solutions and options for future action to attain outcomes with the injured person, required authorities and stakeholders 3.7 Escalate issues that cannot be resolved within own work role to required personnel

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Collects and analyses data relating to time and costs in planning and managing cases
Oral communication	Participates in verbal exchanges and clearly explains, clarifies and confirms detailed information using language, tone and pace appropriate to the audience Liaises with others, elicits and shares information using collaborative techniques that include questioning and active listening
Reading	Analyses and interprets a range of texts from a variety of sources and records and consolidates related information
Writing	Conveys and clarifies explicit information and requirements using language and concepts applicable for audience
Planning and organising	Identifies and responds to legislative and regulatory requirements, explicit and implicit protocols, policies and procedures and meets expectations associated with own role Organises, plans and sequences work activities to achieve outcomes
Problem solving	Applies problem solving processes to tailor solutions for individuals
Teamwork	Provides information to others as required Participates in joint ownership of process and outcomes and seeks to identify common understanding and agreement
Technology	Accesses and shares applicable information using digital tools

Unit Mapping Information

Supersedes and is equivalent to FNSPIM507 Manage complex return to work cases.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSPIM517 Manage complex return to work cases

Modification History

Release	Comments
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:

manage at least three complex return to work (RTW) cases.

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:

a range of conflict management and dispute resolution approaches appropriate for RTW management

factors that can make an RTW case complex or difficult, including:

psychosocial risk factors, including low morale, poor job satisfaction, sense of unfair treatment or organisational injustice, power imbalances and client seniority

mental health issues, including depression

chronic physical illness

serious injury

stress and trauma

negative workplace relationships, including discrimination and low motivation

formats for designing RTW plans

health privacy principles to be complied with when dealing and communicating with stakeholders

mainstream and specialist support provided for a range of complex issues, including mental health and serious injury

key features of organisational policies and procedures for accessing specialist support for injured persons

roles of specialists and required authorities in developing RTW strategies

impact of workplace culture and co-worker attitudes and perceptions on RTW programs for injured persons

situations where early interventions or changes to RTW management are required

support strategies for particular issues and complexities, including mental health and serious injury

types of duties, reasonable adjustments and areas of work for injured person

types of early intervention strategies

types of mechanisms within organisations to support injured persons.

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:

complex RTW cases

office equipment, technology, software and consumables

organisational records, policies and procedures.

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

FNSPIM518 Evaluate and improve return to work programs

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to apply research to analyse, evaluate and implement continuous improvement measures in return to work (RTW) programs within organisations.

The unit applies to those who work in the personal injury management sector and have developed analytical and communication skills and a broad knowledge base of the sector and services to provide strategic guidance in organisational activities.

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

Personal injury 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. Research best practice RTW models for organisations	1.1 Research RTW models for different types of organisations, considering legislative and regulatory requirements 1.2 Analyse forms of health outcomes measurement used in RTW models in different types of organisations 1.3 Determine best practice RTW models 1.4 Identify the benefits and challenges of implementing RTW best practice models in an organisation 1.5 Analyse the relationship between an organisation’s RTW strategy and its practice 1.6 Review approaches used for continuous improvement in a range of organisations
2. Review organisation’s RTW programs	2.1 Identify and review the organisation’s RTW policies and procedures 2.2 Identify personnel with responsibility for RTW in their work roles 2.3 Determine the forms of health outcome measurement used by the organisation 2.4 Analyse quantitative organisational data relating to RTW programs 2.5 Analyse organisational practices and qualitative data available 2.6 Document and summarise the key points of the analysis of the review of the organisation’s RTW program
3. Prepare and present a continuous improvement plan for organisation	3.1 Meet with representatives of the organisation and provide an overview of the review of the RTW program 3.2 Explain the relevance and types of data, both quantitative and qualitative, that could be collected to measure the RTW program’s outcomes 3.3 Explain the role of personnel and teams at all organisational levels in improving RTW program outcomes 3.4 Suggest approaches suitable for size and type of organisation for supporting workers and promoting RTW programs 3.5 Discuss issues relating to changing or improving the culture of the organisation and advocate the benefits of features of best practice RTW models
4. Develop plan to improve organisation’s RTW program	4.1 Refine ideas for improving organisation’s RTW program after discussions with key representatives from the organisation 4.2 Develop RTW program measures suitable for size and structure of organisation 4.3 Design a project tailored to organisation needs with measurable outcomes 4.4 Develop and document an action plan to implement the project

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Learning	Researches and develops own knowledge of work role
Numeracy	Interprets statistical data and information related to RTW outcomes
Oral communication	Participates in verbal exchanges using active listening and questioning to elicit, convey and clarify information Presents a case and advocates a point using collaborative techniques
Reading	Researches, interprets and analyses texts from a variety of sources and records and consolidates related information
Writing	Organises, collates and documents information in a format suitable for a range of audiences
Planning and organising	Organises, plans and sequences work activities to research, prepare and present information Works within organisational and regulatory requirements in managing information
Problem solving	Applies problem solving processes to customise solutions to issues
Self-management	Develops knowledge and skills using different strategies
Teamwork	Collaborates with a variety of stakeholders in order to achieve outcomes
Technology	Accesses, extracts, stores and shares information using different digitally based technologies

Unit Mapping Information

Supersedes and is equivalent to FNSPIM508 Evaluate and improve return to work programs.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSPIM518 Evaluate and improve return to work programs

Modification History

Release	Comments
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:

evaluate and improve return to work (RTW) programs for at least two different 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 and objectives of federal, state and/or territory legislative and regulatory requirements relating to RTW programs

benefits and challenges of implementing RTW programs in an organisation

benefits of RTW programs for individuals and employers

different types and features of best practice RTW models

process for measuring health outcomes

key features of organisational policies and procedures relating to RTW programs

key features of project or action plans, including:

purpose and objectives

activities to be undertaken

timelines

personnel and responsibilities

costs

key points of current literature and research relating to industry standard RTW models in organisations

key RTW barriers for individuals and employers

monitoring mechanisms for RTW programs

strategies to gain stakeholder feedback and evaluate RTW programs for continuous improvement

role of perception and attitudes towards injury or illness and how it impacts on an individual’s RTW program

types of data collected by health outcome measurement tools

quantitative and qualitative data and ways to interpret.

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

organisational records, policies and procedures.

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

FNSPIM521 Develop return to work or injury management strategies

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to develop a return to work (RTW) or injury management strategy for recipients of personal injury benefits (clients). It includes consulting with stakeholders, identifying areas of employment suited to an injured worker, and developing, reviewing and monitoring RTW to work or injury management programs.

The unit applies to those who have developed skills and a broad knowledge base of the personal injury management sector and work independently or across multidisciplinary teams. They have responsibilities for case management and the development of customised strategies.

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

Personal injury 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. Consult with stakeholders	1.1 Establish stakeholder working relationships in rehabilitation and RTW and health processes according to organisational policies and procedures and claim requirements 1.2 Provide information to stakeholders on status of injured person according to legislative requirements
2. Identify client needs and employment options	2.1 Determine needs of injured person according to physiological and psychosocial impact of injury 2.2 Arrange and conduct assessments, taking into consideration person’s capacity and disability, according to organisational policies and procedures 2.3 Assist in choice of employment options available to client by identifying client’s work interests and transferable skills
3. Develop RTW or injury management strategies	3.1 Identify availability of duties and return to community options for injured person in consultation with stakeholders 3.2 Undertake referrals with stakeholders as required to determine functional capacity evaluation and to match work requirements 3.3 Develop objectives, goals and parameters for RTW or injury management programs in consultation with required stakeholders 3.4 Communicate parameters and requirements of RTW or injury management of client to stakeholders according to organisational policies and procedures, and legislative and regulatory requirements
4. Review and monitor RTW or injury management strategies	4.1 Monitor and review RTW and health program according to organisational guidelines and legislative requirements 4.2 Consult with injured client and stakeholders to obtain feedback on progress and achievement of RTW or injury management program 4.3 Arrange modifications to RTW or injury management programs and additional services to address issues and deficiencies identified through consultation process

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Oral communication	Participates in verbal exchanges using language, tone and pace appropriate to the audience and purpose Uses active listening and questioning skills and collaborative techniques to elicit and convey information and to facilitate resolutions
Reading	Analyses complex textual information from a range of sources and records and consolidates related information
Writing	Uses appropriate language, concepts and terminology to prepare and present materials for a range of audiences and purposes Develops material to a specific audience using clear language to convey accurate and customised information
Initiative and enterprise	Ensures currency of knowledge relating to legislative and regulatory requirements and policies applicable to the implementation of RTW and health plans Selects, implements and seeks to improve protocols governing communications with stakeholders in a range of work contexts Identifies opportunities to develop and apply new ideas
Planning and organising	Identifies and responds to legislative and regulatory requirements, policies and procedures and meets expectations associated with own role
Problem solving	Establishes and nurtures relationships to achieve mutually agreeable outcomes
Self-management	Plans, sequences and implements tasks and appropriate resources to meet requirements Identifies ideas in use and considers how they might be adapted for own context
Technology	Uses digitally based technologies and systems to assist in achieving required outcomes

Unit Mapping Information

Supersedes and is equivalent to FNSPIM501 Develop a return to work or injury management strategy.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSPIM521 Develop return to work or injury management strategies

Modification History

Release	Comments
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:

develop return to work (RTW) or injury management strategies for at least three different clients.

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 and objectives of organisational policies and procedures, industry codes of practice and legislative and regulatory requirements relating to developing, reviewing and monitoring rehabilitation and RTW and health programs, including:

liability requirements of employers

client functional capacity evaluations and methods of skills matching to work requirements

internal and external referrals process

evaluation and monitoring procedures for rehabilitation, RTW and health strategies

key physiology and psychosocial barriers impacting on RTW or injury management programs

roles and functions of stakeholder groups available to support the development of RTW and health programs

common issues and deficiencies in RTW or injury management programs and management methods

types of work duties and return to community options for injured persons.

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:

clients

office equipment, technology and software

organisational records, policies and procedures.

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

FNSPIM522 Facilitate workplace assessment with stakeholders for personal injury cases

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to facilitate workplace assessments with stakeholders for personal injury cases. It encompasses conducting a job analysis and recommending workplace modifications and job redesign with stakeholders

The unit applies to those who work in the personal injury management sector and provide specialised knowledge, work in multi-disciplinary teams and apply organisational and analytical skills to plan and customise activities.

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

Personal injury 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. Assess workplace and client status	1.1 Identify and explain workplace assessment objectives according to organisational policies and procedures, industry principles and feedback from stakeholders 1.2 Identify workplace duties and requirements in consultation with stakeholders 1.3 Review rehabilitation and injured client’s status reports to determine injured person’s capacity to perform tasks 1.4 Refer recommendations identified in workplace assessment to specialist stakeholders for further clarification and advice
2. Participate and assist in job analysis	2.1 Secure technical and clinical expertise to undertake job analysis with employer and injured client’s workplace 2.2 Apply knowledge of safe work practices to job analysis 2.3 Provide feedback to employer and organisation on appropriateness of work site
3. Recommend workplace modifications	3.1 Identify and secure resources required to make modifications to workplace environments 3.2 Develop short and long-term strategies in consultation with required stakeholders and identify tasks which will assist injured person to return to work (RTW) 3.3 Determine costing and funding sources for workplace modification requirements using organisational policies and procedures and industry-standard tools and techniques 3.4 Facilitate training and educational services on use of adaptive equipment and workplace modifications 3.5 Incorporate recommendation resulting from workplace assessment into workplace assessment reports
4. Facilitate job redesign	4.1 Determine circumstances in which job redesign may be used 4.2 Consult with stakeholders and employers to determine willingness and ability to accommodate injured person’s limitations and abilities according to organisational policies and procedures 4.3 Obtain stakeholder feedback on the injured person’s abilities and ability to perform required job 4.4 Obtain stakeholder feedback on job tasks and elements which are outside injured person’s capabilities 4.5 Redesign job according to safe work practices and recommend job redesign according to organisational policies and procedures, and legislative and regulatory requirements

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Performs calculations of financial data and sequences and schedules information to achieve required outcomes
Oral communication	Participates in verbal exchanges using language, tone and pace appropriate to the audience and purpose Uses active listening and questioning skills and collaborative techniques to elicit and convey information and to facilitate resolutions Selects and uses appropriate conventions and protocols when communicating with internal and external stakeholders
Reading	Researches and analyses complex textual information from a range of sources and records and consolidates related information
Writing	Prepares and presents materials for different audiences and purposes using applicable language, concepts and terminology Develops material to a specific audience using clear language to convey accurate and customised information
Self-management	Takes responsibility for following policies, procedures and legislative and regulatory requirements of own role
Planning and organising	Accepts responsibility for planning, organising and sequencing complex tasks and workload Ensures currency of knowledge related to safe work practices, and legislative and regulatory requirements and policies applicable to workplace assessment, workplace modification and job redesign
Problem solving	Applies systematic and analytical decision-making processes to select appropriate options in complex and non-routine situations Identifies and anticipates a range of problems, actively looking for early warning signs and implementing contingency plans when appropriate
Teamwork	Facilitates resolution and achieves best possible outcomes using collaborative techniques
Technology	Locates required information using digital technologies

Unit Mapping Information

Supersedes and is equivalent to FNSPIM502 Facilitate workplace assessment with stakeholder for personal injury cases.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSPIM522 Facilitate workplace assessment with stakeholders for personal injury cases

Modification History

Release	Comments
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:

facilitate workplace assessment with stakeholders for personal injury cases for at least three different clients.

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 legislative requirements as they relate to developing and implementing recommendations and monitoring workplace assessment results

key industry principles relating to facilitating workplace assessment

job analysis and redesign as it applies to workplace assessment for personal injury cases

key features of organisational policies and procedures as they relate to the development, implementation and monitoring of workplace assessments and recommendations

rehabilitation status reports

resources used to modify workplace environments as a result of personal injury cases

roles and functions of stakeholder groups available to support the evaluation process required to conduct injured persons’ workplace assessments

work health and safety (WHS) practices

short and long-term workplace tasks and return to work (RTW) strategies for personal injury cases

training and educational services relating to the adaptation of injured persons to workplace and equipment modifications.

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:

clients

office equipment, technology, software and consumables

organisational records, policies and procedures.

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

FNSPIM531 Facilitate the setting and achievement of goals in personal injury management

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to facilitate the setting and achievement of client goals. It encompasses working closely with clients to identify their current and future support requirements in order to make progress with their goals and aspirations and enable a good life.

The unit applies to those who work in the personal injury management sector and use specialised knowledge and apply developed communication skills and strategies to complex and sensitive situations. They work independently and collaboratively in teams and make considered decisions using organisational policies, procedures and tools.

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

Personal injury 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. Prepare for client meeting	1.1 Obtain and analyse client information to inform the initial goal setting and planning meeting with the client 1.2 Use organisational policies and procedures as a guide to the assessment of the client information and their needs 1.3 Evaluate client support requirements and determine appropriate setting for the planning meeting 1.4 Prepare client for meeting and arrange meeting according to organisational procedures
2. Conduct goal setting and planning conversation	2.1 Explain the purpose and desired outcomes of goal setting and planning meeting using approaches for working with clients 2.2 Assist client to identify their goals, aspirations, current life circumstances and desired supports 2.3 Provide information and assistance as required during meeting 2.4 Document agreed outcome-focused goals and supports in a tailored format for the client
3. Prepare and finalise client plan	3.1 Review available information to identify level and type of supports required by client 3.2 Determine if a specialist needs assessment is required and make request according to organisational policies and procedures 3.3 Explore options for implementing and managing the plan according to client choice and control principles 3.4 Assess actual and potential risks and safeguards relating to the plan in consultation with the client 3.5 Determine and obtain client agreement on a plan that outlines support, funds and management arrangements 3.6 Document rationale for plan and confirm sufficient evidence is provided according to organisational policies and procedures 3.7 Communicate final approved plan and rationale for decisions to client using appropriate language, terms and modes of communication
4. Follow review and appeal procedures	4.1 Examine requests for a review of decisions according to clients' rights 4.2 Assist clients with information about review and appeal processes as required 4.3 Make changes to the original decision as required according to delegated authority and organisational procedures
5. Monitor and review client plan	5.1 Monitor plan implementation according to organisational policies and procedures 5.2 Review plan in conjunction with client by specified review date or as requested by client 5.3 Revise or create a new plan if required in conjunction with client according to organisational policies and procedures

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Interprets and uses data, including financial information related to work activities
Oral communication	Participates in verbal exchanges using appropriate language and communication aids if required Conveys information and confirms understanding using active listening and questioning skills applicable to the audience
Reading	Identifies and comprehends complex information to develop comprehensive knowledge and determine requirements
Writing	Completes documentation accurately following organisational procedures
Planning and organising	Identifies and follows legislative and regulatory requirements, and organisational policies and procedures and meets expectations associated with own role
Self-management	Organises work according to defined requirements sequencing tasks to achieve efficient outcomes Takes responsibility for decisions made using organisational frameworks and criteria
Teamwork	Builds effective communication and rapport using person centred and strength-based communication strategies
Technology	Completes work tasks using the main features and functions of digital tools

Unit Mapping Information

Supersedes and is equivalent to FNSPIM511 Facilitate the setting and achievement of goals.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSPIM531 Facilitate the setting and achievement of goals in personal injury management

Modification History

Release	Comments
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:

facilitate the setting and achievement of goals in personal injury management for at least three different clients.

In the course of the above, the candidate must:

access, source and maintain current information relating to legislative and regulatory requirements and organisational procedures

apply the underpinning principles of legislative and regulatory requirements, and organisational policies and procedures in working with clients and other stakeholders.

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 principles that underpin legislative and regulatory requirements, and organisational policies and procedures in relation to client goal planning, assessment and review processes

allocated funding for plan implementation

approaches used in setting goals and measuring outcomes

guidelines and principles relating to privacy, confidentiality and consent

principles of client choice and control and their application to setting and achieving goals

strategies for tailoring relationship-based approaches when working with clients

strategies for communicating with clients

application of a strength-based approach when determining goals and aspirations

circumstances and procedures relating to review and appeal, including internal and external processes

role of delegate or representative and client in developing statements of goals and aspirations

types and levels of safeguards and strategies that can be implemented to reduce or manage a client's potential exposure to harm

types of supports that could be provided by:

support network

family

community

mainstream

internal services

specialists

ways in which risks, safeguards and rationale can be discussed with clients.

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:

clients

office equipment, technology, software and consumables

organisational tools, records, policies and procedures.

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

FNSPRM604 Prepare, supervise and monitor application of practice guidelines

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 implement organisational guidelines in a practice or business unit providing professional services.

It applies to individuals who, within their level of authority, coordinate multiple tasks across an organisation and make judgements regarding recommended actions for continuous improvement and to achieve organisational objectives.

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. Establish scope of the practice	1.1 Identify scope of practice or business unit, including any service specialisations and restrictions, and document in organisational guidelines 1.2 Identify, define and document key external relationships and intended client groups in organisational guidelines
2. Identify legislation, regulations and codes of practice relevant to the practice	2.1 Match scope of practice to legislation, regulations and codes of practice, and identify required compliance issues and procedures 2.2 Confirm compliance issues, ethical procedures and standards for practice and incorporate into practice guidelines
3. Establish strategies for delivery of services	3.1 Establish key positions, personnel, job descriptions and authorities for practice and document in organisational guidelines 3.2 Establish administrative procedures, including information flow requirements and internal and external resources available to assist in delivery of services to clients, and document in organisational guidelines
4. Arrange for distribution of information on organisational guidelines	4.1 Finalise organisational guidelines and distribute to all staff, with mechanisms for distributing updates and amendments established 4.2 Establish opportunities for feedback and interpretation requests, and include briefings for new staff on guidelines in induction procedures 4.3 Communicate sections of guidelines relevant to clients, including client rights, performance standards and complaint procedures, to clients and display where appropriate
5. Implement and monitor operational procedures and guidelines	5.1 Establish client service to meet requirements in organisational guidelines 5.2 Establish reporting and monitoring procedures, identify any breaches of guidelines and take corrective action

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, 2.2, 3.2	Accesses and manages complex information and data from a wide variety of sources to identify specific criteria and determine actions required
Writing	1.1, 1.2, 2.2, 3.1, 3.2, 4.1-4.3	Writes, edits and proofreads documents to ensure clarity of meaning, accuracy and consistency of information Uses clear and concise language, correct spelling and grammar and appropriate terminology to convey information appropriate to the audience Records outcomes of discussions and makes changes to policy documentation using industry relevant terminology
Oral Communication	4.2, 4.3	Participates in verbal exchanges with a wide range of personnel and uses active listening and questioning techniques to convey and clarify information, confirm understanding and obtain feedback Presents information structuring tone, pace and content in line with the audience and purpose
Navigate the world of work	2.1, 2.2, 3.1, 3.2, 4.1, 5.1, 5.2	Works autonomously, making high level decisions to achieve and improve organisational goals 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 Ensures knowledge of legislative requirements is kept up to date to provide accurate information
Interact with others	4.1, 4.2, 4.3	Selects, implements and manipulates communications systems, processes and practices for maximum impact Develops and implements communications strategies with internal and external persons to inform on new services and practices Shares knowledge, information and experience openly as an integral part of the working relationship Understands diversity and seeks to integrate diversity into the work context for managing change, making decisions and achieving shared outcomes
Get the work done	1.1, 1.2, 2.1, 2.2, 3.1, 3.2, 4.1-4.3, 5.1, 5.2	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 Identifies key factors that impact on decisions and their outcomes, drawing on experience, competing priorities and decision-making strategies where appropriate Explores and incubates new and innovative ideas through unconstrained analysis and critical thinking to develop and improve organisational goals Uses digital technologies to manage business operations and actively investigates new technologies for strategic and operational purposes

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSPRM604 Prepare, supervise and monitor application of practice guidelines	FNSPRM604A Prepare, supervise and monitor application of practice guidelines	Updated to meet Standards for Training Packages	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 for FNSPRM604 Prepare, supervise and monitor application of practice guidelines

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:

implement organisational guidelines in a practice or business unit, providing professional services by establishing and documenting:

scope of service delivery and compliance requirements

administrative procedures, including information flow requirements to support delivery of client service

key positions, personnel, job descriptions and authorities within an organisation

communicate key operational information to staff and clients

implement and monitor operational guidelines and procedures.

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 financial practice administrative processes and systems

identify and describe factors which may affect practice and client service performance

discuss the integrity of information sourced from a wide range of available information sources

outline strategies to attain information not readily available within a practice

outline and evaluate the key features of:

financial practice documentation systems, including registry and library processes

financial products, and their characteristics and risk profile

human resource procedures

business development, marketing and advertising processes for the purposes of monitoring outcomes of the practice

compare and contrast project management processes and techniques

describe the compliance issues and standards that the practice needs to adhere to, including:

relevant legislation and regulations

codes of practice and ethical requirements

outline the key features of office information technology systems and software relevant to the practice

describe client rights, performance standards and complaint procedures required to be made known to the client and adhered to by the practice.

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

FNSPRM611 Monitor and review organisational system compliance with legislation and regulations

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to monitor and review systems to ensure that an organisation or business unit complies with legislative and regulatory requirements, and meets standards defined in professional codes of practice.

The unit applies to those who use specialised knowledge, systematic approaches and analytical skills to ensure that financial compliance and quality standards are met.

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

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. 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

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	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

Unit Mapping Information

No equivalent unit. Supersedes and is not equivalent to FNSPRM601 Establish, supervise and monitor practice systems to conform with legislation and regulations.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSPRM611 Monitor and review organisational system compliance with legislation and regulations

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

monitor the compliance of at least one practice system with legislation and regulations in at least three of the following practice areas:

aged care

direct investments

estate planning

life insurance

managed investments

retirement planning

social securities

superannuation

taxation.

In the course of the above, the candidate must:

develop strategies to obtain a wide range of applicable 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 confirm development of systems and procedures

develop procedures and processes for monitoring ethical operations of the practice and of outsourced third-party providers.

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:

legislative and regulatory requirements and codes of practice, including available information sources and legal resources applicable to compliance

organisational policies and procedures relating to system compliance

decision-making procedures relating to:

identifying employees with licences

authorised representatives

directors

other staff with legislative and regulatory responsibilities

key features of different documentation systems, including registry and library processes

key features of:

financial practice administrative processes and systems

human resources procedures and training options

organisational information technology systems and software

budgets

requisition procedures

key processes and products of financial professional services

key features of cost-benefit analysis

professional development options for financial personnel

risk management techniques and tools.

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:

organisational equipment, technology, software and consumables

relevant legislation, regulations and codes of practice.

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

FNSPRM612 Improve business of financial practices

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to analyse, develop and implement plans to improve the business of a financial practice. It requires the application of diagnosis and benchmarking skills to provide strategies for general business improvement.

The unit applies to individuals who use specialised knowledge, systematic approaches and analytical skills to provide guidance in strategic organisational activity and continuous improvement.

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

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. Diagnose business	1.1 Determine and source data required for diagnosis 1.2 Undertake SWOT analysis and determine competitive advantage 1.3 Identify business priorities, objectives, needs and requirements
2. Benchmark business	2.1 Identify and source required benchmarking data 2.2 Select key indicators for benchmarking in consultation with required stakeholders 2.3 Compare similar indicators of own practice with benchmark indicators and identify areas for improvement
3. Develop plans to improve business performance	3.1 Develop and agree on criteria for improvement with relevant stakeholders 3.2 Develop list of required improvements and determine cost–benefit ratios 3.3 Determine workflow changes resulting from proposed improvements and rank according to agreed criteria 3.4 Develop and agree on action plan to implement top ranked improvements 3.5 Check organisational structures against criteria
4. Develop implementation plan and monitor implementation	4.1 Develop implementation plan in consultation with relevant stakeholders and agree on indicators of success of plan 4.2 Monitor implementation against agreed indicators and adjust as required

Foundation Skills

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

SKILL	DESCRIPTION
Numeracy	Interprets, compares and consolidates numerical and financial information, including the manipulation of data for modelling and benchmarking activities
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 the audience and purpose
Reading	Researches and analyses detailed and complex textual information and numerical data from a range of sources to identify specific criteria and determine actions required
Writing	Develops documents using appropriate formats and organises information and data logically and sequentially Uses clear and concise language, correct spelling and grammar and appropriate terminology to convey information appropriate to the audience and purpose of the documentation
Initiative and enterprise	Works autonomously, making high level decisions to achieve and improve organisational goals Monitors and reviews organisational policies, procedures and adherence to legislative requirements to implement and manage change Explores and incubates new and innovative ideas through unconstrained analysis and critical thinking to develop and improve organisational goals
Planning and organising	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
Problem solving	Makes high impact decisions in a complex and diverse environment, using input from a range of sources
Teamwork	Selects, implements and manipulates communications systems, processes and practices to negotiate outcomes Influences and fosters a collaborative culture, facilitating a sense of commitment and workplace cohesion Shares knowledge, information and experience openly as an integral part of the working relationship
Technology	Uses digital technologies to access, enter and store information

Unit Mapping Information

Supersedes and is equivalent to FNSPRM602 Improve the practice.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSPRM612 Improve business of financial practices

Modification History

Release	Comments
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:

improve the business of at least three different financial practices.

In the course of the above, the candidate must:

develop and document plans to improve practice performance that:

use a wide range of available information sources

determine areas of improvement for practice based on analysis of data

negotiate required improvements to confirm implementation.

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:

analysis techniques for improving business, including the Strengths, Weaknesses, Opportunities and Weaknesses (SWOT) technique

different methods and sources relating to acquisition of required business and benchmarking data

methods to analyse business and financial data, including techniques to manipulate data for modelling and benchmarking activities

features of current financial practice systems and structures

key indicators of business performance for practice

process for selecting key benchmarking indicators

techniques for interpreting benchmarking and business strategy information

documentation requirements for implementation and business plans.

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.

required legislation, regulations and codes of practice.

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

FNSPRM613 Grow financial practices

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to promote and grow a financial practice. It requires the application of marketing skills and the use of market intelligence to develop and implement practice promotion and growth plans.

The unit applies to experienced individuals who use specialised knowledge and systematic approaches and, within their level of authority, provide guidance in strategic organisational activity.

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

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. Develop financial practice marketing plan	1.1 Identify business objectives and needs 1.2 Develop, review and finalise draft vision statement 1.3 Conduct research and identify target markets 1.4 Obtain market research data and develop competitor analysis 1.5 Develop and review practice market position based on research findings and analysis
2. Develop practice promotion plans	2.1 Develop practice brand and benefits of practice 2.2 Identify practice products and services 2.3 Develop and select promotion tools
3. Develop practice growth plans	3.1 Develop plans to add new clients and increase yield per existing client 3.2 Segment client base and tailor promotion plan for each segment 3.3 Rank proposed plans according to vision statement, needs and objectives 3.4 Develop action plan for implementation 3.5 Review practice work activities and confirm they support business growth plans
4. Develop implementation plan and supervise implementation	4.1 Develop implementation plan in consultation with relevant stakeholders 4.2 Determine indicators of success of plan 4.3 Monitor implementation against agreed indicators and adjust implementation as required

Foundation Skills

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

SKILL	DESCRIPTION
Numeracy	Interprets, compares and consolidates numerical and financial information to determine requirements, including the manipulation of data for modelling, ranking and benchmarking
Oral communication	Participates in verbal exchanges using active listening and questioning techniques to elicit information and confirm understanding Presents information structuring tone, pace and content in line with the audience and purpose
Reading	Critically analyses documentation from a variety of sources, and records and consolidates information to determine requirements
Writing	Prepares reports and plans using appropriate formats, and organises information and data logically and sequentially Uses clear and concise language, correct spelling and grammar and appropriate terminology to convey information appropriate to the audience and purpose
Initiative and enterprise	Takes a lead role in the development of organisational goals, roles and responsibilities Works autonomously, making high level decisions to achieve and improve organisational goals Monitors and reviews organisational policies, procedures and goals to implement and manage change Develops and implements strategies that ensure organisational policies and procedures, and regulatory requirements are met Explores and incubates new and innovative ideas through unconstrained analysis and critical thinking to develop and improve organisational goals
Planning and organising	Plans strategic priorities and outcomes within a flexible, efficient and effective context in a diverse environment
Problem solving	Addresses complex problems involving multiple variables, using formal analytical and lateral thinking techniques, experience and knowledge to generate solutions
Teamwork	Develops and implements communications strategies with internal and external persons to build rapport and negotiate agreeable outcomes Influences and fosters a collaborative culture, facilitating a sense of commitment and workplace cohesion
Technology	Uses digital technologies to access, enter and store information

Unit Mapping Information

Supersedes and is equivalent to FNSPRM603 Grow the practice.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSPRM613 Grow financial practices

Modification History

Release	Comments
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:

develop at least two promotional plans and two growth plans to grow financial practices.

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:

organisational policies and procedures relevant to growing a financial practice

business research techniques, including competitor analysis

features and purposes of business development, marketing and promotional, and growth plans

key features of financial industry products and marketing mix

key features of required marketing principles for professional practices

key metrics to measure successful growth of the business

methods to source and analyse required financial organisational data

promotional tools that can be used to build clients and business.

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:

common office equipment, technology, software and consumables

organisational policies and procedures documentation.

legislative and regulatory requirements and codes of practice relating to growing financial practices.

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

FNSPRT301 Establish entitlements to an intestate estate

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 interpret and apply intestate legislation and regulation, follow a professional code of conduct and seek specialist advice and resources when required.

It applies to individuals with good research and communication skills who determine entitlement to an intestate estate, including intestate succession, identifying next of kin and proving family entitlements.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Personal trustee

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. Search for will	1.1 Conduct investigations to confirm that deceased died intestate 1.2 Obtain relevant affidavits to support application for administration 1.3 Prepare and advertise notice of intention to apply for letters of administration, if required
2. Determine intestate succession	2.1 Undertake genealogical research relating to estate and establish family tree 2.2 Analyse and confirm identity and rights of next of kin with verifiable documentary evidence 2.3 Trace, identify and locate all beneficiaries 2.4 Prepare and approve schedule of beneficiaries and their entitlements

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, 2.2	Analyses and consolidates information and data from a range of sources, against defined criteria and requirements, and checks for accuracy and completeness
Writing	1.3, 2.1-2.4	Accurately records information and prepares correspondence and documentation using clear language and correct spelling and terminology
Oral Communication	2.1, 2.2, 2.3	Articulates clearly, using vocabulary suitable to audience to convey or request information Uses listening and questioning techniques to confirm understanding
Interact with others	1.1, 2.1, 2.2, 2.3	Identifies and takes steps to follow accepted communication practices and protocols Uses a limited range of accepted practices for communicating in a work environment Recognises common cultural and other differences of people in the work context and makes adjustments in addressing the differences
Get the work done	1.1-1.3, 2.1-2.4	Plans and implements routine tasks and workload, making limited decisions on sequencing, timing and collaboration, and seeks assistance in setting priorities Makes low-impact decisions within familiar situations, based on a range of predefined or routine solutions Uses digital systems and technologies to access information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSPRT301 Establish entitlements to an intestate estate	FNSPRT301A Establish entitlements to an intestate estate	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 for FNSPRT301 Establish entitlements to an intestate estate

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:

conduct a search for a will complying with legislative, industry and organisational requirements

document external specialists and resources contacted or used to establish entitlements to an intestate estate

determine beneficiaries and their entitlements in accordance with legislative, industry and organisational requirements

develop an application for letters of administration.

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:

summarise key requirements of relevant state and territory legislation and regulations relating to:

administration and probate

intestate succession

other related legislation

outline the roles, responsibilities and powers of the personal trust officer including:

organisational expectations

limitation of personal authority

discuss the professional code of conduct in the personal trustee sector including:

ethics

integrity

professionalism

confidentiality

summarise techniques for liaising with key organisational personnel with expertise in specialised areas relating to the personal trustee sector

outline relevant organisational policy and procedures in regards to establishing entitlements to an intestate estate.

Assessment Conditions

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

common office equipment, technology, software and consumables

the internet for searches.

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

FNSPRT503 Assess, allocate and supervise work within the personal trustee sector

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 manage and supervise a team responsible for preparing and administering wills, estates, trusts, attorneyships, financial administration orders and other work relevant to the personal trustee sector.

It applies to individuals working as senior personal trust officers who are proficient administrators and who have highly-developed interpersonal, managerial and communication skills.

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

Personal trustee

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. Assess file and work required	1.1 Assess client file to determine client requirements, to allocate to appropriate team member and external adviser(s) where required 1.2 Recognise and manage risk management and insurance planning issues, and taxation and retirement planning requirements when required 1.3 Identify and analyse more complex issues within client file 1.4 Identify and explain appropriate process for handling each complex issue to client, or refer to appropriate external adviser as required
2. Allocate files	2.1 Allocate and coordinate file with appropriate team member, and external adviser(s) where required, based on organisational criteria and standards 2.2 Allocate files equitably and with due regard for level of competency and experience of team member and external adviser(s) 2.3 Authorise actions to be undertaken by team member and external adviser(s)
3. Monitor work progress	3.1 Review and check progress of work according to legislative requirements for legal implications and complications 3.2 Ensure team members adhere to terms stipulated in client file, and evaluate quality of prepared legal documents and rulings made about doubtful clauses
4. Supervise progress	4.1 Regularly review file management progress with team member and external adviser to ensure responsibilities are undertaken in timely and professional manner consistent with organisational policy and procedures 4.2 Provide prompt advice, information and support to team member and external adviser(s) when required 4.3 Closely monitor problem files and manage any disputes and complications in timely and professional manner, and according to ethical guidelines

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, 3.1, 3.2, 4.1, 4.4, 5.1	Analyses and consolidates information and data from a range of sources, against defined criteria and requirements, and checks for accuracy and completeness
Writing	1.4, 3.1, 4.2, 4.3	Accurately records information and prepares correspondence and documentation using clear language and organisational formats and protocols
Oral Communication	4.1-4.4, 5.2	Uses active listening and questioning, and reading of paralinguistic signals, to clarify information and to confirm understanding Clearly explains detailed information using language, tone and pace appropriate to individual team members
Numeracy	1.1, 5.3	Uses highly-developed numerical skills to interpret complex financial information, including tax and insurance requirements
Navigate the world of work	2.1, 3.1, 3.2, 4.4, 5.3	Works independently or with others in making decisions to achieve organisational outcomes Contributes to roles and responsibilities of self and others Takes full responsibility for following policies, procedures and legislative requirements, and identifies organisational implications of new legislation or regulation
Interact with others	1.3, 1.4, 2.1, 2.2, 4.2-4.4, 5.2	Selects, implements and seeks to improve protocols governing communications with clients and co-workers in a range of work contexts Collaborates with others, sharing information to build strong work groups and avoid behaviours that are not conducive to a productive environment Elicits feedback and provides feedback to others to improve self or workgroup behaviours Manages conflict in the workplace through the recognition of contributing factors and by implementing strategies to resolve conflict
Get the work done	1.1-1.3, 2.1-2.3, 3.1, 3.2, 4.1, 4.4, 5.2, 5.3	Accepts responsibility for planning and sequencing complex tasks and workload Organises and schedules work activities of others, taking into account capabilities, efficiencies and effectiveness Monitors progress of plans and schedules, and reviews and changes them to meet new demands and priorities Applies systematic and analytical decision-making processes for complex and non-routine situations Investigates new and innovative ideas as a means to continuously improve work practices and processes through consultation and formal analytical thinking Uses digital systems and technologies to enter, store or access information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSPRT503 Assess, allocate, and supervise work within the personal trustee sector	FNSPRT503A Allocate, assess and supervise work within the personal trustee sector	Updated to meet Standards for Training Packages. Rewritten and ordered performance criteria to clarify intent of unit.	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 for FNSPRT503 Assess, allocate and supervise work within the personal trustee sector

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:

assess a client file and identify work to be allocated

allocate and coordinate work with others

supervise work being carried out to ensure adherence to client and legislative requirements, and organisational policy and procedures

supervise team members and external advisers.

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:

explain the key requirements, including documentation, of relevant Commonwealth, state and territory legislation and regulations in regards to:

wills

intestacies

attorneyships and guardianships

probate and administration

trusteeships

outline organisational policy and procedures when assessing, allocating and supervising work

outline the range of specialist services available in the financial services industry, and qualification requirements that support the personal trustee sector

identify potential conflict in a variety of situations and describe conflict resolution strategies

explain factors which increase the risk of litigation and appropriate strategies to overcome them

explain the roles, responsibilities and powers of the senior personal trust officer or manager including:

accountability and reporting requirements

decision-making processes

setting and achieving organisational goals, targets and objectives

development and implementation of organisational policy and procedures

human resource management principles, issues and practices

provide a detailed explanation of the application of the professional code of conduct in the personal trustee sector at all levels, including:

ethical practices

integrity

professionalism

confidentiality.

Assessment Conditions

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

common office equipment, technology, software and consumables

relevant personal trustee organisational documentation and information

financial products and services information

relevant organisational human resource management policy, procedures and legislation.

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

FNSRSK411 Apply risk management strategies to own work

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

Application

This unit describes the skills and knowledge required to apply an organisation's risk management strategies to own work and use risk mitigation and elimination techniques and tools to manage risk. It includes reporting risk management or compliance breaches or concerns.

It applies to individuals who use specialised knowledge, follow organisational policy and strategies and use discretion within limits of own job role to manage risk.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Risk 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 and confirm risk management strategies	1.1 Research organisational, legislative and regulatory requirements and standards for risk management as indicated by regulators applicable to own job role 1.2 Access and interpret organisational strategy, policy and procedures for risk management 1.3 Clarify and confirm own risk management accountabilities and responsibility with key stakeholders as required
2. Apply risk management strategies	2.1 Determine appropriate organisational strategies and tools for controlling risks in own job role 2.2 Determine appropriate tools and strategies for controlling risk where own job role intersects with work of others 2.3 Choose and apply tools and strategies to own area of operation and responsibility
3. Report risk management breaches or concerns	3.1 Identify and record evidence of a breach or concern 3.2 Determine organisational procedure to follow in event of breach or concern 3.3 Report breach or concern as indicated by organisational procedure 3.4 Record notification of breach or concern according to organisational procedure
4. Review and propose improvements to risk management strategies	4.1 Establish regular processes to monitor, audit and review application of risk management strategies to own work practice 4.2 Identify opportunities for improvements in risk management strategies and recommend to appropriate stakeholders according to organisational procedure

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Oral communication	Articulates clearly using vocabulary suitable to audience to convey or request information Uses listening and questioning techniques to confirm understanding
Reading	Critically analyses complex documentation from a variety of sources and consolidates information relating to specific criteria to determine requirements
Writing	Prepares documentation and correspondence using clear language, correct spelling and terminology
Teamwork	Selects and uses appropriate conventions and protocols when communicating with diverse stakeholders in a range of work contexts
Initiative and enterprise	Contributes to continuous improvement of current work practices by applying principles of analytical and lateral thinking
Planning and organising	Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effective outcomes
Problem solving	Uses analytical thinking techniques to identify issues and generate possible solutions, seeking input from others when necessary
Self-management	Develops, maintains and applies knowledge of policies, procedures, legislation and regulations relevant to current role Takes personal responsibility for following explicit and implicit policies, procedures and legislative requirements

Unit Mapping Information

No equivalent unit. Supersedes and is not equivalent to FNSRSK401 Implement risk management strategies.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSRSK411 Apply risk management strategies to own work

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

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:

implement at least three controls relevant to own area of operation and responsibilities to comply with organisational risk management strategies

report at least two risk management breaches or concerns of differing severity according to organisational policy and procedures.

In the course of the above, the candidate must:

establish processes to monitor, audit and review application of risk management strategies.

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 principles of risk management

the key features and purpose of key standards for risk management as indicated by regulators

methods for accessing and interpreting organisational strategy, policy and procedures

methods for identifying and treating organisational risks, and risks within the candidate’s own area of operation and responsibility

key risk management strategies, controls, treatments and practices relevant to own area of operation and responsibility

methods for identifying and applying controls for cross-organisation risk

methods for identifying, recording evidence and reporting risk management or compliance breaches or concerns

industry whistle-blower protections for challenging and reporting risk management or compliance breaches or concerns

techniques for auditing and reviewing risk strategy implementation

organisational tools, strategies, policy, and procedures relating to risk management and compliance

key financial services legislation and regulation required to produce the performance evidence.

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

legislation, regulations and codes of practice required to produce the performance evidence

standards for risk management as indicated by regulators.

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

FNSRSK511 Undertake risk identification

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

Application

This unit describes the skills and knowledge required in an organisation to identify risks, assess existing controls and recommend improvements and mitigation strategies.

It applies to those who use specialised knowledge, systematic approaches and analytical skills to monitor and manage information relevant to organisational activity.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Risk 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. Conduct research and prepare for consultation	1.1 Identify stakeholders and provide information pertinent to risk identification 1.2 Examine organisational processes to identify risks to which organisation is susceptible 1.3 Define organisational environment and boundaries of review in consultations with stakeholders
2. Consult stakeholders and determine risk to be addressed	2.1 Identify internal and external stakeholders to be engaged 2.2 Apply standards for risk management as indicated by regulators to identify risks 2.3 Review identified risk cluster elements with internal and external stakeholders 2.4 Obtain information on risks as identified by stakeholders
3. Identify and assess controls	3.1 Evaluate application and effectiveness of existing controls 3.2 Establish need for updated or new controls for identified risks 3.3 Recommend amendments to existing controls and report need for new controls, as required

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Reading	Analyses and consolidates information and data from a range of sources against defined criteria and requirements
Writing	Uses clear and concise language, spelling and grammar and terminology to convey information specific to the audience and purpose
Oral Communication	Participates in verbal exchanges using active listening and questioning techniques to convey information and elicit the views and opinions of internal and external personnel Clearly explains detailed information using concepts, language, tone and pace specific to the audience
Initiative and enterprise	Reviews, modifies and develops organisational policy and procedures to comply with legislative requirements and organisational goals Prepares, facilitates and influences communication processes to ensure productive and diligent risk awareness
Teamwork	Implements strategies for a diverse range of colleagues and clients to build rapport and foster strong relationships Collaborates with others, sharing information to build strong work groups and avoids behaviours that are not conducive to a productive environment
Planning and organising	Accepts responsibility for planning and sequencing complex tasks and workload, negotiating key aspects with others Makes critical decisions quickly and intuitively in complex situations, taking into consideration a range of variables including the outcomes of previous decisions Investigates new and innovative ideas as a means to continuously improve work practices and processes through consultation, and formal analytical thinking
Self-management	Uses analytical thinking techniques to identify issues and generate possible solutions, seeking input from others as required
Technology	Uses digital systems and technologies to enter, store or access information Adopts new and emerging technologies to complete work tasks

Unit Mapping Information

Supersedes and is equivalent to FNSRSK501 Undertake risk identification.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSRSK511 Undertake risk identification

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

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:

identify at least two risks to the organisation.

In the course of the above, the candidate must identify and assess controls.

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:

internal and external stakeholders relevant to risk

the key features and purpose of standards for risk management as indicated by regulators

methods of identifying and assessing risks

functions of risk clusters

key principles and practices of risk management

types and key principles of risk controls

risk mitigation strategies

methods for prioritising risks

internal and external stakeholder environment and boundaries.

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

legislation, regulations and codes of practice applicable to risk management

standards for risk management as indicated by regulators.

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

FNSRSK512 Assess risks

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

Application

This unit describes the skills and knowledge required to assess the exposure to identified risks in the organisation by evaluating the likelihood of risks occurring and their consequences.

It applies to individuals who use specialised knowledge to develop systematic approaches to problem solve and make recommendations within the organisation.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Risk 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 risks and develop risk evaluation criteria	1.1 Identify risks in organisational processes and procedures following standards for risk management as indicated by regulators 1.2 Identify implications of risk factors to organisation and create evaluation criteria
2. Assess current risk exposure	2.1 Apply applicable risk assessment tools, establish probability and assess potential consequence of risk in an organisation 2.2 Conduct spot checks and determine quality of data 2.3 Identify mitigating effect of existing controls and use evaluation criteria to assess exposure to risk 2.4 Compare risk exposure levels against risk appetites of organisation, and identify and report unacceptable residual risks 2.5 Review and critically analyse risk appetite monitoring process and document findings
3. Prepare probability assessment	3.1 Analyse issues related to risk using measurement criteria 3.2 Identify issues arising from measurement assessment and determine the risk probability 3.3 Rank and summarise threats and risk issues as a risk map 3.4 Provide risk map to appropriate stakeholders
4. Review and report breached issues and incidents	4.1 Report issues and incidents on risk profile to business according to organisational policies and procedures 4.2 Determine reporting requirements of issues and incidents to regulators

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Numeracy	Performs mathematical calculations to analyse data and statistics, and to interpret trends
Oral communication	Participates in verbal exchanges using active listening and questioning techniques to convey information and elicit the views and opinions of internal and external personnel Clearly explains detailed information using concepts, language, tone and pace specific to the audience
Reading	Critically analyses complex documentation from a variety of sources and consolidates information relating to specific criteria to determine requirements
Writing	Uses a range of formats and structures to report and present information logically Develops material for a specific audience using clear and detailed language to convey information and recommendations
Teamwork	Implements strategies for a diverse range of colleagues and clients to build rapport and foster strong relationships
Initiative and enterprise	Applies systematic and analytical decision-making processes for complex and non-routine situations Investigates new and innovative ideas as a means to continuously improve work practices, identify issues and generate possible solutions through consultation, and analytical thinking Prepares for and facilitates discussion and information to ensure productive and diligent risk awareness
Planning and organising	Accepts responsibility for planning and sequencing complex tasks and workload, negotiating key aspects with others
Self-management	Identifies and resolves key business issues, processes and practices that may have legal or organisational implications Modifies and develops organisational policy and procedures to comply with legislative requirements and organisational goals
Technology	Uses digital systems and technologies to enter, store or access information Adopts new and emerging technologies to complete work tasks

Unit Mapping Information

No equivalent unit. Supersedes and is not equivalent to FNSRSK502 Assess risks.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSRSK512 Assess risks

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

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:

conduct a risk assessment of at least two risks for an organisation.

In the course of the above the candidate must communicate and consult with appropriate external and internal stakeholders.

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 and purpose of standards for risk management as indicated by regulators

systematic issues, trends and emerging risks

risk management principles, practices and terminology

organisational policy, procedures and operational guidelines relating to risk assessment

key features of evaluation criteria including risk exposure and tolerance levels

methods for developing measurement criteria

residual risk levels for the industry

risk appetite levels for the industry

incident assessment and analysis including:

root cause analysis

remediation plans

methods for prioritising risks, including preparing risk maps and conducting risk analysis

risk consequences for the organisation

methods for mapping threat summaries and ranking risk issues

roles of internal and external stakeholders in risk management.

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

legislation, regulations and codes of practice required to produce the performance evidence

standards for risk management as indicated by regulators.

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

FNSRSK611 Develop and implement risk mitigation plan

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

Application

This unit describes the skills and knowledge required to develop and implement a plan or strategy for treatment of risks in an organisation. It involves applying knowledge of different risk treatment methods.

It applies to individuals with specialised knowledge who use analytical skills and systematic approaches to manage and implement organisational strategies that mitigate risk within their area of responsibility.

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

Unit Sector

Risk 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. Research and select risk treatments	1.1 Identify and assess residual risks according to risk appetite 1.2 Determine material risks outside of appetite and assess acceptance according to organisation’s risk acceptance processes 1.3 Identify risk mitigation and treatment options for each risk according to standards for risk management as indicated by regulators 1.4 Quantify implementation time, costs and benefits for each treatment option 1.5 Select risk treatments according to organisational priorities, policy and procedures
2. Develop risk mitigation plan	2.1 Review treatment priorities and adequacy of existing controls, and establish need for additional or alternative controls 2.2 Identify, document and allocate actions 2.3 Establish budget, timeframes and reporting schedules
3. Implement risk mitigation plan	3.1 Organise personnel and resources to carry out actions 3.2 Determine indicators of progress and success 3.3 Establish monitoring system to determine effectiveness of treatments
4. Review risk mitigation plan	4.1 Maintain records produced by monitoring system 4.2 Review records according to established timeframes 4.3 Liaise with appropriate stakeholders regarding mitigation plan effectiveness 4.4 Determine effectiveness of risk mitigation plan

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Numeracy	Uses numerical data in the development of plans, budgets and reports
Oral communication	Participates in verbal exchanges using active listening and questioning techniques to convey information and elicit the views and opinions of internal and external personnel Clearly explains detailed information using concepts, language, tone and pace specific to the audience
Reading	Critically analyses documentation from a variety of sources and records and consolidates information to determine requirements
Writing	Uses a range of formats and structures to report and present information logically Develops material for a specific audience using clear, detailed and persuasive language to convey information and recommendations
Teamwork	Uses a variety of communication tools and strategies in demonstrating the validity and importance of risk mitigation Shares knowledge, information and experience openly as an integral part of the working relationship
Initiative and enterprise	Explores and incubates new and innovative ideas through analysis and critical thinking
Planning and organising	Plans strategic priorities and outcomes within a flexible and efficient context in a diverse environment exposed to competing demands
Problem solving	Uses formal analytical thinking techniques to identify or predict issues and generate possible solutions Explores and incubates new and innovative ideas through analysis and critical thinking
Self-management	Gathers, monitors and analyses data and seeks feedback to improve processes
Technology	Uses digital systems and technologies to enter, store or access information Adopts new and emerging technologies to complete work tasks

Unit Mapping Information

No equivalent unit. Supersedes and is not equivalent to FNSRSK601 Develop and implement risk mitigation plan.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSRSK611 Develop and implement risk mitigation plan

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

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:

develop and implement one risk mitigation plan for an organisation.

In the course of the above, the candidate must communicate and consult with appropriate external and internal stakeholders at all stages of risk treatment.

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:

risk management principles, practices and management tools including policy and procedures

key features and purpose of standards for risk management as indicated by regulators

key requirements of legislation and regulation required to produce the performance evidence

a range of possible treatment options and controls for different types of risk

areas of applicability of treatment options in an organisation

methods of comparing suitability of risk treatment options for particular applications

key indicators for monitoring the success of selected risk mitigation strategies

techniques for management of personnel and stakeholders, including key communication methods.

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

legislation, regulations and codes of practice required to produce the performance evidence

standards for risk management as indicated by regulators.

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

FNSRSK612 Determine and manage risk exposure strategies

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

Application

This unit describes the skills and knowledge required to analyse risk factors for financial products, determine appropriate risk exposure management strategies, communicate these strategies to relevant staff and intermediaries, and manage the risk assessment strategies. It is aimed at setting the strategy for portfolio managers, including the types of business to target.

It applies to individuals who use specialised knowledge, systematic approaches and analytical skills to provide leadership in managing strategic organisational activity in financial services organisations.

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

Unit Sector

Risk 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. Determine risk assessment strategies	1.1 Identify and evaluate criteria for acceptance or rejection of risks using standards for risk management as indicated by regulators 1.2 Determine organisational performance targets and capacity to assess and accept risk 1.3 Identify business risk and control risk elements of an organisation
2. Review risk and compliance factors	2.1 Identify and collate information on business and control risk elements 2.2 Investigate and review the data and information 2.3 Evaluate risk elements against known exposure factors and compliance where relevant with legislation, regulatory guidelines, industry sector compliance requirements and organisational policy 2.4 Evaluate risk acceptability factors within context of organisation’s mitigating capabilities and organisational requirements 2.5 Critically analyse risk considerations in the business strategic planning process in line with appetite
3. Develop risk acceptance criteria	3.1 Establish terms and conditions of risk acceptance criteria to satisfactorily cover organisational needs and risks 3.2 Document risk acceptance strategies, criteria and guidelines that meet requirements within delegated authorities 3.3 Obtain and review feedback on risk acceptance strategies, criteria and guidelines 3.4 Finalise risk acceptance criteria, and associated authority limitations, conditions and guidelines
4. Assess operational capital management risk	4.1 Develop fit for purpose capital models that meet regulatory requirements and organisational policies and procedures 4.2 Review risk profile and calculate potential operational risk exposure 4.3 Monitor internal and external losses and re-assess inherent risk and capital requirements 4.4 Undertake internal and external reporting to market and regulatory bodies
5. Assess impact and implement risk acceptance strategies	5.1 Identify and develop procedures and guidelines that staff should follow to adhere to risk acceptance strategy 5.2 Communicate risk assessment strategies, criteria, procedures and guidelines to relevant staff and intermediaries 5.3 Monitor risk acceptance strategy implementation
6. Review risk assessment strategies	6.1 Determine effectiveness of risk acceptance strategies in meeting risk management objectives 6.2 Document and communicate results to relevant staff

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Numeracy	Collates, interprets and analyses financial and statistical information to determine requirements
Oral communication	Participates in verbal exchanges using active listening and questioning techniques to convey information, obtain feedback and elicit the views and opinions of others Articulates clearly, using concepts and language specific to the audience, and adapts tone and pace to engage and present information to others
Reading	Critically analyses complex documentation from a variety of sources and consolidates information relating to specific criteria to determine requirements
Writing	Uses clear and concise language, spelling and grammar, and terminology to convey information and provide detailed instructions Prepares logically organised documents using specific formats for the audience and purpose
Teamwork	Uses a variety of communication tools and strategies in building and maintaining working relationships
Initiative and enterprise	Uses formal analytical thinking techniques to identify or predict issues and generate possible solutions Explores and incubates new and innovative ideas through unconstrained analysis and critical thinking
Planning and organising	Plans strategic priorities and outcomes within a diverse environment exposed to competing demands Gathers and analyses data and seeks feedback to improve plans and processes Makes high impact decisions in a complex and diverse environment, using input from a range of sources
Self-management	Works autonomously, making high level decisions to achieve and improve organisational goals Takes a lead role in the development of organisational goals, roles and responsibilities Monitors and reviews organisational policy, procedures and adherence to legislative requirements
Technology	Uses digital systems and technologies to enter, store or access information Adopts new and emerging technologies to complete work tasks

Unit Mapping Information

No equivalent unit. Supersedes and is not equivalent to FNSRSK602 Determine and manage risk exposure strategies.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSRSK612 Determine and manage risk exposure strategies

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

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:

determine and manage risk exposure strategies for at least two different types of financial products.

In the course of the above, the candidate must:

establish processes to communicate and manage implementation

establish processes to monitor, review and assess the effectiveness of the risk exposure strategy

consult and communicate with appropriate stakeholders.

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 and purpose of standards for risk management as indicated by regulators

the key features of actuarial and financial principles and processes related to risk exposure strategies

industry hazards and risk exposures

methods of risk assessment, prevention, and application

key features of establishing risk acceptance criteria for low and high hazard risk areas, including meeting market conditions, and accepted levels of exposure within organisations

key organisational products and services, and associated risks and liability loss exposures

different forms that strategy process implementation may take in an organisation

internal and external operational risks

operational capital management

types of inherent risks

key features of industry sector legislation, organisational and regulatory guidelines, and compliance requirements required to produce the performance evidence

organisational policy, procedures, guidelines and authorities related to risk management.

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

legislation, regulations and codes of practice required to produce the performance evidence

standards for risk management as indicated by regulators.

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

FNSRTS311 Provide customer service in a retail agency

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

Application

This unit describes the skills and knowledge required to apply customer service skills and process financial services transactions in non-financial services organisations that act as an agency.

It applies to individuals who, within their level of responsibility, use clear communication skills to provide up-to-date and accurate information and follow procedures to process transactions.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Financial retail services

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. Represent financial services institution	1.1 Confirm role and purpose of agency in providing services on behalf of financial services institution 1.2 Obtain required documentation about products and services of financial services institution 1.3 Develop and maintain knowledge of required products and services
2. Identify and address customers’ needs	2.1 Identify whether customer is dissatisfied and follow the procedures set by the organisation to address dissatisfaction if required 2.2 Respond to customer requests within limits of agency authorisation 2.3 Refer requests that require information, advice, products and services that fall outside agency level of authorisation and knowledge to applicable financial services institution 2.4 Assist customers to complete documents and transaction forms
3. Process customer transactions	3.1 Verify customer identity using established security checking procedures 3.2 Check information provided by customers for accuracy and completeness 3.3 Refer customer queries or complaints that are outside agency’s level of authorisation or knowledge to financial services institution for resolution 3.4 Complete transactions following protocols and processes of financial services institution 3.5 Routinely conduct reconciliation of monies received with transaction records

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Reading	Accesses information from a range of sources and interprets documents to confirm and determine requirements
Writing	Completes forms and transaction records, using correct spelling and grammar
Oral Communication	Participates in verbal exchanges using active listening and questioning to determine requirements Interacts in courteous manner when communicating with customers Clearly explains and clarifies information using language, tone and pace intended to the audience and purpose
Numeracy	Uses mathematical equations to undertake basic financial transaction calculations
Self-management	Understands the purpose of own role and associated responsibilities, and follows organisational procedures and protocols for customer service provision Makes routine decisions and implements standard procedures for routine tasks and predictable problems, recognising when referral to higher authority is necessary Demonstrates resilience during and after challenging conversations and interactions with customers Plans and sequences routine tasks and workload, seeking clarification from others as required
Technology	Uses familiar digital technologies and systems to access information, search and enter data, and communicate with others

Unit Mapping Information

Supersedes and is equivalent to FNSRTS301 Provide custimer service in a retail agency.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSRTS311 Provide customer service in a retail agency

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

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:

provide customer service in a retail agency context on at least four different occasions and relating to at least two different kinds of products or services.

In the course of the above, the candidate must:

identify customer needs

apply the required level of conflict resolution skills.

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:

services and products provided by the agency on behalf of the financial services institution

the agencies role acting on behalf of the financial service institution

customer service principles and practice

organisational policy, procedures and protocols required to produce the performance criteria and performance evidence

key requirements of legislation and regulation that impact the scope of advice that can be provided on financial products and services

key steps and reasons for verifying customer identity and security checking procedures

the agencies limits of authorisation

individual level of authority limits

organisations established security checking procedures.

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

agency transaction systems and data

legislation and regulation required to produce the performance evidence and knowledge evidence.

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

FNSRTS312 Execute foreign currency transactions

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

Application

This unit describes the skills and knowledge required to provide customer service and execute foreign currency transactions for customers, which include buying and selling foreign currency within a retail banking environment.

It applies to individuals who, within their level of responsibility, use clear communication skills to provide current and accurate information to customers in retail banking environments regarding foreign currency transactions.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Financial retail services

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. Clarify customer needs	1.1 Confirm details of customer need for foreign currency according to organisational policy and procedures 1.2 Provide information on available options for foreign currency transactions to customer
2. Provide information for proposed transaction	2.1 Access organisational systems or databases to source information required for transaction 2.2 Communicate transaction information to customer and respond to queries within scope of own authority 2.3 Follow organisational procedures and protocols if customer query extends beyond scope of own authority
3. Complete foreign currency transaction	3.1 Obtain required information for verifying customer identity according to organisational and regulatory policy and procedures 3.2 Obtain and confirm customer acceptance of transaction conditions 3.3 Execute transaction 3.4 Record required information in organisational systems or databases

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Reading	Accesses information from a range of sources and interprets financial documents to confirm and determine requirements
Writing	Records information, checking for accuracy of information and data received
Oral Communication	Participates in verbal exchanges, using active listening and questioning to determine requirements and respond to queries Clearly explains and clarifies information using language, tone and pace intended to the audience and purpose Interacts in courteous manner when communicating with customers
Numeracy	Uses mathematical equations and organisational tools to undertake basic financial transaction calculations
Self-management	Understands boundaries and responsibilities of role and complies with explicit policies and procedures for effective customer service in immediate work context. Takes responsibility for the sequence and priority of tasks within own workload to achieve required outcomes Makes routine decisions and implements standard procedures for routine tasks and predictable problems
Technology	Uses familiar digital technologies and systems to access information and enter data

Unit Mapping Information

Supersedes and is equivalent to FNSRTS302 Handle foreign currency transactions.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSRTS312 Execute foreign currency transactions

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 4.0.

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:

complete at least three different foreign currency transactions, including one situation which requires escalation.

In the course of the above, the candidate must:

conduct identification checks in line with organisational and regulatory requirements

communicate and confirm customer acceptance of fees and conversion rates.

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:

industry codes of practice and legislation required to produce the performance evidence, including anti-money laundering and counter-terrorism financing

organisational systems and data bases for storing information on foreign currency transactions

key features of and methods to access foreign currency rates, fees and charges

foreign currency products and types of foreign transactions

types of fees and charges for foreign currency transactions specific to the organisation.

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demostrates consistent performance of typical activities experienced in the financial retail services field of work and include access to:

office equipment, technology, software and consumables

foreign exchange rates systems and/or standards.

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

FNSSAM301 Identify opportunities for cross-selling products and services

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 identify cross-selling opportunities and sell the identified products or services to customers while providing other services.

It applies to individuals who, within their level of authority, apply specialised knowledge to make judgements and recommendations based on specific information.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Sales and marketing

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 opportunities for cross-selling of products and services	1.1 Use range of communication and interpersonal skills to respond to enquiry, identify customer needs and establish relationship with customer 1.2 Identify further opportunities for providing customer with additional products or services based on understanding of customer needs, and access further information about identified products and services if required
2. Promote sales of products and services	2.1 Explain benefits and features of additional products or services to customer clearly and accurately 2.2 Match organisation’s products or services to assessed customer needs and offer number of options 2.3 Check compliance with relevant legislation, regulations and industry codes of practice for all options developed
3. Refer sales or service to appropriate area	3.1 Prepare documentation for processing when decision has been reached on sale of product or service to be provided 3.2 Inform customer of reasons why referral to other personnel is required if this needs to occur

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, 2.2, 2.3	Analyses a range of textual information from a variety of sources to identify key details, make judgements and determine requirements
Writing	1.1, 1.2, 2.1, 3.1, 3.2	Develops material to a specific audience using clear and detailed language to convey accurate information Records outcomes of communications using specific language, grammar and punctuation to correctly and effectively convey recommendations
Oral Communication	1.1, 1.2, 2.1, 3.2	Participates confidently in verbal exchanges and provides technically correct information using vocabulary, tone and pace appropriate to the audience and the situation Uses active listening and questioning techniques to elicit the views and opinions of others and confirm understanding
Numeracy	1.2, 2.1	Uses a limited range of mathematical calculations to perform comparisons of financial information
Navigate the world of work	2.3	Applies knowledge of legal rights and responsibilities on own work context
Interact with others	1.1, 1.2, 2.1, 2.2, 3.2	Identifies ways of establishing connections and building relationships with a diverse range of people Follows accepted communication practices and protocols, adjusting personal communication style in response to the values, beliefs and cultural expectations of others
Get the work done	1.1, 1.2, 2.1, 2.2, 2.3, 3.1	Takes responsibility for planning and sequencing tasks to achieve required outcomes Systematically gathers and analyses all relevant information and evaluates options to address issues or make product or service recommendations Uses digital systems and tools to connect with others and to access, filter, extract, organise and present information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSSAM301 Identify opportunities for cross-selling products and services	FNSSAM301A Identify opportunities for cross-selling products and services	Updated to meet Standards for Training Packages	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 for FNSSAM301 Identify opportunities for cross-selling products and services

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:

interact with customers and identify cross-selling opportunities

clearly explain additional products and services that may be beneficial to customers and provide options based on customer needs in line with relevant legislation, regulations and industry codes of practice

refer customers to other appropriate sections of the organisation, as required

complete relevant documentation following organisational procedures.

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:

identify and describe customer relations building techniques

outline the key features of financial products and services offered by or through an organisation

explain the key features of finance industry and organisational policy and procedures

explain the organisational process and procedures for cross-selling services and products

describe the key features of a range of products including:

interest rates

terms

special packages

explain the key requirements of relevant legislation and the potential and/or actual impact on information requested or provided

compare and contrast selling techniques.

Assessment Conditions

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

financial services product information

a relevant software system and data

organisational policy and procedures

common office equipment, technology, software and consumables.

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

FNSSAM411 Sell financial products and services

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to present a sales solution and close a sale in response to a client enquiry for financial products and services.

The unit applies to those who are working within a level of authority, who apply specialised knowledge and make judgements and recommendations based on a detailed analysis of information.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Sales and marketing

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. Determine financial product and service options	1.1 Identify client needs, requirements and expectations 1.2 Obtain required personal information 1.3 Identify suitable product or service according to client needs 1.4 Identify potential and actual risks and develop risk assessment criteria according to client requirements 1.5 Confirm product or service meets client requirements 1.6 Prepare quotation for presenting product or service according to legislation, regulations and codes of practice and organisational policies and procedures
2. Present options to client	2.1 Present quotation and communicate product or service information to client 2.2 Confirm suitability of product or service with client and negotiate agreement to proceed with sale 2.3 Identify opportunities for cross selling products and services and promote according to organisational policies and procedures 2.4 Advise client of their rights and obligations during purchase of products and services
3. Confirm sale and process documentation	3.1 Identify and resolve client queries and concerns 3.2 Communicate follow-up arrangements 3.3 Process payment details 3.4 Issue documentation according to organisational policies and procedures 3.5 Update record systems and client details according to organisational policies and procedures

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Oral communication	Participates confidently in verbal exchanges and explains detailed information using language, tone and pace applicable to the audience and situation Uses active listening and questioning techniques to elicit the views and opinions of others and to confirm understanding Uses persuasive speech and negotiation skills
Reading	Analyses a range of textual information from a variety of sources to identify key details and risks, and to make judgements and recommendations
Writing	Develops material in required format for a specific audience using clear and detailed language to convey customised information Records outcomes of communications using specific language, grammar and punctuation to convey recommendations
Initiative and enterprise	Identifies and follows the explicit and implicit organisational protocols to meet expectations applicable to own role Selects and applies applicable communication practices and protocols, adjusting personal communication style in response to the values, beliefs and cultural expectations of others
Problem solving	Systematically gathers and analyses required information and evaluates options to address issues or make product or service recommendations
Self-management	Identifies the main tasks, responsibilities and boundaries of own role and where necessary refers matters to required personnel Identifies and adheres to legal and regulatory rights and responsibilities in undertaking tasks Applies ethical and professional practice requirements of the organisation and codes of practice
Technology	Identifies functions, features and uses of digital systems and uses these to input, access, filter, extract data and present information in a suitable format

Unit Mapping Information

No equivalent unit. Supersedes and is not equivalent to FNSSAM401 Sell financial products and services.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSSAM411 Sell financial products and services

Modification History

Release	Comments
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:

sell at least two financial products and at least two financial services.

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:

industry codes of practice and legislative and regulatory requirements relevant to selling financial products and services, including ethical and professional practice requirements

organisational policies and procedures for interacting with clients, solving problems and referring matters outside scope of own role

basic structure and operation of the financial services industry

organisational documentation processes

financial products and services information, including:

terms and conditions

interest rates

special packages

disclaimers

disclosers

fees

mathematical calculations required to comparing financial information and determining costs

opportunities for cross selling products and services

promotion and selling techniques and strategies

risks associated with selling products

types of services and products in the financial services industry.

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:

information on financial products and services

organisational policies and procedures

legislation and regulations relevant to the provision of financial advice

office equipment, technology, software, data and consumables.

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

FNSSAM511 Apply advanced techniques to sell financial products and services

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to develop and implement a sales strategy for financial products and services using advanced techniques and to monitor and evaluate its success. This will involve building an innovative and effective sales plan for a team to implement in a competitive sales environment.

The unit applies to those who, while working under supervision, have responsibility and show leadership in initiating and developing strategic activities for a team or organisation.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Sales and marketing

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. Establish financial products or services	1.1 Identify client needs, requirements and expectations 1.2 Identify suitable products or services according to client needs
2. Develop approach to selling products or services	2.1 Identify organisational techniques and strategies for selling 2.2 Determine approach for selling products or services according to client expectations 2.3 Discuss, assess and revise selling approach with relevant stakeholders 2.4 Develop selling script and train salespeople in approach for intended market segment 2.5 Identify opportunities for cross selling products or services and promote according to organisational policies and procedures
3. Monitor and evaluate selling approach	3.1 Trial and monitor selling approach 3.2 Evaluate trial results and update selling approach 3.3 Communicate updated approach to relevant stakeholders and obtain approval 3.4 Develop criteria for evaluating selling approach 3.5 Collect sales, gather required data and review plan 3.6 Document results and determine future sales strategies

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Uses mathematical equations to calculate and estimate numerical and financial data
Oral communication	Uses vocabulary, pace, intonation and gestures relevant to the audience to present information and encourage engagement Uses active listening and questioning techniques to elicit the views and opinions of others and to discuss ideas and options
Reading	Researches and analyses detailed information from a range of sources to address specific criteria, identify gaps and develop recommendations
Writing	Prepares material for specific audiences using correct format and applicable language, spelling and grammar Reviews and modifies material based on feedback and compliance with organisational and regulatory requirements
Teamwork	Plays a lead role in collaborating, consulting and cooperating with others to generate solutions or new ideas Uses interpersonal skills to build rapport and maintain effective working relationships Selects and uses applicable conventions and protocols when communicating with others in a range of work contexts, adjusting practices to take into account the individual needs of others
Initiative and enterprise	Uses lateral thinking to generate new ideas
Self-management	Understands role and obligations in the context of legal rights, responsibilities and organisational expectations Demonstrates control over oral, visual and written formats, drawing on a range of communication practices to achieve goals
Planning and organising	Uses systematic processes to develop plans to sequence, prioritise and monitor relatively complex tasks
Technology	Uses a range of digitally based technology and applications to record, access, filter, extract, organise, integrate and present information in an acceptable format

Unit Mapping Information

No equivalent unit. Supersedes and is not equivalent to FNSSAM501 Apply advanced selling techniques to selling of financial products and services.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSSAM511 Apply advanced techniques to sell financial products and services

Modification History

Release	Comments
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:

apply advanced selling techniques to sell at least two financial products and at least two financial services.

In the course of the above, the candidate must:

complete required documentation according to organisational policies and procedures.

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:

organisational policies and procedures related to selling financial products and services

legislative and regulatory requirements related to selling financial products and services

advanced selling techniques and selling approaches

processes for monitoring and reviewing a selling approach

sales training and development programs for salespeople

evaluation and monitoring techniques for financial products and services, their strengths and weaknesses and selling approach

techniques for generating new and innovative ideas for selling financial products and services

opportunities for cross selling products and services

organisational documentation processes

techniques to calculate and estimate numerical and financial data.

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:

financial services and product information

organisational policies and procedures and legislation

office equipment, technology, software systems and consumables.

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

FNSSAM612 Identify and evaluate marketing opportunities in the financial services industry

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to evaluate market data, analyse new and emerging market trends and assess the viability of new product development to take advantage of marketing opportunities.

The unit applies to those who use specialised knowledge, systematic approaches and analytical skills to provide leadership in strategic organisational activity within the financial services industry.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Sales and marketing

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 trends and opportunities in financial services industry	1.1 Analyse information on current and emerging needs of market and organisation in consultation with others 1.2 Review business plan to identify organisational objectives, emerging trends and external influences on financial services industry 1.3 Identify and research opportunities and potential markets, and develop potential new products 1.4 Investigate entrepreneurial, innovative approaches and creative ideas for potential business application and contribution to business
2. Investigate marketing and product development opportunities	2.1 Identify and analyse opportunities according to organisational goals and capabilities, and determine impact on current business and client base 2.2 Evaluate external factors, costs, benefits, risks and opportunities and determine financial viability of each marketing opportunity 2.3 Determine estimated returns on investment and potential competitors of marketing opportunities 2.4 Describe and rank marketing opportunities in terms of their viability and likely contribution to business
3. Assess legislative compliance of marketing opportunities	3.1 Identify legislative and regulatory guidelines applicable to marketing opportunities and determine compliance with relevant legislation 3.2 Reject or modify marketing opportunities not meeting compliance requirements 3.3 Document and define legislative compliance issues in marketing proposal
4. Determine required changes to current operations	4.1 Identify and document changes required to current operations 4.2 Assess required organisational changes to client base to enable provision of continued quality of service to existing clients 4.3 Identify resource requirements for changed operations, and determine and communicate viability of changes to current operations to key stakeholders
5. Develop marketing proposals	5.1 Provide viability assessments for marketing opportunities and detail marketing strategy 5.2 Prepare proposals for marketing development and provide additional information as required

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Calculates, compares and analyses a range of numerical and financial data to determine quantities and trends using appropriate tools
Oral communication	Uses collaborative and inclusive techniques, including active listening and questioning, to convey information, present a case and elicit the views and opinions of others Participates in verbal exchanges using pace, intonation and gestures to present information and encourage engagement with different audiences
Reading	Researches and analyses complex textual information from a range of sources to identify key details, make judgements and determine requirements and options
Writing	Structures and sequences information logically to present recommendations and options, using document formats required to the audience and purpose Uses clear and detailed language, incorporating correct spelling, grammar and terminology, to convey complex information
Teamwork	Uses a range of communication techniques to unambiguously articulate concepts and ideas to a diverse audience
Planning and organising	Develops plans to address a range of tasks to achieve goals
Initiative and enterprise	Identifies opportunities for the development and implementation of innovative approaches to the conduct of own work
Self-management	Identifies the applicable legislative requirements and organisational goals when undertaking tasks
Technology	Uses digital technologies to access, filter, organise, store and present information while continually monitoring industry trends

Unit Mapping Information

Supersedes and is equivalent to FNSSAM602 Identify and evaluate marketing opportunities in the financial services industry.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSSAM612 Identify and evaluate marketing opportunities in the financial services industry

Modification History

Release	Comments
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:

identify and evaluate at least three different marketing opportunities in the financial services industry.

In the course of the above, the candidate must:

research trends and opportunities to enter, shape or influence current and potential markets and develop potential new products

identify and document changes to resource requirements, operations and other organisational changes required for the new financial product to be offered

interpret and apply legislative and regulatory guidelines and compliance requirements applicable to marketing and to the financial product proposed to be offered.

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:

legislation and regulatory requirements related to financial product development

organisational policies and procedures relating to marketing of financial services and products

organisational documentation processes

current market forces and trends in the financial services industry

communication and negotiation strategies

financial and risk management strategies

marketing concepts related to identifying and evaluating opportunities

marketing processes and considerations

process for assessing market competition

industry codes of practice

sectors of the financial services industry

business plan objectives

services available in the financial services industry

service risk factors and their relationship to return expectations

tools and techniques to analyse financial data

techniques for estimating costs and return on investment of marketing opportunities.

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:

financial services and product information

software system and data

organisational policy and procedures

office equipment, technology, software and consumables.

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

FNSSAM613 Tailor financial products to meet client needs

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes skills and knowledge required to match financial products on offer to customer requirements based on an in-depth knowledge of the products and a comprehensive knowledge of customers’ characteristics and their financial requirements.

The unit applies to those who, within their level of authority, use specialised knowledge and analytical skills to make judgements and provide customised recommendations and solutions.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Sales and marketing

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. Obtain information and identify financial products	1.1 Gather and evaluate client requirements, characteristics, financial status and needs 1.2 Research and identify potential products provided by organisation according to client requirements
2. Present product options	2.1 Present and discuss products with client according to organisational policies and procedures 2.2 Explain features, benefits, negotiation periods and salient terms 2.3 Obtain client expectations and update products as required 2.4 Document negotiation periods according to organisational policies and procedures
3. Finalise products	3.1 Select final products and present to client 3.2 Provide customer with further information as required 3.3 Identify and resolve queries and concerns according to organisational policies and procedures 3.4 Provide support to clients and confirm understanding of information presented 3.5 Confirm client agreement and finalise documentation according to organisational policies and procedures

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Uses mathematical equations to perform calculations and comparisons of financial and numerical information
Oral communication	Uses vocabulary, pace, intonation and gestures to present information and encourage engagement with a range of customers Uses listening and questioning techniques to establish and confirm understanding
Reading	Researches and analyses detailed textual information from a range of sources to identify key information and determine requirements and options
Writing	Structures and sequences information logically to present customised recommendations and options using required document formats Uses clear and concise language, incorporating correct spelling and grammar and correct terminology at a level relevant to the audience
Teamwork	Selects and uses required conventions and protocols when communicating with colleagues Involves others in collaborative discussions using effective interpersonal skills to achieve agreed outcomes
Problem solving	Systematically gathers and analyses all required information and evaluates options to make recommendations
Planning and organising	Plans, organises and implements tasks according to legislative responsibilities to achieve organisational and customer objectives
Self-management	Confirms and follows legislative requirements and workplace policies, procedures and protocols when undertaking own work Identifies the limitations of own knowledge and skills and, where necessary, seeks advice from other more experienced work colleagues
Technology	Uses a range of digital technologies to effectively access, filter, organise, present and store information

Unit Mapping Information

Supersedes and is equivalent to FNSSAM603 Tailor financial products to meet customer needs.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSSAM613 Tailor financial products to meet client needs

Modification History

Release	Comments
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:

tailor financial products to meet at least four clients’ needs.

In the course of the above, the candidate must:

compare and evaluate products offered by the financial services industry and the organisation, including:

features

benefits and costs

terms and conditions

select financial products for customer according to customer requirements

manage customer communications and negotiate sales.

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:

organisational policies and procedures and terms and conditions relating to provision of financial services and products

organisational documentation processes

process for accessing and interpreting supporting information, materials, required brochures and other information

features, benefits and costs of financial products and services

industry and legislative requirements applicable to specific products, services and situations

mathematical equations related to calculating and comparing financial and numerical information

purpose and requirements of customer negotiation periods according to legislative and regulatory requirements

techniques for evaluating client requirements, characteristics, financial status and needs.

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:

financial services and product information

software system and data

organisational policies and procedures

office equipment, technology, software and consumables.

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

FNSSAM614 Establish agreements with intermediaries for product distribution

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to negotiate and form agreements with intermediaries for distributing financial products.

The unit applies to those who use specialised knowledge, systematic approaches and discretion, within their level of authority and organisational guidelines, to negotiate arrangements.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Sales and marketing

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 and assess potential intermediaries	1.1 Determine selection criteria for intermediaries according to organisational procedures 1.2 Identify potential intermediaries
2. Shortlist suitable intermediaries	2.1 Engage with potential intermediaries and respond to enquiries 2.2 Obtain credentials and experience information from potential intermediaries 2.3 Evaluate information provided and check credentials through required agencies 2.4 Select intermediaries according to selection criteria
3. Negotiate terms and finalise documentation	3.1 Discuss terms of trade with shortlisted intermediaries 3.2 Respond to requests for information and communications with shortlisted intermediaries 3.3 Assess proposed terms of trade for compliance with industry codes of practice and legislative and regulatory requirements 3.4 Communicate decision and submit terms of trade to potential intermediaries 3.5 Obtain signed agreement for terms of trade from intermediaries and file according to organisational procedures 3.6 Provide intermediaries a copy of signed agreement
4. Manage agreements	4.1 Manage and document communications with engaged intermediaries and negotiate variations to terms of trade as required 4.2 Obtain signed agreement to vary terms of trade and file documentation according to organisational procedures

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Uses mathematical equations to perform calculations and comparisons of financial and numerical information
Oral communication	Applies listening and questioning techniques to guide discussions and elicit information from a range of stakeholders Presents information structuring tone, pace and content in line with the audience and purpose
Reading	Analyses detailed textual information from a range of sources to identify and compare key information and determine requirements
Writing	Uses clear and concise language, incorporating correct spelling, grammar and terminology, to accurately record and convey information
Teamwork	Selects and uses required conventions and protocols when communicating with internal and external stakeholders to seek and share information Plays a lead role in situations requiring effective collaborative skills, demonstrating high level negotiation skills
Planning and organising	Uses efficient and effective planning, organisational and time management skills to sequence tasks, meet timelines and comply with legislative and organisational requirements Systematically gathers and analyses all required information and evaluates options to make decisions about trade agreements
Self-management	Complies with legislative and regulatory requirements, explicit and implicit protocols, policies and procedures and meets expectations associated with own role
Technology	Uses a range of digital technologies to prepare, compile, share and store information

Unit Mapping Information

Supersedes and is equivalent to FNSSAM604 Establish agreements with intermediaries for product distribution.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSSAM614 Establish agreements with intermediaries for product distribution

Modification History

Release	Comments
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 an agreement with an intermediary for product distribution on at least three occasions.

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:

industry legislative and regulatory requirements, and industry codes of practice related to financial products and services

organisational assessment criteria for accepting intermediaries

organisational business plans, including income and expenditure forecasting

organisational distribution requirements and channels

organisational marketing strategies

organisational performance measures

organisational procedures relating to establishing agreements with intermediaries

resourcing and budgeting requirements for establishing agreements with intermediaries

organisational documentation processes

issues relating to the application of required commercial and contract law in establishing agreements with intermediaries.

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:

financial services and product information software system

data organisational policy and procedures

office equipment, technology, software and consumables.

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

FNSSMS411 Process self-managed superannuation contributions

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to receive and process superannuation contributions and rollovers into a self-managed superannuation fund (SMSF), ensuring that correct amounts are allocated to accounts and rectifying identified errors.

The unit applies to those who, within their level of authority, apply specialised organisational knowledge and follow defined procedures to administer and process financial information.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Self-managed superannuation

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. Receive contributions and rollovers, and process	1.1 Establish new accounts as required and according to organisational policies and procedures, and check for eligibility 1.2 Obtain and review contributions and rollovers according to organisational policies and procedures 1.3 Identify contribution and rollover sources and types 1.4 Identify potential errors in processing contributions and rollovers 1.5 Process contributions and rollovers where there are no errors, according to fund guidelines
2. Manage errors and non-completions	2.1 Review and return documentation according to organisational policies and procedures, and seek required information where errors in contributions and documentation have been identified 2.2 Action incomplete and incorrect contributions and rollovers according to fund guidelines 2.3 Obtain required information, reconcile and process incomplete and incorrect contributions and rollovers
3. Allocate contributions and rollovers according to type	3.1 Prepare reconciled contributions and rollovers for allocation into accounts according to organisational policies and procedures 3.2 Allocate contributions and rollovers according to member requirements and organisational policies and procedures 3.3 Complete documentation and processing according to fund requirements and organisational policies and procedures
4. Issue receipt or confirmation for contributions and rollovers according to fund guidelines	4.1 Generate receipt and confirmation for contributions and rollovers according to fund guidelines 4.2 Check receipt and confirmation against member records according to fund guidelines 4.3 Send receipt and confirmation to member according to organisational policies and procedures

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Extracts, interprets and comprehends mathematical information embedded in texts and performs basic calculations electronically
Oral communication	Understands oral information that is technical and provides key information relevant to an exchange
Reading	Interprets documentation from a variety of sources in familiar texts of some complexity
Writing	Records and consolidates information that is technical and limited in scope and style
Planning and organising	Plans, organises and implements tasks efficiently and effectively Makes routine decisions and implements standard procedures for routine tasks, using formal decision-making processes for more complex and non-routine situations
Self-management	Takes personal responsibility for following organisational procedures and fund requirements
Technology	Uses the main features and functions of digital tools to complete work tasks and to find information

Unit Mapping Information

Supersedes and is equivalent to FNSSMS401 Process self-managed superannuation contribution.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSSMS411 Process self-managed superannuation contributions

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

process superannuation contributions into self-managed superannuation funds for at least three clients

process rollovers into self-managed superannuation funds for at least three clients.

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:

legislative and regulatory requirements relating to processing self-managed superannuation contributions and rollovers, including:

privacy legislation and data protection laws, and their application

preservation rules before and after July 1999

fund policy, investment objectives and guidelines

organisational policies and procedures relating to:

establishing new accounts

obtaining contributions and rollovers, including via post, person, telephone and electronic format

reviewing, completing and processing member documentation

calculating and processing benefits

communicating processing information to members

types and sources of superannuation contributions and rollovers

documentation requirements of superannuation contributions and rollovers

consequences of incorrect allocation of member contributions

key components of fund requirements relevant to processing contributions

contributions caps, in the context of checking that contributions are within legal limits

methods for identifying potential errors in processing contributions and rollovers

components of a superannuation rollover

factors that may require further investigation in regard to superannuation contributions.

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:

organisational policies and procedures

documentation relating to members’ superannuation contributions and rollovers

organisational equipment, technology, software and consumables.

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

FNSSMS511 Invest self-managed superannuation fund assets

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to support an authorised representative in assisting a trustee to devise investment objectives and strategies, invest self-managed superannuation fund assets, select investment services, and ensure compliance and monitoring. Importantly, this unit does not involve financial dealing or providing specific financial product advice.

The unit applies to those who use specialised knowledge and systematic approaches to prepare and analyse detailed information that supports investment and compliance activities.

No licensing, regulatory requirements, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Self-managed superannuation

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. Assist authorised representative to establish objectives and strategy	1.1 Identify trustee’s investment objectives according to available information provided by authorised representative 1.2 Develop portfolio benchmarks from investment objectives 1.3 Determine asset allocation and mix so that portfolio benchmarks and investment objectives can be met 1.4 Compare asset allocation to relevant strategic variables 1.5 Develop and document investment strategy according to legislative, organisational and trust deed investment requirements
2. Assist authorised representative in selecting investment service providers	2.1 Establish performance criteria for service providers according to organisational policies and procedures 2.2 Determine shortlist of preferred service providers for clients according to investment objectives 2.3 Review and appoint service providers according to established performance criteria 2.4 Communicate and explain investment objectives and strategy to investment service providers so they may invest assets into products according to legislative and trust deed requirements
3. Assist in monitoring investment service provider activities	3.1 Gather and interpret reports provided by relevant service providers according to legislative, organisational and trust deed requirements 3.2 Compare results against documented investment objectives and strategy 3.3 Ensure reallocation of assets according to results achieved and investment strategy 3.4 Provide member communication and disclosure requirements to client 3.5 Manage fund liquidity requirements considering current and future liabilities

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Seeks information using active listening and questioning techniques to confirm understanding Interprets and analyses mathematical information from complex reports, and documents and performs basic calculations relating to self-managed superannuation funds
Oral communication	Provides advice to required personnel using language and register appropriate to audience and purpose
Reading	Selects, synthesises and critically evaluates evidence from a variety of sources containing complex and embedded information
Writing	Records and consolidates related information precisely and concisely
Planning and organising	Takes responsibility for following policies, procedures and legislative requirements, ensuring that compliance obligations are fulfilled, and that own knowledge is up-to-date
Technology	Uses technology to communicate with required persons

Unit Mapping Information

Supersedes and is equivalent to FNSSMS501 Invest self-managed superannuation funds assets.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSSMS511 Invest self-managed superannuation fund assets

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

assist authorised representative(s) to support at least three different trustees in investing self-managed superannuation fund assets according to legislative, organisational and trust deed requirements.

In the course of the above, the candidate must:

demonstrate effective communication skills while interacting with authorised representative(s) and service providers.

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:

legislative and trust deed requirements relating to investing self-managed superannuation fund assets, including those relating to investment reporting

organisational policies and procedures relating to:

using effective communication skills

devising and documenting investment objectives and strategies

identifying and evaluating potential service providers, including for creating performance criteria

methods for analysing cash flow and liquidity requirements of superannuation funds

key features of investment reports

techniques for establishing investment objectives that meet legislative requirements and risk profiling

variables relating to investment strategies.

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:

organisational financial records

organisational policies and procedures

organisational equipment, technology, software and consumables.

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

FNSSMS512 Manage changes to memberships in self-managed superannuation funds

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to communicate with trustees to manage changes to memberships in self-managed superannuation funds (SMSF), including adding trustees or members, in-specie transfers, merging segregated accounts, and winding up funds.

The unit applies to those who use specialised knowledge, systematic approaches and effective communication skills to manage information and ensure integrity of data.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Self-managed superannuation

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. Confirm trustee instructions	1.1 Identify and review trustee instructions according to organisational procedures and confirm they are in accordance with trust deeds and legislative requirements 1.2 Provide instructions to trustee to change memberships in self-managed superannuation fund 1.3 Establish agreed timeframes for changes to occur 1.4 Obtain specialist advice to support change according to organisational policies and procedures
2. Verify outstanding transactions	2.1 Identify outstanding transactions according to trust deed 2.2 Confirm processing of all outstanding transactions according to agreed timeframes 2.3 Communicate with external parties according to organisational procedures and ensure outstanding transactions are processed and actioned within agreed timeframes
3. Manage distribution of information to relevant parties	3.1 Request payments, documentation and reports from trustees and service providers 3.2 Provide reports to members according to organisational procedures and ensure receipt within agreed timeframes 3.3 Complete relevant documentation and ensure it is signed by members within agreed timeframes according to organisational procedures 3.4 Provide documentation to required stakeholders on changes to memberships in self-managed superannuation fund
4. Manage documentation and distribution of fund assets	4.1 Collect assets from investment service providers according to organisational policies and procedures 4.2 Distribute fund assets according to legislative requirements and organisational policies and procedures 4.3 Confirm fund assets are transferred to new fund or distributed to relevant parties where funds transferral is required 4.4 Finalise reports according to legislative requirements and organisational policies and procedures 4.5 Wind up funds according to accounting principles, as required 4.6 Provide necessary documentation and records to relevant parties according to organisational policies and procedures

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Interprets and analyses mathematical information from complex reports and documents, including spreadsheets and databases Performs basic calculations relating to self-managed superannuation funds to update accounts
Oral communication	Provides advice using language and register appropriate to audience and purpose Uses active listening and questioning techniques to seek information and confirm understanding
Reading	Selects, synthesises and critically evaluates information from a variety of sources with complex embedded data requiring analysis and interpretation skills
Writing	Records and consolidates related information and constructs precise, concise reports for members and colleagues
Planning and organising	Takes responsibility for planning, sequencing and prioritising tasks and own workload for timely and effective outcomes
Self-management	Takes responsibility for following policies, procedures and legislative requirements, ensuring that compliance obligations are fulfilled Confers with others where agreed outcomes are required and deadlines are to be met
Teamwork	Selects and uses required conventions and protocols when liaising or sharing information with trustees
Technology	Uses the main features and functions of digital tools to complete work tasks and to access information

Unit Mapping Information

No equivalent unit. Supersedes and is not equivalent to FNSSMS502 Manage changes to fund structure.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSSMS512 Manage changes to memberships in self-managed superannuation funds

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

manage membership changes for at least three different self-managed superannuation funds, including where:

a member exits the fund from death

a person commences new membership in a fund

a member converts from an accumulation to a retirement income account.

In the course of the above, the candidate must:

confirm trustee instructions using knowledge of trust deed requirements

identify and process outstanding transactions

apply basic accounting principles in managing funds

manage the distribution of fund assets

comply with legislative and organisational reporting requirements.

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:

legislative and organisational requirements for managing changes to a self-managed superannuation fund structure, including for:

distributing fund assets

fund reporting

organisational policies and procedures relating to:

identifying and reviewing trustee instructions

communicating information to trustees and members

communicating with external parties regarding outstanding transactions

collecting assets from investment service providers

providing member reports

completing membership change documentation

basic accounting principles relating to managing and winding up self-managed superannuation funds

types and sources of specialist advice relating to managing changes to memberships in a self-managed superannuation fund, and organisational procedures for accessing that advice

conventions and protocols for liaising with or sharing information with trustees

key components of business sales agreements

trust deed requirements for managing trust funds, including those relating to identifying outstanding transactions.

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:

organisational policies and procedures required to manage changes to membership in self-managed superannuation funds

organisational equipment, technology, software and consumables.

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

FNSSMS513 Manage administration activities of self-managed superannuation funds

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to apply organisational policies and procedures to administer the activities of a self-managed superannuation fund (SMSF). The activities include managing reporting compliance requirements, payments into and out of the funds, and all other administrative activities relating to self-managed superannuation funds.

The unit applies to those responsible for implementing and managing a range of administrative activities, and legislative and organisational requirements.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Self-managed superannuation

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 and manage legislative and organisational reporting requirements relating to SMSF	1.1 Identify legislative and organisational reporting requirements that impact on administrative processes and procedures 1.2 Review and confirm required activity reporting against identified legislative and organisational requirements 1.3 Seek specialist advice from external service providers on areas outside own knowledge area or authority limits 1.4 Identify and prepare member documentation according to legislative and organisational reporting requirements
2. Manage SMSF transactions	2.1 Review trustee’s instructions to confirm that transaction can be undertaken and meets legislative, trust deed and organisational requirements 2.2 Liaise with external service providers, where relevant, to validate that trustee instructions have been implemented 2.3 Confirm that funds received from investments are reinvested according to trustee and trust deed instructions and organisational procedures 2.4 Confirm accuracy and timelines of allocations, processing of contributions and rollovers and all other payments into fund are in accordance with legislative and operational guidelines 2.5 Reconcile contributions according to trustee instructions 2.6 Review timelines of benefit payments out of fund and take required actions according to legislative guidelines and organisational procedures
3. Manage concerns or complaints raised in relation to internal service provision or external service providers	3.1 Confirm details of concern or complaint with trustee 3.2 Respond to trustee concern or complaint in a timely manner and according to legislative requirements and operational procedures 3.3 Engage with and discuss details of trustee concern or complaint with required stakeholders according to organisational procedures 3.4 Action agreed solution to trustee concern or complaint according to organisational procedures
4. Manage SMSF member records	4.1 Review member’s employment records and ensure currency of information on contributions 4.2 Process and review member statements and ensure supporting documentation is supplied when required 4.3 Issue and store copies of documentation to ensure compliance with organisational policies and procedures
5. Finalise SMSF administration activities	5.1 Complete annual review process according to legislative requirements and organisational policies and procedures 5.2 Complete trustee reporting, member reporting and insurance reporting according to legislative requirements and organisational policies and procedures 5.3 Complete Australian Taxation Office (ATO) annual taxation return and independent auditor report in required format for lodgement according to legislative requirements and organisational policies and procedures 5.4 Process and review member statements and supply supporting documentation according to organisational policies and procedures 5.5 Issue and store copies of documentation according to organisational policies and procedures

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Interprets and analyses mathematical information in complex reports and documents Performs basic calculations relating to self-managed superannuation funds to update accounts
Oral communication	Shares information using language and register appropriate to audience and purpose Uses active listening and questioning techniques to seek information and confirm understanding
Reading	Interprets documentation from a variety of sources, including data analysis Reviews actions from interpretation of legislative and organisational reporting requirements
Writing	Records and consolidates related information and constructs precise, concise reports for clients and colleagues
Planning and organising	Uses a systematic approach to planning and managing own workload and specific tasks
Self-management	Takes responsibility for ensuring that documentation and processes comply with legislative and organisational policies and procedures
Teamwork	Selects and uses appropriate conventions and protocols when liaising with clients and colleagues Uses a range of strategies, including reading of verbal and non-verbal signals, to build rapport and connect with clients when handling sensitive issues
Technology	Uses the main features and functions of digital tools to complete work tasks and to access information

Unit Mapping Information

Supersedes and is equivalent to FNSSMS503 Manage administration activities of a superannuation fund.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSSMS513 Manage administration activities of self-managed superannuation funds

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

manage administration activities of a superannuation fund for at least one member, including:

preparing an annual report that complies with legislative and organisational reporting requirements

processing payments into and out of the fund following legislative and organisational guidelines and basic accounting practices

identifying and liaising with other service providers as required to manage administration activities and settle disputes

producing a member statement.

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:

legislative record-keeping and reporting requirements relating to managing the administration activities of self-managed superannuation funds, including those relating to:

trustee reporting

member reporting

insurance reporting

Australian Taxation Office (ATO) annual reporting requirements

trust deeds

key components of fund policies, investment objectives and guidelines

organisational policies and procedures relating to managing administration activities of self-managed superannuation funds, including for:

communicating with external parties

communicating with trustees and members

dispute resolution

external complaint handling

annual review process

factors that may require further investigation

issuing and storing copies of documentation

content typically included in reporting documentation for self-managed superannuation funds including superannuation rollover and transfers

key components of member documentation, including pensions, lump sums, investment strategies, borrowing, insurance strategies and setting up reserves in a fund

consequences of incorrect allocation of member contributions

differences in preservation rules before and after July 1999

superannuation contributions and contributions caps relating to managing administration of self-managed superannuation funds

procedures for reconciling and processing contributions.

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:

organisational policies and procedures relating to managing administration activities of self-managed superannuation funds

organisational equipment, technology, software and consumables.

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

FNSSMS514 Meet self-managed superannuation fund compliance requirements

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to identify compliance requirements, assist in compliance audits, and prepare statutory reports to meet Australian Taxation Office (ATO) and Australian Securities and Investment Commission (ASIC) self-managed superannuation fund compliance requirements.

The unit applies to those who use specialised knowledge to evaluate complex information and legislative and organisational requirements to ensure compliance obligations are met.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Self-managed superannuation

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 compliance requirements for self-managed superannuation funds	1.1 Identify roles of financial compliance regulatory bodies 1.2 Identify and analyse legislation and regulations that specify compliance requirements 1.3 Detail legislative and organisational reporting requirements
2. Assist in compliance audits	2.1 Provide information for annual review and compliance reports to trustee according to organisational procedures 2.2 Communicate required information to external auditors according to organisational procedures 2.3 Collate and provide information for statutory documents to be prepared for submission to the ATO and ASIC 2.4 File documents and records according to regulatory requirements and organisational procedures
3. Assist in confirming compliance requirements are met	3.1 Review documentation and member communication and confirm compliance requirements are met 3.2 Identify and report irregularities to required stakeholders 3.3 Integrate new compliance requirements into work practices
4. Prepare information for statutory reports	4.1 Identify requirements for taxation returns and statutory reports 4.2 Prepare statutory report information according to regulatory guidelines 4.3 Assess and prepare necessary information to fund members and required external parties according to organisational procedures

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Interprets and analyses mathematical information from complex reports Performs and documents basic calculations relating to self-managed superannuation fund data
Oral communication	Provides required information using language and register appropriate to audience and purpose Uses active listening and questioning techniques to seek information and confirm understanding
Reading	Interprets documentation from a variety of sources and reviews actions based on thorough and accurate interpretation of legislative requirements and organisational procedures
Writing	Records and consolidates related information Constructs precise, concise reports for fund members and colleagues
Initiative and enterprise	Selects and uses appropriate conventions and protocols to gain and provide information relevant to reporting and completing returns
Planning and organising	Plans, organises and implements processes and procedures, aiming to complete them efficiently and to meet legislative requirements
Problem solving	Applies systematic and analytical decision-making processes for complex and non-routine situations to decide on new requirements to be incorporated into own work practices
Self-management	Takes responsibility for ensuring that reporting documentation and processes comply with legislative requirements and organisational procedures
Technology	Uses the main features and functions of digital tools to complete work tasks and to access information

Unit Mapping Information

Supersedes and is equivalent to FNSSMS504 Meet self-managed superannuation fund compliance requirements.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSSMS514 Meet self-managed superannuation fund compliance requirements

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

prepare documentation for at least three different funds to enable them to meet self-managed superannuation fund compliance requirements, and develop an annual tax return that meets regulatory requirements for at least one of the funds.

In the course of above, the candidate must:

prepare information according to self-managed superannuation fund compliance requirements

integrate new compliance requirements into work practices

provide supporting documentation that confirms compliance requirements are met.

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:

legislative compliance and reporting requirements for a self-managed superannuation fund under superannuation, taxation and corporations laws, including:

key features, compliance and reporting requirements of the Superannuation Industry (Supervision) [SIS] Act

critical aspects of taxation return requirements

relationship between actuary, auditor and trustee under the SIS Act and taxation legislation

regulatory guidelines relating to self-managed superannuation fund compliance reporting, including those of the Australian Taxation Office and Australian Securities and Investment Commission

organisational procedures and guidelines for:

providing information for annual review and compliance reports

preparing statutory reports and taxation returns

communicating with external auditors, fund members and other required external parties

obtaining information on financial transactions, contributions and benefits

filing documents and records

timeframe requirements for compliance reports and lodgement of statutory reports

consequences of non-compliance with reporting requirements

industry information to identify existing and recent changes to compliance requirements

role and legal implications of trust deeds and contracts in the context of self-managed superannuation funds

role, rights and responsibilities of trustees in compliance

relationship between trustees’ duties, rights, powers, liabilities and remedies.

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:

self-managed superannuation fund financial records

organisational policies and procedures

organisational tools, equipment, materials and industry software packages.

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

FNSSMS515 Support trustees in selecting and monitoring performance of outsourced services

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to support authorised representatives in assisting self-managed superannuation fund trustees to establish the scope and required performance criteria for an outsourced service. It involves selecting and engaging outsourced suppliers and monitoring the performance of the outsourced services provided. It does not require expertise in the functions of the outsourced service providers.

The unit applies to those who use research and organisational skills to plan and monitor outsourced or specialist services.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Self-managed superannuation

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. Assist in establishing scope for outsourced services	1.1 Determine extent to which selected activities are currently being conducted by trustees or by outsourced services 1.2 Identify activities within fund that can or must be outsourced, and determine scope of prospective outsourced services 1.3 Identify legislative requirements relating to prospective outsourced services 1.4 Make recommendations on scope of outsourced services according to fund requirements 1.5 Discuss recommendations and prepare engagement criteria for authorised representative
2. Assist in establishing performance criteria for outsourced services	2.1 Define and document scope of expertise required from outsourced services 2.2 Establish and document performance standards for provision of monitoring service standards and performance outcomes of outsourced services 2.3 Establish and document monitoring and measuring processes for performance outcomes of outsourced services 2.4 Establish and document reporting processes of outsourced services 2.5 Prepare briefing documents and supply to outsourced services
3. Assist in selecting and engaging outsourced suppliers	3.1 Support authorised representative in assisting trustee to select suppliers of outsourced services against established criteria 3.2 Engage outsourced suppliers according to operational guidelines 3.3 Brief outsourced suppliers on required service performance standards and ensure clarity of requirements 3.4 Obtain trustee confirmation of outsourced services in place and working implications from authorised representative
4. Assist in monitoring performance of outsourced services	4.1 Review and evaluate performance outcomes of outsourced services against performance standards 4.2 Establish further review periods to re-evaluate as necessary 4.3 Negotiate and document required changes in services with authorised representative 4.4 Document and assist authorised representative to communicate supplier performance to trustee according to organisational policies and procedures

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Interprets and analyses mathematical information from complex reports and documents, and performs basic calculations related to self-managed superannuation fund data
Oral communication	Shares information using language and register appropriate to audience and purpose Seeks information using active listening and questioning techniques to confirm understanding
Reading	Interprets complex and detailed documentation from a variety of sources
Writing	Records and consolidates related information and constructs precise, concise reports for authorised representatives
Planning and organising	Accepts responsibility for planning and sequencing complex tasks and workload, negotiating key aspects with others Monitors progress of plans and schedules, and reviews and changes them to meet new demands and priorities
Problem solving	Applies systematic and analytical processes for complex and non-routine situations to decide on changes to outsourcing requirements
Self-management	Modifies or develops organisational policies, procedures and standards to comply with legislative requirements and organisational goals
Teamwork	Selects and uses appropriate conventions and protocols when liaising with authorised representatives, suppliers and colleagues Uses a range of strategies to negotiate agreed outcomes with others
Technology	Uses the main features and functions of digital tools to complete work tasks and to access information

Unit Mapping Information

Supersedes and is equivalent to FNSSMS505 Support trustee in the selection and performance monitoring of outsourced services.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSSMS515 Support trustees in selecting and monitoring performance of outsourced services

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

assist authorised representative(s) to support at least three different trustees in selecting an outsourced service and in monitoring its performance.

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:

legislative and regulatory requirements and industry codes of practice relating to engaging with specialist outsourced services, including compliance and reporting requirements for a self-managed superannuation fund under superannuation, taxation and corporations’ laws including:

Superannuation Industry (Supervision) (SIS) Act

organisational policies and procedures relating to selecting and monitoring outsourced services, including communication, documentation and procedure requirements

scope, role and responsibilities of outsourced service providers

performance management procedures relating to outsourced service providers

relationship between actuary, auditor and trustee.

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:

organisational policies and procedures

industry software packages.

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

FNSSUP311 Process superannuation fund payments

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to process superannuation fund payments in accordance with organisational policies and procedures.

The unit applies to those who, within their level of responsibility, apply specialised organisational knowledge and follow defined procedures to administer and process financial information.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Superannuation

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. Review documentation relating to superannuation fund payment request	1.1 Identify payment request and trustee instructions 1.2 Obtain and review evidence from required stakeholders relating to request according to organisational procedures
2. Assess validity of superannuation fund payment request and evaluate provided evidence	2.1 Determine validity of request for payment according to evidence provided from relevant parties 2.2 Review request and determine its eligibility against fund conditions of entitlement, terms of the trust, payment criteria, and legislative and organisational requirements 2.3 Obtain additional opinion on validity of request from required stakeholders where required 2.4 Refer unusual requests or those not complying with relevant guidelines or authorities according to organisational procedures 2.5 Complete required documentation and distribute according to legislative and organisational requirements, and trustee instructions
3. Process superannuation fund payments	3.1 Determine level of entitlement based on accurate and up-to-date information and own authority levels, and according to organisational policies and procedures 3.2 Advise relevant parties of entitlement decision according to trustee instructions, legislative requirements and organisational policies and procedures
4. Finalise superannuation fund payment transaction	4.1 Identify and distribute required documentation to member, beneficiary or employer, as applicable and according to organisational policies and procedures 4.2 Check payment details for compliance with legislative and organisational guidelines according to level of own delegated authority 4.3 Make payment and complete supporting documentation according to legislative requirements and organisational policies and procedures 4.4 Update systems and file support documentation according to organisational policies and procedures

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Performs basic mathematical calculations to analyse financial data and make payments
Oral communication	Participates in verbal exchanges, using active listening and questioning techniques to convey and clarify information with a range of people Uses a range of strategies and reads verbal and non-verbal signals to establish a sense of connection and build rapport with internal and external stakeholders
Reading	Interprets, consolidates and matches information against established criteria and requirements
Writing	Records and completes organisational documentation using clear language and correct concepts and terminology
Problem solving	Accepts responsibility for addressing predictable problems and initiates standard procedures in response, applying problem-solving processes in determining a solution
Self-management	Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficient and effective outcomes Makes routine decisions and implements standard procedures for routine tasks, using formal decision-making processes for more complex and non-routine situations
Teamwork	Cooperates with others and contributes to work practices where joint outcomes are expected and deadlines are to be met
Technology	Uses digitally based technologies to access and update information to achieve required outcomes

Unit Mapping Information

Supersedes and is equivalent to FNSSUP301 Process superannuation fund payments.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSSUP311 Process superannuation fund payments

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

process superannuation fund payments for at least three different clients.

In the course of the above, the candidate must:

follow delegation of authority and assess validity of requests and sufficiency and suitability of evidence provided in support of payment

comply with legislative requirements, organisational policies and procedures, trustee instructions, and fund conditions of entitlement in processing and recording payments and advising of entitlement decisions.

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:

legislative requirements relating to the processing of superannuation fund payments

organisational policies and procedures relating to processing superannuation fund payments, including:

obtaining and reviewing evidence

determining eligibility of superannuation payment requests

referring unusual or non-compliant payment requests to authorities

identifying levels of entitlement to apply to requests

communicating with trustees and members

communicating with external stakeholders

making superannuation fund payments

completing and filing documentation

updating organisational systems

key components of trustee instructions and terms of the associated trusts

key features and functions of computerised superannuation systems and procedures

terms and conditions relating to key products involved in processing superannuation fund payments

fund conditions of entitlement, including conditions under which investment and insurance payments can be made.

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:

documentation and information required to process superannuation fund payments, including organisational policies and procedures

organisational equipment, technology, software and consumables.

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

FNSSUP312 Establish, maintain and process superannuation records

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to establish member and employer superannuation records in an information management system, as well as to ensure records are maintained and changes are processed as required.

The unit applies to those who, within their level of authority, apply specialised organisational knowledge and follow defined procedures to process and update information.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Superannuation

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. Set up new member and employer records	1.1 Collect information required to set up new member or employer records according to organisational policies and procedures 1.2 Check information, confirm it is complete, identify errors and make changes within limits of own responsibility 1.3 Enter data into organisational information system according to organisational procedures 1.4 Activate new member or employer record according to regulatory requirements and organisational policies and procedures 1.5 Send confirmation of new record to required stakeholders, according to regulatory requirements and organisational policies and procedures
2. Maintain up-to-date records	2.1 Confirm all transactions are reflected in records 2.2 Identify and rectify inconsistencies within limits of own responsibility and according to organisational policies and procedures 2.3 Update records as new information is received 2.4 Add enquiries and communications to records 2.5 Send confirmation of updated records to required stakeholders, according to organisational procedures
3. Identify charges and insurance premiums and produce statements as required	3.1 Identify process of determining interest entitlements 3.2 Identify administrative charges and insurance premiums on records 3.3 Identify elements of member benefit statements and calculation processes 3.4 Produce statements as required and according to organisational procedures

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Performs basic mathematical calculations to analyse financial statements and numerical data
Reading	Interprets, consolidates and checks accuracy of information and data
Writing	Records data and prepares correspondence using clear language, and correct spelling and terminology
Planning and organising	Organises, plans and sequences tasks and monitors own progress Makes routine decisions and implements standard procedures for routine tasks, using formal decision-making processes for more complex and non-routine situations
Problem solving	Addresses a variety of predictable problems and initiates standard procedures in response
Self-management	Accepts responsibility and ownership for the task, its completion, and for following organisational policies and procedures
Technology	Uses digitally based technologies to enter, access and update information to achieve required outcomes

Unit Mapping Information

No equivalent unit. Supersedes and is not equivalent to FNSSUP302 Establish, maintain and process superannuation records.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSSUP312 Establish, maintain and process superannuation records

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

follow organisational policies and procedures to establish, check for accuracy, and process superannuation records for at least two different members and two different employers.

In the course of the above, the candidate must:

demonstrate member benefit statement and calculation processes

identify incorrect information and associated consequences, and correct where required and within limits of own responsibility.

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:

legislative requirements, organisational policies, procedures, objectives and guidelines relating to establishing, maintaining and processing superannuation member and employer records

overview of superannuation fund structures and fund rules

key features of available products and services

components of member benefit statements and calculation processes

guiding principles of privacy regulation

key features of information technology system procedures for documentation

consequences of incorrect information within organisation’s information technology systems

key features of organisational information technology systems available to maintain superannuation records.

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:

organisational equipment, technology, software and consumables

financial services product information

organisational policies and procedures.

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

FNSSUP313 Process superannuation fund contributions

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to receive and process superannuation fund contributions and incoming payments for clients, and to confirm that correct funds are allocated to accounts.

The unit applies to those who, within their level of authority, apply specialised organisational and industry knowledge and follow defined procedures to process information and ensure quality standards are maintained.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Superannuation

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. Receive and reconcile superannuation contributions and establish new accounts where required	1.1 Establish new accounts where required and check for eligibility 1.2 Identify and record contribution types and sources according to organisational policies and procedures, and check for potential errors 1.3 Issue contribution receipt according to regulatory requirements and organisational policies and procedures 1.4 Reconcile contributions received according to organisational policies and procedures 1.5 File documentation and prepare payments to be processed according to organisational policies and procedures
2. Check superannuation contributions	2.1 Identify errors in contributions according to organisational quality assurance practices 2.2 Return documentation to required stakeholders and seek information required to rectify errors and omissions as required and within limits of own responsibility 2.3 Send employer contribution reminders as required and according to organisational policies and procedures 2.4 Take action regarding incomplete and incorrect contributions according to organisational policies and procedures 2.5 Reconcile incomplete or incorrect contributions, and process according to organisational policies and procedures when required information is obtained
3. Finalise superannuation contributions and maintain member details	3.1 Allocate contributions according to member requirements 3.2 Complete processing according to organisational policies and procedures 3.3 Implement system and process checks and identify any irregularities 3.4 Correct irregularities or escalate to required personnel 3.5 Maintain member details according to organisational requirements

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Performs basic mathematical calculations to analyse financial information and other numerical data
Reading	Interprets, consolidates and checks completeness and accuracy of information and data
Writing	Records and completes information in organisational systems Prepares documentation and correspondence using clear language, and correct spelling and terminology
Planning and organising	Plans and implements routine tasks and workload, making limited decisions on sequencing, timing and collaboration, and seeks assistance in setting priorities
Problem solving	Makes low-impact decisions in familiar situations based on a range of predefined or routine solutions, and evaluates effectiveness of the outcome
Self-management	Understands roles and responsibilities for task and makes basic decisions on criteria for completing tasks Explores and implements expectations of policies and procedures, seeking clarification when required
Teamwork	Uses a limited range of accepted practices for communicating in a work environment
Technology	Uses digitally based technologies to enter, access and update information to achieve required outcomes

Unit Mapping Information

Supersedes and is equivalent to FNSSUP303 Process superannuation contributions.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSSUP313 Process superannuation fund contributions

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

receive and process superannuation contributions for at least three different clients, including at least one contribution involving a rollover benefit statement (RBS).

In the course of the above, the candidate must:

establish new accounts with different contribution types and sources

receive and process contributions from a range of sources

identify and correct errors, inconsistencies, omissions and incompletions

follow organisational procedures to ensure work is completed accurately.

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:

organisational policies and procedures relating to processing superannuation fund contributions:

maintaining member details

maintaining privacy and confidentiality of client records

organisation’s quality assurance practices when processing superannuation contributions

eligibility rules for contribution types under superannuation industry legislation

components of superannuation RBS and RBS documentation requirements

types of contributions and their associated required processes

key steps in superannuation benefits payment process.

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:

organisational equipment, technology, software and consumables

organisational policies and procedures.

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

FNSSUP314 Process superannuation rollover benefits

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to receive and process superannuation rollover benefits. This involves identification of the types of rollover benefits and the identification and management of errors relating to applications and processing of payments, and compliance with quality assurance procedures.

The unit applies to those who, within their level of authority, apply specialised organisational knowledge and follow defined procedures to process financial information and maintain quality standards.

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

Superannuation

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. Prepare to process applications for superannuation rollover benefit payments	1.1 Receive application for benefit payment according to legislative and regulatory requirements and organisational policies and procedures 1.2 Check that application and accompanying documents are complete and correct 1.3 Take action on incomplete or incorrect applications according to organisational policies and procedures and within limits of own responsibility 1.4 Source additional information from members and employers as required
2. Process applications for superannuation rollover benefit payments	2.1 Prepare application for processing when required information is obtained 2.2 Calculate benefit to include additional fees, charges and other factors according to organisational policies and procedures 2.3 Check results of calculation and accuracy of data 2.4 Forward processed application to required personnel for checking 2.5 Correct identified irregularities and communicate to required personnel
3. Finalise process for superannuation rollover benefit payments	3.1 Action remaining application processes according to conditions identified in organisational policies and procedures and quality assurance requirements 3.2 Prepare benefit payment documentation and funds for submission to members, Australian Taxation Office (ATO) and rollover funds, as required 3.3 Store documentation relating to processed benefit and maintain member documentation according to organisational policies and procedures

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Performs mathematical calculations to verify financial data
Reading	Interprets, consolidates and checks information and data against established criteria and requirements
Writing	Records and completes organisational documentation and correspondence using clear language, and correct spelling, grammar and terminology
Planning and organising	Plans and implements routine tasks and workload, making limited decisions on sequencing, timing and collaboration, and seeks assistance in setting priorities
Problem solving	Makes low-impact decisions in familiar situations based on a range of predefined or routine solutions, and evaluates effectiveness of the outcome Responds to predictable routine problems by implementing standard logical solutions
Self-management	Understands rights and responsibilities, and complies with legal and regulatory requirements
Technology	Uses digitally based technologies to enter, access or update information to achieve required outcomes

Unit Mapping Information

Supersedes and is equivalent to FNSSUP304 Process superannuation rollover benefits.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSSUP314 Process superannuation rollover benefits

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

process at least three different applications for superannuation rollover benefits according to organisational policies and procedures.

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:

legislative and regulatory requirements relating to processing superannuation rollover benefits, including privacy legislation

organisational policies, objectives and guidelines relating to processing superannuation rollover benefits, including for:

receiving and documenting applications

identifying and addressing incomplete or incorrect applications

assessing the integrity of information

calculating and processing benefits, including fees and charges

quality assurance procedures and practices

storing documentation relating to processed benefit

issuing benefit payments to fund members, Australian Taxation Office (ATO), and rollover funds

components of a superannuation rollover benefits statement (RBS)

documentation required to process rollover benefit payments and their key components, including:

taxation documentation, including pay as you go (PAYG) payment summaries

trust deeds

content to be included in superannuation rollover benefit statements.

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:

organisational equipment, technology, software and consumables

organisational policies and procedures.

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

FNSSUP315 Implement superannuation fund member investment instructions

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to implement and confirm investment instructions from fund members. It involves determining and documenting member investment instructions, implementing those instructions, and confirming investment arrangements with the member and the fund.

The unit applies to those who, within their level of authority, apply specialised organisational knowledge and follow defined procedures to process and update information.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Superannuation

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. Determine and record member investment instructions	1.1 Receive and record member investment instructions according to organisational procedures 1.2 Clarify investment instructions with member where required 1.3 Confirm member investment instructions are in accordance with the trust deed
2. Implement member instructions	2.1 Implement instructions according to organisational policies and procedures 2.2 Maintain investment documentation according to organisational policies and procedures
3. Finalise investment arrangements	3.1 Confirm completed investment arrangements with member 3.2 Prepare reports on investments according to member instructions and legislative requirements 3.3 Communicate change of member instructions according to organisational procedures

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Performs mathematical calculations to analyse financial and numerical data, and prepare reports
Oral communication	Participates in verbal exchanges, using active listening and questioning techniques to convey and clarify information with internal and external stakeholders from diverse backgrounds
Reading	Interprets, consolidates and checks information from a range of sources against relevant criteria and requirements
Writing	Prepares organisational documentation and correspondence, using clear language and correct concepts and terminology
Planning and organising	Plans and implements routine tasks and workload, making limited decisions on sequencing, timing and collaboration, and seeks assistance in setting priorities
Problem solving	Responds to predictable routine problems and implements standard logical solutions Makes low-impact decisions in familiar situations based on a range of predefined or routine solutions, and evaluates effectiveness of the outcome
Self-management	Understands roles, rights and responsibilities and makes basic decisions that comply with legal and regulatory requirements Complies with explicit policies and procedures, and implements expectations of policies and procedures
Technology	Uses digitally based technologies to enter, access or update information to achieve required outcomes

Unit Mapping Information

Supersedes and is equivalent to FNSSUP305 Implement member investment instructions.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSSUP315 Implement superannuation fund member investment instructions

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

record, confirm and implement member investment instructions for at least three different superannuation fund members.

In the course of the above, the candidate must:

prepare a report and other required documentation relating to the instructions implemented for each of the above members.

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:

legislative requirements relating to implementing superannuation fund member investment instructions

organisational policies, procedures, guidelines and authorities relating to implementing superannuation fund member investment instructions, including for:

recording instructions

preparing required reports

terms of the trust deed relating to member investment instructions

methods to receive member investment instructions, including via authorised forms and verbal authority

procedures for sourcing information about superannuation product terms and conditions

key components of superannuation fund structures

investment and finance terminology relating to superannuation funds

computerised superannuation systems and procedures.

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:

organisational equipment, technology, software and consumables

financial services product information

organisational policies and procedures.

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

FNSSUP316 Terminate superannuation plans

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to terminate a superannuation plan. It involves confirming trustee instructions, processing superannuation termination transactions, and documenting those transactions.

The unit applies to those who, within their level of authority, apply specialised organisational and industry knowledge and follow defined procedures to process financial information.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Superannuation

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. Confirm trustee instructions	1.1 Document trustee instructions according to organisational procedures 1.2 Clarify instructions with trustees where required and confirm compliance requirements are met 1.3 Obtain and record termination conditions according to organisational procedures 1.4 Confirm termination with member according to organisational policies and procedures 1.5 Obtain member authority to transfer member assets
2. Process outstanding transactions	2.1 Process benefit payments due before termination date according to organisational procedures 2.2 Process final contributions and outstanding charges and credits to the fund and confirm that all financial obligations are met
3. Forward information and payments to required parties	3.1 Obtain actuarial calculations where required and determine member benefits 3.2 Communicate member information to new fund administrator within negotiated timeframes and according to organisational procedures 3.3 Provide termination payments to trustee or member when due, and according to arrangement with member and termination provisions 3.4 Obtain valid discharge of all future liability according to organisational procedures
4. Complete and action fund documentation	4.1 Document all transactions in member records according to organisational policies and procedures 4.2 Prepare statements and issue to member according to organisational procedures 4.3 Balance fund accounts according to financial requirements

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Performs mathematical calculations to verify numerical and financial data, and reconcile accounts
Oral communication	Participates in verbal exchanges, using active listening and questioning techniques to convey, clarify and share information with a range of people
Reading	Analyses and consolidates a range of information and data against defined criteria and requirements
Writing	Records and completes organisational documentation and correspondence using clear language and correct concepts and terminology
Planning and organising	Plans and implements routine tasks and workload, making limited decisions on sequencing, timing and collaboration, and seeks assistance in setting priorities
Problem solving	Responds to predictable routine problems and implements standard logical solutions Makes low-impact decisions in familiar situations based on a range of predefined or routine solutions
Self-management	Complies with explicit policies and procedures and implements expectations of policies and procedures Understands rights and responsibilities, and complies with legal and regulatory requirements
Technology	Uses digitally based technologies to enter, access or update information to achieve required outcomes

Unit Mapping Information

Supersedes and is equivalent to FNSSUP306 Terminate superannuation plans.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSSUP316 Terminate superannuation plans

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

terminate superannuation plans in response to the instructions of at least three different trustees.

In the course of the above, the candidate must:

forward required information to payment parties involved

complete fund documentation.

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:

industry and legislative requirements relating to terminating superannuation plans, including:

trust requirements

fund policy and procedures

organisational policies and procedures relating to terminating superannuation plans, including:

procedures for sourcing information about product terms and conditions

methods for balancing fund accounts

basic understanding of actuarial calculations

processes and requirements to determine member benefits

taxation requirements and procedures relating to terminating superannuation plans, and required document formats.

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:

organisational equipment, technology, software and consumables

financial services product information

organisational policies and procedures.

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

FNSSUP416 Establish and maintain superannuation accumulation funds

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to establish and maintain a superannuation accumulation fund for a member. It involves interpreting fund details, seeking specialist advice when necessary, establishing systems and administrative procedures to meet requirements, creating client records and updating fund details.

The unit applies to those who, within their level of authority, apply specialised industry and organisational knowledge and follow defined procedures to process and update information.

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

Superannuation

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. Interpret superannuation accumulation fund details	1.1 Obtain client instructions 1.2 Establish fund according to instructions provided, trust deed and required regulations 1.3 Clarify information on new fund as required and ensure details are consistent with client requirements 1.4 Obtain specialist advice and ensure comprehensive technical information is available when required
2. Create client records	2.1 Establish new client data in required format and within required timeframes, according to organisational policies and procedures 2.2 Regularly review and validate system data against client instructions 2.3 Identify and update fund details as required and according to organisational policies and procedures
3. Update fund details	3.1 Amend fund documents and trust deeds according to updated design specifications and in compliance with legislative and client requirements 3.2 Update and validate system processes to reflect changes in benefits, preserved amounts and other government changes 3.3 Update operational procedures, policies and operating guidelines relating to establishing superannuation funds as required 3.4 Communicate changes to fund details to members

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Performs mathematical calculations to ensure accuracy of system data Analyses and adjusts information and data relating to timelines and targets
Oral communication	Conveys and clarifies information using clear language and active listening and questioning techniques appropriate to audience and purpose
Reading	Analyses and consolidates information from a range of sources to complete requirements
Writing	Prepares and actively updates and maintains documentation using format, terminology and conventions specific to the requirements, audience and purpose
Planning and organising	Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficient and effective outcomes Applies systematic and analytical decision-making processes for complex and non-routine situations
Planning and organising	Accepts responsibility for addressing problems and initiates standard procedures in response, applying problem-solving processes in determining a solution
Self-management	Accepts responsibility and ownership for the task and makes decisions on completion parameters and the need for coordination with others Follows policies, procedures and legislative requirements, and identifies organisational implications of new legislation or regulations
Technology	Uses digitally based technologies to enter, access or update information to achieve required outcomes

Unit Mapping Information

Supersedes and is equivalent to FNSSUP406 Establish and maintain fund or plan.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSSUP416 Establish and maintain superannuation accumulation funds

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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 update superannuation accumulation fund details for at least three different clients

seek specialist advice in relation to at least one of the above client’s requirements.

In the course of the above, the candidate must:

interpret fund details relevant to fund establishment.

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:

legislative and regulatory requirements relating to establishing and maintaining superannuation accumulation funds, including for providing factual information or general advice in superannuation

organisational policies and procedures relating to establishing and maintaining funds, including for:

using organisational systems

seeking further information on fund details

seeking specialist advice

updating fund details

key features of trust deeds for superannuation funds

information required to set up new superannuation funds and issues to consider

difference between providing factual information, general advice and personal advice in superannuation.

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:

organisational equipment, technology, software and consumables

organisational policies and procedures.

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

FNSSUP417 Assess superannuation benefits and insurance claims under special conditions of release

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to assess superannuation benefits and insurance claims made before a client reaches preservation age. Conditions would include claims for death, total and permanent disability (TPD), income protection, terminal illness payment, situations of severe financial hardship, or situations warranting early release on compassionate grounds.

The unit applies to those who use specialised industry knowledge and analytical skills to evaluate and process complex information and data following defined procedures.

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

Superannuation

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. Review request for payment	1.1 Identify request for payment 1.2 Review validity of request against fund entitlements within legislative and operating guidelines, and operational authorities 1.3 Use suitable checklist and instruments to ensure accuracy of request content
2. Review documentation and evidence	2.1 Establish payment criteria to enable compliance to be determined within terms and conditions of trust, relevant legislation and operating guidelines 2.2 Obtain additional evidence where required from appropriate parties to confirm that request complies with fund’s conditions of entitlement 2.3 Review documentation and confirm accuracy and completeness
3. Determine entitlement and communicate decision	3.1 Determine level of entitlement based on reviewed information and within own authority levels 3.2 Obtain sign-off from required personnel according to organisational policies and procedures 3.3 Make decision on payment according to trustee instructions, legislative requirements, and operating guidelines 3.4 Communicate decision to relevant parties according to organisational policies and procedures

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Performs calculations and uses a range of mathematical problem-solving techniques to analyse complex financial data and requirements
Oral communication	Participates in verbal exchanges, using active listening and questioning techniques to share, convey and clarify information with a range of people
Reading	Identifies and consolidates complex information and data from a range of sources Thoroughly analyses information and data against defined criteria, conditions and requirements
Writing	Records information and prepares organisational documentation and correspondence using language, concepts and terminology appropriate to audience and purpose
Planning and organising	Applies systematic and analytical decision-making processes for complex and non-routine situations
Self-management	Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficient and effective outcomes Makes routine decisions and implements standard procedures for routine tasks
Teamwork	Selects and uses appropriate conventions and protocols when communicating with clients and others in a range of contexts
Technology	Uses digitally based technologies to enter, access or update information to achieve required outcomes

Unit Mapping Information

Supersedes and is equivalent to FNSSUP407 Assess complex superannuation benefit or insurance claims.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSSUP417 Assess superannuation benefits and insurance claims under special conditions of release

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

assess superannuation benefit claim or insurance claim under special conditions of release on at least two occasions.

In the course of the above, for each assessment the candidate must:

review validity of request for payment and evidence provided

determine entitlements according to fund entitlements and organisational authority levels and guidelines

follow payment criteria according to the terms of the trust deed, legislative requirements and organisational policies and procedures.

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:

legislative requirements relating to assessing superannuation benefits and insurance claims under special conditions of release

organisational policies, procedures and authority levels for reviewing requests for payment

key aspects of fund entitlements and operating guidelines relating to assessment of superannuation benefits and insurance claims

processes for identifying payment criteria according to relevant trust deeds, legislation and organisational procedures

fund policies and procedures relating to assessment of superannuation benefit and insurance claims, including relevant underwriting frameworks and policies

changes to products and services relating to superannuation benefits and insurance claims, and implications for assessments.

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:

organisational equipment, technology, software and consumables

trust deed documentation and documentation containing details of fund terms of entitlement

organisational policies and procedures.

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

FNSSUP418 Participate in superannuation fund reviews

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to conduct quality checks and reviews of superannuation funds. It involves conducting data integrity checks, participating in fund review processes according to organisational policies and procedures, and communicating review findings to a range of parties.

The unit applies to those who use specialised knowledge and systematic approaches to ensure integrity of data and information and meet organisational quality assurance requirements.

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

Superannuation

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. Conduct data integrity checks	1.1 Identify data requirements, data input systems and database 1.2 Collect and verify data according to relevant regulations and organisational policies and procedures 1.3 Check data input for completeness and correctness 1.4 Sample member statements and records for correctness 1.5 Review systems and database programs for efficiency and accuracy
2. Undertake fund review activities	2.1 Reconcile fund records according to organisational policies and procedures 2.2 Prepare fund financial statements according to organisational policies and procedures 2.3 Review and update member records and calculate benefits according to organisational policies and procedures
3. Finalise fund review	3.1 Prepare review information and provide to required personnel according to organisational policies and procedures 3.2 Discuss review findings with relevant stakeholders according to organisational procedures 3.3 Integrate feedback from discussions and distribute review information or report to required stakeholders according to organisational policies and procedures

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Performs calculations and uses a range of mathematical problem-solving techniques to complete task requirements
Oral communication	Uses active listening and questioning techniques to explain and convey complex information to a range of people
Reading	Uses high level analytical skills to evaluate and thoroughly check system information and data for accuracy, completeness and authenticity against specified criteria and requirements
Writing	Prepares documentation using language, concepts and terminology appropriate to audience and purpose
Planning and organising	Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficient and effective outcomes Applies systematic and analytical decision-making processes for complex and non-routine situations
Problem solving	Accepts responsibility for addressing less predictable problems and initiates standard procedures in response, applying problem-solving processes in determining a solution
Self-management	Identifies and acts on issues that contravene relevant policies, procedures and legal requirements
Teamwork	Selects and uses appropriate conventions and protocols when communicating with clients and colleagues in a range of contexts
Technology	Uses digitally based technologies to enter, access, check or update information to achieve required outcomes

Unit Mapping Information

Supersedes and is equivalent to FNSSUP408 Participate in fund review practices.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSSUP418 Participate in superannuation fund reviews

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

participate in the review of at least one superannuation fund, and:

conduct required data integrity checks

prepare information or report for key stakeholders in that review.

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:

legislative requirements relating to superannuation funds, including:

auditing requirements of superannuation legislation

laws relating to data protection

key obligations set out in privacy legislation in relation to this work

organisational policies, procedures, objectives and guidelines relating to fund review practices and quality checks

purpose, process and documentation requirements for annual review of fund records and other data

details of fund records, including:

financial statements, including categories listed in chart of accounts

member records

reporting alternatives for defined benefit funds and accumulation funds

capital gains taxation requirements

information requirements for financial statements from members, employers, trustees, fund administrators, trade unions, investors and taxpayers.

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:

organisational equipment, technology, software and consumables

fund and member records required to conduct superannuation fund reviews

organisational policies and procedures.

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

FNSSUP419 Provide retirement income stream information to superannuation clients

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to respond to enquiries about retirement income products offered by the organisation or other funds providing the income streams.

The unit applies to those who use specialised knowledge and effective customer service skills to respond to enquiries and assist clients with complex income stream needs and requirements.

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

Superannuation

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. Establish client relationship and record client details	1.1 Establish nature of client enquiry using suitable communication methods 1.2 Access client records or record new client details in organisational system 1.3 Explain to client role of organisation, and role and limits of authority of the representative 1.4 Identify clients with special needs and take necessary action or refer to appropriate advice channel where required
2. Provide client with general information about income stream options	2.1 Explain income stream products to client and the main differences and availability of account-based and non-account based income streams 2.2 Outline the general processes behind setting up an income stream product to client 2.3 Communicate process to move from accumulation phase to pension drawdown phase to client 2.4 Explain basic investment concepts to client 2.5 Identify the impact of a client’s investment choices on their account-based income stream 2.6 Provide client with options and refer to applicable specialist if they request personal advice
3. Explain retirement income stream products and options to client	3.1 Provide information, organisational materials and guidance relating to retirement income products offered by the organisation 3.2 Inform the client of ancillary benefits, facilities and options available when taking out an income stream product 3.3 Explain fees and charges associated with the organisation’s income stream products to client 3.4 Identify risk and benefits of income stream products available from the organisation and explain to client 3.5 Discuss procedures for complaint handling and resolution with client
4. Assist with client product enquiries	4.1 Provide assistance with enquiries relating to retirement income stream products according to legislative and regulatory requirements 4.2 Provide assistance with enquiries relating to requests for membership changes if purchasing an income stream from the client’s existing superannuation fund 4.3 Access applicable sources of information to respond accurately to client enquiries 4.4 Explain calculation process of pension payments with consideration given to social security, Centrelink and Department of Veterans’ Affairs (DVA) benefits 4.5 Provide information to clients who receive reversionary pensions and explain how nominations are made by the client 4.6 Check client understanding of information provided according to organisational policies and procedures and in compliance with legislative requirements 4.7 Provide follow-up services relating to client enquiries, as required and according to organisational policies and procedures

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Learning	Updates industry and product knowledge
Numeracy	Interprets financial information and uses mathematical operations to complete calculations
Oral communication	Explains product and service information unambiguously using language applicable to audience and environment Uses listening and questioning techniques to gain feedback and confirm understanding
Reading	Interprets written information from applicable sources
Writing	Uses specific and industry-related terminology to complete workplace documentation
Self-management	Takes responsibility for adherence to legal, regulatory and organisational requirements that relate to own work role Adapts personal communication style to show respect for the values, beliefs and cultural expectations of others
Technology	Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

Supersedes and is equivalent to FNSSUP409 Provide specialist retirement income stream information to clients.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSSUP419 Provide retirement income stream information to superannuation clients

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

provide specialist retirement income stream information to at least three different clients.

In the course of the above, the candidate must:

confirm client’s understanding when providing above information

provide general advice that complies with legislative requirements, organisational policies and procedures, and industry regulations.

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:

legislative and regulatory requirements relating to retirement income stream, including:

those relating to the provision of factual superannuation information or general advice

product-specific requirements

privacy and confidentiality requirements

organisational policies and procedures relating to the provision of general advice on retirement income streams and the communication of that advice

retirement income stream products available in the organisation and more generally in the industry

process and documentation requirements for issuance of income stream products

marketing and product disclosure documents in providing advice to clients

types of information typically sought from client groups

calculating process of pension payments, including:

impact of social security

Centrelink

Department of Veterans’ Affairs (DVA) benefits

basic investment concepts, including:

risk and return

time horizons

asset classes

difference between general advice and personal advice, and significance of this difference in relation to providing advice to clients about post-retirement income stream products

differences between reversionary pensions payable from account based and non-account based income streams

key components of defined benefit non-account based income stream with and without a reversionary pension

key components of an income stream with a guarantee period.

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:

organisational equipment, technology, software and consumables

financial services product information

organisational policies and procedures, including for handling confidential client information.

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

FNSSUP420 Establish and administer retirement income streams

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to set up and manage retirement income streams in compliance with current legislation and regulations.

The unit applies to those who use specialised industry knowledge and work systematically to review and process information and data according to defined procedures.

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

Superannuation

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. Receive application and verify data	1.1 Receive new income stream application and payment where required, and compile required documentation 1.2 Check that documentation is correct and complete 1.3 Identify and address issues or irregularities and seek advice from team members or authorised personnel as required 1.4 Gather further information from appropriate sources to proceed with application if required 1.5 Update new and additional information according to organisational policies and procedures
2. Calculate amount of retirement income stream	2.1 Calculate amount of a non-account based income stream according to minimum and maximum annual limits 2.2 Confirm payment selected by the member in an account-based income stream is within age-related limits 2.3 Calculate payment for transition to retirement account-based income stream, according to minimum and maximum annual limits 2.4 Administer incoming payments and outgoing benefits using required portals and systems
3. Set up new member records	3.1 Extract information required to set up income stream from application form and information collected, including setting up pay as you go (PAYG) instalments 3.2 Enter data into organisational system and follow checking and authorisation procedures for setting up new income streams including reversionary pensions 3.3 Process client’s nominated investment choice for an account-based income stream according to organisational policies and procedures 3.4 Send confirmation, policy documents or investor certificate and details of cooling off period to client according to organisational policies and procedures 3.5 File documentation according to organisational policies and procedures
4. Meet compliance requirements	4.1 Send to client periodic statement and PAYG summary with income stream details 4.2 Provide to clients and relevant government departments information relating to income stream products, within legislative and regulatory limits 4.3 Conduct system checks according to organisational policies and procedures and check for any irregularities of payments 4.4 Identify and rectify consequences of incorrect payments 4.5 Determine compliance of retirement income streams according to legislative and regulatory requirements
5. Maintain member records	5.1 Process requests for changes to client’s nominated investment choice according to organisational guidelines 5.2 Apply earning rates and consumer price index (CPI) adjustments to retirement income stream 5.3 Determine, on an annual basis, that nominated account-based income stream payments are within the relevant age range set out by legislation, and make adjustments where required 5.4 Update client’s personal details and allowable changes to nominated beneficiaries as required

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Uses mathematical operations to perform calculations and check accuracy of financial data relating to retirement income streams
Oral communication	Uses appropriate conventions and protocols, including language and concepts relevant to audience and purpose, to convey and clarify information in a range of familiar work contexts Uses active listening and questioning techniques in verbal exchanges to determine and confirm client requirements
Reading	Interprets written and numerical information from a range of sources and identifies key information
Writing	Records and completes organisational documentation and correspondence using accurate terminology, grammar and spelling to ensure clarity and readability Prepares and structures documentation logically and concisely according to organisational formats and correct procedures and protocols
Planning and organising	Plans, sequences and prioritises tasks and own workload to achieve organisational requirements Uses a formal decision-making process in undertaking evaluations against set criteria
Self-management	Follows legislative and ethical requirements and organisational policies and procedures to meet expectations associated with own role
Technology	Uses the main features and functions of digital tools and systems to access and manage information

Unit Mapping Information

Supersedes and is equivalent to FNSSUP410 Establish and administer retirement income streams.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSSUP420 Establish and administer retirement income streams

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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 administer retirement income streams for at least three different clients.

In the course if the above, the candidate must:

access member contract guidelines and prepare income benefit documentation

calculate tax payable on an income stream paid to a client, taking into account client’s age

process documentation and commutations, including taxation payable

comply with legislative and regulatory requirements and organisational policies and procedures when determining compliance of retirement income streams.

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:

legislative and regulatory requirements relating to:

establishing retirement income streams

key features of Australian privacy principles

data protection

organisational policies, procedures and guidelines relating to establishing and administering retirement income streams, including the steps in:

setting up an income stream and the documents required, including the verification process

maintaining an income stream and the documents required, including proof of life for non-account based income streams

types of income streams earned by clients, including:

those included in pay as you go (PAYG) documentation

reversionary pensions

retirement income stream products of the organisation

ethical considerations in handling confidential and private client information

ways and processes by which a person can purchase a retirement pension or annuity

retirement pension or annuity options available to clients, including hybrid fund options

position and implications for beneficiaries in establishing a retirement income stream, including:

relevance to reversionary pensions

account-based income streams

death benefit nominations

estate planning

key features and benefits of retirement income stream products

documentation required to establish retirement income streams, including certified copies of appropriate identification

requirements for accessing an income stream

methods used to perform calculations relating to retirement income streams

consequences of incorrect processing of income stream payments, incorrect maintenance of the income stream, and of other breaches

key features of policy documents for investment clients, including:

confirmations

investor certificates

details regarding cooling off periods.

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:

organisational equipment, technology, software and consumables

financial services product information

client documentation required to establish and administer retirement income streams, including PAYG summary documentation with income stream details

publicly available information required to establish and administer retirement income streams, including the latest consumer price index (CPI) information available

organisational policies and procedures relevant to establishing and administering retirement income streams.

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

FNSSUP421 Process superannuation benefits and insurance claims under special conditions of release

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to receive and ensure correct allocation of funds regarding superannuation benefit payment and insurance claims. Conditions would include claims for death, total and permanent disability (TPD), income protection, terminal illness payment, situations of severe financial hardship, or situations warranting early release on compassionate grounds.

The unit applies to those who use specialised industry knowledge and analytical skills to evaluate and process complex information and data following defined procedures.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Superannuation

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. Receive applications for benefit payment and insurance claims	1.1 Identify benefit types to determine relevant steps for processing benefit 1.2 Acknowledge receipt of application for superannuation benefit payment and insurance claim 1.3 Document receipt according to organisational policies and procedures 1.4 Check application, claim and organisational documentation and confirm information is complete and correct 1.5 Check application for eligibility 1.6 Verify signature on application with original documents
2. Identify and manage application and claim errors	2.1 Identify errors and incomplete application and/or claim 2.2 Action incomplete or incorrect application and/or claim according to organisational requirements 2.3 Prepare application and/or claim for processing when required information is obtained
3. Assess and process applications for benefits and insurance claims	3.1 Check application against conditions identified in trust deed and organisational policies and procedures 3.2 Source additional information as required from relevant personnel 3.3 Check trust deed for defined beneficiaries and communicate with relevant stakeholders as required 3.4 Calculate benefit to include additional fees, charges and other factors, using relevant digital systems 3.5 Check information, including taxation and calculation results, for integrity 3.6 Prepare rollover documentation for provision to members, Australian Taxation Office (ATO) and rollover funds 3.7 Process application according to conditions identified in trust deed, relevant legislation and organisational policies and procedures 3.8 Pay benefit according to organisational policies and procedures
4. Provide member communications	4.1 Provide statements and claim correspondence to member according to organisational guidelines and compliance requirements 4.2 Document processes and outcomes of application and/or claim in member file 4.3 Provide procedure for complaints to member as required

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Performs mathematical calculations to analyse complex financial data and requirements, and to process payments and calculate taxation
Oral communication	Participates in verbal exchanges, using active listening and questioning techniques to share, convey and clarify information with a range of people
Reading	Analyses and consolidates complex information and data from a range of sources against defined criteria and eligibility requirements
Writing	Records information and data using correct spelling and terminology Prepares organisational documentation and correspondence using language and concepts appropriate to audience and purpose
Planning and organising	Makes routine decisions and implements standard procedures for routine tasks, using formal decision-making processes for more complex and non-routine situations Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effective outcome
Self-management	Accepts responsibility for addressing less predictable problems and initiates standard procedures in response, applying problem-solving processes in determining a solution
Teamwork	Cooperates with others and contributes to work practices where joint outcomes are expected and deadlines are to be met Uses a range of strategies and reads verbal and non-verbal signals to establish a sense of connection and build rapport with internal and external stakeholders
Technology	Uses digitally based technologies to enter, access or update information to achieve required outcomes

Unit Mapping Information

Supersedes and is equivalent to FNSSUP401 Process complex superannuation benefit or insurance claim.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSSUP421 Process superannuation benefits and insurance claims under special conditions of release

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

process at least two superannuation benefit claims and/or insurance claims made under special conditions of release.

In the course of the above, the candidate must:

follow conditions contained in the trust deed and organisational requirements

manage applications and claim errors

calculate payments, including taxation requirements as required.

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:

taxation requirements for:

death

deductions for payments

financial hardship payment

income protection

terminal illness benefit

total and permanent disablement benefits

organisational policies, procedures and objectives relating to processing complex superannuation benefit and insurance claims

differences between payment types

documentation requirements for processing death and disability payments

procedures and information requirements to assess, calculate and process benefits for lump sum payments, death claims and disablement claims

conditions applying to trust deeds and legal implications

steps and procedures for:

assessing claims and calculating and processing payments

monitoring pension and annuity payments.

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:

organisational equipment, technology, software and consumables

organisational policies and procedures.

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

FNSSUP422 Assist organisation to meet regulatory superannuation compliance requirements

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to assist an organisation to meet compliance requirements relevant to superannuation. It involves identifying and assisting the organisation to comply with the legislative requirements of the Australian Financial Complaints Authority (AFCA), Australian Prudential Regulation Authority (APRA), Australian Securities and Investments Commission (ASIC), Australian Taxation Office (ATO), and Australian Transaction Reports and Analysis Centre (AUSTRAC).

The unit applies to those who use specialised knowledge to evaluate complex information and compliance requirements to implement quality assurance practices.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements, including those of APRA, ASIC, ATO and AUSTRAC. Users are advised to check with the relevant state and territory regulatory authorities to confirm those requirements.

Unit Sector

Superannuation

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 compliance requirements	1.1 Identify roles of compliance regulatory bodies 1.2 Identify legislation and regulations determining compliance 1.3 Identify reporting requirements of relevant legislation
2. Facilitate compliance audits	2.1 Provide information for annual review and compliance reports within required timeframes to compliance auditors 2.2 Provide relevant stakeholders with required information 2.3 Collate and prepare statutory reports required by regulatory bodies 2.4 Store documents and records according to regulatory requirements and organisational policies and procedures
3. Assist in confirming compliance requirements are met	3.1 Review documentation and confirm superannuation compliance requirements are met 3.2 Review and confirm that organisational procedures and guidelines regarding superannuation compliance requirements are followed 3.3 Review and record member communications and confirm that compliance requirements are met 3.4 Communicate implications of compliance and non-compliance to member 3.5 Maintain member documentation according to organisational procedures 3.6 Report irregularities within required timeframes to required stakeholders according to legislative and organisational requirements 3.7 Integrate new compliance requirements into work practices as required
4. Prepare information for statutory reports	4.1 Identify organisational guidelines for preparing information for statutory reports 4.2 Identify requirements for taxation returns and statutory reports 4.3 Identify compliance requirements for required regulatory bodies 4.4 Prepare information according to regulatory guidelines and organisational procedures 4.5 Forward information to relevant internal and external parties
5. Implement quality assurance practices	5.1 Identify organisational quality assurance practices and make recommendations for improvement where required 5.2 Implement system and process checks, and identify irregularities and potential fraudulent activity 5.3 Identify best practice standards and integrate new compliance requirements into work practices as required 5.4 Undertake training and professional development to maintain currency and develop own skills and knowledge

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Learning	Implements formal approaches to maintain currency of professional skills and knowledge
Numeracy	Performs calculations to analyse and evaluate financial information required for reports
Oral communication	Uses appropriate conventions and protocols, including active listening and questioning techniques, to explain and convey complex information to required parties in a range of contexts Shares information with others using language and concepts appropriate to audience and purpose
Reading	Researches, analyses and consolidates complex information from a range of sources to identify key requirements
Writing	Prepares documentation using language, concepts and terminology appropriate to audience and purpose to convey and clarify explicit information and requirements
Planning and organising	Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficient and effective outcomes Makes routine decisions and implements standard procedures for routine tasks, using formal decision-making processes for more complex and non-routine situations
Problem solving	Accepts responsibility for addressing less predictable problems and initiates standard procedures in response, applying problem-solving processes in determining a solution
Self-management	Accepts responsibility and ownership for tasks, and makes decisions on completion parameters and the need for coordination with others Identifies and acts on issues that contravene relevant policies, procedures and legal requirements
Technology	Uses digitally based technologies to enter, access or update information to achieve required outcomes

Unit Mapping Information

Supersedes and is equivalent to FNSSUP402 Assist in meeting superannuation compliance requirements.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSSUP422 Assist organisation to meet regulatory superannuation compliance requirements

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

provide support to ensure superannuation compliance requirements are met for an organisation on at least three different occasions.

In the course of the above, the candidate must:

prepare member communications according to compliance requirements, and information for statutory returns

implement quality assurance practices, including integrating new compliance requirements and processing checks.

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:

legislative and regulatory compliance requirements relating to:

superannuation industry

taxation

privacy

Australian Prudential Regulation Authority (APRA) Prudential Standards

corporations

compliance and reporting requirements, including timeframe requirements for compliance reports and the lodgement of statutory reports for:

APRA

Australian Securities and Investments Commission (ASIC)

Australian Taxation Office (ATO)

Australian Transaction Reports and Analysis Centre (AUSTRAC)

organisational policies and procedures relating to assisting organisations to meet regulatory superannuation compliance requirements

organisational quality assurance practices

roles of compliance regulatory bodies

role, rights and responsibilities of trustees regarding regulatory compliance

compliance responsibilities for fund administrators and consequences of non-compliance

legal implications of trust deeds and contracts

relationships between required personnel regarding information necessary for regulatory compliance activities, including:

actuary

auditor

trustee under superannuation legislation

requirements and procedures for preparing statutory reports and taxation returns

procedures for obtaining information on financial transactions, lost member records, contributions and benefits

consequences of incorrect processing of contributions or benefits and other member information

fraud deterrence practices.

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:

organisational equipment, technology, software and consumables

organisational financial records

organisational policies and procedures.

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

FNSSUP423 Provide knowledge of retirement planning issues when dealing with superannuation clients

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to provide general advice to clients relating to a range of retirement planning issues.

The unit applies to those who need to keep up-to-date with current issues and requirements relating to retirement, including general financial issues and risk, income streams and annuities, the social security system, aged care facilities, and estate planning.

While this unit entails providing information to clients it does not cover the provision of personal advice and is intended as a general overview of post-retirement planning issues.

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.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Superannuation

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 and analyse key financial issues relating to retirement	1.1 Research current demographic and financial trends impacting the ageing population 1.2 Analyse implications of adverse financial circumstances that can impact an individual approaching retirement 1.3 Review a range of post-retirement product types and their relationship to managing financial risk 1.4 Identify and analyse regulatory requirements relating to the provision of financial product advice 1.5 Identify sources of general information and guidance relating to financial issues and risks in retirement to provide to client
2. Outline the role and key features of the social security system impacting retirees	2.1 Gather information on aged benefits, payments and services and advise client to contact Centrelink to determine eligibility 2.2 Explain to client how account-based and non-account based income streams and annuities operate within superannuation and other private income streams 2.3 Describe to client the relationships and links between government aged pension and superannuation and other private income streams 2.4 Communicate to client the impacts government benefits can have on an individual’s income in retirement
3. Provide general information on aged care options and significance of estate planning to clients, within regulatory limits	3.1 Obtain and provide aged care options to client and explain how sources of further information can be accessed according to regulatory requirements 3.2 Explain the nature and purpose of an estate plan to client 3.3 Outline general information on taxation issues and consequences for dependants of retirement income stream products 3.4 Outline legal requirements and issues relating to wills, powers of attorney, trusts and other estate planning matters to client 3.5 Explain general estate planning and death benefit options

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Learning	Maintains own knowledge and responsibly shares information gained from experience and research with others Develops knowledge of and adheres to legal, regulatory and organisational requirements relevant to own work role
Numeracy	Interprets financial information and data
Oral communication	Uses language and concepts appropriate to audience and purpose to convey and clarify information to a diverse range of clients Uses questioning and active listening in verbal exchanges to determine and confirm requirements Adapts personal communication style to show respect for the values, beliefs and cultural expectations of others
Reading	Interprets written and numerical information from a range of sources and identifies key information
Initiative and enterprise	Ensures industry and product knowledge is current and is used in compliance with organisational protocols
Self-management	Takes responsibility for tasks and decisions relating to client advice and support that complies with legal and organisational requirements, and identifies when client requires specialist assistance
Technology	Uses the main features and functions of digital tools to access and convey information

Unit Mapping Information

Supersedes and is equivalent to FNSSUP413 Apply knowledge of retirement planning issues when dealing with clients.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSSUP423 Provide knowledge of retirement planning issues when dealing with superannuation clients

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

provide information on retirement planning issues when dealing with at least three different superannuation clients; at least two of whom require information on estate planning.

In the course of the above, the candidate must:

demonstrate currency of key information applicable to retirement planning

provide information and general advice to clients on issues relating to aged care and retirement options

explain the general impacts of social security on income in retirement to a client.

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:

legislative and regulatory requirements relating to the provision of financial advice within the context of retirement planning and superannuation clients

regulatory requirements relating to aged care facilities that impact on retirement planning

taxation issues relevant to:

estate planning

retirement benefits and associated estate planning options

organisational policies, procedures and requirements relating to providing information to clients

common methods to interpret and apply financial data

demographic trends relating to seniors and retirement, including:

average life expectancy

improvements in mortality

longevity risks to income sources in retirement

issues relating to consumer behaviour impacting on retirement, including:

skills and work

expectations and personal preferences and biases

cultural issues

job prospects for mature age workers

budgeting for retirement

financial risks for retirees, including:

longevity and how long money will last

market changes, adverse market events, and their timing

inflation

interest rate changes

political risk

implications of adverse financial circumstances that can impact an individual approaching retirement

post-retirement product types and their relationship to managing financial risk, including the difference between account-based income streams which depend on investment returns and non-account based income streams which depend on consumer price index (CPI) changes

aged care residential options, including:

retirement villages

high and low care nursing homes

in-home government support programs

types of costs, services and eligibility requirements associated with different types of aged care facilities

eligibility requirements for accessing aged pensions and social security benefits, including:

means testing

concept of deemed, gross and net actual income

non-financial issues to be considered when planning for retirement, including:

family matters

health matters

where to live

insurance

estate planning and inheritance, including taxation issues relating to estate planning

retirement income stream products, including:

lump sum payments

reversionary pensions to beneficiaries

purpose and key features of wills, powers of attorney and trusts

roles and responsibilities of a power of attorney and a trustee.

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:

organisational equipment, technology, software and consumables

financial services product information

organisational policies and procedures, including requirements for handling confidential client information.

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

FNSSUP424 Establish and customise employer accounts in superannuation

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to set up accounts for corporate clients of master trusts and clients within industry funds, using a computerised information management system or database.

It applies those who use specialised industry knowledge and systematic approaches to structure and organise a range of complex information and data and meet organisational quality assurance requirements.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Superannuation

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. Obtain information for new employer records	1.1 Obtain details for new employer record from field representative and employer relationship manager 1.2 Check information for completeness, accuracy, inconsistencies and authenticity 1.3 Obtain further details from fund representative and employer, as required
2. Set up new file for employer	2.1 Enter data into organisational information system 2.2 Activate new employer file according to organisational policies and procedures 2.3 Establish employer contribution mechanism, including processes for communication and financial transactions 2.4 Enter details of schedules, exceptions, rules, insurance details and categories
3. Set up account systems	3.1 Set up insurance arrangements 3.2 Enter details of account options 3.3 Establish facility for bulk load transfers if required 3.4 Establish employer details and maintain according to organisational requirements 3.5 Check data entry according to organisational policies and procedures

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Uses mathematical operations to perform calculations and check accuracy of financial information relating to work activities
Oral communication	Participates in verbal exchanges, using active listening and questioning techniques to share, convey and clarify information with a range of people
Reading	Analyses and consolidates complex information and data from a range of sources against defined criteria and requirements
Writing	Records information and data using correct spelling and terminology Prepares organisational documentation and correspondence to obtain and confirm information using language and concepts appropriate to audience and purpose
Planning and organising	Takes responsibility for planning, sequencing and prioritising tasks and own workload
Problem solving	Makes routine decisions and implements procedures for routine tasks, using formal decision-making processes for more complex and non-routine situations
Self-management	Takes personal responsibility for following organisational policies and procedures and legislative requirements
Technology	Uses digitally based technologies to enter, access or update information to achieve required outcomes

Unit Mapping Information

Supersedes and is equivalent to FNSSUP404 Establish and customise employer accounts.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSSUP424 Establish and customise employer accounts in superannuation

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

set up and establish employer accounts for at least three different clients.

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:

legislative and organisational requirements relating to data protection and privacy and their relevance to establishing and customising employer accounts in superannuation

organisational policies, procedures, guidelines and information, documentation and communication systems relevant to employer accounts

organisational quality assurance practices

consequences of incorrect employer documentation

information required to establish a comprehensive employer profile

procedures for establishing transaction systems

information requirements for establishing vesting arrangements, non-preserved money fund options and insurance arrangements.

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:

organisational equipment, technology, software and consumables

organisational policies and procedures.

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

FNSSUP431 Terminate retirement income streams

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to terminate retirement income stream benefit payments, process commutation claims or permit partial withdrawals and determine taxable component of terminated income stream for clients. In the case of a client’s death, the described activities will be performed for the beneficiary of the retirement income stream.

The unit applies to those who use specialised industry knowledge and systematic approaches to thoroughly and accurately complete a range of tasks that meet organisational quality assurance procedures.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Superannuation

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. Process outstanding transactions	1.1 Determine identity and authority of person making enquiry in respect of client’s income stream 1.2 Respond to enquiry relating to terminating retirement income stream by detailing proposed actions according to organisational policies and procedures 1.3 Identify the type of income stream 1.4 Determine whether the client is requesting a full or partial withdrawal or commutation from the income stream 1.5 Determine whether income stream can be commuted, terminated or whether it permits partial withdrawals and whether a reversionary pension or payment to the client’s estate is available in the case of client’s death 1.6 Assess whether client is exercising their rights under the cooling-off period
2. Complete and action fund documentation	2.1 Record and communicate options to client or beneficiary and process required action according to their instructions and organisational procedures 2.2 Process reversionary pension and other payments to the client’s estate in the event of client’s death, confirm relevant documentation has been received, and initiate claim staking processes where required 2.3 Contact relevant person to obtain complying benefit payment request where payments are requested to be made to a third party 2.4 Action client request to roll over a lump sum to another superannuation fund according to organisational procedures 2.5 Establish a new reversionary income stream resulting from the termination of client’s income stream according to organisational policies and procedures 2.6 Follow organisational procedures where a partial withdrawal by client from an account-based pension results in a breach of minimum and maximum range for income stream
3. Determine taxable component of terminated income stream	3.1 Determine payment of a lump sum from an income stream, complying with legislative and regulatory requirements 3.2 Establish client’s age to determine whether tax is payable where the lump sum is a full or part withdrawal or commutation is paid to the client 3.3 Use Australian Tax Office (ATO) guidelines to confirm dependency status and age of beneficiaries or estate recipients where a lump sum is payable 3.4 Follow organisational procedures regarding payment of a tax anti-detriment adjustment where a lump sum is payable to beneficiaries or the estate 3.5 Calculate and record relevant tax component in system according to legislative requirements and operational procedures 3.6 Prepare documentation relevant to taxation calculations and forward to required personnel for review according to organisational policies and procedures
4. Finalise payments	4.1 Determine entitlements within authority levels and obtain sign-off 4.2 Communicate outcome and nominated rollover fund details to client, beneficiary or client’s legal representative and send required information to client, their nominated rollover fund, beneficiary or legal representative, according to legislative and organisational requirements 4.3 File copies of documents correctly and in a timely manner 4.4 Respond to further client enquiries and refer complex enquiries to required personnel 4.5 Implement system and process checks according to organisational policies and procedures, and correct irregularities 4.6 Communicate irregularities to required personnel according to organisational policies and procedures

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Uses mathematical operations to perform calculations and check accuracy of financial information relating to work activities
Oral communication	Uses appropriate conventions and protocols, including language and concepts appropriate to audience and purpose, to convey and clarify information in a range of contexts Uses questioning and active listening in verbal exchanges to determine and confirm requirements
Reading	Interprets written and numerical information from a range of sources and identifies required information to complete work activities
Writing	Records and completes organisational documentation and correspondence using correct terminology, grammar and spelling to ensure clarity and readability Prepares and structures documentation logically and concisely according to organisational formats and correct procedures and protocols
Planning and organising	Plans, sequences and prioritises tasks to achieve organisational requirements Uses formal decision-making processes and guidelines to resolve routine and non-routine issues and irregularities
Self-management	Follows organisational policies and procedures and legislative and ethical requirements and meets expectations associated with own role
Technology	Uses the main features and functions of digital tools and systems to access and manage information

Unit Mapping Information

Supersedes and is equivalent to FNSSUP411 Terminate retirement income streams.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSSUP431 Terminate retirement income streams

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

terminate or commute retirement income streams for at least one client.

In the court of the above, the candidate must:

use Australian Tax Office (ATO) guidelines to confirm dependency status and age of beneficiaries or estate recipients where a lump sum is payable

rectify errors and irregularities and communicate to required personnel

calculate income stream payout, including full and partial withdrawals or commutations

implement system and process checks and identify any irregularities.

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:

legislative requirements, regulations and contractual terms governing termination of retirement income streams in the event of death

organisational policies and procedures relating to termination of retirement income stream products, including steps in:

terminating or ceasing income streams and annuities

partial withdrawal and partial commutation of pensions

communicating with client, beneficiaries and client’s legal representative

organisational quality assurance

definitions of dependant, including definitions according to superannuation and taxation laws, including those of Superannuation Industry (Supervision) [SIS] Act and ATO

ethical and legal considerations in handling confidential and private client information

process and issues relevant to the nomination of beneficiaries

personnel entitled to make enquiries about a client’s superannuation and dealing with related enquiries

procedures for processing and calculating death benefits

timing rules and procedures for calculating commutations of non-account based income

claim staking process for death benefits

anti-detriment tax adjustments for lump sum benefits paid to dependants

overview of taxation implications on retirement income stream or annuity products

access and preservation rules

rules, processes and circumstances relevant to:

rolling back a pension

rolling over and refreshing a pension

reversionary pensions.

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:

organisational equipment, technology, software and consumables

organisational policies and procedures, including requirements relevant to terminating retirement income streams.

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

FNSSUP432 Determine impact of social security entitlements on retirement income

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to determine the implications of possible social security entitlements in calculating an individual’s retirement income stream. It does not include the provision of personal financial advice to an individual.

The unit applies to those who use specialised industry knowledge and systematic approaches to analyse numerical information, process financial information and maintain quality standards.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Superannuation

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. Research eligibility requirements for accessing social security entitlements	1.1 Identify and analyse sources of current information on social security entitlements and their impact on income in retirement 1.2 Analyse requirements of individual’s government aged pension entitlement 1.3 Determine impacts of social security entitlements on the income of an individual in or nearing retirement 1.4 Determine eligibility requirements for relevant social security entitlements and allowances that apply to individuals 1.5 Obtain confirmation of eligibility with Centrelink from individual according to organisational policies and procedures
2. Apply means testing rules	2.1 Identify the treatment of income streams according to the means testing process prescribed by the government and the different treatments of account based and non-account based income streams 2.2 Apply means testing arrangements to work activities 2.3 Identify aged pension threshold rates at which government pensions reduce for the individual 2.4 Use income and assets test information to calculate annual income stream amount to be assessed for social security purposes
3. Determine deemed income on retirement entitlements	3.1 Identify calculation for deemed income 3.2 Provide details on financial investments included and excluded in deemed income and the asset test calculation 3.3 Identify deeming rates for individual 3.4 Seek advice and clarification from required personnel

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Interprets financial information and analyses against guidelines and rules Uses mathematical operations to perform complex calculations using multiple forms of financial data
Oral communication	Uses clear, specific language and correct terminology to convey information and achieve required outcomes
Reading	Gathers, analyses and interprets simple to complex information from a range of sources
Writing	Produces texts of varying complexity using language appropriate to audience and purpose to convey information accurately and effectively
Problem solving	Makes critical decisions effectively in complex situations, based on evaluation against set criteria
Self-management	Follows legislative requirements, and organisational policies and procedures relevant to work activities
Teamwork	Selects and uses appropriate communication conventions and protocols to liaise with others

Unit Mapping Information

Supersedes and is equivalent to FNSSUP412 Determine impact of social security entitlements on retirement income.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSSUP432 Determine impact of social security entitlements on retirement income

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

determine impact of social security entitlements on the retirement income of at least three different people.

In the course of the above, the candidate must:

research current information on social security rules and eligibility requirements and apply to determine impact on retirement income streams

apply mathematical techniques to:

calculate retirement income taking into consideration the impact of possible social security entitlements

correct rules and rates to calculate deemed income on retirement entitlements.

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:

legislative requirements relating to client privacy and data confidentiality

organisational policies and procedures relating to determining impact of social security entitlements

organisational quality assurance

social security entitlements available for those retired or nearing retirement

key components of the Australian social security system and government retirement income policy

government social security entitlements and allowances, including payments for:

veterans

carers

people with disabilities

current means testing frameworks relevant to determining the impact of social security entitlements on retirement income

methods for calculating an individual’s age pension entitlement, including how the Australian social security system takes superannuation assets into account

treatment of income streams in means testing, including:

pensions

annuities

methods used to check for computational errors in financial calculations.

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:

organisational equipment, technology, software and consumables

organisational policies and procedures.

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

FNSSUP434 Develop and provide knowledge of aged care to superannuation clients

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to provide assistance to superannuation clients in understanding aged care options and how they work. It involves the provision of general information relating to broad financial and family issues affecting clients.

The unit applies to those who use knowledge of aged care services and options to manage communications with clients or relatives of clients in planning for or requiring the use of aged care services. It does not include the provision of personal financial advice.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Superannuation

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. Research the aged care system in Australia	1.1 Research scope of market for aged care accommodation services 1.2 Analyse types of aged care accommodation and services available in Australia 1.3 Determine options for independent living services and impact on individual’s expenses 1.4 Review structure of aged care system in Australia and identify processes for gaining access to aged care services
2. Provide information about aged care to clients	2.1 Communicate with client regarding aged care according to professional protocols, regulatory requirements, and organisational policies and procedures 2.2 Explain to client the user pays principles underlying aged care fees based on an individual’s assets and income 2.3 Identify relevant categories of fees and how they are calculated 2.4 Communicate options available to client in paying aged care fees and considerations involved in the decision 2.5 Describe how the former home decision affects aged care fees 2.6 Outline process to access government care subsidies 2.7 Describe opportunities to manage cash flow and reduce fees 2.8 Refer client to sources of specialist information or advice to address specific personal needs
3. Outline the effect of aged care on social security payments and estate planning in a superannuation context	3.1 Explain Centrelink or Department of Veterans’ Affairs (DVA) assessment of aged care fees and the impact on a client’s Centrelink and DVA entitlements 3.2 Explain process of moving to aged care accommodation and the impacts on a client’s Centrelink or DVA pension 3.3 Describe the effect of moving into aged care on superannuation assets 3.4 Outline treatment of superannuation and income streams in the means testing arrangements 3.5 Describe financial and emotional decisions that need to be made in relation to the former home and the impact this may have on Centrelink or DVA pension entitlements 3.6 Explain to client estate planning considerations affecting aged care decisions and funding the fees

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Learning	Maintains accurate and current knowledge relevant to role and responsibly shares information gained from experience and research with others Synthesises information from multiple sources and integrates prior knowledge with new information
Numeracy	Comprehends financial information relevant to aged care fees and income and applies accurately to different scenarios
Oral communication	Explains detailed information using language, tone and pace appropriate to audience Uses strategies such as questioning, active listening and reading of non-verbal cues to support effective communication
Reading	Interprets information from a range of sources and identifies key information
Writing	Provides information in a form appropriate to audience, cultural differences, context and purpose
Planning and organising	Systematically gathers and analyses information and evaluates relevance to address client needs
Problem solving	Tailors information to address client queries and issues, and identifies when client requires specialist advice
Self-management	Takes responsibility for adhering to regulatory and organisational requirements that relate to own work role Ensures knowledge is used in compliance with organisational policies and procedures
Teamwork	Considers communication strategies to achieve effective connection with a diverse range of clients Adapts personal communication style to show respect for the values, beliefs and cultural expectations of others
Technology	Uses the main features and functions of digital tools to complete access and convey information

Unit Mapping Information

Supersedes and is equivalent to FNSSUP414 Develop and apply knowledge of aged care.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSSUP434 Develop and provide knowledge of aged care to superannuation clients

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

develop and provide information of aged care options to at least three different superannuation clients; at least two of whom must be referred to sources of further information on aged care issues.

In the course of the above, the candidate must:

convey and explain calculations involved in aged care fees and Centrelink and/or Department of Veterans’ Affairs (DVA) entitlements

use effective communication strategies appropriate to client when providing information.

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:

legislative and regulatory requirements required to be followed when providing factual information or general aged care advice to superannuation clients

organisational policies and procedures relating to providing information on aged care to clients

structure of aged care system in Australia

process to gain access to aged care services

difference between providing factual information, general advice and personal advice in superannuation

overview of the types of aged care accommodation and services available

estate planning considerations affecting aged care and their impact on retirement planning decisions

process of appointing a power of attorney and when this would be required

importance of non-financial and emotional decisions and their impact on family decision-making relating to aged care

impact on client’s entitlements from Centrelink and/or the Department of Veterans’ Affairs (DVA) of obtaining aged care services

various independent living services available in retirement.

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:

organisational equipment, technology, software and consumables

financial services product information and aged care information

organisational policies and procedures.

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

FNSSUP511 Manage customer complaints in superannuation

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to internally manage superannuation complaints procedures initiated by customers. It also includes communicating and training staff on superannuation complaint procedures.

The unit applies to those responsible for ensuring that quality practices and industry requirements are effectively implemented, maintained and communicated to required personnel.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Superannuation

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 and assess internal complaints procedures and communicate to staff	1.1 Identify workplace procedures for registering and handling superannuation complaints 1.2 Assess implementation of procedures and identify areas requiring improvement 1.3 Communicate complaints procedures to staff and provide associated documentation to required stakeholders according to organisational policies and procedures
2. Monitor and assist to resolve complaints	2.1 Review customer complaints according to organisational policies and procedures 2.2 Initiate follow-up where further information or documentation is required 2.3 Assess and resolve complex complaints and situations within limits of own authority or refer to required personnel 2.4 Provide training and development on superannuation complaints to support staff as required and according to organisational objectives
3. Manage unresolved disputes	3.1 Review outcomes from internal complaints procedure and investigate, if required 3.2 Identify unresolved complaints or disputes and process according to organisational policies and procedures 3.3 Provide required information regarding pursuing formal procedures where required

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Interprets and manipulates numerical information relating to targets and timelines
Oral communication	Uses active listening and questioning techniques to convey and clarify information and confirm understanding Uses language, concepts, tone and pace appropriate to audience and purpose
Reading	Critically analyses documentation from a variety of sources
Writing	Writes, edits and proofreads documents to ensure clarity of meaning and consistency of information Prepares a range of text information appropriate to audience and formal and informal purposes
Initiative and enterprise	Anticipates and addresses less predictable problems, applying problem-solving processes to determine a solution Draws on a range of strategies for dealing with conflict, including moderating own responses
Planning and organising	Accepts responsibility for planning and sequencing complex tasks and workload, negotiating key aspects with others and taking into account capabilities, efficiencies and effectiveness
Problem solving	Makes critical decisions effectively in complex situations, taking into consideration a range of variables, including the outcomes of previous decisions
Self-management	Researches and analyses documentation regarding superannuation to ensure compliance with relevant legislation and emerging industry developments
Teamwork	Implements strategies for a diverse range of colleagues and clients to build rapport and foster strong relationships Collaborates with others, sharing information to build strong work groups, and avoids behaviours that are not conducive to a productive environment
Technology	Uses digitally based technologies to enter, access or update information to achieve required outcomes

Unit Mapping Information

No equivalent unit. Supersedes and is not equivalent to FNSSUP501 Supervise complaints procedures.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSSUP511 Manage customer complaints in superannuation

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

manage at least three customer complaints in superannuation.

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:

legislative and regulatory compliance and reporting requirements relating to managing complaints of superannuation clients, including:

obligations under privacy and data protection legislation when dealing with complaints

Australian Securities and Investments Commission (ASIC) guidelines for providing information

organisational policies and procedures and applicable legislative requirements relating to managing complaints of superannuation clients, including:

required preparation and documentation for external dispute bodies

organisational quality assurance

for accessing specialist personnel in escalations

organisational information, documentation and communication systems

timeframe and documentation requirements for compliance in complaints procedures

legal implications of non-compliance in complaints procedures

training and development on managing superannuation complaints

monitoring tools for assessing internal compliance and process.

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:

organisational equipment, technology, software and consumables

organisational policies and procedures.

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

FNSSUP512 Manage insurer liaison within a superannuation organisation

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to manage liaison with insurance bodies. It involves establishing insurer liaison, supervising the claim procedures, managing complex claims and managing risk.

The unit applies to those working in superannuation organisations who use analytical skills and systematic approaches to liaise with insurance bodies and oversee specific organisational processes.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Superannuation

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. Establish insurer liaison	1.1 Identify organisational procedures for insurance arrangements 1.2 Determine insurance performance measures 1.3 Establish contact with insurer and maintain liaison 1.4 Determine insurance premium payment details 1.5 Establish procedures for processing claims 1.6 Obtain paperwork required to undertake insurer liaison activities 1.7 Provide insurer with information to maintain member records
2. Manage risk	2.1 Assess risk profile of member with insurer 2.2 Undertake procedures to reduce risk according to organisational policies and procedures 2.3 Assess claims documentation and generate reports for trustee 2.4 Implement trustee decisions on claims and risk management procedures
3. Supervise claim procedures	3.1 Monitor performance requirements for insurer 3.2 Provide insurer with information as required to process claims 3.3 Refer disputed claims to complaints procedure
4. Manage complex insurance claims	4.1 Gather documentation for complex claims and prepare for insurer 4.2 Check claim applications against relevant terms in trust deed 4.3 Incorporate claim beneficiaries into claims processing procedure 4.4 Compile claim correspondence according to conditions identified in trust deed, relevant legislation and organisational policies and procedures 4.5 Forward claim correspondence to insurer

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Applies mathematical problem-solving techniques to analyse and assess numerical and financial data, and to process claims
Oral communication	Uses active listening and questioning techniques to negotiate outcomes, and to convey and clarify information in verbal exchanges
Reading	Sources and consolidates complex information and data from a range of sources Thoroughly analyses information and data against defined criteria, conditions and requirements
Writing	Logically records and manages information using correct organisational formats and systems Prepares documentation using clear language, concepts and terminology appropriate to audience and purpose
Problem solving	Accepts responsibility for addressing less predictable problems and applies problem-solving processes to determine a solution Makes critical decisions effectively in complex situations, taking into consideration a range of variables, including the outcomes of previous decisions Identifies and resolves key business issues, processes and practices that may have legal implications
Self-management	Accepts responsibility for planning and sequencing complex tasks and workload, negotiating key aspects with others and taking into account capabilities, efficiencies and effectiveness Takes responsibility for following policies, procedures and legislative requirements, and identifies organisational implications of new legislation or regulations
Teamwork	Implements strategies for a diverse range of colleagues and clients to build rapport and foster strong relationships Uses collaboration techniques to share information conducive to a productive environment
Technology	Uses digitally based technologies to enter, access or update information to achieve required outcomes

Unit Mapping Information

Supersedes and is equivalent to FNSSUP502 Supervise insurer liaison.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSSUP512 Manage insurer liaison within a superannuation organisation

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

manage insurer liaison on at least three occasions.

In the course of the above, the candidate must:

maintain documentation systems for insurance claims

identify, source and interpret required information to process benefits for lump sum payments, death claims and disablement claims.

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:

organisational policies, procedures, objectives and guidelines relating to insurance arrangements and performance measures, including for:

calculating and processing benefits

assessing insurance claims, and calculating and processing benefit payments

documentation requirements for processing death and disability payments

applying regulations and legislation to payments

key steps in internal and external complaints processes in superannuation

compliance responsibilities for claims processing

tendering processes

organisation’s risk management strategies.

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:

organisational equipment, technology, software and consumables

organisational policies and procedures.

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

FNSSUP513 Develop client relationships with employers and establish superannuation systems

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to represent the fund to current and potential employer clients and work with employers to establish superannuation systems. It also covers liaison and troubleshooting functions for employer accounts.

The unit applies to those who use specialised industry knowledge, problem-solving techniques and strong communication and interpersonal skills to build relationships and convey complex requirements.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Superannuation

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. Establish client relationships and record client requirements	1.1 Identify and engage prospective client 1.2 Discuss system and service needs with client 1.3 Record client details into organisational database 1.4 Make arrangements for follow-up services according to organisational procedures
2. Review systems for compatibility	2.1 Review client information technology systems and check for compatibility 2.2 Review client human resource and superannuation payment systems and employee information needs and check for compatibility 2.3 Review and note special requirements of client if relevant and discuss with relevant personnel
3. Propose superannuation fund and system for clients	3.1 Examine superannuation fund and system options to identify best options for client 3.2 Develop and present proposal to client, and negotiate and make required amendments according to organisational policies and procedures 3.3 Prepare and implement proposals according to organisational policies and procedures
4. Manage client accounts	4.1 Obtain required information from client to set up new accounts 4.2 Set up client accounts 4.3 Establish client communication channels 4.4 Distribute confirmation of new accounts according to organisational policies and procedures 4.5 Manage all transactions and documentation regarding client account and maintain according to organisational policies and procedures 4.6 Establish systems to provide ongoing support and communication to client, according to organisational policies and procedures

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Learning	Implements formal approaches to maintain currency of professional knowledge and skills
Numeracy	Applies mathematical problem-solving techniques to calculate, analyse and manipulate numerical and financial data
Oral communication	Presents information and responds to queries using language, tone and pace appropriate to audience and environment Uses active listening and questioning techniques to negotiate outcomes and convey and clarify information in verbal exchanges
Reading	Sources and consolidates complex information and data from a range of sources Critically analyses information and data against defined criteria, conditions and requirements
Writing	Prepares documentation and correspondence using appropriate formats and structures to present information logically for different audiences, and revises documents as required
Initiative and enterprise	Makes critical decisions effectively in complex situations, taking into consideration a range of variables, including the outcomes of previous matters
Planning and organising	Accepts responsibility for planning and sequencing complex tasks and workload, negotiating key aspects with others and taking into account capabilities, efficiencies and effectiveness Monitors progress of plans and schedules, and reviews and changes them to meet new demands and priorities
Self-management	Takes responsibility for following organisational policies and procedures and legislative requirements, and identifies organisational implications of new legislation or regulations
Teamwork	Implements strategies to build rapport and foster strong relationships with a diverse range of colleagues and clients Elicits feedback and provides feedback to others to improve communication Manages conflict by identifying contributing factors and implementing resolution strategies
Technology	Uses and investigates new digital technologies and applications to manage and manipulate data effectively

Unit Mapping Information

Supersedes and is equivalent to FNSSUP503 Develop client relationships with employers and establish superannuation systems.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSSUP513 Develop client relationships with employers and establish superannuation systems

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

develop a client relationship and establish superannuation systems for at least one employer client. This must involve developing a proposal for a system that meets client needs, and establishing system accounts.

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:

superannuation and taxation legislative requirements relating to:

compliance and reporting

privacy and data protection

improper inducements influencing employers

organisational policies and procedures relating to communication and documentation

compliance responsibilities for fund administrators

features and benefits of fund options and services suited to a range of clients

compatibility issues of information technology systems with superannuation software

procedures for processing superannuation contributions

information technology, human resource and management requirements for superannuation systems.

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:

organisational equipment, technology, software and consumables

organisational policies and procedures.

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

FNSSUP514 Provide information or general advice to superannuation clients

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to provide factual information and general advice to clients and respond to specific enquiries about membership, superannuation procedures and products offered by the organisation.

The unit applies to those who build relationships and use specialised industry knowledge to respond to enquiries and provide clients with relevant factual information or general advice in the superannuation industry. It does not include the provision of personal financial advice to an individual.

At the time of publication no licensing requirements apply to this unit. However, given potential future changes in the licensing environment, users must check with the relevant licensing body to confirm whether this unit is required to complete a licence.

Unit Sector

Superannuation

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. Establish relationship with client	1.1 Identify client enquiry according to organisational policies and procedures 1.2 Communicate nature of information or general advice to client and explain limits of authority 1.3 Identify any client special needs or requirements outside authority limits and take appropriate action
2. Provide information or general advice to client	2.1 Respond to enquiry by providing the information or general advice requested 2.2 Obtain further clarification from client on their enquiry, as required 2.2 Confirm that client understands information or general advice
3. Finalise enquiry	3.1 Analyse need for personal advice and ensure client is referred to appropriate adviser, if required 3.2 Discuss procedures for complaint handling and resolution with client, according to organisational policies and procedures 3.3 Provide client with organisation documentation according to regulatory and legislative requirements and client needs 3.4 Document enquiry according to organisational policies and procedures and industry codes of practice

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Performs mathematical calculations to interpret and compare financial data and information
Oral communication	Participates in verbal exchanges using collaborative and inclusive techniques, including active listening and questioning, to convey and clarify information Explains detailed information using language, tone and pace applicable to audience
Reading	Evaluates information and products from a variety of sources to ensure appropriateness to client needs
Writing	Records information, and prepares correspondence and documentation using clear language and organisational formats and protocols
Initiative and enterprise	Elicits feedback and provides feedback to clients Applies systematic and analytical decision-making processes for complex and non-routine situations Responds to problems requiring immediate resolution, drawing on past experiences
Planning and organising	Accepts responsibility for planning and sequencing complex tasks and workload, negotiating key aspects with others and considering capabilities, efficiencies and effectiveness
Problem solving	Identifies behaviours and triggers that contribute to conflict and implements strategies to moderate conflict
Self-management	Takes responsibility for following policies, procedures and legislative requirements, and identifies the organisational implications of new legislation or regulations
Technology	Uses a range of digitally based technologies to enter, access or update information to achieve required outcomes

Unit Mapping Information

No equivalent unit. Supersedes and is not equivalent to FNSSUP504 Provide advanced customer service to superannuation clients.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSSUP514 Provide information or general advice to superannuation clients

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

provide information or general advice to at least three different superannuation clients.

In the course of the above, the candidate must:

maintain client confidentiality according to organisational procedures, legislation and industry codes of practice

file client documentation, information and histories in format and location accessible to other appropriate personnel

refer clients to other organisations or service providers outside areas of authority, when clients require advice outside authority area

comply with record and documentation requirements

comply with role and advisory capacity limits.

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:

legal principles, legislation and industry codes of practice relating to providing information or general advice to superannuation clients, including privacy requirements

organisational policies and procedures relating to providing information or general advice to superannuation clients

difference between providing factual information, general advice and personal advice in superannuation

operational limits and legislative and regulatory requirements required to be followed when providing factual information and general advice in superannuation

key features of common types of funds

characteristics and structure of a superannuation product

superannuation features and concepts, including:

contribution types

preservation rules

conditions of release

rollovers

retirement income stream products

investment strategies within superannuation funds

restrictions on investment strategies

franking credits

tax deductions

internal and external complaints handling processes

fee structures and administration and management costs.

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:

organisational equipment, technology, software and consumables

financial services product information

organisational policies and procedures.

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

FNSSUP515 Produce reports for superannuation

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to analyse report requirements, design reports, research report content and produce logically structured and accurate reports that meet organisational quality and compliance requirements for administering superannuation services.

The unit applies to those who use specialised industry knowledge and systematic approaches to thoroughly and accurately review and process and produce information and data in the superannuation industry.

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

Superannuation

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. Analyse report requirements	1.1 Identify organisational and report objectives, purpose, audience and task requirements prior to document design and information gathering 1.2 Identify statutory and regulatory requirements relating to reporting 1.3 Identify and access relevant resources and research requirements
2. Design report	2.1 Model report structure and layout to suit purpose, audience and information requirements of task and confirm design meets organisational style and format 2.2 Use software for report design and to manipulate information and other material 2.3 Ensure software operations used in document development achieve required results
3. Gather and develop content and evidence	3.1 Gather general, financial and statistical content required for report 3.2 Develop report content according to organisational and compliance requirements 3.3 Gather evidence that supports report recommendations 3.4 Communicate and confirm evidence to required stakeholders and include conclusions in report
4. Prepare and produce report	4.1 Prepare draft report 4.2 Seek advice from relevant stakeholders on draft report 4.3 Make required changes to report based on advice and finalise 4.4 Produce report using required technologies according to organisational and task requirements 4.5 Name and store report and supporting documents according to organisational policies and procedures

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Uses mathematical problem-solving techniques to check data and financial information, and to plan timelines and sequence work
Oral communication	Follows complex oral instructions and uses questioning to confirm requirements
Reading	Researches, analyses and consolidates information and data from a range of sources to determine content requirements
Writing	Structures, writes, edits and proofreads documents to ensure clarity of meaning, accuracy and consistency of information
Planning and organising	Accepts responsibility for planning and sequencing complex tasks and workload, negotiating key aspects with others and taking into account capabilities, efficiencies and effectiveness
Problem solving	Applies systematic and analytical decision-making processes for complex and non-routine situations
Self-management	Takes responsibility for following organisational policies and procedures and legislative requirements
Technology	Uses digital technologies and applications to manage and manipulate data and communicate effectively in a secure and stable digital environment

Unit Mapping Information

Supersedes and is equivalent to FNSSUP505 Produce reports for superannuation.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSSUP515 Produce reports for superannuation

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

produce at least three different superannuation reports based on clear and accurate research findings according to organisational requirements.

In the course of the above, the candidate must:

prepare documents within designated timeframe and organisational requirements.

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:

legislative requirements relating to documentation in the superannuation industry

organisational policies and procedures relating to superannuation, including for:

formatting and designing reports

written communications

research methods to obtain information on development of financial and statistical details as required

advanced functions of word processing and desktop publishing software applicable to superannuation reports.

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:

organisational equipment, technology, software and consumables

organisational financial records

organisational policies and procedures.

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

FNSSUP516 Manage compliance with operational guidelines in superannuation organisations

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to identify the organisation’s operational guidelines and practices, supervise their implementation, distribute information on operational guidelines to staff as required, and monitor operational procedures and guidelines in an area or department within the organisation.

The unit applies to those who use specialised knowledge in the superannuation sector, provide leadership to others, and have responsibility for the supervision of work.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Superannuation

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 and review operational guidelines, practices and performance measures of the organisation	1.1 Identify and review organisation’s operational objectives, guidelines and procedures 1.2 Identify links to industry codes of practice and ethical standards 1.3 Identify operational procedures and practices that address compliance requirements 1.4 Identify and review performance measures and operational outcomes
2. Assess implementation of operational guidelines	2.1 Assess compliance of staff, systems and resources with operational guidelines and confirm guidelines are implemented, according to organisational procedures 2.2 Review operational guidelines for effectiveness and arrange additional support as required 2.3 Identify and implement improvements to operational guidelines according to organisational requirements
3. Distribute information on operational guidelines and communicate updates and guidelines as required	3.1 Distribute operational guidelines to relevant staff as required 3.2 Communicate updates and amendments to required personnel 3.3 Seek feedback and interpretation requests and respond according to organisational guidelines 3.4 Communicate guidelines to new staff members as part of induction procedures 3.5 Communicate sections of guidelines relevant to clients
4. Monitor and manage operational procedures and guidelines	4.1 Monitor client services and confirm operational guidelines are implemented and internal service standards are being met 4.2 Monitor performance of staff, systems and resources against organisational guidelines and objectives 4.3 Manage documentation on supervision and monitoring of operational guidelines 4.4 Monitor implementation of operational guidelines for compliance with relevant legislation and codes of practice 4.5 Identify breaches of guidelines and counsel staff members where required

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Applies mathematical concepts to analyse performance trends and targets
Oral communication	Participates in verbal exchanges using active listening and questioning to explain and clarify information Presents complex information using language, tone and pace appropriate to audience and purpose
Reading	Analyses and interprets complex textual and numerical information from a range of sources Incorporates specific aspects of information to manage operational requirements
Writing	Uses language, concepts and terminology appropriate to audience and purpose to convey and clarify explicit information and requirements Documents information according to organisational policies and procedures
Initiative and enterprise	Makes critical decisions effectively in complex situations, taking into consideration a range of variables
Planning and organising	Monitors progress of plans and schedules, and reviews and changes them to meet new demands and priorities Accepts responsibility for planning and sequencing complex tasks and workload, negotiating key aspects with others and taking into account capabilities, efficiencies and effectiveness
Problem solving	Identifies and resolves key business issues, processes and practices that may have legal implications
Self-management	Contributes to roles and responsibilities of self and others
Teamwork	Selects, implements and seeks to improve protocols governing communications to clients and colleagues in a range of contexts Reflects on staff attributes and considers the impact on the organisation Elicits and provides feedback to others to improve behaviours Manages diversity in people to improve workplace relations and practices
Technology	Uses digitally based technologies to enter, access or update information to achieve required outcomes

Unit Mapping Information

Supersedes and is equivalent to FNSSUP506 Supervise and monitor operational guidelines in a superannuation 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 for FNSSUP516 Manage compliance with operational guidelines in superannuation organisations

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

manage compliance with operational guidelines in a superannuation organisation on at least three occasions.

In the course of the above, the candidate must:

identify and address factors that have the potential to inhibit performance of staff, systems and/or resources

monitor operational procedures and guidelines against organisational objectives, and relevant legislation and codes of practice

brief staff about operational guidelines and counsel when breaches are identified

implement and monitor performance measurement systems

evaluate staff compliance with fund requirements and operational guidelines and make recommendations as required.

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:

industry Acts, regulations and codes of practice relating to supervising, implementing and monitoring operational guidelines, including:

obligations of the organisation under data protection and privacy laws

legislative and regulatory requirements required to be followed when providing factual information or general advice in superannuation

organisational operational guidelines relating to managing superannuation, including service standards and performance measures of key positions, personnel, job descriptions and authorities

organisational systems and resource requirements relating to monitoring operational guidelines

organisational requirements relating to:

administrative processes and systems

marketing and advertising processes

documentation systems, including registry and library processes

human resource procedures

ethical standards

organisational information technology systems, and support resources and mechanisms

fraud deterrence practices

sections of operational guidelines relevant to clients, including:

client rights

performance standards

complaint procedures.

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:

organisational equipment, technology, software and consumables

organisational financial records

organisational policies and procedures.

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

FNSSUP517 Review performance of superannuation funds against regulatory and contractual requirements

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to identify performance requirements, develop and implement systems and procedures, monitor and report compliance performance, and advise on required changes to regulatory and contractual compliance requirements. It involves developing and implementing systems and procedures, monitoring and reporting performance, and advising on changes relating to performance of the fund against regulatory and contractual compliance requirements.

The unit applies to those responsible for ensuring quality practices and industry requirements are effectively implemented, maintained and improved.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Superannuation

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. Establish superannuation fund performance requirements	1.1 Identify performance requirements according to operating guidelines and legislative requirements 1.2 Document performance requirements 1.3 Establish performance criteria for meeting requirements
2. Develop and implement systems and procedures to meet requirements	2.1 Prepare action plans to meet requirements 2.2 Implement applicable operational guidelines and organisational policies and procedures 2.3 Develop and document contingency plans to ensure requirements are met in extraordinary situations according to organisational policies and procedures
3. Monitor compliance with required performance	3.1 Review regulatory and contractual performance requirements against superannuation fund and confirm compliance with organisational policies and procedures 3.2 Update procedures, guidelines and policies in response to changed regulatory, legislative, organisational policy changes and performance variation
4. Report and advise on required changes	4.1 Document performance reviews 4.2 Identify anomalies and variations and document according to organisational policies and procedures 4.3 Report anomalies and variations to required stakeholders within required timeframes 4.4 Support advice and recommendations for change with action plans

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Analyses and manipulates numerical information relating to targets and timelines
Reading	Critically analyses documentation from a variety of sources to identify specific criteria and consolidates information to determine requirements
Writing	Prepares logically structured and sequenced documentation using language, concepts and terminology appropriate to audience and purpose Reviews and edits documents to ensure currency and continuous improvement of information
Initiative and enterprise	Identifies and resolves key business issues, processes and practices that may have legal implications Seeks to improve policies and procedures to better meet organisational goals
Planning and organising	Applies systematic and analytical decision-making processes for complex and non-routine situations
Self-management	Accepts responsibility for planning and sequencing complex tasks and workload, negotiating key aspects with others and taking into account capabilities, efficiencies and effectiveness Monitors progress of plans, schedules and/or reviews
Technology	Uses a range of digitally based technologies to enter, access or update information to achieve required outcomes

Unit Mapping Information

Supersedes and is equivalent to FNSSUP507 Review compliance with regulatory and contractual requirements.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSSUP517 Review performance of superannuation funds against regulatory and contractual requirements

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

review compliance of a superannuation fund with regulatory and contractual requirements on at least one occasion.

In the course of the above, the candidate must:

identify performance requirements, and implement systems and procedures to meet those requirements

report and advise on required changes.

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:

regulatory and contractual requirements of superannuation industry supervision (SIS) legislation

organisational policies and procedures relating to reviewing compliance requirements of superannuation fund

taxation obligations relevant to regulatory and contractual requirements

organisational performance, products and procedures relating to compliance with regulatory and contractual requirements

principles of contingency management

customer analysis and service focus within the industry or organisation

types of performance reviews

superannuation systems and procedures relating to regulatory and contractual requirements.

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:

organisational equipment, technology, software and consumables

current legislation that impacts on the superannuation industry

regulatory and contractual performance requirements

organisational policies and procedures.

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

FNSSUP518 Provide information to superannuation fund members in writing

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to clarify requirements, obtain and produce required superannuation information in a suitable format, and distribute to superannuation fund members in writing.

The unit applies to those who undertake research and use organisational skills to produce logically structured and accurate information that meets organisational quality and compliance requirements.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Superannuation

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. Clarify requirements for information	1.1 Identify and confirm sources of information, format requirements, preparation timelines, audience and budget 1.2 Determine trustee and statutory requirements, and incorporate into documentation
2. Obtain required information	2.1 Identify sources of current, comprehensive and detailed information relevant to requirements 2.2 Collate and organise data required to produce information in usable form
3. Produce information	3.1 Assess significance and implications of relevant factors and incorporate into documentation 3.2 Produce documentation that allows deductions and inferences to be drawn 3.3 Select media, language and form of presentation based on audience 3.4 Present information according to organisational policies and procedures 3.5 Distribute draft information to required specialists and confirm legal, financial and other data is relevant
4. Distribute information	4.1 Distribute information to relevant members according to established timeframes and using required methods according to organisational policies and procedures 4.2 Design and implement systems to record distribution and responses

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Uses mathematical problem-solving techniques to check data and financial information, and to plan timelines and sequence work
Reading	Researches, analyses and consolidates information and data from a range of sources to determine content requirements
Writing	Produces high level, accurate information in logically structured documents using organisational formats Uses clear language, and terminology and concepts appropriate for the audience to ensure clarity of meaning
Initiative and enterprise	Makes critical decisions effectively in complex situations, taking into consideration a range of variables
Planning and organising	Accepts responsibility for planning and sequencing complex tasks and workload, negotiating key aspects with others and taking into account capabilities, efficiencies and effectiveness Monitors progress of plans and schedules, and reviews and changes as required
Self-management	Takes responsibility for following organisational policies and procedures and legislative requirements, and identifies organisational implications of new legislation or regulations
Technology	Uses digitally based technologies to enter, access or update information to achieve required outcomes, and to interact with clients

Unit Mapping Information

Supersedes and is equivalent to FNSSUP508 Provide effective information to members.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

Assessment Requirements for FNSSUP518 Provide information to superannuation fund members in writing

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 5.0.

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:

provide information in writing to at least three different superannuation fund members according to required format, timelines and budgets.

In the course of the above, the candidate must:

present information comprehensively, accurately and concisely using organisational format.

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:

legislative and regulatory requirements relating to providing factual information or general advice in superannuation

organisational policies and procedures relating to providing factual information or general advice in superannuation

planning and organising techniques and tools used to support the provision of effective information to members

sources of research information and specialist advice

structure and procedures of the superannuation industry and funds

organisational format requirements and budget

suitable formats for information for people with specific needs, including:

larger font for elderly clients

text translated into a range of community languages.

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:

organisational equipment, technology, software and consumables

organisational policies and procedures.

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

BSBAUD412 Work within compliance frameworks

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

Application

This unit describes the skills and knowledge required to identify statutory, legislative and regulatory requirements and relate them to individual work practices to ensure ongoing adherence to the compliance framework.

The unit applies to individuals who carry out work in accordance with the compliance framework applying to a particular job role, occupation or profession.

No licensing, legislative, regulatory or certification requirements apply to this unit at the time of publication.

Unit Sector

Technical Skills – Audit and Compliance

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 compliance requirements	1.1 Identify and document statutory, legislative and regulatory requirements relevant to job role and industry 1.2 Identify and document organisational and industry requirements
2. Interpret compliance requirements	2.1 Map compliance requirements against position description and work practices 2.2 Discuss ethical considerations with relevant stakeholders
3. Manage personal compliance	3.1 Consult with relevant stakeholders and identify procedures to be applied, applicable to work environment and own job role 3.2 Evaluate own actions in the context of compliance requirements 3.3 Record own compliance action according to organisational policies and procedures
4. Review own compliance	4.1 Seek feedback on personal compliance from relevant personnel 4.2 Access and analyse documentation relating to changes in compliance requirements 4.3 Discuss feedback and documentation with relevant personnel and check own ongoing compliance 4.4 Identify required changes to own compliance practice

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Reading	Identifies and analyses statutory, legislative and regulatory requirements to determine key information, specific requirements and responsibilities
Writing	Collates and compiles information gathered from multiple sources in required format for using technical and enterprise specific language
Oral Communication	Discusses compliance using structure and language to suit the audience Uses listening and questioning techniques to confirm understanding of compliance requirements
Self-management	Takes personal responsibility for following explicit and implicit policies, procedures and legislative requirements

Unit Mapping Information

Supersedes and is equivalent to BSBCOM406 Conduct work within a compliance framework.

Supersedes but is not equivalent to:

BSBCOM401 Organise and monitor the operation of compliance management system

BSBCOM402 Implement processes for the management of a breach in compliance requirements

BSBCOM403 Provide education and training on compliance requirements and systems

BSBCOM404 Promote and liaise on compliance requirements, systems and related issues

BSBCOM405 Promote compliance with legislation

BSBEDU301 Assist with monitoring compliance in international education services.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBAUD412 Work within compliance frameworks

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

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:

on at least two occasions, interpret and apply personal compliance requirements for job role and industry.

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:

legislation, regulations and codes of conduct relevant to job role, occupation and profession

sources of information to ensure currency with changes in compliance requirements

organisational policies and procedures relevant to compliance framework in relevant industry

individual work requirements and practices

methods to map compliance requirements.

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:

legislation, regulations and codes of conduct relevant to job role, occupation and profession

position descriptions

organisation policies and procedures relevant to performance evidence.

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=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBAUD514 Interpret compliance requirements

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

Application

This unit describes the skills and knowledge required to identify and interpret the range of internal and external compliance requirements and obligations that must be fulfilled by an organisation or work area.

The unit applies to individuals who use their knowledge of compliance and skills in identifying compliance requirements to plan, carry out and evaluate their own work and/or the work of a team.

No licensing, legislative, regulatory or certification requirements apply to this unit at the time of publication.

Unit Sector

Technical Skills – Audit and Compliance

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. Clarify the scope of operations	1.1 Analyse organisational operations and identify the functions, products and services that may be subject to compliance requirements 1.2 Develop and document plan for determining relevant compliance requirements 1.3 Obtain approval of plans from relevant stakeholders
2. Identify compliance requirements	2.1 Research information on compliance requirements relevant to the organisation 2.2 Analyse and document information from search according to organisational requirements 2.3 Organise and store collected information on relevant compliance requirements according to organisation policies and procedures
3. Interpret and prioritise compliance requirements	3.1 Discuss and clarify with relevant stakeholders ambiguities and issues experienced in interpreting identified compliance information 3.2 Prioritise compliance requirements according to organisational requirements
4. Document compliance requirements	4.1 Organise and document outcomes of the identification and interpretation activities 4.2 Prepare and distribute reports of compliance requirements and assessment of implications to relevant stakeholders

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Reading	Identifies, interprets, analyses and reviews complex texts from various sources to determine compliance requirements
Writing	Collates and compiles results of research and analysis using technical language and organisational formats Develops materials to convey information, requirements and recommendations using language and structure appropriate to the audience
Oral Communication	Uses appropriate techniques, including active listening and questioning, to seek approvals and to confirm understanding
Self-management	Takes responsibility for following policies, procedures and legislative requirements
Technology	Uses digital tools and systems to locate, organise and share information in effective ways

Unit Mapping Information

Supersedes and is equivalent to BSBCOM501 Identify and interpret compliance requirements.

Supersedes but is not equivalent to BSBCOM601 Research compliance requirements and issues.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBAUD514 Interpret compliance requirements

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

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:

analyse operations of an organisation or work area, identify areas subject to compliance requirements and report findings, on at least three occasions.

In the course of the above, the candidate must:

interpret and analyse information from standards, legislation, regulations, industry and organisational codes of practice and determine their relevance to compliance in the organisation

document and store the outcomes of identification and interpretation activities related to the organisation’s compliance requirements

report on adherence to key compliance requirements and the implications of these for the organisation or work area.

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:

standards, legislation, and codes relevant to compliance requirements

key sources of information relevant to organisational compliance requirements

compliance requirements relevant to the operations of organisation or work area.

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:

standards, legislation, codes relevant to compliance requirements

resources for conducting digital searches.

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=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBAUD515 Evaluate and review compliance

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

Application

This unit describes the skills and knowledge required to evaluate an organisation’s management system and assess its ability to fulfil its obligations and responsibilities under applicable compliance requirements.

The unit applies to individuals who are responsible for evaluating and reviewing the operation and effectiveness of an organisation’s management system to ensure compliance with the relevant standards.

Application of this unit must be consistent with the relevant sections of standards and legislative requirements.

Unit Sector

Technical Skills – Audit and Compliance

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. Develop evaluation plan	1.1 Obtain and interpret information on organisation’s policies, procedures and compliance requirements 1.2 Develop evaluation methodology 1.3 Prepare evaluation plan, detailing established evaluation criteria and data to be collected 1.4 Confirm approval of plan from relevant stakeholders
2. Prepare evaluation data	2.1 Source required evaluation data according to evaluation plan 2.2 Organise, interpret and review collected data against established evaluation criteria 2.3 Discuss issues interpreting data and address in consultation with relevant stakeholders 2.4 Arrange evaluation data for analysis
3. Analyse data	3.1 Analyse evaluation data in accordance with evaluation plan 3.2 Discuss outcomes and findings of the analysis with relevant stakeholders
4. Determine evaluation findings and outcomes	4.1 Develop and discuss preliminary findings and any identified issues with relevant stakeholders 4.2 Source additional data required to clarify aspects of findings, and issues, where required 4.3 Prepare recommendations for actions to improve identified issues
5. Distribute outcomes and recommendations of evaluation	5.1 Prepare draft report of outcomes, findings and recommendations of the compliance evaluation 5.2 Distribute draft report to relevant stakeholders 5.3 Edit report based on the feedback obtained 5.4 Proofread report in preparation for publishing 5.5 Confirm final report is signed off by authorised personnel 5.6 Distribute report to relevant stakeholders according to evaluation plan

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Reading	Identifies, interprets, analyses and reviews complex texts from various sources to determine legislative requirements, organisational operations, specific requirements and responsibilities Checks documents for accuracy of content, grammar, spelling and punctuation
Writing	Collates and compiles results of research and analysis using technical language and organisational formats Develops materials to convey information, requirements and recommendations using language and structure appropriate to the audience Composes and edits texts, selecting appropriate vocabulary and structure for audience and purpose
Self-management	Follows policies, procedures and legislative requirements
Planning and organising	Plans, develops, implements and monitors processes for evaluating and reviewing compliance performance
Technology	Uses digital tools and systems to locate, organise and share information effectively

Unit Mapping Information

Supersedes and is equivalent to BSBCOM502 Evaluate and review compliance.

Supersedes but is not equivalent to BSBCOM602 Develop and create compliance requirements.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBAUD515 Evaluate and review compliance

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

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:

develop outcomes, findings and recommendations regarding an organisation’s compliance requirements, on at least two different occasions.

In the course of the above, the candidate must:

access and interpret information about required compliance standards

develop an evaluation plan including:

preparation of an evaluation methodology

preparation and submission of a final report for approval and implementation.

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:

compliance evaluation methods

sources of data relevant to compliance requirements

format and content of an evaluation plan and a report

features of relevant compliance management systems

organisational policies and procedures

standards and legislative requirements relevant to compliance.

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:

standards, laws, regulations, industry and organisational codes and standards relevant to compliance requirements

data required for the demonstration of the performance evidence

resources for conducting digital searches.

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=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBAUD516 Develop and monitor processes for the management of breaches in compliance requirements

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

Application

This unit describes the skills and knowledge required to develop and monitor the processes for managing identified breaches in the fulfilment of compliance requirements within an organisation.

This unit applies to individuals who are responsible for evaluating and reporting on the operation and effectiveness of an organisation’s compliance management system.

Application of this unit must be consistent with the relevant sections of standards and legislative requirements.

Unit Sector

Technical Skills – Audit and Compliance

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. Develop processes for responding to breaches	1.1 Collect and interpret information on current compliance requirements applicable to the organisation 1.2 Develop and document procedures for identifying, classifying, investigating, rectifying and reporting breaches in compliance requirements
2. Monitor adherence to compliance requirements	2.1 Monitor and evaluate organisation’s operations and compliance management information systems and identify breaches in compliance requirements 2.2 Review and evaluate information on potential breaches in compliance requirements 2.3 Discuss findings with relevant stakeholders and confirm accuracy of compliance assessment
3. Manage the identification and rectification of breaches in compliance	3.1 Assign stakeholders to identify, classify, investigate and rectify breaches in compliance requirements 3.2 Inform senior stakeholders of all breaches in compliance requirements and corrective action according to organisational policies and procedures
4. Communicate with relevant stakeholders during breach management	4.1 Communicate breaches and rectification actions with relevant stakeholders 4.2 Seek and action advice from relevant stakeholders on the management of breaches in compliance requirements
5. Evaluate the response to and rectification of breaches	5.1 Monitor action to manage and rectify identified breaches in compliance requirements according to organisational policies and procedures 5.2 Confirm success in rectification of compliance breaches and notify relevant stakeholders 5.3 Identify issues in the rectification of compliance breaches and initiate action, where required 5.4 Refer reports of recurring breaches of compliance to relevant stakeholders
6. Document and distribute breach management activities and outcomes	6.1 Document and report identified breaches in compliance requirements in accordance with organisational policies and procedures 6.2 Maintain and store records of breaches in compliance requirements 6.3 Document and report the action to rectify identified breaches in compliance requirements and the outcomes of this action 6.4 Distribute reports on breach management to relevant stakeholders

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Reading	Recognises and evaluates complex texts in various forms to determine key information and specific requirements and responsibilities Analyses industry specific complex texts to determine and distinguish compliance requirements
Writing	Produces reports matching style of writing to purpose and audience Documents and records findings using required organisational formats
Oral Communication	Presents specialised information to a range of audiences using structure and language to suit the audience Uses active listening and questioning to elicit the views and opinions of others
Self-management	Organises, plans and sequences own workload and schedules work activities of others
Problem solving	Systematically gathers, analyses and evaluates all information in order to make informed decisions about management of compliance breaches
Technology	Uses a range of digitally based technology and applications to access, organise, integrate and share information

Unit Mapping Information

Supersedes and is equivalent to BSBCOM503 Develop processes for the management of breaches in compliance requirements.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBAUD516 Develop and monitor processes for the management of breaches in compliance requirements

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

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:

manage at least two different breaches of compliance requirements.

In the course of the above, the candidate must:

develop, monitor, and communicate processes for the management of breaches

obtain and keep up to date with organisational compliance requirements

identify and assign staff to manage breaches

identify and inform senior management and regulatory authorities of breaches

report corrective action activities and outcomes.

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:

compliance requirements applicable to organisation

key elements of compliance management systems, including:

documentation of compliance requirements relevant to the organisation

functions, accountabilities and responsibilities within the organisation

compliance related management information systems

breach management policies and procedures

compliance reporting procedures

process for communication of information on compliance requirements to relevant stakeholders

techniques and performance indicators for monitoring the operation of a compliance management system

potential breaches in compliance requirements

reporting processes on compliance management.

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:

legislation, regulations, standards and organisational policies and procedures relevant to compliance requirements

data files relevant to performance evidence.

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=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBAUD601 Establish and manage compliance management systems

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

Application

This unit describes the skills and knowledge required to establish and manage compliance management systems to enable organisations to fulfil their obligations and responsibilities under compliance requirements.

It applies to individuals who have specific responsibility for the planning, development and operation of a compliance management system.

Application of this unit must be consistent with the relevant sections of standards and legislative requirements.

Unit Sector

Technical Skills – Audit and Compliance

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. Determine compliance requirements	1.1 Collect and interpret information on current compliance requirements applicable to the organisation 1.2 Review compliance requirements according to organisational policies and procedures
2. Identify and select relevant compliance management system	2.1 Investigate required compliance areas and identify options for compliance management systems 2.2 Compare and select options for compliance management system according to identified organisational compliance requirements
3. Plan and document required compliance management system	3.1 Determine and assign resources for the operation of the compliance management system 3.2 Identify and document management information systems requirements 3.3 Determine and plan strategy for developing compliance management culture, in consultation with relevant stakeholders 3.4 Identify and document processes and procedures for identifying, managing and reporting breaches in compliance requirements 3.5 Document schedule for implementing, reviewing and maintaining the planned compliance management system, and distribute to relevant stakeholders 3.6 Collate documents in compliance management system plan and seek approval from relevant stakeholders 3.7 Establish mechanisms for collecting feedback information on compliance management system
4. Establish compliance management system	4.1 Appoint and distribute information to relevant stakeholders on their compliance management responsibilities 4.2 Establish the components of compliance management system in collaboration with relevant stakeholders 4.3 Monitor operation of compliance management system in collaboration with relevant stakeholders according to plan
5. Facilitate continuous improvement of compliance management system	5.1 Monitor and review performance against targets and performance indicators 5.2 Analyse feedback and evaluation data and implement improvements 5.3 Document and report continuous improvement of compliance management system

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Reading	Investigates and evaluates complex texts to determine key information and specific requirements and responsibilities
Writing	Develops documentation for a specific audience using detailed language to convey information, requirements and recommendations Collates and compiles data to convey specific information, requirements and recommendations
Oral Communication	Conveys information, which incorporates evaluation of information and specialised and cohesive language, in a format and style appropriate to a specific audience Elicits the views of others by listening and questioning
Initiative and enterprise	Explores and incubates new and innovative ideas through unconstrained analysis and critical thinking to establish and monitor compliance management systems
Teamwork	Collaborates with others to achieve joint outcomes, playing an active role in facilitating understanding
Technology	Uses a range of digitally based technology and applications to access, organise, integrate and share information

Unit Mapping Information

Supersedes and is equivalent to BSBCOM603 Plan and establish compliance management systems.

Supersedes but is not equivalent to:

BSBMGT521 Plan, implement and review a quality assurance program

BSBMGT621 Design and manage the enterprise quality management system.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBAUD601 Establish and manage compliance management systems

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

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:

plan, establish and monitor one compliance management system in collaboration with relevant stakeholders, including:

reviewing organisational compliance requirements

documenting an action schedule for implementing, maintaining and reviewing the compliance system

appointing and informing staff on compliance management system.

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:

research methods and techniques

standards and legislation relevant to organisational compliance requirements

key elements of compliance management systems, including:

documentation of compliance requirements relevant to the organisation

functions, accountabilities and responsibilities within the organisation

compliance related management information systems

record keeping systems required for compliance management

continuous improvement processes for compliance, including monitoring, evaluation and review

strategies for developing a positive compliance culture within the organisation

reporting processes on compliance management, including reports on breaches and rectification action

organisational policies and procedures, including compliance plans in various compliance areas and organisational standards for operations.

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:

organisational policies and procedures and documentation relevant to compliance requirements

interaction with others

legislation, regulations and standards for compliance.

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=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBCMM211 Apply communication skills

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

Application

This unit describes the skills and knowledge required to apply basic communication skills in the workplace, including identifying, gathering and conveying information along with completing assigned written information.

The unit applies to individuals working under direct supervision, who are developing basic skills and knowledge of workplace communication in preparation for working in a broad range of settings.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Social Competence – Verbal Communication

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 communication requirements	1.1 Identify work task 1.2 Identify communication channels in the organisation 1.3 Identify relevant stakeholders 1.4 Seek advice from supervisor on communication methods
2. Communicate using verbal and non-verbal communication skills	2.1 Plan verbal communication 2.2 Use verbal communication to communicate with stakeholders 2.3 Use nonverbal behaviour to communicate with stakeholders 2.4 Seek and respond to feedback on communication
3. Draft written communications	3.1 Identify formats for written information according to organisational policies and procedures 3.2 Draft written information and submit to supervisor for approval 3.3 Seek and respond to feedback on written communication

Foundation Skills

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

SKILL	DESCRIPTION
Learning	Develops skills required to carry out own role by seeking and acting on feedback
Reading	Reviews textual information to identify communication requirements and organisational procedures
Writing	Drafts simple texts using appropriate grammar, spelling and punctuation in accordance with organisational standards Proofreads own texts for accuracy and compliance with organisational requirements
Teamwork	Seeks to cooperate with others to achieve results in immediate work context
Self-management	Follows clearly defined instructions, seeking assistance when necessary Follows organisational policies and procedures and practices relevant to own role
Technology	Uses digital tools to complete tasks
Initiative and enterprise	Asks questions and listens to gain information and confirm understanding

Unit Mapping Information

No equivalent unit. Supersedes but is not equivalent to:

BSBCMM101 Apply basic communication skills

BSBCMM201 Communicate in the workplace.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBCMM211 Apply communication skills

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

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:

use verbal and non-verbal skills to seek and convey information in face-to-face situations on at least three occasions

draft written documents and confirm that the documents meet organisational requirements on at least three occasions.

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:

organisational policies and procedures related to workplace communication

communication styles

questioning, listening and speaking skills

standards of written information applicable to own role

presentation styles, format and detail relevant to own role.

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:

workplace policies and procedures relating to communication.

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=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBCMM411 Make presentations

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

Application

This unit covers the skills and knowledge required to prepare, deliver and review presentations for target audiences.

This unit applies to individuals who may be expected to make presentations for a range of purposes, such as marketing, training and promotions. They contribute well developed communication skills in presenting a range of concepts and ideas.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Social Competence – Verbal Communication

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. Prepare presentation	1.1 Plan presentation approach and intended outcomes 1.2 Identify target audience, location and resources requirements 1.3 Select presentation strategies, format and delivery methods according to presentation requirements 1.4 Select techniques to evaluate presentation effectiveness
2. Deliver presentation	2.1 Summarise key concepts and ideas and present to target audience 2.2 Provide opportunity for audience to seek clarification on presentation information 2.3 Confirm target audience understand key concepts and ideas, and that identified presentation objectives have been achieved
3. Review presentation	3.1 Evaluate effectiveness of the presentation 3.2 Seek and discuss feedback and any reactions to the presentation from participants and relevant stakeholders 3.3 Make changes to presentation based on feedback received

Foundation Skills

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

SKILL	DESCRIPTION
Reading	Reviews and analyses documents to identify information relevant to a specific presentation
Writing	Develops material to convey ideas and information to target audience in an engaging way
Oral Communication	Presents information using words and non-verbal features appropriate to the audience and context Uses listening and questioning techniques to gather information required to develop and modify presentations
Problem solving	Interprets audience reactions and changes words and non-verbal features accordingly
Planning and organising	Demonstrates sophisticated control over oral, visual and written formats, drawing on a range of communication practices to achieve goals
Initiative and enterprise	Selects and uses appropriate conventions and protocols to encourage interaction and to present information Recognises the need to alter personal communication style in response to the needs and expectations of others
Self-management	Takes responsibility for planning, sequencing and prioritising tasks and own workload to achieve outcomes
Technology	Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

Supersedes and is equivalent to BSBCMM401 Make a presentation.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBCMM411 Make presentations

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

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:

prepare and deliver at least two different presentations.

In the course of the above, the candidate must:

use aids and materials to support the presentation

select and implement methods to review the effectiveness of presentation and document suggested improvements.

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:

information collection methods that support review and feedback of presentations

organisational and legislative obligations and requirements relevant to presentations

structure of presentations according to intended outcomes

principles of effective communication including:

persuasive communication techniques

verbal and non-verbal communication

presentation methods

different aids, materials and techniques that can be used for presentations.

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:

equipment, materials and business software packages for making a presentation.

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=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBCMM412 Lead difficult conversations

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

Application

This unit describes the skills and knowledge required to prepare, facilitate and lead difficult conversations.

The unit applies to individuals who may work as managers and leaders, and are required to lead difficult conversations in the workplace. They contribute well developed verbal and relationship building skills in having difficult conversations.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Social Competence – Verbal Communication

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. Prepare for conversation	1.1 Identify conversational requirements 1.2 Identify, gather and develop materials required for the conversation according to organisational policies and procedures 1.3 Organise the logistics and stakeholders required for the conversation 1.4 Seek feedback from relevant personnel on conversational content 1.5 Review conversational content and make changes according to feedback received 1.6 Select delivery style according to conversational context and stakeholder requirements according to legislation requirements and codes of practice
2. Facilitate difficult conversation	2.1 Undertake conversation with relevant stakeholders 2.2 Provide opportunity for stakeholder input 2.3 Confirm relevant stakeholders understand conversation and outcomes 2.4 Document relevant points of conversation 2.5 Refer stakeholders to relevant support services, as required
3. Follow up and review conversation	3.1 Evaluate own effectiveness in the conversation 3.2 Seek and respond to feedback from relevant personnel on personal performance 3.3 Identify areas of improvement for undertaking difficult conversations according to feedback received

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Reading	Reviews and analyses documents to identify information relevant to a specific conversation
Writing	Develops material to convey ideas and information to target audience in an engaging way
Oral Communication	Presents information using words and non-verbal features appropriate to the audience and context
Planning and organising	Takes responsibility for planning, sequencing and prioritising tasks and own workload to achieve outcomes
Initiative and enterprise	Demonstrates sophisticated control over oral, visual and written formats, drawing on a range of communication practices to achieve goals
Technology	Uses the main features and functions of digital tools to complete work tasks
Problem solving	Recognises the need to alter personal communication style in response to the needs and expectations of others Interprets audience reactions and changes words and non-verbal features accordingly Uses feedback from others, and analytical and lateral thinking to review current practices and develop new ideas

Unit Mapping Information

No equivalent unit. New unit.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBCMM412 Lead difficult conversations

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

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:

lead at least two difficult conversations in the workplace.

In the course of the above, the candidate must:

adapt delivery style and tone according to the mood of the conversation

understand and react to relevant personnel using conviction and empathy.

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:

legislation, standards and codes of practice relating to workplace communication

workplace policies and procedures relevant to communication

communication styles

delivery styles, tones and techniques of communication, including:

verbal and non-verbal communication

conviction and empathy

common support services.

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:

workplace documentation and resources relevant to performance evidence.

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=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBCMM511 Communicate with influence

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

Application

This unit describes the skills and knowledge required to present and negotiate persuasively, lead and participate in meetings and make presentations to customers, clients and other key stakeholders.

The unit applies to individuals who are managers and leaders required to identify, analyse, synthesise and act on information from a range of sources, and who deal with unpredictable problems as part of their job role. They use initiative and judgement to organise the work of self and others and plan, evaluate and co-ordinate the work of teams.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Social Competence – Verbal Communication

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 communication requirements	1.1 Confirm authority to present material on behalf of an organisation or work area, according to organisational policies and procedures 1.2 Identify information that may be subject to confidentiality and manage appropriately 1.3 Identify information needs of audience and prepare a position in line with purpose of communication
2. Negotiate to achieve agreed outcome	2.1 Identify objectives of negotiation, and needs and requirements of stakeholders 2.2 Identify and document potential issues and problems 2.3 Prepare positions and supporting arguments according to objectives 2.4 Communicate with stakeholders, and establish areas of common ground and potential compromise 2.5 Confirm and document outcomes of negotiation
3. Participate in and lead meetings	3.1 Identify the need for meeting and schedule according to stakeholder availability 3.2 Prepare meeting materials and distribute to stakeholders 3.3 Conduct meeting and contribute to discussions 3.4 Seek consensus on meeting objectives 3.5 Summarise outcomes of meetings and distribute to stakeholders
4. Make presentations	4.1 Identify forums to present according to organisational objectives 4.2 Determine tone, structure, style of communication and presentation according to target audience 4.3 Prepare presentation according to desired outcomes 4.4 Provide an opportunity for audience to ask questions 4.5 Follow up with stakeholders following presentation 4.6 Evaluate presentation and identify areas for improvement

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Writing	Prepares documentation that summarises key findings and outcomes Prepares presentations appropriate to audience needs, context and purpose
Oral Communication	Uses active listening and questioning to seek information and confirm understanding
Teamwork	Selects and uses relevant conventions and protocols when communicating with team members
Self-management	Demonstrates sophisticated control over oral, visual and/or written formats, drawing on a range of communication practices to achieve goals
Problem solving	Uses analytical processes to evaluate options, and aid in problem-solving and decision-making Plays a lead role in situations requiring negotiation and collaboration, demonstrating high level conflict resolution skills and ability to engage and motivate others
Initiative and enterprise	Adapts personal communication style to build trust and positive working relationships and to show respect for the opinions and values of others Understands the implications of legal and ethical responsibilities to maintain confidentiality Selects relevant vocabulary adjusting language and presentation features to maintain effectiveness of interaction
Planning and organising	Plans, organises and implements tasks required to achieve required outcomes

Unit Mapping Information

Supersedes and is equivalent to BSBLDR513 Communicate with influence.

Supersedes but is not equivalent to:

BSBCMM402 Implement effective communication strategies

BSBGOV404 Communicate with community stakeholders.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBCMM511 Communicate with influence

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

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:

participate in and lead at least two meetings

prepare and make a presentation to two different groups.

In the course of the above, the candidate must:

communicate with key stakeholders to position the business to best effect including:

listening actively

understanding information needs of others

adapting communication to suit the audience

identifying suitable platform for presentations

presenting reliable information

designing the presentation to meet the needs of the audience

answering questions clearly and concisely.

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:

industry, media and government organisations, events and communication channels that are relevant to the organisation

cross-cultural communication

techniques for negotiation, mediation, conflict resolution and incident de-escalation

structured and inclusive meeting procedures

organisational policies and procedures relevant to:

presenting and negotiating

leading and participating in meetings

making presentations

communication tone, structure, style and impact on others

relevant organisational policies and procedures on confidentiality of information.

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:

workplace documentation and resources relevant to performance evidence

organisation information, including organisational structure, goals, objectives and plans.

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=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBDAT201 Collect and record data

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

Application

This unit describes the skills and knowledge required to collect and record data according to organisational policies and procedures.

The unit applies to individuals who perform a range of routine tasks, using limited practical skills and fundamental operational knowledge and who work under some supervision and guidance.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Data Literacy – Data Literacy

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. Prepare to collect data	1.1 Confirm task requirements 1.2 Identify source of data 1.3 Identify method of data collection and recording procedures according to organisational policies and procedures
2. Collect data	2.1 Access data at source 2.2 Use identified data collection methods according to task requirements 2.3 Action data source difficulties within scope of own role, or escalate to required personnel
3. Finalise data collection	3.1 Record data in database according to organisational policies and procedures using safe work practices 3.2 Identify and action issues encountered within scope of own role, or escalate to required personnel 3.3 Record issues encountered according to organisational policies and procedures 3.4 Check work against task requirements and amend database where required

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Reading	Interprets information from relevant sources
Writing	Uses clear, specific and industry-related terminology to complete and update workplace documentation
Oral communication	Uses appropriate tone, pace, and listening and questioning techniques to confirm understanding
Technology	Uses specific functions and key features of common digital systems and tools and operates them effectively to complete data collection tasks

Unit Mapping Information

No equivalent unit. Supersedes but is not equivalent to BSBCUE204 Collect data.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBDAT201 Collect and record data

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

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:

collect and record data on at least two different occasions from at least two different sources.

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 data-collection methods

work health and safety risks that apply to data-collection methods

organisational policies and procedures for collecting and recording data

key features and functions of technology used to collect data

data sources relevant to performance evidence

code of conduct relevant to data-collection.

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:

relevant organisational policies and procedures

data sources

a database

personnel for escalation of potential source or database issues.

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=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBDAT501 Analyse data

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

Application

This unit describes the skills and knowledge required to analyse data from a range of sources and to report findings of that data analysis.

The unit applies to those typically in roles required to analyse data, communicate trends and make recommendations.

No licensing, legislative, regulatory or certification requirements apply to this unit at the time of publication.

Unit Sector

Data Literacy – Data Literacy

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. Prepare for data analysis	1.1 Establish task requirements 1.2 Access source of reliable data according to task requirements and organisational policies and procedures 1.3 Evaluate reliability of data 1.4 Store data according to organisational policies and procedures
2. Analyse dataset	2.1 Select methods of data analysis according to task requirements and industry best practice 2.2 Categorise data for analysis 2.3 Analyse and synthesise data according to task requirements, organisational policies and procedures and industry best practice
3. Finalise data analysis process	3.1 Conduct statistical analysis to confirm accuracy of data analysis 3.2 Identify and remove incorrect results 3.3 Select outcomes that are relevant to purpose of analysis 3.4 Report on key outcomes 3.5 Store analytics results and report according to organisational policies and procedures

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Reading	Researches, analyses and evaluates textual information, from a wide range of sources, to identify information relevant to data analysis
Oral communication	Uses a range of techniques to communicate complex concepts
Numeracy	Analyses and synthesises highly embedded mathematical information while analysing results
Teamwork	Actively identifies requirements of important communication exchanges, selecting appropriate channel, format, tone and content to suit purpose and audience
Planning and organising	Efficiently and logically sequences stages of data analysis
Technology	Uses appropriate technology platforms and query languages and scripts to analyse data

Unit Mapping Information

No equivalent unit. Supersedes but is not equivalent to:

BSBCUE404 Collect, analyse and record information

BSBCUE503 Manage data interrogation

BSBITU501 Conduct data analysis.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBDAT501 Analyse data

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

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:

analyse and report on three datasets according to:

organisational policies and procedures

industry best practice

develop report on key outcomes of analysis of datasets.

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 details of datasets and techniques for synthesising data

organisational policies and procedures relating to:

accessing information

recording and reporting outcomes of analysis

requirement for data analysis

key features of industry standards and techniques relating to data analysis

potential data sources and factors that impact on reliability of data, including timeliness, authority, audience, relevance and potential for bias

importance and value of data analysis

methods of data analysis

statistical analysis

key legislative requirements relating to data analysis

methods of reporting analysis.

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:

technology, software and consumables required to analyse data

organisational operational policies and procedures required for performance evidence.

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=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBESB401 Research and develop business plans

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

Application

This unit describes the skills and knowledge required to research and develop business plans for achieving business goals and objectives.

The unit applies to those establishing or operating a business providing self-employment, as well as those establishing a new venture as part of a larger organisation.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Business Competence – Entrepreneurship and Small Business

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. Prepare to develop business plan	1.1 Identify purpose and required components of business plan 1.2 Identify and document business goals, objectives and budget 1.3 Research market needs and estimate market size
2. Draft business plan	2.1 Establish resource, legal and compliance requirements according to identified business goals and objectives 2.2 Assess product mix, volumes and pricing opportunities relevant to the identified target market and according to business goals and objectives 2.3 Plan marketing activities relevant to the product mix and according to marketing objectives and strategies and budgetary requirements 2.4 Develop draft plan according to identified business goals, objectives and market needs 2.5 Analyse draft plan and identify, assess and prioritise internal and external risks according to workplace procedures 2.6 Research specialist services and sources of advice and cost according to available resources
3. Create a business plan	3.1 Identify costs associated with production and delivery of business products and/or services 3.2 Calculate prices based on costs and profit targets, as a charge-out rate for labour or unit price for products and/or services 3.3 Prepare cash flow projections to enable business operation according to business plan and legal requirements 3.4 Select budget targets to enable ongoing monitoring of financial performance 3.5 Identify sources of finance for required liquidity according to business goals and objectives and workplace procedures
4. Finalise business planning and plan for risk	4.1 Develop risk management strategies according to business goals and objectives, and legal and compliance requirements, and established business activities 4.2 Assess likelihood of non-conformance with each component of business plan 4.3 Develop a contingency plan to address possible areas of nonconformance according to workplace procedures 4.4 Identify specific interests and objectives of key stakeholders and confirm their support of planning outcomes

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Reading	Identifies, analyses and evaluates information during planning process
Writing	Prepares written documentation that communicates plan information clearly and effectively
Numeracy	Interprets numerical information to determine prospective markets, resource allocations and business profits/losses
Self-management	Identifies implications of legal and compliance requirements related to own work Makes a range of critical and non-critical decisions, taking a range of constraints into account
Planning and organising	Uses a combination of formal, logical planning processes to identify relevant information and to evaluate alternative strategies or methods

Unit Mapping Information

Supersedes and is equivalent to BSBSMB404 Undertake small business planning.

Supersedes but is not equivalent to:

BSBSMB415 Refine and strengthen a small business

BSBSMB422 Plan small business growth.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBESB401 Research and develop business plans

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

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:

develop at least one business plan that addresses the goals and objectives of a business or business venture.

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:

legal and compliance requirements relating to business operation to be included in plan, including:

environmental

work health and safety (WHS), including WHS responsibilities and procedures for identifying hazards relating to business profile

equal opportunity

industrial relations

types of business planning, including:

feasibility studies

strategic, operational, financial and marketing planning

factors affecting structure of business plan, including:

purpose of plan

target audience

desired outcomes

key components of business plan, including:

sources and costs of finance to provide required liquidity and profitability for business

marketing strategies and methods to promote market exposure of business

methods or means of production or operation required for business

staffing requirements to effectively produce or deliver products and services

contingency plan

methodology for researching and preparing a business plan

common business risks and risk management strategies

workplace procedures for:

assessing and prioritising internal and external risks to business

establishing resource requirements aligned to business goals and objectives, including for calculating staffing requirements to produce or deliver products and/or services

developing a business contingency plan for unexpected events and situations

developing risk management strategies.

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:

legislation, regulations, standards and codes relating to business described in performance evidence

workplace documentation and resources relevant to performance evidence.

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=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBESB404 Market new business ventures

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

Application

This unit describes the skills and knowledge required to develop and implement a marketing strategy that is integrated into the business plan in order to improve the performance of a business venture. It involves analysing and interpreting market data.

The unit applies to those establishing a business providing self-employment, as well as those establishing a new venture as part of a larger organisation.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Business Competence – Entrepreneurship and Small Business

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. Develop marketing strategy for business venture	1.1 Identify focus of marketing activities according to business plan objectives and products and/or services being provided 1.2 Establish marketing objectives in consultation with required people and according to business plan and workplace procedures 1.3 Identify customer base, target market and competitors according to identified marketing objectives 1.4 Establish and evaluate strategy to ensure ethical and cultural appropriateness and alignment with customer and industry expectations
2. Establish marketing mix for the business venture	2.1 Assess product mix, volumes and pricing opportunities according to marketing focus and business plan objectives 2.2 Research and evaluate costs and benefits of available distribution channels and customer service strategies 2.3 Select marketing and promotional activities to suit target market and according to marketing strategies 2.4 Analyse customer journey to evaluate marketing mix
3. Implement marketing strategy	3.1 Plan marketing activities according to marketing objectives and strategy and budgetary requirements 3.2 Communicate roles and responsibilities to required people according to marketing plan and workplace procedures 3.3 Monitor implementation of marketing activities according to marketing plan 3.4 Assess use of digital devices, platforms and technologies for effectiveness in implementing marketing activities
4. Evaluate marketing performance	4.1 Assess business performance according to business plan objectives 4.2 Develop a plan to address performance gaps 4.3 Analyse stakeholder response to all aspects of marketing mix to improve targeting and outcomes 4.4 Assess changes in customer requirements in both online and offline environments, where applicable, and identify opportunities for improvement

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Reading	Identifies, analyses and evaluates complex information from a range of sources
Writing	Prepares plans and other workplace documentation using structure, layout and terminology appropriate to audience
Oral communication	Presents ideas and requirements clearly and using language and non-verbal techniques appropriate to audience and environment Uses questioning and listening to check and confirm understanding
Numeracy	Analyses numerical information to determine budgetary requirements and product quantities Uses a range of calculation methods to evaluate costs and benefits
Initiative and enterprise	Reviews current situation and develops strategies to address improvements in marketing performance Implements actions as per plan, making slight adjustments if necessary and addressing some unexpected issues Uses formal and informal processes to monitor implementation of solutions
Planning and organising	Takes responsibility for planning and organising own workload, identifying ways of sequencing and combining elements for greater efficiency

Unit Mapping Information

Supersedes and is equivalent to BSBSMB403 Market the small business.

Supersedes but is not equivalent to BSBSMB409 Build and maintain relationships with small business stakeholders.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBESB404 Market new business ventures

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

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:

develop and implement a marketing strategy for a business or new business venture, addressing activities in the digital environment.

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:

workplace processes and procedures for:

developing marketing objectives and marketing mix

identifying industry market trends relating to marketing new business ventures

communicating roles and responsibilities in marketing strategies to those involved

key features of a marketing mix that addresses market and business venture needs and:

optimises sales and profit

evaluates costs and benefits

determines customer needs and promotional activities

ethically and culturally appropriate practices relating to marketing new business ventures

performance evaluation methods relating to marketing strategies

methods of:

analysing costs and benefits of marketing strategies

monitoring customer satisfaction

conducting market analysis and research

key features of current digital devices, platforms and technologies that achieve marketing objectives by engaging, responding to and monitoring customers.

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:

business technology, including software for analysis of data

workplace documentation and resources relevant to performance evidence.

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=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBFIM502 Manage payroll

Modification History

Release	Comments
Release 2	This version first released with BSB Business Services Training Package Version 1.1. Version created to correct mapping table information
Release 1	This version first released with BSB Business Services Training Package Version 1.0.

Application

This unit describes the skills and knowledge required to establish and monitor security procedures for managing organisational payroll services and to calculate and process salary payments, group taxation and related payments.

It applies to individuals, employed in a range of work environments, who are required to establish and work with payroll systems and may have responsibility for managing payroll systems and calculations.

No licensing, legislative or certification requirements apply to this unit at the time of publication

Unit Sector

Finance – Financial 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 Establish procedures for management of payroll	1.1 Establish procedures that ensure the confidentiality and security of payroll information 1.2 Ensure procedures guarantee substantiation of claims for allowances 1.3 Establish control measures to safeguard organisation’s financial resources in accordance with legislative and organisational requirements 1.4 Establish systems to ensure statutory obligations are met and records are kept for the period determined by government legislation
2 Prepare payroll data	2.1 Use nominated industrial awards, contracts and government legislation to calculate gross pay and annual salaries 2.2 Calculate statutory and voluntary deductions using government and employee documentation 2.3 Provide payroll data to payroll processor for calculation within designated timelines
3 Authorise payment of salaries	3.1 Check payroll, and authorise salaries and wages for payment in accordance with organisational policy and procedures 3.2 Reconcile salaries, wages and deductions in accordance with organisational policy and procedures 3.3 Deal with salary, wage and related enquiries in accordance with organisational policy and procedures
4 Administer salary records	4.1 Process declaration forms for new and existing employees in accordance with Australian Taxation Office requirements 4.2 Forward periodic deductions to nominated creditors within designated timelines 4.3 Prepare and dispatch payments to government authorities accurately and in accordance with relevant government legislation 4.4 Calculate and transcribe group tax amounts and make payments in accordance with taxation procedures 4.5 Prepare and reconcile employee group certificate amounts from salary records

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	1.1-1.4, 2.1, 2.2, 3.1-3.3, 4.1-4.5	Identifies and interprets information from organisational policies, legislative and industry-related material
Writing	1.1, 1.3, 1.4, 2.3, 3.1, 3.3, 4.1, 4.3-4.5	Records data accurately using relevant format, style and language suited to context and audience Prepares specific information which clearly conveys an understanding of outcomes and uses terminology appropriate to present to relevant personnel
Oral Communication	2.3, 3.3	Articulates information concisely using appropriate terminology, tone and style Uses questioning and listening techniques to exchange and clarify information
Numeracy	2.1-2.3, 3.1- 3.3, 4.2-4.5	Uses a wide range of mathematical calculations to analyse and compare numeric information Makes calculations to ensure work is completed according to predetermined deadlines
Navigate the world of work	1.3, 1.4, 2.1-2.3, 3.1-3.3, 4.1, 4.3, 4.4	Monitors adherence to legal and regulatory responsibilities and organisational policies and procedures
Interact with others	2.3, 3.3	Recognises and applies the protocols governing what to communicate with who, and how, in a range of work contexts
Get the work done	1.1, 1.3, 1.4, 2.3, 3.3, 4.1-4.5	Uses logical processes in planning, implementing and evaluating routine and non-routine tasks in achieving goals and timelines Uses analytical skills to identify discrepancies and attempts to resolve the issues within the context of own responsibilities Makes a range of critical and non-critical decisions in relatively complex situations, taking a range of factors into account Understands the importance of secure information and privacy in relation to own work and takes responsibility for identifying and managing risk factors

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
BSBFIM502 Manage payroll	BSBFIM502A Manage payroll	Updated to meet Standards for Training Packages	Equivalent unit

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBFIM502 Manage payroll

Modification History

Release	Comments
Release 2	This version first released with BSB Business Services Training Package Version 1.1. Version created to correct mapping table information
Release 1	This version first released with BSB Business Services Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

document steps undertaken to establish payroll system

use data and calculations to reconcile salaries, wages and deductions in accordance with all legislative and organisational requirements

create accurate payroll management records.

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:

explain key provisions of relevant legislation, standards, regulations and codes of practice that may affect aspects of payroll operations

outline organisational policies and procedures across the full range of tasks for the required payroll processes.

Assessment Conditions

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

office equipment and resources

workplace policies and procedures

samples of financial data

business technology

payroll system

case studies and, where available, real situations.

Assessors must satisfy NVR/AQTF assessor requirements.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBFIN301 Process financial transactions

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

Application

This unit describes skills and knowledge required to prepare, process and maintain financial transactions and to reconcile outstanding accounts.

The unit applies to individuals employed in a range of work environments supporting the accounting functions of an organisation. They may provide administrative support in an organisation or be members of staff, who have been delegated accounting responsibilities.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Business Competence – Financial Literacy

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. Prepare financial transactions	1.1 Identify errors in source documents for escalation 1.2 Enter total transactions into organisational journal system according to organisational policies, procedures and accounting requirements 1.3 Identify any discrepancies between cash journals and bank statements 1.4 Refer discrepancies according to organisational escalation procedures
2. Process financial transactions	2.1 Enter transaction as a journal entry according to organisational policies, procedures and accounting requirements 2.2 Prepare schedules of financial transaction for reconciliation according to organisational requirements 2.3 Reconcile schedules with general ledger according to organisational requirements 2.4 Rectify original journal entry and escalate, where required
3. Reconcile outstanding accounts	3.1 Prepare reconciliation reports from cash journals to cash receipts 3.2 Identify any discrepancies between cash journals and bank statements 3.3 Refer discrepancies to management 3.4 Maintain general ledger system to reflect current credit situation according to organisational requirements
4. Determine outstanding debt processes	4.1 Identify outstanding accounts and collection procedures according to organisational requirements 4.2 Report or follow up outstanding accounts according to organisational policies and procedures 4.3 Monitor and review credit terms according to credit policies and procedures

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Numeracy	Uses a limited range of mathematical calculations to reconcile amounts using whole numbers and decimals Arranges and compares numerical information
Reading	Interprets textual information from a range of sources to confirm all necessary job requirements Checks documents to identify errors or discrepancies
Writing	Prepares a range of clear documentation using relevant format, grammatical structure and vocabulary suitable to audience
Initiative and enterprise	Identifies legal and regulatory responsibilities related to own work
Planning and organising	Plans a range of routine and non-routine tasks recognising stated goals and aiming to achieve them within designated timeframes Implements standard procedures for routine decisions
Problem solving	Identifies predictable problems and applies formal problem-solving processes or seeks advice from others, where required
Technology	Uses digital technology to access, filter, compile, integrate and logically present complex information from multiple sources

Unit Mapping Information

No equivalent unit. Supersedes but is not equivalent to:

BSBCUE305 Process credit applications

BSBCUE306 Process complex accounts

BSBFIA303 Process accounts payable and receivable.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBFIN301 Process financial transactions

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

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:

process four different financial transactions for a reporting period.

In the course of the above, the candidate must:

enter data into journal and subsidiary ledger system

develop reconciliation reports from cash journals

reconcile subsidiary ledger system with journal or general ledger data

report outstanding accounts

review credit terms.

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 provisions of relevant legislation and regulations, standards and codes of practice affecting business financial operations

types of financial transactions

cash journals

general ledger

accuracy and authorisation requirements for source documents

key features of organisational accounting systems and procedures

procedures for checking for errors or discrepancies in financial transactions

preparation of reconciliation report and schedules of accounts

organisational policies and procedures for communication related to outstanding debtors

credit terms according to credit policies and procedures

applicable accounting standard related to outstanding debtors.

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:

accounting software

examples of cash journals, credit journals, accounts payable and accounts receivable subsidiary legers

workplace reference materials including procedural manuals and company policies.

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=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBFIN401 Report on financial activity

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

Application

This unit describes skills and knowledge required to prepare financial reports in line with statutory reporting requirements. This includes compiling and analysing financial data.

The unit applies to individuals employed in a range of work environments who are responsible for preparing financial reports. They may be individuals providing administrative support within an organisation, or they might have responsibility for these tasks in relation to their own workgroup or role.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Business Competence – Financial Literacy

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. Compile and analyse financial data	1.1 Prepare a register of assets from fixed asset transactions according to accounting, legislative and organisational requirements 1.2 Calculate depreciation according to legislative and organisational requirements 1.3 Make, record and disclose asset and liability valuations in compliance with accounting standards 1.4 Refer discrepancies, unusual features or queries to appropriate authority where they cannot be resolved 1.5 Identify and record effects of taxation
2. Report general journal entries for balance day adjustments	2.1 Record all general ledger accounts and prepare a trial balance 2.2 Adjust expense accounts and revenue accounts for prepayments and accruals 2.3 Make adjustments in general ledger system to close any discrepancies for balance day adjustments according to organisational policies, procedures and accounting requirements 2.4 Review data for errors and compliance with statutory requirements and organisational procedures, and amend as required
3. Prepare end of period financial reports	3.1 Prepare revenue statement for reporting periods according to organisational requirements 3.2 Prepare a balance sheet to reflect financial position of business at end of reporting period 3.3 Prepare and post revenue and expense account to final general ledger accounts to reflect gross and net profits for reporting period 3.4 Correct or refer errors for resolution according to statutory and ethical requirements and organisational procedures

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Numeracy	Establishes criteria and categories for financial management purposes and monitors activities on a regular basis Uses a wide range of mathematical calculations to interpret and arrange numerical information in order to comply with requirements
Reading	Compares and analyses information from a range of sources varying in complexity to determine and complete financial requirements Checks documents for errors or discrepancies
Writing	Records data using relevant format, structure and vocabulary
Planning and organising	Applies legislation, industry standards and organisational policies and procedures in the conduct of own work Uses formal and logical processes to plan and complete tasks, achieving timelines and organisational requirements
Problem solving	Addresses problems in the context of own work and seeks advice from others, as necessary Uses analytical skills to identify discrepancies
Technology	Uses digital technology to access, filter, compile, integrate and logically present complex information from multiple sources

Unit Mapping Information

No equivalent unit. Supersedes but is not equivalent to:

BSBFIA401 Prepare financial reports

BSBFIA412 Report on financial activity

BSBFIA501 Report on finances related to international business

BSBINT408 Prepare business advice on the taxes and duties for international trade transactions.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBFIN401 Report on financial activity

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

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:

prepare a financial report on at least two occasions.

In the course of the above, the candidate must:

produce a detailed asset register and depreciation schedule

record entries for balance day adjustments

use conversion and consolidation procedures including moving averages, standardised variables, trend analysis and unit costs

apply double-entry principles and accrual accounting.

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:

doubleentry and accrual principles

provisions of relevant legislation, regulations, standards and codes of practice relevant to financial operations, taxable transactions and reporting requirements

components of organisational accounting systems

organisational policies, procedures and accounting standards relating to preparation of financial reports

organisational financial data, including:

budget variances

budgets and forecasts

cash flow and profit reports

balance sheets

financial year reports

operating statements

expenditure and receipts

profit and loss statements

types of assets including property, plant and equipment

comparative financial performance

financial discrepancies including:

absence of auditable trail

expenditure report mismatches

incorrect payments and unreconciled cash flows

techniques used for financial forecasting and analysis

options, methods and practices for deductions, benefits and depreciations

ethical requirements associated with preparing financial reports for corporate entities, including conflict of interest, confidentiality, and disclosure requirements

industry-standard methods and formats used to present financial data.

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:

accounting software

financial reporting legislation, regulations, standards and codes of practice

samples of financial data, reports and documents

workplace reference materials including procedural manuals and company policies.

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=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBFIN501 Manage budgets and financial plans

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

Application

This unit describes the skills and knowledge required to undertake financial management in an organisation or work area. It includes planning and implementing financial management approaches and supporting and evaluating effectiveness of financial management processes.

The unit applies to managers in a wide range of organisations and sectors who have responsibility for the effective use of financial resources within work teams. They are responsible for ensuring that financial resources are managed in line with the financial objectives of the team and organisation.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Business Competence – Financial Literacy

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. Plan financial management approaches	1.1 Access budget and financial plans for work team 1.2 Evaluate budget and financial plan outcomes with required organisational personnel 1.3 Negotiate any changes required to be made to budget and financial plans with required organisational personnel 1.4 Prepare contingency plans in the event that initial plans need to be varied
2. Implement and monitor financial management plans	2.1 Communicate details of agreed budget and financial plans to relevant team members 2.2 Support team members to access resources and systems to perform required roles 2.3 Implement processes to monitor actual expenditure, control costs and modify contingency plans as required according to financial objectives 2.4 Report on budget and expenditure according to organisational protocols
3. Review and evaluate financial management plans	3.1 Collect information on effectiveness of financial management processes within work team 3.2 Analyse variance between actual and budgeted finances 3.3 Identify and recommend improvements to existing financial management processes 3.4 Implement agreed improvements according to financial objectives of work team and organisation 3.5 Evaluate agreed improvements

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Numeracy	Uses a wide range of mathematical calculations to analyse numeric information in budgets or financial plans
Oral communication	Presents information about financial issues and requirements to a range of audiences using structure and language to suit audience Uses active listening and questioning to clarify information and to confirm understanding
Reading	Interprets and analyses information to determine activities required
Writing	Records information in correct forms and prepares materials which convey detailed and factual content according to internal procedures
Teamwork	Uses a range of strategies to connect, collaborate and cooperate with other work colleagues in activities requiring collective effort and diverse skills and knowledge
Initiative and enterprise	Applies organisational requirements in undertaking own work
Planning and organising	Uses logical processes in planning, implementing and evaluating complex tasks and developing alternative strategies to achieve goals and timelines
Technology	Uses a range of digital technologies to access, filter, compile, integrate and logically present complex information from multiple sources

Unit Mapping Information

Supersedes and is equivalent to BSBFIM501 Manage budgets and financial plans.

Supersedes but is not equivalent to BSBGOV403 Analyse financial reports and budgets.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBFIN501 Manage budgets and financial plans

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

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:

manage the budget and financial plan of an organisation for one reporting period.

In the course of the above, the candidate must:

communicate with relevant people to clarify budget and financial plans, negotiate changes and disseminate information

prepare, implement and modify financial contingency plans

monitor expenditure and control costs

support and monitor team members

report on budget and expenditure

review and make recommendations for improvements to financial processes

meet record-keeping requirements for Australian Taxation Office (ATO) and for auditing purposes.

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:

basic accounting principles

types of budgets and financial plans

legislation and current ATO requirements, including the Goods and Services Tax (GST)

key requirements for financial record keeping and auditing

principles for managing work teams

principles and techniques involved in managing:

budgeting

cash flows

electronic spreadsheets

Goods and Services Tax

ledgers and financial statements

profit and loss statements

evaluation of budget and financial plans.

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:

workplace policies and procedures

workplace budgets and financial plans.

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=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBHRM413 Support the learning and development of teams and individuals

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

Application

This unit describes the skills and knowledge required to determine individual and team development needs and to facilitate the development of the workgroup.

The unit applies to individuals with a broad knowledge of learning and development who apply their skills in addressing development needs to meet team objectives. They may have responsibility to provide guidance or to delegate aspects of tasks to others.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Technical Skills – Human Resources

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. Contribute to needs development	1.1 Collect information on performance of team members from relevant sources 1.2 Identify individual and team learning and development needs in line with organisational requirements 1.3 Confirm learning plans meet individual and group training and development needs 1.4 Provide opportunities to individuals to selfevaluate performance and identify areas for improvement
2. Support implementation of learning and development	2.1 Develop collaborative learning plans to match skill needs of individuals and groups and match the competency standards relevant to the industry 2.2 Ensure learning delivery methods are relevant to the participants 2.3 Identify and coordinate workplace learning opportunities to facilitate individual and team achievement of competencies 2.4 Identify and manage resources and timelines relevant for learning activities according to organisational requirements
3. Monitor and evaluate workplace learning	3.1 Monitor learning plans to improve the efficiency and effectiveness of learning 3.2 Seek feedback from individuals or teams to identify and implement improvements in future learning arrangements 3.3 Assess and record outcomes and performance of individuals and teams to determine the effectiveness of development programs and the extent of additional development support 3.4 Document and maintain records and reports of competency according to organisational requirements

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Learning	Uses structured approaches to set goals, monitor progress and adjust learning approaches for self and others Builds on knowledge and experience to facilitate interaction and learning with others
Reading	Analyses textual information from a range of sources to identify organisational requirements Analyses information from a range of sources to evaluate performance
Writing	Develops materials to suit the requirements of different roles and individuals in the organisation Maintains records using correct technical and organisational vocabulary
Oral Communication	Uses vocabulary appropriate to context and to establish a supportive and learning environment Uses listening and questioning techniques to confirm or show understanding of different perspectives Selects and uses appropriate conventions and protocols when communicating with co-workers in a range of work contexts
Self-management	Recognises and responds to explicit and implicit organisational procedures and protocols Understands how own role meshes with others and contributes to broader goals
Teamwork	Recognises the importance of building rapport to establish effective working relationships Collaborates with others to achieve joint outcomes, playing an active role in facilitating effective group interaction Negotiates with others to achieve agreeable outcomes playing an active role in facilitating consensus in potentially contentious situations
Problem solving	Uses logical planning processes to organise, implement and monitor learning and development needs Systematically gathers and analyses all relevant information and evaluates options to make informed decisions Evaluates outcomes of decisions to identify opportunities for improvement

Unit Mapping Information

Supersedes and is equivalent to BSBLED401 Develop teams and individuals.

Supersedes but is not equivalent to:

BSBFLM311 Support a workplace learning environment

BSBLED301 Undertake e-learning.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBHRM413 Support the learning and development of teams and individuals

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

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:

contribute to, facilitate and monitor learning and development for at least one team and for at least one individual.

In the course of the above, the candidate must:

collect data on team and individual and team development needs

collaboratively develop learning plans to match skill needs of individuals and groups

coordinate learning opportunities

give and receive feedback during the implementation of learning plans

monitor and review workplace learning plan implementation plans.

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:

facilitation techniques to support team development and improvement

organisational policies, plans and procedures for developing teams

career paths and competency standards relevant to the industry

key sources of information relevant to inform development needs

key features of learning and development methods.

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:

learning and development plans, policies and procedures.

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=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBHRM501 Manage human resource services

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 1.0.

Application

This unit describes the skills and knowledge required to plan, manage and evaluate delivery of human resource services, integrating business ethics.

It applies to individuals with responsibility for coordinating a range of human resource services across an organisation. They may have staff reporting to them.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Workforce Development – Human Resource 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 Determine strategies for delivery of human resource services	1.1 Analyse business strategy and operational plans to determine human resource requirements 1.2 Review external business environment and likely impact on organisation's human resource requirements 1.3 Consult line and senior managers to identify human resource needs in their areas 1.4 Review organisation's requirements for diversity in the workforce 1.5 Develop options for delivery of human resource services that comply with legislative requirements, organisational policies and business goals 1.6 Develop and agree on strategies and action plans for delivery of human resource services 1.7 Agree and document roles and responsibilities of human resource team, line managers, and external contractors
2 Manage the delivery of human resource services	2.1 Develop and communicate information about human resource strategies and services to internal and external stakeholders 2.2 Develop and negotiate service agreements between the human resource team, service providers and client groups 2.3 Document and communicate service specifications, performance standards and timeframes 2.4 Identify and arrange training support if required 2.5 Agree on, and arrange monitoring of quality assurance processes 2.6 Ensure that services are delivered by appropriate providers, according to service agreements and operational plans 2.7 Identify and rectify underperformance of human resource team or service providers 2.8 Identify appropriate return on investment of providing human resource services
3 Evaluate human resource service delivery	3.1 Establish systems for gathering and storing information needed to provide human resource services 3.2 Survey clients to determine level of satisfaction 3.3 Capture ongoing client feedback for the review processes 3.4 Analyse feedback and surveys and recommend changes to service delivery 3.5 Obtain approvals to variations in service delivery from appropriate managers 3.6 Support agreed change processes across the organisation
4 Manage integration of business ethics in human resource practices	4.1 Ensure personal behaviour is consistently ethical and reflects values of the organisation 4.2 Ensure code of conduct is observed across the organisation, and its expectations are incorporated in human resource policies and practices 4.3 Observe confidentiality requirements in dealing with all human resource information 4.4 Deal promptly with unethical behaviour 4.5 Ensure all persons responsible for human resource functions understand requirements regarding their ethical behaviour

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, 1.4-1.6, 2.6, 2.8, 3.4, 4.2, 4.3	Critically evaluates and applies content from a range of structurally complex texts
Writing	1.5, 1.7, 2.1-2.3, 3.1, 3.3	Develops a range of documentation using tone, structure and language suited to context and audience
Oral Communication	1.3, 2.2, 3.2	Asks questions to gather information and listens carefully to evaluate information Uses appropriate vocabulary and tone in negotiations
Numeracy	2.3, 2.8	Makes basic calculations to ensure work output meets predetermined timeframes Selects from an expanding range of mathematical strategies when analysing investment policies
Navigate the world of work	1.1, 1.2, 1.4, 1.5, 2.6, 4.1, 4.2, 4.3	Considers and adheres to organisational policies and procedures when developing plans and strategies Monitors adherence to legislative and organisational requirements Appreciates the implications of ethical, legal and regulatory responsibilities related to own work Considers own role in terms of its contribution to broader goals of the work environment
Interact with others	2.1-2.3, 2.5, 2.7, 3.5, 4.4, 4.5	Recognises the importance of taking audience, purpose and contextual factors into account when making decisions about what to communicate to whom, why and how Collaborates with others to achieve joint outcomes, playing an active role in facilitating effective group interaction
Get the work done	1.1, 1.2, 1.5, 1.6, 2.4, 2.6, 2.7, 3.1, 4.3	Develops plans for complex, high-impact activities with organisational implications Uses systematic, analytical processes to solve problems in complex, non-routine situations Uses analytical processes to decide on a course of action, establishing criteria for deciding between options, and seeking input and advice from others Uses digital technologies and systems safely, legally and ethically when gathering, storing and accessing information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
BSBHRM501 Manage human resource services	BSBHRM501B Manage human resources services	Updated to meet Standards for Training Packages Minor change to unit title	Equivalent unit

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBHRM501 Manage human resource services

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

plan and manage human resource delivery within legislative, organisational and business ethics frameworks

communicate effectively with a range of senior personnel

identify and arrange training support where appropriate

calculate human resource return on investment within the organisation.

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:

identify the key provisions of legal and compliance requirements that apply to managing human resources

summarise the organisation's code of conduct

explain human resource strategies and planning processes and their relationship to business and operational plans

describe performance and contract management

explain how feedback is used to modify the delivery of human resources.

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the workforce development – human resource development field of work and include access to:

business strategy and operation plans

business technology

legislation, regulations and codes of practice relevant to staff recruitment, selection and induction

interaction with others.

Assessors must satisfy NVR/AQTF assessor requirements.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBHRM505 Manage remuneration and employee benefits

Modification History

Release	Comments
Release 2	This version first released with BSB Business Services Training Package Version 1.1. Version created to correct mapping table information
Release 1	This version first released with BSB Business Services Training Package Version 1.0.

Application

This unit describes the skills and knowledge required to implement an organisation’s remuneration and benefit plans. It incorporates all functions associated with remuneration, including packaging, salary benchmarking, market rate reviews, bonuses and the legislative aspects of remuneration and employee benefits.

It applies to individuals who are human resource managers responsible for overseeing an organisation’s remuneration process.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Workforce Development – Human Resource 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 Develop organisation’s remuneration strategy	1.1 Analyse strategic and operational plans to determine the scope of remuneration and benefits plans 1.2 Undertake research on current practice, recent developments and legislative parameters for remuneration strategy 1.3 Develop options for consideration by relevant managers 1.4 Present options showing the link to organisational strategic objectives 1.5 Ensure remuneration policies and incentive plans are agreed and recorded 1.6 Ensure organisation is positioned as an employer of choice and regarded as a desirable workplace
2 Implement remuneration strategy	2.1 Research occupational groups to determine those which are industrial agreement based 2.2 Access or undertake market rates surveys regularly to ensure the organisation’s required level of competitiveness for particular occupational groups is maintained 2.3 Align remuneration and benefits plans with performance management system 2.4 Ensure employees receive at least their minimum entitlements according to organisational policies and legal requirements 2.5 Ensure salary packages comply with organisational policies and legal requirements, including fringe benefits tax (FBT) and superannuation 2.6 Ensure incentive arrangements, if included, comply with the organisation’s remuneration strategy
3 Review and update remuneration strategy	3.1 Consult managers and employees about the effectiveness of the remuneration strategy 3.2 Amend strategy and plans as necessary to meet organisational policies and legal requirements

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	1.1-1.4, 2.1-2.3, 2.5, 2.6, 3.2	Evaluates and integrates facts and ideas to construct meaning from a range of text types
Writing	1.2, 1.3, 1.5, 2.2, 2.3. 3.2	Develops complex material for specific audiences using clear language and appropriate structure to convey explicit information, requirements and recommendations
Oral Communication	1.4, 1.5, 3.1	Draws on a repertoire of open questioning and active listening skills when consulting others Uses appropriate terminology and non-verbal features to present information or clarify understanding
Numeracy	1.1, 2.3, 2.4, 2.6,	Analyses numerical information to determine employee remuneration and benefits according to a clear set of parameters
Navigate the world of work	1.2, 1.4, 1.6, 2.3-2.6, 3.2	Adheres to relevant organisational policies, procedures and legislative requirements Considers own role in terms of its contributions to broader goals of the work environment
Interact with others	1.4, 1.5, 3.1	Uses effective presentation and collaboration skills to show options, negotiate agreement and gain feedback on policies
Get the work done	1.1, 1.3, 2.2, 2.3, 3.2	Accepts responsibility for planning and sequencing complex tasks and workload, negotiating key aspects with others, taking into account capabilities, efficiencies and effectiveness Applies systematic and analytical processes to determine appropriate models of remuneration and benefits for particular occupational groups and individuals Uses evaluation and analysis of feedback to decide on improvements to strategy

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
BSBHRM505 Manage remuneration and employee benefits	BSBHRM505B Manage remuneration and employee benefits	Updated to meet Standards for Training Packages	Equivalent unit

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBHRM505 Manage remuneration and employee benefits

Modification History

Release	Comments
Release 2	This version first released with BSB Business Services Training Package Version 1.1. Version created to correct mapping table information
Release 1	This version first released with BSB Business Services Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

develop remuneration strategies for different occupational groups

manage remuneration and benefits in accordance with all legislative and ethical requirements and operational policies

apply awards and agreements to remuneration processes

apply requirements of the Australian Taxation Office in relation to income tax, superannuation reporting, FBT and bonus payments.

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:

outline remuneration principles or models and approaches

explain the ethical practices relating to remuneration and benefits strategies

outline various remuneration or employee benefits

describe ways to position an organisation an 'employer of choice'

outline award structures for industrial agreements

summarise organisational policies and procedures affecting remuneration strategies

identify relevant legislation, regulations and standards that may affect remuneration strategies

list the requirements of the Australian Taxation Office in relation to:

income tax

superannuation reporting

FBT and bonus payments.

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the workforce development – human resource development field of work and include access to:

an appropriate range of documentation and resources normally used in the workplace

organisational policies and procedures

relevant legislation, regulations and codes of practice

business technology.

Assessors must satisfy NVR/AQTF assessor requirements.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBHRM507 Manage separation or termination

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 1.0.

Application

This unit describes the skills and knowledge required to deal with redeployment, resignation, retirement, dismissal and redundancy, including the conduct of exit interviews.

It applies to individuals who take responsibility for overseeing aspects of managing the voluntary and involuntary termination of employment.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Workforce Development – Human Resource 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 Develop policies and procedures for separation/termination of employment	1.1 Undertake research to determine features of best practice systems of separation/termination and the legal requirements 1.2 Undertake consultation with relevant managers prior to introduction of new forms, procedures or systems 1.3 Develop policies, procedures and supporting documentation for all forms of separation/termination 1.4 Ensure procedures for dismissal or termination respect employees, provide strict confidentiality and comply with legislation 1.5 Obtain support for separation/termination policies and procedures from senior managers 1.6 Communicate policies and procedures, and provide supporting documents to relevant personnel 1.7 Use feedback to make refinements to policies, procedures and supporting documents for separation and termination
2 Manage separation/termination processes	2.1 Develop a redundancy or redeployment plan 2.2 Manage redundancies and redeployment and provide relevant information about processes so work outcomes are not compromised 2.3 Provide outplacement or other assistance in accordance with organisational policies and legal requirements 2.4 Ensure dismissals for incapacity to perform or misconduct comply with legislative and organisational requirements 2.5 Ensure human resource staff, managers and supervisors have necessary skills and knowledge to take disciplinary action 2.6 Review workforce data for predicted numbers of people retiring and make necessary plans 2.7 Review and evaluate separation/termination procedures regularly and introduce improvements
3 Manage exit interview process	3.1 Ensure separating employees are offered opportunity to participate in exit interviews 3.2 Ensure process for exit interviews is clear and that staff are skilled to conduct them 3.3 Ensure data from exit interviews is recorded and depersonalised 3.4 Analyse data from exit interviews to establish trends and patterns and introduce improvements across the organisation

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
Learning	2.5, 3.2	Ensures staff have necessary skills and training to oversee employees terminations
Reading	1.1, 1.3, 1.4, 1.7, 2.1, 2.2, 2.3, 2.6, 2.7, 3.2	Critically evaluates and applies content from a range of texts to determine legislative and business requirements
Writing	1.1, 1.3, 1.6, 1.7, 2.1, 2.2, 2.6, 2.7, 3.3	Records results of research for personal use Uses a range of writing skills and techniques to create or edit organisational documentation in required format for a range of audiences Creates records in required format and structure
Oral Communication	1.2, 1.5-1.7, 2.2, 2.5, 3.1, 3.2	Uses appropriate terminology and non-verbal features when consulting others and presenting information Uses open questioning and active listening skills when seeking feedback from others
Numeracy	2.6, 3.4	Undertakes basic mathematical calculations to review and manipulate workforce data
Navigate the world of work	1.1, 1.4, 1.7, 2.3, 2.4, 2.7	Identifies and adheres to legislative and organisational requirements relevant to role Develops or updates policies and procedures to achieve organisational goals Monitors adherence to organisational policies and procedures
Interact with others	1.2, 1.5, 2.5, 3.1, 3.2	Collaborates with others to achieve outcomes, playing an active role in facilitating understanding of procedures
Get the work done	1.1, 2.1, 2.2, 2.7, 3.1	Plans and implements tasks to achieve outcomes in accordance with legislative and organisational requirements Uses systematic processes to gather and analyse the data needed to make decisions that affect the organisation Uses consultation and analytical thinking to decide on improvements to work practices and processes

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
BSBHRM507 Manage separation or termination	BSBHRM507A Manage separation or termination	Updated to meet Standards for Training Packages	Equivalent unit

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBHRM507 Manage separation or termination

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

create policies and procedures to manage all aspects of employment termination according to legislative and organisational requirements

communicate effectively with employees to ensure they are aware of their rights and responsibilities

ensure staff have an appropriate skill-sets to conduct terminations

use data from exit interviews to suggest organisational improvements.

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:

identify and describe disciplinary procedures

describe employment contracts including terms and conditions

outline procedures and grounds for dismissal, suspension, voluntary termination, retirement and redundancy

summarise relevant industrial relations and employee dismissal legislation.

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the workforce development – human resource development field of work and include access to:

an appropriate range of documentation and resources normally used in the workplace

relevant organisational policies and procedures

relevant legislation, regulations and codes of practice

business technology

interaction with others

case studies and, where possible, real situations.

Assessors must satisfy NVR/AQTF assessor requirements.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBINS307 Retrieve information from records

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

Application

This unit describes the skills and knowledge required to receive a request and to deliver the records or information about the records.

The unit applies to individuals who follow established guidelines and processes to assist them to carry out their work. They work under supervision or in consultation with more senior staff or users of the system to locate records.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Technical Skills – Information Services

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. Locate and retrieve records required	1.1 Identify and refine search criteria and keywords, in consultation with person making request, where required 1.2 Locate records according to defined criteria 1.3 Retrieve records to match request
2. Ensure security of records	2.1 Identify person requesting the records 2.2 Confirm access category of person, in accordance with organisational procedures 2.3 Check the access clearance of person requesting the records covers the security classification and access restrictions of the records 2.4 Exempt specific record, or portions thereof, to prevent access, where required
3. Provide required information or records	3.1 Inform user of access denial in accordance with organisational procedures, where required 3.2 Prepare information for person requesting the records 3.3 Deliver records, or prepare information from records, according to organisational policies and procedures 3.4 Document the process according to organisational policies and procedures

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Reading	Identifies, interprets, checks and compares a range of information to inform effective and compliant actions
Writing	Accurately inputs information and documents details of records retrieval process Prepares required information in accordance with organisational procedures
Oral Communication	Asks questions and listens to responses to confirm and clarify requests Provides information according to organisational procedures
Numeracy	Recognises and uses numerical systems associated with information management systems
Planning and organising	Plans and implements routine tasks according to set processes, taking some responsibility for timing
Self-management	Takes responsibility for the outcomes of routine decisions related directly to own role
Technology	Uses main features and functions of digital tools to search and access information and records

Unit Mapping Information

Supersedes and is equivalent to BSBRKG303 Retrieve information from records.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBINS307 Retrieve information from records

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

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:

work with relevant stakeholders to identify information requirements and retrieve relevant information on at least three occasions.

In the course of the above, the candidate must:

record information

provide information and responses to requests.

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:

organisational procedures for records retrieval, and security and access

key aspects of processes of records management and records management systems

clearance categories according to organisational policies.

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:

workplace documentation and resources relevant to records and records information.

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=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBINS309 Maintain business records

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

Application

This unit describes the skills and knowledge required to maintain the records of a business on an operational basis.

The unit applies to individuals who follow established guidelines and processes to carry out their work. They work under supervision or in consultation with senior staff or system users to support effective information management and governance practices across the organisation.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Technical Skills – Information Services

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. Collate business records	1.1 Identify relevant information and records according to organisational policies and procedures 1.2 Organise records in accordance with organisational policies and procedures 1.3 Follow relevant security and access requirements in accordance with organisational policies and procedures
2. Update business or records system	2.1 Record and update information and record description of new records in business or records system according to organisational policies and procedures 2.2 Identify and dispose of relevant records of redundant business activities from current system according to organisational policies and procedures
3. Prepare and distribute reports from the business or records system	3.1 Interpret requests for reports 3.2 Prepare reports from business or records system according to request and organisational security and access procedures 3.3 Distribute reports to relevant stakeholders according to organisational policies and procedures

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Reading	Gathers and interprets textual information from different sources to determine how information and records may be applied
Writing	Uses clear and industry related terminology to document, complete and update workplace information and records
Numeracy	Recognises and uses numerical systems associated with business or record systems
Self-management	Takes responsibility for planning and organising own workload to ensure work deadlines are met Takes responsibility for the outcomes of routine decisions related directly to own role
Technology	Uses main features and functions of digital tools to maintain business records

Unit Mapping Information

Supersedes and is equivalent to BSBRKG304 Maintain business records.

Supersedes but is not equivalent to BSBRKG305 Review recordkeeping functions.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBINS309 Maintain business records

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

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:

identify, organise, update, and distribute four business records in compliance with organisational policies and procedures on at least three separate occasions.

In the course of the above, the candidate must:

record and update information in an information management system

describe records.

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:

organisational policies and procedures regarding the maintenance and security of business records

organisational requirements of business or records system reports

key aspects and processes of records management and records management systems.

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:

workplace documentation and resources relevant to business records.

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=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBINS401 Analyse and present research information

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

Application

This unit describes the skills and knowledge required to collect, organise, analyse and present information using available systems and sources. This includes identifying research requirements and sources of information, evaluating the quality and reliability of the information, and preparing and producing reports.

The unit applies to those who are required to analyse and apply their knowledge of the organisation to research tasks, evaluate information from a variety of sources and apply solutions to a range of predictable and unpredictable problems.

No licensing, legislation or certification requirements apply to this unit at the time of publication.

Unit Sector

Technical Skills – Information Services

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 and confirm research strategy	1.1 Identify research objectives according to organisational requirements 1.2 Identify potential sources for research information relevant to organisation requirements 1.3 Assess reliability of potential sources 1.4 Identify and confirm information research strategy is relevant to the research objectives
2. Collect and store research information	2.1 Access and extract relevant information in a format suitable for analysis and distribution according to research strategy 2.2 Store research information according to security requirements and organisational policies and procedures
3. Analyse and synthesise research information	3.1 Analyse stored information according to research strategy 3.2 Identify themes and draw conclusions according to research strategy 3.3 Demonstrate that assumptions and conclusions used in analysis are clear, justified, supported by evidence and consistent with research strategy
4. Present research information	4.1 Identify methods of reporting that align with the intended audience and relevant organisational requirements 4.2 Draft research report on findings 4.3 Facilitate review of draft report according to organisational policies and procedures 4.4 Distribute research report according to organisational policies and procedures 4.5 Obtain feedback and comments on suitability and sufficiency of findings in accordance with organisational requirements

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Reading	Analyses and evaluates textual information to develop information research strategies, integrate facts and ideas and meet organisational requirements
Writing	Gathers, evaluates and integrates information from a range of sources Presents findings, recommendations and issues in required format using language, structure and style appropriate to audience
Oral Communication	Presents recommendations and issues using language appropriate to audience and according to organisational requirements
Self-management	Plans, organises and implements tasks to meet organisational requirements Takes responsibility for the outcomes of routine decisions related directly to own role
Problem solving	Identifies and solves foreseeable problems in familiar work contexts
Technology	Uses the main features and functions of digital technologies and tools to research and analyse information

Unit Mapping Information

Supersedes and is equivalent to BSBRES411 Analyse and present research information.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBINS401 Analyse and present research information

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

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:

research, analyse and present research findings according to organisational requirements on at least two occasions.

In the course of the above, the candidate must:

identify research requirements and objectives

collect, organise and present research information

maintain information securely

prepare report on research findings, including:

justified assumptions and conclusions

efficient and reliable research methods.

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:

organisational policies and procedures relating to:

accessing information

storing information

security requirements

form and content of research report

key aspects of the reliability and validity of research and analysis

common research strategies

key aspects of relevant information sources, including:

reliability

accuracy

authority

audience

relevance

likelihood of bias.

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:

workplace information systems, equipment and resources relevant to performance evidence

workplace policies and procedures relevant to performance evidence.

Assessors of this unit must satisfy the assessor requirements 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=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBINS402 Coordinate workplace information systems

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

Application

This unit describes the skills and knowledge required to implement and review workplace information systems. It involves identification, collection, initial analysis and use of information.

The applies to individuals whose work will normally be carried out within methods and procedures which require planning and evaluation, leadership and guidance of others, and some discretion and judgement.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Technical Skills – Information Services

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 and review information needs	1.1 Identify information required by relevant stakeholders 1.2 Review information requirements to determine suitability, accessibility, currency and reliability of information according to organisational policies and procedures
2. Collect, analyse and report information	2.1 Collect information which is adequate and relevant to the requirements of relevant stakeholders 2.2 Confirm information is in a format suitable for analysis, interpretation and distribution 2.3 Analyse information, identify and report relevant trends according to the requirements for which it was collected
3. Implement information systems	3.1 Implement information systems effectively to store, retrieve and regularly review information for decision making purposes 3.2 Use technology available in the work area to manage information effectively 3.3 Recommend improvements to information system to relevant stakeholders
4. Support information system continuous improvement	4.1 Collect data about information system future needs in consultation with relevant stakeholders 4.2 Confirm identified information system future needs reflect the organisation’s business plans 4.3 Assist development of proposals for continuous improvement of information system 4.4 Distribute information to relevant stakeholders on information system changes, where required

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Reading	Critically analyses documentation from a variety of sources and consolidates information
Writing	Develops information for a specific audience using clear and detailed language
Oral Communication	Uses active listening and questioning to convey and clarify information and to confirm understanding
Numeracy	Selects from and uses mathematical strategies to perform initial analysis on information
Planning and organising	Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effective outcomes
Teamwork	Cooperates with others and contributes to work practices where joint outcomes are expected and deadlines are to be met
Problem solving	Contributes to continuous improvement of current work practices by applying basic principles of analytical thinking
Technology	Uses digital technologies and systems to access, enter, present and distribute information

Unit Mapping Information

Supersedes and is equivalent to BSBINM401 Implement workplace information system.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBINS402 Coordinate workplace information systems

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

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:

distribute information to relevant stakeholders in response to three different workplace information needs

implement and review a workplace information system on at least one occasion.

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 aspects of workplace information systems including:

budgets and financial management systems

customer information software or records

databases

product and service information

project management software

record management systems

spreadsheets.

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:

a workplace information system

organisational policies and procedures.

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=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBITS411 Maintain and implement digital technology

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 3.0.

Application

This unit describes the skills and knowledge required to maintain the effectiveness of digital technology in the workplace. It includes maintaining existing technology, planning for future technology requirements, and identifying opportunities to improve workplace effectiveness and efficiency by introducing new digital technologies.

It applies to individuals with a broad knowledge of digital business technologies who may be required to contribute well-developed skills in creating solutions to maintenance and upgrade issues with existing digital technology. They may have responsibility to provide guidance or to delegate aspects of these tasks to others.

No licensing, legislation or certification requirements apply to this unit at the time of publication.

Unit Sector

Information and Communications Technology – IT Support

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. Maintain performance of existing digital technologies	1.1 Monitor and evaluate system effectiveness to ensure it meets organisational and system requirements 1.2 Use operating system, available software, web-based tools, and relevant applications to identify performance problems 1.3 Maintain digital technologies according to organisational requirements by troubleshooting solutions to diagnose issues
2. Maintain security and functionality of data and digital technologies	2.1 Carry out system backup procedure at regular intervals according to organisational and system requirements 2.2 Install and operate software and other digital applications in accordance with developers’ and organisational requirements 2.3 Identify sources of risk to digital security in line with organisational policies and requirements 2.3 Maintain and update digital security access procedures in line with organisational requirements 2.4 Ensure that licences for use of software are used, checked and recorded in accordance with organisational requirements
3. Identify future technology requirements and opportunities	3.1 Identify available and upcoming digital technology solutions by accessing relevant sources of information 3.2 Assess existing digital technologies against newly available and upcoming digital technology solutions to determine future needs, opportunities, and priorities 3.3 Identify and select new digital technologies to achieve and maintain continuous organisational development in line with organisational strategies 3.4 Develop and implement improved digital technology systems based on feedback from clients and colleagues, in line with organisational policies and requirements 3.5 Obtain management and budget approval for new selected technologies

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Reading	Gathers, analyses and interprets a range of textual information from a variety of sources and identifies relevant information
Writing	Produces texts of varying complexity using appropriate language and logical structure to record and convey information
Navigate the world of work	Complies with organisational policies and legal responsibilities related to own work
Get the work done	Plans, implements and monitors tasks required to achieve required outcomes Takes responsibility for the outcomes of routine decisions directly related to own role Recognises and takes responsibility for addressing predictable and some less predictable problems in familiar work contexts Understands the purposes, specific functions and key features of common digital systems and tools and operates them effectively to complete routine tasks Identifies innovations by monitoring trends from other contexts

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
BSBITS411 Maintain and implement digital technology	BSBITS401 Maintain business technology	Updates to title, application statement, elements, performance criteria and assessment requirements	Equivalent unit

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBITS411 Maintain and implement digital technology

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 3.0.

Performance Evidence

Evidence of the ability to:

identify and resolve system issues using a range of digital diagnostic tools

perform routine system maintenance, including carrying out back-up procedures and software/application installation

identify a range of risks to digital security and steps required to minimise/eliminate such risk

develop and implement improved digital technology systems, drawing on research of available and upcoming digital technology solutions.

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

Knowledge Evidence

The candidate must be able to demonstrate the following knowledge to effectively complete the tasks outlined in the elements and performance criteria of this unit, and to manage tasks and reasonably foreseeable contingencies in the context of the work role.

Key features, capabilities, and limitations of current industry-accepted digital technology solutions

Key features and limitations of existing organisational digital technologies, including software licences

Key features of organisational policies and requirements related to digital security

Key features of organisational commercial strategy relevant to digital technology

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the information and communications technology – IT support field of work and include access to:

case studies and, where possible, real situations

office equipment and resources

examples of technology maintenance and security procedures.

Assessors of this unit must satisfy the assessor requirements in applicable vocational education and training legislation, frameworks and/or standards.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBITU315 Purchase goods and services online

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 3.0.

Application

This unit describes the skills and knowledge required to use e-commerce to procure goods and services in a business context. This includes the ability to undertake a range of online buy-side transactions, including banking, and purchasing products and services.

It applies to individuals who are skilled operators and apply a broad range of competencies in various work contexts. They may exercise discretion and judgement using appropriate theoretical knowledge of engaging in e-commerce to provide technical advice and support to a team.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Information and Communications Technology – IT Use

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 suitable suppliers online	1.1 Identify purpose for goods or services to be procured 1.2 Conduct research to identify potential suppliers of required goods/services by accessing a range of digital sources/marketplaces 1.3 Assess service provider confidentiality, security and privacy facilities in accordance with individual and organisational requirements 1.4 Assess potential products/services for authenticity 1.5 Select most appropriate supplier of goods/services, in accordance with organisational budget, policies, and procedures
2. Procure goods or services online	2.1 Engage with supplier in a professional and appropriate manner via the relevant online platform 2.2 Identify risks in the digital transfer of information and take steps to ensure that information is secured in accordance with organisational requirements 2.3 Place purchase order with the relevant supplier using appropriate online functions to obtain required goods/services 2.4 Report any difficulties in accessing or using online facilities to the supplier as required 2.5 Make payment or receive invoice to complete transaction in accordance with terms of online transaction and organisational policies and procedures
3. Maintain records of online transactions	3.1 Maintain banking and other records of transactions in accordance with organisational policy, procedures and level of authority 3.2 Compare organisational records with online records and deal with irregularities according to organisational policy and procedures 3.3 Review goods/services obtained, assessing quality, timeliness, and level of customer service

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Learning	Accesses a range of online information and contextualises to transaction requirements
Reading	Recognises and interprets numerical information within online content and organisational requirements to establish and complete required tasks and determine quality of content
Writing	Ensures specific and relevant language is used to communicate required information, and information is accurately maintained
Oral Communication	Articulates requirements clearly using listening and questioning techniques to clarify and confirm understanding Delivers specific and factual information appropriate to audience and environment
Navigate the world of work	Recognises and follows explicit and implicit protocols and meets expectations associated with own role
Interact with others	Selects the appropriate form, channel and mode of communication for a specific purpose relevant to own role
Get the work done	Develops plans to manage relatively complex, non-routine tasks with an awareness of how they may contribute to longer-term operational and strategic goals Recognises a range of familiar problems and seeks assistance from appropriate parties Uses a range of online applications to access, filter and extract information and process transactions

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
BSBITU315 Purchase goods and services online	BSBITU305 Conduct online transactions	Updates to unit title, application statement, elements, performance criteria and assessment requirements	Equivalent unit

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBITU315 Purchase goods and services online

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 3.0.

Performance Evidence

Evidence of the ability to:

research and assess potential suppliers using a range of sources of information, whilst adhering to organisational requirements

engage a supplier online in a professional and appropriate manner in accordance with organisational policies and procedures

identify and mitigate risks associated with conducting business online

adhere to organisational requirements when performing online transactions including:

reporting faults to supplier

checking accuracy of products/services delivered

maintain accurate records according to organisational policy and procedures and reporting to relevant personnel

review effectiveness of online transactions.

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

Knowledge Evidence

The candidate must be able to demonstrate the following knowledge to effectively complete the tasks outlined in the elements and performance criteria of this unit, and to manage tasks and reasonably foreseeable contingencies in the context of the work role.

Key provisions of relevant legislation that affect aspects of business operations

Key features of organisational policies and procedures relating to use of internet and online purchasing

Key features of organisational policies and procedures relating to the security of electronic information (including, for example, financial information)

Key features of legal and ethical requirements relating to a range of online transactions.

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the information and communications technology – IT use field of work and include access to:

office equipment and resources

relevant applications/platforms for conducting e-commerce

relevant legislation

relevant organisational policies and procedures.

Assessors of this unit must satisfy the assessor requirements in applicable vocational education and training legislation, frameworks and/or standards.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBLDR301 Support effective workplace relationships

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

Application

This unit describes the skills and knowledge required to gather information and support effective relationships and networks, with particular regard to communication and representation.

The unit applies to individuals who use leadership skills to support the development of teams and help facilitate communication between team members.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Social Competence – Leadership

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. Gather information and ideas	1.1 Identify information on work roles and objectives of work team 1.2 Locate and communicate to work team organisational processes for communication and teamwork 1.3 Establish scope of own role 1.4 Seek contributions for refining ideas and approaches to teamwork and communication according to organisational processes 1.5 Identify and consult with team members on potential work-related issues
2. Develop team relationships and networks	2.1 Encourage communication within team according to organisation’s social, ethical and business policies and procedures 2.2 Adjust interpersonal styles and methods in relation to the organisation’s social and cultural environment 2.3 Identify and use workplace networks to help build relationships 2.4 Identify and describe the value of networks and other work relationships for the team and the organisation
3. Contribute to positive team outcomes	3.1 Identify issues to be rectified within own level of responsibility and according to organisational and legal requirements 3.2 Support colleagues in resolving work difficulties related to own level of responsibility, according to organisational and legal requirements 3.3 Review team outcomes and implement improvements in consultation with relevant personnel 3.4 Contribute constructively to conflict resolution according to organisational policies and processes

Foundation Skills

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

SKILL	DESCRIPTION
Reading	Applies textual information to determine regulatory requirements and adhere to job processes and internal policies
Writing	Uses appropriate language to record key information related to the outcomes of the job Varies writing style to meet requirements of audience and purpose
Oral Communication	Speaks clearly using tone and pace appropriate for the audience and purpose Uses appropriate techniques, including active listening and questioning, to clarify information and to confirm understanding
Initiative and enterprise	Takes personal responsibility for adherence to explicit and implicit organisational policies, procedures, standards and legislative requirements within own job role and in all interactions with others
Teamwork	Adjusts personal communication style in response to diversity of individuals in the work context Implements strategies to respond appropriately to conflict and poor work performance
Planning and organising	Takes responsibility for planning, sequencing and prioritising tasks for own workload
Technology	Uses familiar digital technologies and systems to access, present and communicate information

Unit Mapping Information

Supersedes and is equivalent to BSBFLM303 Contribute to effective workplace relationships.

Supersedes but is not equivalent to BSBEDU302 Assist in resolution of issues and incidents in an international education environment.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBLDR301 Support effective workplace relationships

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

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:

support the development of at least one team

facilitate communication between individuals on at least two occasions.

In the course of the above, the candidate must:

adjust interpersonal style and communications to respond to cultural and social diversity

apply relationship management and communication skills with a range of people that:

demonstrate integrity, respect, empathy and cultural sensitivity and promote trust

forge effective relationships with internal and/or external people and help to maintain these networks

encourage participation and foster contribution of and respect for ideas and feedback

provide support to colleagues to resolve difficulties

communicate ideas and information to diverse audiences.

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:

internal and external sources of information to improve organisational processes

social and ethical requirements, and organisational policies and procedures relevant to communication

legislative requirements relevant to communication

strategies required to adapt communication for diverse audiences

potential team issues including poor work performance

examples of how work relationships and the cultural and social environment can support or hinder achieving planned outcomes

techniques for developing positive work relationships and building trust and confidence in a team

methods and techniques for communicating information and ideas to a range of stakeholders

common problem-solving methods

common methods to resolve workplace conflict

process for monitoring, analysing and introducing ways to improve work relationships

value of networks and work relationships for the team and the organisation

own level of responsibility.

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:

workplace documentation and resources relevant to workplace relationships.

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=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBLDR411 Demonstrate leadership in the workplace

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

Application

This unit describes the skills and knowledge required to lead teams and individuals by modelling high standards of conduct to reflect the organisation’s standards and values.

The unit applies to individuals who are making the transition from being a team member to taking responsibility for the work and performance of others and providing the first level of leadership within the organisation. These leaders have a strong influence on the work culture, values and ethics of the teams they supervise.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Social Competence – Leadership

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. Prepare to demonstrate leadership	1.1 Identify organisation’s requirements for management performance 1.2 Identify qualities required for positive management performance according to organisational policies and procedures 1.3 Develop and implement performance plans for individual and team according to organisation’s business objectives 1.4 Establish key performance indicators according to organisation’s business objectives
2. Align behaviour with organisational values	2.1 Locate and assess organisation’s standards and values for conducting business 2.2 Identify how own performance will contribute to upholding organisational values 2.3 Identify issues to be resolved according to organisational values 2.4 Gather and organise information relevant to the issues under consideration
3. Model leadership behaviour	3.1 Facilitate individual’s and team’s active participation in team decision-making processes 3.2 Examine options and assess associated risks to determine preferred course of action 3.3 Develop plan to implement decisions agreed by relevant individuals and teams 3.4 Use feedback processes to monitor the implementation and impact of decisions

Foundation Skills

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

SKILL	DESCRIPTION
Reading	Gathers, interprets and analyses text relating to organisational goals, standards and values to aid planning and decision making
Writing	Records and reports key information related to the organisational goals, standards and objectives Researches, plans and prepares documentation for relevant stakeholders
Oral Communication	Uses structure and language when developing performance plans, or when seeking and providing information about organisational goals and objectives
Numeracy	Identifies and comprehends mathematical information in familiar texts to establish key performance indicators
Enterprise and initiative	Identifies how own role meshes with others and contributes to broader work goals Monitors adherence to organisational policies and procedures and considers own role in terms of its contribution to broader goals of the work environment
Teamwork	Collaborates with others to achieve joint outcomes, playing an active role in facilitating effective outcomes Identifies the importance of taking audience, purpose and contextual factors into account when making decisions about what to communicate with whom, why and how
Planning and organising	Develops plan to manage relatively complex, non-routine tasks with an awareness of how they contribute to longer term operational and strategic goals Uses systematic, analytical processes in complex, non-routine situations, setting goals Evaluates effectiveness of decisions in terms of how well they meet stated goals

Unit Mapping Information

Supersedes and is equivalent to BSBMGT401 Show leadership in the workplace.

Supersedes but is not equivalent to BSBMGT405 Provide personal leadership.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBLDR411 Demonstrate leadership in the workplace

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

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:

develop and implement at least two performance plans, including one relating to individuals and one relating to teams.

In the course of the above, the candidate must:

comply with organisation’s standards and values

evaluate own behaviour and performance against organisational standards and values and adjust to achieve required standards

ensure own behaviour and performance contributes to the integrity and credibility of the organisation

facilitate processes to make decisions that are based on:

relevant information

examination of options and associated risks

input from relevant people

communicate about making and implementing decisions including:

facilitating agreement on the preferred course of action and implementation plans

monitoring and seeking feedback on the implementation and impact of decisions.

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:

methods to identify an organisation’s standards and values when they are stated, and where they are implied

organisational values and expectations of behaviour

basic leadership theories

common leadership styles

organisation’s process for raising questions about standards and values

examples of behaviours and performance that would typically be considered damaging to an organisation

concepts of:

organisational values and ethics

role modelling

integrity and credibility

leadership.

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:

workplace documentation and resources.

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=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBLDR413 Lead effective workplace relationships

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

Application

This unit describes the skills, knowledge and outcomes required to use leadership to promote team cohesion. It includes motivating, mentoring, coaching and developing the team and forming the bridge between the management of the organisation and team members.

The unit applies to team leaders, supervisors and new or emerging managers where leadership plays a role in developing and maintaining effective workplace relationships. It applies in any industry or community context. At this level work will normally be carried out within routine and non-routine methods and procedures, which require planning, evaluation, leadership and guidance of others.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Social Competence – Leadership

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. Prepare to lead workplace relationships	1.1 Identify work team objectives according to organisational strategy 1.2 Collect and analyse information for the achievement of work task 1.3 Share ideas and information with relevant internal and external stakeholders according to work task 1.4 Develop strategy for completion of work task in collaboration with work team
2. Lead workplace relationships	2.1 Identify and implement methods to facilitate collaboration to complete work task 2.2 Support colleagues experiencing difficulties fulfilling work requirements 2.3 Manage conflict constructively within the organisation’s processes and parameters of own role 2.4 Communicate work progress to relevant internal and external stakeholders
3. Review leadership	3.1 Seek feedback on relationship management for work task from relevant stakeholders 3.2 Analyse feedback on relationship management 3.3 Evaluate personal performance in leading workplace relationships 3.4 Identify areas of improvement for leading workplace relationships future work tasks

Foundation Skills

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

SKILL	DESCRIPTION
Reading	Collects, analyses and evaluates textual information from a range of resources to inform improvement strategies
Oral Communication	Selects or adjusts communication style to maintain effectiveness of interaction and build and maintain engagement consistent with organisational requirements
Initiative and enterprise	Identifies and follows legislative and organisational requirements relevant to own role
Teamwork	Selects and uses appropriate conventions and protocols when communicating with diverse stakeholders Adapts personal communication style to build trust and positive working relationships and to show respect for the opinions, values and particular needs of others Plays a lead role in situations requiring effective collaboration, demonstrating conflict resolution skills and ability to engage and motivate others
Planning and organising	Plans and implements activities and processes to manage and review work performance Systematically gathers and analyses all relevant information to formulate and evaluate possible solutions to difficulties

Unit Mapping Information

Supersedes and is equivalent to BSBLDR402 Lead effective workplace relationships.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBLDR413 Lead effective workplace relationships

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

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:

lead effective workplace relationships on at least four occasions with different individuals or groups.

In the course of the above, the candidate must:

access and analyse information required to achieve planned outcomes

collaborate with work team to develop and implement a work task strategy

apply techniques for resolving problems and conflicts, and dealing with poor performance according to organisational and legislative requirements

monitor and communicate work progress to relevant internal and external stakeholders

seek and review feedback to improve workplace leadership.

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:

considerations for communicating information including audience cultural and social diversity

consultation processes including internal and external sources of consultees

impacts of relationships, cultural and social environment, in supporting or hindering the achievement of planned outcomes

techniques for developing positive work relationships and building trust and confidence in a team, including:

interpersonal styles

communications

consultation

cultural and social sensitivity

networking

impact of legislation and organisational policies on workplace relationships

techniques for communicating information and ideas to a range of stakeholders

common methods to resolve workplace conflict

common methods to manage poor work performance

common methods to monitor, analyse and improve work relationships.

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:

legislation, regulations, standards and codes relevant to performance evidence

workplace documentation and resources

interaction with others.

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=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBLDR414 Lead team effectiveness

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

Application

This unit describes the skills, knowledge and outcomes required to lead the performance of a team and to develop team cohesion.

The unit applies team leaders, supervisors and new emerging managers who have an important leadership role in the development of efficient and effective work teams. Leaders at this level also provide leadership for the team and bridge the gap between the management of the organisation and the team members. As such they must ‘manage up’ as well as manage their team/s.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Social Competence – Leadership

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. Plan team outcomes	1.1 Lead team to identify and establish team objectives and work processes 1.2 Support team to document identified objectives and work processes according to organisational processes 1.3 Encourage team members to incorporate innovation and productivity measures in work plans 1.4 Lead and support team members to meet expected outcomes
2. Promote team cohesion	2.1 Provide opportunities for input of team members into planning, decision making and operational aspects of work team 2.2 Support team members to take responsibility for own work and to assist each other in undertaking required roles and responsibilities 2.3 Provide feedback to team members on their efforts and contributions 2.4 Address or refer issues, concerns and problems identified by team members 2.5 Model expected behaviours and approaches
3. Supervise team performance	3.1 Encourage team members to participate in and take responsibility for team activities and communication processes 3.2 Support team to identify and resolve problems which impede performance 3.3 Ensure own contribution to work team serves as a role model for others
4. Liaise with management	4.1 Establish open communication with line management 4.2 Communicate information from line management to the team 4.3 Communicate unresolved issues, concerns and problems raised by the team to line management to action 4.4 Communicate issues raised by management to the team to action

Foundation Skills

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

SKILL	DESCRIPTION
Writing	Prepares workplace plans that communicate intent and elicits feedback clearly and effectively
Oral communication	Engages in discussions or provides information using structure and language appropriate to the audience and situation
Teamwork	Selects and uses appropriate conventions and protocols when communicating with team members Adapts personal communication style to model required behaviours, build trust and positive working relationships and to show respect for the opinions and values of others Plays a lead role in situations requiring effective collaboration, demonstrating conflict resolution skills and ability to engage and motivate others
Planning and organising	Develops, implements and monitors plans and processes to ensure team engagement and effectiveness Uses formal analytical thinking techniques to identify issues and generate possible solutions, seeking input from others, as required

Unit Mapping Information

Supersedes and is equivalent to BSBLDR403 Lead team effectiveness.

Supersedes but is not equivalent to BSBSMB407 Manage a small team.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBLDR414 Lead team effectiveness

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

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:

develop a team development plan, that addresses:

innovation and productivity measures

team cohesion

issues management and actions.

In the course of the above, the candidate must:

apply knowledge of organisational goals, objectives and plans to work tasks

communicate with team members and management to identify and establish team purpose, roles, responsibilities, goals plans and objectives and resolve problems

consult, encourage, support and provide feedback to team members

model team leadership behaviours and approaches.

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:

work processes, including team purpose, roles, responsibilities, goals and plans

organisational escalation policies and procedures

behaviours which enhance organisational image for work team, clients and customers

processes for setting goals that contribute to team effectiveness

effects of individual behaviour on team effectiveness

innovation and productivity measures in work plans

key features of common leadership styles.

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:

information about the organisation, including organisational structure, goals, objectives and plans.

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=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBLDR501 Develop and use emotional intelligence

Modification History

Release	Comments
Release 2	This version released with BSB Business Services Training Package Version 2.0. Version created to correct typographical error
Release 1	This version first released with BSB Business Services Training Package Version 1.0.

Application

This unit covers the development and use of emotional intelligence to increase self-awareness, self-management, social awareness and relationship management in the context of the workplace.

It includes identifying the impact of own emotions on others in the workplace, recognising and appreciating the emotional strengths and weaknesses of others, promoting the development of emotional intelligence in others and utilising emotional intelligence to maximise team outcomes.

It applies to managers who identify, analyse, synthesise and act on information from a range of sources and who deal with unpredictable problems. They use initiative and judgement to organise the work of self and others and plan, evaluate and co-ordinate the work of teams.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Management and Leadership - Leadership

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 the impact of own emotions on others in the workplace	1.1 Identify own emotional strengths and weaknesses 1.2 Identify personal stressors and own emotional states related to the workplace 1.3 Develop awareness of own emotional triggers and use this awareness to enable control emotional responses 1.4 Model workplace behaviours that demonstrate management of emotions 1.5 Use self-reflection and feedback from others to improve development of own emotional intelligence
2. Recognise and appreciate the emotional strengths and weaknesses of others	2.1 Respond to the emotional states of co-workers and assess emotional cues 2.2 Identify the range of cultural expressions of emotions and respond appropriately 2.3 Demonstrate flexibility and adaptability in dealing with others 2.4 Take into account the emotions of others when making decisions
3. Promote the development of emotional intelligence in others	3.1 Provide opportunities for others to express their thoughts and feelings 3.2 Assist others to understand the effect of their behaviour and emotions on others in the workplace 3.3 Encourage the self-management of emotions in others 3.4 Encourage others to develop their own emotional intelligence to build productive relationships and maximise workplace outcomes
4. Utilise emotional intelligence to maximise team outcomes	4.1 Encourage a positive emotional climate in the workplace 4.2 Use the strengths of workgroup members to achieve workplace outcomes

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
Learning	1.5	Identifies and uses strategies to improve own emotional intelligence
Oral communication	1.4,1.5, 2.1-2.3, 3.2-3.4, 4.1	Uses appropriate language and nonverbal features to present information and seek feedback Uses listening and questioning skills to elicit the views of others and to clarify or confirm understanding
Interact with others	1.1-1.5, 2.1- 2.4, 3.2-3.4, 4.1	Reflects on personal attributes and considers the impact on others and modifies approach to support development Adapts personal communication style to model behaviours, build trust and positive working relationships and to build understanding of emotional intelligence Leads a collaborative approach, using inquiring and inclusive techniques, to develop understanding and skills that enhances individuals’ emotional intelligence
Get the work done	3.1, 3.2, 4.2	Leads processes to develop, implement and monitor plans and processes to ensure team engagement and effectiveness

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
BSBLDR501 Develop and use emotional intelligence (Release 2)	BSBLDR501 Develop and use emotional intelligence (Release 1)	Updated to correct typographical error	Equivalent unit

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBLDR501 Develop and use emotional intelligence

Modification History

Release	Comments
Release 2	This version released with BSB Business Services Training Package Version 2.0. Version created to correct typographical error
Release 1	This version first released with BSB Business Services Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

identify own emotional strengths, weaknesses, stressors, emotional states and triggers through self-reflection and feedback from others

model behaviours that demonstrate management of emotions

recognise and respond to the emotional states of others

promote the development of emotional intelligence in others.

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:

explain emotional intelligence principles and strategies

describe the relationship between emotionally effective people and the attainment of business objectives

explain how to communicate with a diverse workforce which has varying cultural expressions of emotion

explain the use of emotional intelligence in the context of building workplace relationships.

Assessment Conditions

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

relevant workplace documentation and resources

case studies or, where possible, real situations

interaction with others.

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 guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBLDR521 Lead the development of diverse workforces

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

Application

This unit describes the skills and knowledge required to lead the development of a diverse workforce. It covers supporting and engaging with a diverse workforce to maximise the benefit of diversity to the organisation.

The unit applies to supervisors, team leaders, new and emerging managers who lead within a diverse workforce environment and exercise discretion and autonomy within a structured business context.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Social Competence – Leadership

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. Establish benefits of workforce diversity	1.1 Identify benefits of diversity in business and workplace contexts 1.2 Qualify and quantify the source of workforce diversity 1.3 Identify legislation and organisational policies and procedures that relate to workplace diversity 1.4 Identify opportunities and barriers to inclusive engagement
2. Embed diversity into team plans and operations	2.1 Develop work plans to accommodate diversity 2.2 Confirm that work plans incorporate contributions from diverse workforce members 2.3 Adjust plans and operations to align with relevant diversity legislation and organisational policies and procedures 2.4 Design processes to incorporate and maximise the benefits of diversity
3. Support development of a diverse workforce	3.1 Apply communication processes and behaviours according to diversity work plans and processes 3.2 Identify biases and assumptions in communication and behaviour of self and others and adjust, as required 3.3 Provide workplace support and access to diversity services

Foundation Skills

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

SKILL	DESCRIPTION
Writing	Develops texts dealing with complex ideas and concepts using specialised and detailed language to convey explicit information
Self-management	Analyses the implications of legislation, policy and other organisational responsibilities in carrying out own role
Teamwork	Implements communication strategies and behaviours for a diverse range of colleagues to build rapport and foster strong relationships Identifies strengths and limitations of own interpersonal skills and attitudes and addresses areas that would benefit from further development
Planning and organising	Takes responsibility for developing and implementing plans and processes to achieve organisational objectives, seeking feedback and advice, as required Uses analytical processes to identify workforce diversity issues and evaluate options to address them

Unit Mapping Information

No equivalent unit. Supersedes but is not equivalent to:

BSBLDR404 Lead a diverse workforce

BSBLDR504 Implement diversity in the workplace

BSBLDR804 Influence and shape diversity management.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBLDR521 Lead the development of diverse workforces

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

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:

lead the development of at least one diverse workforce.

In the course of the above, the candidate must:

identify diversity within a team based workforce and outline opportunities and barriers to inclusive engagement of individuals

promote the benefits of diversity within the workplace and identify the business benefits of incorporating diversity into planning and operations

develop a work plan that integrates a diverse workforce, adjusting the plan and operations to meet legislation, regulations and policy

structure continuous feedback and review processes into team activities.

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:

legislation, regulation and business policies and procedures relevant to diversity in the workplace

types of diverse individuals and groups in the workplace

strategies, tools and techniques for integrating and engaging a diverse workforce

potential impacts of gender, race, age, disability, sexual orientation, form of work engagement and flexible work arrangements on workforce engagement

benefits of having a diverse workforce and barriers to inclusive engagement.

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:

legislation and regulations related to workforce diversity

workplace policies and procedures related to working with diversity

interaction with others.

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=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBLDR522 Manage people performance

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

Application

This unit describes the skills and knowledge required to manage the performance of staff that are direct reports.

The unit applies to individuals who manage people. It covers work allocation and the methods to review performance, reward excellence and provide feedback. The unit makes the link between performance management and performance development and reinforces both functions as a key requirement for effective managers.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Social Competence – Leadership

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. Allocate work	1.1 Consult relevant groups and individuals on work to be allocated and resources available 1.2 Develop work plans and allocate work according to organisational requirements and operational plans 1.3 Develop and confirm performance standards and key performance indicators with relevant staff prior 1.4 Conduct risk analysis according to organisational risk management plan and legal requirements
2. Assess performance	2.1 Review performance management and processes according to legislation, organisational objectives and policies 2.2 Train participants in the performance management and review process 2.3 Conduct performance management according to organisational policies procedures and relevant timelines 2.4 Monitor and evaluate performance according to performance standards and key performance indicators
3. Provide feedback	3.1 Provide informal feedback and coaching to staff 3.2 Advise relevant personnel, where performance is poor and take necessary actions 3.3 Document feedback according to the organisational performance management system 3.4 Conduct formal structured feedback sessions as necessary and according to organisational policy
4. Manage follow up	4.1 Develop performance improvement and development plans according to organisational policies 4.2 Monitor underperforming individuals according to organisational policies 4.3 Respond to underperforming individuals, as required 4.4 Reinforce excellence in performance through recognition and continuous feedback

Foundation Skills

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

SKILL	DESCRIPTION
Learning	Consolidates and improves own knowledge and skills by coaching, mentoring or training others
Reading	Gathers, interprets and analyses texts in organisational documents to facilitate performance management
Writing	Plans and prepares documents for allocating work and managing performance suitable for the target audience and in accordance with organisational requirements
Oral Communication	Uses language and structure appropriate to context and audience to explain expected standards of performance, provide feedback and coach staff
Self-management	Applies legal and regulatory responsibilities related to own work and the organisation as a whole Adheres to organisational policies and procedures
Teamwork	Applies the protocols governing what to communicate to whom and how in a range of work contexts Collaborates with others to achieve joint outcomes, influencing direction and taking a leadership role on occasion
Planning and organising	Sequences and schedules complex activities, monitors implementation and manages relevant communication Seeks advice, feedback and support, as required to assist in the decision-making process Uses experiences to reflect on the ways in which variables impact on performance

Unit Mapping Information

Supersedes and is equivalent to BSBMGT502 Manage people performance.

Supersedes but is not equivalent to:

BSBMGT404 Lead and facilitate off-site staff

BSBSLS502 Lead and manage a sales team.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBLDR522 Manage people performance

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

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:

manage performance of at least two individuals

manage performance of at least one team.

In the course of the above, the candidate must:

consult with stakeholders to identify work requirements, performance standards and agreed performance indicators

develop work plans and allocate work to achieve outcomes efficiently and within organisational and legal requirements

assess performance against performance indicators according to performance management and review processes

monitor, evaluate and provide feedback on performance and provide coaching or training, as needed

keep records and documentation in accordance with the organisational performance management system

reinforce excellence in performance through recognition and continuous feedback

respond to underperforming individuals according to organisational policies, as required.

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:

legislative and regulatory and organisational requirements for performance management and review

organisational risk management plan

organisational human resource support services

organisational performance measurement systems

key features of unlawful dismissal rules and due process

staff development options and information.

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:

legislation on performance management

workplace documentation and resources for performance management and review.

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=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBLDR523 Lead and manage effective workplace relationships

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

Application

This unit describes the skills and knowledge required to lead and manage effective workplace relationships.

The unit applies to individuals in leadership or management positions who have a prominent role in establishing and managing processes and procedures to support workplace relationships. These individuals apply the values, goals and cultural diversity policies of the organisation. They use complex and diverse methods and procedures as well as a range of problem solving and decision making strategies, which require the exercise of considerable discretion and judgement.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Social Competence – Leadership

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. Establish effective workplace relationship processes	1.1 Identify required processes for workplace collaboration according to organisational policies and procedures 1.2 Develop consultation processes for employees to contribute to issues related to their work role 1.3 Develop processes for conflict management 1.4 Develop processes for escalated issues or refer to relevant personnel
2. Manage effective workplace relationships	2.1 Delegate and confirm responsibilities for fulfilling work tasks 2.2 Collaborate and support team to perform work tasks 2.3 Identify and address issues in workplace relationships according to processes established 2.4 Monitor and communicate to employees outcomes of conflict management
3. Review management of workplace relationships	3.1 Seek feedback on management of workplace relationships from relevant stakeholders 3.2 Evaluate feedback for improvements to leadership style 3.3 Identify areas of improvement for future workplace relations leadership

Foundation Skills

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

SKILL	DESCRIPTION
Writing	Prepares plans and policies incorporating appropriate vocabulary, grammatical structure and conventions
Self-management	Adapts personal communication style to model behaviours, build trust and positive working relationships, and to support others Takes responsibility for formulating, organising and implementing plans, processes and strategies that impact the workplace
Initiative and enterprise	Follows organisational policies and procedures regarding diversity and ethical conduct
Teamwork	Plays a lead role in situations requiring effective collaboration, demonstrating high level support and facilitation skills and ability to engage and motivate others Evaluates outcomes to identify opportunities for improvement
Planning and organising	Systematically gathers and analyses all relevant information and evaluates options to inform decisions about organisational strategies

Unit Mapping Information

No equivalent unit. Supersedes but is not equivalent to BSBLDR502 Lead and manage effective workplace relationships.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBLDR523 Lead and manage effective workplace relationships

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

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:

implement processes to manage ideas and information on at least two occasions, including:

communicating information to support others to achieve work responsibilities

facilitating employees’ contributions to consultation on work issues

providing feedback on the outcomes of consultations

resolving issues raised or referring to relevant personnel

develop and implement processes and systems to manage difficulties on at least two occasions, including:

identifying and resolving conflicts and other difficulties according to organisational policies and procedures

planning how to address difficulties

providing guidance, counselling and support to assist co-workers in resolving their work difficulties.

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:

systems, policies and procedures that can support the development of effective work relationships

key aspects of work relationships, including:

interpersonal styles

communications

consultation

cultural and social sensitivity

networking

conflict resolution

legislation relevant to managing effective workplace relationships

organisational policies and procedures relevant to workplace relationships

methods to develop processes for:

consultation with employees

conflict management

task issue management.

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:

legislation, regulations, standards and codes relevant to workplace relationships

workplace documentation and resources for workplace relationships.

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=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBLDR602 Provide leadership across the organisation

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

Application

This unit describes the skills and knowledge required to demonstrate senior leadership behaviour and personal and professional competence. Business ethics are also addressed in this unit.

The unit applies to individuals who have a role in modelling professionalism in their organisation and industry and inspiring and motivating others to achieve organisational goals. Leadership is seen in the context of the organisational mission.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Social Competence – Leadership

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. Communicate organisational mission and goals	1.1 Confirm objectives, values and standards according to organisation’s strategic direction 1.2 Establish links between organisational objectives, values and standards and the responsibilities of relevant groups and individuals 1.3 Confirm that media and language used for communicating organisational mission and goals meets the needs of individuals and group 1.4 State expectations of internal groups and individuals 1.5 Investigate incidents and communicate results to relevant groups and individuals according to organisational policies and procedures
2. Influence groups and individuals	2.1 Make decisions according to organisational policies and procedures and work task timeframes 2.2 Facilitate improvements to organisational and workplace policies and procedures 2.3 Facilitate integration of global environment and new technology into work activities 2.4 Represent organisation in the media and community
3. Build and support teams	3.1 Assign accountabilities and responsibilities to teams according to competencies and operational plans 3.2 Resource teams to allow them to achieve their objectives 3.3 Create and maintain a positive work environment 3.4 Encourage teams and individuals to develop innovative approaches to work tasks
4. Demonstrate personal and professional competence	4.1 Model ethical conduct in own work and encourage others to adopt business ethics 4.2 Adapt interpersonal and leadership styles to meet circumstances and situations 4.3 Set and aim to achieve personal objectives and work program outcomes 4.4 Engage in professional development activities and industry and professional networks and groups

Foundation Skills

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

SKILL	DESCRIPTION
Learning	Seeks ways to maintain and improve own skills and knowledge Identifies systems, devices and applications with potential to meet current and/or future needs
Reading	Evaluates and integrates facts and ideas to construct meaning from a range of text types
Writing	Researches, plans and prepares documentation using format and language appropriate to the audience
Self-management	Works autonomously making high level decisions related to the achievement of organisational goals Identifies designation of roles and responsibilities and their contribution to broader organisational goals Identifies implications of ethical and other organisational responsibilities in carrying out own role
Teamwork	Identifies strengths and limitations of own interpersonal skills and addresses areas that would benefit from further development Collaborates and cooperates with others, playing an active role in leading and facilitating effective group interaction and influencing direction Facilitates a work environment in which others feel comfortable to identify, explore and build on a variety of perspectives in order to achieve shared outcomes
Planning and organising	Accepts responsibility for planning and sequencing complex tasks and workload of self and others, negotiating key aspects with others taking into account capabilities, efficiencies and effectiveness
Problem solving	Applies problem solving processes to identify risks, evaluate options and determine solutions

Unit Mapping Information

Supersedes and is equivalent to BSBMGT605 Provide leadership across the organisation.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBLDR602 Provide leadership across the organisation

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

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:

influence, support and provide resources for at least two individuals

influence, support and provide resources for at least one team.

In the course of the above, the candidate must:

communicate the organisation’s objectives, values and standards to a range of stakeholders using appropriate media and language

assign accountabilities to teams according to competencies and operational plans

resource teams according to work objectives

demonstrate ethical conduct and professional competence and continuing professional development

encourage others to adopt business ethics and build their commitment to the organisation.

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:

organisational and workplace policies and procedures related to providing leadership in the organisation

business ethics and its application to leadership styles and the organisation’s mission, objectives and values

organisational research and implementation methods

processes to establish and maintain a positive work environment for individuals and teams

organisational mission, purpose and values

organisational objectives, plans and strategies and regulatory requirements

organisational change processes.

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:

legislation, regulation, standards and codes

workplace documentation and resources required to make leadership decisions.

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=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBMGT802 Lead design and review of enterprise systems

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 1.0.

Application

This unit describes the skills and knowledge required to design and evaluate systems to support the organisation's objectives. It covers analysis of existing systems, setting specifications and identifying and evaluating options for new or re-designed systems. It also covers implementing and evaluating the changes.

It applies to individuals who lead and review organisation-wide systems, exercise significant autonomy, responsibility and accountability within enterprise structures and make major contributions to the values, goals and operations of the enterprise. They will typically have responsibility for the establishment and review of significant systems for the organisation or enterprise. They use cognitive and creative skills to review, critically analyse, consolidate and synthesise knowledge, generate ideas and provide solutions to complex problems. They use communication skills to demonstrate their understanding of theoretical concepts and to transfer knowledge and ideas to others.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Management and Leadership - 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. Analyse effectiveness of systems to meet organisational goals	1.1 Analyse organisation's mission, direction and objectives 1.2 Determine impact of current and future market trends and business environment on organisation's goals and operations 1.3 Specify system requirements to meet identifiable goals 1.4 Assess capacity of existing system to meet enterprise goals 1.5 Analyse existing systems to identify system strengths, weaknesses and problem areas
2. Identify and evaluate alternatives	2.1 Research new, reconfigured or redesigned systems and components 2.2 Evaluate new, reconfigured or redesigned systems and components for suitability for enterprise product, feasibility and cost, and report outcomes to stakeholders 2.3 Negotiate organisational commitment to a new, reconfigured or redesigned system 2.4 Plan resource requirements and integrate into enterprise planning
3. Implement solutions	3.1 Develop specifications for a new, reconfigured or redesigned system 3.2 Enable the new, reconfigured or redesigned system 3.3 Negotiate, plan and communicate an implementation strategy, including work redesign with stakeholders 3.4 Identify impact on personnel and prepare change strategies 3.5 Develop, resource and implement training plans 3.6 Ensure procedures are developed, tested and refined
4. Monitor system	4.1 Establish performance criteria for the new, reconfigured or redesigned system 4.2 Collect, analyse and report performance data against system goals and performance criteria 4.3 Report and consult on progress and performance with stakeholders 4.4 Consult with stakeholders on strategies for continuous improvement to enterprise system

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, 1.4, 1.5, 2.1, 2.2	Sources, evaluates and critiques ideas and information from a range of complex texts Analyses organisational information using appropriate benchmarks to establish understanding
Writing	1.3, 2.4, 3.1, 3.3, 3.5, 3.6, 4.1-4.3	Develops texts dealing with complex concepts using specialised and detailed language to convey strategy context and intent and organisational requirements Researches, plans and prepares plans for relevant stakeholders incorporating appropriate vocabulary, grammatical structure and conventions
Oral Communication	2.3, 3.3, 4.3, 4.4	Uses language and features appropriate to context and audience to discuss progress and gather opinions
Numeracy	4.2	Interprets, analyses and presents numeric/financial information
Interact with others	2.3, 3.3, 4.3, 4.4	Plays a lead role in situations requiring effective collaboration and high-level negotiation skills
Get the work done	1.1, 1.2, 1.4, 1.5, 2.4, 3.2-3.6, 4.1-4.4	Accepts responsibility for planning and sequencing complex tasks and workload Monitors progress and results against required outcomes and reports on them to identify opportunities for improvement Systematically gathers and analyses all relevant information, reviews data and evaluates options in order to inform decisions about complex organisational strategies

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
BSBMGT802 Lead design and review of enterprise systems	Not applicable	New unit	No equivalent unit

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBMGT802 Lead design and review of enterprise systems

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

develop, implement, monitor and review enterprise systems

analyse performance of existing enterprise systems against performance goals and objectives

identify specifications for systems

prepare a detailed business case for the introduction of new or revised enterprise system

develop and negotiate an implementation plan for a new or revised enterprise system

apply change management processes for new or revised systems introduction

consult with stakeholders

implement continuous improvement of an enterprise system.

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:

explain the operation of an enterprise system and how it can support or hinder organisational goals and objectives

detail methods for preparing a business case

outline comparative analysis techniques

describe sources of reliable data on systems operations

explain high level conceptual systems models

give examples of typical challenges to implementing new or changed enterprise systems and change management strategies to address them.

Assessment Conditions

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

business equipment and resources

enterprise mission, direction and objectives

workplace policies and procedures

case studies and, where possible, real situations

interaction with others.

Assessors must satisfy NVR/AQTF assessor requirements.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBMKG541 Identify and evaluate marketing opportunities

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

Application

This unit describes the skills and knowledge required to identify, evaluate and take advantage of marketing opportunities by analysing market data, distinguishing characteristics of possible markets and assessing viability of changes to operations.

The unit applies to individuals working in a supervisory or management marketing or advertising role within a marketing or advertising team or media organisation.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Technical Skills – Marketing

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. Explore marketing opportunities	1.1 Analyse information on market and business needs for marketing opportunities 1.2 Identify potential new markets 1.3 Apply innovative approaches relevant to the development of potential marketing opportunities
2. Evaluate marketing opportunities	2.1 Identify and analyse opportunities for organisational fit according to organisational goals and capabilities 2.2 Analyse the viability of each opportunity 2.3 Determine probable return on investment and potential competitors 2.4 Select marketing opportunities according to outcomes of viability analysis, return on investment and competition
3. Evaluate required changes to current operations	3.1 Seek feedback from relevant stakeholders 3.2 Incorporate feedback received for current operations and take advantage of viable marketing opportunities 3.3 Review current operations and document changes needed 3.4 Identify resource requirements for marketing opportunities 3.5 Document and communicate viability of marketing opportunities to key stakeholders

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Reading	Evaluates and comprehends textual information from a range of sources and draws own conclusions
Writing	Integrates information from a number of sources to develop material that supports purposes of documentation using suitable grammatical structure and clear, logical language
Oral Communication	Presents opinions, ideas and organisational requirements clearly and creatively using language and presentation techniques appropriate to audience and environment Elicits views and opinions of others by listening and questioning
Numeracy	Evaluates financial and marketing data using whole numbers, decimals and percentages to make accurate calculations
Initiative and enterprise	Evaluates outcomes of decisions to identify opportunities for improvement Develops new and innovative ideas through exploration, analysis and critical thinking
Self-management	Identifies and follows explicit and implicit organisational protocols and meets expectations associated with own role
Planning and organising	Develops plans to manage relatively complex tasks with an awareness of how they may contribute to longer-term operational and strategic goals Makes decisions by systematically analysing information, identifying and evaluating options against set criteria, and choosing most appropriate option

Unit Mapping Information

Supersedes and is equivalent to BSBMKG501 Identify and evaluate marketing opportunities.

Supersedes but is not equivalent to:

BSBMKG518 Plan and implement services marketing

BSBMKG519 Plan and implement business-to-business marketing

BSBMKG521 Plan and implement sponsorship and event marketing.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBMKG541 Identify and evaluate marketing opportunities

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

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:

identify and evaluate at least three marketing opportunities.

In the course of the above, the candidate must:

comply with organisational policies and procedures

communicate and document potential of identified marketing opportunity to relevant stakeholders.

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 provisions of relevant legislation, codes of practice and national standards affecting marketing operations

how to calculate the financial viability of marketing opportunities

return on investment

financial and marketing data

organisational structure, products and services

principles of marketing and marketing mix

statistical methods and techniques to evaluate marketing opportunities, including forecasting techniques.

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:

legislation, regulations, standards and codes for marketing

workplace marketing documentation and resources relevant to performance evidence.

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=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBMKG543 Plan and interpret market research

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

Application

This unit describes the skills and knowledge required to plan market research and conduct an analysis to report and interpret findings.

The unit applies to individuals who conduct market research planning at a managerial level. These individuals may have a good general knowledge of market research as well as a detailed understanding of the organisation’s operations, objectives and application.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Technical Skills – Marketing

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. Plan market research	1.1 Identify market research objectives and requirements 1.2 Identify and select data collection methods 1.3 Develop market research plan
2. Perform market research	2.1 Obtain approval from relevant personnel to undertake market research 2.2 Conduct research according to market research plan developed 2.3 Collate and document research
3. Assess results of market research	3.1 Analyse data obtained from market research using statistical and qualitative techniques 3.2 Forecast existing and emerging market needs based on the market research 3.3 Identify threats and opportunities for future marketing activity
4. Report on market research	4.1 Interpret and prepare data for presentation 4.2 Review presentation and rectify errors, where required 4.3 Present research findings to relevant stakeholders

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Numeracy	Collects, organises and analyses data to draw conclusions or make forecasts about trends and probability Uses analysis techniques
Reading	Researches, evaluates, analyses and interprets market information from a range of sources, and interprets requirements
Writing	Prepares reports containing complex ideas and concepts and writes in a range of styles to suit different audiences
Problem solving	Develops plans and uses effective organisational and time management skills to complete tasks Applies systematic and analytical decision making processes in complex and non-routine situations
Technology	Uses digital technologies and systems to enter and analyse data and to present information

Unit Mapping Information

Supersedes and is equivalent to:

BSBMKG506 Plan market research

BSBMKG507 Interpret market trends and developments.

Supersedes but is not equivalent to BSBMKG528 Mine data to identify industry directions.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBMKG543 Plan and interpret market research

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

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:

plan and interpret market research for one product or service.

In the course of the above, the candidate must:

identify market research objectives, requirements, data collection methods

develop a marketing research plan

research and collate market findings

obtain required approvals

apply analysis techniques to identify:

potential threats and opportunities

existing and emerging market needs

document the analysis of market research and present findings.

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:

internal and external sources of information relevant to forecasting market trends including:

business and strategic objectives

comparative market information

changes in technology

industry trends

social, cultural and economic trends

political activity and legislative changes

content and development of market research plan

software applications that are commonly used in quantitative and qualitative analysis

codes of practice and conduct relevant to marketing

market research principles and practices including:

project design according to timelines and budget requirements

development and use of hypothesis

role of research in enterprise development

statistical concepts, methods, techniques and reporting formulas commonly used in market research including:

conversion rates of leads to sales

measures of central tendency

measures of statistical dispersion

nature and degree of relationship between variables

net response rate

normal distribution probability curve

sampling

recency or frequency grids

lifetime value of customers

net present value of customers.

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:

legislation, regulations, standards and codes relevant to market research

workplace documentation and resources for market research.

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=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBOPS202 Engage with customers

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

Application

This unit describes the skills and knowledge required to participate effectively in customer engagement, including complying with organisational requirements and using a variety of communication methods.

The unit applies to those who perform a range of mainly routine tasks, using limited practical skills and fundamental operational knowledge and who work under some supervision and guidance.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Business Competence – Business Operations

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. Establish customer demands	1.1 Identify personal targets and key performance indicators (KPIs) for customer engagement according to organisational policy and procedures 1.2 Identify and confirm customer requirements 1.3 Identify options to meet customer expectations according to organisational policies and procedures 1.4 Adapt options to customer requirements according to organisational policies
2. Provide customer service	2.1 Select product or service in consultation with customer 2.2 Explain relevant information and actions to customer and confirm all details 2.3 Action customer orders and escalate queries that cannot be immediately satisfied according to organisational policies and procedures 2.4 Record details of engagement according to organisational policy
3. Finalise customer engagement	3.1 Supply followup information to customer according to organisational policies and procedures 3.2 Evaluate compliance with organisational policies and procedures 3.3 Seek customer feedback and identify opportunities to enhance service on future engagements 3.4 Record and report opportunities for continuous improvement

Foundation Skills

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

Skill	Description
Reading	Identifies and evaluates a range of texts to determine product information, performance standards and guidelines, and business requirements
Writing	Prepares clear and specific information which conveys an understanding of service requirements, outcomes and alternatives for customers and workplace personnel
Oral communication	Articulates clearly, using industry-specific language suitable to audience to convey requirements and listening and questioning techniques to confirm understanding
Enterprise and initiative	Identifies organisational expectations and follows explicit protocols and procedures, regulations and standards in performance of job role
Teamwork	Follows accepted communication practices and protocols in the provision of customer service Adjusts communication style in response to differences in customer profile, expectations and requirements
Planning and organising	Plans and implements routine customer service tasks and related workload, making limited decisions on sequencing and timing with support as required from relevant personnel Analyses task requirements to decide on appropriate customer service options Identifies difficulties that might present continuous improvement opportunities
Technology	Identifies key features of common digital systems and tools and operates them effectively to manage customer communication

Unit Mapping Information

No equivalent unit. Supersedes but is not equivalent to:

BSBCUE203 Conduct customer engagement

BSBCUE205 Prepare for work in a customer engagement environment

BSBCUE302 Deploy customer service field staff

BSBCUE307 Work effectively in customer engagement.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBOPS202 Engage with customers

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

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:

engage with at least three different customers, by:

providing customer service according to organisational standards and guidelines

using communication equipment and systems efficiently and effectively

adapting communication techniques to suit customer profile and requirements.

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:

operational environment, including customer base and products and services of the organisation

organisational performance standards and customer service expectations

organisational policies, procedures, protocols for customer engagement

relevant product or service details

equipment and systems to manage customer engagement

customer service in different contexts and customer behaviour in different contexts

sources of information to develop customer service skills including relevant organisational personnel

follow-up considerations for customer queries, including:

engagement escalation policy

business rules and practices

customer expectations

principles of customer service

continuous improvement methods including customer retention strategies

procedures for the operation of telecommunication equipment and systems, relevant to customer service.

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:

workplace information and data

performance management records and data and quality assurance guidelines

customer engagement policies and procedures.

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=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBOPS304 Deliver and monitor a service to customers

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

Application

This unit describes the skills and knowledge required to identify customer needs, deliver and monitor customer service and identify improvements in the provision of customer service.

The unit applies to those who apply a broad range of competencies in various work contexts. In this role, individuals often exercise discretion and judgement using appropriate knowledge of customer service. They provide technical advice and support to customers over short or long-term interactions.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Business Competence – Business Operations

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 customer needs	1.1 Identify and clarify customer needs and expectations 1.2 Evaluate customer needs and determine priorities for service delivery according to organisational requirements 1.3 Inform customers about available choices for meeting their needs and assist selection of preferred options 1.4 Identify limitations in addressing customer needs and seek assistance from designated individuals, where required
2. Deliver a service to customers	2.1 Provide service to meet identified customer needs according to organisational and legislative requirements 2.2 Establish and maintain rapport with customers 2.3 Manage customer complaints according to organisational and legislative requirements 2.4 Provide assistance and respond to customers with specific needs according to organisational and legislative requirements 2.5 Identify and use available opportunities to promote and enhance services and products to customers
3. Evaluate customer service delivery	3.1 Review customer satisfaction with service delivery using verifiable evidence according to organisational and legislative requirements 3.2 Seek and respond to customer feedback according to organisational policies and procedures 3.3 Identify opportunities to enhance the quality of customer service 3.4 Document recommendations for customer service improvements 3.5 Submit recommendations to relevant personnel according to organisational policies and procedures

Foundation Skills

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

Skill	Description
Learning	Identifies and follows up on opportunities to improve work practices and outcomes
Oral communication	Provides information or advice using structure and language to suit the audience Asks questions and listens to gain information or confirm understanding
Reading	Evaluates textual information to determine customer service requirements Proofreads texts for clarity of meaning and accuracy of grammar and punctuation
Writing	Completes responses to customer complaints in required format Prepares reports using sequencing, format and words to communicate recommendations clearly and effectively
Planning and organising	Complies with organisational policies and procedures relevant to role Plans and implements systems to gather and organise information
Problem-solving	Uses problem solving skills to analyse and respond to customer complaints or enquiries
Teamwork	Selects and uses appropriate communication conventions to establish connections, build rapport, seek information and develop professional working relationships Adjusts personal communication style in response to the opinions, values and particular needs of others

Unit Mapping Information

Supersedes and is equivalent to BSBCUS301 Deliver and monitor a service to customers.

Supersedes but is not equivalent to:

BSBCUE309 Develop product and service knowledge for customer engagement operation

BSBEDU303 Assist with the provision of international education information

BSBINT303 Organise the importing and exporting of goods

BSBINT304 Assist in the international transfer of services

BSBSLS407 Identify and plan sales prospects.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBOPS304 Deliver and monitor a service to customers

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

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:

deliver a service to at least three different customers, including:

using communication skills to establish rapport and build relationships with customers according to organisational requirements

identifying customer needs using appropriate questioning and active listening skills

providing customer service according to organisational requirements

responding to and recording customer feedback and action taken according to organisational standards, policies and procedures

producing a report which identifies and recommends ways to improve service delivery.

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 provisions of customer service legislation and consumer law

organisational policies and procedures relating to customer service, including complaints handling

common forms of verifiable evidence that could be used to review customer satisfaction

customer service standards and protocols for serving customers, including customers with specific needs.

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:

technology required to gather and provide information and assistance to customers

workplace documents, and organisational policies and procedures relating to customer service

examples of customer complaints and feedback.

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=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBOPS305 Process customer complaints

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

Application

This unit describes skills and knowledge required to handle complaints from customers.

The unit applies to those who apply a broad range of competencies and may exercise discretion and judgement using appropriate knowledge of products, customer service systems and organisational policies to provide technical advice and support to a team.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Business Competence – Business Operations

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. Receive complaints	1.1 Assess complaint according to organisational policy 1.2 Inform relevant stakeholders that complaint has been received 1.3 Document customer complaints according to organisational policies and procedures
2. Process complaints	2.1 Identify complaints requiring escalation according to organisational policy, and escalate as required 2.2 Identify additional information requirements to resolve complaints that do not require escalation 2.3 Prepare information for resolving complaint
3. Resolve complaints	3.1 Identify implications of complaint for customer and organisation 3.2 Analyse options to resolve customer complaints according to legislation, organisational policies and codes of practice 3.3 Propose options according to legislative requirements and organisational policies 3.4 Escalate matters for which a solution cannot be determined to relevant personnel

Foundation Skills

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

Skill	Description
Reading	Identifies and interprets textual information to determine legislative, regulatory and organisational requirements
Writing	Documents complaints and actions taken according to organisational requirements Records spoken information clearly and accurately for future reference
Oral communication	Presents or requests information using words and non-verbal features appropriate to the audience and context Uses listening and questioning techniques to gather information and confirm understanding
Planning and organising	Takes responsibility for planning, sequencing and completing tasks to achieve required outcomes Follows organisational communication practices and procedures when referring complaints, seeking advice or negotiating outcomes
Problem-solving	Addresses less predictable problems applying problem solving processes in determining solutions that meet organisational requirements
Technology	Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

Supersedes and is equivalent to BSBCMM301 Process customer complaints.

Supersedes but is not equivalent to:

BSBCUE304 Provide sales solutions to customers

BSBCUE308 Conduct outbound customer engagement.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBOPS305 Process customer complaints

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

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:

process at least three customer complaints relating to business operations.

In the course of the above, the candidate must:

follow organisational procedures when referring and resolving complaints.

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 provisions of legislation relating to customers including Australian Consumer Law and consumer guarantees

communication techniques for handling customer complaints

organisational policies, procedures and standards for processing complaints

organisational escalation procedures and relevant personnel.

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:

organisational policies and procedures relevant to customer complaints

legislation and codes of practice relevant to customer complaints.

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=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBOPS402 Coordinate business operational plans

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

Application

This unit describes the skills and knowledge required to implement operational plans by planning and acquiring resources, monitoring and adjusting operational performance and providing reports on performance, as required.

The unit applies to individuals who plan activities to achieve team and organisational objectives. At this level, work will normally be carried out within routine and non-routine methods and involve procedures that require planning, evaluation, leadership and guidance of others.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Business Competence – Business Operations

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. Prepare to implement operational plan	1.1 Consult with stakeholders to identify resource requirements relevant to operational plan 1.2 Collate, analyse and document details of resource requirements 1.3 Develop operational plan and determine implementation method 1.4 Plan for contingencies 1.5 Develop and present proposals for resource requirements
2. Implement operational plan	2.1 Assist in recruiting and onboarding employees required to implement operational plan according to organisational policies and procedures 2.2 Acquire physical resources and services according to organisational policies and procedures 2.3 Support efficient, cost-effective and safe use of resources 2.4 Adjust implementation of the operational plan in consultation with others to manage contingencies
3. Monitor operational performance	3.1 Collate relevant information and determine operational and productivity performance 3.2 Identify and use key performance indicators (KPIs) and assess operational performance 3.3 Identify unsatisfactory performance and take action to rectify the situation according to organisational policies
4. Review operations based on performance	4.1 Develop recommendations for variation to operational plans 4.2 Present recommendations to the designated persons or groups to gain approval 4.3 Maintain records related to operational performance according to organisational policies and procedures 4.4 Report information on operational performance to management

Foundation Skills

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

Skill	Description
Reading	Identifies, interprets, analyses and reviews textual information related to the operational plan and monitoring of operational performance
Writing	Communicates relationships between ideas and information, matching style of writing to purpose and audience Researches, plans and prepares workplace documentation for relevant stakeholders using organisational formats
Oral communication	Participates in a variety of spoken exchanges with a range of audiences varying structure and language to suit the audience
Numeracy	Selects and uses familiar mathematical techniques to organise timely supply of adequate resources for the operational plan and to use budgetary information to monitor performance
Enterprise and initiative	Monitors adherence to organisational policies and procedures and considers own role in terms of its contribution to broader goals of the work environment
Teamwork	Selects and uses appropriate conventions and protocols when communicating with diverse individuals to build rapport, seek or present information Collaborates with others to achieve joint outcomes, playing an active role in facilitating effective group communication, influencing direction and taking a leadership role on occasion
Planning and organising	Takes responsibility for planning, organising, implementing and monitoring tasks required to achieve required outcomes Evaluates effectiveness of decisions in terms of how well they met stated goals Identifies and addresses an increasing range of familiar problems by implementing contingency plans

Unit Mapping Information

No equivalent unit. Supersedes but is not equivalent to:

BSBFLM305 Support operational plan

BSBMGT402 Implement operational plan.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBOPS402 Coordinate business operational plans

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

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:

prepare, implement and review two operational plans.

In the course of the above, the candidate must:

interact with a range of people and groups to identify resource requirements, performance objectives, systems, procedures and records relating to the operational plan

plan and acquire physical and human resources using organisation’s systems and procedures

manage and support personnel to achieve performance objectives including facilitating new employee onboarding

present information and recommendations to support implementation and variation of the operational plan

monitor operational performance against the performance objectives and budgets and implement improvements to rectify unsatisfactory performance

vary the operational plan and gain approval to deal with contingencies

document and provide reports on performance as required by the organisation.

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:

processes to identify resource requirements

sources of information to identify resource requirements

methods to manage contingencies including through consultation with relevant stakeholders

key features of performance monitoring systems and processes

common methods for problem solving

methods to support staff including mentoring, coaching and supervision

implementation methods for operational plan

budget and other financial information related to the organisation

organisational objectives including costs, identified shortfalls and surpluses.

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:

organisational operational plans, policies and procedures relevant to performance evidence

workplace documentation and resources including budgets

physical and human resource procurement documentation

employee onboarding and performance monitoring procedures.

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=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBOPS404 Implement customer service strategies

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

Application

This unit describes the skills and knowledge required to advise, carry out and evaluate customer service strategies.

The unit applies to individuals who have well developed skills and a broad knowledge of customer service strategies for addressing customer needs and problems. Individuals may provide guidance or delegate work related tasks to others.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Business Competence – Business Operations

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. Advise on customer service needs	1.1 Identify organisational customer service objectives and customer needs 1.2 Assess and clarify customer requirements 1.3 Identify and diagnose problems with service delivery 1.4 Develop options to improve customer service delivery according to organisational requirements 1.5 Provide recommendations to promote improvement of customer service delivery
2. Support implementation of customer service strategies	2.1 Consult with relevant stakeholders to develop customer service strategies 2.2 Assess customer service strategies and opportunities against customer service objectives 2.3 Identify and allocate available budget resources to fulfil customer service objectives 2.4 Action procedures to resolve customer difficulties and complaints according to organisational requirements
3. Evaluate and report on customer service	3.1 Review stakeholder satisfaction with service delivery according to organisational requirements 3.2 Identify and report changes necessary to meet customer service objectives 3.3 Prepare conclusions and recommendations on future directions of client service strategies 3.4 Monitor systems, records and reporting procedures for changes to customer satisfaction

Foundation Skills

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

Skill	Description
Reading	Reviews textual information and comprehends details that relate to the interests or requirements of the client and organisation
Writing	Creates a range of formal texts using structure, grammar and clear and specialised language to describe customer needs, maintain information and support a particular position
Oral communication	Uses pace, intonation, intelligible pronunciation and listening and questioning techniques to interact effectively with others
Numeracy	Recognises and interprets numerical information and performs calculations on familiar mathematical information
Enterprise and Initiative	Recognises and applies organisational protocols and meets expectations associated with own work
Teamwork	Uses a range of strategies to establish a sense of connection and build rapport with customers Collaborates with others contributing knowledge and skills to achieve joint outcomes
Planning and organising	Applies formal and logical processes when planning and implementing tasks Applies standard procedures when responding to familiar problems within own work context
Technology	Uses digital technologies to access, organise, present and store information relevant to own role

Unit Mapping Information

Supersedes and is equivalent to BSBCUS401 Coordinate implementation of customer service strategies.

Supersedes but is not equivalent to:

BSBCUS402 Address customer needs

BSBCUS403 Implement customer service standards

BSBSLS408 Present, secure and support sales solutions.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBOPS404 Implement customer service strategies

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

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:

develop and implement at least two strategies to improve customer service delivery.

In the course of the above, the candidate must:

respond to and report on customer feedback and complaints

review client satisfaction using verifiable data

consult and communicate effectively with relevant people

develop and implement strategies and methods to improve customer service delivery, including:

budgeting

promotion to staff

documentation and follow up.

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:

customer communication techniques

principles of customer service

sources of verified client information

techniques for identifying customer needs and reviewing customer satisfaction

organisational business structure, products and services related to customer service

techniques for drawing insights from verifiable evidence to develop recommendations and conclusions

product and service standards and best practice models.

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:

organisational policies and procedures for customer service

examples of customer complaints and feedback

client satisfaction 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=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBOPS502 Manage business operational plans

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

Application

This unit describes the skills and knowledge required to develop and monitor the implementation of operational plans to support efficient and effective workplace practices and organisational productivity and profitability.

The unit applies to individuals who manage the work of others and operate within the parameters of a broader strategic and/or business plans.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Business Competence – Business Operations

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. Establish operational plan	1.1 Research, analyse and document resource requirements 1.2 Develop operational plan in consultation with, and with approval from, relevant stakeholders 1.3 Develop contingencies for operational plan 1.4 Explain plan to relevant work teams
2. Manage resource acquisition	2.1 Confirm that employees are recruited and inducted according to the organisation’s human resources management policies, practices and procedures 2.2 Confirm that physical resources and services are acquired according to the organisation’s policies, practices and procedures 2.3 Identify and incorporate requirements for intellectual property rights and responsibilities related to acquisition of resources
3. Monitor and review operational performance	3.1 Assess progress of operational plan in achieving profit and productivity plans and targets 3.2 Identify areas of under-performance, recommend solutions and rectify the situation 3.3 Plan and implement relevant processes for ongoing monitoring and confirm that support is provided for individuals and teams 3.4 Negotiate recommendations for variations to operational plans and gain approval from designated persons

Foundation Skills

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

Skill	Description
Reading	Gathers, interprets and analyses workplace documentation to determine requirements for the operational plan
Writing	Develops and documents a range of detailed texts relating to the management of an operational plan according to organisational requirements
Oral communication	Presents information to a range of audiences using appropriate register, vocabulary and paralinguistic features Listens and comprehends information from a variety of spoken exchanges with clients, co-workers and other stakeholders
Numeracy	Selects and uses mathematical problem-solving strategies to organise resource requirements, performance benchmarks and financial viability of the operational plan
Enterprise and initiative	Monitors adherence to organisational policies, procedures and considers own role in terms of its contribution to broader goals of the work environment
Teamwork	Collaborates with others to achieve joint outcomes, playing an active role in facilitating effective group interaction, influencing direction and taking a leadership role on occasion
Planning and organising	Takes responsibility for developing and implementing systems and processes to achieve organisational objectives, seeking advice, feedback and support as required to assist in the development and planning phase Sequences and schedules complex activities, monitors implementation, and manages relevant communication
Problem solving	Uses systematic analytical processes to aid decision making, identify potential problems and generate contingency plans or solutions
Technology	Demonstrates awareness of the importance of data security in a digital environment

Unit Mapping Information

Supersedes and is equivalent to BSBMGT517 Manage operational plan.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBOPS502 Manage business operational plans

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

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:

manage an operational plan for at least one business or work area.

In the course of the above, the candidate must:

develop and implement an operational plan using a variety of information sources and consultation including:

resource requirements

key performance indicators

monitoring processes

contingency plans

communicate with stakeholders to explain the plan and supporting information, seek approvals, negotiate variations and engage work teams

confirm existence of relevant strategies, including strategies relating to:

recruiting, inducting and developing personnel

acquiring physical resources and services

protecting intellectual property

making variations to the plan

monitoring and documenting performance.

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:

stakeholders involved in development and management of operations plan including escalation points, colleagues and specialist resource managers

key information sources for proposal development and presentation including resource requirement specialists

consultation processes

content of operational plans, including:

procurement processes

employee recruitment and induction strategies

physical resource and service acquisition strategies

key indicators of organisational performance

budget and actual financial relating to profit and productivity

methods for preparing operational plans and contingency plans

role of an operational plan in achieving an organisation’s objectives

procedures and records associated with documenting performance

approaches for developing key performance indicators to meet business objectives

legislative and regulatory framework relating to the development and implementation of operational plan of the organisation, including:

fair trading laws

work health and safety

organisational policies, practices and procedures that relate to the operational plan.

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:

legislation and regulations relevant to operational plans

workplace documentation and resources relevant to performance evidence.

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=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBOPS504 Manage business risk

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

Application

This unit describes skills and knowledge required to manage business risks in a range of contexts across an organisation or for a specific business unit or area in any industry setting.

The unit applies to individuals who are working in positions of authority and who are approved to implement change across the organisation, business unit, program or project area. They may or may not have responsibility for directly supervising others.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Business Competence – Business Operations

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. Establish risk context	1.1 Evaluate organisational processes, procedures and requirements and determine scope for risk management process 1.2 Review strengths and weaknesses of existing arrangements 1.3 Document critical success factors, goals and objectives for area included in scope 1.4 Communicate risk management process to relevant stakeholders
2. Identify risks	2.1 Invite stakeholders to assist in the identification of risks 2.2 Research risks that may apply to scope 2.3 Document risks that apply to the scope, in consultation with relevant parties
3. Analyse risks	3.1 Assess likelihood of risks occurring 3.2 Assess impact or consequence if risks occur 3.3 Evaluate and prioritise risks for treatment
4. Select and implement treatments	4.1 Determine and select from options for treating risks 4.2 Develop action plan for implementing risk treatment 4.3 Communicate risk management processes to relevant parties 4.4 Implement action plan according to organisational policies and procedures 4.5 Monitor and evaluate risk management process

Foundation Skills

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

Skill	Description
Reading	Synthesises a variety of relatively complex texts Gathers, interprets and analyses textual information from a range of sources to identify relevant information
Writing	Develops textual material and organises content in a manner that effectively documents risk management analysis and assessment priorities and processes
Oral communication	Participates in interactions with stakeholders using questioning and listening to elicit opinions, and to confirm and clarify understanding
Numeracy	Uses numerical tools to assess risk and uses numerical data to review plans
Teamwork	Selects appropriate conventions and protocols when communicating with stakeholders about risk management Consults and negotiates with stakeholders about risk management processes and outcomes
Planning and organising	Sequences and schedules a range of routine and complex activities, monitors implementation, evaluates processes and manages relevant communication Systematically analyses information to decide on appropriate risk management treatments Refers to organisational processes, procedures and requirements when making decisions about risk management
Technology	Uses digital technologies and systems to access information, document plans and communicate with others

Unit Mapping Information

Supersedes and is equivalent to BSBRSK501 Manage risk.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBOPS504 Manage business risk

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

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:

lead at least one risk management process for an organisation or work area.

In the course of the above, the candidate must:

analyse information from a range of sources to identify the scope and context of the risk management process, including:

stakeholder analysis

political, economic, social, legal, technological and policy context

current arrangements

objectives and critical success factors for the area included in scope

risks that may apply to scope

consult and communicate with stakeholders to identify and assess risks, determine appropriate risk treatment actions and priorities and explain the risk management processes

develop and implement an action plan to treat risks

monitor and evaluate the action plan and risk management process

maintain documentation.

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:

legislative and regulatory context of the organisation in relation to risk management

organisational policies, procedures and processes for risk management, including document storage

types of business risks

options for treating risks

risk management process

purpose and key elements of current risk management standards

tools and techniques to identify risks to scope risk management processes.

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:

legislation, regulations, standards and codes relating to risk management

workplace documentation and resources relating to risk management.

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=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBOPS505 Manage organisational customer service

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

Application

This unit describes the skills and knowledge required to develop strategies to manage organisational systems that ensure products and services are delivered and maintained to standards agreed by the organisation.

The unit applies to individuals who supervise customer service provided by others within an organisation. At this level, individuals must exercise considerable discretion and judgement, using a range of problem solving and decision making strategies.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Business Competence – Business Operations

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. Establish customer requirements	1.1 Consult with customers to identify customer service requirements 1.2 Integrate customer feedback into organisation’s business plan 1.3 Identify and procure resources required to address customer service requirements
2. Deliver quality products and services	2.1 Deliver product and service according to customer specifications within organisation’s business plan 2.2 Monitor team performance and assess against the organisation’s quality and delivery standards 2.3 Support colleagues to overcome difficulties in meeting customer service standards
3. Evaluate customer service	3.1 Develop and use strategies for monitoring progress against product and service targets and standards 3.2 Develop and use strategies for obtaining customer feedback on provision of product and service 3.3 Adapt delivery of customer product and service in consultation with relevant individuals and groups 3.4 Manage records, reports and recommendations within the organisation’s systems and processes

Foundation Skills

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

Skill	Description
Reading	Interprets and analyses textual information from a variety of sources and applies the knowledge that has been gained to evaluate standards for organisation’s products and services
Writing	Produces a range of text types to convey information, requirements or recommendations matching style of writing to purpose and audience
Oral communication	Clearly articulates systems and standards in a team environment using language suitable to diverse audiences Uses listening and questioning techniques to obtain feedback and confirm understanding
Numeracy	Interprets and comprehends mathematical information in organisation’s business and customer service plans
Planning and organising	Recognises and applies organisational protocols and meets expectations associated with own work
Teamwork	Identifies and uses appropriate conventions and protocols when communicating with colleagues and customers Collaborates with others, taking into account their strengths and experience, to achieve desired outcomes Provides support in field of expertise to team
Enterprise and initiative	Develops and implements plans using logical processes and monitors and evaluates progress against stated goals
Problem solving	Accepts responsibility for addressing complex or non-routine difficulties, applying problem solving processes in determining a solution
Technology	Uses digital technology to access, organise and present information in a format that meets requirements

Unit Mapping Information

Supersedes and is equivalent to BSBCUS501 Manage quality customer service.

Supersedes but is not equivalent to:

BSBCUE504 Integrate customer engagement within the organisation

BSBCUE601 Optimise customer engagement operations

BSBCUE602 Manage customer engagement information

BSBCUE603 Design and launch new customer engagement facilities

BSBSLS501 Develop a sales plan.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBOPS505 Manage organisational customer service

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

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:

develop and review strategy for delivering and monitoring quality customer service for an organisation or work area.

In the course of the above, the candidate must:

implement quality customer service policies and procedures

identify and resolve system problems relating to poor customer service

assist teams to meet customer service requirements

develop, procure and use human and physical resources to support quality customer service delivery.

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:

legislative and regulatory frameworks governing customer service

elements of effective customer service including quality, time and cost

organisational policies and procedures for customer service and handling customer complaints

relevant service standards and best practice models

key principles of public relations and product promotion

common techniques for solving complaints

principles and techniques involved in managing:

customer behaviour

specific customer needs

customer research

customer relations

ongoing product and service quality

problem identification and resolution

quality customer service delivery

record keeping and management methods

strategies for monitoring, managing and introducing ways to improve customer service relationships

strategies to obtain customer feedback.

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:

legislation, regulations and codes of practice related to customer service

workplace documentation and resources

complex customer complaints.

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=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBOPS601 Develop and implement business plans

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

Application

This unit describes the skills and knowledge required to lead a business operation that covers the steps required to develop and implement business plans.

The unit applies to individuals who are running an organisation or who take a senior role in determining the effective functioning and success of the organisation. These individuals may oversee the work of a number of teams and other managers.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Business Competence – Business Operations

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. Establish business plan	1.1 Identify organisational and legislative frameworks relevant to development of a business plan 1.2 Review market requirements for the organisation’s products and service 1.3 Identify and assess business requirements, objectives, competitors and established plans 1.4 Develop performance objectives and measures for business plan, in consultation with relevant stakeholders 1.5 Identify financial, human and physical resource requirements for the business 1.6 Develop business plan
2. Implement business plan	2.1 Communicate business plan to all relevant stakeholders 2.2 Confirm skilled labour is available to implement plan 2.3 Test performance measurement systems and refine, where required 2.4 Prepare reports on key aspects of the business 2.5 Report system failures, product and service failures and variances to the business plan as they occur
3. Respond to performance data	3.1 Analyse performance reports against planned objectives 3.2 Review performance indicators and refine, where required 3.3 Identify and coach under-performing staff 3.4 Establish ongoing review processes

Foundation Skills

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

Skill	Description
Reading	Gathers, interprets and analyses textual information when developing the business plan and monitoring operational performance
Writing	Communicates relationships between ideas and information, matching style of writing to purpose and audience Researches, plans and prepares business plan for relevant stakeholders
Oral communication	Presents information and seeks advice using language and features appropriate to audience Participates in discussions using listening and questioning to elicit the views of others and to clarify or confirm understanding
Numeracy	Extracts and evaluates mathematical information to review the market, research competitors and review pricing structures
Enterprise and initiative	Takes full responsibility for identifying and complying with legislative requirements applicable to self and the organisation
Teamwork	Collaborates with others to achieve joint outcomes, playing an active role in facilitating effective group interaction, influencing direction and taking a leadership role Provides support in field of expertise to colleagues, as required
Planning and organising	Sequences and schedules complex activities, monitors implementation and manages relevant communication Systematically gathers and analyses all relevant information and evaluates options in order to monitor performance and identify opportunities for improvement

Unit Mapping Information

Supersedes and is equivalent to BSBMGT617 Develop and implement a business plan.

Supersedes but is not equivalent to:

BSBCUE604 Develop and maintain a service level strategy

BSBCUE606 Forecast and plan using customer engagement traffic information analysis

BSBMGT618 Develop an engagement centre business plan.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBOPS601 Develop and implement business plans

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

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:

develop and implement at least one business plan.

In the course of the above, the candidate must:

analyse and research business vision, mission, values, objectives, goals, competitors, financial targets, management arrangements and marketing approaches

write a business plan, including:

description of the business

products and services

financial, physical and human resource requirements

regulatory requirements

marketing strategy

financial indicators

productivity and performance targets for key result areas

monitor and respond to business performance including evaluation of performance against key results indicators

consult, communicate with and report to relevant stakeholders

provide analysis of the strengths and weaknesses of a business plan.

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:

organisational and legislative frameworks required for the development of business plans, including:

preexisting strategic, business and operational plans

business vision, mission, values and objectives

permits or licences that may be required for new activity

processes for developing and monitoring business plans

customer needs and budgeting information

performance objectives and measures, including key results indicators

stakeholders involved in the development of business plans.

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:

business information and data relevant to performance evidence.

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=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBPEF301 Organise personal work priorities

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

Application

This unit describes the skills and knowledge required to organise personal work schedules, to monitor and obtain feedback on work performance and to maintain required levels of competence.

The unit applies to individuals who exercise discretion and judgement and apply a broad range of competencies in various work contexts.

No licensing, legislative, regulatory or certification requirements apply to this unit at the time of publication.

Unit Sector

Critical Thinking & Problem Solving – Personal Effectiveness

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. Organise and complete own work schedule	1.1 Develop work goals and key performance indicators (KPIs) according to task and organisational requirements 1.2 Prioritise workload according to task timeframes 1.3 Identify factors affecting achievement of work objectives 1.4 Develop personal work plans
2. Evaluate own work performance	2.1 Identify variations between expected and actual work performance according to task requirements and KPIs 2.2 Report variations to relevant personnel 2.3 Seek feedback from relevant personnel for solutions to minimise variations in expected and actual work outputs 2.4 Research sources of stress and access appropriate supports according to organisational policies and procedures
3. Coordinate personal skill development and learning	3.1 Identify personal and professional development needs for job role 3.2 Identify opportunities to undertake personal skill development activities in consultation with supervisor 3.3 Access professional development opportunities 3.4 Record professional development undertaken for continuous learning and career development process 3.5 Incorporate feedback into review of further learning needs

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Learning	Employs a range of approaches and investigative techniques to source the knowledge necessary to arrange personal learning experiences
Reading	Interprets textual information to determine organisation’s procedures, own work performance and objectives
Writing	Prepares written reports and workplace documents that communicate information clearly and effectively
Oral communication	Provides and receives feedback using specific and relevant language Uses listening and questioning techniques to confirm understanding
Numeracy	Complies with organisational policies, procedures and protocols
Teamwork	Selects the appropriate form, channel and mode of communication for a specific purpose relevant to own role Proactively collaborates with others to achieve specific goals
Planning and organising	Plans and organises work commitments to ensure deadlines and objectives are met Uses formal analytical thinking techniques to recognise and respond to routine problems
Technology	Uses digital systems and tools to enter, store and monitor information

Unit Mapping Information

Supersedes and is equivalent to BSBWOR301 Organise personal work priorities and development.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBPEF301 Organise personal work priorities

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

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:

prepare and implement a personal work plan.

In the course of the above, the candidate must:

prepare a work plan according to organisational requirements and work objectives

use technology to schedule, prioritise and monitor completion of tasks in a work plan

assess and prioritise own work tasks and address contingencies

monitor and assess personal performance against job role requirements by seeking feedback from relevant personnel

identify personal development needs and access, complete and record skill development and learning.

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:

organisational policies and procedures relevant to work tasks

goals, objectives and key performance indicators for task within scope of job role

methods to elicit, analyse and interpret feedback when communicating with other people in the workplace

content of work plans including:

timeframes

tasks requirements

risks

contingencies for identified risks

types of personal learning and professional development requirements

principles and techniques of goal setting, measuring performance and time management

signs and sources of stress and strategies to deal with stress in the workplace

methods to identify and prioritise personal learning needs.

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:

challenges and situations to demonstrate application of performance evidence.

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=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBPEF302 Develop self-awareness

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

Application

This unit describes the skills and knowledge required to improve self-reliance to confidently perform work tasks within the scope of own responsibility. It involves reflecting on personal development and acquiring knowledge of personal strengths and weaknesses through feedback from others. It also involves the development of goals and plans to improve workplace performance.

The unit applies to individuals who exercise discretion and judgement and apply a broad range of competencies in various work contexts. These individuals are required to develop and extend their self-reliance, self-esteem and confidence.

No licensing, legislative, regulatory or certification requirements apply to this unit at the time of publication.

Unit Sector

Critical Thinking & Problem Solving – Personal Effectiveness

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. Evaluate attitudes and values	1.1 Identify and assess differences between a personal attitude and value 1.2 Identify and document role of attitudes and values within the workplace 1.3 Evaluate and record relationship between attitudes and values
2. Assess own skills	2.1 Identify impacts of personal adaptability and flexibility for achieving organisational goals 2.2 Analyse role of personal motivation and self-awareness in achieving own goals and organisational goals 2.3 Review and document role of commitment and resilience in the workplace
3. Apply self-awareness in the workplace	3.1 Review personal strengths and weaknesses and their implications for self-awareness 3.2 Create an action plan to develop self-awareness 3.3 Communicate action plan to relevant personnel and seek feedback 3.4 Revise and implement plan with guidance from relevant personnel
4. Develop strategies for ongoing improvement	4.1 Evaluate own ability to improve workplace performance 4.2 Develop strategies to meet opportunities for ongoing personal development 4.3 Monitor and revise action plan

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Learning	Applies existing thinking and current practices to examine self-awareness Researches activities and articles on relevant topics
Writing	Creates records on observations, experiences and thoughts Prepares documents to monitor and reflect on performance
Oral communication	Participates in a verbal exchange of observations and elicits the view and opinions of others by listening and questioning
Teamwork	Collaborates with others to test, strengthen and explore self-awareness and different ways of thinking

Unit Mapping Information

Supersedes and is equivalent to BSBWRK311 Develop self-awareness.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBPEF302 Develop self-awareness

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

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:

develop and improve self-awareness in at least three different work tasks.

In the course of the above, the candidate must:

identify and document difference between an attitude and value

identify the role of personal and other values in the workplace

review influence of diverse values and attitudes on self-awareness and working environments

develop and implement a self-awareness action plan

interact and apply self-awareness with others as suitable for job role

respond with self-awareness to changing situations.

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:

differences between attitudes and values

factors contributing to effectiveness of own workplace performance

features of personal motivations and implications for workplace development

strategies and documentation for a self-awareness action plan.

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 challenges and situations to demonstrate application of performance evidence.

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=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBPEF401 Manage personal health and wellbeing

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

Application

This unit describes the skills and knowledge required to identify signs and sources of strain on personal health and wellbeing (both physical and mental) within job roles and according to key performance indicators (KPIs).

The unit applies to individuals who operate with a high level of autonomy, have excellent communication skills and apply knowledge of organisational policies and relevant legislation.

No licensing, legislative, regulatory or certification requirements apply to this unit at the time of publication.

Unit Sector

Critical Thinking & Problem Solving – Personal Effectiveness

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. Review health and wellbeing framework	1.1 Identify factors in the work environment that may impact on own physical and mental health 1.2 Research techniques for management of own physical health and mental wellbeing 1.3 Assess available resources for inclusion as part of personal health and wellbeing strategy 1.4 Review legislative and organisational policies and procedures relating to health and wellbeing
2. Develop and implement personal health and wellbeing strategy	2.1 Develop strategy for managing personal health and wellbeing 2.2 Share personal health and wellbeing strategy with relevant personnel 2.3 Schedule activities that align with personal health and wellbeing strategy
3. Review personal health and wellbeing strategy	3.1 Monitor own performance against key performance indicators 3.2 Identify new circumstances impacting work requirements and impact on personal health and wellbeing strategy 3.3 Review and update personal health and wellbeing strategy to reflect new circumstances

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Reading	Analyses and compares specific and complex text to determine and distinguish requirements
Writing	Develops documents that clearly explain ideas and advice Records information using required tools
Numeracy	Interprets mathematical information related to timelines
Enterprise and initiative	Identifies legislative responsibility to provide a safe working environment
Planning and organising	Plans and monitors tasks to ensure deadlines are met and competing demands are accommodated Establishes, implements and monitors strategies, development plans and actions Uses problem-solving techniques to analyse and address issues that arise

Unit Mapping Information

No equivalent unit. Supersedes but is not equivalent to BSBWOR403 Manage stress in the workplace.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBPEF401 Manage personal health and wellbeing

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

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:

develop, implement and review one personal health and wellbeing strategy.

In the course of the above, the candidate must:

evaluate factors that may impact personal health and wellbeing in own personal life and work environment

locate and assess applicable resources

present personal health and wellbeing strategy to relevant personnel

monitor variations in personal circumstances and work performance affecting health and wellbeing.

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:

techniques for management of physical health

techniques for management of mental wellbeing

time management tools and techniques

key features of organisational policies and procedures relating to health and wellbeing

requirements under work health and safety (WHS) legislation to address workplace stress.

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 challenges and situations to demonstrate the application of performance evidence.

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=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBPEF402 Develop personal work priorities

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

Application

This unit describes the skills and knowledge required to plan and prioritise own work tasks. It also addresses the skills and knowledge to monitor and obtain feedback on personal work performance.

The unit applies to individuals who are required to design their own work schedules and work plans and to establish priorities for their work. They will typically hold some responsibilities for the work of others and have some autonomy in relation to their own role.

No licensing, legislative, regulatory or certification requirements apply to this unit at the time of publication.

Unit Sector

Critical Thinking & Problem Solving – Personal Effectiveness

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. Plan personal work schedule	1.1 Identify task requirements 1.2 Identify own accountabilities in line with task requirements 1.3 Assess barriers for performance of personal accountabilities 1.4 Develop a personal work schedule
2. Implement personal work schedule	2.1 Communicate personal work schedule to relevant personnel 2.2 Monitor own performance according to personal work schedule 2.3 Document variations between expected and actual work performance according to task requirements and communicate to relevant personnel
3. Review personal work priorities	3.1 Seek and evaluate feedback from relevant stakeholders on own work performance 3.2 Analyse variations between expected and actual work performance 3.3 Update personal work schedule according to internal and external feedback and changes in circumstances

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Learning	Develops strategies to reflect on own performance and obtain feedback
Reading	Identifies and applies textual information from relevant sources to understand organisation’s policies and practices
Writing	Prepares written reports and workplace documentation that communicate complex information clearly and effectively
Numeracy	Analyses numerical information related work accountabilities
Enterprise and initiative	Identifies and understands roles and responsibilities in relation to organisational objectives, policies and procedures
Planning and organising	Plans, organises and implements tasks to meet organisational requirements Uses the main features and functions of digital technologies and tools to complete work tasks efficiently and effectively

Unit Mapping Information

Supersedes and is equivalent to BSBWOR404 Develop work priorities.

Supersedes but is not equivalent to:

BSBSMB408 Manage personal, family, cultural and business obligations

BSBWOR424 Develop a time management plan.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBPEF402 Develop personal work priorities

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

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:

develop, implement and review one personal work schedule.

In the course of the above, the candidate must:

identify personal responsibilities and barriers to their fulfilment according to task requirements

prepare a personal work schedule

communicate work schedule to relevant personnel

monitor personal work performance to identify variations between expected and actual work performance

review own work performance against workgroup objectives through self-assessment and seeking and acting on feedback from internal and external stakeholders.

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:

content of work plans including:

resource requirements

stakeholder needs

workgroup targets

business technology applications to schedule tasks and plan work

methods of personal work performance review including:

self-assessment

feedback from others

techniques to prepare personal plans and establish priorities

methods to elicit, analyse and interpret feedback.

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 challenges and situations to demonstrate the application of performance evidence.

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=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBPEF501 Manage personal and professional development

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

Application

This unit describes the skills and knowledge required to implement systems and process that support the personal and professional development of self and others.

The unit applies to individuals working in a range of managerial positions who are accountable for the development and performance of others.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Critical Thinking & Problem Solving – Personal Effectiveness

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. Manage work goal development	1.1 Document team member responsibilities and identify organisational framework for development of work goals 1.2 Support others to develop work goals, plans and activities that align with their responsibilities 1.3 Assess others’ work goals, plans and activities for alignment with organisational goals and provide feedback to team members 1.4 Facilitate access to personal and professional development opportunities that align to team member goals, plans and activities
2. Facilitate achievement of work priorities	2.1 Assess and prioritise personal, team and organisational demands 2.2 Use technology to manage work priorities of the team 2.3 Identify and implement techniques to manage team health and wellbeing in the workplace
3. Develop and maintain professional competence	3.1 Document own development needs, priorities and plans using applicable competency standards, where required 3.2 Seek feedback from relevant personnel on own development needs 3.3 Participate in personal and professional development activities that address identified needs, priorities and plans

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Learning	Investigates and uses a range of strategies to develop personal competence
Reading	Analyses and interprets textual information from organisational policies and practices or feedback to inform personal development planning
Writing	Uses feedback to prepare reports that summarise ways to improve competence
Oral communication	Uses active listening and questioning to seek and receive feedback
Enterprise and Initiative	Identifies how own role contributes to broader organisational goals Considers organisational protocols when planning career development of self and others
Teamwork	Selects and uses appropriate conventions and protocols when communicating with diverse stakeholders Uses interpersonal skills to establish and build positive working relationships with others
Planning and organising	Plans and prioritises tasks in order to meet deadlines, manage role responsibilities and to manage own personal welfare Identifies and uses appropriate technology to improve work efficiency
Technology	Uses technology to manage and prioritise work tasks

Unit Mapping Information

No equivalent unit. Supersedes but is not equivalent to:

BSBLED503 Maintain and enhance professional practice

BSBWOR501 Manage personal work priorities and professional development.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBPEF501 Manage personal and professional development

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

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:

develop and implement a plan for own personal and professional development

manage personal and professional development of at least two other individuals.

In the course of the above, the candidate must:

identify roles and responsibilities of team members

support two different individuals to develop work goals that align with their role and responsibilities

facilitate team member access to relevant personal and professional development activities

use technology to organise and prioritise tasks and commitments of a team or work area

research and implement techniques for maintaining health and wellbeing of self and others

develop personal work goals, plans and activities to meet work goals

measure personal work performance, including assessing competency against competency standards

participate in personal and professional development activities to develop professional competence.

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:

roles and responsibilities of team members

principles and techniques involved in the management or organisation of:

performance measurement

personal behaviour, selfawareness and personality traits identification

personal development plans

personal goal setting

task prioritisation

common personal and professional development activities relevant to the industry

technology to plan and prioritise work tasks

techniques to manage health and wellbeing in the workplace

organisation’s human resources policies and procedures relevant to professional development.

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 challenges and situations to demonstrate the application of performance evidence.

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=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBPMG421 Apply project time management techniques

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

Application

This unit describes the skills and knowledge required to assist with project scheduling activities, apply and monitor the agreed project schedule, and evaluate the effectiveness of time management for the project.

The unit applies to individuals who are project practitioners working in a project support role.

No licensing, legislative, regulatory or certification requirements apply to this unit at the time of publication.

Unit Sector

Business Competence – Project 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. Assist in developing project schedule	1.1 Contribute to developing work breakdown structure 1.2 Contribute to estimating duration and effort, sequence and dependencies of tasks to achieve project deliverables 1.3 Contribute to identifying schedule impact on project time management, resource requirements, costs and risks using project scheduling tools and techniques 1.4 Contribute to achieving an agreed schedule baseline and communicating the schedule to stakeholders
2. Maintain project schedule	2.1 Record and report progress of activities in relation to agreed schedule using selected tool 2.2 Record baseline variance between actual and planned progress 2.3 Contribute to forecasting impact of change on the schedule and analysing options 2.4 Update task status and agreed changes to maintain currency and accuracy of schedule
3. Participate in assessing time-management outcomes	3.1 Participate in determining effectiveness of time management from review of project performance 3.2 Contribute to document scheduling and time-management issues and responses to assist in project evaluation

Foundation Skills

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

SKILL	DESCRIPTION
Reading	Interprets project documentation to determine scheduling requirements and review performance
Writing	Documents project activities using structure, layout, vocabulary, and conventions appropriate to context
Oral Communication	Interacts effectively in verbal exchanges, using clear language and appropriate features to convey information Uses active listening and questioning to elicit and assess relevant information
Numeracy	Selects and applies a range of mathematical strategies to contribute to determining resources and measuring work output against a predetermined timeline
Planning and organising	Contributes to plans and implements tasks required to monitor implementation of plans Contributes to reviews and reflections on outcomes to identify whether objectives were met Uses digital tools to enter, analyse and present data and information

Unit Mapping Information

Supersedes and is equivalent to BSBPMG410 Apply project time management techniques.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBPMG421 Apply project time management techniques

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

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:

support project managers and other team members to apply project time management techniques during at least two different projects.

In the course of the above, the candidate must:

create a project schedule showing tasks, deliverable milestones, sequence, dependencies and time estimates

apply time-management techniques in a project

use relevant tools and techniques to maintain, monitor and update a project schedule.

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:

contents of work breakdown structure detail to enable effective project planning and control

implications of time management for project resources, costs and risks

methods for estimating task duration and resource requirements

tools and techniques for managing project time and their particular applications

methods to evaluate the effectiveness of time management

techniques used to measure, record and report progress of activities.

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:

workplace documentation relevant to project management

planning tools.

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=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBPMG422 Apply project quality management techniques

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

Application

This unit describes the skills and knowledge required to enhance project outcomes by contributing to quality planning, applying quality policies and procedures, and contributing to continuous improvement in projects.

The unit applies to individuals who are project practitioners working in a project support role.

No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement.

Unit Sector

Business Competence – Project 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. Contribute to project quality planning	1.1 Contribute to determining quality requirements of project stakeholders 1.2 Contribute to identifying quantifiable quality criteria for project deliverables 1.3 Locate and interpret policy and procedures for project quality 1.4 Contribute to developing quality requirements in the project plan and processes
2. Apply quality policies and procedures	2.1 Implement quality assurance in the project according to agreed quality standards and guidelines 2.2 Select and apply quality management tools and techniques to project processes according to organisational policy 2.3 Maintain quality-control records and audit documentation according to agreed procedures 2.4 Identify and maintain records against agreed quality requirements 2.5 Communicate shortfalls in quality outcomes to others to enable appropriate action to be initiated
3. Contribute to project continuous improvement process	3.1 Participate in a continuous improvement processes including and review project outcomes 3.2 Report quality management issues and responses to others for application to future projects

Foundation Skills

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

SKILL	DESCRIPTION
Reading	Reviews and evaluates project documentation and stakeholder feedback
Writing	Prepares and updates documentation, using appropriate language, and matching style of writing to purpose and audience Creates and updates records according to organisational requirements
Oral Communication	Uses clear language to share and review information with others
Numeracy	Extracts and evaluates mathematical information embedded in a range of tasks and texts
Self-management	Adheres to policies, procedures and legislative requirements
Teamwork	Selects appropriate communication practices in a range of work contexts Collaborates and cooperates with others to achieve shared goals
Planning and organising	Plans and organises tasks and activities to apply organisational quality compliance requirements Uses formal and informal processes to monitor implementation of plans and reflect on outcomes

Unit Mapping Information

Supersedes and is equivalent to BSBPMG411 Apply project quality management techniques.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBPMG422 Apply project quality management techniques

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

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:

support project managers and other team members to apply project quality management techniques during at least two different projects.

In the course of the above, the candidate must:

work in a team environment to plan and develop quality management and continuous improvement parameters

apply quality management techniques in a project relevant to the organisation and industry context

maintain accurate quality records

contribute to project continuous improvement process.

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:

organisational policy and procedures for project quality

continuous improvement processes

quality-assurance processes and requirements

quality-control processes and requirements

quality criteria relevant to industry

quality management tools and methodologies relevant to industry and organisation

quality standards and their place in the project life cycle.

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:

project documentation used for quality management purposes

project records.

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=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBPMG430 Undertake project work

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

Application

This unit describes the skills and knowledge required to undertake a minor project or a section of a larger project. It covers developing a project plan, administering and monitoring the project, finalising the project and reviewing the project to identify lessons learned for application to future projects.

The unit applies to individuals who play a significant role in ensuring a project meets timelines, quality standards, budgetary limits and other requirements set for the project.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Business Competence – Project 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. Establish project parameters	1.1 Identify project scope 1.2 Define project stakeholders 1.3 Seek clarification from delegating authority of issues related to project and project parameters 1.4 Identify responsibilities of relevant stakeholders and reporting requirements 1.5 Clarify relationship of project to other projects and to the objectives of the organisation 1.6 Identify availability and access of resources for undertaking the project
2. Develop project plan	2.1 Identify risks and develop a risk management plan for project, including Work Health and Safety (WHS) 2.2 Develop project budget and timeframe and seek approval from relevant stakeholders 2.3 Consult team members and apply their views in planning the project 2.4 Identify and access appropriate project management tools 2.5 Develop project plan according to project parameters and deliverables 2.6 Finalise project plan and gain necessary approvals to commence project according to documented plan
3. Administer and monitor project	3.1 Communicate to project team members their responsibilities and project requirements 3.2 Establish and maintain required recordkeeping systems throughout the project 3.3 Implement and monitor plans for managing the project 3.4 Undertake risk management as required
4. Finalise and review project	4.1 Complete financial recordkeeping associated with project and confirm according to agreed budget 4.2 Complete project documentation and obtain sign-offs for concluding project 4.3 Review project outcomes and processes against the project scope and plan 4.4 Document feedback and suggested improvements

Foundation Skills

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

SKILL	DESCRIPTION
Reading	Organises, evaluates and critiques ideas and information from a range of complex texts
Writing	Develops plans, reports and recommendations using vocabulary, structure and conventions appropriate to text Establishes and maintains records according to organisational requirements
Numeracy	Uses formal and some informal, oral and written mathematical language and representation to prepare and communicate budgetary and financial information
Oral communication	Participates in verbal discussions using clear language and appropriate features to present or seek information Using listening and questioning skills to seek information and confirm understanding
Self-management	Identifies and responds to organisational and legislative/regulatory requirements
Teamwork	Selects and uses appropriate communication protocols and practices to ensure shared understanding of project roles and expectations Uses collaborative techniques to engage stakeholders in consultations and negotiations
Planning and organising	Develops and implements plans to manage projects that involve diverse stakeholders with potentially competing demands Systematically gathers and analyses all relevant information and evaluates options to make informed decisions Evaluates outcomes of decisions to identify opportunities for improvement
Technology	Uses digital technologies and applications to access, organise and share information

Unit Mapping Information

Supersedes and is equivalent to BSBPMG522 Undertake project work.

Supersedes but is not equivalent to BSBADM407 Administer projects.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBPMG430 Undertake project work

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

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:

undertake project work on a minor project or a section of a larger project.

In the course of the above, the candidate must:

confirm the quality of project outcomes according to expectations of the organisation

consult and communicate with relevant stakeholders to generate input and engagement in planning, implementing and reviewing the project

provide support to team members to enable them to achieve deliverables and to transition them as appropriate at completion of the project.

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:

project management tools

types of documents and other sources of information commonly used in defining the parameters of a project

mission, goals, objectives and operations of the organisation

relevant legislation and regulations, including work health and safety (WHS) requirements, for project planning

project management processes according to policies and procedures of the organisation and including:

lines of authority and approvals

quality assurance

human resources

budgets and finance

risk management

recordkeeping

reporting.

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:

relevant legislation, regulations, standards and codes

workplace documentation and resources relevant to performance evidence.

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=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBPMG540 Manage project integration

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

Application

This unit describes the skills and knowledge required to integrate and balance overall project management functions and to align and track project objectives to comply with organisational goals, strategies and objectives.

The unit applies to individuals responsible for managing and leading a project in an organisation, business, or as a consultant.

No licensing, legislative, regulatory or certification requirements apply to this unit at the time of publication.

Unit Sector

Business Competence – Project 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. Establish project	1.1 Identify, clarify and prepare project initiation documentation 1.2 Identify stakeholders with decision making authority on project 1.3 Establish client requirements and needs 1.4 Identify relationship between the project and broader organisational strategies and goals 1.5 Negotiate and document project objectives, outcomes and benefits 1.6 Establish project governance structure with stakeholders and project authority 1.7 Prepare and submit project charter for approval by relevant authorities
2. Undertake project planning and design processes	2.1 Establish project objectives 2.2 Identify project stages and key requirements for stage completion against client requirements and project objectives 2.3 Analyse project management functions to identify interdependencies and impacts of constraints 2.4 Develop a project management plan that integrates all project-management functions with associated plans and baselines 2.5 Establish tools to monitor and control planned activity 2.6 Negotiate approval of project plan with relevant stakeholders and project authority
3. Monitor project	3.1 Implement and monitor project according to project scope, time and budget 3.2 Resolve conflicts affecting attainment of project objectives with relevant stakeholders 3.3 Confirm project records are updated against project deliverables at required intervals 3.4 Analyse and submit status reports on project progress and identify issues with relevant stakeholders and project authorities 3.5 Analyse and submit impact analysis of change requests for approval 3.6 Maintain relevant project logs and registers for project audit
4. Review project	4.1 Identify and allocate project finalisation activities 4.2 Confirm project products and associated documentation are prepared for handover to client in a timely manner 4.3 Finalise financial, legal and contractual obligations 4.4 Seek feedback from relevant stakeholder and project authorities on project implementation, management and integration 4.5 Document feedback received to improve future projects

Foundation Skills

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

SKILL	DESCRIPTION
Reading	Applies appropriate strategies to construct meaning from complex texts
Writing	Develops and maintains project documentation using formats and language appropriate to context
Oral Communication	Participates in verbal exchanges using clear and detailed language to provide and seek information Uses active listening and questioning to confirm understanding
Numeracy	Uses a wide range of mainly formal and some informal, oral and written mathematical language and representation to communicate mathematically
Self-management	Complies with organisational requirements
Teamwork	Selects and uses appropriate communication practices to seek or share information with stakeholders Collaborates with others to achieve joint outcomes by playing an active role in facilitating effective group interaction and negotiating outcomes
Planning and organising	Organises time and effort around priorities and results Sequences and schedules complex activities, monitors implementation and manages relevant communication Identifies outcomes to contribute to future projects

Unit Mapping Information

Supersedes and is equivalent to BSBPMG521 Manage project integration.

Supersedes but is not equivalent to BSBPMG601 Direct the integration of projects.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBPMG540 Manage project integration

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

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:

implement and manage project integration on at least three occasions.

In the course of above, the candidate must:

work closely with others to integrate all project management functions across a project life cycle according to organisational objectives

negotiate with internal and external stakeholders

create accurate project management documentation

make suggestions for improvements to managing project integration in the future

maintain established links to align project objectives with organisational objectives.

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:

project governance models and structure

project initiation documentation

tools to monitor and control planned activity

range of methodologies to break project objectives into achievable project deliverables

role of project life cycle stages, phases and structures relevant to industry and project context

impact analysis methodologies

key aspects of change requests

organisational documentation for recording strategies and goals for integration processes

project management plan.

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:

workplace documentation and resources relevant to performance evidence.

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=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBPMG803 Manage and review portfolio performance

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 1.0.

Application

This unit describes the skills and knowledge required to effectively manage and review a portfolio. It covers project and program oversight, continuous improvement across the portfolio and benefits realisation.

A portfolio is the centralised management of one or more portfolios of projects, which includes identifying, prioritising, authorising, managing and controlling projects, programs and other related work, to achieve specific strategic business objectives.

It applies to individuals who operate at the strategic level within the organisation. Unlike projects or programs, a portfolio does not have a finite life, instead it is a continuous process and requires regular tending to ensure the portfolio remains in balance and is consistent with the organisation’s strategic objectives.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Management and Leadership – Project 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. Program and project delivery oversight	1.1 Align the portfolio review cycle with appropriate project/program review points 1.2 Review project and program performance against respective plans and measure performance against continuously captured qualitative and quantitative data 1.3 Monitor the portfolio to ensure that projects/programs are meeting their identified key objectives and benefits 1.4 Flag projects and programs not achieving planned performance for review and further investigation 1.5 Make recommendations to change projects/programs included in the portfolio
2. Portfolio continuous improvement	2.1 Continuously review and improve project identification and approval 2.2 Assess portfolio value and contribution to strategic priorities regularly through the monitoring and review of key performance indicator measures 2.3 Feed lessons learned into the project selection, prioritisation and portfolio balancing processes
3. Benefits management and realisation	3.1 Prepare and update portfolio delivery map showing the key timings and inter-dependencies between projects and programs and the associated benefits to be produced 3.2 Actively manage the portfolio to maximise achievement of organisational benefits

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, 1.3, 1.4, 2.1, 2.2	Applies appropriate strategies to construct meaning from complex texts
Writing	1.2, 1.3, 1.4, 1.5, 2.1, 2.2, 2.3, 3.1	Documents results of reviews using appropriate organisational formats Prepares documents to support portfolio management using format and vocabulary suitable to audience
Oral Communication	1.5	Provides information using language and features appropriate to audience
Numeracy	1.2, 2.2	Interprets quantifiable data to effectively manage and review portfolios
Navigate the world of work	2.2	Understands the relationship between immediate tasks and organisational strategic objectives, and uses this to inform assessments
Interact with others	1.5	Selects and uses appropriate communication methods and practices to provide recommendations
Get the work done	1.1, 1.2, 1.3, 2.1, 2.2, 2.3, 3.1, 3.2	Develops flexible plans for complex, high impact activities with strategic implications, making changes when required Monitors and analyses performance against plans to identify and implement improvements Evaluates outcomes to identify process improvements

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
BSBPMG803 Manage and review portfolio performance	Not applicable	New unit	No equivalent unit

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBPMG803 Manage and review portfolio performance

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

identify how the portfolio can be continuously improved

apply types of qualitative and quantitative data and other metrics that can be used to determine project performance

determine and map cross project/program dependencies

respond effectively to signs and symptoms of project/program failure and underperformance.

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:

explain the portfolio review matrix

explain the cross project/program dependency map

describe the use of the portfolio review document

explain the project/program performance report or audit

explain use of the portfolio delivery map.

Assessment Conditions

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

access to workplace documentation

feedback from stakeholders, which reflects on how portfolio performance was reviewed.

Assessors must satisfy NVR/AQTF assessor requirements.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBPMG805 Lead the portfolio

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 1.0.

Application

This unit describes the skills and knowledge required to lead the portfolio. It covers the providing of effective leadership and management within the portfolio, and ensuring a vision is developed and communicated.

A portfolio is the centralised management of one or more portfolios of projects, which includes identifying, prioritising, authorising, managing and controlling projects, programs and other related work, to achieve specific strategic business objectives.

It applies to individuals who operate at the strategic level within the organisation. Unlike projects or programs, a portfolio does not have a finite life, instead it is a continuous process and requires regular tending to ensure the portfolio remains in balance and is consistent with the organisation’s strategic objectives.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Management and Leadership – Project 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. Lead the portfolio team	1.1 Champion portfolio management within the organisation 1.2 Justify portfolio management resourcing regularly, and quantify and communicate the associated value provided to the business 1.3 Brief and support project/program sponsors throughout the project/program lifecycles 1.4 Assess performance of portfolio management office staff regularly and provide feedback 1.5 Influence internal and external stakeholders
2. Make strategic decisions	2.1 Establish a portfolio vision including a strategic plan, vision statement, charter and business plan 2.2 Communicate the portfolio vision to stakeholders according to organisational requirements

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	1.2, 1.4, 2.1	Applies appropriate strategies to construct meaning from complex texts
Writing	1.2, 1.3, 1.4, 2.1, 2.2	Prepares documents to support portfolio management resourcing using organisational formats and project specific vocabulary Documents results of performance reviews using appropriate organisational formats
Oral Communication	1.2, 1.3, 1.4, 1.5, 2.1, 2.2	Participates in a range of verbal exchanges using language and features appropriate to audience Uses active listening and questioning techniques to confirm understanding
Numeracy	1.2	Interprets quantifiable data to effectively justify financial benefits to business
Navigate the world of work	2.1, 2.2	Understands and adheres to organisational requirements and contributes to the broader goals of the organisation
Interact with others	1.1, 1.2, 1.3, 1.4, 1.5, 2.1, 2.2	Selects and uses communication methods and practices appropriate to audience and context Builds and maintains effective relationships within immediate work context
Get the work done	1.1, 1.2, 1.3, 2.1	Devises and implements plans to champion portfolio management Reviews implementation activities at regular intervals to decide on further actions

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
BSBPMG805 Lead the portfolio	Not applicable	New unit	No equivalent unit

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBPMG805 Lead the portfolio

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

provide management support and direction to the portfolio team

undertake staff performance reviews

develop and communicate a portfolio vision

act as a role model and portfolio champion within the organisation.

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:

explain the application of team management techniques and strategies

describe performance management within a team

explain how a portfolio manager can champion the vision within an organisation

summarise the development of a portfolio vision

explain motivation and leadership theories.

Assessment Conditions

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

access to workplace documentation

feedback from stakeholders, which reflects how the portfolio was lead.

Assessors must satisfy NVR/AQTF assessor requirements.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBPMG806 Manage portfolio communications and change

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 1.0.

Application

This unit describes the skills and knowledge required to manage communications and change within a portfolio. It covers portfolio metrics, data collection and measurement, stakeholder involvement and communication.

A portfolio is the centralised management of one or more portfolios of projects, which includes identifying, prioritising, authorising, managing and controlling projects, programs and other related work, to achieve specific strategic business objectives.

It applies to individuals who operate at the strategic level within the organisation. Unlike projects or programs, a portfolio does not have a finite life, instead it is a continuous process and requires regular tending to ensure the portfolio remains in balance and is consistent with the organisation’s strategic objectives.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Management and Leadership – Project 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. Apply portfolio metrics, measurement and report	1.1 Develop and regularly review a portfolio communications strategy, for use by portfolio staff 1.2 Use a portfolio management information system to dynamically capture and manage information on projects and programs that comprise the portfolio and their status 1.3 Ensure progress reports to executive management show achievement or non-achievement toward strategic objectives 1.4 Communicate project selection criteria and project selection model throughout the organisation 1.5 Integrate portfolio data collection processes and systems into organisational processes and systems
2. Undertake stakeholder engagement and management	2.1 Ensure the organisational strategic management planning team interacts with executive management 2.2 Ensure the ideal portfolio mix considers internal and external stakeholders needs 2.3 Ensure the organisation fosters a culture of continuous improvement and of open internal disclosure of appropriate portfolio information
3. Communicate portfolio review outcomes	3.1 Identify and communicate criteria to evaluate portfolio management success 3.2 Forward regular portfolio management reports containing strategic information of portfolio status and progress to key project stakeholders 3.3 Communicate projects selected for inclusion in and rejection from the portfolio along with the rationale for the decision

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, 1.3	Applies appropriate strategies to construct meaning from complex texts
Writing	1.1, 1.3, 1.4, 3.1, 3.3	Develops strategies and supporting documentation using appropriate organisational formats and vocabulary Drafts and develops written communications to stakeholders using structure and vocabulary appropriate to the audience
Oral Communication	1.4, 3.1, 3.3	Provides information using language and features appropriate to audience Uses active listening and questioning techniques to confirm understanding
Navigate the world of work	1.3	Recognises contribution of own activities to the achievement of strategic objectives
Interact with others	1.3, 1.4, 2.1, 3.1, 3.3	Selects and uses appropriate communication methods and practices to provide information to a range of stakeholders
Get the work done	1.1, 1.2, 1.5, 2.2, 2.3, 3.1, 3.2	Plans and implements complex tasks to achieve strategic objectives Analyses available information to decide on actions needed to facilitate stakeholder engagement Uses digital tools to access, organise and analyse information for strategic purposes

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
BSBPMG806 Manage portfolio communications and change	Not applicable	New unit	No equivalent unit

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBPMG806 Manage portfolio communications and change

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

apply communication using modes and techniques appropriate to the context

undertake executive briefings and presentations on the portfolio management approach

prepare and deliver executive briefings on the portfolio status

prepare portfolio reports showing component project/program performance

document minutes of portfolio review meetings

provide advice explaining why projects have been included or excluded from the portfolio.

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:

provide examples of project, program and business level reporting

explain the influence of organisational politics on portfolio performance

explain the importance of negotiation and influencing skills

explain the principles of change management as applied to a portfolio.

Assessment Conditions

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

access to workplace documentation

feedback from stakeholders, which reflects how communication and change was managed within a portfolio.

Assessors must satisfy NVR/AQTF assessor requirements.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBPMG808 Manage portfolio risk

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 1.0.

Application

This unit describes the skills and knowledge required to manage the risks within a portfolio. It covers the identification, analysis, monitoring and control of portfolio risks.

A portfolio is the centralised management of one or more portfolios of projects, which includes identifying, prioritising, authorising, managing and controlling projects, programs and other related work, to achieve specific strategic business objectives.

It applies to individuals who operate at the strategic level within the organisation. Unlike projects or programs, a portfolio does not have a finite life, instead it is a continuous process and requires regular tending to ensure the portfolio remains in balance and is consistent with the organisation’s strategic objectives.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Management and Leadership – Project 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 portfolio risks	1.1 Establish and continuously review standards and procedures for portfolio risk management 1.2 Integrate the portfolio risk management approach with organisational risk management systems and strategies 1.3 Undertake analysis to determine the organisations risk appetite 1.4 Seek input about risks from stakeholders, executive management and other specialists 1.5 Identify external and internal threats and opportunities and assess their impact on the portfolio
2. Analyse portfolio risks	2.1 Capture results from project and program risks analysis to determine overall portfolio risk profile and organisational exposure 2.2 Ensure that executive management determines the level of acceptable portfolio risk 2.3 Capture and review individual project/program risks on a regular basis to determine the potential impact on the organisation 2.4 Audit project and program risks regularly to monitor risk management performance and assess the portfolio risk profile
3. Monitor and control portfolio risks	3.1 Implement and manage organisational risk reserves 3.2 Explore opportunities identified through risk analysis 3.3 Actively manage portfolio risks to minimise organisational impact

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, 1.3, 2.1, 2.3, 2.4	Applies appropriate strategies to construct meaning from complex texts
Writing	1.1, 1.3, 1.4, 2.1, 2.3, 2.4	Demonstrates sophisticated writing skills by selecting appropriate conventions and stylistic devices to express precise meaning
Oral Communication	1.4	Participates in a range of verbal exchanges using language and features appropriate to audience Uses active listening and questioning techniques to confirm understanding
Navigate the world of work	1.1, 1.2	Contributes to the development and review of procedures to align with organisational goals and values
Interact with others	1.4	Selects and uses appropriate communication methods and practices to seek information from a range of stakeholders
Get the work done	1.1, 1.2, 1.3, 1.5, 2.1, 2.2, 2.3, 2.4, 3.1, 3.2, 3.3	Develops flexible plans for complex, high impact activities with strategic implications with specific focus on risk assessment and management Prioritises and schedules complex activities, monitors implementation and makes changes to plans where required Systematically analyses and assesses available information to decide on actions needed to manage portfolio risk Stores results from risk analysis to enable future access Identifies opportunities for new ideas or approaches based on risk analysis

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
BSBPMG808 Manage portfolio risk	Not applicable	New unit	No equivalent unit

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBPMG808 Manage portfolio risk

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

assess and examine risks at project/program level in the context of the portfolio

identify and prioritise portfolio risks

apply lessons learned from previous project/programs in portfolio planning

analyse risks and opportunities

communicate risk events, responses and results to stakeholders

record identification and prioritisation of risk events

develop risk management plans

report on variance and recommend suitable action

detail the conduct of risk reappraisal

review the effectiveness of risk management processes, procedures, tools and recommendations

document improvements and risk management lessons learned.

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 risk management theory

list potential risk events

identify Australian and international risk management standards

explain the use of qualitative and quantitative risk techniques, including:

cause and effect modelling

risk probability and impact assessment

probability and impact matrix

risk data quality assessment

risk categorisation

risk urgency assessment

explain enterprise risk management approaches.

Assessment Conditions

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

workplace documentation

feedback from stakeholders, which reflects how risk was managed for a portfolio.

Assessors must satisfy NVR/AQTF assessor requirements.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBRES411 Analyse and present research information

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 3.0.

Application

This unit describes the skills and knowledge required to gather, organise, analyse and present workplace information using available systems and sources. This includes identifying research requirements and sources of information, applying information to a set of facts, evaluating the quality and reliability of the information, and preparing and producing reports.

It applies to individuals in roles in which they are required to apply their broad knowledge of the work environment to analysis and research tasks, evaluate information from a variety of sources and apply solutions to a range of predictable and unpredictable problems.

No licensing, legislation or certification requirements apply to this unit at the time of publication.

Unit Sector

Knowledge Management – Research

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 reliable sources of research information	1.1 Identify potential sources for research information relevant to the organisation requirements 1.2 Assess reliability of potential sources, considering accuracy, authority, audience, relevance and likelihood of bias 1.3 Access research information and extract in a format suitable for analysis, interpretation and dissemination in accordance with organisational requirements 1.4 Store research information, in accordance with organisational requirements
2. Analyse and synthesise research information	2.1 Clearly define objectives of research ensuring consistency with organisational requirements 2.2 Ensure that information research strategies are relevant to the requirements of the research and aligned to organisational objectives 2.3 Apply information research strategy to obtain relevant information, identifying themes and drawing conclusions in line with established objectives of research 2.4 Demonstrate that assumptions and conclusions used in analyses are clear, justified, supported by evidence and consistent with research and business objectives
3. Present research information	3.1 Identify appropriate methods of reporting, considering the intended audience and relevant organisational requirements 3.2 Report on findings in an appropriate format, style and structure within a pre-determined timeframe 3.3 Report and distribute research findings in accordance with organisational requirements 3.4 Obtain feedback and comments on suitability and sufficiency of findings in accordance with organisational requirements

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Reading	Analyses and evaluates textual information to develop information research strategies, integrate facts and ideas and meet organisational requirements
Writing	Gathers, evaluates and integrates information from a range of sources Presents findings, recommendations and issues in required format using language, structure and style appropriate to audience
Oral Communication	Presents recommendations and issues using language appropriate to audience and according to organisational requirements
Navigate the world of work	Recognises and follows organisational policies and procedures and meets expectations associated with own role
Interact with others	Selects and uses appropriate communication practices when seeking or sharing information
Get the work done	Plans, organises and implements tasks to meet organisational requirements Takes responsibility for the outcomes of routine decisions related directly to own role Uses the main features and functions of digital technologies and tools to complete work tasks Recognises and takes responsibility for addressing foreseeable problems in familiar work contexts

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
BSBRES411 Analyse and present research information Release 1	BSBRES401 Analyse and present research information Release 1	Updates to elements and performance criteria, performance and knowledge evidence.	Equivalent unit

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBRES411 Analyse and present research information

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 3.0.

Performance Evidence

Evidence of the ability to:

identify research requirements and objectives

gather, organise and present research information

communicate effectively with research stakeholders to clarify requirements

maintain and handle information and documents systematically and securely

preparing reports on research findings including:

recommendations based on the analysis of research information

clear and justified assumptions and conclusions

use of efficient and reliable research methods

analyse, evaluate and interpret research information to support organisational activities.

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

Knowledge Evidence

The candidate must be able to demonstrate the following knowledge to effectively complete the tasks outlined in the elements and performance criteria of this unit, and to manage tasks and reasonably foreseeable contingencies in the context of the work role:

Key features of organisational policies and procedures relating to:

the access of digital information

the storage/transmission of information

legal and ethical obligations relating to workplace information

key concepts related to research and analysis including reliability and validity

key features of research processes and strategies to identify new sources (online and print) of information and efficient and effective use.

Assessment Conditions

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

workplace information systems, equipment and resources

workplace policies and procedures

case studies and, where possible, real situations in the workplace.

Assessors of this unit must satisfy the assessor requirements in applicable vocational education and training legislation, frameworks and/or standards.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBSMB401 Establish legal and risk management requirements of small business

Modification History

Release	Comments
Release 2	This version released with BSB Business Services Training Package Version 2.0. Version created to clarify intent of unit
Release 1	This version first released with BSB Business Services Training Package Version 1.0.

Application

This unit describes the skills and knowledge required to identify and comply with all regulations affecting the business.

It applies to individuals operating a small business who use analytical skills to interpret legislation and regulations and develop procedures to manage compliance.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Management and Leadership – Small and Micro Business

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 and implement business legal requirements	1.1 Identify and research possible options for the business legal structure using appropriate sources 1.2 Determine legislation and regulatory requirements affecting operations of the business under its chosen structure 1.3 Develop and implement procedures to ensure full compliance with relevant legislation and regulatory requirements
2. Comply with legislation, codes and regulatory requirements	2.1 Establish systems to ensure legal rights and responsibilities of the business are identified and the business is adequately protected, specifically in relation to work health and safety (WHS), business registration and environmental requirements 2.2 Identify taxation principles and requirements relevant to the business, and follow procedures to ensure compliance 2.3 Identify and carefully maintain legal documents and maintain and update relevant records to ensure their ongoing security and accessibility 2.4 Monitor provision of products and services of the business to protect legal rights and to comply with legal responsibilities 2.5 Conduct investigations to identify areas of noncompliance with legal and regulatory requirements, and take corrective action where necessary
3. Negotiate and arrange contracts	3.1 Seek legal advice on contractual rights and obligations, if required, to clarify business liabilities 3.2 Investigate and assess potential products and services to determine procurement rights and ensure protection of business interests where applicable 3.3 Negotiate and secure contractual procurement rights for goods and services including contracts with relevant people, as required, in accordance with the business plan 3.4 Identify options for leasing or ownership of business premises and complete contractual arrangements in accordance with the business plan
4. Identify and treat business risks	4.1 identify potential internal and external risks to the business 4.2 assess the probability and impact of identified risks 4.3 prioritise risks for treatment 4.4 develop actions to mitigate risks including identifying insurance requirements and adequate cover

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	1.1-1.3, 2.1-2.4, 3.2-3.5	Identifies, analyses and evaluates a range of complex text to determine legislative, regulatory and related business requirements
Writing	1.3, 2.1, 2.3, 2.5, 3.1, 3.3, 3.5	Prepares written reports and workplace documentation that communicate complex information clearly and effectively
Oral Communication	2.5, 3.1, 3.3	Uses specific and relevant language to clearly articulate legal issues, and uses questioning and listening techniques to clarify solutions Participates in verbal negotiations using tone and language suitable to audience
Numeracy	2.2, 2.5, 3.3, 3.4	Reviews, analyses, compares and contrasts numerical data which may be embedded in documents Calculates business insurance costs and compares costing options
Navigate the world of work	1.2, 1.3, 2.1	Monitors adherence to organisational policies and legislative responsibilities and considers own role in terms of its contribution to broader goals of work environment
Interact with others	3.1, 3.3	Plays a lead role in situations requiring effective collaboration, demonstrating high-level influencing skills, focusing and shaping awareness, and engaging and motivating others
Get the work done	1.1-1.3, 2.1	Takes responsibility for planning and organising own workload, identifying ways of sequencing and combining elements for greater efficiency Implements actions as per plan, making adjustments if necessary and addressing unexpected issues Understands importance of secure information and privacy in relation to own work and takes personal responsibility for identifying and managing risk factors Makes a range of critical and non-critical decisions in complex situations, taking a range of constraints into account

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
BSBSMB401 Establish legal and risk management requirements of small business Release 2	BSBSMB401 Establish legal and risk management requirements of small business Release 1	Minor edits to clarify intent of unit	Equivalent unit

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBSMB401 Establish legal and risk management requirements of small business

Modification History

Release	Comments
Release 2	This version released with BSB Business Services Training Package Version 2.0. Version created to clarify intent of unit
Release 1	This version first released with BSB Business Services Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

demonstrate a systematic approach to identifying, managing and meeting legal and regulatory requirements, specifically in regard to WHS, business registration and environmental requirements

ensure compliance, by:

following taxation and industrial relations principles

updating and maintaining legal documents

investigating areas of non-compliance

monitoring provision of products and services

taking corrective action where necessary

negotiate and arrange contracts, including:

seeking legal advice

investigating procurement rights

identifying options of leasing or ownership of business premises.

Identify, assess and treat risks specific to the business including

prioritising risks with highest probability of occurrence and greatest negative impact on the business

identifying insurance requirements

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:

outline business registration and licensing requirements

identify all government legislative requirements relating to the specific business operation

explain creation and termination of relevant legal contracts

summarise relevant cultural differences and legal implications

describe legal rights and obligations of alternative ownership structures

outline necessary record keeping to meet minimum legal and taxation requirements

summarise relevant consumer legislation and industry codes of practice

outline the key steps in the risk management process

explain relevant insurance requirements and products.

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the Management and Leadership – Small and Micro Business field of work and include access to:

office equipment and resources

business technology including internet access

specialist software for analysis of data

relevant legislation, regulations, standards and codes

relevant workplace documentation and resources

case studies, or where possible, real situations

interaction with others.

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 guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBSMB402 Plan small business finances

Modification History

Release	Comments
Release 2	This version released with BSB Business Services Training Package Version 2.0. Version created to clarify intent of unit
Release 1	This version first released with BSB Business Services Training Package Version 1.0.

Application

This unit describes the skills and knowledge required to identify financial requirements of a business, including profit targets, cash flow projections and strategies to garner financial support.

It applies to individuals who operate a small business or work within an existing micro or small businesses and interpret financial data.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Management and Leadership – Small and Micro Business

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 costs, calculate prices and prepare profit statement	1.1 Identify and document costs associated with production and delivery of business products and services 1.2 Calculate prices based on costs and profit margin, as an hourly charge-out rate for labour or unit price for products 1.3 Calculate breakeven sales point to establish business viability and profit margins 1.4 Identify appropriate pricing strategies in relation to market conditions to meet business profit targets 1.5 Prepare projected profit statement to supplement the business plan
2. Develop a financial plan	2.1 Set profit targets or goals to reflect owner’s desired returns 2.2 Identify working capital requirements necessary to attain profit projections 2.3 Identify noncurrent asset requirements and consider alternative asset management strategies 2.4 Prepare cash flow projections to enable business operation in accordance with business plan and legal requirements 2.5 Identify capital investment requirements accurately for each operational period 2.6 Select budget targets to enable ongoing monitoring of financial performance
3. Acquire finance	3.1 Identify startup and ongoing financial requirements according to financial plan/budget 3.2 Identify sources of finance, including potential financial backers, to provide required liquidity for the business to complement business goals and objectives 3.3 Investigate cost of securing finance on optimal terms 3.4 Identify strategies to obtain finance as required to ensure financial viability of the business

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, 1.5, 2.1-2.5, 3.1, 3.2	Identifies, analyses and evaluates complex information from a range of sources
Writing	1.1, 1.5, 2.1, 2.4, 3.2	Prepares written reports and workplace documentation that communicate complex information clearly and effectively
Oral Communication	1.1, 3.2	Uses specific and relevant language to secure finance and uses questioning and listening techniques to clarify outcomes Participates in verbal negotiations using tone and language suitable to audience
Numeracy	1.1-1.5, 2.1, 2.2, 2.4-2.6, 3.1, 3.3, 3.4	Analyses numerical information to determine costs, prices, profit and losses, and other financial data
Navigate the world of work	2.4	Appreciates implications of legal and regulatory responsibilities related to own work
Get the work done	1.1, 1.4, 2.1-2.3, 2.5, 2.6, 3.1, 3.2, 3.4	Sequences and schedules complex activities, including implementing and monitoring financial strategies Makes a range of critical and non-critical decisions in relatively complex situations, taking a range of constraints into account, making adjustments as necessary Regularly uses formal thinking techniques to generate new ideas

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
BSBSMB402 Plan small business finances Release 2	BSBSMB402 Plan small business finances Release 1	Updated to clarify intent	Equivalent unit

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBSMB402 Plan small business finances

Modification History

Release	Comments
Release 2	This version first released with BSB Business Services Training Package Version 2.0. Version created to clarify intent of unit
Release 1	This version first released with BSB Business Services Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

develop a financial plan which identifies financial requirements of the business, including cash flow projections and a projected profit statement

follow the financial plan, including:

demonstrating an awareness of appropriate legal requirements

implementing strategies to monitor financial performance

identify sources and investigate costs of securing appropriate financial assistance.

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:

explain breakeven analysis

clarify costing for the business, including margin or markup, hourly charge-out rates and unit costs

summarise financial decision-making relevant to the business

outline methods and relative costs of obtaining finance

summarise principles for preparing balance sheets

provide a detailed explanation of:

principles for preparation of cash flow forecasts

principles for preparation of profit and loss statements

purpose of financial reports

explain relevant accounting terminology

describe working capital cycles.

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the Management and Leadership – Small and Micro Business field of work and include access to:

software for financial calculations

relevant legislation, regulations, standards and codes

relevant workplace documentation and resources

case studies or where possible, real situations.

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 guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBSMB405 Monitor and manage small business operations

Modification History

Release	Comments
Release 3	This version released with BSB Business Services Training Package Version 2.0. Version created to clarify intent of unit
Release 2	This version first released with BSB Business Services Training Package Version 1.1. Version created to correct mapping table information
Release 1	This version first released with BSB Business Services Training Package Version 1.0.

Application

This unit describes the skills and knowledge required to implement a business plan and modify operations as required.

It applies to individuals who operate a small business which stands alone, or is part of a department within a larger organisation. Individuals in this role use problem-solving skills and take responsibility for developing approaches to manage business operations.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Management and Leadership – Small and Micro Business

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. Develop operational strategies and procedures	1.1 Develop an action plan to provide a clear and coherent direction, in accordance with business goals and objectives 1.2 Identify work health and safety (WHS) and environmental issues, and implement strategies to minimise risk factors 1.3 Develop a quality system for the business in line with industry standards, compliance requirements and cultural criteria 1.4 Develop performance measures and operational targets to conform with the business plan 1.5 Develop strategies for innovation, including utilisation of existing, new or emerging technologies, where practicable, to optimise business performance
2. Implement operational strategies and procedures	2.1 Implement systems and key performance indicators or targets to monitor business performance and customer satisfaction 2.2 Implement systems to control stock, expenditure or cost, wastage or shrinkage and risks to health and safety in accordance with the business plan 2.3 Maintain staffing requirements, where applicable, within budget, to maximise productivity 2.4 Carry out provision of goods or services in accordance with established legal, ethical cultural and technical standards 2.5 Provide goods or services in accordance with time, cost and quality specifications, and customer requirements 2.6 Apply quality procedures to address product or service and customer requirements
3. Monitor business performance	3.1 Regularly monitor and review achievement of operational targets to ensure optimum business performance, in accordance with business plan goals and objectives 3.2 Review systems and structures, with a view to more effectively supporting business performance 3.3 Investigate and analyse operating problems to establish causes and implement changes as required, as part of the business quality system 3.4 Amend operational policies and procedures to incorporate corrective action
4. Review business operations	4.1 Review and adjust business plan, as required, to maintain business viability, in accordance with business goals and objectives 4.2 Clearly record proposed changes to aid future planning and evaluation 4.3 Undertake ongoing research into new business opportunities and adjust business goals and objectives as new business opportunities arise

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, 1.3, 1.5, 2.1, 2.2, 2.4, 2.5, 3.1, 4.1	Evaluates complex text to determine legislative, regulatory and workplace documentation
Writing	1.1, 1.3-1.5, 3.2, 3.4, 4.1, 4.2	Prepares written reports and workplace documentation that communicate complex information clearly and effectively
Oral Communication	3.2	Articulates clearly using specific and relevant language suitable to audience to convey requirements, and employs listening and questioning techniques to confirm understanding
Numeracy	2.2, 2.3, 2.5	Interprets numerical information to manage performance information and regulate cash flow
Navigate the world of work	1.1-1.3, 2.2, 2.4, 4.1	Monitors adherence to organisational policies and procedures and considers own role for its contribution to broader goals of the work environment Appreciates implications of legal and regulatory responsibilities related to own work with specific reference to safety
Get the work done	1.1, 1.3-1.5, 2.1-2.3, 2.5, 2.6, 3.1-3.3, 4.1, 4.3	Reflects on how digital systems and tools are used or could be used to achieve work goals, and begins to recognise strategic and operational applications Identifies concepts, principles and features of approaches in use in other contexts and considers how these may suit own situation Develops plans to manage relatively complex, non-routine tasks with an awareness of how they may contribute to longer-term operational and strategic goals Uses each experience to reflect on how variables impact decision outcomes, and to gain insights into what constitutes ‘good’ judgement and an effective decision in different contexts Recognises and addresses some unfamiliar problems of increasing complexity within own scope

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
BSBSMB405 Monitor and manage small business operations Release 3	BSBSMB405 Monitor and manage small business operations Release 2	Updated to clarify intent	Equivalent unit

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBSMB405 Monitor and manage small business operations

Modification History

Release	Comments
Release 3	This version released with BSB Business Services Training Package Version 2.0. Version created to clarify intent of unit
Release 2	This version first released with BSB Business Services Training Package Version 1.1. Version created to correct mapping table information
Release 1	This version first released with BSB Business Services Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

develop strategies and procedures to successfully manage business operations, including:

developing an action plan

identifying risk management procedures

developing a quality system

implementing performance measures

utilising technologies to optimise business performance

implement and monitor strategies and procedures developed, including:

analysing and correcting business problems

reviewing and adjusting the business plan

record and research business improvements

make appropriate adjustments to business operations as required.

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:

summarise relevant industry codes of practice

explain methods for implementing operation and revenue control systems

summarise methods for monitoring performance and implementing improvements

outline work health and safety (WHS) responsibilities and procedures for managing hazards

identify relevant principles of risk management, including risk assessment

clarify quality system principles and methods

summarise relevant performance measures

discuss role of innovation

outline systems to manage staff, stock, expenditure, services and customer service

identify technical or specialist skills relevant to business operations.

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the Management and Leadership – Small and Micro Business field of work and include access to:

business equipment and resources

relevant legislation, regulations, standards and codes

relevant workplace documentation and resources

case studies or possible, real situations

interaction with others.

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 guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBSMB407 Manage a small team

Modification History

Release	Comments
Release 2	This version released with BSB Business Services Training Package Version 2.0. Version created to clarify intent of unit
Release 1	This version first released with BSB Business Services Training Package Version 1.0.

Application

This unit describes the skills and knowledge required to select, induct, train and develop staff members to enhance business operations within the parameters of all relevant legislative requirements.

It applies to individuals who operate a small business that stands alone, or is part of a department within a larger organisation. Individuals in this role have a good knowledge of industrial relations and team management and use effective, responsive and supportive communication in workplace interactions.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Management and Leadership – Small and Micro Business

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. Develop staffing plan	1.1 Determine staffing requirements to allow the business to run effectively, in accordance with requirements outlined in the business plan 1.2 Identify and compare existing skills of owner/s and staff with business requirements to identify any gaps 1.3 Develop policies and procedures for owner/s and staff, in accordance with the business plan
2. Recruit, induct, train and retain team	2.1 Develop job or position descriptions, competencies required and selection criteria to meet business’ needs 2.2 Judge information obtained from each candidate against specified selection criteria, and select according to business needs and legal requirements 2.3 Induct new staff members in accordance with policies and procedures of the business 2.4 Make team members aware of their responsibilities and performance requirements as soon as practicable, and take opportunities to coach team members who are unfamiliar with procedures of the business 2.5 Develop and implement a staff development program and career paths based on requirements of business and staff competencies 2.6 Advertise staff vacancies appropriately in accordance with staffing plan
3. Comply with industrial relations obligations	3.1 Clarify workplace rights and obligations of employers and employees, in accordance with legal requirements and codes of practice 3.2 Counsel staff, if required, in a positive and constructive manner and record outcomes accurately
4. Maintain staff records	4.1 Develop staff records system to provide timely and accurate information, in accordance with confidentiality, legal and taxation requirements 4.2 Monitor and accurately maintain system for recording and retrieving personnel and payroll information, and seek specialist advice where required
5. Manage staff	5.1 Regularly review contribution and skills of self and other team members to ensure performance is in line with agreed performance measures 5.2 Monitor and adjust staffing requirements to respond to any changes in tasks and functions required by the business 5.3 Support and encourage staff, and acknowledge and reward their contribution 5.4 Regularly provide opportunities for staff to discuss work related issues 5.5 Develop contingency plans to cope with unexpected or extreme situations and take appropriate corrective action as required
6. Review team performance	6.1 Develop positive and constructive relationships with and between team members 6.2 Review and update team objectives in support of business goals on a regular basis in consultation with team members 6.3 Identify strengths and weaknesses of team against current and expected work requirements 6.4 Schedule time, on a regular basis, for team members to review work operations to maintain and improve operational efficiency 6.5 Encourage team members to monitor their own performance, suggest improvements and identify professional development needs, in accordance with personal and business requirements 6.6 Monitor and review staff turnover rate

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	1.1-1.3, 2.2, 2.3, 2.5, 2.6, 3.1, 4.1, 5.1, 6.3, 6.5, 6.6	Evaluates complex text to determine legislative, regulatory and workplace documentation
Writing	1.3, 2.1-2.6, 3.1, 3.2, 4.1, 4.2, 5.5, 6.1-6.3, 6.5	Prepares written reports and workplace documentation that communicate complex information clearly and effectively
Oral Communication	1.2, 2.2-2.4, 3.1, 3.2, 4.2, 5.3, 5.4, 6.1, 6.2, 6.4, 6.5	Articulates clearly using specific and relevant language suitable to audience to convey requirements, and employs listening and questioning techniques to confirm understanding Participates in verbal negotiations and coaching using tone and language suitable to audience
Numeracy	6.4	Uses basic mathematical formulas to review staff performances within available work schedules
Navigate the world of work	1.3, 2.2. 3.1, 4.1	Understands own legal rights and responsibilities and is extending understanding of general legal principles across work contexts Monitors adherence to organisational policies and procedures and considers own role for its contribution to broader goals of the work environment
Interact with others	2.4, 2.6, 5.3, 6.1, 6.5	Collaborates with others to achieve joint outcomes, playing an active role in facilitating effective group interaction, influencing direction and taking a leadership role on occasion Looks for ways of establishing connections and building genuine understanding with a diverse range of people Actively identifies important communication exchanges, selecting appropriate channels, format, tone and context to suit purpose and audience, and monitors impact
Get the work done	1.1, 1.2, 2.2, 2.3, 2.5, 4.2, 5.1, 5.2, 5.5, 6.3, 6.6	Uses digital technologies and systems safely, legally and ethically when gathering, storing, accessing and sharing information Develops plans to manage relatively complex, non-routine tasks with an awareness of how they may contribute to longer-term operational and strategic goals Makes a range of critical and non-critical decisions in relatively complex situations, taking a range of constraints into account Uses formal and informal processes to monitor implementation of ideas and reflect on outcomes Recognises and anticipates an increasing range of familiar problems, their symptoms and causes, actively looking for early warning signs and implementing contingency plans

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
BSBSMB407 Manage a small team Release 2	BSBSMB407 Manage a small team Release 1	Updated to clarify intent	Equivalent unit

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBSMB407 Manage a small team

Modification History

Release	Comments
Release 2	This version released with BSB Business Services Training Package Version 2.0. Version created to clarify intent of unit
Release 1	This version first released with BSB Business Services Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

use the business plan to:

determine staffing requirements

coordinate skill-gap training where required

develop human resource policies and procedures

develop job descriptions and selection criteria

determine induction processes

implement staff development program

adhere to legal requirements and codes of practice

develop staff records system

conduct ongoing performance measures

communicate effectively with staff members

develop contingency plans

develop strategies to review team performance

monitor and review staff.

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:

discuss all government legislative requirements relating to staffing the business operation

explain work health and safety (WHS) responsibilities and procedures for managing hazards

summarise relevant industry awards or enterprise agreements

outline staff development pathways

identify training course options for staff development

summarise staff counselling, grievance and disciplinary procedures

identify unfair dismissal legislation and procedures.

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the Management and Leadership – Small and Micro Business field of work and include access to:

business equipment and resources

relevant legislation, regulations, standards and codes

relevant workplace documentation and resources

case studies or where possible, real situations

interaction with others.

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 guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBSMB409 Build and maintain relationships with small business stakeholders

Modification History

Release	Comments
Release 2	This version released with BSB Business Services Training Package Version 2.0. Version created to clarify intent of unit
Release 1	This version first released with BSB Business Services Training Package Version 1.0.

Application

This unit describes the skills and knowledge required to negotiate with important stakeholders and modify interactions as required.

It applies to individuals who operate a small business and use communication skills to build relationships with key stakeholders.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Management and Leadership – Small and Micro Business

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. Establish and develop communication and appropriate relationships with key stakeholders	1.1 Establish specific practices for communication with key stakeholders, in accordance with codes of practice, cultural protocols, stakeholder expectations and preferences and agreed roles and responsibilities 1.2 Maintain specific ways of dealing with issues in communication with key stakeholders, adhering to codes of practice, cultural protocols and agreed roles and responsibilities 1.3 Identify and implement methods of working in culturally appropriate ways 1.4 Identify and implement plans to deal with changes in circumstances and behaviours, as required
2. Establish and develop roles and responsibilities in the small business	2.1 Clearly and accurately clarify roles and responsibilities in the business in accordance with organisational structure and lines of authority, codes of practice and job documentation 2.2 Identify and apply specific practices and behaviours from codes of practice, that contribute to successful working relationships 2.3 Clearly communicate responsibilities and practices to key stakeholders
3. Review relationships with key stakeholders	3.1 Review communication practices used with key stakeholders and implement any necessary improvement strategies 3.2 Monitor and evaluate relationships with key stakeholders and implement actions needed to enhance relationships 3.3 Evaluate roles and responsibilities in the business and undertake any revisions necessary to improve working relationships

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, 2.2, 3.1	Interprets texts from relevant sources to identify information on job descriptions and codes of practice
Writing	1.1, 2.1, 2.3, 3.2, 3.3	Prepares specific information which conveys an understanding of outcomes and alternatives, and uses terminology appropriate to present to relevant personnel
Oral Communication	1.1, 2.3, 3.1	Clearly articulates requirements using language appropriate to audience and environment, and participates in a verbal exchange of ideas/solutions Participates in constructive negotiations using tone and language suitable to audience
Navigate the world of work	1.1, 1.3, 1.4, 2.1	Regularly reviews current situation and future career and work options, developing strategies to address some factors that may limit choices, and accepting those that may be outside own control at a particular point in time Monitors adherence to organisational policies and procedures and considers own role in terms of its contribution to broader goals of work environment
Interact with others	1.1, 1.2, 2.2, 3.2	Collaborates with others to achieve joint outcomes, playing an active role in facilitating effective group interaction, influencing direction and taking a leadership role on occasion Looks for ways of establishing connections and building genuine understanding with a diverse range of people Actively identifies important communication exchanges, selecting appropriate channels, format, tone and context to suit purpose and audience, and monitoring impact
Get the work done	1.1, 1.4, 2.1, 3.1, 3.3	Develops plans to manage relatively complex, non-routine tasks with an awareness of how they may contribute to longer-term operational and strategic goals Makes critical and non-critical decisions in relatively complex situations, taking a range of constraints into account Uses formal and informal processes to monitor implementation of ideas and reflect on outcomes Recognises and anticipates an increasing range of familiar problems, their symptoms and causes, actively looking for early warning signs and implementing contingency plans

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
BSBSMB409 Build and maintain relationships with small business stakeholders Release 2	BSBSMB409 Build and maintain relationships with small business stakeholders Release 1	Updated to clarify intent	Equivalent unit

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBSMB409 Build and maintain relationships with small business stakeholders

Modification History

Release	Comments
Release 2	This version released with BSB Business Services Training Package Version 2.0. Version created to clarify intent of unit
Release 1	This version first released with BSB Business Services Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

identify key stakeholders expectations and preferences, particularly those with legislative impact on the business

demonstrate methods of working and communicating with key stakeholders based on roles and responsibilities, codes of practice, stakeholder expectations and cultural protocols

undertake a detailed analysis of roles, responsibilities, duties and tasks of small business personnel to align with key stakeholder relationships

determine process for reviewing relationships with key stakeholders.

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:

identify the role, relationship and impact on the business of key stakeholders

discuss business ethics

explain codes of practice for the business

compare communication styles and mechanisms

outline principles of relationship management.

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the Management and Leadership – Small and Micro Business field of work and include access to:

relevant legislation, regulations, standards and codes

relevant workplace documentation and resources

case studies or where possible, real situations

interaction with others.

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 guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBSMB411 Manage specialist external advisory services

Modification History

Release	Comments
Release 2	This version released with BSB Business Services Training Package Version 2.0. Version created to clarify intent of unit
Release 1	This version first released with BSB Business Services Training Package Training Package Version 1.0.

Application

This unit describes the skills and knowledge required to identify and select suitable external advisory services for a small business or work area operation, and to monitor and review services provided.

It applies to individuals who use research and organisational skills identifying, selecting and monitoring specialist services or external contractors.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Management and Leadership – Small and Micro Business

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. Locate specialist external advisory services	1.1 Identify skill or knowledge gaps within the business to determine nature of external expertise required 1.2 Research specialist services to determine if there are any specific industry or regulatory requirements that apply 1.3 Prioritise services required by the business and document according to business procedures 1.4 Determine estimated cost of services and identify budget or funding source to purchase external expertise
2. Select a specialist advisor or company	2.1 Organise a quote or advertise for provision of specialist service according to business requirements 2.2 Establish process and criteria for shortlisting potential advisors or contractors 2.3 Select most suitable applicant according to established criteria 2.4 Document selection process and outcome 2.5 Ensure successful and unsuccessful applicants are advised of outcome and provided with feedback if needed
3 Negotiate services to be provided	3.1 Review and clearly specify terms and conditions of quotation or contract 3.2 Clarify and confirm what is required of specialist advisor, including expectations of performance and outcomes 3.3 Obtain and action legal advice on contract requirements, if necessary 3.4 Formally sign off on quotation or contract 3.5 Familiarise specialist advisor with the business and relevant personnel as part of induction
4. Monitor performance	4.1 Check milestones and deliverables are achieved according to terms and conditions of quotation or contract 4.2 Discuss progress and review against agreed terms and conditions 4.3 Collaborate to raise any issues or concerns, and follow-up and document 4.4 Organise progress and final payments against milestones and key deliverables in a timely manner 4.5 Evaluate effectiveness and suitability of specialist advisor in achieving objectives

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	1.2, 3.1, 4.1	Organises, evaluates and critiques information from a wide variety of textual material
Writing	1.3, 2.2, 2.4, 2.5, 3.1, 3.2, 3.4, 3.5	Develops material for a specific audience using clear language and workplace conventions to convey explicit information, requirements and recommendations
Numeracy	1.4, 4.4	Analyses numerical information to determine business costs and benefits, and analyse and compare usage data
Oral Communication	2.5, 3.2, 3.5, 4.2, 4.3	Uses listening and questioning skills to confirm understanding of requirements Participates in a verbal exchange of ideas/solutions and uses appropriate, detailed and clear language to address key personnel and to disseminate information
Navigate the world of work	1.2, 1.3, 2.1, 2.3, 2.4, 3.3, 3.4, 4.2-4.4	Appreciates implications of legal and regulatory responsibilities related to own work Adheres to organisational policies and procedures and considers own role in terms of its contribution to broader workplace goals
Get the work done	1.1, 1.3, 1.4, 2.1-2.3, 3.3, 4.1, 4.4, 4.5	Applies formal processes when planning more complex/unfamiliar tasks, producing plans with logically sequenced steps, reflecting some awareness of time and resource constraints In more complex, non-routine situations, uses a formal decision-making process with support, setting or clarifying goals, gathering information and evaluating several choices against a limited set of criteria Recognises value of continuous improvement within own work context where this involves incremental change Applies problem-solving processes when tackling an unfamiliar problem, breaking complex issues into manageable parts and identifying and evaluating several options for action Uses both formal and informal processes to monitor implementation of solutions and reflect on outcomes

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
BSBSMB411 Manage specialist external advisory services Release 2	BSBSMB411 Manage specialist external advisory services Release 1	Updated to clarify intent	Equivalent unit

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBSMB411 Manage specialist external advisory services

Modification History

Release	Comments
Release 2	This version released with BSB Business Services Training Package Version 2.0. Version created to clarify intent of unit
Release 1	This version first released with BSB Business Services Training Package Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

locate and select a specialist external advisory service relevant to the business, that meets specific organisational requirements including:

identifying skill or knowledge gaps of the business

identifying relevant industry, regulatory and organisational requirements

document selection process and outcomes according to business procedures

agree on and document services to be provided with the successful advisor or contractor

provide successful advisor or contractor with an induction program and ongoing feedback as required

monitor milestones and deliverables, and evaluate effectiveness of specialist external advisory services against agreed terms and conditions.

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:

outline key steps in engaging external specialist advisors or services

describe negotiation and conflict-resolution strategies

summarise business and industry requirements relating to specialist advisory services for the business:

required licences, industry registration, government approval, and professional membership

minimum qualifications

vendor approval or certification.

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the Management and Leadership – Small and Micro Business field of work and include access to:

relevant legislation, regulations, standards and codes

relevant workplace documentation and resources

case studies or where possible, real situations

interaction with others.

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 guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBSMB412 Introduce cloud computing into business operations

Modification History

Release	Comments
Release 2	This version released with BSB Business Services Training Package Version 2.0. Version created to clarify intent of unit
Release 1	This version first released with BSB Business Services Training Package Training Package Version 1.0.

Application

This unit describes the skills and knowledge required to understand the fundamentals of internet computing and cloud services. It involves undertaking a basic review of business computing needs and identifying options for introducing cloud computing services into a small business or work area in an organisation.

It applies to individuals who use problem-solving skills and take responsibility for adopting and promoting approaches to improve business operations.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Management and Leadership – Small and Micro Business

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. Review computing needs in the business	1.1 Review current computing resources and use, and document according to business requirements 1.2 Identify and discuss future computing needs and potential improvements to business operations with relevant people 1.3 Collate information collected in review, and summarise business computing needs
2. Investigate cloud computing services to meet business needs	2.1 Research fundamentals of cloud computing, types of services offered, and their costs 2.2 Seek assistance from specialist advisors as required, to determine relevant cloud computing services 2.3 Undertake basic cost-benefit analysis for introducing cloud computing 2.4 Identify potential opportunities and risks associated with introducing cloud computing 2.5 Prepare a business case for implementing cloud computing services or other required changes, and seek approval where required
3. Develop a plan to introduce cloud computing	3.1 Prioritise introduction of cloud computing, including short-term and longer-term goals 3.2 Prepare a budget catering for short and long-term priorities, following business format and requirements 3.3 Independently or through services of a specialist advisor, outline steps and activities required to introduce cloud computing into the business
4. Support implementation of the plan	4.1 Communicate and promote key features of the plan to others 4.2 Organise training and coaching to maximise cloud computing potential 4.3 Encourage and support individuals and work groups to become more efficient using cloud computing

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
Learning	4.2	Actively reinforces workplace learning by encouraging personnel to expand their computing knowledge
Reading	1.1, 2.1	Organises, evaluates and critiques information from a wide variety of textual material
Writing	1.1, 1.3, 2.5, 3.2, 3.3, 4.1	Develops material for a specific audience using clear language and workplace conventions to convey explicit information, requirements and recommendations
Numeracy	2.1, 2.3, 3.2	Analyses numerical information to plan business budgets and analyse and compare IT data
Oral communication	1.2, 2.5, 4.1	Uses appropriate, detailed and clear language to address key personnel and disseminate information Uses listening and questioning skills to confirm understanding of requirements
Navigate the world of work	1.1, 1.3, 3.2	Appreciates implications of legal and regulatory responsibilities related to own work Adheres to organisational policies and procedures and considers own role for its contribution to broader workplace goals
Interact with others	1.2, 2.2, 3.3, 4.3	Collaborates with others to achieve joint outcomes, playing an active role in facilitating effective group interaction, influencing direction and taking a leadership role on occasion May seek expert guidance of others in specific areas
Get the work done	1.2, 1.3, 2.1, 2.2, 2.4, 2.5, 3.1	Applies formal processes when planning more complex/unfamiliar tasks and producing plans with logically sequenced steps Applies problem-solving processes when tackling an unfamiliar problem, breaking complex issues into manageable parts and identifying and evaluating several options for action Uses both formal and informal processes to monitor implementation of solutions and reflect on outcomes for future improvements Reflects on ways digital systems and tools are used, or could be used, to achieve work goals, and begins to recognise strategic and operational applications

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
BSBSMB412 Introduce cloud computing into business operations Release 2	BSBSMB412 Introduce cloud computing into business operations Release 1	Updated to clarify intent	Equivalent unit

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBSMB412 Introduce cloud computing into business operations

Modification History

Release	Comments
Release 2	This version released with BSB Business Services Training Package Version 2.0. Version created to clarify intent of unit
Release 1	This version first released with BSB Business Services Training Package Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

review and analyse business computing use and needs, including equipment and software requirements

collect and analyse information about cloud computing including:

seeking assistance from specialist advisor as required

performing cost-benefit analysis

identifying potential risks

make the business case to introduce cloud computing

prepare a plan and support others to implement cloud computing.

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:

explain fundamentals of cloud computing, including key terms and concepts

outline sources of information about cloud computing for micro or small business, and options specific to the business

describe how to undertake a cost-benefit analysis and prepare a budget

summarise business protocols for using services of specialist advisors.

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the Management and Leadership – Small and Micro Business field of work and include access to:

business equipment and resources

business technology

relevant legislation, regulations, standards and codes

relevant workplace documentation and resources

case studies or where possible, real situations

interaction with others.

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 guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBSMB420 Evaluate and develop small business operations

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 3.0.

Application

This unit describes the skills and knowledge required to evaluate and develop small business operations.

It applies to individuals who operate a small business which stands alone, or that is part of a department within a larger organisation. Individuals in this role use problem-solving skills and take responsibility for developing approaches to evaluating and developing business operations.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Management and Leadership – Small and Micro Business

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. Review and evaluate operational strategies and procedures	1.1 Develop a detailed operational plan that sets out clear action points to fulfil on business goals and objectives 1.2 Identify work health and safety (WHS) and environmental issues and implement strategies to minimise risk factors 1.3 Review and evaluate, where appropriate, a quality assurance process for the business in line with industry standards, compliance requirements and cultural criteria 1.4 Develop operational KPIs that align with the business plan 1.5 Align KPIs to business strategies, including utilisation of existing or new technologies, where practicable, to optimise business performance
2. Implement operational strategies and procedures	2.1 Implement systems to evaluate business performance and customer satisfaction, including by setting key performance indicators or targets 2.2 Implement systems to control stock, expenditure or cost, wastage or shrinkage and risks to health and safety in accordance with the business plan, incorporating new digital technologies where possible 2.3 Identify and manage staffing requirements, considering a range of permanent and flexible arrangements, and adhering to budgetary constraints 2.4 Provide goods or services in accordance with established legal, ethical cultural and technical standards 2.5 Provide goods or services in accordance with time, cost and quality specifications, and customer requirements, incorporating new digital technologies where possible 2.6 Apply quality procedures to address product or service and customer requirements
3. Evaluate business performance	3.1 Use digital technologies to regularly evaluate and review achievement of operational targets to ensure optimum business performance, in accordance with business goals and objectives 3.2 Review and document systems and structures, with a view to more effectively supporting business performance 3.3 Investigate and analyse operating problems to establish causes and implement changes as required, as part of the business quality system 3.4 Update operational policies and procedures to incorporate corrective action
4. Review business operations	4.1 Review and adjust business operations to increase business success, in accordance with business goals and objectives 4.2 Research new and emerging digital technologies periodically, implementing as relevant, in accordance with business goals and objectives 4.3 Undertake ongoing research into new business opportunities and adjust business goals and objectives as new business opportunities arise

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Reading	Evaluates complex text to determine legislative, regulatory and workplace documentation
Writing	Prepares written reports and workplace documentation that communicate complex information clearly and effectively
Oral Communication	Articulates clearly using specific and relevant language suitable to audience to convey requirements, and employs listening and questioning techniques to confirm understanding
Numeracy	Interprets numerical information to manage performance information and regulate cash flow
Navigate the world of work	Evaluates adherence to organisational policies and procedures and considers own role for its contribution to broader goals of the work environment Appreciates implications of legal and regulatory responsibilities related to own work with specific reference to safety
Get the work done	Reflects on how digital systems and tools are used or could be used to achieve work goals, and begins to recognise strategic and operational applications Identifies concepts, principles and features of approaches in use in other contexts and considers how these may suit own situation Develops plans to manage relatively complex, non-routine tasks with an awareness of how they may contribute to longer-term operational and strategic goals Uses each experience to reflect on how variables impact decision outcomes, and to gain insights into what constitutes an effective decision in different contexts

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
BSBSMB420 Evaluate and develop small business operations	BSBSMB405 Monitor and manage small business operations	Updates to title, elements, performance criteria and assessment requirements	Equivalent unit

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBSMB420 Evaluate and develop small business operations

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 3.0.

Performance Evidence

Evidence of the ability to:

develop strategies and procedures to successfully manage business operations, including:

developing an operational plan

identifying risk management procedures

developing a quality assurance process

developing and implementing performance measures

utilising existing, new and emerging digital technologies to optimise business performance

implement and evaluate strategies and procedures developed, including:

controlling stock, expenditure, and work health and safety risks

identifying and meeting staffing requirements

analysing and correcting business problems

reviewing and adjusting the business plan

record and research business improvements, including the potential to implement new and emerging digital technologies

make appropriate adjustments to business operations as required.

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

Knowledge Evidence

The candidate must be able to demonstrate the following knowledge to effectively complete the tasks outlined in the elements and performance criteria of this unit, and to manage tasks and reasonably foreseeable contingencies in the context of the work role.

Key features of relevant legislation and industry codes of practice

Key features of methods for implementing operation and revenue control systems

Key features of methods for evaluating performance and implementing improvements

Key features of work health and safety (WHS) responsibilities and procedures for managing hazards

Key features of relevant principles of risk management, including risk assessment

Key features of quality assurance system principles and methods

Key features of the role of digital technologies and innovation in modern business

Key features of systems to manage staff, stock, expenditure, services and customer service

Key features of required technical or specialist skills relevant to business operations.

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the Management and Leadership – Small and Micro Business field of work and include access to:

business equipment and resources, including business technology

relevant legislation, regulations, standards and codes

relevant workplace documentation and resources

case studies or possible, real situations

interaction with others.

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 guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBSTR402 Implement continuous improvement

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

Application

This unit describes the skills and knowledge required to implement continuous improvement of systems and processes of an organisation. It includes using systems and strategies to encourage the team to participate in the process, monitoring and reviewing performance, and identifying opportunities for further improvements.

The unit applies to managers who are responsible for implementing the continuous improvement process to achieve the objectives of the organisation.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Critical Thinking and Problem Solving – Business Strategy

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 and plan for improvement	1.1 Identify relevant stakeholders and establish improvements required 1.2 Identify where new systems and processes could be implemented 1.3 Promote team involvement in decision making processes for team systems and processes 1.4 Communicate and agree on new improvement systems and processes with relevant stakeholders 1.5 Manage reports and recommendations for using systems and processes of the organisation 1.6 Establish risk review processes
2. Monitor implementation of continuous improvement	2.1 Use workplace systems and technology, and monitor team performance according to organisational policies and procedures 2.2 Implement new systems and processes in consultation with relevant stakeholders 2.3 Maintain new system and processes in consultation with relevant stakeholders 2.4 Identify and resolve system and process issues
3. Evaluate implementation of continuous improvement	3.1 Communicate productivity improvements to relevant stakeholders and confirm their understanding 3.2 Seek and respond to feedback from relevant stakeholders on proposed improvement systems and process 3.3 Review improvement systems and process, and make changes, as required

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Reading	Evaluates and integrates facts and ideas to construct meaning from a range of text types in order to implement continuous improvement systems and processes
Writing	Selects vocabulary, grammatical structures and conventions appropriate to text Researches, plans and prepares continuous improvement documentation for required stakeholders
Oral communication	Participates in a variety of spoken exchanges with a range of audiences using structure and language to suit the audience
Initiative and enterprise	Monitors adherence to organisational policies and procedures and considers own role in terms of its contribution to broader goals of the work environment Recognises the potential of new approaches to enhance work practices and outcomes Uses systematic, analytical processes in complex, non-routine situations, setting goals, gathering required information and identifying and evaluating options against agreed criteria
Teamwork	Selects and uses required conventions and protocols when communicating with diverse individuals to seek and share information Collaborates with others to achieve joint outcomes, playing an active role in facilitating effective group communication, influencing direction and taking a leadership role on occasion
Self-management	Evaluates effectiveness of decisions in terms of how well they meet stated goals
Technology	Uses digital applications to access and filter data, extract, organise, integrate and share required information
Planning and organising	Takes responsibility for planning and organising own workload to achieve required outcomes

Unit Mapping Information

Supersedes and is equivalent to BSBMGT403 Implement continuous improvement.

Supersedes but is not equivalent to:

BSBCON401 Work effectively in a business continuity context

BSBMGT406 Plan and monitor continuous improvement.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBSTR402 Implement continuous improvement

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

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:

implement at least one continuous improvement system or process in an organisation or work area.

In the course of the above, the candidate must:

provide support to enable individuals and teams to participate in decisions, take responsibility, show initiative and implement improvement processes

communicate effectively to support the implementation of improvements and improvement system and processes

implement, monitor and update improvement plans, processes and procedures to improve performance

document performance to identify further opportunities for improvement

manage records and reports in the systems and procedures of the organisation.

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:

continuous improvement systems and processes

coaching and mentoring needs to support continuous improvement

change management techniques that support continuous improvement and initiative

organisation’s systems and data used for benchmarking and monitoring performance for continuous improvement.

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:

workplace documentation and resources relevant to performance evidence.

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=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBSTR501 Establish innovative work environments

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

Application

This unit describes the skills and knowledge required to create an environment that enables and supports practice which focuses on a holistic approach to the integration of innovation across all areas of work practice.

The unit applies to individuals working in leadership or management roles in any industry or community context. The individual could be employed by the organisation, but may also be an external contractor, the leader of a cross organisation team or of a self-formed team of individuals.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Critical Thinking and Problem Solving – Business Strategy

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. Establish work practices	1.1 Identify relevant stakeholders 1.2 Identify organisational objectives and practices 1.3 Evaluate current work conditions 1.4 Determine working conditions that allow innovative practices according to organisational policies and procedures 1.5 Identify organisational resources relating to innovation 1.6 Build and lead team and maximise opportunities for innovation
2. Create an innovative environment	2.1 Evaluate the impacts of changing work environment 2.2 Collaborate with stakeholders and develop ideas for enhancing work environment 2.3 Identify and select resources required for enhancing work environment 2.4 Assess the ability of the workspace to support innovation 2.5 Assist team members to adapt and perform in new work environment
3. Implement innovative work environment	3.1 Encourage creative mindsets, collaborative working and development of positive workplace relationships 3.2 Reinforce the value of innovation according to organisational vision and objectives 3.3 Take risks to open up opportunities for innovation 3.4 Select ways of celebrating and encouraging innovation 3.5 Encourage and support evaluation of innovative ideas
4. Share and evaluate innovative ideas and work environment	4.1 Share relevant information, knowledge and skills on innovative practices with stakeholders 4.2 Provide and encourage formal and informal learning opportunities to develop skills required for innovation 4.3 Create opportunities where individuals can learn from the experience of others 4.4 Seek and respond to suggestions, improvements and innovations from all team members

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Reading	Interprets and evaluates information that may deal with complex ideas related to issues both within and outside a given workplace context
Writing	Develops information for others using language to suit the context and audience
Oral communication	Presents ideas and concepts to a range of audiences using structure and language to suit the audience Uses active listening and questioning to discuss and clarify information and to confirm understanding
Self-management	Takes responsibility for implementing practices and procedures to achieve organisational objectives in innovation according to role requirements Accepts responsibility for planning and implementing tasks and practices to achieve organisational goals, negotiating key aspects with others and taking into account current capabilities and needs
Initiative and enterprise	Develops new and innovative ideas through exploration, evaluation, analysis and critical thinking
Teamwork	Uses required communication techniques to build rapport and foster strong relationships with co-workers in a range of work contexts Uses inclusive and collaborative techniques to share, promote and convey complex information about new ideas and systems within the workplace Facilitates a climate where people feel comfortable suggesting and discussing improvements and new ideas
Problem Solving	Uses problem solving processes to identify, assess and respond to challenges and risks around innovation

Unit Mapping Information

No equivalent unit. Supersedes but is not equivalent to:

BSBINN501 Establish systems that support innovation

BSBINN502 Build and sustain an innovative work environment.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBSTR501 Establish innovative work environments

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

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 at least two different procedures and practices that foster innovation in areas of work practice, including at least three of the following:

collaborative work arrangements

building team capacity to contribute to innovation

providing formal and informal learning opportunities

evaluating ideas of innovation in work environment

celebrating and encouraging innovation

consulting with relevant stakeholders

changing physical work environment, including designing, fitting-out and decorating workspaces

communicating and sharing of ideas and feedback.

In the course of the above, the candidate must:

reinforce the value of innovation to the vision and objectives of the organisation

model behaviour, including:

being receptive to ideas

giving constructive advice

establishing and maintaining relationships based on mutual respect and trust

taking considered risks that provide opportunities for innovation

support innovation and collaboration of ideas to make improvements.

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:

concepts and theories of innovation

context for innovation in the workplace, including:

core business values

overall objectives

broader environmental context

value and benefit of innovative ideas and projects

factors and tools that motivate individuals

creative thinking and innovative work practices

ways of celebrating and promoting innovation in the workplace

approaches to management and leadership and how they support and hinder innovation

challenges and barriers to innovation and ways of overcoming them, including:

rewarding and celebrating innovation

coaching and learning

modelling behaviour and managing the physical environment.

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:

relevant legislation and codes of practice

relevant organisational policies and procedures

workplace equipment and resources.

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=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBSTR502 Facilitate continuous improvement

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

Application

This unit describes the skills and knowledge required to lead and manage continuous improvement systems and processes. Particular emphasis is on the development of systems and the analysis of information to monitor and adjust performance strategies, and to manage opportunities for further improvements.

The unit applies to individuals who take an active role in managing a continuous improvement process in order to achieve an organisation’s objectives. At this level, work will normally be carried out using complex and diverse methods and procedures which require the exercise of considerable discretion and judgement, using a range of problem-solving and decision-making strategies.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Critical Thinking and Problem Solving – Business Strategy

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. Establish systems and processes	1.1 Identify current systems and processes that facilitate continuous improvement 1.2 Identify and define improvement needs and opportunities for the organisation 1.3 Develop decision-making processes to assist continuous improvement and communicate to relevant stakeholders 1.4 Develop strategies for continuous improvement and encourage team members to participate in decision-making processes 1.5 Develop knowledge management systems to capture team progress, insights and experiences from business activities 1.6 Develop new systems and processes that facilitate continuous improvement according to improvement needs and opportunities 1.7 Establish processes that confirm team members are informed about continuous improvement outcomes
2. Monitor and adjust performance strategies	2.1 Confirm relevant systems and processes meet organisation sustainability requirements 2.2 Confirm team progress, insights and experiences are captured and accessible using knowledge management systems 2.3 Coach individuals and teams to implement and support continuous improvement systems and processes 2.4 Identify and evaluate ways in which planning and operations could be improved 2.5 Make recommendations and communicate strategies to relevant stakeholders
3. Manage opportunities for further improvement	3.1 Evaluate outcomes and identify opportunities for improvement 3.2 Seek feedback from relevant stakeholders on systems and processes 3.3 Identify other areas for improvement and document feedback for future planning

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Reading	Identifies and extracts required information from a range of complex texts Locates, interprets and analyses workplace documentation to gather information relating to continuous improvement
Writing	Develops complex texts related to continuous improvement processes according to organisational requirements Ensures the vocabulary, grammatical structures and conventions are required for the context and target audience
Oral communication	Presents information to a range of audiences using appropriate structure and language Listens and comprehends information from a variety of spoken exchanges with clients, co-workers and other stakeholders Confirms understanding through questioning and active listening
Initiative and enterprise	Monitors adherence to organisational policies, procedures and protocols and considers own role in terms of its contribution to broader goals of the work environment Identifies and uses appropriate conventions and protocols when communicating with colleagues and external stakeholders
Problem solving	Uses analytical and lateral thinking to review current practices and develop ideas for improvement
Teamwork	Collaborates with others to achieve joint outcomes, playing an active role in facilitating effective group interaction and influencing direction
Self-management	Takes responsibility for developing, implementing and monitoring systems and processes to achieve organisational outcomes
Technology	Reflects on the ways in which digital systems and tools are used, or could be used, to achieve work goals

Unit Mapping Information

Supersedes and is equivalent to BSBMGT516 Facilitate continuous improvement.

Supersedes but is not equivalent to BSBCUE501 Develop business continuity strategy.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBSTR502 Facilitate continuous improvement

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

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:

lead and manage continuous improvement systems and processes for at least one organisation or work area.

In the course of the above, the candidate must:

address organisational sustainability requirements

incorporate mentoring, coaching and other support to enable individuals to participate in continuous improvement processes

capture progress, insights and experiences using established knowledge management systems

encourage participation in decision making processes and ideas for continuous improvement.

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:

systems and processes facilitating continuous improvement

common decision-making processes

organisational policies and procedures relating to digital systems, decision-making processes and continuous improvement systems

business systems and requirements, including:

knowledge management

quality

sustainability

performance management.

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:

workplace documentation and resources relevant to performance evidence

organisational policies and procedures relevant to performance evidence.

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=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBSUS411 Implement and monitor environmentally sustainable work practices

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

Application

This unit describes the skills and knowledge required to analyse and implement improvements to the environmental sustainability of work practices and monitor their effectiveness.

The unit applies to individuals with responsibility for the practices of a specific work area or who lead a work group or team.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Business Competence – Sustainability

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. Establish sustainable work contexts	1.1 Identify and assess organisational compliance against environmental legislation, regulations and standards 1.2 Collect data on environmental efficiency in organisational systems and processes 1.3 Analyse data on environmental efficiency and current purchasing strategies and identify areas for improvement 1.4 Consult stakeholders and external data sources on sustainability best practice 1.5 Develop efficiency targets and methods to monitor outcomes
2. Implement sustainable work practices	2.1 Identify and source tools to set efficiency targets 2.2 Implement and integrate efficiency targets with other operational activities 2.3 Support team members to identify possible areas for improved resource efficiency in work areas 2.4 Seek and act on feedback from stakeholders on implementation
3. Monitor performance of sustainable work practices	3.1 Assess outcomes using monitoring method developed 3.2 Document and communicate outcomes to key personnel and stakeholders 3.3 Identify changes required to targets and tools from strategies and improvement plans 3.4 Promote successful strategies in development of new efficiency targets

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Numeracy	Analyses numerical information to measure usage and calculates metric measurements, quantities and ratios and financial data using appropriate tools
Oral communication	Presents information and seeks advice using structure and language appropriate to audience Participates in discussions using listening and questioning to elicit the views of others and to clarify or confirm understanding
Reading	Identifies and analyses texts to determine legislative and regulatory requirements relevant to work area Reviews reported information to evaluate workplace strategies and improvement practices
Writing	Documents findings of investigations from written and oral sources according to organisational requirements Provides updates about progress using formats and language appropriate to the audience and context
Initiative and Enterprise	Identifies and follows legislative requirements and organisational policies and procedures associated with own role
Teamwork	Selects and uses appropriate conventions and protocols when communicating with internal and external stakeholders to seek or share information Collaborates and consults with a range of stakeholders to achieve shared understanding of individual roles in meeting objectives
Planning and organising	Develops plans to manage routine and non-routine tasks for own work group with an awareness of how they contribute to the broader organisation Uses systematic, analytical processes to set environmental targets, gather relevant information, identify and evaluate alternative approaches Evaluates outcomes of decisions to identify opportunities for improvement
Technology	Uses the main features and functions of digital tools to complete work tasks and access information

Unit Mapping Information

Supersedes and is equivalent to BSBSUS401 Implement and monitor environmentally sustainable work practices.

Supersedes but is not equivalent to:

BSBSUS402 Implement an environmental management plan

BSBSUS403 Measure, monitor and reduce carbon emissions

BSBSUS404 Assess, implement, monitor and report on waste management

BSBSUS405 Assess, monitor and reduce water use

BSBSUS406 Identify and apply sustainability rating tools.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBSUS411 Implement and monitor environmentally sustainable work practices

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

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:

implement and monitor at least three environmentally sustainable work practices.

In the course of the above, the candidate must:

identify current procedures, practices and compliance requirements in relation to environmental and resource sustainability in the workplace

engage and consult with relevant stakeholders to develop and implement sustainability improvements, encourage feedback and to report on outcomes

plan and organise work group activities to:

measure current resource usage

evaluate alternative solutions to workplace environmental issues

resolve workplace sustainability issues and generate ideas for improvements

evaluate and implement strategies to improve resource usage

comply with environmental requirements

apply continuous improvement approaches to enhance organisation’s sustainability performance

apply change management techniques to support sustainability performance.

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:

compliance requirements for the work area with reference to legislation, regulations, codes of practice and workplace procedures that relate to environmental and sustainability issues

relevant internal and external sources of information for the development of efficiency targets

benchmarks for environmental and resource sustainability relevant to organisation

Australian and international standards for corporate social sustainability

continuous improvement approaches for workplace practices

resources for monitoring sustainable work practices including:

questionnaires and surveys

visual calculations

supply records and invoices

previous internal and external audit documents

organisational systems and procedures that relate to environmental and resource sustainability improvements, including:

supply chain, procurement and costing strategies

quality assurance

recommendation development and seeking approvals

sales strategies and operations.

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:

environmental sustainability legislation, regulations, standards and codes

workplace reference materials for environmental sustainability and practices.

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=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBSUS511 Develop workplace policies and procedures for sustainability

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

Application

This unit describes the skills and knowledge required to develop and implement workplace sustainability policies and to modify the policy to suit changed circumstances.

The unit applies to individuals with managerial responsibilities who undertake work developing approaches to create, monitor and improve strategies and policies within workplaces. These individuals also engage with a range of relevant stakeholders and specialists.

'Sustainability' in this unit refers to a broad approach that focuses on the minimisation of an organisation’s social, economic and environmental impact, as well as proactive value creation in these areas.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Business Competence – Sustainability

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. Prepare workplace sustainability policies	1.1 Establish scope and objectives of workplace sustainability policies 1.2 Gather information for development of sustainability policies 1.3 Analyse information and consultation insights 1.4 Develop and document sustainability policies according to organisational processes 1.5 Incorporate implementation and continuous improvement processes into sustainability policies
2. Implement workplace sustainability policies	2.1 Present workplace sustainability policies and implementation processes to key stakeholders 2.2 Identify and source resources required to implement sustainability policies 2.3 Support implementation of workplace sustainability policies 2.4 Track continuous improvements in sustainability approaches using recording systems
3. Review implementation of workplace sustainability policies	3.1 Document outcomes and provide feedback to key personnel and stakeholders 3.2 Identify trends requiring remedial action to promote continuous improvement of performance 3.3 Modify sustainability policies to incorporate improvements

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Numeracy	Interprets and uses mathematical equations to calculate numerical information relating to time durations and costs
Oral communication	Presents information and seeks advice using language appropriate to audience Participates in discussions using listening and questioning to elicit the views of others and to clarify or confirm understanding
Reading	Identifies, analyses and evaluates complex textual information to determine legislative and regulatory requirements, trends and outcomes
Writing	Researches, plans and prepares documentation using format and language appropriate to context, organisational requirements and audience
Initiative and enterprise	Develops, monitors and modifies organisational policies and procedures according to legislative requirements and organisation goals
Teamwork	Selects and uses appropriate conventions and protocols when communicating with internal and external stakeholders to seek or share information Plays a lead role in consulting and negotiating positive outcomes with a range of stakeholders
Planning and organising	Plans, organises and implements work activities of self and others that ensure compliance with organisational policies and procedures, and legislative requirements Sequences and schedules complex activities, monitors implementation, and manages relevant communication Uses systematic, analytical processes in relatively complex, situations, setting goals, gathering relevant information, and identifying and evaluating options against agreed criteria Evaluates outcomes of decisions to identify opportunities for improvement

Unit Mapping Information

Supersedes and is equivalent to BSBSUS501 Develop workplace policy and procedures for sustainability.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBSUS511 Develop workplace policies and procedures for sustainability

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

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:

develop and implement workplace policies and procedures for sustainability on at least one occasion, including:

implementing sustainability policy and procedures into wider organisational policies and procedures

consulting and communicating with relevant stakeholders to generate engagement with sustainability policy development, implementation and continuous improvement.

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:

Australian and international standards relating to corporate sustainability

environmental and sustainability legislation, regulations and codes of practice applicable to organisation

internal and external sources of information and their use in planning and developing organisational sustainability policies and procedures

elements required for the development of organisational sustainability policies and processes including:

agreed outcomes of the policy and procedures

policy timeframes and costs

performance indicators

activities to be undertaken

assigned responsibilities

record keeping, review and improvement processes

common sustainability issues with organisational systems and procedures

typical barriers to implementing policies and procedures in an organisation and possible strategies to address them.

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:

corporate sustainability legislation, regulations, standards and codes

organisational documentation on sustainability and sustainable practices.

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=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBTEC201 Use business software applications

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

Application

This unit describes the skills and knowledge required to select and use software and organise electronic information and data.

The unit applies to those who use a limited range of practical skills with a fundamental knowledge of equipment use and the organisation of data in a defined context, under direct supervision or with limited individual responsibility.

No licensing, legislative, regulatory or certification requirements apply to this unit at the time of publication.

Unit Sector

Digital Competence - Technology Use

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. Select and prepare to use technology	1.1 Identify task purpose, audience, format and presentation requirements, and clarify with relevant personnel, where required 1.2 Select relevant technology and software applications to achieve requirements of the task 1.3 Adjust workspace, furniture and equipment to suit own ergonomic requirements
2. Input and process information or data	2.1 Identify and open application, according to task and organisational requirements 2.2 Enter information or data into application according to organisational requirements 2.3 Ensure information or data is checked and amended according to organisational and task requirements 2.4 Format information or data using appropriate application functions according to organisational and task requirements 2.5 Use relevant help functions to overcome simple issues
3. Finalise and store document	3.1 Review and edit final information or data, and prepare for storage in accordance with organisational and task requirements 3.2 Name and store document and exit application

Foundation Skills

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

SKILL	DESCRIPTION
Reading	Recognises and interprets information from familiar sources to determine job role and task requirements
Writing	Produces and amends files to meet task and organisational requirements Completes required documentation using organisational formats

Unit Mapping Information

Supersedes and is equivalent to:

BSBITU211 Produce digital text documents

BSBITU212 Create and use spreadsheets

BSBWOR204 Use business technology.

Supersedes but is not equivalent to BSBCUE301 Use multiple information systems.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBTEC201 Use business software applications

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

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:

select and use at least three business software applications on two occasions each.

In the course of the above, the candidate must:

select and use technology safely and according to organisational requirements

identify and address faults according to requirements.

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:

organisation’s work health and safety requirements relevant to own role

organisation’s requirements for file naming and storage

applications used for organising electronic information and data.

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:

workplace equipment and resources

electronic files, information and data

workplace documentation.

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=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBTEC301 Design and produce business documents

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

Application

This unit describes the skills and knowledge required to design and produce various business documents. It includes selecting and using a range of functions on a variety of computer applications.

The unit applies to those who possess fundamental skills in computer operations. They may exercise discretion and judgement using appropriate theoretical knowledge of document design and production to provide technical advice and support to a team.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Digital Competence - Technology Use

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. Select and prepare resources	1.1 Select and use technology and software applications to produce required business documents 1.2 Select layout and style of publication according to information and organisational requirements 1.3 Use basic design principles and ensure document design is consistent with organisational requirements 1.4 Discuss and clarify format and style with required stakeholder
2. Design document	2.1 Identify, open and create files according to task and organisational requirements 2.2 Design document and ensure efficient entry of information 2.3 Use a range of functions to ensure consistency of design and layout
3. Produce document	3.1 Complete document production according to organisational policies, procedures and requirements 3.2 Check document produced to ensure it meets task requirements for style and layout 3.3 Store document appropriately and save document 3.4 Use help function to overcome basic difficulties with document design and production, where required
4. Finalise document	4.1 Proofread document for readability, accuracy and consistency of language, style and layout prior to final output 4.2 Modify document according to task requirements 4.3 Name and store document in accordance with organisational requirements and exit application 4.4 Present document according to task requirements

Foundation Skills

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

SKILL	DESCRIPTION
Reading	Recognises and interprets textual information from a range of sources to determine and adhere to requirements
Writing	Develops documents using required format, accurate spelling and grammar and terminology specific to requirements Organises content to support purposes and audience of material, using clear and logical language
Self-management	Recognises and follows explicit and implicit protocols and meets expectations associated with own role

Unit Mapping Information

Supersedes and is equivalent to:

BSBITU306 Design and produce business documents

BSBITU313 Design and produce digital text documents.

Supersedes but is not equivalent to:

BSBINT305 Prepare business documents for the international trade of goods

BSBITU309 Produce desktop published documents.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBTEC301 Design and produce business documents

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

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:

design, produce and finalise four different types of business documents, using at least two different software applications.

In the course of the above, the candidate must:

comply with organisational policies and procedures for producing business documents

adhere to task requirements when producing documents including:

applying basic design principles

applying consistent formatting

using appropriate styles

using correct layouts

proofreading

use required data storage options.

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:

technology required to produce document

key functions and features of contemporary computer applications

organisational policies and procedures

organisational requirements for document design, including style guide.

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:

workplace equipment and resources

relevant software applications

style guide

organisational policies and procedures.

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=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBTEC302 Design and produce spreadsheets

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

Application

This unit describes the skills and knowledge required to develop spreadsheets through the use of spreadsheet applications.

The unit applies to individuals employed in a range of environments who tend to be personally responsible for designing and working with spreadsheets under minimal supervision. These individuals are generally required to have intermediate knowledge and understanding of a number of spreadsheet applications.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Digital Competence - Technology Use

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. Select and prepare resources	1.1 Identify task purpose and audience 1.2 Identify task requirements according to data entry, storage, output, timeline and presentation format 1.3 Select most appropriate application to produce spreadsheet, according to available resources and organisational policies and procedures
2. Plan spreadsheet design	2.1 Design spreadsheet design to suit purpose, audience and information requirements of task 2.2 Confirm spreadsheet is designed to enhance readability and appearance, and is in accordance with organisational and task requirements 2.3 Use available application functions and confirm consistency of design and layout, adhering to organisational and task requirements
3. Create spreadsheet	3.1 Enter data, check and amend to maintain consistency of design and layout, in accordance with organisational and task requirements 3.2 Format spreadsheet using application functions, according to organisational policies and procedures and presentation requirements 3.3 Consult with relevant stakeholders and confirm formulae are tested and output meets task requirements 3.4 Use required help functions and action issues as required
4. Produce charts	4.1 Select chart type and design that offers analysis of numerical data, and meets organisational and task requirements 4.2 Create charts using required data range in spreadsheet 4.3 Modify chart type and layout using formatting features, adhering to organisational and task requirements
5. Finalise and present spreadsheets	5.1 Review and edit final spreadsheet and accompanying charts, and prepare for delivery according to task requirements 5.2 Deliver document to required stakeholders according to organisational requirements, policies and procedures 5.3 Name and store spreadsheet according to organisational requirements and exit application

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Reading	Recognises and interprets numerical and textual information to determine organisational and task requirements
Writing	Inputs numerical and key reporting information when creating and finalising spreadsheets Uses format, layout, style guides and standard naming conventions to organise data according to purpose and audience
Numeracy	Uses mathematical equations to create simple formulae and validate numerical data
Teamwork	Collaborates with others to achieve joint outcomes

Unit Mapping Information

Supersedes and is equivalent to BSBITU314 Design and produce spreadsheets.

Supersedes but is not equivalent to BSBITU311 Use simple relational databases.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBTEC302 Design and produce spreadsheets

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

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:

plan, design, produce and finalise a spreadsheet on at least four occasions.

In the course of the above, the candidate must:

produce spreadsheet documents that align to document purpose and appropriate to target audience

design spreadsheets using:

formulas and functions with:

addition, subtraction, division, multiplication

brackets

design spreadsheets that address a range of data and organisational requirements

use software functions to create spreadsheets that adhere to organisational requirements relating to style and presentation

use relevant help functions to rectify document issues

produce spreadsheet document in appropriate format for review, including ability to create and modify intermediate-level charts that analyse the dataset.

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 elements of formatting of spreadsheets appropriate to workplace documents, including the ability to calculate:

sum totals

averages

counts of values

key features of spreadsheet applications, both cloud-based and non-cloud based

key features of organisational guidelines on spreadsheet design and use

organisational requirements for ergonomics, work periods and breaks, and sustainability in relation to spreadsheet production.

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:

industry software/applications for producing spreadsheets

digital device user information

relevant legislation and codes of practice

relevant organisational policies and procedures

workplace documentation and resources, including style guide.

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=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBTEC402 Design and produce complex spreadsheets

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

Application

This unit describes the skills and knowledge required to use spreadsheet software to complete business tasks and produce complex documents.

The unit applies to individuals employed in a range of work environments who require skills in creation of complex spreadsheets to store and retrieve data. They may work as individuals providing administrative support within an enterprise, or may be independently responsible for designing and working with spreadsheets relevant to their own work roles.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Digital Competence - Technology Use

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. Prepare and plan to develop spreadsheet	1.1 Organise personal work environment in accordance with ergonomic requirements 1.2 Analyse task and determine specifications for spreadsheets 1.3 Identify requirements of data entry, storage, output, reporting and presentation requirements 1.4 Apply work organisation strategies and energy and resource conservation techniques
2. Develop a linked spreadsheet solution	2.1 Use spreadsheet design software functions and formulae to meet identified requirements 2.2 Link spreadsheets according to software procedures 2.3 Format cells and use data attributes assigned with cell references, according to task requirements 2.4 Test formulae to confirm output meets task requirements
3. Automate and standardise spreadsheet operation	3.1 Evaluate and identify tasks requiring automation 3.2 Create, use and edit macros to fulfil requirements of task and automate spreadsheet operation 3.3 Develop, edit and use templates and ensure consistency of design and layout according to task requirements
4. Use spreadsheets	4.1 Enter, check and amend data according to organisational and task requirements 4.2 Import and export data between compatible spreadsheets and adjust documents, according to software and organisational procedures 4.3 Use help function to overcome problems with spreadsheet design and production 4.4 Preview, adjust and prepare spreadsheet in accordance with organisational and task requirements
5. Represent numerical data in graphic form and store spreadsheet	5.1 Determine style of graph to meet specified requirements and manipulate spreadsheet data, where required 5.2 Create graphs with labels and titles from numerical data contained in a spreadsheet file 5.3 Name and store spreadsheet in accordance with organisational requirements and exit application

Foundation Skills

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

SKILL	DESCRIPTION
Reading	Recognises and interprets numerical and textual information within a range of sources to determine and complete work according to requirements Reviews information to determine accuracy and consistency
Writing	Uses formal mathematical language to create formulas and enters routine data using a format appropriate to requirements Develops material using required format and incorporating technical functions to meet business needs
Oral Communication	Uses listening and questioning skills to clarify requirements
Numeracy	Represents mathematical information in an alternative form and analyses information to determine required spreadsheet formulae and macros
Self-management	Recognises and follows explicit and implicit protocols and meets expectations associated with own role
Planning and organising	Applies formal processes when planning more complex/unfamiliar tasks, producing plans with logically sequenced steps

Unit Mapping Information

Supersedes and is equivalent to BSBITU402 Develop and use complex spreadsheets.

Supersedes but is not equivalent to BSBITA411 Design and develop relational databases.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBTEC402 Design and produce complex spreadsheets

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

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:

on at least two occasions, prepare, develop, and use a complex spreadsheet.

In the course of the above, the candidate must:

follow organisational and safe work practices

adhere to organisational requirements for:

ensuring consistency of style, design and layout

saving and publishing documents within designated timelines

naming and storing documents

adhere to identified or task requirements when producing documents including:

editing macros and automating some tasks

using appropriate templates

creating graphs to represent data

resolve issues by referring to user documentation and online help

use appropriate data storage options.

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:

advanced functions of spreadsheet software applications

key aspects of formatting and design on presentation and readability of data

organisational requirements for ergonomics, work periods and breaks, and conservation techniques

key aspects of organisational policies and procedures

key methods to test formulae.

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:

relevant organisational policies and procedures

workplace documentation and resources

industry software packages and user instructions.

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=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBTEC404 Use digital technologies to collaborate in a work environment

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

Application

This unit describes the skills and knowledge required to understand the fundamentals of using digital technologies to collaborate in a workplace context, including working as part of a remote team. It involves undertaking a basic review of organisational processes to identify opportunities for using digital technologies to complete work tasks more efficiently and effectively.

The unit applies to those who use problem-solving skills and take responsibility for adopting and promoting approaches to improve organisational operations, particularly relating to the use of digital technologies.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Digital Competence - Technology Use

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. Review existing digital technology use in the business	1.1 Identify current collaborative ways of working 1.2 Assess performance of current collaborative ways of working against organisational strategies and objectives 1.3 Collate information collected through review and provide to relevant personnel as required
2. Identify opportunities to implement digital technologies for workplace collaboration	2.1 Identify available digital technologies by accessing relevant sources of information 2.2 Seek assistance from specialist advisors, where required 2.3 Assess existing collaborative work against available and existing digital technologies 2.4 Identify opportunities and priorities for digital technology in collaborative work 2.5 Prepare a business case for implementing new digital solutions to support collaboration and seek approval, where required
3. Implement and use digital technologies to collaborate in the workplace	3.1 Assess business goals and objectives and develop a plan to introduce new collaborative technologies 3.2 Communicate and promote key features of the plan to relevant stakeholders 3.3 Implement digital technologies according to plan and organisational requirements, policies and procedures 3.4 Organise training in digital technologies for collaboration for relevant stakeholders

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL	DESCRIPTION
Learning	Actively reinforces workplace learning by encouraging personnel to expand their digital literacy
Reading	Organises, evaluates and critiques information from a wide variety of textual material
Writing	Develops material for a specific audience using clear language and workplace conventions to convey explicit information, requirements and recommendations
Oral communication	Uses appropriate, detailed and clear language to address key personnel and disseminate information Uses listening and questioning skills to confirm understanding of requirements
Teamwork	Collaborates with others to achieve joint outcomes, playing an active role in facilitating effective group interaction, influencing direction and taking a leadership role on occasion
Problem solving	Applies problem-solving processes when tackling an unfamiliar problem, breaking complex issues into manageable parts and identifying and evaluating several options for action

Unit Mapping Information

Supersedes and is equivalent to BSBITU422 Use digital technologies to collaborate in the workplace.

Supersedes but is not equivalent to BSBITB511 Establish and maintain a network of digital devices.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBTEC404 Use digital technologies to collaborate in a work environment

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

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:

plan and implement use of digital technology to collaborate in a work environment at least once.

In the course of the above, the candidate must:

review business use of technology for collaboration and identify opportunities, priorities and risks associated with adopting new technologies according to organisational strategies

collect, analyse and present relevant information about digital applications

create and present a business case to relevant stakeholders for adopting new collaborative digital technologies

develop and communicate a plan to implement new ways of working collaboratively using digital technologies.

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:

fundamentals of common digital applications, including key terms, concepts and user features

organisational requirements, policies and procedures

collaborative technologies and their use in a business context

format and content of a business case in the organisation

strategies for training and coaching in digital technologies

organisational commercial strategy relevant to digital technologies

key sources of information about digital applications, and options specific to the business.

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:

workplace equipment and resources relevant to performance evidence

relevant legislation, regulations, standards and codes

relevant organisational policies and procedures.

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=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBTWK201 Work effectively with others

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

Application

This unit describes the skills and knowledge required to work cooperatively with others and deal effectively with issues, problems and conflict.

The unit applies to individuals who perform a range of routine tasks in a team environment and use a basic knowledge of teamwork in a defined context, under direct supervision or with limited individual responsibility.

No licensing, legislative, regulatory or certification requirements apply to this unit at the time of publication.

Unit Sector

Social Competence – Teamwork and Relationships

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. Develop effective workplace relationships	1.1 Identify individual responsibilities in relation to workgroup members 1.2 Clarify individual and workgroup responsibilities with work team 1.3 Participate in informal meetings and information sharing with workgroup 1.4 Request and apply feedback from supervisor on individual practices
2. Improve workgroup processes	2.1 Support team members to meet workgroup goals 2.2 Contribute to workgroup goals and tasks according to organisational requirements 2.3 Share work-related information with workgroup according to organisational policies and procedures 2.4 Plan strategies for team performance improvement with workgroup
3. Resolve issues, problems and conflict	3.1 Identify advantages of differences in values and beliefs between workgroup members 3.2 Respond to any linguistic and cultural differences in communication styles according to legislation, organisational policies and procedures and ethical standards 3.3 Identify potential workgroup issues, problems and conflicts encountered in the workplace 3.4 Seek assistance from supervisor to address problems and conflicts that arise 3.5 Suggest possible ways of dealing with identified workplace issues

Foundation Skills

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

SKILL	DESCRIPTION
Reading	Identifies and interprets information to determine task requirements
Writing	Completes required documentation using organisational formats Composes simple documents for others to read
Oral Communication	Presents information and seeks advice using language and features appropriate to audience Participates in discussions using listening and questioning to elicit views of others and to clarify or confirm understanding
Initiative and enterprise	Identifies responsibilities of own role and follows explicit and implicit organisational protocols and procedures
Teamwork	Selects and uses appropriate communication practices when seeking or sharing information Establishes and builds rapport and relationships with others to foster a culture of respect and cooperation in communications Listens to the ideas of others and considers their needs
Planning and organising	Plans and organises work commitments to ensure deadlines and objectives are met

Unit Mapping Information

Supersedes and is equivalent to BSBWOR203 Work effectively with others.

Supersedes and is not equivalent to BSBFLM312 Contribute to team effectiveness.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBTWK201 Work effectively with others

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

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:

work with a group to achieve an objective on at least two occasions and address at least one identified problem or conflict on each occasion.

In the course of the above, the candidate must:

distinguish individual responsibilities from workgroup responsibilities

demonstrate the ability to:

support team members

communicate according to the cultural and linguistic requirements of the individual

act on constructive feedback

use communication channels to share information

cooperate and contribute to team goals

identify improvement opportunities

identify problems and conflicts and address them according to organisational and ethical policies and procedures.

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:

organisational and ethical standards, policies and procedures that relate to own work role

team responsibilities and duties and their relationship to individual responsibilities and duties

organisational policies and procedures relating to workplace discrimination and bullying

personal values and beliefs including their importance in the development of relationships

communication channels used to communicate in work teams including:

team meetings

one-on-one interactions with individual team members

emails

instant messaging

calls

key problems and conflicts arising in workgroup contexts

methods of resolving team problems including referral to relevant organisational personnel

conflict resolution techniques.

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:

workplace discrimination and bullying legislation

organisational and ethical standards, policies and procedures for working with others.

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=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBTWK502 Manage team effectiveness

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

Application

This unit describes the skills and knowledge required to lead teams in the workplace and to actively engage with the management of the organisation.

The unit applies to individuals working at a managerial level who lead and build a positive culture within their work teams. At this level, work will normally be carried out using complex and diverse methods and procedures requiring the exercise of considerable discretion and judgement. It will also involve using a range of problem solving and decision-making strategies.

No licensing, legislative, regulatory or certification requirements apply to this unit at the time of publication.

Unit Sector

Social Competence – Teamwork and Relationships

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. Establish team performance plan	1.1 Identify team purpose, roles, and responsibilities according to organisational and task objectives 1.2 Develop performance plans with expected outcomes, key performance indicators (KPIs) and goals for work team 1.3 Support team members in meeting expected performance outcomes
2. Develop and facilitate team cohesion	2.1 Develop strategies for facilitating team member input into planning, decision making and operational aspects of team tasks 2.2 Develop or modify policies and procedures for promoting team member accountability for personal work and team tasks 2.3 Provide feedback to team members on team effort and contributions 2.4 Develop processes for identifying and addressing issues, concerns and problems identified by team members
3. Facilitate teamwork	3.1 Encourage team members to participate in and to take responsibility for team activities 3.2 Support the team in identifying and resolving work performance problems 3.3 Promote work team collaboration through individual behaviour
4. Liaise with stakeholders	4.1 Establish and maintain open communication processes with relevant stakeholders 4.2 Communicate information from line management to the team 4.3 Communicate and follow-up unresolved issues, concerns and problems raised by team members with line management 4.4 Address unresolved issues, concerns and problems raised by stakeholders

Foundation Skills

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

SKILL	DESCRIPTION
Reading	Analyses and interprets textual information from the organisation’s policies, goals and objectives to establish team goals or to determine corrective action
Writing	Prepares workplace documentation that communicates complex information clearly and effectively
Oral Communication	Engages in discussions or provides information using appropriate vocabulary and non-verbal features Uses listening and questioning techniques to confirm understanding and to engage the audience
Enterprise and initiative	Identifies how own role contributes to broader organisational goals Modifies or develops policies and procedures to achieve organisational goals
Teamwork	Selects and uses appropriate conventions and protocols when communicating with diverse stakeholders Uses interpersonal skills to gain trust and confidence of team and provides feedback to others in forms that can be understood and used Adapts personal communication style to build positive working relationships and to show respect for the opinions, values and particular needs of others
Planning and organising	Develops, implements and monitors plans and processes to ensure team effectiveness Monitors and actively supports processes and development activities to ensure the team is focused on work outcomes Plans for unexpected outcomes and implements creative responses to overcome challenges

Unit Mapping Information

Supersedes and is equivalent to BSBWOR502 Lead and manage team effectiveness.

Supersedes but is not equivalent to:

BSBMGT520 Plan and manage the flexible workforce

BSBWRK409 Prepare for and participate in dispute resolution.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBTWK502 Manage team effectiveness

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

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:

manage the effectiveness of at least one work team.

In the course of the above, the candidate must:

provide feedback to encourage, value and reward others

model desired behaviour and practices

encourage and foster shared understanding of purpose, roles and responsibilities

support team to meet expected performance outcomes including providing formal and informal learning opportunities as needed

develop performance plans with key performance indicators (KPIs), outputs and goals for individuals or the team which incorporate input from stakeholders

communicate effectively with a range of stakeholders about team performance plans and team performance

evaluate and take necessary corrective action regarding unresolved issues, concerns and problems raised by internal or external stakeholders.

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:

impacts of group dynamics on team performance

methods of establishing team activities including communication processes

strategies that can support team cohesion, participation and performance

strategies for gaining consensus

issue resolution strategies.

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:

workplace documents relevant to team task objectives.

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=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBWHS211 Contribute to the health and safety of self and others

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

Application

This unit describes the skills and knowledge required to work in a manner that is healthy and safe in relation to self and others, and to assist in responding to incidents. It covers following work health and safety (WHS) policies, procedures, instructions and requirements; and participating in WHS consultative processes.

The unit applies to those who require a basic knowledge of WHS to carry out own work in a defined context, under direct supervision or with some individual responsibility, in a range of industry and workplace contexts.

NOTES

1. The terms ‘occupational health and safety’ (OHS) and ‘work health and safety’ (WHS) are equivalent, and generally either can be used in the workplace. In jurisdictions where model WHS laws have not been implemented, registered training organisations (RTOs) are advised to contextualise this unit of competency by referring to existing WHS legislative requirements.

2. The model WHS laws include the model WHS Act, model WHS Regulations and model WHS Codes of Practice. See Safe Work Australia for further information.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Regulation, Licensing and Risk – Work Health and Safety

Elements and Performance Criteria

ELEMENTS	PERFORMANCE CRITERIA
Elements describe the essential outcomes.	Performance criteria describe the performance needed to demonstrate achievement of the element.
1. Operate safely in own work environment	1.1 Identify organisational WHS policies and procedures that apply to own work setting 1.2 Carry out work tasks according to WHS instructions 1.3 Carry out pre-start systems and equipment checks under supervision and according to organisational policies and procedures 1.4 Participate in responding to incidents according to organisational policies and procedures
2. Operate safely within requirements of own role	2.1 Identify individuals and/or parties to whom queries and concerns about safety in the workplace should be directed 2.2 Identify existing and potential hazards relating to own role, and record and report them according to organisational policies and procedures 2.3 Identify and contribute to implementing WHS instructions and organisational policies and procedures specific to own work area 2.4 Identify and report incidents and injuries to required personnel according to organisational policies and procedures
3. Participate in WHS consultative processes	3.1 Contribute to workplace meetings, inspections, and other WHS consultative activities 3.2 Identify existing and potential WHS hazards and report them to designated persons according to organisational policies and procedures 3.3 Participate in actions to minimise or eliminate workplace hazards and to reduce risks

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Reading	Identifies and interprets short and simple information in relation to WHS and incidents
Writing	Uses structure and language appropriate to audience and context when giving factual information
Oral Communication	Uses language and non-verbal communication appropriate to audience and context in descriptions, opinions and explanations Extracts meaning and main ideas from verbal descriptions, opinions and explanations
Navigate the world of work	Follows WHS legislative requirements under supervision and with assistance Follows protocols and procedures relating to own role Seeks assistance from others when WHS issues are beyond scope of immediate responsibilities
Get the work done	Plans, organises and implements routine tasks in order to optimise health and safety Selects and implements actions from predetermined procedures

Unit Mapping Information

Supersedes and is equivalent to BSBWHS201 Contribute to health and safety of self and others.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBWHS211 Contribute to the health and safety of self and others

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

Performance Evidence

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, and to:

actively participate in two different work activities that contribute to the health and safety of self and others

identify and report at least one hazard to designated personnel.

During the above, the candidate must follow required procedures and instructions relating to work health and safety (WHS) and incidents.

Knowledge Evidence

The candidate must demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit. This includes knowledge of:

organisational safety policies, procedures, instructions and requirements relating to own work role in relation to:

checking systems and equipment

conducting routine work operations

personal protective equipment (PPE)

recording existing and potential WHS issues

responding to and reporting incidents and injuries

responding to fires and incidents

meaning of commonly used hazard signs and safety symbols

duty holder responsibilities, as specified in WHS laws, including:

self and co-workers

persons conducting a business or undertaking (PCBUs)

officers

others in the workplace

distinction between hazards and risks

WHS hazards that may be present in the workplace, including the harm they can cause and how this harm occurs

process of hazard identification and risk control.

Assessment Conditions

Assessment must comply with WHS laws, and WHS legal responsibilities and duty of care required for this unit. It must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities undertaken by individuals carrying out WHS duties in the workplace, and must include access to:

organisational policies, standard operating procedures, and work instructions covered in the knowledge evidence

WHS laws relevant to performance evidence requirements

opportunities for interaction with others

workplace equipment and resources required for the performance evidence.

Assessors of this unit must satisfy the assessor requirements 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=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBWHS308 Participate in WHS hazard identification, risk assessment and risk control processes

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to participate in the processes of work health and safety (WHS) hazard identification, risk assessment and risk control. It includes participating in worker consultation and support to contribute to a healthy and safe workplace.

The unit applies to those who assist with identifying workplace hazards and assessing and controlling WHS risks as part of their WHS responsibilities, which are in addition to their main duties.

NOTES

1. The terms ‘occupational health and safety’ (OHS) and ‘work health and safety’ (WHS) are equivalent, and generally either can be used in the workplace. In jurisdictions where model WHS laws have not been implemented, registered training organisations (RTOs) are advised to contextualise this unit of competency by referring to existing WHS legislative requirements.

2. The model WHS laws include the model WHS Act, model WHS Regulations and model WHS Codes of Practice. See Safe Work Australia for further information.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Regulation, Licensing and Risk – Work Health and Safety

Elements and Performance Criteria

ELEMENTS	PERFORMANCE CRITERIA
Elements describe the essential outcomes.	Performance criteria describe the performance needed to demonstrate achievement of the element.
1. Participate in WHS hazard identification in the workplace	1.1 Participate in selecting hazard identification methods for the workplace according to organisational policies and procedures 1.2 Use selected methods to identify, report and record hazards according to organisational policies and procedures, standards and WHS laws 1.3 Provide information and assistance to required personnel during hazard identification process
2. Participate in WHS risk assessment	2.1 Participate in selecting suitable risk assessment methods for the workplace according to organisational policies and procedures 2.2 Assess and record risks using selected methods according to organisational procedures, standards and WHS laws 2.3 Provide information and assistance to required personnel during risk assessment process
3. Contribute to developing and implementing WHS control measures	3.1 Obtain organisation records of the outcomes of hazard identifications and risk assessments, and use them to participate in developing risk control options 3.2 Identify duty holders according to WHS laws and organisational WHS policies, procedures, processes and systems 3.3 Participate in selecting risk control options using criteria agreed to by work team, and according to organisational policies, procedures, processes and systems 3.4 Identify and report factors impeding successful implementation of selected risk control options to determine potential control measures to be implemented 3.5 Review and document potential control measures for compliance with relevant WHS laws 3.6 Contribute to developing a risk control implementation plan according to the hierarchy of control measures 3.7 Provide written information to individuals and duty holders to facilitate implementation of reviewed control measures
4. Contribute to consultative arrangements for hazard identification and risk assessment activities	4.1 Assist engaging work team in hazard identification and risk assessment according to organisational WHS consultation and participation policies, procedures and processes 4.2 Respond to issues raised according to organisational procedures and processes 4.3 Develop plan to encourage others to participate in hazard identification and risk assessment activities, according to organisational policies and procedures
5. Contribute to consultative arrangements for implementing control measures	5.1 Assist with implementing consultative processes that engage work team in developing and implementing control measures, according to organisational WHS consultation and participation policies, procedures and processes 5.2 Respond to issues raised according to organisational policies and procedures for issue resolution 5.3 Promote worker participation in arrangements for implementing control measures

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Reading	Interprets and identifies information from WHS laws, workplace policies, procedures and records
Writing	Uses structure and language appropriate to audience and context in plans, reports and general advice
Oral communication	Presents information and assistance using appropriate industry-specific vocabulary Uses listening and questioning to clarify and confirm understanding
Navigate the world of work	Follows regulatory responsibilities, and organisational policies and procedures in relation to WHS responsibilities Keeps up to date with changes to WHS laws, and organisational policies and procedures relevant to own role
Interact with others	Identifies what to communicate and to whom in a range of contexts Cooperates with others as part of WHS activities and contributes to specific activities requiring joint responsibility and accountability Shares information and resources, offers assistance voluntarily and provides feedback when requested Plays an active role in group discussions, paying attention to perspectives of others and encouraging participation
Get the work done	Plans and implements tasks to achieve required outcomes Uses decision-making processes, setting or clarifying goals, gathering information and identifying and evaluating choices against a set of criteria in the WHS risk-management process

Unit Mapping Information

Supersedes and is equivalent to BSBWHS303 Participate in WHS hazard identification, risk assessment and risk control.

Links

Companion Volume Implementation Guides are available from VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBWHS308 Participate in WHS hazard identification, risk assessment and risk control processes

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 5.0.

Performance Evidence

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit and, on at least two occasions, to:

participate in selecting and using required methods to identify, report and record hazards

assess and record risks for identified hazards

promote and support worker consultation and participation in hazard identification and risk assessment

participate in developing, selecting and implementing risk control options and plans for identified hazards.

Knowledge Evidence

The candidate must demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit. This includes knowledge of:

work health and safety (WHS) legislative requirements, regulations, codes of practice and standards relating to:

WHS hazard identification, risk assessment and risk control

WHS hazard communication, consultation and participation

identifying duty holders

recordkeeping

specific hazard identification, risk assessment and control methods

internal and external sources of WHS information and data, and procedures for accessing them

concept of hazards, risks and risk factors

basic principles of incident causation and injury processes

WHS organisational policies and procedures relating to identifying hazards, and assessing and controlling risks:

WHS hazards that may be present in the workplace, the harm they can cause and how this harm occurs

types of hazard and risk registers

responding to WHS issues, including risk control options for different hazards and work situations, and suitable risk assessment methods

workplace communication processes for reporting and recording, and plans for sharing information about hazard identification, risk assessment and risk control.

Assessment Conditions

Assessment must comply with WHS laws, and WHS legal responsibilities and duty of care required for this unit. It must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities undertaken by individuals carrying out WHS duties in the workplace, and must include access to:

organisational policies, standard operating procedures and plans required for the performance evidence

WHS laws relevant to hazard identification, risk assessment and risk control

relevant WHS data files

opportunities for interaction with others

workplace equipment and resources required to demonstrate the performance evidence.

Assessors of this unit must satisfy the assessor requirements in applicable vocational education and training legislation, frameworks and/or standards.

Links

Companion Volume Implementation Guides are available from VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBWHS414 Contribute to WHS risk management

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to contribute to WHS risk management, which includes the processes for identifying work health and safety (WHS) hazards and assessing and controlling the risk relating to those identified hazards.

It involves contributing to the development, implementation and evaluation of risk controls according to legislative and organisational requirements.

The unit applies to those working in a broad range of roles across all industries. WHS hazard identification and risk control processes are those defined in written workplace procedures.

NOTES

1. The terms ‘occupational health and safety’ (OHS) and ‘work health and safety’ (WHS) are equivalent, and generally either can be used in the workplace. In jurisdictions where model WHS laws have not been implemented, registered training organisations (RTOs) are advised to contextualise this unit of competency by referring to existing WHS legislative requirements.

2. The model WHS laws include the model WHS Act, model WHS Regulations and model WHS Codes of Practice. See Safe Work Australia for further information.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Regulation, Licensing and Risk – Work Health and Safety

Elements and Performance Criteria

ELEMENTS	PERFORMANCE CRITERIA
Elements describe the essential outcomes.	Performance criteria describe the performance needed to demonstrate achievement of the element.
1. Access information and data used to identify hazards, and to assess and control risks	1.1 Access and review current WHS laws relevant to organisation’s hazard identification and risk control processes 1.2 Access workplace sources of information and data to inform hazard identification, risk assessment and risk controls 1.3 Access external sources of information and data to inform hazard identification, risk assessment and risk controls 1.4 Analyse information and data and determine nature and scope of workplace hazards, risk assessment and risk controls 1.5 Confirm information and data with required stakeholders, seeking input from technical and other advisors as required
2. Contribute to identifying risk management requirements and compliance	2.1 Contribute to identifying and complying with requirements of organisational policies, procedures, processes and systems for hazard identification, risk assessment and risk controls 2.2 Contribute to identifying and complying with requirements of WHS laws and guidelines for hazard identification, risk assessment and risk controls 2.3 Identify duty holders, and their roles and responsibilities according to risk management requirements 2.4 Identify tools used by organisational in current hazard identification and risk control processes
3. Contribute to workplace hazard identification	3.1 Contribute to selecting hazard identification tools and techniques according to WHS laws, and risk management requirements 3.2 Use hazard identification tools and techniques to assist with identifying hazards according to risk management requirements 3.3 Contribute to documenting hazard identification processes and results according to risk management requirements 3.4 Apply knowledge of hazards to advise individuals and/or parties about workplace hazards and the harms they may cause
4. Contribute to WHS risk assessment	4.1 Identify individuals and/or parties at risk of exposure to hazards and determine the nature, severity and likelihood of potential harm 4.2 Contribute to applying tools, techniques and processes to identified hazards to assess risk, according to risk management requirements 4.3 Contribute to documenting risk assessment results according to risk management requirements 4.4 Contribute to communicating risk assessment outcomes with workers, contract workers, managers and technical specialists according to risk management requirements
5. Contribute to developing and implementing risk controls	5.1 Contribute to selecting risk controls for identified hazards based on the risk assessment 5.2 Document agreed risk controls according to risk management requirements 5.3 Contribute to developing risk controls according to the hierarchy of control measures and WHS laws 5.4 Contribute to implementing risk controls and seek supervisory advice as required by the circumstances 5.5 Support communication of information on risk controls and actions to required individuals and/or parties
6. Contribute to evaluating effectiveness of risk controls	6.1 Identify requirements for ensuring ongoing effectiveness of risk controls 6.2 Contribute to identifying measures that enable evaluation of effectiveness of risk controls 6.3 Document plan for monitoring effectiveness of risk controls according to organisational policies and procedures 6.4 Present and effectively communicate plan to required stakeholders according to risk management requirements

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Reading	Locates, reviews and interprets WHS legislative and organisational texts and other external information and data
Writing	Uses structure, layout and language suitable for audience to document WHS hazard identification and risk control processes Uses appropriate organisational formats and industry-specific vocabulary to document hazards, risks, and risk controls
Oral communication	Uses structure and language suitable for audience to communicate information and contribute ideas about WHS hazard identification and risk control processes
Navigate the world of work	Adheres to legal and regulatory responsibilities, and organisational policies and procedures in relation to WHS hazard identification and risk control processes Keeps up to date with WHS laws, and related organisational policies and procedures relevant to own role Uses appropriate technology in accessing, communicating, and recording information
Interact with others	Identifies what, with whom and how to communicate in the context of advising about hazards, risks and risk controls Cooperates with others as part of WHS hazard identification and risk control processes, and contributes to specific activities requiring joint responsibility and accountability Collaborates with others to achieve individual and team outcomes Interacts to develop relationships with operational personnel and consultative groups Seeks information from others to understand work and work relationships as they relate to hazard management
Get the work done	Applies processes to plan, sequence and prioritise tasks, showing awareness of time and resource constraints and the needs of others Uses decision-making processes in hazard identification and risk control processes: sets and clarifies goals, gathers information, and identifies and evaluates choices against a set of criteria Applies problem-solving processes, identifying and evaluating several options for action

Unit Mapping Information

Supersedes and is equivalent to BSBWHS404 Contribute to WHS hazard identification, risk assessment and risk control.

Links

Companion Volume Implementation Guides are available from VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBWHS414 Contribute to WHS risk management

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 5.0.

Performance Evidence

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, and to contribute to:

identifying at least two different (WHS) hazards and controlling the risks associated with those hazards

evaluating the effectiveness of the above risk controls.

During each of the above occasions, the candidate must:

identify and interpret information and data about WHS requirements and apply them to the selection and application of techniques, tools and processes for hazard identification, risk assessment and risk control

contribute to documenting processes

communicate with required people about WHS requirements and compliance

comply with WHS requirements for hazard identification, risk assessment, and risk control activities

identify WHS duty holders and their duties.

Knowledge Evidence

The candidate must demonstrate the knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit. This includes knowledge of:

internal and external sources of WHS information and data relating to the performance evidence, and procedures for accessing them

WHS hazard identification, risk assessment and risk control processes specified in:

required WHS laws

organisational WHS policies, procedures, processes, and systems

risk management requirements, including:

identifying duty holders and their roles and responsibilities

selecting and using hazard identification tools and techniques

undertaking, documenting and communicating risk assessments

evaluating risk controls

documenting and communicating risk control plan

differences between hazards and risks in the workplace

range of common workplace hazards, and the nature, severity and likelihood of those hazards

risk assessment and controls that can eliminate or minimise risks.

Assessment Conditions

Assessment must comply with WHS laws, legal responsibilities and duty of care required for this unit. It must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities undertaken by individuals carrying out WHS duties in the workplace, and must include access to:

workplace equipment, technology, software and consumables required to access information on WHS laws

WHS laws, and organisational policies, procedures, processes and systems required to demonstrate the performance evidence

case studies and, where possible, real situations

opportunities for interaction with others.

Assessors of this unit must satisfy the assessor requirements in applicable vocational education and training legislation, frameworks and/or standards.

Links

Companion Volume Implementation Guides are available from VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBWHS513 Lead WHS risk management

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to lead the management of work health and safety (WHS) risks in an organisation. The unit includes facilitating the identification of hazards and potential hazards, leading the assessment of associated risks, selecting and implementing suitable risk controls, and evaluating the overall effectiveness of the organisational WHS risk management process. It involves communicating with stakeholders throughout the process.

The unit applies to those in an organisation who provide specialised knowledge and guidance to a range of personnel when leading the management of WHS risks.

NOTES

1. The terms ‘occupational health and safety’ (OHS) and ‘work health and safety’ (WHS) are equivalent, and generally either can be used in the workplace. In jurisdictions where model WHS laws have not been implemented, registered training organisations (RTOs) are advised to contextualise this unit of competency by referring to existing WHS legislative requirements.

2. The model WHS laws include the model WHS Act, model WHS Regulations and model WHS Codes of Practice. See Safe Work Australia for further information.

No licensing, legislative, regulatory or certification requirements apply to this unit at the time of publication.

Unit Sector

Regulation, Licensing and Risk – Work Health and Safety

Elements and Performance Criteria

ELEMENTS	PERFORMANCE CRITERIA
Elements describe the essential outcomes.	Performance criteria describe the performance needed to demonstrate achievement of the element.
1. Facilitate identification of WHS risk management requirements	1.1 Identify and review internal and external sources of WHS information and data that apply to risk management processes 1.2 Identify legislative requirements for WHS risk management 1.3 Identify duty holders, individuals and/or parties to consult about and participate in risk management processes, according to organisational and legislative requirements 1.4 Identify and communicate roles and responsibilities of individuals and/or parties that impact on risk management 1.5 Identify organisation-specific factors that will impact on hazard identification, risk assessment and risk controls 1.6 Confirm that risk management scope is clearly defined according to organisational policies and procedures
2. Lead risk assessment	2.1 Lead hazard identification process according to organisational policies and procedures 2.2 Identify and document risk factors as they apply to identified hazards according to organisational policies and procedures 2.3 Apply knowledge of WHS laws, workplace WHS information and data, and identified hazards and risk factors to analyse and assess risk 2.4 Document risk assessment according to organisational policies and procedures, and legislative requirements 2.5 Communicate outcomes of risk assessment to required personnel according to organisational and legislative requirements
3. Lead risk control	3.1 Identify organisational risk control policies and procedures appropriate to identified hazards 3.2 Select suitable risk controls according to assessed level of risk, organisational WHS hazard and risk control policies and procedures, and WHS laws 3.3 Plan to implement selected risk controls according to organisation’s WHS management system (WHSMS) and WHS information system (WHSIS) 3.4 Implement selected risk controls according to organisational policies and procedures 3.5 Document and communicate selected risk controls to required personnel, according to organisational and legislative requirements
4. Evaluate effectiveness of WHS risk management process	4.1 Establish nature and scope of evaluation process and key performance indicators 4.2 Review effectiveness of implemented risk management process according to organisation’s WHSMS and legislative requirements 4.3 Modify risk management process as required in response to evaluation 4.4 Document risk management process according to WHSIS requirements 4.5 Communicate evaluation findings according to organisational requirements

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Reading	Organises, analyses and integrates information from a range of sources
Writing	Documents results of investigations using clear and comprehensible language and layout
Oral Communication	Uses listening and questioning techniques to clarify understanding of others’ views Presents information with varying level of technical vocabulary to suit audience
Numeracy	Collates, interprets and compares mathematical and statistical information relevant to requirements
Navigate the world of work	Considers legal and regulatory responsibilities when implementing, monitoring or reviewing risk-management processes Leads effective consultation and participation during all stages of WHS risk-management process
Interact with others	Identifies and uses appropriate conventions and protocols when communicating with others Plays a lead role in situations requiring effective collaboration skills, demonstrating the ability to guide discussions and outcomes
Get the work done	Develops plans or processes to manage WHS risk management tasks, with an awareness of how they contribute to operational and strategic goals Determines whether, and how, others should be involved, using consultative or collaborative processes as an integral part of the decision-making process Applies problem-solving processes to determine solutions to WHS risk management issues Uses analytical and lateral thinking to review practices and suggest improvements Uses a range of digitally-based technology and applications to access, organise and share relevant information in effective ways

Unit Mapping Information

Supersedes and is equivalent to BSBWHS503 Contribute to the systematic management of WHS risk.

Links

Companion Volume Implementation Guides are available from VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBWHS513 Lead WHS risk management

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 5.0.

Performance Evidence

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, and to:

plan, implement and evaluate a systematic process for managing work health and safety (WHS) risk in a work area.

During the above, the candidate must:

identify, interpret and apply information from a range of sources, including organisational and legislative requirements

review WHS risk-management process according to established scope and key performance indicators

consult effectively with required stakeholders using appropriate interpersonal communication skills.

Knowledge Evidence

The candidate must demonstrate the knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit. This includes knowledge of:

commonwealth and state/territory WHS laws relating to WHS risk management, including WHS Acts, regulations, codes of practice and standards

WHS information and data that applies to WHS risk-management process, including:

organisational and duty holder legal requirements

organisational policies and procedures relating to identifying hazards, assessing risks and implementing risk controls

key components of the work health and safety management system (WHSMS)

internal and external sources of WHS information and data, and procedures for accessing them

organisational behaviour and culture in relation to WHS risk management activities and their impact on WHS and the work team, including organisation’s risk appetite

key components of effective consultation and participation strategies

tools and techniques to:

identify health and safety hazards

assess risks, taking into account nature and impact of risk, and likelihood of risk arising

identify and select suitable risk controls

facilitate effective communication and consultation processes, and identify key personnel related to communication

application and limitations of techniques and tools for identifying hazards, and analysing and assessing risks

hierarchy of control measures:

its use in establishing level of risk

factors limiting effectiveness of types of controls

role and limitations of procedural controls

use of personal protective equipment

other functional areas in the organisation that impact on the management of WHS-related risks

impact of workforce characteristics and composition on WHS risk and its management, including:

cultural background/diversity

gender

labour market changes

levels of language, literacy and numeracy skills in the workforce

workforce structure and organisation, including part-time, casual and contract workers, shift rosters and geographical location

workers with specific support needs and limitations

workplace cultural attitudes towards alcohol and other drug use

principles of decision-making.

Assessment Conditions

Assessment must comply with WHS laws, legal responsibilities and duty of care required for this unit. It must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities undertaken by individuals carrying out WHS duties in the workplace, and must include access to:

workplace equipment and resources

WHS laws, and organisational policies and procedures required to demonstrate the performance evidence

case studies and, where possible, real situations

opportunities for interaction with others.

Assessors of this unit must satisfy the assessor requirements in applicable vocational education and training legislation, frameworks and/or standards.

Links

Companion Volume Implementation Guides are available from VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBWHS517 Contribute to managing a WHS information system

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to contribute to managing a work health and safety information system (WHSIS) that supports the effective management of WHS. It involves accessing, collecting and analysing WHS information and data; evaluating the effectiveness of the WHSIS and contributing to improving the management of WHS; and communicating the change.

The unit applies to those who contribute to managing a WHSIS. These people work in a range of WHS roles across all industries, and apply a substantial knowledge base and well-developed skills in a wide variety of WHS contexts. Individuals will apply skills and knowledge to enable them to manage information and data management processes, including analysis of the data. They are not required to design the actual information system or process.

NOTES

1. The terms ‘occupational health and safety’ (OHS) and ‘work health and safety’ (WHS) are equivalent, and generally either can be used in the workplace. In jurisdictions where model WHS laws have not been implemented, registered training organisations (RTOs) are advised to contextualise this unit of competency by referring to existing WHS legislative requirements.

2. The model WHS laws include the model WHS Act, model WHS Regulations and model WHS Codes of Practice. See Safe Work Australia for further information.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Regulation, Licensing and Risk – Work Health and Safety

Elements and Performance Criteria

ELEMENTS	PERFORMANCE CRITERIA
Elements describe the essential outcomes.	Performance criteria describe the performance needed to demonstrate achievement of the element.
1. Facilitate collection of workplace information and data	1.1 Access sources of WHS information and data according to organisational policies and procedures 1.2 Collect and record WHS information and data according to WHS laws, and organisational policies and procedures 1.3 Meet legislative requirements for reporting to external bodies within required timeframes 1.4 Record and store collected WHS information and data according to WHS laws, and organisational policies and procedures
2. Contribute to operating the WHSIS	2.1 Provide advice and support to users to enable them to use the WHSIS, and meet their WHS responsibilities and objectives 2.2 Identify training and development needs of WHSIS users, and take action as required to facilitate the required training within scope of own role
3. Contribute to reviewing WHSIS effectiveness	3.1 Determine required frequency, method and scope of WHSIS review in consultation with users 3.2 Facilitate user participation and consultation during WHSIS monitoring, evaluation and improvement activities 3.3 Review and analyse accuracy, currency and relevance of WHS information and data in consultation with users 3.4 Apply knowledge of WHSIS requirements to assist with identifying WHSIS elements needing improvement
4. Contribute to improving WHS management	4.1 Make recommendations for system improvements based on analysis of WHS information and data 4.2 Assist with developing measures to improve WHSIS and seek required approval 4.3 Communicate changes to WHSIS according to WHS laws, and organisational policies, procedures and systems 4.4 Assist with implementing improvement measures

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Reading	Interprets and critically analyses texts relating to WHSIS and applies appropriate strategies to construct meaning
Writing	Matches style of writing to purpose and audience Uses appropriate layout, vocabulary and grammatical structure for reporting on WHSIS performance or improvements
Oral communication	Presents information about WHSIS and WHS policy using structure and language appropriate to the audience Uses questions and active listening to extract main ideas and clarify understanding
Numeracy	Uses mathematical and statistical information to extract reports and monitor effectiveness of WHS management Uses appropriate visual/graphical displays to present WHS performance information
Navigate the world of work	Meets reporting requirements according to organisational policies and procedures Keeps up to date on changes to legislation or regulations relevant to own role and responsibilities, and considers their implications in relation to WHSIS
Interact with others	Collaborates with others to gather valid and reliable data, playing an active role in facilitating effective group interaction Provides feedback to others in forms they can engage with and respond to
Get the work done	Plans, organises and implements tasks required to operate the WHSIS, using a range of technology and software systems Extracts and analyses information and collates related reports Uses decision-making processes: sets and clarifies goals, gathers information, and identifies and evaluates several choices against a limited set of criteria in identifying training needs of system users Applies problem-solving processes to identify WHSIS improvements, resolving complex issues in manageable parts, and identifying and evaluating available options for action Seeks feedback and advice before implementing a solution Uses digital systems and tools, and operates them effectively to complete WHSIS-related tasks, such as developing graphs and charts

Unit Mapping Information

No equivalent unit.

Supersedes and is equivalent to BSBWHS507 Contribute to managing WHS information systems.

Links

Companion Volume Implementation Guides are available from VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBWHS517 Contribute to managing a WHS information system

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 5.0.

Performance Evidence

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, and to:

collect, analyse, record and store a set of work health and safety (WHS) information and data

provide advice and support on operation of a WHS information system (WHSIS) to at least three different system users, and action their identified training needs within scope of own role

use the WHSIS to generate at least one report to an external body within required timeframes

contribute to identifying and implementing an improvement measure for a WHSIS based on analysis of information and data, and communicate measures to required personnel according to WHS legislative and organisational requirements.

During the above, the candidate must:

follow WHS legislative requirements and organisational policies and procedures

consult with, advise and support system users.

Knowledge Evidence

The candidate must demonstrate the knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit. This includes knowledge of:

WHS information and data relevant to organisation and its needs (which is a function of the size and nature of the organisation), and to specific hazards in the workplace

commonwealth and state/territory WHS legislative requirements relating to:

roles and responsibilities of individuals and parties in relation to WHSIS

consultation

collecting, recording and storing WHS information and data

privacy and confidentiality

legislative and organisational requirements of a WHSIS:

duty holders and roles

WHS information for effective WHS management

functions and purposes

user needs

workplace-specific factors

internal and external sources of WHS information and data

nature of information and data that provides valid and reliable measures of performance of WHS management processes and their limitations

organisational WHS policies, procedures, processes and systems, including:

accessing, collecting, analysing and recording WHS information and data

storing, retrieving and retaining WHS information and data

external reporting requirements

security, privacy and confidentiality requirements relating to accessing, collecting and storing WHS information and data

requirements for reporting under WHS and other relevant legislation, including obligations for notification and reporting of incidents

methods for providing evidence of compliance with WHS laws

tools and techniques for:

collecting accurate, current and relevant WHS information and data

reviewing effectiveness of WHSIS

systems for accessing, storing and retrieving WHS information and data

communication strategies for facilitating engagement of system users

user training arrangements.

Assessment Conditions

Assessment must comply with WHS laws, legal responsibilities and duty of care required for this unit. It must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities undertaken by individuals carrying out WHS duties in the workplace, and must include access to:

reports and sample software for WHS information and data collation and analysis

workplace equipment and resources

WHS laws, and organisational policies and procedures required to demonstrate the performance evidence

case studies and, where possible, real situations

opportunities for interaction with others.

Assessors of this unit must satisfy the assessor requirements in applicable vocational education and training legislation, frameworks and/or standards.

Links

Companion Volume Implementation Guides are available from VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBWHS520 Manage implementation of emergency procedures

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 5.0.

Application

This unit describes the skills and knowledge required to implement initial response procedures for emergencies. Its focus is on the implementation of procedures already developed for short-term emergency responses. It assumes that expert advice will be available in identifying potential emergencies and in formulating response plans.

The unit applies to those with supervisory responsibilities for managing work health and safety (WHS) in the workplace who contribute to the implementation of procedures for responding to emergencies. These people work in a range of WHS roles across all industries, and apply a substantial knowledge base and well-developed skills in a wide variety of WHS contexts.

NOTES

1. The terms ‘occupational health and safety’ (OHS) and ‘work health and safety’ (WHS) are equivalent, and generally either can be used in the workplace. In jurisdictions where model WHS laws have not been implemented, registered training organisations (RTOs) are advised to contextualise this unit of competency by referring to existing WHS legislative requirements.

2. The model WHS laws include the model WHS Act, model WHS Regulations and model WHS Codes of Practice. See Safe Work Australia for further information.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Regulation, Licensing and Risk – Work Health and Safety

Elements and Performance Criteria

ELEMENTS	PERFORMANCE CRITERIA
Elements describe the essential outcomes.	Performance criteria describe the performance needed to demonstrate achievement of the element.
1. Identify potential emergencies	1.1 Apply knowledge of WHS hazards and relevant standards to identify possible causes of potential emergencies 1.2 Seek input from stakeholders in identifying potential emergencies 1.3 Identify and liaise with appropriate specialist advisers and emergency services and/or specialist response teams to identify possible causes of potential emergencies 1.4 Develop a risk register to identify potential emergencies and their possible causes
2. Identify options for initial response	2.1 Categorise major types of potential emergencies 2.2 Identify actions required to contain or limit potential emergencies 2.3 Identify actions required to limit impact of potential emergencies on personnel, property and the environment 2.4 Identify requirements for liaison with emergency services and/or specialist response teams 2.5 Prioritise initial response actions to be taken during emergencies
3. Plan initial response procedures	3.1 Identify resources available and required for initial response 3.2 Ensure that emergency equipment is checked for serviceability, accessibility, cleanliness and correct location 3.3 Document actions required for a range of major types of emergency, taking account of standards, current industry practice, specialist advice and input by emergency services and/or specialist response teams 3.4 Identify training needs and appropriate providers
4. Implement initial response procedures	4.1 Document and display actions for initial response 4.2 Outline own role in initial response 4.3 Follow required procedures according to WHS laws, and organisational policies and procedures
5. Review initial response procedures	5.1 Monitor initial response for effectiveness, efficiency and timeliness in consultation with stakeholders and, specialist advisers and agencies as required 5.2 Document results of response monitoring and promptly report to appropriate persons 5.3 Identify areas for organisational and personal improvement and make recommendations based on analysis of response
6. Manage post-emergency activities	6.1 Identify and support other personnel involved in second response phase 6.2 Facilitate debriefing processes

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Reading	Interprets and critically analyses texts when planning emergency response procedures Applies appropriate strategies to construct meaning from texts to assist in planning emergency response procedures
Writing	Develops risk registers, reports and associated documentation according to organisational requirements, using appropriate vocabulary, grammatical structure and conventions
Oral communication	Asks questions and actively listens to gather information about potential emergency situations Provides information during or after emergency response situations using structure and language appropriate to audience and context
Navigate the world of work	Contributes to broader goals in emergency response contexts Identifies legal rights and responsibilities of self and others in relation to emergency response contexts Keeps up to date on changes to WHS laws relevant to own role and responsibilities, and considers their implications in emergency response contexts
Interact with others	Collaborates with others to achieve joint outcomes, playing an active role in facilitating effective group interaction Takes a leadership role in supporting, consulting and liaising in emergency response contexts
Get the work done	Formulates plans and monitors actions against stated goals, adjusting plans and resources to cope with contingencies Uses decision-making processes: sets and clarifies goals, gathers information, and identifies and evaluates several choices to determine appropriate actions and responses Applies problem-solving processes when identifying actions required in emergencies and associated training needs, resolving issues in manageable parts, and identifying and evaluating options for action Reflects on response outcomes and feedback from others in order to identify general principles and concepts that may be applicable in new emergency situations Identifies the potential of new approaches to enhance work practices and outcomes

Unit Mapping Information

Supersedes and is equivalent to BSBWHS510 Contribute to implementing emergency procedures.

Links

Companion Volume Implementation Guides are available from VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBWHS520 Manage implementation of emergency procedures

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 5.0.

Performance Evidence

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, and to:

manage the planning, implementation and review of initial response procedures for at least two different emergencies.

During the above, the candidate must:

identify and prioritise causes and options for initial response to contain or limit potential emergencies and their impact

liaise with specialist advisers, emergency services and/or specialist response teams as required.

Knowledge Evidence

The candidate must demonstrate the knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit. This includes knowledge of:

commonwealth and state/territory work health and safety (WHS) legislation and how it applies to managing the implementation of initial response procedures

organisational and workplace WHS policies and procedures relating to initial response, including:

identifying and reporting emergencies

categorising major types of potential emergencies

essential communication and actions in an emergency

reporting on response to emergency

internal and external sources of WHS information and data, and procedures for accessing them

organisational structure, roles and responsibilities of WHS personnel managing the implementation of initial response procedures

workplace emergency response equipment, including:

emergency alerting systems

emergency protection systems

smoke alarms, fire alarms and fire extinguishers

required safety wear

security systems

nature of work, work site and hazards that may result in an emergency situation

hazards arising and precautions to be taken during emergency response

information needs of emergency response personnel during reporting, arrival and response to an emergency

principles and priorities of fire protection and emergency response applicable to performance evidence

accepted industry practice when responding to workplace emergencies.

Assessment Conditions

Assessment must comply with WHS laws, legal responsibilities and duty of care required for this unit. It must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities undertaken by individuals carrying out WHS duties in the workplace, and must include access to:

workplace equipment and resources

WHS laws, and organisational policies and procedures required to demonstrate the performance evidence

case studies and, where possible, real situations

opportunities for interaction with others.

Assessors of this unit must satisfy the assessor requirements in applicable vocational education and training legislation, frameworks and/or standards.

Links

Companion Volume Implementation Guides are available from VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBXCM301 Engage in workplace communication

Modification History

Release	Comments
Release 2	This version released with BSB Business Services Training Package Version 7.0. Version created to clarify knowledge evidence
Release 1	This version first released with BSB Business Services Training Package Version 4.0.

Application

This unit describes the skills and knowledge required to communicate (through written, oral and nonverbal form) in the workplace within an industry.

This unit applies to a wide range of workers, but has a specific focus on the communication skills required for workers with limited responsibility for others.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Cross Sector Skill

Elements and Performance Criteria

Elements Elements describe the essential outcomes.	Performance Criteria Performance criteria describe the performance needed to demonstrate achievement of the element.
1. Plan workplace communication	1.1 Establish audience and purpose of workplace communication 1.2 Identify information needs and communication requirements of intended recipients of workplace communication 1.3 Establish methods of communication available to convey message or information based on work context 1.4 Select appropriate method(s) of communication to convey messages or information 1.5 Plan content of message or communication
2. Undertake routine communication	2.1 Communicate message or information according to organisational requirements and in a manner that is respectful and clear in meaning 2.2 Adjust communication methods to enable effective communication with those from diverse backgrounds as required 2.3 Receive workplace information and instructions, and interpret and clarify as needed 2.4 Respond to communications according to requirements of the message 2.5 Identify and report any communication challenges to appropriate person
3. Participate in workplace communication	3.1 Clearly contribute ideas and information to workplace discussions 3.2 Support others to communicate in workplace discussions through courteous and professional behaviour 3.3 Use active listening and questioning techniques to clarify issues in a group situation 3.4 Seek feedback from others on effectiveness of communication

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Navigate the world of work	Understands nature and purpose of own role and associated responsibilities and how it contributes to organisational goals and outcomes
Get the work done	Uses problem-solving skills to identify and analyse issues or barriers, consider options and develop responses and opportunities for improvement Uses digital technology to find, record or communicate basic information

Unit Mapping Information

No equivalent unit. New unit.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBXCM301 Engage in workplace communication

Modification History

Release	Comments
Release 2	This version released with BSB Business Services Training Package Version 7.0. Version created to clarify knowledge evidence
Release 1	This version first released with BSB Business Services Training Package Version 4.0.

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 on at least one occasion, evidence of the ability to:

identify the most appropriate method of communication for the intended audience

prepare written material that is clear in meaning and format according to organisational requirements

demonstrate active listening and questioning techniques in a workplace discussion

communicate information and ideas verbally in a workplace discussion, considering the needs of those from diverse backgrounds

identify and report any communication challenges to superiors

seek feedback from others on effectiveness of communication

Knowledge Evidence

The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements and performance criteria of this unit. This includes knowledge of:

legislative requirements relevant to workplace communication

organisational requirements relevant to workplace communication (including digital form):

ethical behaviour guidelines from state or federal governments

workplace policies

codes of conduct

organisational reputation and culture

techniques to resolve communication challenges

methods and techniques to participate in workplace discussions, including active listening, questioning and providing feedback

key principles of cross-cultural communication and communication with individuals with special needs or disabilities

communication methods suited to audience and workplace requirement:

verbal means: telephones, mobile devices, video conference

written means: email, SMS, social media

Internet of Things (IoT)

communication challenges relevant to performance evidence:

conflicts with clients or team members

potential risks or safety hazards

unethical or inappropriate communication

key relevant features of:

different communication styles

different communication methods

relevant cross cultural communication techniques.

Assessment Conditions

Mandatory conditions for assessment include:

A safe working or simulated environment

Assessors of this unit must satisfy the assessor requirements 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=11ef6853-ceed-4ba7-9d87-4da407e23c10

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBXCM401 Apply communication strategies in the workplace

Modification History

Release	Comments
Release 2	This version released with BSB Business Services Training Package Version 7.0. Version created to clarify knowledge evidence
Release 1	This version first released with BSB Business Services Training Package Version 4.0.

Application

This unit describes the skills and knowledge required to facilitate and apply communication strategies in the workplace within any industry.

This unit has a specific focus on the communication skills required for supervisor level workers with responsibility for other workers.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Cross Sector Skill

Elements and Performance Criteria

Elements	Performance Criteria
Elements describe the essential outcomes.	Performance criteria describe the performance needed to demonstrate achievement of the element.
1. Prepare for communication	1.1 Identify work activities requiring communication 1.2 Establish communication requirements for identified work activities 1.3 Identify communication roles for self and others to complete activity 1.4 Seek assistance or clarification regarding communication objectives as required 1.5 Select appropriate method of communicating information internally and externally based on organisational requirements
2. Use communication strategies to provide work instruction	2.1 Use appropriate presentation methods to communicate information or instruction based on the requirements of audience 2.2 Use appropriate method of communication to communicate information or instruction based on the requirements of audience 2.3 Negotiate expected work requirements with others and clarify that instructions have been understood
3. Facilitate workplace communication	3.1 Use interpersonal skills to build relationships with team members and clients and facilitate respectful interaction 3.2 Facilitate respectful communication amongst others, considering the needs of those from diverse backgrounds 3.3 Use problem solving and decision making skills to resolve any communication challenges 3.4 Obtain confirmation on outcomes of communication challenges to ensure issues have been resolved
4. Monitor and support team communication	4.1 Ensure all communication is consistent with legislative and organisational requirements 4.2 Provide performance feedback and additional support to others when required 4.3 Seek feedback and assistance from others to improve own communication techniques 4.4 Collate and report any important information and unresolved issues to relevant superiors

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Writing	Develops written texts using appropriate grammar, spelling and punctuation in relevant organisational formats
Navigate the world of work	Understands responsibilities and complies with legislative, regulatory and organisational requirements
Get the work done	Uses problem-solving skills to identify and analyse issues or barriers, consider options and develop responses and opportunities for improvement Uses digital technology to find, record or communicate basic information

Unit Mapping Information

No equivalent unit. New unit.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBXCM401 Apply communication strategies in the workplace

Modification History

Release	Comments
Release 2	This version released with BSB Business Services Training Package Version 7.0. Version created to clarify knowledge evidence
Release 1	This version first released with BSB Business Services Training Package Version 4.0.

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:

identify the communication requirements for a work activity and assign roles to others to fulfil those requirements

select appropriate communication method for relevant audience and according to organisational requirements

articulate to others their roles in fulfilling the communication requirements and negotiate roles in response to feedback

present and convey information to others in a way that they can understand and demonstrate that the needs of all recipients, including those from diverse backgrounds have been considered

demonstrate problem solving techniques to negotiate and resolve communication challenges

evaluate the communication process and identify areas for improvement, reporting to relevant supervisors as required.

Knowledge Evidence

The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements and performance criteria of this unit. This includes knowledge of:

legislative requirements relevant to workplace communication

organisational requirements relevant to workplace communication (including digital form):

policies and protocols

codes of conduct

organisational reputation and culture

techniques to resolve communication challenges

methods and techniques to participate in workplace discussions, including active listening, questioning and providing feedback

key principles of cross-cultural communication and communication with individuals with special needs or disabilities

presentation methods to present and convey workplace information or instructions:

formal presentation using visual aids and prompts

informal team meeting or instructional briefing

written work instruction for a process or procedure

communication methods suited to audience and workplace requirement:

verbal means: telephones, mobiles, video conference

written means: emails, SMS, social media

communication challenges relevant to performance evidence:

conflicts with clients or team members

potential risks or safety hazards

unethical or inappropriate communication

use of visual prompts and presentations

communication that falls outside of workplace policy

key relevant features of:

different communication styles

different communication methods

cross cultural communication techniques.

Assessment Conditions

Mandatory conditions for assessment include:

A safe working or simulated environment

Assessors of this unit must satisfy the assessor requirements 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=11ef6853-ceed-4ba7-9d87-4da407e23c10

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBXCM501 Lead communication in the workplace

Modification History

Release	Comments
Release 2	This version released with BSB Business Services Training Package Version 7.0. Version created to clarify knowledge evidence
Release 1	This version first released with BSB Business Services Training Package Version 4.0.

Application

This unit describes the skills and knowledge required to lead communication in the workplace within any industry.

This unit has a specific focus on the communication skills required for team leaders with responsibility for other workers.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Cross Sector Skill

Elements and Performance Criteria

Elements Elements describe the essential outcomes.	Performance Criteria Performance criteria describe the performance needed to demonstrate achievement of the element.
1. Establish communication protocols	1.1 Analyse internal and external information needs relevant to workplace 1.2 Develop or structure communication protocol(s) to meet organisational information needs and goals 1.3 Identify ways to adapt communication protocols to suit various contexts 1.4 Prepare materials to support and/or implement communication protocols
2. Coordinate effective communication	2.1 Direct others to communicate according to organisational requirements and goals 2.2 Explain complex information to positively influence others 2.3 Motivate others to communicate respectfully, considering the needs of all, including those from diverse backgrounds 2.4 Identify and address any communication challenges to remove barriers to understanding
3. Present and negotiate persuasively	3.1 Identify and use a variety of communication styles relevant to varying audiences 3.2 Present information in a succinct, clear and persuasive manner 3.3 Evaluate differences in perspective and critically examine outcomes 3.4 Negotiate towards a final outcome with a focus on key outcomes 3.5 Confirm and implement outcomes of negotiation or communication using appropriate methods
4. Review communication practices	4.1 Provide mentoring to others to assist them in achieving communication goals 4.2 Obtain feedback from a variety of sources to manage the outcomes of communications and negotiations 4.3 Identify and document areas for improvement in communication for team or organisational practices 4.4 Implement plans to improve communication processes

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Writing	Utilises sophisticated writing skills to summarise information from various sources and distinguish significant information from minor references
Navigate the world of work	Seeks to improve organisational policies and procedures to better meet organisational goals
Get the work done	Evaluates effectiveness of communication channels, systems and processes to inform decisions and implement improvements Uses digital technology to find, record or communicate basic information

Unit Mapping Information

No equivalent unit. New unit.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBXCM501 Lead communication in the workplace

Modification History

Release	Comments
Release 2	This version released with BSB Business Services Training Package Version 7.0. Version created to clarify knowledge evidence
Release 1	This version first released with BSB Business Services Training Package Version 4.0.

Performance Evidence

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria, and range of conditions of this unit, including on at least occasion, evidence of the ability to:

collate research on internal and external communication needs

develop and implement communication protocols in accordance with organisational requirements

present information in a persuasive and professional manner

apply negotiation techniques to reach desired outcomes

address communication challenges for continuous improvement.

Knowledge Evidence

The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements and performance criteria of this unit. This includes knowledge of:

legislative requirements relevant to workplace communication

organisational requirements relevant to workplace communication (including digital form):

workplace policies

codes of conduct

organisational reputation and culture

techniques to resolve communication challenges

methods to mentor and coach others

key principles of cross-cultural communication and communication with individuals with special needs or disabilities

communication protocols relevant to organisational information needs:

internal and external communication guides

risk based/emergency communication guides

style/formatting of communication guides

processes for allocation of responsibilities for standard communication

communication challenges relevant to performance evidence:

conflicts with clients or team members

potential risks or safety hazards

unethical or inappropriate communication

appropriately framing organisational messaging

key relevant features of:

different communication styles

different communication methods

relevant cross cultural communication techniques

negotiation and conflict resolution techniques.

Assessment Conditions

Mandatory conditions for assessment include:

A safe working or simulated environment

Assessors of this unit must satisfy the assessor requirements 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=11ef6853-ceed-4ba7-9d87-4da407e23c10

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBXTW301 Work in a team

Modification History

Release	Comments
Release 2	This version first released with BSB Business Services Training Package Version 5.0. Version created to rectify typographical error
Release 1	This version first released with BSB Business Services Training Package Version 4.0.

Application

This unit describes the skills and knowledge required to work effectively as part of permanent or project based teams in a workplace within an industry.

This unit applies to a wide range of workers, but has a specific focus on the teamwork skills required for workers with limited responsibility for others.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Cross Sector Skill

Elements and Performance Criteria

Elements Elements describe the essential outcomes.	Performance Criteria Performance criteria describe the performance needed to demonstrate achievement of the element.
1. Identify individual work tasks within a team	1.1 Identify own responsibilities according to organisational policies and procedures 1.2 Identify own role and task requirements within team 1.3 Articulate team structure and roles of other team members 1.4 Plan and prioritise own tasks according to given time frames and team requirements
2. Contribute effectively to team goals	2.1 Identify team goals and own responsibilities relevant to achieving team goals 2.2 Contribute ideas and information in team planning discussions 2.3 Share knowledge and skills with team members to enable effective teamwork and seek or offer support as required
3. Work effectively with team members	3.1 Communicate clearly and respectfully with team members, considering the needs of those from diverse backgrounds and roles 3.2 Collaborate effectively with team members, including those who are working remotely on workplace issues 3.3 Seek and provide assistance and feedback to team members where appropriate
4. Communicate effectively with team leaders	4.1 Receive and confirm understanding of task instructions or directions 4.2 Communicate personal commitments in a timely manner 4.3 Identify and report any issues preventing the completion of workplace tasks, according to organisational requirements 4.4 Seek and act upon feedback to improve personal performance and/or behaviour

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

Skill	Description
Interact with others	Uses appropriate communication practices when communicating with others Cooperates and collaborates with team members
Get the work done	Plans and implements routine tasks and workload making limited decisions on sequencing, timing and collaboration, seeking assistance in setting priorities Uses digital technology to find, record or communicate information

Unit Mapping Information

No equivalent unit. New unit.

Links

Companion Volume Implementation Guides are available from VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBXTW301 Work in a team

Modification History

Release	Comments
Release 2	This version first released with BSB Business Services Training Package Version 5.0. Version created to rectify typographical error
Release 1	This version first released with BSB Business Services Training Package Version 4.0.

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 on at least one occasion, evidence of the ability to:

identify individual and team roles and responsibilities

plan assigned tasks according to priorities and deadlines, and in accordance with organisational requirements

contribute to achievement of team goals

share knowledge, ideas and problems with team members

act on feedback in a constructive manner

collaborate with a remote team member on a workplace issue.

Knowledge Evidence

The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements and performance criteria of this unit. This includes knowledge of:

organisational requirements relevant to working in a workplace team:

workplace policies

codes of conduct

organisational reputation and culture

typical compositions of workplace teams, and the roles and responsibilities of team members within organisations

techniques for giving and receiving feedback in a constructive manner

methods to support team members

key principles of cross-cultural communication and communication with individuals with special needs or disabilities

methods and tools to work with others remotely:

collaboration via phone or mobile

collaboration via video conference

collaboration via other digital tools or software

issues that may impact team performance and outcomes

techniques to collaborate effectively with those working remotely.

Assessment Conditions

Mandatory conditions for assessment include:

A safe working or simulated environment

Assessors of this unit must satisfy the assessor requirements in applicable vocational education and training legislation, frameworks and/or standards.

Links

Companion Volume Implementation Guides are available from VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

CHCCCS025 Support relationships with carers and families

Modification History

Release	Comments
Release 1	This version was released in CHC Community Services Training Package release 2.0 and meets the requirements of the 2012 Standards for Training Packages. Merged CHCICS410A/CHCICS304B. Significant change to the elements and performance criteria. New evidence requirements for assessment including volume and frequency requirements. Significant changes to knowledge evidence.

Application

This unit describes the skills and knowledge required to work positively with the carers and families of people using the service based on an understanding of their support needs.

This unit applies to workers across a range of community services contexts.

The skills in this unit must be applied in accordance with Commonwealth and State/Territory legislation, Australian/New Zealand standards and industry codes of practice.

Elements and Performance Criteria

ELEMENT	PERFORMANCE CRITERIA
Elements define the essential outcomes	Performance criteria describe the performance needed to demonstrate achievement of the element.
1. Include carers and family members as part of the support team	1.1 Assess and acknowledge the role and importance of carers and family members for the person 1.2 Work in a manner that recognises and supports carer’s relationship with, and knowledge about, the person with support needs 1.3 Identify the knowledge and skills of the carer that complement the role of the worker 1.4 Involve carers and families in the design and delivery of the person’s support services
2. Assess and respond to changes in the care relationship	2.1 Assess potential risks of change to the care relationship including any potential physical and psychological harm to carers and the person 2.2 Support the person, carer and family to identify and use strategies that maximise positive aspects of change and transition 2.3 Support carers, families and friends to maximise ongoing support and involvement in the life of the person
3. Monitor and promote carer rights, health and well being	3.1 Respect the confidentiality and privacy of the carer, as well as the person with support needs 3.2 Identify and respond to the need for services required by the carer to support the care relationship with the person 3.3 Identify and respond to issues that may impact on the physical and emotional health and well being of the carer 3.4 Provide carers and families with information about carer support services

Foundation Skills

The Foundation Skills describe those required skills (such as language, literacy, numeracy and employment skills) that are essential to performance.

Foundation skills essential to performance are explicit in the performance criteria of this unit of competency.

Unit Mapping Information

No equivalent unit.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=5e0c25cc-3d9d-4b43-80d3-bd22cc4f1e53

Assessment Requirements for CHCCCS025 Support relationships with carers and families

Modification History

Release	Comments
Release 1	This version was released in CHC Community Services Training Package release 2.0 and meets the requirements of the 2012 Standards for Training Packages. Merged CHCICS410A/CHCICS304B. Significant change to the elements and performance criteria. New evidence requirements for assessment including volume and frequency requirements. Significant changes to knowledge evidence.

Performance Evidence

The candidate must show evidence of the ability to complete tasks outlined in elements and performance criteria of this unit, manage tasks and manage contingencies in the context of the job role. There must be evidence that the candidate has:

assessed and responded to the needs of at least 3 different people and their carers or family members

used strengths-based solutions to respond to both routine and unpredictable problems related to care relationships

Knowledge Evidence

The candidate must be able to demonstrate essential knowledge required to effectively complete tasks outlined in elements and performance criteria of this unit, manage tasks and manage contingencies in the context of the work role. This includes knowledge of:

context for caring in Australia:

carer demographics

carer support organisations and resources

attitudes, stereotypes, false beliefs and myths associated with caring

different pathways into service settings for the person and the implications for carers, families and friends

rights, roles and responsibilities of different people in the care relationship

the person

family members

friends

support worker

impact of the caring role on family, carers and friends

different family patterns and structures and their impact on the person

life cycle transitions:

types of transitions

positive and negative impacts

current service delivery philosophy and models:

basic principles of person-centred practice, strengths-based practice and active support

strategies to work positively with families, carers and friends

organisation policies and procedures in relation to carers and families

legal and ethical requirements for working with carers and families and how these are applied in an organisation and individual practice, including:

discrimination

privacy, confidentiality and disclosure

work role boundaries – responsibilities and limitations

Assessment Conditions

Skills must have been demonstrated in the workplace or in a simulated environment that reflects workplace conditions. The following conditions must have been met for this unit:

use of suitable facilities, equipment and resources, including organisation policy, protocols and procedures relevant to carers and families

modelling of industry operating conditions and contingencies, including people, carers or family members with whom the candidate can interact

Assessors must satisfy the Standards for Registered Training Organisations (RTOs) 2015/AQTF mandatory competency requirements for assessors.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=5e0c25cc-3d9d-4b43-80d3-bd22cc4f1e53

CHCCOM002 Use communication to build relationships

Modification History

Release	Comments
Release 2	This version was released in CHC Community Services Training Package release 3.0. Amended modification history and mapping. Equivalent outcome.
Release 1	This version was released in CHC Community Services Training Package release 2.0 and meets the requirements of the 2012 Standards for Training Packages. Significant changes to performance criteria. New evidence requirements for assessment including volume and frequency requirements. Significant changes to knowledge evidence.

Application

This unit describes the skills and knowledge to apply specific communication techniques to establish, build and maintain relationships with clients, colleagues and other stakeholders based on respect and trust.

This unit applies to work across a range of workplace contexts where workers at all levels may communicate with individuals and/or groups both in person and in writing.

The skills in this unit must be applied in accordance with Commonwealth and State/Territory legislation, Australian/New Zealand standards and industry codes of practice.

Elements and Performance Criteria

ELEMENT	PERFORMANCE CRITERIA
Elements define the essential outcomes	Performance criteria describe the performance needed to demonstrate achievement of the element
1. Communicate with clients and co-workers	1.1 Identify and use appropriate communication techniques to communicate with clients and colleagues 1.2 Communicate in a manner that demonstrates respect, accepts individual differences and upholds rights 1.3 Represent the organisation appropriately and in accordance with communication policies and protocols 1.4 Provide information to clients and service providers in accordance with communication policies and protocols
2. Address communication needs	2.1 Recognise and support communication needs of clients, colleagues and external networks 2.2 Facilitate access to interpreter and translation services as required 2.3 Identify and address problems and communication barriers 2.4 Defuse conflict or potentially difficult situations with clients and colleagues and refer in accordance with organisational requirements 2.5 Seek and respond to feedback on the effectiveness of communication with clients, colleagues and external networks
3. Facilitate meetings	3.1 Develop an agenda and list of invited participants in consultation with appropriate people 3.2 Communicate details of the meeting to the participants and other stakeholders in accordance with organisation communication protocols 3.3 Contribute to and follow objectives and agendas for meeting 3.4 Provide opportunities to fully explore all relevant issues and provide relevant information 3.5 Use strategies that encourage all members to participate equally, including seeking and acknowledging contributions from all members 3.6 Implement strategies to ensure the specific communication needs of individuals within the meeting are identified and addressed 3.7 Facilitate the resolution of conflict between participants 3.8 Minute or record meeting in accordance with organisation requirements 3.9 Evaluate meeting processes and identify lessons learned or opportunities for improvement

Foundation Skills

The Foundation Skills describe those required skills (language, literacy, numeracy and employment skills) that are essential to performance.
Foundation skills essential to performance are explicit in the performance criteria of this unit of competency.

Unit Mapping Information

No equivalent unit.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=5e0c25cc-3d9d-4b43-80d3-bd22cc4f1e53

Assessment Requirements for CHCCOM002 Use communication to build relationships

Modification History

Release	Comments
Release 2	This version was released in CHC Community Services Training Package release 3.0. Amended modification history and mapping. Equivalent outcome.
Release 1	This version was released in CHC Community Services Training Package release 2.0 and meets the requirements of the 2012 Standards for Training Packages. Significant changes to performance criteria. New evidence requirements for assessment including volume and frequency requirements. Significant changes to knowledge evidence.

Performance Evidence

The candidate must show evidence of the ability to complete tasks outlined in elements and performance criteria of this unit, manage tasks and manage contingencies in the context of the job role. There must be demonstrated evidence that the candidate has:

obtained feedback from 3 clients or colleagues on effectiveness of communication and responded appropriately

prepared 3 types of written correspondence in accordance with organisation communication protocols

facilitated resolution of 1 difficult situation with a client, colleague or service provider

facilitated 1 meeting around a workplace issue

Knowledge Evidence

The candidate must be able to demonstrate essential knowledge required to effectively complete tasks outlined in elements and performance criteria of this unit, manage the task and manage contingencies in the context of the work role. This includes knowledge of:

organisation communication policies and protocols

different communication styles and techniques, and how they impact on interpersonal communication, including:

strategies for effective interpersonal communication

person centred and rights based approaches

cross-cultural communication protocols

non-verbal communication cues

group processes and dynamics

motivational interviewing versus coercive approach

collaboration versus confrontation

communication strategies to:

build and maintain relationships and trust

facilitate workplace meetings

negotiate for optimal outcomes

deliver business presentations

address barriers

solve problems and resolve conflict

types of interpretation and translation services specific to the client group, and how to access them

factors that commonly contribute to the development of communication barriers including high emotions, mistrust or misunderstandings

professional relationship boundaries

digital media and use in community services and health sector, including:

web

email

social media

podcast and videos

tablets and applications

newsletters and broadcasts

intranet

written correspondence protocols and style guides, including letters, emails, minutes, case notes, reports

Assessment Conditions

Skills must have been demonstrated in the workplace or in a simulated environment that reflects workplace conditions. The following conditions must be met for this unit:

use of suitable facilities, equipment and resources, including use of real workplace policies and procedures

modelling typical workplace conditions, including:

interactions with clients and co-workers from a range of diverse backgrounds

facilitation of groups of at least 3 people

typical workplace reporting processes

interpreter and translation services where required

use of digital media

Assessors must satisfy the Standards for Registered Training Organisations (RTOs) 2015/AQTF mandatory competency requirements for assessors.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=5e0c25cc-3d9d-4b43-80d3-bd22cc4f1e53

CHCCSM004 Coordinate complex case requirements

Modification History

elease	Comments
Release 1	This version was released in CHC Community Services Training Package release 2.0 and meets the requirements of the 2012 Standards for Training Packages. Significant changes to performance criteria New evidence requirements for assessment including volume and frequency requirements Significant changes to knowledge evidence

Application

This unit describes the skills and knowledge required to coordinate multiple service requirements for clients with complex needs within a case management framework.

Workers at this level work under supervision within established guidelines but take on a team leadership role in the coordination of services and service providers.

This unit applies to work in a range of health and community services contexts.

The skills in this unit must be applied in accordance with Commonwealth and State/Territory legislation, Australian/New Zealand standards and industry codes of practice.

Elements and Performance Criteria

ELEMENT	PERFORMANCE CRITERIA
Elements define the essential outcomes.	Performance criteria specify the level of performance needed to demonstrate achievement of the element.
1. Establish coordination function	1.1 Work with the client and other services to determine the service provision requirements 1.2 Negotiate collaborative working arrangements for all services involved 1.3 Develop a plan to identify all available services, their appropriateness, timeframes and expected outcomes 1.4 Work with the services to agree coordination requirements and boundaries
2. Support the client to access multiple services	2.1 Identify, implement and maintain duty of care responsibilities 2.2 Provide information to the client about the coordination role 2.3 Work with the client to establish communication requirements 2.4 Assess need and arrange interpreter, according to clients needs 2.5 Work with the client and other services to identify barriers to attaining outcomes 2.6 Work with the client to prioritise needs and communicate these with service providers 2.7 Facilitate case conference and meetings to coordinate responsibilities and roles 2.8 Work with other services to minimise client confusion and concerns in a coordinated manner
3. Monitor client progress	3.1 Facilitate communication between service providers to identify and manage service duplication 3.2 Work with the client and services to monitor progress toward outcomes 3.3 Obtain client feedback about services 3.4 Identify and implement further support required to meet changing needs and progress towards outcomes

Foundation Skills

The Foundation Skills describe those required skills (language, literacy, numeracy and employment skills) that are essential to performance.

Foundation skills essential to performance are explicit in the performance criteria of this unit of competency.

Unit Mapping Information

No equivalent unit.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=5e0c25cc-3d9d-4b43-80d3-bd22cc4f1e53

Assessment Requirements for CHCCSM004 Coordinate complex case requirements

Modification History

Release	Comments
Release 1	This version was released in CHC Community Services Training Package release 2.0 and meets the requirements of the 2012 Standards for Training Packages. Significant changes to performance criteria New evidence requirements for assessment including volume and frequency requirements Significant changes to knowledge evidence

Performance Evidence

The candidate must show evidence of the ability to complete tasks outlined in elements and performance criteria of this unit, manage tasks and manage contingencies in the context of the job role. There must be evidence that the candidate has:

planned and coordinated multiple resources, services and supports for 3 clients with complex needs

Knowledge Evidence

The candidate must be able to demonstrate essential knowledge required to effectively complete tasks outlined in elements and performance criteria of this unit, manage tasks and manage contingencies in the context of the work role. This includes knowledge of:

different approaches and models of case management

evidence based practice requirements

a full range of local services and supports available

issues faced by clients, their family and carers, accessing multiple services

impact of service duplication

principles and practices of planning complex service inputs

principles and practices of working across multiple services

range and requirements of different funding arrangements

indicators of imminence of self-harm or harm to other

referral requirements of services

formal meeting processes

relevant organisation and regulatory standards, policy, procedures, legislation and statutory mandates

risks and responsibilities relating to duty of care for:

children and young people

domestic violence

suicide

elder abuse

impacts of generational abuse and welfare dependency

cultural considerations, history, protocols and systems of culturally and linguistically diverse clients and Aboriginal and/or Torres Strait Islander people

family structure, dynamics, communication and decision-making

relevant documentation protocols

range of available services and support

requirements and boundaries of the coordination role

issues that cause client confusion, concerns and barriers

Assessment Conditions

Skills must have been demonstrated in the workplace or in a simulated environment that reflects workplace conditions. The following conditions must be met for this unit:

use of suitable facilities, equipment and resources, including individualised case plans

modelling of industry operating conditions, including:

scenarios that reflect standard operating conditions and contingencies

links to other local service agencies or organisations

Assessors must satisfy the Standards for Registered Training Organisations (RTOs) 2015/AQTF mandatory competency requirements for assessors.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=5e0c25cc-3d9d-4b43-80d3-bd22cc4f1e53

CHCCSM006 Provide case management supervision

Modification History

Release	Comments
Release 1	This version was released in CHC Community Services Training Package release 2.0 and meets the requirements of the 2012 Standards for Training Packages. Merged CHCCM605 CHCCM504 Significant changes to performance criteria New evidence requirements for assessment including volume and frequency requirements Significant changes to knowledge evidence

Application

This unit describes the skills and knowledge to take a leadership role in the delivery of quality case management. This includes disseminating information and providing advice on practice issues relating to case management within the organisation.

Workers at this level work autonomously and are responsible for own outputs within broad but defined organisation guidelines.

This unit applies to work in a range of health and community services contexts.

The skills in this unit must be applied in accordance with Commonwealth and State/Territory legislation, Australian/New Zealand standards and industry codes of practice.

Elements and Performance Criteria

ELEMENT	PERFORMANCE CRITERIA
Elements define the essential outcomes.	Performance criteria specify the level of performance needed to demonstrate achievement of the element.
1. Develop and promote practice standards	1.1 Develop standards of practice and promote to workers 1.2 Identify strategies for continuous improvement which relate to case management practice and integrate into work systems 1.3 Implement appropriate training and development strategies to maintain currency with accepted best practice and relevant legislation 1.4 Work collaboratively with workers to develop individual reflective and ethical practice strategies
2. Support and lead colleagues in case management practice	2.1 Provide support, practice advice and direction consistent with organisation service and professional standards 2.2 Challenge and support worker to ensure casework plans and actions are up to date, evidence based and in line with organisation procedures and legislative requirements 2.3 Implement strategies to provide workers with access to casework consultation with other workers to maximise their effectiveness 2.4 Implement strategies to provide workers with access to, and consultation with, culturally specific workers 2.5 Access and apply specialist practice knowledge in the workplace and provide supervision to workers around the achievement of case work objectives 2.6 Advise worker on the full range of legislative provisions relevant to case management, and worker and organisation responsibilities
3. Provide practice advice on complex cases	3.1 Analyse and assess case management plans and provide feedback and advice in relation to options for implementation and further development 3.2 Advise workers on organisation processes to collect information from key stakeholders that contributes to continuous improvement 3.3 Update workers on changes to legislation, policy and organisation procedures 3.4 Routinely monitor progress on case plans and recommend changes, as required, to improve outcomes and quality of service delivery 3.5 Implement stakeholder consultation strategies for specialist information and options for future action 3.6 Escalate and refer client issues beyond role in accordance with organisation requirements
4. Reflect and improve on own supervision provision	4.1 Evaluate own supervision in consultation with peers and senior colleagues 4.2 Identify areas for improvement and opportunities for development 4.3 Escalate and refer supervision issues beyond role in accordance with organisation and role requirements

Foundation Skills

The Foundation Skills describe those required skills (language, literacy, numeracy and employment skills) that are essential to performance.

Foundation skills essential to performance are explicit in the performance criteria of this unit of competency.

Unit Mapping Information

No equivalent unit.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=5e0c25cc-3d9d-4b43-80d3-bd22cc4f1e53

Assessment Requirements for CHCCSM006 Provide case management supervision

Modification History

Release	Comments
Release 1	This version was released in CHC Community Services Training Package release 2.0 and meets the requirements of the 2012 Standards for Training Packages. Merged CHCCM605 CHCCM504 Significant changes to performance criteria New evidence requirements for assessment including volume and frequency requirements Significant changes to knowledge evidence

Performance Evidence

The candidate must show evidence of the ability to complete tasks outlined in elements and performance criteria of this unit, manage tasks and manage contingencies in the context of the job role. There must be evidence that the candidate has:

led and advised at least 2 case workers on a complex case, including

providing direction, support, recommendations and advice

promoting best practice

monitoring case progress

Knowledge Evidence

The candidate must be able to demonstrate essential knowledge required to effectively complete tasks outlined in elements and performance criteria of this unit, manage tasks and manage contingencies in the context of the work role. This includes knowledge of:

legal and ethical considerations relevant to case management supervision and how these are applied in organisations and individual practice:

duty of care

mandatory reporting

privacy, confidentiality and disclosure

complaints

codes of practice and ethics

theory and practice of case management and supervision

practice model of supervision

own value base and belief system

cultural competence

culturally specific workers and how to access

responsibilities and responses to client risks

Assessment Conditions

Skills must have been demonstrated in the workplace or in a simulated environment that reflects workplace conditions. The following conditions must be met for this unit:

use of suitable facilities, equipment and resources, including individualised case plans

modelling of industry operating conditions, including:

scenarios that reflect standard operating conditions and contingencies

links to other local service agencies or organisations

interactions with case workers

Assessors must satisfy the Standards for Registered Training Organisations (RTOs) 2015/AQTF mandatory competency requirements for assessors.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=5e0c25cc-3d9d-4b43-80d3-bd22cc4f1e53

CHCDIS004 Communicate using augmentative and alternative communication strategies

Modification History

Release	Comments
Release 1	This version was released in CHC Community Services Training Package release 2.0 and meets the requirements of the 2012 Standards for Training Packages. Minimal change to the elements and performance criteria. New evidence requirements for assessment including volume and frequency requirements. Significant changes to knowledge evidence.

Application

This unit describes the skills and knowledge required to communicate with people who have complex communication needs through effective use of Augmentative and Alternative Communication (AAC) strategies and systems.

AAC refers to methods that replace or supplement speech to address the needs of people whose oral speech skills limit their ability to meet their participation and communication needs.

AAC systems comprise communication aids, symbols, strategies, and techniques and methods that may be aided or unaided.

This unit applies to disability support work in a variety of contexts. Work performed requires a range of well developed, person-centred skills where some discretion and judgement is required and workers will take responsibility for their own outputs.

The skills in this unit must be applied in accordance with Commonwealth and State/Territory legislation, Australian/New Zealand standards and industry codes of practice.

Elements and Performance Criteria

ELEMENT	PERFORMANCE CRITERIA
Elements define the essential outcomes	Performance criteria describe the performance needed to demonstrate achievement of the element.
1. Identify the current communication capacity and needs of the person	1.1 Work in collaboration with the person, family and/or carer and/or relevant other, to identify communication needs 1.2 Use appropriate supports to aid the person’s current communication capacity 1.3 Document the outcomes of this process in line with organisation procedures 1.4 Consult with additional people including family and/or carers and/or relevant others as required 1.5 Make appropriate referrals to professionals and other service providers as required in consultation with supervisor
2. Develop effective AAC strategies	2.1 Provide information to relevant professional/s about the person with disability in relation to their likes/dislikes, daily activities and current communication needs 2.2 Develop communication strategies to meet individual needs and level of communication, considering the person’s history and preferences and in consultation with relevant senior staff/professionals 2.3 Adjust available tools and programs to address individual needs and preferences 2.4 Seek advice from other staff and relevant others as required and work within scope of practice
3. Implement AAC strategy	3.1 Use different strategies and devices in AAC 3.2 Document communication support strategies in the person’s individualised plan 3.3 Organise the environment to optimise communication opportunities 3.4 Reinforce communication by timely and appropriate response 3.5 Identify difficulties experienced by the person when communicating and respond to difficulties within own work role and responsibilities 3.6 Refer difficulties outside own role and responsibilities to appropriate person 3.7 Provide practice opportunities and information to the person to maintain consistency in their use of communication strategies and encourage contact with other users or support persons
4. Monitor, report and review communication strategies	4.1 Set up and maintain reporting and recording system to assist with monitoring and review 4.2 Review reporting and recordings to monitor success of communication strategies and make changes as required in consultation with senior staff/professionals 4.3 Identify barriers to the effective use of AAC strategies and devices 4.4 Work with other relevant people to overcome the barriers 4.5 Implement any modifications to communication strategies and devices 4.6 Identify opportunities to increase communication vocabulary 4.7 Maintain accurate written records according to established directions and within organisation protocols

Foundation Skills

The Foundation Skills describe those required skills (such as language, literacy, numeracy and employment skills) that are essential to performance.

Foundation skills essential to performance are explicit in the performance criteria of this unit of competency.

Unit Mapping Information

No equivalent unit.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=5e0c25cc-3d9d-4b43-80d3-bd22cc4f1e53

Assessment Requirements for CHCDIS004 Communicate using augmentative and alternative communication strategies

Modification History

Release	Comments
Release 1	This version was released in CHC Community Services Training Package release 2.0 and meets the requirements of the 2012 Standards for Training Packages. Minimal change to the elements and performance criteria. New evidence requirements for assessment including volume and frequency requirements. Significant changes to knowledge evidence.

Performance Evidence

The candidate must show evidence of the ability to complete tasks outlined in elements and performance criteria of this unit, manage tasks and manage contingencies in the context of the job role. There must be evidence that the candidate has:

developed effective AAC strategies for at least 1 person with complex communication needs

Knowledge Evidence

The candidate must be able to demonstrate essential knowledge required to effectively complete tasks outlined in elements and performance criteria of this unit, manage tasks and manage contingencies in the context of the work role. This includes knowledge of:

definitions of communication and different mechanisms people use to communicate

how people with disabilities may communicate and how to facilitate/support their communication

principles and practices of AAC

basic AAC strategies and their correct use for the person’s level of communication

basic steps in the process for assessing an individual’s needs for the use of AAC

causes and conditions associated with communication impairment, including stroke and acquired brain injury (ABI)

cross cultural communication protocols

roles and functions of different professionals in the development, implementation and maintenance of AAC strategies and devices

available range of communication aids and their correct use

work role boundaries – responsibilities and limitations

Assessment Conditions

Skills must have been demonstrated in the disabilities workplace with the addition of simulations and scenarios where the full range of contexts and situations have not been provided in the workplace. These are situations relating to emergency or unplanned procedures where assessment in these circumstances would be unsafe, impractical or threatens the dignity of the person with disability. The following conditions must be met for this unit:

access to AAC devices

access to individualised plans and any equipment outlined in the plan

access to relevant organisation policies and procedures relating to AAC

The candidate must demonstrate their skills with at least 1 person with a communication disability.

Assessors must satisfy the Standards for Registered Training Organisations (RTOs) 2015/ AQTF mandatory competency requirements for assessors.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=5e0c25cc-3d9d-4b43-80d3-bd22cc4f1e53

CHCDIV001 Work with diverse people

Modification History

Release	Comments
Release 1	This version was released in CHC Community Services Training Package release 2.0 and meets the requirements of the 2012 Standards for Training Packages. Merged HLTHIR403C/CHCCS405C. Significant changes to the elements and performance criteria. New evidence requirements for assessment, including volume and frequency.

Application

This unit describes the skills and knowledge required to work respectfully with people from diverse social and cultural groups and situations, including Aboriginal and/or Torres Strait Islander people.

This unit applies to all workers.

The skills in this unit must be applied in accordance with Commonwealth and State/Territory legislation, Australian/New Zealand standards and industry codes of practice.

Elements and Performance Criteria

ELEMENT	PERFORMANCE CRITERIA
Elements define the essential outcomes	Performance criteria describe the performance needed to demonstrate achievement of the element
1. Reflect on own perspectives	1.1 Identify and reflect on own social and cultural perspectives and biases 1.2 Work with awareness of own limitations in self and social awareness 1.3 Use reflection to support own ability to work inclusively and with understanding of others 1.4 Identify and act on ways to improve own self and social awareness
2. Appreciate diversity and inclusiveness, and their benefits	2.1 Value and respect diversity and inclusiveness across all areas of work 2.2 Contribute to the development of work place and professional relationships based on appreciation of diversity and inclusiveness 2.3 Use work practices that make environments safe for all
3. Communicate with people from diverse backgrounds and situations	3.1 Show respect for diversity in communication with all people 3.2 Use verbal and non-verbal communication constructively to establish, develop and maintain effective relationships, mutual trust and confidence 3.3 Where a language barrier exists, use effective strategies to communicate in the most efficient way possible 3.4 Seek assistance from interpreters or other persons according to communication needs
4. Promote understanding across diverse groups	4.1 Identify issues that may cause communication misunderstandings or other difficulties 4.2 Where difficulties or misunderstandings occur, consider the impact of social and cultural diversity 4.3 Make an effort to sensitively resolve differences, taking account of diversity considerations 4.4 Address any difficulties with appropriate people and seek assistance when required

Foundation Skills

The Foundation Skills describe those required skills (language, literacy, numeracy and employment skills) that are essential to performance.
Foundation skills essential to performance are explicit in the performance criteria of this unit of competency.

Unit Mapping Information

No equivalent unit.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=5e0c25cc-3d9d-4b43-80d3-bd22cc4f1e53

Assessment Requirements for CHCDIV001 Work with diverse people

Modification History

Release	Comments
Release 1	This version was released in CHC Community Services Training Package release 2.0 and meets the requirements of the 2012 Standards for Training Packages. Merged HLTHIR403C/CHCCS405C. Significant changes to the elements and performance criteria. New evidence requirements for assessment, including volume and frequency.

Performance Evidence

The candidate must show evidence of the ability to complete tasks outlined in elements and performance criteria of this unit, manage tasks and manage contingencies in the context of the job role. There must be evidence that the candidate has:

undertaken a structured process to reflect on own perspectives on diversity

recognised and respected the needs of people from diverse social and cultural backgrounds in at least 3 different situations:

selected and used appropriate verbal and non verbal communication

recognised situations where misunderstandings may arise from diversity and formed appropriate responses

Knowledge Evidence

The candidate must be able to demonstrate essential knowledge required to effectively complete tasks outlined in elements and performance criteria of this unit, manage tasks and manage contingencies in the context of the work role. This includes knowledge of:

concepts of cultural awareness, cultural safety and cultural competence and how these impact different work roles

concepts and definitions of diversity

own culture and the community attitudes, language, policies and structures of that culture and how they impact on different people and groups

features of diversity in Australia and how this impacts different areas of work and life:

political

social

economic

cultural

legal and ethical considerations (international, national, state/territory, local) for working with diversity, how these impact individual workers, and the consequences of breaches:

discrimination:

age

disability

racial

sex

human rights:

Universal declaration of human rights

relationship between human needs and human rights

frameworks, approaches and instruments used in the workplace

rights and responsibilities of workers, employers and clients, including appropriate action when rights are being infringed or responsibilities not being carried out

key areas of diversity and their characteristics, including:

culture, race, ethnicity

disability

religious or spiritual beliefs

gender, including transgender

intersex

generational

sexual orientation/sexual identity - lesbian, gay, bisexual, heterosexual

key aspects, and the diversity, of Australia’s Aboriginal and/or Torres Strait Islander cultures, including:

social, political and economic issues affecting Aboriginal and/or Torres Strait Islander people

own culture, western systems and structures and how these impact on Aboriginal and/or Torres Strait Islander people and their engagement with services

potential needs of marginalised groups, including:

protective factors

physical, mental and emotional health issues/care needs

consideration of impacts of discrimination, trauma, exclusion and negative attitudes

resources that support individuals and organisations to embrace and respond to diversity

language and cultural interpreters

imagery

influences and changing practices in Australia and their impact on the diverse communities that make up Australian society

impact of diversity practices and experiences on personal behaviour, interpersonal relationships, perception and social expectations of others

Assessment Conditions

Skills must have been demonstrated in the workplace or in a simulated environment that reflects workplace conditions. Where simulation is used, it must reflect real working conditions by modelling industry operating conditions and contingencies, as well as, using suitable facilities, equipment and resources.

Assessors must satisfy the Standards for Registered Training Organisations (RTOs) 2015/AQTF mandatory competency requirements for assessors.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=5e0c25cc-3d9d-4b43-80d3-bd22cc4f1e53

FNSACC304 Conduct business activities using a computerised accounting system

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 conduct business activities using a computerised accounting system. This work is conducted under supervision and encompasses entering information into the system, processing transactions in the system, and producing reports.

It applies to individuals who use specialised knowledge, information technology, and coordination skills when operating computerised accounting systems in the course of their business activities in service and trading environments.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Accounting

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. Obtain and enter data into computerised accounting system	1.1 Obtain input data from organisational or client source 1.2 Confirm purpose of information and verify information is in correct format for entry into system 1.3 Enter information into system and confirm its accuracy according to organisational procedures 1.4 Seek technical help to solve operational problems
2. Process transactions in computerised accounting system	2.1 Use information in system to process cash and credit transactions 2.2 Review system output to verify accuracy of data input according to organisational procedures 2.3 Seek help where required to correct detected processing errors
3. Produce reports	3.1 Generate reports in line with organisational policies and procedures that indicate financial performance and financial position of organisation, and for goods and services tax (GST) purposes 3.2 Generate reports that confirm that subsidiary ledgers and accounts reconcile with general ledger 3.3 Generate reports that confirm that system’s bank account details reconcile with bank statement

Foundation Skills

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

Skill	Description
Reading	Accesses, manages and analyses financial information and data from a range of sources and reports Collates, codes and classifies data, checking for accuracy and reliability
Writing	Records and checks financial and textual information in documentation and systems Uses correct spelling, grammar and terminology when entering data and preparing reports
Oral communication	Uses questioning and active listening to clarify and convey information and instructions
Numeracy	Performs mathematical calculations and uses mathematical problem-solving strategies to analyse financial data and reports
Navigate the world of work	Identifies and complies with regulatory requirements, and organisational protocols, policies and procedures required to operate computerised accounting systems
Get the work done	Organises work to meet organisational requirements, taking responsibility for process, compliance and scheduling needs Identifies and responds to predictable problems and implements solutions to issues that have the potential to impact on the data entry and reporting process Implements security requirements for managing digital data

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSACC304 Conduct business activities using a computerised accounting system	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

Assessment Requirements for FNSACC304 Conduct business activities using a computerised accounting system

Modification History

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

Performance Evidence

Evidence of the ability to:

obtain the following data to be entered into computerised accounting system:

invoices

adjustment notes

payments

receipts

bank entries

verify the above data using appropriate sources

enter above data into computerised accounting system according to organisational procedures

process transactions in computerised accounting system

generate financial reports required by business operations.

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

Knowledge Evidence

The candidate must be able to demonstrate the following knowledge to effectively complete the tasks outlined in the elements and performance criteria of this unit, and to manage tasks and reasonably foreseeable contingencies in the context of the work role.

Key features of organisational policies and procedures relating to operating a computerised accounting system

Key features and characteristics of information included in required source documents of financial data

Key features and components of client data sources, including chart of accounts

Assessment Conditions

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

office equipment, technology, software and consumables required to use a computerised accounting system, including:

an integrated commercial financial software system and associated data

access to the internet.

Assessors of this unit must satisfy the assessor requirements in applicable vocational education and training legislation, frameworks and/or standards.

Links

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

FNSACC311 Process financial transactions and extract interim reports

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 prepare and process routine financial documents, prepare journal entries, post journal entries to ledgers, prepare banking and reconcile financial receipts, and extract a trial balance and interim reports.

It applies to individuals who use specialised knowledge and follow agreed processes to carefully check and process detailed financial information to ensure standards are maintained.

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

Accounting

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. Check and verify supporting documentation	1.1 Identify, check and record information from financial documents 1.2 Examine supporting documentation to establish accuracy and completeness, and to confirm authorisation by required personnel
2. Prepare and process banking and petty cash documents	2.1 Enter and balance deposits and withdrawals according to organisational procedures 2.2 Confirm the validity of cheques and electronic payments before processing 2.3 Reconcile banking documentation against organisation’s financial records 2.4 Check, process and record petty cash claims and vouchers, and balance petty cash book according to organisational procedures
3. Prepare and process payable and received invoices	3.1 Prepare invoices according to organisational policies and procedures 3.2 Check invoices against source documents for accuracy and correct identified errors 3.3 File invoices and related documents for auditing purposes
4. Prepare journals	4.1 Prepare required journal entries within organisational timeframes 4.2 Confirm authorisation of journals by required personnel, and process them according to organisational policies and procedures
5. Update financial data and systems	5.1 Post journals to ledger in line with organisational input standards 5.2 Enter data into system according to organisational input standards and allocate transactions to system and accounts 5.3 Update related systems to maintain integrity of relationships between financial systems
6. Prepare deposit facility and lodge flows	6.1 Select deposit facility appropriate to banking method to be used 6.2 Apply security and safety measures required for banking method according to organisational policies and industry and legislative requirements 6.3 Obtain and file proof of lodgement according to organisational protocols
7. Finalise trial balance and interim reports	7.1 Determine scope of any special transactions to be made, and process the transactions 7.2 Complete cash and credit journals and post to general ledger 7.3 Extract and check trial balance and prepare other required interim reports 7.4 Review trial balance and interim reports for accuracy and completeness 7.5 Finalise and file trial balance and interim reports according to organisational and regulatory requirements

Foundation Skills

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

Skill	Description
Reading	Analyses, matches and interprets information, paying attention to detail to identify errors
Writing	Records information accurately using correct spelling, grammar, and terminology
Oral communication	Uses questioning and active listening to convey and clarify information and instructions with regard to authorisations
Numeracy	Performs mathematical calculations to check accuracy and completeness and to reconcile numerical and financial data
Navigate the world of work	Follows industry and legislative requirements, and organisational protocols, policies and procedures relevant to own role
Interact with others	Uses communication practices and protocols suited to gaining required authorisations
Get the work done	Plans, organises and implements tasks according to organisational and legislative requirements Responds to predictable routine problems by implementing standard, logical solutions Uses the main features and functions of digital tools to complete work tasks and to access information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSACC311 Process financial transactions and extract interim reports (Release 1)	FNSACC301 Process financial transactions and extract interim reports (Release 1)	Elements 5 and 6 integrated into one element. Updates to other elements, performance criteria and assessment requirements.	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 for FNSACC311 Process financial transactions and extract interim reports

Modification History

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

Performance Evidence

Evidence of the ability to:

enter and balance deposits and payments

reconcile banking documentation and process and balance petty cash transactions

check and verify financial transaction supporting documentation

apply security and safety measures when preparing and banking receipts

prepare deposit facilities

enter data into financial systems and process general and special (cash and credit) journal entries, identifying and correcting errors

process special transactions

prepare and authorise journals and check journal processing interim reports

extract, check and correct a trial balance

file documentation according to organisational and regulatory requirements.

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

Knowledge Evidence

The candidate must be able to demonstrate the following knowledge to effectively complete the tasks outlined in the elements and performance criteria of this unit, and to manage tasks and reasonably foreseeable contingencies in the context of the work role.

Key principles and practices of double-entry accounting and accrual accounting systems

Range of industry-accepted accounting conventions, processes and procedures for the work tasks described in the performance evidence

Standard industry banking procedures and guidelines, including:

form of ‘proof of lodgement’ for different deposit methods

industry-accepted security and safety precautions appropriate to banking method

Key features of legislative and regulatory requirements relating to processing financial transactions

Key features of organisational policies and procedures relating to processing financial transactions, including:

organisational policy and procedures for preparing and processing invoices

organisational input standards and journal authorisation procedures

security procedures for handling electronic payments, cheques and cash

safety procedures for specific banking methods

Key features of routine financial reports, including:

trial balances

bank account reconciliation reports

interim reports

Assessment Conditions

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

office equipment, technology, software and consumables required to process financial transactions and extract interim reports.

Assessors of this unit must satisfy the assessor requirements in applicable vocational education and training legislation, frameworks and/or standards.

Links

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

FNSACC312 Administer subsidiary accounts and ledgers

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 reconcile and monitor subsidiary accounts in financial accounts receivable systems, identify bad and doubtful debts and plan a recovery action, record creditor invoices, and remit payments to sundry creditors.

It applies to individuals who use specialised knowledge and follow agreed processes to problem solve within the scope of own responsibility.

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

Accounting

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. Review accounts receivable requirements	1.1 Check receipts entered into manual accounts receivable system for accuracy, consistency and completeness 1.2 Identify and make record of incorrect entries according to type and source of receipt 1.3 Identify and investigate discrepancies between monies owed and monies paid according to organisational policies, procedures and guidelines 1.4 Amend receipts entered into manual accounts receivable system according to established procedures
2. Identify bad and doubtful debts	2.1 Review debtor ledger according to organisational policies and guidelines to identify outstanding monies and seek further information where required 2.2 Verify bad and doubtful debt status through liaison with debtors 2.3 Complete reporting procedures and required documentation for bad and doubtful debts according to organisational policies and guidelines
3. Review client compliance with terms and conditions and plan recovery action	3.1 Identify clients in default of trading terms according to organisational credit policies and operating procedures 3.2 Contact identified clients and promptly and courteously make satisfactory arrangements for payment of outstanding monies 3.3 Action organisational policy and procedures for monies owing that constitute breach of organisational credit policy 3.4 Review previous activities and communication with clients to establish adequacy of follow-up procedures, and determine whether usual organisational recovery avenues have been exhausted 3.5 Develop plans to pursue debt recovery or to initiate legal action, with measures completed in line with organisational policies, guidelines and timeframes
4. Prepare reports and file documentation	4.1 Prepare reports that document accounts receivable, debt recovery type and cause, and debt recovery plan 4.2 Distribute reports to supervisors, managers, and other designated parties 4.3 File documentation according to organisational policy and procedures
5. Distribute creditor invoices for authorisation	5.1 Identify, investigate and rectify invoice discrepancies and encode and record invoices correctly 5.2 Request authorisation for payment from designated personnel
6. Remit payments to creditors	6.1 Draw up and ensure authorisation of cheque requisition 6.2 Collect and record data relating to creditor details and amounts paid according to organisational guidelines, and prepare report for ratification by management 6.3 Prepare creditor payment in line with organisational requirements 6.4 Prepare journal to record payment
7. Reconcile outstanding balances	7.1 Obtain statements of outstanding balances from suppliers where required 7.2 Reconcile balances outstanding to invoices received

Foundation Skills

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

Skill	Description
Reading	Analyses discrepancies and errors
Writing	Records information using correct spelling, grammar and terminology Prepares reports of consolidated information and correspondence using logical structure and organisational formats
Oral communication	Participates in verbal exchanges with a range of personnel and uses questioning and active listening to convey and clarify information and instructions
Numeracy	Performs mathematical calculations to check accuracy and completeness of numerical and financial data, with a focus on identifying errors and discrepancies
Navigate the world of work	Follows organisational protocols, policies and procedures relevant to own role
Interact with others	Follows accepted communication practices and protocols to liaise with others, elicit and share information, and gain required authorisations
Get the work done	Plans, organises and implements tasks according to organisational requirements Responds to predictable problems about payment status or discrepancies by implementing standard, logical solutions Uses the main features and functions of digital tools to complete work tasks and to access information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSACC312 Administer subsidiary accounts and ledgers (Release 1)	FNSACC302 Administer subsidiary accounts and ledgers (Release 1)	Updates to elements, performance criteria and assessment requirements.	Equivalent unit.

Links

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

Assessment Requirements for FNSACC312 Administer subsidiary accounts and ledgers

Modification History

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

Performance Evidence

Evidence of the ability to:

reconcile and monitor subsidiary accounts according to industry compliance requirements and organisational policies and procedures, including:

using required data entry and reporting systems to perform account and ledger administration activities

following organisational data validation and reconciliation processes and analysing outcomes of the reconciliation for required actions

identifying bad and doubtful debts in a timely manner

planning effective debt recovery actions.

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

Knowledge Evidence

The candidate must be able to demonstrate the following knowledge to effectively complete the tasks outlined in the elements and performance criteria of this unit, and to manage tasks and reasonably foreseeable contingencies in the context of the work role.

Key features of debits and credits, and their role in accounting systems

Procedures for identifying bad or doubtful debts

Key requirements relating to the administration of subsidiary accounts and ledgers detailed in:

legal systems, regulations and procedures

industry codes of practice

Key requirements of organisational policies and procedures relating to reconciling and monitoring financial accounts, including organisational credit policy

Industry-accepted measures and protocols to remit and collect monies

Key features of debt recovery plans

Assessment Conditions

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

office equipment, technology, software and consumables required to reconcile and monitor accounts receivable data systems.

Assessors of this unit must satisfy the assessor requirements in applicable vocational education and training legislation, frameworks and/or standards.

Links

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

FNSACC313 Perform financial calculations

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 use a range of routine calculation methods and techniques when performing routine financial calculations and checking calculation outcomes.

It applies to individuals who use literacy and numeracy skills to perform routine computational tasks as part of their operational job role.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Accounting

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. Obtain data and resources for financial calculations	1.1 Obtain input data and verify as required for workplace calculations 1.2 Determine required outcomes of calculations and confirm from task specifications 1.3 Acquire resources and equipment needed to perform calculations effectively 1.4 Use simple spreadsheets where necessary to perform repeated calculations
2. Select suitable calculation methods and carry out financial calculations	2.1 Identify and obtain equipment required to perform calculations, including hand-held calculators 2.2 Select method suitable for required calculations 2.3 Perform financial calculations to complete work requirements using techniques suited to selected method
3. Check calculations and record outcomes	3.1 Check results to confirm that calculations are accurate and meet required outcomes, and identify and correct routine computational errors 3.2 Record calculation results according to organisational requirements 3.3 Store or electronically file calculation worksheets for future use according to organisational policy and procedures

Foundation Skills

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

Skill	Description
Reading	Interprets instructions and carefully analyses information for errors and discrepancies
Writing	Records information accurately using correct spelling, grammar and conventions
Numeracy	Performs mathematical calculations accurately, including addition, subtraction, multiplication, division, percentages, fractions, decimals and straight line graphs to undertake financial computations
Navigate the world of work	Follows organisational protocols, policies and procedures relevant to own role
Get the work done	Plans, organises and implements tasks according to organisational requirements Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSACC313 Perform financial calculations (Release 1)	FNSACC303 Perform financial calculations (Release 1)	Updates to performance criteria. Updates to assessment requirements to expand required performance evidence.	Equivalent unit.

Links

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

Assessment Requirements for FNSACC313 Perform financial calculations

Modification History

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

Performance Evidence

Evidence of the ability to:

apply mathematical techniques and methods of calculation, including to calculations of:

goods and services tax (GST)

simple interest

compound interest

basic loan calculations

effectively use office equipment and software to enter data and complete calculations

check for accuracy of computational results and correct errors where required

record calculation worksheets for future reference and use.

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

Knowledge Evidence

The candidate must be able to demonstrate the following knowledge to effectively complete the tasks outlined in the elements and performance criteria of this unit, and to manage tasks and reasonably foreseeable contingencies in the context of the work role.

Industry-standard techniques and methods to perform routine calculations

Typical computational errors and ways to check for them

Key features of equipment and software required to conduct routine financial calculations

Assessment Conditions

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

office equipment, technology, software and consumables required to perform financial calculations, including:

hand-held calculators

financial services industry documentation and specialist software

information technology systems and databases.

Assessors of this unit must satisfy the assessor requirements in applicable vocational education and training legislation, frameworks and/or standards.

Links

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

FNSACC405 Maintain inventory records

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 comply with organisational inventory procedures, reconcile inventory records to general ledgers, record inventory flows, prepare schedules and produce ad hoc reports.

It applies to individuals who use specialised financial knowledge and follow procedures to ensure compliance with required standards.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Accounting

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. Process inventory purchase	1.1 Record purchase of inventory from appropriate documentation in subsidiary ledger 1.2 Maintain periodic and perpetual records of inventory
2. Record inventory flows	2.1 Apply inventory flow assumptions as appropriate 2.2 Value inventory using appropriate valuation rules
3. Reconcile inventory records to general ledgers	3.1 Reconcile all inventory records to accounts in accordance with organisational policy, procedures and practices 3.2 Identify and action discrepancies according to organisational policy, procedures and practices
4. Prepare inventory schedules and ad hoc reports	4.1 Develop and document schedules of inventory turnover and other procedures 4.2 Prepare spreadsheets and ad hoc reports on inventory status as required or requested

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, 3.2	Reviews documentation from a range of sources and matches and analyses information for accuracy, completeness and possible discrepancies
Writing	1.1, 1.2, 4.1, 4.2	Records information accurately using correct spelling, grammar and conventions Prepares concise and logically structured reports and schedules appropriate to the audience and purpose
Oral Communication	4.2	Uses active listening and questioning to clarify and confirm information and instructions
Numeracy	1.1, 1.2, 2.1, 2.2, 3.1, 3.2, 4.1, 4.2	Performs mathematical calculations, including financial ratios, to check accuracy, consolidate and report on financial data
Navigate the world of work	3.1, 3.2	Recognises and complies with relevant protocols, policies and procedures
Get the work done	1.2, 2.1, 2.2, 3.1, 3.2, 4.1, 4.2	Plans, sequences and implements tasks to meet organisational requirements Recognises and responds to predictable problems and implements solutions to address data integrity issues Uses digital systems and programs to assist with planning, implementing, monitoring and reporting

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSACC405 Maintain inventory records	FNSACC405A Maintain inventory records	Updated to meet Standards for Training Packages	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 for FNSACC405 Maintain inventory records

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:

make inventory flow assumptions and record inventory flows using generally accepted accounting principles and inventory valuation rules

prepare schedules and ad hoc reports.

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:

outline organisational procedures and practices and generally accepted accounting principles relevant to maintaining inventory records

describe the key steps in the inventory management processes and relevant documentation and recording systems

identify and explain the process for entering data into systems or ledgers

explain the key features of inventory valuation rules and reconciliation processes.

Assessment Conditions

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

a range of common office equipment, technology, software and consumables.

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

FNSACC407 Produce job costing information

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 1.0.

Application

This unit covers the skills and knowledge required to calculate and record the job costs of products and services.

It applies to individuals who, within their area of responsibility, use specialised knowledge and analytical skills to prepare organisational information relating to financial data.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Accounting

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. Gather and record operating and cost data	1.1 Extract data from established systems 1.2 Systematically code, classify and check data for accuracy and reliability in accordance with organisational policy and procedures
2. Produce cost reports	2.1 Assign costs to specified products and services 2.2 Reconcile data to ensure calculations are accurate and comply with organisational procedures 2.3 Obtain cost information advice from all sections of organisation when formulating budgets 2.4 Ensure structure and format of budgets and reports are clear and conform to management information and relevant legislative requirements 2.5 Identify variances against budget 2.6 Ensure reports are error free, comprehensive, and comply with management requirements and organisational practices

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	1.2, 2.4, 2.6	Analyses information from a range of sources, checking for accuracy and reliability in data and identifying correct procedures in textual information
Writing	2.3, 2.4	Accurately records information using correct spelling, grammar and terminology Uses organisational formats and logically structures information when preparing correspondence and reports
Oral Communication	2.3	Participates in verbal exchanges using active listening and questioning to elicit and convey relevant information
Numeracy	1.2, 2.1-2.6	Performs calculations and uses mathematical problem-solving strategies to check the accuracy and reliability of financial data and statistics
Navigate the world of work	1.2, 2.2, 2.4, 2.6	Recognises and complies with relevant organisational protocols, policy and procedures
Get the work done	1.1, 1.2, 2.1-2.6	Plans, sequences and implements tasks to meet organisational requirements Recognises and responds to predictable problems and implements solutions to address data issues Uses digital technologies and systems to access, enter, update and present information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSACC407 Produce job costing information	FNSACC407A Produce job costing information	Updated to meet Standards for Training Packages	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 for FNSACC407 Produce job costing information

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:

gather and record operating and costs data

generate and prepare a range of reports relating to job costs.

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 features of organisational operating procedures relevant to job costing

explain common routines for recording and storing data

identify and describe the key generally agreed accounting principles relevant to:

costing

internal control (including statutory reporting)

budgetary control (double-entry bookkeeping and accrual accounting)

identify and analyse methods of data protection, including back-ups and security

identify and describe the key financial legislation relating to taxable transactions and reporting requirements.

Assessment Conditions

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

a range of common office equipment, technology, software and consumables

financial services product information

information about workplace policy and procedures.

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

FNSACC408 Work effectively in the accounting and bookkeeping industry

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 work autonomously and in teams to complete work activities relating to the provision of accounting and bookkeeping services.

It applies to individuals who occupy roles with some responsibility and use a range of research and organisational techniques to establish and carry out their work requirements in the accounting industry.

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

Accounting

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. Develop professional working relationships	1.1 Clarify business needs and expectations of work to be done through clear communication with key stakeholders 1.2 Determine roles and responsibilities of various members of the accounting and tax profession according to business needs 1.3 Identify activities that fall outside own role and responsibilities, and identify networks of individuals able to carry out those activities 1.4 Refer business owner to networks for advice and services where applicable 1.5 Request feedback on range, type and quality of service to be provided and act on feedback, where applicable 1.6 Identify and use ethical principles and practices in own role and responsibilities
2. Identify compliance requirements and support materials	2.1 Obtain access to publications and software tools designed to assist in carrying out own work activities 2.2 Research legislative, statutory, regulatory and industry requirements for carrying out own work activities
3. Set up and maintain systems to meet compliance requirements	3.1 Develop systems to support user needs 3.2 Develop instructions and guidelines for carrying out daily activities according to compliance requirements 3.3 Review and adapt systems as necessary on a regular basis
4. Work autonomously or in a team to complete work activities	4.1 Determine tasks to be done and identify required conditions to work autonomously or in team environment 4.2 Plan work to manage resources, time and priorities 4.3 Provide feedback to team members to encourage, value and reward individual and team efforts, and contributions 4.4 Support team to identify and resolve problems that impede its performance 4.5 Adapt to changes in technology and work organisation in a timely manner
5. Develop and maintain own competency	5.1 Identify and review own professional development needs and goals on regular basis 5.2 Clarify and comply with competency, authorisation and licensing requirements 5.3 Seek professional development opportunities that reflect own needs and goals in agreed timeframe

Foundation Skills

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

Skill	Description
Learning	Initiates strategies to maintain and enhance own knowledge and skills
Reading	Integrates prior knowledge with new information from a range of relatively complex sources to establish and review required information and extend understanding
Writing	Compiles logically sequenced texts using appropriate text type and support materials to convey detailed information and clear instructions that are amended or improved as required
Oral communication	Participates effectively in interactions, clearly articulating information and using questioning and active listening to clarify understanding and elicit feedback
Navigate the world of work	Identifies and implements legislative, statutory, regulatory and industry requirements of own role Maintains knowledge required to meet expectations of own role
Interact with others	Builds rapport to establish effective working relationships Adapts own communication style to show respect for the values, beliefs, and cultural expectations of others
Get the work done	Organises work according to defined requirements, using some analytical processes and taking responsibility for decisions Develops systems and support documentation to achieve required outcomes Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSACC408 Work effectively in the accounting and bookkeeping industry	FNSBKG401 Develop and implement policies and procedures relevant to bookkeeping activities	Updates to Elements 1 and 2. Added Elements 4 and 5. Updates to performance evidence and assessment conditions.	Not equivalent unit.

Links

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

Assessment Requirements for FNSACC408 Work effectively in the accounting and bookkeeping industry

Modification History

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

Performance Evidence

Evidence of the ability to:

establish and maintain effective relationships with clients and colleagues

research and identify organisational policies and procedures relevant to own role

develop systems and guidelines for work procedures that comply with legislative requirements

analyse, evaluate and organise information required for own role

effectively plan work and contribute to team environment, taking into account constraints and available resources

identify and evaluate opportunities for own professional development.

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

Knowledge Evidence

The candidate must be able to demonstrate the following knowledge to effectively complete the tasks outlined in the elements and performance criteria of this unit, and to manage tasks and reasonably foreseeable contingencies in the context of the work role.

Avenues for identifying other professionals in the accounting and bookkeeping industry

Requirements of accounting and bookkeeping industry codes of practice

Policies and procedures required for own role in the accounting and bookkeeping industry

Statutory, legislative and regulatory requirements for documenting accounting procedures

Assessment Conditions

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

organisational policies, procedures, legislation, regulations and codes of practice required for own role

office equipment, technology, software and consumables required for own role, including an integrated financial software system and data.

Assessors of this unit must satisfy the assessor requirements in applicable vocational education and training legislation, frameworks and/or standards.

Links

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

FNSACC411 Process business tax requirements

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 maintain business taxation accounting records, and to process lodgements and returns according to Australian Taxation Office (ATO) requirements, excluding income tax. Documentation for business activity statements (BAS) must be authorised by a registered BAS agent.

It applies to individuals who use specialised knowledge and follow defined procedures to administer and process taxation-related information within the scope of own responsibility.

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

Accounting

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. Maintain accounting records for taxation purposes	1.1 Access and interpret taxation accounting system requirements specific to own role 1.2 Establish and maintain records required to support taxation accounting system 1.3 Comply with specific taxation requirements for business documents
2. Establish and maintain process for managing business tax returns	2.1 Establish accounting process to manage process for taxation lodgements 2.2 Maintain sufficient and current records to comply with lodgement requirements according to organisational policies and procedures 2.3 Establish and meet lodgement schedule requirements
3. Process business tax returns and lodgements	3.1 Identify and use required returns and lodgements in line with organisational procedures 3.2 Process accounting data to comply with taxation reporting requirements 3.3 Draft returns and lodgements for review by authorised personnel

Foundation Skills

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

Skill	Description
Reading	Interprets documentation from a variety of sources and records, gathers, and consolidates financial information
Writing	Records information accurately using correct spelling, grammar and terminology Drafts text and prepares numerical information for reports and forms
Numeracy	Performs mathematical calculations accurately and interprets and analyses financial data to achieve requirements
Navigate the world of work	Identifies and complies with regulatory requirements, protocols, policies and procedures relevant to own role
Get the work done	Plans, organises and implements efficient systems to meet business tax requirements Organises work tasks according to defined requirements, taking responsibility for process and schedule needs Uses analytical techniques to gather information and identify and evaluate options Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSACC411 Process business tax requirements (Release 1)	FNSACC401 Process business tax requirements (Release 1)	Minor edits to performance criteria to clarify intent of unit.	Equivalent unit.

Links

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

Assessment Requirements for FNSACC411 Process business tax requirements

Modification History

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

Performance Evidence

Evidence of the ability to:

maintain accounting records for taxation purposes

establish and maintain an administrative process for managing business taxation returns, excluding income tax

prepare and process business taxation returns using validated data according to Australian taxation requirements.

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

Knowledge Evidence

The candidate must be able to demonstrate the following knowledge to effectively complete the tasks outlined in the elements and performance criteria of this unit, and to manage tasks and reasonably foreseeable contingencies in the context of the work role.

Key requirements of Australian Taxation Office (ATO) and legislation relating to business taxation returns

Accounting terminology used when processing business taxation requirements, including terminology found in:

business activity statements

fringe benefits tax (FBT)

pay as you go (PAYG) tax

company tax

wine equalisation tax

luxury car tax

payroll tax

stamp duty

Key ATO and organisational requirements for tax lodgement schedules

Key administrative procedures in a financial services organisation or business unit relating to taxation accounting records, and lodgements and returns

Assessment Conditions

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

office equipment, technology, software and consumables required to process tax lodgements and returns, including:

return and lodgement templates

access to the internet.

Assessors of this unit must satisfy the assessor requirements in applicable vocational education and training legislation, frameworks and/or standards.

Links

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

FNSACC412 Prepare operational budgets

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 prepare and document operational budgets for a variety of organisations.

It applies to individuals who use specialised knowledge and systematic approaches to undertake strategic financial activity for an organisation.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Accounting

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. Prepare budget	1.1 Confirm budget objectives are consistent with organisational aims, projects and forecasts 1.2 Define cash, expenditure and revenue items and ensure they are relevant to budget 1.3 Discuss and clarify identified budget information with stakeholders according to organisational procedures
2. Set budget timeframe	2.1 Identify, confirm and include milestones and performance indicators in budget 2.2 Break down annual budgets into seasonal periods according to organisational operating procedures
3. Document budget	3.1 Present data in a clear format appropriate to budget reporting 3.2 Complete and distribute reports for specified periods and projects within agreed timeframes 3.3 Monitor budget variance and seek direction from client or designated person to address variance as required

Foundation Skills

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

Skill	Description
Reading	Analyses potentially complex information from a range of sources and relates specific aspects of information to budget requirements
Writing	Records financial information accurately Uses clear language and logical structure in preparing reports and presentations to convey information
Oral communication	Participates in verbal exchanges using active listening and questioning to elicit the views and opinions of others and to confirm requirements
Numeracy	Performs mathematical calculations and uses estimating and forecasting techniques to consolidate and analyse financial data
Interact with others	Builds rapport during discussions, collaborations and negotiations
Get the work done	Develops plans to manage and report on routine and non-routine tasks with logically sequenced steps Uses analytical processes to identify process milestones and performance indicators Uses digital systems and programs to assist with planning, implementing, monitoring and reporting budgets

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSACC412 Prepare operational budgets (Release 1)	FNSACC402 Prepare operational budgets (Release 1)	Edits to performance criteria to clarify intent of unit. Added performance criterion to Element 3.	Equivalent unit.

Links

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

Assessment Requirements for FNSACC412 Prepare operational budgets

Modification History

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

Performance Evidence

Evidence of the ability to:

establish and confirm budgetary milestones and performance indicators

collect financial data and prepare operational budgets for a range of organisations

identify budget variances and report variances to designated stakeholders

record and document budget reports.

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

Knowledge Evidence

The candidate must be able to demonstrate the following knowledge to effectively complete the tasks outlined in the elements and performance criteria of this unit, and to manage tasks and reasonably foreseeable contingencies in the context of the work role.

Key principles of budgetary control

Range of forecasting techniques used when preparing operational budgets

Key principles of statistical analysis and measures of variance in the context of financial data analysis and operational budgets

Key features of organisational policies and procedures for financial administration as they relate to budgeting

Assessment Conditions

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

office equipment, technology, software and consumables required to prepare operational budgets, including:

digital systems and programs to assist in budget preparation and reporting

templates for presenting financial data.

Assessors of this unit must satisfy the assessor requirements in applicable vocational education and training legislation, frameworks and/or standards.

Links

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

FNSACC413 Make decisions in a legal context

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 make decisions, particularly those relating to compliance issues, in a legal context. It is intended to satisfy the requirement for a course of study in commercial law at an introductory or foundation level, covering Australian legal systems and processes.

It applies to individuals who, within the scope of own responsibility, use specialised knowledge to make decisions that require consideration of the legal context.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Accounting

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. Examine legal context of financial services work	1.1 Identify key features of Australian legal systems and processes relating to own role 1.2 Identify functions of courts and other regulatory bodies relating to own role 1.3 Analyse implications of related legislation, regulations and legal precedents for operational decisions, and apply findings in decision-making process 1.4 Seek advice and guidance to evaluate and moderate decision-making processes
2. Identify compliance requirements of financial services work	2.1 Interpret compliance requirements of own financial services work, and confirm interpretation with authoritative source relating to own role 2.2 Review legislative and regulatory sources of information to identify changes to compliance requirements 2.3 Analyse impact of changes to compliance requirements on business operations, policies and procedures
3. Develop compliance procedures	3.1 Develop procedures in consultation with others to address compliance requirements 3.2 Establish timeframes to meet compliance requirements to align with statutory deadlines

Foundation Skills

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

Skill	Description
Reading	Categorises, consolidates and interprets complex regulatory and legislative information relating to scope of own work
Writing	Prepares documentation using clear language, formats and terminology specific to requirements, audience and purpose
Oral communication	Participates in verbal exchanges using active listening and questioning to clarify thinking and elicit opinions of others
Navigate the world of work	Contributes to the development of procedures to meet legislative requirements Identifies organisational implications of new or changed legislation or regulations
Interact with others	Selects and uses appropriate conventions and protocols when communicating with internal and external stakeholders to seek or share information Collaborates and cooperates with others to achieve joint outcomes
Get the work done	Organises work to meet organisational requirements, taking responsibility for process, compliance and schedule needs Makes critical and non-critical decisions in relatively complex situations, taking related legislation, regulations, and legal precedents into consideration Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSACC413 Make decisions in a legal context (Release 1)	FNSACC403 Make decisions in a legal context (Release 1)	Edits to performance criteria to clarify their intent. Added performance criterion to Element 2. Expanded knowledge evidence.	Equivalent unit.

Links

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

Assessment Requirements for FNSACC413 Make decisions in a legal context

Modification History

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

Performance Evidence

Evidence of the ability to:

access information on legislation, statutes, regulations, and legal precedents related to operational decisions

interpret impact of legislation, statutes, regulations and legal precedents on operational decisions regarding compliance requirements

review, and assist in developing, organisational procedures to meet compliance requirements.

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

Knowledge Evidence

The candidate must be able to demonstrate the following knowledge to effectively complete the tasks outlined in the elements and performance criteria of this unit, and to manage tasks and reasonably foreseeable contingencies in the context of the work role.

Key features of Australian legal systems and processes, and the context in which they operate, including:

basic principles, current statute and common law

roles and responsibilities of key organisations

constitutional considerations

separation of powers

basic principles of the law of torts, particularly relating to:

negligence

negligent misstatement

courts and regulatory bodies

Key features of current legislation and its general impact on business operations in the areas of:

consumer law

contract law

corporations law, including different business organisational structures and regulations for:

public and private companies

trusts

partnerships

sole traders

property law

superannuation law

taxation law

Key decisions in case law and findings

Assessment Conditions

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

office equipment, technology, software and consumables required to access information on Australian legal systems and processes, including:

access to the internet

legislative and regulatory documentation required for decision making in own role.

Assessors of this unit must satisfy the assessor requirements in applicable vocational education and training legislation, frameworks and/or standards.

Links

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

FNSACC414 Prepare financial statements for non-reporting entities

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 prepare financial statements for entities that do not have a statutory duty to file financial reports with government agencies and regulators.

It applies to individuals who use specialised knowledge and systematic approaches to collate and prepare financial information in line with accounting standards.

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

Accounting

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. Compile data required for preparing financial statements for non-reporting entities	1.1 Collect data required to produce financial statements from sources in line with accounting standards 1.2 Systematically code, classify, and check data for accuracy and reliability according to organisational policy and procedures 1.3 Check internal and external financial data to confirm their consistency and accuracy
2. Prepare financial statements for non-reporting entities	2.1 Prepare financial statements using structure and format that comply with accounting standards and organisational requirements 2.2 Review statements for errors and compliance with accounting standards and organisational procedures, and amend as required 2.3 Obtain verification and authorisation from delegated persons

Foundation Skills

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

Skill	Description
Reading	Analyses, matches, and interprets data from a variety of sources, paying attention to data accuracy and reliability
Writing	Accurately records, classifies and checks financial information in written documents Uses clear language and logical structure in preparing reports and presentations to convey information
Numeracy	Performs mathematical calculations and uses estimating and forecasting techniques to consolidate and analyse financial data
Navigate the world of work	Identifies and complies with required protocols, policies and procedures
Get the work done	Sequences and implements tasks to meet organisational requirements Identifies and responds to predictable problems and implements solutions to address accuracy issues Uses digital systems and programs to assist with planning, implementing, monitoring and reporting

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSACC414 Prepare financial statements for non-reporting entities (Release 1)	FNSACC404 Prepare financial statements for non-reporting entities (Release 1)	Edits to performance criteria and assessment requirements to clarify intent.	Equivalent unit.

Links

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

Assessment Requirements for FNSACC414 Prepare financial statements for non-reporting entities

Modification History

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

Performance Evidence

Evidence of the ability to:

access, analyse and compile required financial data for non-reporting entities

calculate financial ratios for liquidity, activity and profitability, and analyse the significance of those calculations

prepare financial accounts and comprehensive statements showing financial position, performance and cash flow for:

a partnership

a not-for-profit organisation.

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

Knowledge Evidence

The candidate must be able to demonstrate the following knowledge to effectively complete the tasks outlined in the elements and performance criteria of this unit, and to manage tasks and reasonably foreseeable contingencies in the context of the work role.

Differences between non-reporting entities and reporting entities

Different types of non-reporting entities and their key characteristics

Purpose of preparing financial statements for non-reporting entities

Key features of organisational guidelines and procedures relating to preparing financial statements for non-reporting entities

Key features of financial legislation covering:

taxable transactions

reporting requirements

Advantages and disadvantages of:

ratios and comparison techniques

methods of presenting financial data

Assessment Conditions

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

office equipment, technology, software and consumables required to prepare financial statements for non-reporting entities.

Assessors of this unit must satisfy the assessor requirements in applicable vocational education and training legislation, frameworks and/or standards.

Links

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

FNSACC416 Set up and operate a computerised accounting system

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 establish, operate, and modify an integrated computerised accounting system. This is generally under supervision and encompasses processing transactions in the system, maintaining the system, producing reports, and ensuring system integrity.

It applies to individuals who, within the scope of own responsibility, use specialised knowledge, information technology, and planning and organising skills to establish and maintain an organisational system in service and trading environments.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Accounting

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. Implement integrated accounting system	1.1 Implement general ledger, chart of accounts, and subsidiary accounts according to organisational requirements, policies and procedures 1.2 Set up customers, suppliers and inventory items in system to meet organisational requirements and reporting requirements of goods and services tax (GST) 1.3 Identify sources of technical help and use them to solve operational problems
2. Process transactions in system	2.1 Collate, code, and classify input data before processing 2.2 Process wide range of cash and credit transactions according to organisational policies and procedures 2.3 Use general journal to make balance day adjustments for prepayments and accruals 2.4 Regularly review system output to verify accuracy of data input, and make adjustments for detected processing errors 2.5 Perform end of financial year rollover
3. Maintain system	3.1 Add new general ledger accounts, and customer, supplier, inventory and fixed asset records as required 3.2 Maintain and update existing chart of accounts, and customer, supplier, inventory and fixed asset records and subsidiary accounts 3.3 Customise chart of accounts to meet reporting requirements of organisation
4. Produce reports	4.1 Generate reports to indicate financial performance and financial position of organisation and for goods and services tax (GST) purposes 4.2 Generate reports that confirm that subsidiary ledgers and accounts reconcile with general ledger 4.3 Generate reports that confirm that system’s bank account entries reconcile with bank statements 4.4 Establish systems and practices to ensure information is stored securely and according to legislative and organisational requirements 4.5 Maintain secure record of processed transactions for audit purposes

Foundation Skills

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

Skill	Description
Reading	Accesses, manages, and analyses financial information and data from a range of sources and reports
Writing	Accurately records and checks financial and textual information in documentation and systems Uses correct spelling, grammar and terminology when entering data and preparing reports
Oral communication	Uses questioning and active listening to clarify and convey information and instructions
Numeracy	Performs mathematical calculations and uses mathematical problem-solving strategies to analyse financial data and reports
Navigate the world of work	Identifies and complies with legislative and regulatory requirements, protocols, policies and procedures associated with own role
Get the work done	Organises work to meet organisational requirements, taking responsibility for process, compliance, and scheduling needs Makes critical and non-critical decisions in relatively complex situations, taking legislative and regulatory requirements into consideration Identifies and responds to predictable problems and implements solutions to issues that have the potential to impact on the data entry and reporting process Implements security requirements for managing digital data

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSACC416 Set up and operate a computerised accounting system (Release 1)	FNSACC406 Set up and operate a computerised accounting system (Release 1)	Elements 4 and 5 integrated into one element. Updates to assessment requirements.	Equivalent unit.

Links

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

Assessment Requirements for FNSACC416 Set up and operate a computerised accounting system

Modification History

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

Performance Evidence

Evidence of the ability to:

set up the chart of accounts for one organisation by modifying an established integrated financial software system

implement an integrated computerised accounting system, ensuring integrity of the data

process transactions in the integrated system, including:

BPAY

credit card payments

direct debit

invoices

petty cash

generate reports in the integrated system over at least two reporting periods, including:

goods and services tax (GST) accrual report

payroll report

bank reconciliation report

profit and loss statement

balance sheet

maintain computerised accounting system information securely.

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

Knowledge Evidence

The candidate must be able to demonstrate the following knowledge to effectively complete the tasks outlined in the elements and performance criteria of this unit, and to manage tasks and reasonably foreseeable contingencies in the context of the work role.

Key features of desktop and cloud-based computerised accounting systems

Key features of organisational policies and procedures relating to setting up and operating a computerised accounting system

Key requirements of financial services industry legislation relating to information privacy when using computerised accounting systems

Key features and characteristics of information included in source documents of financial data

Assessment Conditions

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

office equipment and consumables required to operate a computerised accounting system

technology and software required to operate a computerised accounting system, including:

integrated commercial financial software system and associated data

desktop-based and/or cloud-based computerised accounting system

access to the internet.

Assessors of this unit must satisfy the assessor requirements in applicable vocational education and training legislation, frameworks and/or standards.

Links

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

FNSACC505 Establish and maintain accounting information systems

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 identify and record system requirements, evaluate alternative systems and acceptance test systems, prepare system documentation, implement reporting systems and records, monitor systems and review reporting procedures.

It applies to experienced individuals who use specialised technical knowledge, systematic approaches and analytical skills to effectively establish an organisational system.

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

Accounting

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 and record system requirements	1.1 Prepare comprehensive specifications based on requirements of potential users that include system objectives, document specifications, and security and records requirements 1.2 Review features of any existing system and records to establish their suitability and usability 1.3 Establish recording processes according to accepted practice and in accordance with legislation and codes of practice
2. Evaluate alternative systems	2.1 Compare and measure features of various systems against user requirements to enable identification of alternative systems and solutions 2.2 Carry out cost–benefit analysis of alternative systems and solutions, and document recommendations
3. Evaluate acceptance test system	3.1 Test system in operational environment to ensure compliance with user requirements, company policy and guidelines, system specifications and relevant legislation or industry codes of practice 3.2 Obtain formal confirmation from all users on acceptability of new system or system changes against all criteria and system specifications
4. Prepare system documentation	4.1 Prepare system documentation thoroughly and accurately, using easily understood language and in clear format to support system implementation and training 4.2 Consult users to ensure clarity, accuracy, thoroughness and usability of system documentation 4.3 Make system documentation easily accessible, and constantly review and update to ensure currency and accuracy
5. Implement reporting systems and records	5.1 Carry out implementation in accordance with specified guidelines and timelines, and establish contingency plans to deal with any potential delays or problems 5.2 Establish effective training schedules and programs to support implementation 5.3 Transfer all data from existing to new or modified system and records without error or loss 5.4 Update systems and records regularly to identify ongoing benefits and threats to organisation 5.5 Maintain files within organisational and statutory requirements, and identify and remedy discrepancies 5.6 Ensure integrity of systems and records complies with organisational and statutory requirements 5.7 Monitor transactions to identify taxation and other liabilities
6. Monitor reporting systems	6.1 Analyse and account for transactions, and correctly relate to accounting period 6.2 Communicate and promote processes for recording and classifying transactions to support internal verification of records 6.3 Standardise sources of input data and documentation in structured formats to minimise errors 6.4 Maintain back-ups in accessible location to safeguard data in accordance with organisational and audit requirements
7. Review reporting procedures	7.1 Systematically check sources of input data and documentation records for accuracy and reliability 7.2 Establish reporting requirements and analyse regularly to identify variations and compliance with established processes for recording and classifying transactions 7.3 Maintain written reports, explanatory notes and financial results to support source documentation

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	1.4, 1.5, 2.1, 4.3, 6.1, 7.1, 7.2	Researches and evaluates technical and non-technical information from a range of sources to determine benchmarks and requirements
Writing	1.1, 1.2, 2.2, 3.2, 4.1-4.3, 6.2, 6.3, 7.3	Prepares, reviews and maintains a range of documents to ensure clarity of meaning, accuracy, currency and consistency of information Uses clear and concise language in a logical format and structure to convey information appropriate to the audience and purpose
Oral Communication	1.1, 3.2, 4.2, 6.2	Uses appropriate vocabulary to explain technical and non-technical information to a range of personnel Uses active listening and questioning to obtain feedback and clarify understanding
Numeracy	2.1, 2.2, 5.7, 6.1, 7.3	Performs mathematical calculations and uses a range of mathematical problem-solving techniques to analyse, estimate and compare financial data and numerical information
Navigate the world of work	1.6, 3.1, 5.5, 6.4, 7.2	Takes responsibility for complying with organisational policy and procedures and legislative requirements
Interact with others	1.1, 4.2, 6.2	Plays a lead role in communicating, collaborating, consulting and negotiating outcomes with a range of personnel, adapting personal communication style to show respect for individual differences
Get the work done	1.1-1.6, 2.1, 2.2, 3.1, 3.2, 4.1-4.3, 5.1-5.7, 6.1-6.4, 7.1-7.3	Takes responsibility for planning, organising and implementing systems, processes and plans in accordance with organisational and legislative requirements Plans and sequences own workload and schedules work activities of others Applies systematic and analytical decision-making processes in complex and non-routine situations Uses problem-solving processes to identify and analyse system issues and develop options to resolve issues with the potential to have a negative impact Uses a range of digitally based technologies and software packages to access, extract and share relevant information to achieve required outcomes Maintains the security of digital data according to organisational requirements

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSACC505 Establish and maintain accounting information systems	FNSACC505A Establish and maintain accounting information systems	Updated to meet Standards for Training Packages Rewording and combining of some performance criteria to clarify intent of unit	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 for FNSACC505 Establish and maintain accounting information systems

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:

identify and document record and systems requirements

evaluate alternative systems and acceptance test systems

prepare systems documentation and implement reporting systems and records that comply with:

statutory requirements

organisational policy and procedures

monitor and review reporting systems.

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:

outline the key features of statutory requirements, codes of practice and organisational policy and procedures relating to accounting systems

discuss ethical considerations for the handling of financial reconstruction

explain the key features of financial legislation relating to taxable transactions and reporting requirements

outline a range of considerations for developing accounting system specifications

compare and contrast methods of data protection

explain the key principles and practices of budgetary control and implications for accounting systems

explain the process and procedures for recording and storing financial data.

Assessment Conditions

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

common office equipment, technology, software and consumables

an integrated financial software system and data

organisational records, policy and procedures.

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

FNSACC511 Provide financial and business performance information

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 analyse and report on a broad range of financial and business performance information. It encompasses assessing client needs, analysing data, and preparing advice.

It applies to individuals who, in line with their level of authority, use specialised knowledge, systematic approaches, and analytical techniques to research and prepare customised information for clients.

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

Accounting

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. Assess client needs	1.1 Clarify and confirm client’s expectations, goals and objectives 1.2 Identify client’s specific legal and financial requirements when establishing, structuring, and financing a business 1.3 Discuss financial options and processes with client to develop suitable plans for providing information and achieving client goals within agreed timeframes 1.4 Regularly review progress of plans against agreed criteria and clearly communicate results to client 1.5 Monitor client objectives and respond to changes in client needs
2. Analyse data	2.1 Seek advice on reliability and accuracy of data from authorities and sources according to organisational procedures 2.2 Compile and reconcile data to confirm that statements are accurate and comply with organisational procedures, statutory requirements, and standard financial reporting principles 2.3 Analyse data and reports in line with standard financial analysis techniques and client’s business and personal objectives 2.4 Evaluate information in relation to the financial profitability, efficiency and stability of a business 2.5 Evaluate financial potential of the business, its future funding requirements, and statutory obligations
3. Prepare and provide financial and performance advice to client	3.1 Formulate advice that provides client with realistic view of business financial performance and compliance, including significant taxation issues and comparisons of options 3.2 Use suitable methods of presentation and formats, language and forms of documentation to convey information to client 3.3 Provide advice about how risks and contingencies and future cash flows may be identified and quantified, and advise client of risk management options and rights and obligations 3.4 Advise client on new or alternative finance sources, and features of short-term and long-term finance

Foundation Skills

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

Skill	Description
Reading	Researches and analyses financial information and data from a range of sources to identify key aspects related to requirements
Writing	Prepares correspondence, plans and reports using logical structure and organisational formats appropriate for the purpose Uses clear language and concepts appropriate to audience to convey and clarify explicit information and requirements
Oral communication	Participates in verbal exchanges using active listening and questioning techniques to elicit the views and opinions of others and confirm understanding
Numeracy	Performs mathematical calculations and uses mathematical problem-solving strategies to analyse trends and compare and benchmark financial information
Navigate the world of work	Identifies and follows legislative and regulatory requirements, and explicit and implicit organisational protocols, policies and procedures related to own role Meets expectations of clients and those associated with own role
Interact with others	Selects and uses appropriate conventions and protocols when communicating with clients, colleagues and others to seek and provide information
Get the work done	Plans, organises and implements tasks according to organisational and legislative requirements, taking responsibility for process, compliance and reporting needs Makes critical and non-critical decisions in relatively complex situations, taking client and organisational requirements into consideration Identifies and responds to problems and improvement opportunities by systematically analysing required information, generating and evaluating options, and selecting most appropriate option Uses digital technologies to access, extract and share information to achieve required outcomes

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSACC511 Provide financial and business performance information (Release 1)	FNSACC501 Provide financial and business performance information (Release 1)	Changes to Elements 1 and 2. Minor edits throughout unit to clarify intent.	Equivalent unit.

Links

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

Assessment Requirements for FNSACC511 Provide financial and business performance information

Modification History

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

Performance Evidence

Evidence of the ability to:

assess client needs and analyse their financial data

prepare and document financial and business performance advice for clients that:

complies with financial legislation and accounting standards, practices and principles

assesses taxation, compliance and business viability issues faced by clients

assesses risk management options and practices.

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

Knowledge Evidence

The candidate must be able to demonstrate the following knowledge to effectively complete the tasks outlined in the elements and performance criteria of this unit, and to manage tasks and reasonably foreseeable contingencies in the context of the work role.

Key requirements of taxation legislation relating to deductions, allowances, and charges

Key areas that can cause significant taxation issues

Techniques used to forecast financial and business performance

Key features of government financial policy relating to financial and business performance advice

Key requirements of corporations and consumer legislation relating to financial and business performance information

Industry-standard methods for presenting and formatting financial data

Key principles of cash flow and budgetary control

Sources of information on financial products and markets relating to financial and business performance information

Risks, contingencies, and risk management options relating to financial and business performance

Client rights and responsibilities in relation to obtaining financial and business performance information

Assessment Conditions

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

office equipment, technology, software and consumables required to provide financial and business performance information, including:

sources of information on client needs

access to the internet

digital technologies to access, extract and share information.

Assessors of this unit must satisfy the assessor requirements in applicable vocational education and training legislation, frameworks and/or standards.

Links

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

FNSACC512 Prepare tax documentation for individuals

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 prepare non-complex income tax returns for individuals in line with statutory requirements. It encompasses gathering and verifying data, calculating taxable income, and reviewing compliance requirements.

It applies to individuals who use systematic approaches and follow specific guidelines to ensure compliance requirements are met.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. This unit is designed to meet the education requirements of the Tax Practitioner Board (TPB). Refer to the FNS Financial Services Training Package Companion Volume Implementation Guide or the relevant regulator for specific guidance on regulatory requirements.

Unit Sector

Accounting

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. Gather client income data and verify client, organisational and legislative requirements	1.1 Consult with client to determine tax documentation preparation requirements 1.2 Conduct research to identify updates or additions to compliance requirements relevant to client circumstances, and establish recording and reporting requirements 1.3 Gather current data from authoritative sources, and identify and resolve outstanding information requirements through consultation with client 1.4 Identify assessable income and allowable deductions 1.5 Complete and record amounts according to organisational and legislative requirements 1.6 Identify discrepancies or unusual features and conduct research to resolve, or refer to designated authority 1.7 Identify accrued or prepaid income and expenditure, and record adjustments to value of assets and liabilities
2. Identify, record and present client’s non-complex income tax documentation	2.1 Calculate client’s tax obligations according to legislative requirements and industry-accepted information gathering practices 2.2 Prepare required documentation within established timeframes 2.3 Seek advice and guidance from specialists to evaluate and moderate decision processes as required 2.4 Discuss and confirm documentation with client to obtain client signature, authorisation and endorsement, ensuring legislative requirements are met
3. Manage lodgement of client’s non-complex income tax documentation	3.1 Submit required documentation to Australian Taxation Office (ATO) within established timeframes 3.2 Advise client of current tax obligations and information regarding expected future taxation authority advice 3.3 Respond to tax office enquiries and meet taxation audit requirements, when applicable, in timely manner

Foundation Skills

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

Skill	Description
Reading	Researches and analyses financial information and data from a range of sources to identify key aspects related to non-complex income tax documentation requirements
Writing	Records information and completes forms accurately using correct spelling, grammar, terminology, and conventions Uses clear language and concepts appropriate to audience to convey and clarify explicit information and requirements in written documentation
Oral communication	Participates in verbal exchanges using active listening and questioning techniques to clarify information and confirm understanding
Numeracy	Analyses financial data and performs mathematical calculations to complete requirements of non-complex income tax lodgement documentation
Navigate the world of work	Identifies and follows legislative and regulatory requirements and organisational policies and procedures to meet expectations of clients and those associated with own role
Interact with others	Selects and uses appropriate conventions and protocols when communicating with clients, colleagues and others to seek and provide information
Get the work done	Plans, organises, schedules, and implements tasks according to organisational and legislative requirements, taking responsibility for compliance and client needs Makes critical and non-critical decisions in non-complex income tax situations, taking client and legislative requirements into consideration Identifies and responds to problems by systematically analysing required information, generating and evaluating options, and selecting the most appropriate option Uses digital systems and programs for planning, implementing, monitoring, reporting progress, and lodging income tax returns

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSACC512 Prepare tax documentation for individuals (Release 1)	FNSACC502 Prepare tax documentation for individuals (Release 1)	Updates to performance criteria to clarify intent of unit.	Equivalent unit.

Links

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

Assessment Requirements for FNSACC512 Prepare tax documentation for individuals

Modification History

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

Performance Evidence

Evidence of the ability to:

research, critically evaluate, and apply new or changed legislative requirements relating to the preparation of client non-complex income tax documentation

identify client data required to calculate taxable income

prepare client tax documentation that complies with:

Australian taxation law and Australian Taxation Office (ATO) rulings

accounting principles and practices

organisational policies and procedures

provide advice to client on tax documentation presented and obtain verification and approval.

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

Knowledge Evidence

The candidate must be able to demonstrate the following knowledge to effectively complete the tasks outlined in the elements and performance criteria of this unit, and to manage tasks and reasonably foreseeable contingencies in the context of the work role.

Ethical considerations and legislative requirements required to prepare non-complex income tax documentation for individual taxpayers, including:

conflict of interest

responsibilities of tax agents, including code of professional conduct obligations under the Tax Agent Services Act (TASA) and Tax Agent Services Regulations (TASR)

Key elements of Australian tax law as they relate to income tax documentation for individual taxpayers, including:

rules and principles of Australian tax law, and the legal environment in which these principles operate

basics of the legal system, constitutional considerations, and separation of powers that relate to preparing non-complex income tax documentation

key aspects of the income tax law covering concepts of:

residence and source

related elements of international tax

assessable income

deductions, including general, specific, and decline in value

tax rebates and offsets

tax accounting

income test definitions that include reportable superannuation and fringe benefits tax (FBT)

key aspects of principles and application of capital gains tax (CGT), FBT and employment termination payment (ETP) rules for individual taxpayers

basic concept of goods and services tax (GST)

administrative aspects of the taxes identified above, including documentation, tax collection and withholding mechanisms, assessments, obligations, rulings, penalties and audits

specific and general anti-avoidance tax rules for individuals

Key sources of information and data required to calculate taxable income

Key features of organisational policies and procedures required to prepare non-complex income tax documentation for individual taxpayers

Key accounting principles and practices required to prepare non-complex income tax documentation for individual taxpayers

Assessment Conditions

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

office equipment, technology, software and consumables required to prepare non-complex income tax documentation for individuals, including:

access to the internet

digital systems and programs for preparing and lodging tax returns.

Assessors of this unit must satisfy the assessor requirements in applicable vocational education and training legislation, frameworks and/or standards.

This unit is designed to meet the education requirements of the Tax Practitioner Board (TPB). Where registration with the TPB is sought, assessment must reflect the conditions described by the regulator which stipulate that a significant amount (at least 40%) must be completed under some form of independent supervision. Where recognition of prior learning (RPL) is used, it must also meet the requirements of the Board’s policy on RPL.

Details of requirements can be accessed on the TPB website at: http://www.tpb.gov.au.

Links

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

FNSACC513 Manage budgets and forecasts

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 prepare, document, and manage budgets and forecasts. It encompasses forecasting estimates and monitoring budgeted outcomes.

It applies to individuals who use specialised knowledge and analytical skills to prepare and manage strategic organisational information.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Accounting

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. Prepare budget	1.1 Establish budget objectives and confirm their consistency with organisational policies and procedures 1.2 Define cash, expenditure and revenue items and ensure items are relevant to budget 1.3 Identify and include milestones and performance indicators in budgets to monitor financial performance and break down annual budgets into seasonal periods according to operating trends
2. Forecast estimates	2.1 Identify required data for forecasts and anticipate changes in circumstances 2.2 Establish assumptions and parameters and review for accuracy, relevance, and compliance with organisational policies and procedures 2.3 Provide realistic estimates of future cash flow, costs and revenues in line with ethical and organisational requirements, and support with verifiable evidence and source documentation 2.4 Identify financial risks and propose protection strategies according to organisational policies and procedures
3. Document budget	3.1 Present data in a clear format appropriate to budget reporting 3.2 Complete reports for specified periods and projects within agreed timeframes 3.3 Identify feasibility of forecasts by comparing projections with market growth and development 3.4 Distribute budget report to required personnel
4. Monitor budget outcomes	4.1 Analyse budget variances according to organisational procedures, and make recommendations to address variances to client or designated person 4.2 Review budget processes and implement process changes as required

Foundation Skills

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

Skill	Description
Reading	Researches, consolidates and evaluates a range of information and financial data, identifying key aspects needed for work requirements and analysing trends
Writing	Prepares specific and logically structured written and graphical information for a range of audiences and purposes Uses clear and concise language, incorporating correct spelling, grammar, terminology, and conventions, to convey accurate information
Oral communication	Presents financial information to a range of personnel using language and concepts appropriate to audience and purpose Uses active listening and questioning to elicit and convey information in verbal exchanges
Numeracy	Performs mathematical calculations and uses a range of mathematical problem-solving techniques to analyse, estimate, and forecast financial data
Navigate the world of work	Takes responsibility for complying with organisational policies and procedures, and ethical requirements
Interact with others	Uses collaborative and inclusive techniques to build rapport and establish and maintain positive relationships with a range of stakeholders
Get the work done	Organises work according to organisational procedures, using some analytical processes, and taking responsibility for sequencing and scheduling tasks to achieve efficient outcomes Identifies and responds to budgeting problems by systematically analysing information, generating and evaluating options, and selecting the most appropriate option for client Uses digital technologies to access, extract and share information to achieve required outcomes

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSACC513 Manage budgets and forecasts (Release 1)	FNSACC503 Manage budgets and forecasts (Release 1)	Changes to performance criteria in Elements 1–3. Expanded performance evidence and knowledge evidence.	Equivalent unit.

Links

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

Assessment Requirements for FNSACC513 Manage budgets and forecasts

Modification History

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

Performance Evidence

Evidence of the ability to:

prepare, document and present budgets and forecasting estimates that comply with:

industry-standard accounting principles and practices

organisational policies and procedures

legal and ethical requirements

monitor budget outcomes periodically, analyse budget variances and their possible causes, and make required changes in response.

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

Knowledge Evidence

The candidate must be able to demonstrate the following knowledge to effectively complete the tasks outlined in the elements and performance criteria of this unit, and to manage tasks and reasonably foreseeable contingencies in the context of the work role.

Key purpose and objective of budgets and forecasts, including relevance of milestones and key performance indicators

Principal ethical requirements associated with budgetary forecasting and projections within the context of the strength of assumptions and forecast reliabilities

Types and sources of data and information required for budgeting and forecasting

Budget forecasting techniques

Key features of organisational policies and procedures relating to budgeting and forecasting

Key principles of accrual accounting and double-entry bookkeeping, including:

how implementation affects budgeting and the monitoring of budget outcomes

Key principles and practices of:

corporate governance

statistical analysis and measures of variance

Assessment Conditions

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

office equipment, technology, software and consumables required to manage budgets and forecasts, including:

access to the internet

digital technologies to access, extract and share required information.

Assessors of this unit must satisfy the assessor requirements in applicable vocational education and training legislation, frameworks and/or standards.

Links

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

FNSACC514 Prepare financial reports for corporate entities

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 prepare financial reports for a corporate reporting entity. It encompasses compiling and analysing data and meeting statutory reporting requirements.

It applies to individuals who use specialised knowledge and analytical skills to prepare financial reports that meet specific compliance requirements.

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.

Pre-requisite Unit

BSBFIA401 Prepare financial reports

FNSACC311 Process financial transactions and extract interim reports

Unit Sector

Accounting

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. Compile and analyse data	1.1 Systematically code, classify and check data for accuracy and reliability according to organisational policy, procedures and accounting standards 1.2 Use conversion and consolidation procedures to compile data according to organisational policy and procedures 1.3 Transfer data to computerised systems as required 1.4 Record valuations in compliance with accounting standards 1.5 Identify and record effects of taxation
2. Prepare reports	2.1 Present charts, diagrams, tables and supporting data in required format 2.2 Prepare reports according to statutory and ethical requirements, and organisational procedures relating to conflict of interest, confidentiality, and disclosure requirements 2.3 Confirm that structure and format of reports are clear and comply with statutory and organisational requirements 2.4 Review statements and data for errors and compliance with statutory requirements and organisational procedures, and amend as required

Foundation Skills

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

Skill	Description
Reading	Researches, structures and analyses information from a range of sources to determine work requirements Proofreads and checks work for accuracy and completeness
Writing	Prepares logically structured written and graphical information in required formats for business reports and presentations Uses clear language, terminology, and concepts appropriate to audience and purpose to convey information
Oral communication	Presents financial information to a range of personnel using language and concepts appropriate to audience
Numeracy	Uses mathematical equations to perform calculations, estimations and forecasting to analyse data and achieve required outcomes
Navigate the world of work	Takes responsibility for complying with organisational policies and procedures, and legislative and ethical requirements
Get the work done	Plans, sequences and implements tasks according to organisational and legislative requirements Uses problem-solving processes to identify and analyse reporting issues and develop options to resolve issues with the potential to have a negative impact Uses digital technologies and software packages, including spreadsheets and databases, to complete requirements

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSACC514 Prepare financial reports for corporate entities (Release 1)	FNSACC504 Prepare financial reports for corporate entities (Release 1)	Edits to performance criteria to clarify intent.	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 for FNSACC514 Prepare financial reports for corporate entities

Modification History

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

Performance Evidence

Evidence of the ability to:

access, compile and analyse data and prepare reports for corporate entities, including:

shareholders’ funds reports

reports aiding the acquisition of corporate entities

tax affected account reports

consolidated financial reports

confirm data and reports comply with:

organisational policies and procedures

ethical requirements

required accounting standards

statutory and reporting body requirements.

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

Knowledge Evidence

The candidate must be able to demonstrate the following knowledge to effectively complete the tasks outlined in the elements and performance criteria of this unit, and to manage tasks and reasonably foreseeable contingencies in the context of the work role.

Current business taxation requirements for preparing corporate accounting reports

Current financial legislation and statutory requirements relating to taxable transactions and reporting requirements

Ethical requirements associated with preparing financial reports for corporate entities, including conflict of interest, confidentiality, and disclosure requirements

Industry-standard methods and formats used to present financial data

Options, methods and practices for recording and reporting deductions, benefits and depreciation

Key requirements of organisational policies and procedures relating to preparing financial reports for corporate entities

Business legal requirements relating to delegated authorities, reporting periods, and taxation payment timings

Assessment Conditions

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

office equipment, technology, software and consumables required to prepare financial reports for corporate entities

organisational records, policies and procedures relating to above work.

Assessors of this unit must satisfy the assessor requirements in applicable vocational education and training legislation, frameworks and/or standards.

Links

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

FNSACC516 Implement and maintain internal control procedures

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 review corporate governance requirements, implement internal control operating procedures, and monitor associated policy.

It applies to individuals who use specialised knowledge and analytical skills to ensure organisational procedures, compliance and quality requirements are met.

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

Accounting

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. Review corporate governance requirements	1.1 Identify and analyse corporate governance and ethical requirements to determine their application to operations 1.2 Seek clarification on the application of corporate governance requirements from authoritative sources 1.3 Review and develop internal control procedures that apply corporate governance requirements to internal operations
2. Implement internal control operating procedures	2.1 Maintain and review financial delegations and accountabilities to ensure consistency and compliance with internal control procedures 2.2 Produce, review and distribute required reports within agreed timeframes 2.3 Develop timetables for implementing corporate governance requirements, in consultation with stakeholders 2.4 Detail and document internal control procedures in standardised formats to promote consistency of use
3. Monitor internal control operating procedures	3.1 Develop applications of corporate governance requirements from authoritative sources and based on industry-standard practices 3.2 Report on performance indicators of internal operations to evaluate their compliance with internal control procedures 3.3 Identify and evaluate variations in adopting corporate governance requirements in operations to determine their causes 3.4 Develop and implement modifications to procedures to facilitate their compliance with internal control procedures

Foundation Skills

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

Skill	Description
Reading	Interprets and analyses complex information and documentation from a range of sources, including legislation
Writing	Produces accessible guidelines and reports using clear and concise language appropriate to audience and purpose
Oral communication	Effectively engages others in verbal exchanges using active listening and questioning to elicit, clarify, and convey information
Numeracy	Analyses financial and numerical information embedded in a range of texts and tasks
Navigate the world of work	Monitors compliance with legal and regulatory requirements, and recommends and implements changes to policies, procedures or processes where necessary
Get the work done	Uses problem-solving processes to identify and analyse issues with the potential to impact on financial controls, and develops and implements options to resolve these issues Applies systematic and analytical decision-making processes in situations that impact on own work and that of others Uses a range of digital technologies to access, extract, and share information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSACC516 Implement and maintain internal control procedures (Release 1)	FNSACC506 Implement and maintain internal control procedures (Release 1)	Edits to performance criteria and elements. Updates to performance evidence and knowledge evidence.	Equivalent unit.

Links

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

Assessment Requirements for FNSACC516 Implement and maintain internal control procedures

Modification History

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

Performance Evidence

Evidence of the ability to:

interpret and comply with corporate governance requirements, organisational policy, and financial delegations and accountabilities

review corporate governance requirements and implement effective operating procedures to ensure organisational compliance

use a range of methods, work practices and routines relevant to internal control procedures

monitor internal control operating procedures and applicable financial legislation.

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

Knowledge Evidence

The candidate must be able to demonstrate the following knowledge to effectively complete the tasks outlined in the elements and performance criteria of this unit, and to manage tasks and reasonably foreseeable contingencies in the context of the work role.

Ethical and confidentiality considerations when managing and handling files and records

Key features of financial legislation relating to financial transactions and reporting requirements

Benefits and limitations of internal controls and potential consequences of poor internal controls for internal operations

Key requirements of organisational policies and procedures relating to:

corporate governance

financial delegations and accountabilities

Key principles of internal control and auditing

Assessment Conditions

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

office equipment, technology, software and consumables required to implement internal and maintain internal control procedures

corporate governance documentation required for role

organisational operational policies and procedures required for role.

Assessors of this unit must satisfy the assessor requirements in applicable vocational education and training legislation, frameworks and/or standards.

Links

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

FNSACC517 Provide management accounting information

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 gather, record and analyse operating and cost data, prepare budget reports, and review costing system integrity to calculate and record the costs of products and services.

It applies to individuals who use specialised knowledge and analytical skills to manage complex financial data and develop comprehensive organisational reports.

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.

Pre-requisite Unit

Competency Field

Unit Sector

Accounting

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. Gather and record operating and cost data	1.1 Identify and establish systems to generate operating and cost data 1.2 Systematically code, classify, and check data for accuracy and reliability according to organisational policy and procedures
2. Analyse data and assign costs	2.1 Analyse cost data and identify cost behaviour characteristics 2.2 Assign costs to specified products, services and organisational units, and reconcile data to confirm that calculations are accurate and comply with organisational procedures 2.3 Confirm that interpretation of costs is supported by valid analysis and is consistent with organisational business performance objectives
3. Prepare cost reports and budgets	3.1 Obtain cost information advice from relevant sections of organisation when formulating cost reports and budgets 3.2 Confirm that structure and format of budgets are clear and comply with management information requirements and organisational practices
4. Analyse variances and review costing system integrity	4.1 Calculate and analyse variances against budget 4.2 Confirm that reports are accurate, comprehensive and comply with management information requirements and organisational practices 4.3 Use variance analysis to review effectiveness of cost assignment processes

Foundation Skills

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

Skill	Description
Reading	Researches and analyses complex system data and documentation to gather and derive reporting information Categorises and classifies information and checks for errors and discrepancies
Writing	Clearly structures and formats reports using correct language, terminology, and conventions appropriate for audience and purpose
Oral communication	Gathers and conveys information and data by consulting with staff, using questioning and active listening and tone and pace appropriate to audience and purpose
Numeracy	Performs calculations to analyse and compare financial data using a range of mathematical problem-solving techniques
Navigate the world of work	Establishes systems and monitors and amends outputs to ensure compliance with organisational procedures and requirements
Get the work done	Plans, organises and sequences complex workload and activities Applies systematic, analytical processes when making decisions and monitors decision outcomes Uses problem-solving processes to identify and analyse issues with the potential to impact on organisational financial reporting, and to develop and implement options to resolve these issues Uses a range of digital technologies to access, extract and organise complex data

Range of Conditions

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSACC517 Provide management accounting information (Release 1)	FNSACC507 Provide management accounting information (Release 1)	Minor edits to performance criteria to clarify intent. Edits to knowledge evidence to better align with performance criteria.	Equivalent unit.

Links

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

Assessment Requirements for FNSACC517 Provide management accounting information

Modification History

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

Performance Evidence

Evidence of the ability to:

gather and record operating and cost data according to organisational policy and procedures

analyse data and assign costs to products, services and organisational units to comply with organisational procedures

obtain data and prepare a range of cost reports and budgets to meet management information requirements

analyse variances between budgeted and actual data, and review integrity of costing systems.

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

Knowledge Evidence

The candidate must be able to demonstrate the following knowledge to effectively complete the tasks outlined in the elements and performance criteria of this unit, and to manage tasks and reasonably foreseeable contingencies in the context of the work role.

Cost behaviour characteristics for different cost elements of a product or service

Key features of organisational policies and procedures as they apply to costing systems

Key requirements of management accounting information

Key principles and practices of budget preparation

Relationship between variance analysis and costing system integrity

Assessment Conditions

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

office equipment, technology, software and consumables required to prepare cost reports and budgets, including:

an integrated financial software system and data.

Assessors of this unit must satisfy the assessor requirements in applicable vocational education and training legislation, frameworks and/or standards.

Links

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

FNSACC601 Prepare and administer tax documentation for legal entities

Modification History

Release	Comments
Release 2	This version first released with FNS Financial Services Training Package Version 3.1. Update to pre-requisite unit code

Application

This unit describes the skills and knowledge required to identify taxation requirements for complex lodgements and returns for legal entities. It involves gathering, analysing and processing taxation related data to prepare tax documentation, and to review and apply compliance requirements.

It applies to individuals who use specialised knowledge and systematic approaches and who follow specific guidelines to ensure compliance requirements are met.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. This unit is designed to meet educational requirements of the Tax Practitioner Board (TPB). Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.

Pre-requisite Unit

FNSACC512	Prepare tax documentation for individuals

Unit Sector

Accounting

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 taxation requirements for complex lodgements and returns	1.1 Identify and confirm suitability of legal entities within client's organisational structure 1.2 Conduct research to identify updates or additions to compliance requirements relevant to client's circumstances, and establish recording and reporting requirements 1.3 Determine client's tax documentation preparation requirements
2. Gather and analyse data relevant to client’s tax position	2.1 Identify and collect client data relevant to tax documentation requirements 2.2 Analyse data to extract relevant tax information and identify any discrepancies requiring verification or research for resolution 2.3 Obtain advice and guidance from specialist to evaluate and moderate decision processes
3. Prepare and present tax documentation	3.1 Calculate client's tax obligations, in accordance with legislative requirements and information gathering practices 3.2 Prepare tax documentation to comply with relevant Australian Taxation Office (ATO), legislative and organisational recording and reporting requirements 3.3 Present and confirm documentation with clients to obtain client signature, authorisation and endorsement, ensuring legislative requirements are met
4. Lodge tax documentation	4.1 Submit relevant tax documentation to the ATO within established timelines 4.2 Advise client of current tax obligations and that any advice from taxation authorities is to be followed 4.3 Respond to tax office enquiries and meet taxation audit requirements, when applicable, in timely manner

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	1.1-1-3, 2.1, 2.2	Researches and critically analyses information from a range of sources to identify key aspects relevant to requirements
Writing	3.2, 3.3, 4.2, 4.3	Prepares a range of written texts to specifications using clear language and correct terminology and conventions appropriate for the audience and purpose
Oral Communication	2.3, 3.3, 4.2	Effectively participates in verbal exchanges using active listening and questioning techniques to elicit, clarify and confirm information with a range of personnel
Numeracy	3.1, 3.2	Performs calculations and uses a range of mathematical problem-solving techniques to analyse requirements and prepare reports
Navigate the world of work	1.2, 3.2, 3.3, 4.1, 4.3	Recognises and responds to relevant Acts, regulatory requirements, explicit and implicit protocols, policies and procedures, and meets expectations associated with own role Ensures currency of knowledge relating to legislation, regulations and policies applicable to taxation legislation and requirements
Interact with others	2.3, 3.3, 4.2	Selects and uses appropriate conventions and protocols when communicating with others to achieve specific outcomes
Get the work done	3.2, 4.1, 4.3	Takes responsibility for planning, sequencing and prioritising complex tasks and own workload for efficiency and effective outcomes Uses systematic analytical problem-solving processes in complex, routine and non-routine situations, gathering information and identifying and evaluating options against criteria Considers whether others should be involved in making decisions, using collaborative processes as part of the decision-making process, where appropriate Evaluates effectiveness of systems and processes to inform decisions on how to implement improvements Recognises and anticipates a range of problems, implementing contingency plans when appropriate Uses digitally based technologies and systems to assist in achieving required outcomes

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSACC601 Prepare and administer tax documentation for legal entities	FNSACC601B Prepare and administer compliant tax returns for legal entities	Updated to meet Standards for Training Packages Title updated Edits to clarify intent and update to meet industry requirements	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 for FNSACC601 Prepare and administer tax documentation for legal entities

Modification History

Release	Comments
Release 2	This version first released with FNS Financial Services Training Package Version 3.1. Update to pre-requisite unit code

Performance Evidence

Evidence of the ability to:

research and critically evaluate new or changed legislative requirements and apply where relevant to the preparation of the client's tax documentation

provide taxation advice to clients in line with individual requirements

identify legal entity tax data required to calculate taxable income

prepare tax documentation for legal entities that complies with:

Australian taxation law and Australian Taxation Office (ATO) rulings and lodgement schedules

accounting principles and practices

organisational policy and procedures

present tax documentation to the client for verification and approval.

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:

identify and explain ethical considerations and legislative requirements relevant to the preparation of tax documentation for legal entities, including:

conflict of interest

responsibilities of tax agents including Code of Professional Conduct obligations under the Tax Agent Services Act (TASA) and Tax Agent Services Regulations (TASR)

government tax policy documents issued by Reviews, Treasury and Board of Taxation

explanatory materials in relation to legislation

statutes

court and Administrative Appeals Tribunal decisions

Commissioner of Taxation's interpretive guidance in Rulings and Determinations

explain critical and key elements of Australian tax law as it relates to tax documentation for legal entities such as companies, trusts, partnerships and sole traders including:

the rules and principles of Australian tax law, with an understanding of the legal environment in which these principles operate, basics of the legal system, constitutional considerations and separation of powers

the key aspects of income tax law covering concepts of residence and source, related elements of international tax, assessable income, deductions, tax rebates and offsets, and tax accounting

the key aspects of taxes that extend the ordinary income tax base, including relevant principles and application of the capital gains tax (CGT) and fringe benefits tax (FBT) rules

goods and services tax (GST)

taxation aspects of superannuation law

administrative aspects of the taxes identified above including documentation, tax collection and withholding mechanisms, assessments, obligations, rulings, penalties and audits

specific and general anti-avoidance tax rules

describe the key sources of information and taxable transactions data required to calculate taxable income, including:

allowable deductions

capital gains

financial adjustments such as write-offs and revaluations

income

payments

purchases

superannuation payments

describe the key features of organisational policy and procedures relating to the preparation of tax documentation for legal entities

outline the key accounting principles and practices relevant to the preparation of tax documentation for the different types of legal entities.

Assessment Conditions

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

common office equipment, technology, software and consumables

an integrated financial software system and data.

Assessors must satisfy NVR/AQTF assessor requirements.

Note: The identification of the unit FNSACC502 Prepare tax documentation for individuals as a prerequisite does not require that it be certificated prior to this unit. This unit and its prerequisite may be delivered and assessed together.

This unit is designed to meet regulatory requirements of the Tax Practitioner Board (TPB). Where registration with the TPB is sought, assessment must reflect the conditions described by the regulator which stipulate that a significant amount (at least 40%) must be completed under some form of independent supervision. Where recognition of prior learning (RPL) is used, it must also meet the requirements of the Board’s policy on RPL.

Details of requirements can be accessed on the TPB website at: http://www.tpb.gov.au

Links

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

FNSACC602 Audit and report on financial systems and records

Modification History

Release	Comments
Release 2	This version first released with FNS Financial Services Training Package Version 3.1 Update to pre-requisite unit code

Application

This unit describes the skills and knowledge required to supervise an audit of financial systems and prepare the appropriate reports, including assessing options, identifying information sources, determining audit strategies, monitoring progress, reviewing data, verifying financial statements and determining appropriate reporting formats.

It applies to experienced individuals who use specialised knowledge and systematic approaches to analyse and evaluate financial information against specified criteria and compliance requirements.

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.

Pre-requisite Unit

FNSACC516	Implement and maintain internal control procedures

Unit Sector

Accounting

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. Assess options	1.1 Identify statutory requirements from assessment of terms of reference, and client objectives and obligations 1.2 Review and analyse client activities and procedures to establish familiarity with systems and guide selection of appropriate audit methodologies 1.3 Develop financial audit methodologies to identify significant features of audit and establish criteria for conducting audit in accordance with professional auditing standards
2. Identify information sources	2.1 Identify audit financial data sources from evaluation of organisation’s information systems 2.2 Create audit lines of enquiry to support audit objectives and reduce audit risk to acceptable level
3. Determine audit strategies	3.1 Establish client financial business characteristics from analysis of general economy, industry and client’s provided information 3.2 Assess client’s inherent financial risk through value chain risk analysis 3.3 Identify internal control procedures for financial transactions through discussion with client and established professional standards 3.4 Ensure audit methodologies use established sampling and selection techniques in manner consistent with internal control procedures and substantive testing
4. Schedule resources and timelines and monitor progress	4.1 Establish timeframes and allocate personnel to functions and tasks based on audit lines of enquiry 4.2 Review resource use regularly, and develop and monitor intermittent reports with resource allocation and timeframes adjusted through discussion and agreement with client and in accordance with professional accounting standards
5. Review data and verify statements	5.1 Identify significant strengths and weaknesses in controls and rank in accordance to audit objectives 5.2 Obtain and evaluate evidence on financial systems and controls under review using established testing procedures and in accordance with criteria identified in audit methodology 5.3 Test management assertions to achieve audit objectives 5.4 Gather sufficient appropriate audit evidence as basis for expert opinion 5.5 Verify financial statements as materially misstated or correct
6. Determine reporting formats	6.1 Identify and document financial operational functions, services and systems in accordance with standard formats 6.2 Ensure format is consistent with documentation requirements of auditor and professional auditing standards 6.3 Formulate and provide financial audit opinions, including recommendations, to client in established and acceptable format

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, 3.1, 3.3, 5.1- 5.3	Analyses and synthesises complex textual information to determine auditing requirements and parameters
Writing	1.3, 4.2, 5.1, 5.5, 6.1-6.3	Prepares logically constructed reports, using appropriate formats, supported by relevant evidence and recommendations Uses clear language, terminology and conventions to convey and clarify findings and recommendations
Oral Communication	3.3, 4.2, 6.3	Uses critical questioning and active listening techniques to elicit, clarify and convey information Uses tone, pace and concepts appropriate to the audience
Numeracy	2.1, 3.3, 3.4, 4.1, 5.1, 5.2, 5.4	Uses highly developed mathematical problem-solving strategies and techniques to analyse and evaluate financial data
Navigate the world of work	1.1, 1.3, 3.3, 5.1, 5.2, 6.1, 6.2	Recognises and responds to relevant Acts, regulatory requirements and explicit and implicit protocols, policies and procedures, and meets expectations associated with own role Ensures currency of knowledge relating to legislation, regulations and policies applicable to auditing legislation and professional requirements
Interact with others	3.3, 4.2, 6.3	Collaborates with others to achieve mutually agreeable outcomes while maintaining confidences and ethical practices
Get the work done	1.1-1.3, 2.1, 2.2, 3.2-3.4, 4.1, 4.2, 5.1-5.6, 6.3	Takes responsibility for planning, sequencing and prioritising complex tasks and own workload for efficiency and effective outcomes Plans and schedules work activities of others Uses systematic analytical problem-solving processes in complex, routine and non-routine situations, gathering information and identifying and evaluating options against criteria Evaluates the effectiveness of systems and processes to inform decisions on how to implement improvements Recognises and anticipates a range of problems, implementing contingency plans when appropriate Recognises opportunities to develop and apply new ideas Uses digitally based technologies and systems to assist in achieving required outcomes

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSACC602 Audit and report on financial systems and records	FNSACC602A Audit and report on financial systems and records	Updated to meet Standards for Training Packages	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 for FNSACC602 Audit and report on financial systems and records

Modification History

Release	Comments
Release 2	This version first released with FNS Financial Services Training Package Version 3.1. Updates to pre-requisite unit code

Performance Evidence

Evidence of the ability to:

assess client risk and determine financial audit strategy and methodology

schedule resources and timelines, and monitor progress

review data, verify financial statements and determine reporting formats that comply with:

organisational financial internal control policy and procedures

relevant legislative requirements and professional standards.

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:

identify and explain the key features of current financial legislation and statutory requirements relating to internal control, taxable transactions and reporting requirements

identify and explain the key features of current, relevant professional accounting standards

outline the duties and responsibilities of auditors

discuss professional standards and ethical considerations for management and handling of files and records

identify and explain the key principles of:

auditing

internal control

compare and contrast testing procedures and methods of enquiry.

Assessment Conditions

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

common office equipment, technology, software and consumables

an integrated financial software system and data.

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

FNSACC603 Implement tax plans and evaluate tax obligations

Modification History

Release	Comments
Release 2	This version first released with FNS Financial Services Training Package Version 3.1 Update to pre-requisite unit code

Application

This unit describes the skills and knowledge required to assess taxation liabilities, optimise tax positions, establish processes and plans, evaluate tax policies and review tax compliance for legal entities.

It applies to experienced individuals who use analytical and problem-solving skills to prepare plans and strategic advice for clients.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. This unit is designed to meet educational requirements of the Tax Practitioner Board (TPB). Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.

Pre-requisite Unit

FNSACC512	Prepare tax documentation for individuals

Unit Sector

Accounting

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. Assess legal entity's tax obligations	1.1 Quantify history and trends of legal entity's tax obligations arising from its historical taxable transactions, using standard accounting techniques 1.2 Analyse data from current transactions to resolve discrepancies and ambiguities and confirm suitability of legal entity 1.3 Conduct research to identify updates or additions to compliance requirements relevant to maximising client's benefit and establish recording and reporting requirements 1.4 Identify legal entity's tax obligations by analysing data on taxable transactions 1.5 Schedule payments of tax obligations by applying methods of determinations and tax bases
2. Develop tax plans	2.1 Assess implications of schedule on tax entity's operations and structure 2.2 Develop financial management strategies to ensure alignment of cash flow with incidence and schedules of tax obligations 2.3 Develop management process and record-keeping systems to implement financial management strategies and ensure maintenance of audit trail 2.4 Document management processes that include application of compliance requirements 2.5 Estimate future taxation obligations from income and expenditure forecasts using standard accounting techniques
3. Evaluate and advise on tax plan	3.1 Prepare budgets in accordance with income and expenditure forecasts, and periodically review to ensure accuracy of tax obligation estimates 3.2 Analyse variances between actual tax obligations and tax plan to identify errors or adjustment required to financial management strategies or management process 3.3 Monitor and evaluate performance of tax plans and advise accordingly 3.4 Monitor and review tax documentation to ensure it complies with legislative and professional requirements 3.5 Analyse evidence of non-compliance to diagnose origin and develop resolution

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	1.2, 1.3	Accesses and critically analyses complex information from a range of sources to identify key aspects relevant to requirements Carefully checks data and information for accuracy, completeness and reliability
Writing	2.4, 3.3	Prepares logically structured written documentation for a range of purposes and audiences using clear language and correct terminology and conventions
Oral communication	3.3	Effectively participates in verbal exchanges using active listening and questioning techniques to elicit, clarify and confirm information
Numeracy	1.1, 1.2, 1.4, 1.5, 2.2, 2.5, 3.1, 3.2	Performs complex calculations and uses a range of mathematical problem-solving techniques to analyse trends, benchmarks and performance indicators
Navigate the world of work	2.3, 2.4, 3.2, 3.4, 3.5	Recognises and responds to relevant Acts, regulatory requirements, explicit and implicit protocols, policies and procedures, and meets expectations associated with own role Ensures currency of knowledge relating to legislation, regulations and policies applicable to taxation legislation and professional requirements
Get the work done	1.5, 2.1-2.3, 3.1-3.5	Takes responsibility for planning, sequencing and prioritising complex tasks and own workload for efficiency and effective outcomes Uses systematic analytical problem-solving processes in complex, routine and non-routine situations, gathering information and identifying and evaluating options against criteria Evaluates effectiveness of systems and processes to inform decisions on how to implement improvements Recognises and anticipates a range of problems, implementing contingency plans when appropriate Uses a range of digitally based technologies to access, extract and share relevant information to achieve required outcomes

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSACC603 Implement tax plans and evaluate tax obligations	FNSACC603A Implement tax plans and evaluate tax compliance	Updated to meet Standards for Training Packages Updated title Editing and reordering of elements and performance criteria to clarify and update to industry requirements	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 for FNSACC603 Implement tax plans and evaluate tax obligations

Modification History

Release	Comments
Release 2	This version first released with FNS Financial Services Training Package Version 3.1 Update to pre-requisite unit code

Performance Evidence

Evidence of the ability to:

research and critically evaluate new or changed legislative requirements and apply where relevant to the preparation of the client's tax documentation

identify legal entity's tax data required to calculate taxable income

provide taxation advice to clients in line with individual requirements

prepare tax documentation and tax plans for legal entities that comply with:

Australian taxation law and Australian Taxation Office (ATO) rulings and lodgement schedules

accounting principles and practices

tax entity's organisational policy and procedures

evaluate tax plan for compliance with legislative requirements.

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:

identify and explain ethical considerations and legislative requirements relevant to the preparation of tax documentation for legal entities, including:

conflict of interest

responsibilities of tax agents including Code of Professional Conduct obligations under the Tax Agent Services Act (TASA) and Tax Agent Services Regulations (TASR)

government tax policy documents issued by Reviews, Treasury and Board of Taxation

explanatory materials in relation to legislation

statutes

court and Administrative Appeals Tribunal decisions

Commissioner of Taxation's interpretive guidance in Rulings and Determinations

explain critical and key elements of Australian taxation law as it relates to tax documentation for legal entities such as companies, trusts, partnerships and sole traders including:

the rules and principles of Australian tax law, with an understanding of the legal environment in which these principles operate, basics of the legal system, constitutional considerations and separation of powers

the key aspects of income tax law covering concepts of residence and source, related elements of international tax, assessable income, deductions, tax rebates and offsets, and tax accounting

the key aspects of taxes that extend the ordinary income tax base, including relevant principles and application of the capital gains tax (CGT) and fringe benefits tax (FBT) rules

goods and services tax (GST)

taxation aspects of superannuation law

administrative aspects of the taxes identified above including documentation, tax collection and withholding mechanisms, assessments, obligations, rulings, penalties and audits

specific and general anti-avoidance tax rules

describe the key sources of information and taxable transactions data required to calculate taxable income, including:

allowable deductions

capital gains

financial adjustments such as write-offs and revaluations

income

payments

purchases

superannuation payments

describe the key features of organisational policy and procedures relating to the preparation of tax documentation for legal entities

outline the key accounting principles and practices relevant to preparation of tax documentation for the different types of legal entities

discuss ethical considerations for the preparation of returns, including the Code of Professional Conduct's disclosure and confidentiality requirements

outline financial management strategies used to optimise tax position.

Assessment Conditions

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

common office equipment, technology, software and consumables

an integrated financial software system and data.

Assessors must satisfy NVR/AQTF assessor requirements.

Note: The identification of the unit FNSACC502 Prepare tax documentation for individuals as a prerequisite does not require that it be certificated prior to this unit. This unit and its prerequisite may be delivered and assessed together.

This unit is designed to meet regulatory requirements of the Tax Practitioner Board (TPB). Where registration with the TPB is sought, assessment must reflect the conditions described by the regulator, which stipulate that a significant amount (at least 40%) must be completed under some form of independent supervision. Where recognition of prior learning (RPL) is used, it must also meet the requirements of the Board’s policy on RPL.

Details of requirements can be accessed on the TPB website at: http://www.tpb.gov.au

Links

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

FNSACC605 Implement organisational improvement programs

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 review current organisational improvement programs, contribute to strategic development, develop options for improvement and establish systems to support changes in resources management.

It applies to experienced individuals who use systematic approaches and problem-solving skills to evaluate operational effectiveness and implement change.

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

Accounting

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. Review programs	1.1 Compare program costs and estimates with budget allocations and financial projections 1.2 Analyse impact of revenue, cost and operational changes on program, together with project completion costs plus program objectives and estimate using standard financial analysis and resource management techniques 1.3 Evaluate program outcomes and performance against objectives to identify variations, contingencies and scope for review and development 1.4 Assess financing options, including costs, timeframes and expected returns, against program goals and objectives
2. Contribute to strategic development	2.1 Develop long-term financial objectives and resource management objectives to support organisational goals and aims 2.2 Identify trends and environmental factors through consultation and use of standard financial analysis and resource management techniques 2.3 Make realistic assessments of financial and resource management implications of external influencing factors on future objectives and present position 2.4 Evaluate organisational strengths and weaknesses against external relationships and environmental factors
3. Develop options for improvement	3.1 Identify causes of variations in projected organisational outcomes, and develop and implement appropriate contingency plans to minimise losses 3.2 Regularly review organisational plans to encompass changes to operational environment and assess factors influencing achievement of objectives 3.3 Identify and evaluate improvement options against organisational weaknesses
4. Establish systems to support change	4.1 Ensure strategic reviews monitor program allocations, including analysis of resource management needs, information technology needs and management processes 4.2 Monitor expenditure and revenue items to ensure compliance with budget and variations identified 4.3 Systematically communicate aims and goals of identified changes to staff and personnel using recognised communication processes and techniques 4.4 Ensure information on changes is readily available, and develop procedures and guidelines to promote absorption of changes into organisational practices

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	1.1-1.4, 4.2	Critically analyses complex documentation including relevant organisational policy and strategies to identify and consolidate relevant information
Writing	2.1, 2.2, 3.1, 4.3, 4.4	Uses clear language, concepts and terminology to effectively produce a range of written documentation that matches style of writing to the audience and purpose
Oral Communication	2.2, 4.3	Participates effectively in verbal exchanges using active listening and questioning to elicit, convey and clarify information with a wide range of personnel
Numeracy	1.1-1.4, 2.2, 2.3	Access and accurately interprets financial and numerical information embedded in a range of texts and tasks Performs calculations and uses mathematical problem-solving techniques to analyse, compare and evaluate financial data
Navigate the world of work	2.1, 2.2, 3.1, 4.1, 4.4	Ensures currency of knowledge relating to legislation, regulations and policies applicable to resource management and professional requirements Develops, implements and reviews strategies to ensure organisational policy, procedures and regulatory requirements are met
Interact with others	2.2, 4.3	Uses collaborative techniques to engage personnel in consultations and negotiations Uses appropriate conventions and protocols when communicating with personnel about changes to systems
Get the work done	1.1-1.4, 2.2-2.4, 3.1-3.3, 4.1-4.4	Takes responsibility for planning, sequencing and prioritising complex tasks and own workload for efficiency and effective outcomes Develops plans for complex activities with strategic implications for the organisation Uses systematic analytical problem-solving processes in complex, routine and non-routine situations, gathering information and identifying and evaluating options against criteria Evaluates effectiveness of systems and processes to inform decisions on how to implement improvements Recognises and anticipates a range of problems, implementing contingency plans when appropriate Uses digital technologies to access, extract and share relevant information to achieve required outcomes

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSACC605 Implement organisational improvement programs	FNSACC605A Implement organisational improvement programs	Updated to meet Standards for Training Packages	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 for FNSACC605 Implement organisational improvement programs

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:

review programs using standard financial analysis management techniques

contribute to strategic development through development or implementation of strategic plans

develop and document options for improvement

establish systems to support and communicate change.

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:

discuss issues of organisational compliance with legislation

identify and explain the key features of financial legislation relevant to taxable transactions and reporting requirements

compare and contrast financial planning and analysis techniques

outline the key features of recording and information management systems

identify the key principles of:

cost–benefit analysis

internal control, including statutory requirements

resource management.

Assessment Conditions

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

common office equipment, technology, software and consumables

organisational policy and procedures documentation and operational data.

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

FNSACC606 Conduct internal audit

Modification History

Release	Comments
Release 2	This version first released with FNS Financial Services Training Package Version 3.1 Update to pre-requisite unit code

Application

This unit describes the skills and knowledge required to evaluate information systems and assess an organisation’s risks as part of an internal audit process.

It applies to individuals who use specialised knowledge, analytical skills and systematic approaches to evaluate and improve organisational systems and compliance requirements.

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.

Pre-requisite Unit

FNSACC516	Implement and maintain internal control procedures

Unit Sector

Accounting

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. Evaluate information systems	1.1 Evaluate system specifications against user requirements and feedback to identify redundancies and constraints, and capacities of information technology 1.2 Identify hardware and software needs from assessment of available products and services 1.3 Evaluate possible uses and handling of accounting data in consultation with users to determine security requirements 1.4 Analyse organisational procedures and policy to evaluate scope of strategies for risk management, internal control of expenditure and compliance with statutory requirements 1.5 Monitor and record enquiries regarding use of systems to ensure ongoing evaluation
2. Develop implementation plans	2.1 Review internal control systems to determine any implementation issues that impact on organisational processes 2.2 Analyse strengths and weaknesses of organisational processes, including present and future capacities, and incorporate in implementation plan 2.3 Design implementation to cover outcomes, resource use, costs, and achievement and maintenance of professional accounting standards 2.4 Establish schedules that are realistic and feasible in context of organisation’s short-term and long-term objectives
3. Review resource use	3.1 Monitor sources of data input to identify influences and variations in returns and costs 3.2 Monitor estimates of stock levels and review to ensure appropriate stocking and ordering of materials and inventory items 3.3 Compare records of resource use with unit cost estimates to evaluate projected costs 3.4 Analyse factors influencing resource use in future to assess impact on operations and objectives
4. Monitor plans	4.1 Adjust implementation to take account of emerging external influences and establishment of alternative targets 4.2 Monitor and control costs of plans by evaluating net benefits to operations from allocation of resources 4.3 Adjust internal control systems to ensure maintenance and achievement of accounting standards

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, 1.4, 2.1, 2.2, 3.1, 3.2	Accesses and evaluates complex information and documentation from a range of sources to determine requirements
Writing	1.3, 1.5, 2.2, 2.4	Produces reports and plans that sequence and structure information logically Uses a writing style and concepts appropriate for the audience and purpose
Oral Communication	1.3	Effectively engages others in verbal exchanges using active listening and questioning to elicit, clarify and convey information
Numeracy	3.1-3.3, 4.2	Accurately identifies and analyses financial and numerical information embedded in a range of texts and tasks Performs mathematical calculations to check the accuracy and completeness of numerical and financial data, with a focus on identifying errors and discrepancies
Navigate the world of work	1.4, 2.1, 2.3, 4.3	Develops, implements and reviews strategies to ensure organisational policy, procedures and regulatory requirements are met
Get the work done	1.1-1.5, 2.1- 2.4, 3.1-3.4, 4.1-4.2	Takes responsibility for planning, sequencing and prioritising complex tasks and own workload for efficiency and effective outcomes Develops plans to introduce new systems and processes with strategic implications for the organisation Uses systematic analytical problem-solving processes in complex, routine and non-routine situations, gathering information and identifying and evaluating options against criteria Evaluates the effectiveness of systems and processes to inform decisions on how to implement improvements Recognises and anticipates a range of problems, implementing contingency plans when appropriate Uses digital technologies to access, extract and share relevant information to achieve required outcomes Actively identifies systems, devices and applications with potential to meet needs, including consideration of data security

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSACC606 Conduct internal audit	FNSACC606A Conduct internal audit	Updated to meet Standards for Training Packages	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 for FNSACC606 Conduct internal audit

Modification History

Release	Comments
Release 2	This version first released with FNS Financial Services Training Package Version 3.1 Update to pre-requisite unit code

Performance Evidence

Evidence of the ability to:

conduct internal audit that complies with organisational policy and procedures, and includes:

use of professional accounting standards to identify strengths and weaknesses

assessment of internal control systems

evaluation of information systems

review of resources

development and monitoring of implementation plans.

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:

outline the key considerations when reviewing system requirements and specifications

compare and contrast recording and information management systems and software applicable to financial recording

explain the key principles of internal control, including statutory requirements

outline the key features of risk management strategies

discuss ethical considerations for records and file management

identify and explain the key features of relevant financial legislation relating to taxable transactions and reporting requirements.

Assessment Conditions

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

common office equipment, technology, software and consumables

an integrated financial software system and data.

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

FNSACC607 Evaluate business performance

Modification History

Release	Comments
Release 2	This version first released with FNS Financial Services Training Package Version 3.1 Update to pre-requisite unit code

Application

This unit describes the skills and knowledge required to analyse trends in an organisation’s business operations, develop performance indicators and identify options for improvement.

It applies to experienced individuals who use specialised knowledge and skills to evaluate complex information and make recommendations relevant to strategic organisational activity.

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.

Pre-requisite Unit

FNSACC511	Provide financial and business performance information

Unit Sector

Accounting

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. Analyse trends in performance	1.1 Gather and analyse data relating to program and organisational performance using standard accounting techniques to identify past, current and future performance 1.2 Research variations from targets and divergences from trends, and evaluate to determine margins of error and any repeating patterns 1.3 Assess trends in performance in terms of organisational short-term and long-term objectives
2. Develop performance indicators	2.1 Develop performance indicators that link organisational processes, resource use and organisational objectives to environmental factors 2.2 Develop performance indicators using processes that are planned, inclusive and realistic within available timeframes and resources 2.3 Regularly review components of performance indicators for relevance against performance trends and organisational capacities
3. Identify options for improvement	3.1 Identify, minimise or eliminate factors inhibiting performance and review organisational programs to include factors that promote performance in line with available resources 3.2 Ensure value is added through use of standard financial management techniques such as capital budgeting 3.3 Develop and implement communication strategies to facilitate extension of improvement options in line with operational goals and needs

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, 2.3	Analyses, evaluates, consolidates and manages information from a range of sources to determine requirements
Writing	1.1, 2.1, 2.2, 3.3	Uses clear language, concepts and terminology to effectively produce a range of written documentation appropriate to the audience and purpose
Oral Communication	3.3	Participates in verbal exchanges using clear language and questioning and active listening to convey and confirm information
Numeracy	1.1-1.3, 2.1-2.3, 3.2	Performs mathematical calculations and uses a range of mathematical problem-solving techniques to analyse trends and to estimate and forecast financial data
Navigate the world of work	1.1, 1.3, 2.1, 3.3	Takes a lead role in monitoring the achievement of organisational goals and objectives to plan and implement improvements
Interact with others	3.3	Develops and uses appropriate conventions and protocols to communicate changes to personnel
Get the work done	1.1-1.3, 2.1-2.3, 3.1-3.3	Takes responsibility for planning, sequencing, scheduling and monitoring complex tasks and own workload for efficiency and effective outcomes Develops plans for complex activities with strategic implications for the organisation Uses systematic analytical problem-solving processes in complex, routine and non-routine situations, gathering information and identifying and evaluating options against criteria Uses digital technologies to access and extract relevant information to achieve required outcomes

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSACC607 Evaluate business performance	FNSACC607A Evaluate business performance	Updated to meet Standards for Training Packages Prerequisite updated	No 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 for FNSACC607 Evaluate business performance

Modification History

Release	Comments
Release 2	This version first released with FNS Financial Services Training Package Version 3.1 Update to pre-requisite unit code

Performance Evidence

Evidence of the ability to:

analyse trends in business performance using standard accounting techniques

develop performance indicators and identify options for improvement

monitor performance indicators and document options for improvement

establish organisational objectives, policy and procedures.

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:

discuss ethical considerations relating to conflict of interest, confidentiality and disclosure requirements

identify the key principles and methods of:

valuation

capital budgeting analysis and investment analysis

cost –benefit analysis and use of performance ratios or comparison techniques.

Assessment Conditions

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

common office equipment, technology, software and consumables

corporate governance documentation

organisational operational policy and procedures information.

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

FNSACC608 Evaluate organisation's financial performance

Modification History

Release	Comments
Release 2	This version first released with FNS Financial Services Training Package Version 3.1 Update to pre-requisite unit code

Application

This unit describes the skills and knowledge required to evaluate returns to operations, determine short-term and long-term needs, and evaluate an organisation’s financial position and performance.

It applies to experienced individuals who use specialised knowledge and skills to evaluate complex financial information and make recommendations relevant to strategic organisational activity.

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.

Pre-requisite Unit

FNSACC511	Provide financial and business performance information

Unit Sector

Accounting

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. Evaluate returns to operations	1.1 Trend cash flow and profitability patterns to identify current position and expected returns from investments and projected operations 1.2 Disaggregate averaged returns to assess strengths and weaknesses in organisational performance 1.3 Evaluate investment returns against risk, profit and capital budget requirements
2. Determine short-term and long-term needs	2.1 Identify resources required by organisation to meet short-term and long-term obligations, and cost using standard financial analysis techniques 2.2 Establish and review financial priorities based on reported performance and identified trends, organisational objectives and expected returns to operations and investments 2.3 Review financial options and conduct analysis of range of possible assets and liabilities to optimise capital mix to support operations and trading need 2.4 Evaluate and document organisational policy and procedures for expenditures and investments to ensure relevance to changing personnel profiles 2.5 Analyse debt to equity targets in terms of organisation’s expected performance and establish in line with organisational objectives using standard accounting techniques
3. Review performance	3.1 Ensure forecasts made are justifiable given observed trends, information, events and assumptions, with standard errors calculated to produce levels of accuracy suitable for planning purposes 3.2 Regularly review forecasts in line with actual performance and alternative sources of information 3.3 Assess risk strategies for long-term viability and harmonise with short-term goals and obligations

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	2.2-2.4	Accesses, analyses and synthesises key information from complex sources to evaluate financial performance
Writing	2.2, 2.4, 3.1	Prepares forecasts, financial options and clear written advice using logical structure, correct terminology and writing style that matches the audience and intended purpose
Numeracy	1.1-1.3, 2.1-2.3, 2.5, 3.1, 3.2	Performs mathematical calculations and uses a range of mathematical problem-solving techniques to analyse trends and to estimate and forecast financial data
Navigate the world of work	2.1-2.5, 3.1	Takes a lead role in evaluating performance against the achievement of organisational goals and objectives, taking into account legal or regulatory obligations
Get the work done	1.1-1.3, 2.1- 2.5, 3.2-3.3	Takes responsibility for planning, sequencing, scheduling and monitoring complex tasks and own workload to achieve organisational goals and objectives Uses systematic analytical problem-solving processes in complex, routine and non-routine situations, gathering information and identifying and evaluating options against criteria Uses digital technologies to access, enter and extract relevant information to achieve required outcomes

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSACC608 Evaluate organisation’s financial performance	FNSACC608A Evaluate organisation’s financial performance	Updated to meet Standards for Training Packages Prerequisite updated	No 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 for FNSACC608 Evaluate organisation's financial performance

Modification History

Release	Comments
Release 2	This version first released with FNS Financial Services Training Package Version 3.1 Update to pre-requisite unit code

Performance Evidence

Evidence of the ability to:

evaluate returns to operations using standard financial analysis and accounting techniques, and following organisational policy and procedures

determine long-term and short-term organisational needs

review and monitor financial performance across an organisation

assess risk strategies and make recommendations regarding financial performance.

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:

discuss techniques for developing long-term and short-term plans, and determining financial priorities

explain the purpose and key features of standard financial analysis techniques and business review processes

explain the role of audits in evaluating financial performance

discuss ethical considerations in evaluating financial performance

identify and explain the key features of financial legislation relating to the evaluation of financial performance

identify and explain the key principles of:

cash flow and budgetary control

cost–benefit analysis and use of forecasting techniques

internal control, including statutory requirements

outline the key features of organisational structures and lines of management authority

discuss strategies for risk identification and management.

Assessment Conditions

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

common office equipment, technology, software and consumables

an integrated financial software system and/or data.

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

FNSACC609 Evaluate financial risk

Modification History

Release	Comments
Release 2	This version first released with FNS Financial Services Training Package Version 3.1. Update to pre-requisite unit code

Application

This unit describes the skills and knowledge required to assess financial risk and exposure, analyse financial histories and establish processes to minimise risks associated with an organisation’s cash flow or assets and securities.

It applies to experienced individuals with specialised knowledge who use well-developed analytical skills and systematic approaches to manage and mitigate risk in their area of responsibility.

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.

Pre-requisite Unit

FNSACC511	Provide financial and business performance information

Unit Sector

Accounting

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. Assess financial risk exposure	1.1 Identify and measure magnitude and volatility of organisational risks to determine extent of risk exposure and implications for financial strategies 1.2 Identify key factors supporting or driving risk exposure and establish timeframes to monitor and improve performance 1.3 Compare short-term and long-term financial outcomes and projections with actual cash flows using standard financial analysis techniques to determine effects on liquidity and budget adjustments
2. Develop risk management processes	2.1 Ensure risk management options include assessments of alternatives, criteria for success and estimates of long-term and short-term effects 2.2 Identify and evaluate key ethical, legislative and organisational considerations for risk management options 2.3 Develop strategies using standard financial analysis techniques to identify financial flows, trends in returns and adjustments in asset values 2.4 Establish financial recording systems to monitor and evaluate changes in market conditions and business needs using range of data sources 2.5 Develop risk management strategies that optimise mix of asset structures and liabilities in operations and ensure flexibility to meet changing environments
3. Analyse financial histories	3.1 Evaluate financial performance using trends and patterns that identify magnitude and volatility of financial exposures 3.2 Compare long-term and short-term financial outcomes with forecast outcomes to assess variances and parameters in performance and reliability of financial advice 3.3 Identify and analyse incidents and factors increasing or diminishing financial performance using standard financial analysis techniques
4. Establish processes to minimise risks	4.1 Develop and review recording systems to monitor financial outcomes and to guide and document decision making 4.2 Maintain and establish inventories to ensure up-to-date records on value of assets and liabilities 4.3 Assess contribution of organisational attitudes to risk taking and incorporate in risk analysis process 4.4 Develop, review and communicate parameters for variances in financial outcomes to support financial decision making

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, 2.2, 3.1, 3.2	Uses highly developed research skills and critically analyses complex financial information
Writing	2.3, 2.4, 4.2, 4.4	Prepares written analyses and forecasts that clearly explain relationships between data and advice
Oral Communication	4.4	Participates effectively in verbal exchanges using active listening and questioning to gauge organisational attitudes and obtain feedback on proposed options
Numeracy	1.1, 1.3, 2.3, 2.4, 3.1-3.3, 4.1, 4.4	Performs mathematical calculations and uses a range of mathematical problem-solving techniques to analyse trends and forecast financial data
Navigate the world of work	2.2	Recognises and responds to relevant ethical, legislative and organisational requirements in managing risk and meets expectations associated with own role
Get the work done	1.1-1.3, 2.1-2.4, 3.1-3.3, 4.1-4.4	Plans and sequences complex activities, and correctly schedules risk and financial performance monitoring and reporting Plans and implements new systems and processes with strategic implications for the organisation Uses systematic analytical problem-solving processes in complex, routine and non-routine situations, gathering information and identifying and evaluating options against criteria Evaluates effectiveness of systems and processes to inform decisions on how to implement improvements Creates tools and systems to enhance the decision-making process Uses digital technologies to access, organise and analyse complex data

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSACC609 Evaluate financial risk	FNSACC609A Evaluate financial risk	Updated to meet Standards for Training Packages Minor edits to clarify intent of element Prerequisite updated	No 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 for FNSACC609 Evaluate financial risk

Modification History

Release	Comments
Release 2	This version first released with FNS Financial Services Training Package Version 3.1 Update to pre-requisite unit code

Performance Evidence

Evidence of the ability to:

apply standard financial analysis techniques and knowledge of an organisation’s attitude to risk to identify and assess financial risk

develop risk management processes that comply with relevant ethical, legislative and organisational requirements

establish processes to minimise risks based on analysis of financial histories.

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:

identify and discuss the key ethical considerations for compliance

explain the key features of financial legislation relevant to financial risk and compliance

compare and contrast methods of storing, recording and updating financial information and data

explain the key principles of:

internal control, including statutory reporting

risk management and budgetary control

explain organisational structures and lines of management authority.

Assessment Conditions

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

common office equipment, technology, software and consumables

an integrated financial software system and data.

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

FNSACC610 Develop and implement financial strategies

Modification History

Release	Comments
Release 2	This version first released with FNS Financial Services Training Package Version 3.1. Update to pre-requisite unit code

Application

This unit describes the skills and knowledge required to review financial and organisational data, determine and implement strategic options and long-term plans, and evaluate outcomes for the optimisation of financial outcomes for an organisation.

It applies to experienced individuals who use specialised knowledge and skills to evaluate complex information and make recommendations relevant to strategic organisational activity.

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.

Pre-requisite Unit

FNSACC511	Provide financial and business performance information

Unit Sector

Accounting

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. Review data	1.1 Analyse costs of and returns from assets and liabilities using standard accounting techniques to identify extent of debt and equity financing 1.2 Use data to identify costs of different forms of capital to organisation 1.3 Standardise asset and liability estimates and valuation criteria, and regularly adjust in line with changes to environmental factors
2. Determine options	2.1 Establish long-term and short-term periods for organisation by reference to strategic goals, cash flow requirements and operational objectives 2.2 Identify long-term financing requirements and cost in line with organisation’s expected revenue returns, cash flows and asset base 2.3 Research sources of financing and evaluate to determine compatibility with organisation’s finance strategy 2.4 Identify and examine investment analysis and financial planning requirements
3. Implement strategies	3.1 Structure financial plans to meet strategic goals and provide returns within long-term and short-term operational objectives 3.2 Develop short-term and long-term objectives for organisation’s capital structure in line with operational and strategic plans 3.3 Establish internal control procedures in consultation with stakeholders to support implementation and to meet possible emergencies with portfolio management techniques applied
4. Evaluate outcomes	4.1 Monitor interrelationships between long-term and short-term objectives to ensure consistency of returns between operational and investment plans 4.2 Assess costs and returns to determine ongoing viability of strategy 4.3 Regularly review tax efficiency of financial strategy to maintain optimal returns from assets

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, 2.1-2.4	Classifies and critically analyses complex written financial texts to identify key information for requirements
Writing	3.1-3.3	Prepares clearly written and logically structured analyses and plans that outline and justify proposed recommendations
Oral Communication	3.3	Participates effectively in verbal exchanges using active listening and questioning to consult with key personnel and refine key organisational information
Numeracy	1.1-1.3, 2.1, 2.2	Performs mathematical calculations and uses a range of mathematical problem-solving techniques and tools to critically analyse, estimate and forecast financial data
Navigate the world of work	2.1-2.3, 3.1, 3.2, 4.1	Recognises and responds to organisational guidelines, strategies, goals and operational objectives and meets expectations associated with own role Researches information to build knowledge required to fulfil own role
Get the work done	1.1-1.3, 2.1-2.4, 3.1-3.3, 4.1-4.3	Plans and sequences complex activities and correctly schedules financial performance monitoring and reporting Plans and implements new systems and processes with strategic implications for the organisation Uses systematic analytical problem-solving processes in complex, routine and non-routine situations, gathering information and identifying and evaluating options against criteria Evaluates effectiveness of strategies to inform decisions on whether improvements are required Uses digital technologies to access, organise and analyse complex data

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSACC610 Develop and implement financial strategies	FNSACC610A Develop and implement financial strategies	Updated to meet Standards for Training Packages Prerequisite updated	No 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 for FNSACC610 Develop and implement financial strategies

Modification History

Release	Comments
Release 2	This version first released with FNS Financial Services Training Package Version 3.1. Update to pre-requisite unit code

Performance Evidence

Evidence of the ability to:

review and analyse financial data using:

standard accounting techniques

knowledge of internal control procedures

organisational strategic goals

range of environmental factors

determine viable financial options and implement appropriate strategies

monitor and evaluate outcomes of implemented strategies.

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 types and sources of data and information used to analyse financial strategies

compare and contrast methods of:

financial evaluation

storing, recording and updating financial information

identify and explain the key principles of:

cost–benefit analysis and forecasting techniques

internal control, including statutory requirements

risk management and budgetary control

explain organisational structures and lines of management authority.

Assessment Conditions

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

common office equipment, technology, software and consumables

an integrated financial software system and data.

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

FNSACC611 Implement an insolvency program

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 evaluate options, establish timelines and objectives, and monitor progress and plans for business insolvency.

It applies to individuals who use specialised knowledge and skills to analyse complex financial situations and implement recommended options.

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

Accounting

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. Evaluate options for insolvency	1.1 Identify, locate and secure assets and liabilities to be included in insolvency 1.2 Interpret insolvency plans to determine operational decisions in consultation with stakeholders 1.3 Estimate potential returns from realisation of assets from assessment of market values, and fees and expenses 1.4 Identify, evaluate and resolve claims of creditors using agreed criteria and standard accounting practices 1.5 Make decisions regarding insolvency using agreed criteria
2. Establish timelines and objectives	2.1 Develop and confirm milestones for completion of project tasks as part of insolvency plan 2.2 Develop implementation schedules with defined target dates and communicate to stakeholders 2.3 Allocate operational liaison and reporting responsibilities to ensure completion of tasks
3. Monitor progress	3.1 Identify, acquire and validate data relevant to insolvency program 3.2 Analyse outcomes of insolvency plan and document in accordance with established forms of insolvency administration, statutory requirements and codes of conduct 3.3 Support day-to-day administration of program through liaison and regular reporting 3.4 Assess delays in implementation and develop and negotiate solutions 3.5 Ensure recommendations to clients are clear, concrete and based on reasoned examination of data

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
Learning	1.1, 3.2, 3.5	Analyses information to build own knowledge and personal competence relating to best practice in relevant area
Reading	1.1, 1.2, 1.4, 3.1	Interprets and analyses complex written information and financial data to make recommendations and justify decisions
Writing	1.2, 2.1, 2.2, 3.2-3.5	Prepares logically structured plans and reports that clearly and concisely explain complex relationships between relevant information, financial data and recommendations
Oral Communication	1.2, 2.2, 3.3-3.5	Uses collaborative techniques, including active listening and questioning, to elicit, convey and clarify information with a range of personnel
Numeracy	1.3, 1.4, 3.2	Performs mathematical calculations and uses a range of mathematical problem-solving techniques to analyse, estimate and forecast financial data
Navigate the world of work	1.4, 1.5, 2.3, 3.3, 3.5	Monitors adherence to legal and regulatory requirements, and recommends and implements changes to policies, procedures or processes where these are deemed necessary
Interact with others	1.2, 2.2, 3.3-3.5	Collaborates with others to achieve mutually agreeable outcomes while maintaining confidences and ethical practices
Get the work done	1.1-1.5, 2.1-2.3, 3.1, 3.3	Organises, plans and sequences own workload and schedules insolvency activity monitoring and reporting Uses problem-solving processes to identify insolvency planning issues that have the potential to impact on organisations and to develop options to resolve these issues when they arise Applies systematic and analytical decision-making processes in situations that impact on the work of self and others Uses a range of digital technologies to access, extract and share relevant information using integrated financial systems

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSACC611 Implement an insolvency program	FNSACC611A Implement an insolvency program	Updated to meet Standards for Training Packages	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 for FNSACC611 Implement an insolvency program

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:

analyse relevant financial data and evaluate potential insolvency options that comply with statutory requirements

establish timelines and objectives for an insolvency plan

monitor progress and adjust plan as required.

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:

explain the key features of comprehensive practices and principles of insolvency administration

identify and describe depreciation methods allowed by tax authorities

outline the key duties and responsibilities of insolvency administrators and liquidators

identify and discuss the key ethical considerations for the handling of financial insolvency such as:

conflict of interest

confidentiality

disclosure requirements

identify and describe the forms and functions of employee records

identify and explain the key features of legislation relating to insolvency management, covering the following:

corporations

taxation assessment

workplace relations

privacy

consumer and competition

identify and explain the key principles and practices of double-entry bookkeeping and accrual accounting in budgetary control

explain the valuation and processes for asset disposal.

Assessment Conditions

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

common office equipment, technology, software and consumables

an integrated financial software system and data.

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

FNSACC612 Implement reconstruction plan

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 manage plans for the reestablishment of business operations by establishing timelines and objectives, monitoring progress and planning for disaster.

It applies to individuals who use specialised knowledge and have well-developed problem-solving and organisational skills to develop options and implement strategies for clients.

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

Accounting

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. Evaluate options for reconstruction	1.1 Identify, locate and secure assets and liabilities to be included in reconstruction plan 1.2 Analyse organisation’s comparative market position to identify advantages and disadvantages of operations 1.3 Ensure sources of financing are tax efficient and that optimal balances are achieved between minimising costs of servicing, financing and maintaining liquidity 1.4 Establish and assess short-term and long-term financial obligations for organisation against client objectives and expectations 1.5 Establish reconstruction milestones in consultation with stakeholders to identify significant deviations from expected returns 1.6 Identify relevant legislative and regulatory requirements impacting on insolvency and reconstruction options
2. Establish timelines and objectives	2.1 Allocate operational liaison and reporting responsibilities to appropriate personnel to ensure completion of tasks 2.2 Develop implementation schedules with defined target dates, and communicate and confirm with stakeholders 2.3 Develop, modify and agree on performance indicators for completion of projects in planning process
3. Monitor progress	3.1 Identify, acquire and validate operational data relevant to reconstruction plan 3.2 Support day-to-day administration of program by liaison and regular reporting 3.3 Assess delays and bottlenecks in implementation, and develop and negotiate solutions 3.4 Analyse and document results of progress in accordance with plan
4. Plan for disaster	4.1 Confirm triggers for implementation arrangements with stakeholders and communicate to relevant personnel 4.2 Establish and document contingency plans in line with operational performance indicators

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, 3.4, 4.1	Accesses and interprets complex documentation from a range of sources to identify key information
Writing	2.2, 2.3, 3.2-3.4, 4.1, 4.2	Prepares logically structured and sequenced plans and schedules using clear language, concepts and terminology appropriate for the purpose
Oral Communication	1.4, 1.5, 2.2, 3.2, 3.3, 4.1	Conveys information using clear language and concepts, and tone and pace appropriate for the audience and purpose Participates effectively in verbal exchanges using active listening and questioning to confirm options and actions with a range of stakeholders
Numeracy	1.1-1.3, 3.1	Performs mathematical calculations and uses a range of mathematical problem-solving techniques to analyse, estimate and forecast financial data
Navigate the world of work	1.6, 4.1, 4.2	Monitors adherence to legal and regulatory requirements and recommends changes to policies, procedures or processes where these are deemed necessary
Interact with others	1.4, 1.5, 2.1, 2.2, 3.2, 3.3, 4.1	Identifies and uses appropriate conventions and protocols when communicating with colleagues and external stakeholders Collaborates and negotiates with others to achieve joint outcomes, playing an active role in facilitating consensus
Get the work done	1.1-1.5, 2.1, 2.3, 3.1-3.4, 4.1, 4.2	Plans, sequences and implements complex activities and correctly schedules reconstruction activity monitoring and reporting Uses systematic analytical problem-solving processes in complex, routine and non-routine situations, gathering information and identifying and evaluating options against criteria Uses digital technologies to access, organise and analyse complex data

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSACC612 Implement reconstruction plan	FNSACC612A Implement reconstruction plan	Updated to meet Standards for Training Packages Edits to clarify regulatory requirements	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 for FNSACC612 Implement reconstruction plan

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:

analyse asset and liability classification to evaluate options for reconstruction that comply with relevant legislation and regulatory requirements

establish reconstruction timelines and objectives, and monitor progress

develop contingency plans that include plans for disaster.

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:

identify and explain the key principles of legislation as they relate to insolvency management covering:

trade practices and corporation law

taxation assessment

workplace relations

consumer and competition

privacy legislation

explain the application of depreciation methods allowed by tax authorities

compare and contrast the duties and responsibilities of:

administrators and liquidators

auditors

discuss ethical considerations for the handling of financial reconstruction

identify and explain the key principles of valuation and processes for asset disposal.

Assessment Conditions

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

common office equipment, technology, software and consumables

an integrated financial software system and data.

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

FNSACC613 Prepare and analyse management accounting information

Modification History

Release	Comments
Release 2	This version first released with FNS Financial Services Training Package Version 3.1. Update to pre-requisite unit code

Application

This unit describes the skills and knowledge required to gather, record and analyse operating costs and data, prepare cost reports and budgets, and calculate the costs of products, services and other organisational activities.

It applies to individuals who use specialised knowledge and techniques to consolidate and report on complex information and make recommendations relating to strategic organisational activity.

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.

Pre-requisite Unit

FNSACC517	Provide management accounting information

Unit Sector

Accounting

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. Gather and record operating and cost data	1.1 Establish systems to generate operating and cost data, and determine cost and operating standards 1.2 Systematically code, classify and check data for accuracy and reliability in accordance with organisational policy and procedures
2. Analyse data and assign costs	2.1 Analyse costs to identify cost behaviour characteristics 2.2 Assign costs to specified cost objects, and reconcile data to ensure calculations are accurate and comply with organisational procedures 2.3 Ensure interpretation of revenues and costs is supported by valid analysis and is consistent with organisation’s objectives
3. Prepare cost reports and budgets	3.1 Obtain cost information and relevant advice from all sections of organisation when formulating reports and budgets 3.2 Ensure structure and format of reports and budgets are clear, comprehensive and comply with management information requirements
4. Analyse cost reports and budgets, and review costing system integrity	4.1 Calculate variances against budget and standards, and prioritise for review and decision making 4.2 Interpret and discuss variances against budget in consultation with relevant personnel in organisation 4.3 Assess outcomes from variance reviews to make recommendations for further actions where required, including revisions to cost and activity standards 4.4 Review cost and process information for value adding and non-value adding activities, and make recommendations for further actions 4.5 Assess cost reports and budgets on specified products, services, projects, organisational units, customers, market segments and other cost objects against organisation’s objectives, and make recommendations for further actions 4.6 Use comprehensive variance analysis to review effectiveness of cost assignment processes

Foundation Skills

Skill	Performance Criteria	Description
Reading	1.2, 2.1, 3.1-3.3, 4.2-4.4	Critically analyses complex information to identify, classify and compare key aspects required for reports and recommendations Proofreads and checks for accuracy and completeness of data and information
Writing	1.1, 1.2, 3.1, 3.2, 4.2-4.6	Prepares logically structured and sequenced reports that use clear language, concepts and terminology, and justify proposed recommendations
Oral Communication	3.1, 4.2	Participates in verbal exchanges using active listening and questioning to elicit, convey and clarify information with a range of personnel
Numeracy	1.1, 1.2, 2.1-2.3, 4.1-4.6	Performs mathematical calculations and uses a range of mathematical analysis techniques to consolidate and compare financial data
Navigate the world of work	1.2, 2.2, 2.3, 3.2, 4.4	Recognises and follows relevant organisational policy, procedures and objectives
Interact with others	3.1, 4.2-4.5	Selects and uses appropriate conventions and protocols when communicating with colleagues Uses collaborative techniques to liaise with others and elicit and share information
Get the work done	1.1, 1.2, 2.1-2.3, 3.1-3.2, 4.1-4.6	Takes responsibility for planning, sequencing and prioritising complex tasks and own workload for efficiency and effective outcomes Plans and implements new systems and processes with strategic implications for the organisation Uses systematic analytical problem-solving processes in complex, routine and non-routine situations, gathering information and identifying and evaluating options against criteria Evaluates effectiveness of systems and processes to inform decisions on whether improvements are required Uses digital technologies to access, organise and analyse complex data

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSACC613 Prepare and analyse management accounting information	FNSACC613A Prepare and analyse management accounting information	Updated to meet Standards for Training Packages Rewritten and ordered performance criteria to clarify intent of elements	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 for FNSACC613 Prepare and analyse management accounting information

Modification History

Release	Comments
Release 2	This version first released with FNS Financial Services Training Package Version 3.1. Update to pre-requisite unit code

Performance Evidence

Evidence of the of the ability to:

gather and record operating and cost data in accordance with organisational policy and procedures

determine cost and operating standards for a costing system

analyse data and assign costs to comply with organisational procedures

prepare a range of cost reports and budgets to meet management information requirements

analyse variances against budget and standards

recommend changes to cost and activity standards

recommend further actions required resulting from review process

review integrity of costing systems.

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:

identify and describe cost behaviour characteristics for the different cost elements of a product or service

describe the principles of double-entry bookkeeping and accrual-based accounting

identify and discuss the key features of organisational policy and procedures as they apply to costing systems

identify and explain the key principles and practices of budget preparation

discuss the relationship between variance analysis and costing system integrity

explain the key processes and procedures for recording and securely storing data.

Assessment Conditions

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

common office equipment, technology, software and consumables

an integrated financial software system and data.

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

FNSACC614 Prepare complex corporate financial reports

Modification History

Release	Comments
Release 2	This version first released with FNS Financial Services Training Package Version 3.1. Update to pre-requisite unit code

Application

This unit describes the skills and knowledge required to compile and analyse financial data, identify appropriate reporting requirements, and develop and prepare complex financial reports for reporting entities.

It applies to individuals who use specialised knowledge and systematic approaches to construct detailed reports following specific guidelines and compliance requirements.

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.

Pre-requisite Unit

FNSACC514	Prepare financial reports for corporate entities

Unit Sector

Accounting

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. Compile data	1.1 Obtain, systematically code and classify data, and check for accuracy and reliability in accordance with organisational policy, procedures and accounting standards 1.2 Use conversion and consolidation procedures to compile data in accordance with organisational policy and procedures 1.3 Identify and record valuations in compliance with relevant accounting standards and effects of taxation
2. Identify appropriate reporting entities	2.1 Identify partially owned subsidiaries and controlled entities 2.2 Identify joint ventures and other entities to be included in reports 2.3 Identify and apply appropriate accounting treatments for reporting entities
3. Prepare reports	3.1 Ensure structure and format of reports that may include charts, diagrams and supporting data are clear and conform to statutory and other regulatory requirements and organisational procedures 3.2 Ensure statements and data are accurate, comprehensive and comply with statutory and other regulatory requirements and organisational procedures 3.3 Prepare reports in accordance with corporation law, accounting standards, securities exchange listing requirements and Generally Accepted Accounting Principles (GAAP), and comply with disclosure requirements
4. Analyse reports	4.1 Identify significant issues in statements, including comparative financial performances 4.2 Report implications of analysis to appropriate levels of management and external bodies

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, 1.3, 2.1-2.3, 3.2, 4.1	Accesses, classifies and critically analyses complex information to identify key aspects required to prepare reports Proofreads and checks for accuracy and completeness of data and information
Writing	1.2, 1.3, 3.2, 3.3, 4.1, 4.2	Prepares logically structured written and graphical information in required formats that outline key analyses and recommendations Uses clear language, terminology and concepts appropriate for the audience and purpose to convey information
Oral Communication	3.1, 3.3, 4.2	Presents and reports information verbally to a range of personnel using clear language and terminology, and concepts appropriate for the audience
Numeracy	1.1-1.3, 2.3, 3.1-3.3, 4.1	Performs mathematical calculations and uses a range of analysis techniques to consolidate, compare, validate and forecast financial data
Navigate the world of work	1.1-1.3, 3.1-3.3	Recognises and follows relevant standards, regulatory requirements and organisational procedures, and meets expectations associated with own role Sources information required to develop knowledge and understanding relevant to work role
Interact with others	4.2	Selects and uses appropriate conventions and protocols when communicating with internal and external stakeholders
Get the work done	1.1-1.3, 3.1-3.3, 4.1, 4.2	Plans, sequences and implements complex activities and correctly schedules activity reporting Uses systematic analytical problem-solving processes in complex, routine and non-routine situations, gathering information and identifying and evaluating options against criteria Uses digital technologies to access, organise and analyse complex data

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSACC614 Prepare complex corporate financial reports	FNSACC614A Prepare complex corporate financial reports	Updated to meet Standards for Training Packages	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 for FNSACC614 Prepare complex corporate financial reports

Modification History

Release	Comments
Release 2	This version first released with FNS Financial Services Training Package Version 3.1. Update to pre-requisite unit code

Performance Evidence

Evidence of the ability to:

compile, analyse and validate complex financial data

prepare complex corporate reports for reporting entities that comply with:

organisational policy and procedures

statutory requirements

accounting standards.

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:

identify appropriate key reporting entities and their main purposes and roles

outline the key types and sources of data required for complex financial reports

outline the key features of integrated accounting computerised systems

identify and explain the key features of business taxation requirements

discuss ethical considerations relating to conflict of interest, confidentiality and disclosure requirements

explain the key features of financial legislation and statutory requirements relating to delegated authorities, disclosure requirements, reporting periods and taxation payment timings

compare and contrast methods of presenting financial data

explain options, methods and practices for deductions, benefits and depreciations

identify and explain the key features of organisational guidelines and procedures

identify and explain the key principles of double-entry bookkeeping and accrual accounting

identify and discuss issues relevant to business legal requirements.

Assessment Conditions

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

common office equipment, technology, software and consumables

an integrated financial software system and data.

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

FNSACC624 Monitor corporate governance activities

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 research corporate governance reporting trends, examine corporate governance standards and practices, and review compliance to develop and implement processes and procedures for meeting corporate governance obligations.

It applies to individuals who use current and specialised knowledge and analytical skills to provide advice on organisational processes to meet compliance and management requirements.

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.

Pre-requisite Unit

Competency Field

Unit Sector

Accounting

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. Establish corporate governance standards and practices	1.1 Monitor organisation’s application of and compliance with professional and legal accounting standards to identify emerging trends and interpretations of statutory and other regulatory requirements 1.2 Research audit reports and practices to assess methodologies and recommendations
2. Identify corporate governance reporting trends	2.1 Analyse organisational practices to identify corporate governance obligations and performance 2.2 Examine queries from statutory and other regulatory authorities for corporate governance failure to assess change effects on internal control procedures 2.3 Assess content and structure of reports, returns and processes to evaluate efficacy of policies being followed by organisation
3. Determine processes for corporate governance compliance	3.1 Analyse and monitor internal control procedures to determine performance indicators for compliance with corporate governance requirements 3.2 Evaluate information technology systems to determine their use and suitability for recording data from operations and transactions for corporate governance obligations 3.3 Establish management processes to support corporate governance 3.4 Establish reporting plans to ensure completion of compliance requirements within agreed timeframes
4. Review corporate governance compliance	4.1 Assess achievement of performance indicators and determine sources of variance against established performance targets 4.2 Monitor compliance preparation processes and review in line with corporate governance requirements 4.3 Analyse failures in compliance to diagnose shortcomings and to improve processes, in line with corporate governance requirements

Foundation Skills

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

Skill	Description
Reading	Accesses and critically analyses complex documentation, including corporate governance legislation, to identify key information relevant to requirements
Writing	Produces a range of written documentation, matching style of writing to audience and purpose Uses clear language, and correct terminology, grammar and spelling to convey meaning
Numeracy	Analyses financial and numerical information embedded in a range of texts and tasks to evaluate requirements
Navigate the world of work	Ensures currency of knowledge relating to legislation, regulations and policies applicable to governance and professional requirements Takes full responsibility for following policies, procedures and legislative requirements and identifies organisational implications of changes to legislation and regulations
Interacts with others	Consults with personnel on internal procedures using questioning and active listening to elicit, convey and clarify information
Get the work done	Plans, organises, implements and reviews systems and processes to manage compliance with legislative and regulatory requirements Takes responsibility for planning, sequencing and prioritising complex tasks and own workload for efficiency and effective outcomes Uses systematic analytical problem-solving processes in complex routine and non-routine situations, gathering information and identifying and evaluating options against criteria Evaluates the effectiveness of systems and processes to inform decisions on how to implement improvements Identifies and anticipates a range of problems, implementing contingency plans when appropriate Identifies opportunities to develop and apply new ideas Uses a range of digital technologies to access, extract and share information to achieve required outcomes

Range of Conditions

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSACC624 Monitor corporate governance activities (Release 1)	FNSACC604 Monitor corporate governance activities (Release 1)	Edits to performance criteria to clarify intent. Expanded performance evidence.	Equivalent unit.

Links

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

Assessment Requirements for FNSACC624 Monitor corporate governance activities

Modification History

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

Performance Evidence

Evidence of the ability to:

research corporate governance reporting trends and apply research to organisational practices

determine processes for monitoring corporate governance compliance

examine and review corporate governance standards and practices following:

professional accounting standards

organisational policies and procedures

statutory and regulatory requirements.

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

Knowledge Evidence

The candidate must be able to demonstrate the following knowledge to effectively complete the tasks outlined in the elements and performance criteria of this unit, and to manage tasks and reasonably foreseeable contingencies in the context of the work role.

Key features of documentation required to monitor corporate governance activities, including:

authority regulations and requirements

current financial legislative, statutory and regulatory requirements

Current formats required for submission of statutory returns

Ethical considerations relating to compliance and governance

Key management processes that support corporate governance

Forms and functions of employee records

Key principles of:

internal control

valuation and common methods of depreciation

Significance of performance indicators and key result areas to monitoring corporate governance activities

Assessment Conditions

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

office equipment, technology, software and consumables required to monitor corporate governance activities, including:

access to the internet

an integrated financial software system and data

corporate governance documentation and organisational operational policies and procedures.

Assessors of this unit must satisfy the assessor requirements in applicable vocational education and training legislation, frameworks and/or standards.

Links

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

FNSACM301 Administer financial accounts

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 correctly allocate payments, reconcile accounts and maintain customer details.

It applies to individuals who may work as part of a finance or accounting team in organisations.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Account 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. Allocate customer payments	1.1 Allocate payments correctly to appropriate customer accounts and bank receipts according to organisational policy and procedures 1.2 Serve customers promptly and complete and process documentation quickly and accurately to maximise customer satisfaction
2. Reconcile accounts	2.1 Respond to customer billing or account queries and apply billing adjustments accurately, if required 2.2 Respond to customer complaints promptly in accordance with organisational policy
3. Maintain customer details	3.1 Maintain accurate and up-to-date details on customer account files 3.2 Check sources of customer details for reliability and verify where necessary

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, 2.1, 2.2, 3.1, 3.2	Interprets and analyses textual information to gather detailed information and confirm requirements
Writing	1.1, 1.2, 2.1, 2.2, 3.1	Records key information relevant to requirements using basic punctuation, text and correct spelling
Oral Communication	1.2, 2.1, 2.2, 3.2	Uses listening and questioning techniques to confirm understanding of requirements Uses clear, specific and culturally sensitive language to convey information
Numeracy	1.1, 2.1, 3.1	Accesses and checks numerical information embedded in a range of texts
Navigate the world of work	1.1, 2.2	Recognises and follows organisational protocols, policy and procedures relevant to own role
Interact with others	1.2, 2.2, 3.2	Follows accepted communication practices and protocols, adjusting personal communication style in response to the values, beliefs and cultural expectations of different customers
Get the work done	1.1, 1.2, 2.1, 2.2, 3.1, 3.2	Plans, organises and implements tasks according to organisational requirements Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSACM301 Administer financial accounts	FNSACM301A Administer financial accounts	Updated to meet Standards for Training Packages	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 for FNSACM301 Administer financial accounts

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:

validate account details and verify customer information

allocate and reconcile customer payments accurately following organisational procedures

serve customers promptly and efficiently, including handling complaints and responding to billing and account queries

maintain accurate customer details

accurately use data entry and recording systems.

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:

outline basic financial transaction processes and procedures

identify the relevant organisational policy and procedures on account management

identify key legislative requirements covered in organisational policy and procedures relating to administering financial accounts

describe how to handle customer queries and complaints following organisational procedures

identify workplace health and safety (WHS) requirements relating to data entry and administrative work undertaken.

Assessment Conditions

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

common office equipment, technology, software and consumables

an integrated financial software system and data.

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

FNSACM302 Prepare, match and process receipts

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 when processing and storing accounts documentation.

It applies to individuals who may be required to work as part of a finance or accounting team.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Account 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. Receive, identify and record receipts	1.1 Check receipts against remittance documentation in accordance with established procedures 1.2 Record and allocate receipts accurately in accordance with organisational policy and procedures 1.3 Complete batching in accordance with organisational systems and operating procedures, and advise relevant departments of total daily receipts
2. Match receipts to documentation	2.1 Check and match receipts to documentation accurately and promptly, and maintain documentation securely to protect interests of all parties to transaction 2.2 Note unmatched receipts for follow up or referral in accordance with organisational, industry and legislative requirements
3. Enter data to systems	3.1 Record and allocate receipts to appropriate chart of accounts in timely and accurate manner in accordance with organisational policy and procedures 3.2 Match receipts accurately to system debit, and promptly identify data and allocation discrepancies for follow up 3.3 Seek advice on source of and solution to discrepancies, where necessary, to solve outstanding problems 3.4 Update related systems, complete reconciliations and resolve discrepancies between general ledger and sub-systems
4. File documentation	4.1 File documentation promptly in accordance with organisational policy and procedures 4.2 File documentation in location that is accessible and easily traceable

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, 2.2, 3.1, 3.2, 3.4	Interprets and analyses information to confirm accuracy and determine required actions
Writing	1.2, 2.2, 3.1, 3.2, 3.3	Records information accurately in accordance with requirements
Oral Communication	1.3, 2.2, 3.3	Uses clear, specific and culturally sensitive language to convey information Uses listening and questioning techniques to confirm understanding of requirements
Numeracy	1.1, 2.1, 3.1, 3.2, 3.4	Performs mathematical calculations to check accuracy and completeness, and reconcile numerical and financial data Makes estimates relating to timeframes Uses numerically based coding system
Navigate the world of work	1.1-1.3, 2.1, 2.2, 3.1, 4.1	Recognises and follows organisational protocols, policy and procedures relevant to own role
Interact with others	3.3	Follows accepted organisational practices and protocols for communicating information or seeking advice
Get the work done	1.1-1.3, 2.1, 2.2, 3.1-3.4, 4.1, 4.2	Plans, organises and implements tasks according to organisational requirements Follows structured processes to make routine decisions relevant to own role Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSACM302 Prepare, match and process receipts	FNSACM302A Prepare, match and process receipts	Updated to meet Standards for Training Packages Minor edits 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 for FNSACM302 Prepare, match and process receipts

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:

check, batch and match receipts accurately to relevant documentation following organisational policy and procedures for processing receipts

follow up discrepancies with appropriate personnel to solve outstanding issues

enter data into the organisational systems and correctly file documentation.

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:

identify the key requirements of legislation relevant to payment systems

outline organisational policy and procedures relating to receipting payments

identify possible areas of discrepancy when processing receipts.

Assessment Conditions

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

common office equipment, technology, software and consumables

an integrated financial software system and data.

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

FNSACM303 Process payment documentation

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 when processing payment facilities.

It applies to individuals who may work under supervision but have responsibility in ensuring the prompt and accurate processing of customer requests.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Account 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. Enter data to system	1.1 Enter data into systems without error and within time requirements in accordance with organisational policy and procedures 1.2 Allocate data to correct systems and accounts, and update related systems 1.3 Maintain system controls to ensure integrity and security of customer and payee database
2. Create payment facility	2.1 Process payment facility accurately in accordance with organisational policy and procedures 2.2 Maintain documentation in secure manner to protect privacy and interests of all parties
3. Verify payments against documentation	3.1 Confirm payment authorisation, with information on payment facility matching approved documentation 3.2 Identify discrepancies and follow up promptly
4. Effect payments	4.1 Make payments within agreed credit arrangements in accordance with organisational policy and procedures, and industry and legislative requirements 4.2 Ensure payment instruments are signed in accordance with relevant authority levels, and related systems updated promptly to ensure that integrity of accounting systems is maintained 4.3 Cancel or note primary documentation associated with payment to ensure multiple payments are not made
5. File documentation	5.1 File documentation promptly in accordance with organisational policy and procedures 5.2 File documentation in location that is accessible and easily traceable

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	2.1, 3.1, 3.2, 4.2	Interprets and analyses information from a range of sources to confirm accuracy and determine required actions
Writing	1.1, 1.2, 3.2, 4.2	Uses clear and specialised language to accurately document requirements and outcomes
Oral Communication	3.2, 4.2	Uses appropriate vocabulary to provide or gather information Uses questioning and active listening to confirm requirements
Numeracy	1.1, 3.2	Makes estimates relating to timeframes Performs mathematical calculations to check accuracy of data
Navigate the world of work	1.1, 1.3, 2.1, 2.2, 4.1, 4.2, 5.1	Recognises and follows organisational protocols, policy and procedures, and industry and legislative requirements, relevant to own role
Get the work done	1.1-1.3, 2.1, 2.2, 3.1, 3.2, 4.1-4.3, 5.1, 5.2	Plans, organises and implements tasks according to organisational requirements Follows structured processes to make routine decisions relevant to own role Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSACM303 Process payment documentation	FNSACM303A Process payment documentation	Updated to meet Standards for Training Packages	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 for FNSACM303 Process payment documentation

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:

accurately enter data in organisational systems

create payment facilities and verify payments against documentation

make payments following organisational procedures and legislative requirements

file documents accurately and promptly in the correct location.

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:

identify the key requirements of legislation and industry codes of practice relevant to payment systems

describe organisational policy and procedures relating to processing payment documentation

describe organisational system controls used in processing payments.

Assessment Conditions

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

common office equipment, technology, software and consumables

an integrated financial software system and data.

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

FNSACM401 Evaluate and authorise payment requests

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 verify the validity and accuracy of payment requests, prepare payment documentation and authorise payments.

It applies to individuals who may work under limited supervision and hold responsibility in ensuring that controls are adhered to when processing financial transactions.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Account 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. Verify validity and accuracy of payment request	1.1 Match payment requests with order or other supporting information to ensure validity of payment and comply with internal control requirements 1.2 Check supporting documentation to ensure it is correct and complete, confirm authorisation of request and follow up any discrepancies without delay 1.3 Obtain confirmation of goods or services supply where required to validate request for payment
2. Prepare payment documentation	2.1 Match payments with invoice or other relevant documentation, and code and allocate payments to correct accounts 2.2 Complete documentation in accordance with organisational policy and procedures
3. Authorise payment	3.1 Check all payments are authorised accurately and according to organisational policy and procedures 3.2 Ensure funds are not released prior to authorisation of payment in accordance with organisational procedures 3.3 Confirm authorisation of payment from delegated authority following relevant organisational policy and procedures, and industry and legislative requirements

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	1.1-1.3, 2.1, 3.1, 3.2	Interprets and analyses information from a range of sources to confirm accuracy, identify key elements and determine required actions
Writing	1.3, 2.1, 2.2	Uses clear and specialised language to accurately document requirements and outcomes
Oral Communication	1.1-1.3, 3.1, 3.2	Uses active listening, questioning and summarising skills to effectively identify and confirm requirements
Numeracy	1.2, 2.1, 3.3	Performs mathematical calculations and comparisons to check accuracy and completeness, and reconcile numerical and financial data Uses numerically based coding system
Navigate the world of work	1.1, 2.2, 3.1-3.3	Recognises and follows organisational protocols, policy and procedures, and industry and legislative requirements, relevant to own role
Get the work done	1.1-1.3, 2.1, 2.2, 3.1-3.3	Plans, organises and implements tasks according to organisational requirements Follows structured processes to make required decisions to determine payment status and handle discrepancies Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSACM401 Evaluate and authorise payment requests	FNSACM401A Evaluate and authorise payment requests	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 for FNSACM401 Evaluate and authorise payment requests

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:

verify and validate the accuracy of payment requests and accurately prepare payment documentation

check and authorise payment requests following organisational policy and procedures, and legislative requirements

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:

identify the key requirements of legislation and industry codes of practice relevant to payment systems

describe organisational procedures for evaluating and authorising payment requests

describe the types of payment requests and associated documentation handled by the organisation

describe how payments are coded and allocated in the organisational system.

Assessment Conditions

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

common office equipment, technology, software and consumables

an integrated financial software system and data.

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

FNSASIC301 Establish client relationship and analyse needs

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 interpret and comply with industry regulations and codes of practice when considering the characteristics of financial products and services for individual client needs.

It applies to individuals with excellent communication skills who are authorised as Australian Securities and Investments Commission (ASIC) registered Australian financial services licence (AFSL) holders to provide advice on deposit products, non-cash payment facilities and general insurance products at Tier 2 level.

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

ASIC units

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. Establish relationship with client	1.1 Use range of communication and interpersonal skills to establish knowledge level of client 1.2 Respond to enquiries in relation to products and services by explaining range available and associated fee and charging schedule 1.3 Inform client of role of adviser and licensee or principal responsible for adviser’s conduct, including procedures for complaints handling and circumstances in which they should be engaged
2. Identify client objectives, needs and financial situation	2.1 Employ range of communication and interpersonal skills to gather client personal, financial and business details 2.2 Identify client’s needs and product risk profile by encouraging expression of objectives and short-term, medium-term and long-term goals as relevant to product 2.3 Establish and confirm client expectations of cash flow and relevant taxation obligations
3. Analyse client objectives, needs, financial situation and risk profile	3.1 Undertake assessment of client’s needs, using all information gathered and taking into account client’s product expectations and specific needs 3.2 Consult client throughout analysis for further clarification where necessary 3.3 Analyse need for specialist advice and refer client to appropriate adviser for higher level or specialist advice if required 3.4 Complete product risk profile of client that demonstrates correct application of ASIC generic and specialist knowledge relevant to products being offered

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	3.1	Recognises and interprets information from relevant sources to safeguard client needs
Writing	1.1-1.3, 2.1-2.3, 3.1-3.4	Uses clear, specific and industry related terminology to complete and update workplace documentation
Oral Communication	1.1-1.3, 2.1-2.3, 3.1-3.4	Elicits the view and opinions of others by listening and questioning Clearly articulates requirements using language appropriate to the audience and environment, and participates in a verbal exchange of ideas and solutions
Numeracy	1.2	Interprets financial product information and analyses numerical data within spreadsheets and databases
Navigate the world of work	1.2, 1.3, 3.4	Takes responsibility for providing effective advisory services that comply with legislative, regulatory and organisational requirements
Interact with others	1.1, 2.1, 2.2	Selects and uses appropriate conventions and protocols to build rapport with clients to elicit and provide relevant information Adapts personal communication style to show respect for the values, beliefs and cultural expectations of others
Get the work done	2.1-2.3, 3.1, 3.3, 3.4	Takes responsibility for the sequence and priority of tasks within own workload to achieve effective outcomes Uses analytical thinking and organisational techniques to assess relevant and key information that informs critical and non-critical decisions about client needs, risk profile and the potential need for input from others Uses familiar digital tools and systems to complete job tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSASIC301 Establish client relationship and analyse needs	FNSASIC301C Establish client relationship and analyse needs	Updated to meet Standards for Training Packages	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 for FNSASIC301 Establish client relationship and analyse needs

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:

work effectively with clients to collect relevant personal and/or business information that will enable identification of their objectives, needs, expectations, financial situation and risk profile

interpret and comply with relevant industry regulations and codes of practice requirements that relate to the provision of financial product advice

analyse client information and assess client risk profile to determine the characteristics of financial products and services relevant to client needs.

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 satisfy the knowledge requirements relevant to the products and activities in which advice is given.

For general insurance, deposit products and non-cash payments and relevant first home saver account products the individual must:

explain the legal environment including disclosure and compliance covering:

role of the representative or adviser

relevant legal principles including the Corporations Act, Financial Services Reform Act (FSRA), Competition and Consumer Act, Insurance Contracts Act and Australian Securities and Investments Commission (ASIC) Act

the relationship between ethics and regulatory requirements including good faith, utmost good faith, full disclosure of remuneration and fees, and any other conflicts of interest which may influence the adviser’s recommendation

name relevant industry codes of practice and conduct

identify complaints resolution procedures (internal and external)

outline relevant ASIC regulatory guidelines.

For general insurance the individual must:

summarise the characteristics and participants of Australian insurance markets and the roles played by intermediaries, and identify insurance products including:

definition of an insurance product

conditions, exclusions and level of coverage of risk transfer products

types of insurance products

pricing of risk products

identify taxation issues relating to insurance products

explain advisory functions including:

role of the representative, broker or adviser

participants in the insurance advisory services market

range of services provided

profile and financial information of the client

appropriateness of a risk assessment

summarise the specific product knowledge for the general insurance products in which advice is given including:

standard cover (and deviations)

policy wordings

taxes and charges

insurance claims

premium rating and risk selection

reporting

product development

underwriting.

For deposit products and non-cash payment facilities the individual must:

name the types of deposit products and non-cash payment products

summarise the product characteristics.

For first home saver accounts the individual must:

name the types of first home saver account products including the range of accounts, associated risks and alternative products

summarise the product characteristics – eligibility and withdrawal, and government conditions

explain the taxation issues relating to first home saver accounts.

Assessment Conditions

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

office equipment, technology, software and consumables

financial services product information.

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

FNSASIC302 Develop, present and negotiate client solutions

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 provide advice on deposit products, non-cash payment facilities and general insurance products

It applies to individuals with excellent communication skills who are authorised as Australian Securities and Investments Commission (ASIC) registered Australian financial services licence (AFSL) holders to provide advice about products and services at ASIC Tier 2 level.

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

ASIC units

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. Develop appropriate strategies and solutions	1.1 Determine appropriate strategy to provide for identified needs and outcomes by analysing products and client risk profile, and conducting assessment of client needs 1.2 Conduct relevant research, analysis and product modelling, and draft appropriate solution, plan, policy or transaction for presentation to client demonstrating understanding of ASIC identified generic and specialist knowledge relevant to products being offered
2. Present appropriate strategies and solutions to client	2.1 Explain and discuss proposed transaction with client in clear and unambiguous way, demonstrating product knowledge appropriate for service or product offered 2.2 Ensure that relevant details, terms and conditions of product or service are reinforced to client with impacts and possible risks of solution disclosed in clear and concise manner 2.3 Provide client with written supporting documentation and guide client through key aspects of documentation
3. Negotiate financial plan, policy or transaction with client	3.1 Discuss and clarify any concerns or issues client has regarding proposed plan, policy or transaction 3.2 Seek confirmation to ensure that client understands proposed plan, policy or transaction
4. Coordinate implementation of agreed plan, policy or transaction	4.1 Gain client’s formal agreement to proposed plan, policy or transaction 4.2 Clearly explain and confirm that client understands associated fees, cost structures and timeframes for execution and processing
5. Complete and maintain necessary documentation	5.1 Ensure that proposal and all other statutory and transactional documents are completed and signed off by client 5.2 Confirm that signed agreement and all copies of appropriate documentation are exchanged
6. Provide ongoing service where requested by client	6.1 Ensure that type and form of ongoing service, including reporting on performance and review of plan, policy or transaction, is understood by client 6.2 Clearly explain fees and costs for any ongoing and specifically defined services and ensure client understands these expenses 6.3 Provide ongoing services as required

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	1.2	Recognises and analyses information from relevant sources to safeguard client needs and ensure currency of product and service
Writing	1.1, 1.2, 2.3, 3.2, 4.2, 5.1, 5.2, 6.1-6.3	Uses clear, specific and industry related terminology to complete and update workplace documentation
Oral Communication	2.1-2.3, 3.1, 3.2, 4.2, 5.2, 6.1-6.3	Clearly articulates requirements using language appropriate to the audience and environment Confirms the understanding of others through active listening and questioning
Numeracy	4.2, 6.2	Interprets and uses financial product information and analyses numerical data within spreadsheets and database
Navigate the world of work	1.2 , 5.1	Develops knowledge of legislation and regulations relevant to current role Takes responsibility for providing advisory services and documentation that comply with legal and organisational requirements
Interact with others	2.1-2.3, 4.1, 4.2, 6.1, 6.2	Selects and uses appropriate conventions and protocols when communicating with clients to build rapport, seek or share information, negotiate agreement and maintain service relationship Adapts personal communication style to show respect for the values, beliefs and cultural expectations of others
Get the work done	1.1, 1.2, 2.3, 5.1, 5.2, 6.3	Takes responsibility for the sequence and priority of tasks within own workload to achieve effective and compliant outcomes for all stakeholders Uses analytical processes to determine appropriate solutions that meet client needs Uses familiar digital tools and systems to complete job tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSASIC302 Develop, present and negotiate client solutions	FNSASIC302C Develop, present and negotiate client solutions	Updated to meet Standards for Training Packages	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 for FNSASIC302 Develop, present and negotiate client solutions

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:

interpret and comply with industry regulations and codes of practice including, for insurance products, the required approval or authority to accept the transfer of risk

explain the characteristics, benefits and impacts of financial products and services to clients

present appropriate financial products and services to clients and successfully negotiate a plan, policy or transaction.

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 satisfy the knowledge requirements relevant to the products and activities in which advice is given.

For general insurance, deposit products and non-cash payments and relevant first home saver account products the individual must:

explain the legal environment including disclosure and compliance covering:

role of the representative or adviser

relevant legal principles including the Corporations Act, Financial Services Reform Act (FSRA), Competition and Consumer Act, Insurance Contracts Act and Australian Securities and Investments Commission (ASIC) Act

relationship between ethics and regulatory requirements including good faith, utmost good faith, full disclosure of remuneration and fees, and any other conflicts of interest which may influence the adviser’s recommendation

name relevant industry codes of practice and conduct

identify complaints resolution procedures (internal and external)

outline relevant ASIC regulatory guidelines.

For general insurance the individual must:

summarise the characteristics and participants of Australian insurance markets and the roles played by intermediaries, and identify insurance products including:

definition of an insurance product

conditions, exclusions and level of coverage of risk transfer products

types of insurance products

pricing of risk products

identify taxation issues relating to insurance products

explain advisory functions including:

role of the representative, broker or adviser

participants in the insurance advisory services market

range of services provided

profile and financial information of the client

appropriateness of a risk assessment

summarise the specific product knowledge for the general insurance products in which advice is given including:

standard cover (and deviations)

policy wordings

taxes and charges

insurance claims

premium rating and risk selection

reporting

product development

underwriting.

For deposit products and non-cash payment facilities the individual must:

name the types of deposit products and non-cash payment products

summarise the product characteristics.

For first home saver accounts the individual must:

name the types of first home saver account products including the range of accounts, associated risks and alternative products

summarise the product characteristics – eligibility and withdrawal, and government conditions

explain the taxation issues relating to first home saver accounts.

Assessment Conditions

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

common office equipment, technology, software and consumable

financial services product information.

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

FNSASICM503 Provide Tier 1 personal advice in life insurance

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 analyse a client’s life insurance needs for current Australian Securities and Investments Commission (ASIC) regulation (Financial Services Reform Act) at Tier 1 (Diploma) level in the insurance specialist and generic knowledge areas.

It applies to individuals who have specialist product knowledge and strong interpersonal skills and are expert communicators. In this role, excellent customer service skills relating to the provision of advice to clients is essential.

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

ASIC units

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. Establish relationship with client	1.1 Use range of communication and interpersonal skills to establish knowledge level of client 1.2 Respond to enquiries by explaining range of products and services available and their relevant fees and charging methodology 1.3 Inform client about role of adviser and licensee or principal responsible for adviser’s conduct 1.4 Demonstrate knowledge of procedures for complaints handling and circumstances in which they should be engaged
2. Identify client’s objectives, needs and financial situation	2.1 Use range of communication and interpersonal skills to gather client’s personal, financial and business details 2.2 Encourage client to express objectives and goals, in short-term, medium-term and long-term, to identify client requirements in tandem with product 2.3 Identify product risk profile of client 2.4 Identify client’s expectations of cash flow and relevant taxation obligations
3. Analyse client’s objectives, needs, financial situation and risk profile	3.1 Undertake assessment of client needs, using all information gathered and taking into account client’s product expectations and specific needs 3.2 Consult client throughout analysis to seek further clarification where necessary 3.3 Analyse need for specialist advice and refer client to appropriate adviser for higher level or specialist advice if required 3.4 Assess and agree on product risk profile of client 3.5 Apply ASIC generic and specialist knowledge relevant to products being offered
4. Develop appropriate strategies and solutions	4.1 Determine appropriate strategy to provide for identified needs and outcomes by analysing products and client risk profile, and assessing client’s needs 4.2 Undertake relevant research, analysis and product modelling 4.3 Draft appropriate solution (plan, policy or transaction) for presentation to client
5. Present appropriate strategies and solutions to client	5.1 Explain and discuss proposed transaction with client in clear and unambiguous way, demonstrating product knowledge appropriate for service or product offered 5.2 Reinforce all relevant details, terms and conditions of product and service to client 5.3 Disclose impacts and possible risks of solution in clear and concise manner 5.4 Provide client with written supporting documentation and guide client through key aspects of documentation
6. Negotiate financial plan, policy or transaction with client	6.1 Discuss and clarify any concerns and/or issues client has regarding proposed insurance plan, policy or transaction 6.2 Seek client’s preferred plan, policy or transaction and confirm client’s preference
7. Coordinate implementation of agreed plan, policy or transaction	7.1 Seek formal agreement from client to proposed plan, policy or transaction 7.2 Clearly explain associated fee and cost structures, and confirm client understands all details 7.3 Ensure that timeframes for execution and processing are clearly explained to client
8. Complete and maintain necessary documentation	8.1 Confirm that proposal and other documents are completed and, where appropriate, are signed off by client 8.2 Ensure that signed agreement and copies of appropriate documentation are exchanged
9. Provide ongoing service where requested by client	9.1 Ensure that type and form of ongoing service, including review of plan, policy or transaction, is agreed with client 9.2 Clearly explain and confirm fees and costs for ongoing and specifically defined service, and confirm client understands all details 9.3 Provide ongoing service as required

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	1.4, 2.3	Recognises and interprets information from relevant sources
Writing	1.1-1.3, 2.1, 2.2, 2.4, 3.1, 3.2, 4.3, 5.3, 5.4, 6.1, 6.2, 7.1-7.3, 9.1, 9.2	Uses clear, specific and industry related terminology to record and consolidate workplace documentation
Oral Communication	1.1-1.3, 2.1-2.4, 3.1, 3.2, 3.4, 5.1-5.4, 6.1, 6.2, 7.1-7.3, 9.1, 9.2	Clearly articulates requirements using language appropriate to the audience and environment Uses active listening and questioning to elicit information and confirm understanding
Numeracy	1.2, 9.2	Interprets financial product information and completes calculations to achieve required outcomes
Navigate the world of work	1.3, 1.4, 3.5, 4.2, 5.3	Takes responsibility for providing quality advisory services that comply with legal and organisational requirements Develops and maintains knowledge of products and the relevant regulatory frameworks that define their use to provide accurate and compliant information
Interact with others	1.1, 2.1, 2.4, 5.1-5.4, 6.1, 6.2, 7.1-7.3	Selects and uses appropriate communication conventions and protocols to establish rapport with clients to determine their knowledge and risk position Adapts personal communication style to show respect for the values, beliefs and cultural expectations of others Uses collaborative techniques to ensure understanding is established and agreement is negotiated
Get the work done	2.3, 3.1, 3.3, 4.1, 5.4, 8.1, 8.2, 9.3	Takes responsibility for planning and sequencing the priority of some relatively complex tasks for efficiency and effective outcomes Uses research and analytical processes to decide on recommendations that meet client requirements, and provides support that complies with legal and organisational requirements including referral to specialist assistance Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSASICM503 Provide Tier 1 personal advice in life insurance	FNSASICM503A Provide Tier 1 personal advice in life insurance	Updated to meet Standards for Training Packages	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 for FNSASICM503 Provide Tier 1 personal advice in life insurance

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:

interpret and comply with industry regulations and codes of practice in providing Tier 1 personal advice in life insurance

analyse client’s need, risk situation and a range of financial products to develop a risk profile and potential strategy or solution

advise clients accurately and ethically about specific life insurance products and services, and relevant tax implications

finalise plan, policy or transaction, ensuring all documentation is completed accurately following organisational procedures.

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 satisfy generic, core and specialist knowledge requirements relevant to the products and activities in which advice is given.

Generic knowledge

analyse and provide an overview of the economic environment including:

characteristics and impact of economic and business cycles

interest rates and exchange rates

inflation

government monetary and fiscal policy

analyse and provide a detailed explanation of the operation of financial markets including:

roles played by intermediaries and issuers

structure and interrelationships within the financial markets

interrelationship between industry sectors

outline financial products including:

concept of a financial product – general definition, and specific inclusions and exclusions

types of financial investment products

types of financial risk products.

Core insurance knowledge

explain the operation of insurance markets including:

definition of insurance product

characteristics and participants of the Australian insurance market

roles played by intermediaries

types of insurance products including risk insurance products, investment life insurance products and general insurance products

explain the following aspects of insurance products:

conditions, exclusions and levels of coverage of risk transfer products

pricing

explain taxation issues in relation to insurance products and markets

describe advisory functions including:

role of insurance adviser, broker or agent

participants in the insurance advisory services market

range of services provided

profile and financial information of the client

appropriateness of a risk assessment

discuss the legal environment including disclosure and compliance covering:

role of the representative or adviser

relevant legal principles relating to the Corporations Act, Australian Securities and Investments Commission (ASIC) Act, Insurance Contracts Act, Life Insurance Act, Privacy Amendment (Private Sector) Act, Financial Services Reform Act (FSRA) and Competition and Consumer Act

relationship between ethics and regulatory requirements including good faith, faith, utmost good faith, full disclosure of remuneration and fees, and any other conflicts of interest which may influence the adviser's recommendation

relevant industry standards and codes of conduct

regulators’ guidelines including ASIC Regulatory Guide (RG)146 requirements

complaints resolution procedures (external and internal).

Specialist knowledge

outline the following aspects of life insurance:

types and classes of life insurance products and policies

standard cover and relevant deviations

product development

policy wordings

underwriting

insurance claims

premium rating and risk assessment

investment strategy (investment component of life insurance products).

Assessment Conditions

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

office equipment, technology, software and consumables

organisational records

organisational policy and procedures.

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

FNSASICN503 Provide Tier 1 personal advice in general insurance

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 analyse a client’s general insurance needs for current Australian Securities and Investments Commission (ASIC) regulation (Financial Services Reform Act) at Tier 1 (Diploma) level in the insurance specialist and generic knowledge areas.

It applies to individuals who have specialist product knowledge and strong interpersonal skills and are expert communicators. In this role, excellent customer service skills relating to the provision of advice to clients is essential.

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

ASIC units

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. Establish relationship with client	1.1 Use range of communication and interpersonal skills to establish knowledge level of client 1.2 Respond to enquiries by explaining range of products and services available and their relevant fees and charging methodology 1.3 Inform client about role of adviser and licensee or principal responsible for adviser’s conduct 1.4 Inform client about procedures for complaints handling
2. Identify client objectives and risk situation	2.1 Use range of communication and interpersonal skills to establish client objectives and goals 2.2 Use appropriate risk assessment processes and tools to collect relevant personal, financial and business details
3. Analyse client risk information	3.1 Analyse all information from risk assessment process 3.2 Seek specialist advice if required to address issues that professional judgement indicates may require further consideration 3.3 Consult clients throughout analysis for further clarification where necessary
4. Identify appropriate risk solution	4.1 Identify and assess available options using information from risk analysis 4.2 Conduct relevant product research 4.3 Prepare statement of advice for presentation to client 4.4 Refer client to appropriate adviser for higher level or specialist advice, if required
5. Present appropriate solutions to client	5.1 Explain features of statement of advice clearly and unambiguously 5.2 Discuss impacts and possible risks of solution in clear and concise manner
6. Negotiate effectively	6.1 Discuss and clarify any concerns and/or issues client has regarding proposed insurance plan, policy and/or transaction 6.2 Seek client’s preferred plan, policy and/or transaction and confirm client’s preference
7. Coordinate implementation of agreed solution	7.1 Ensure that client agrees to proposed insurance plan, policy and/or transaction, including all associated fees and costs 7.2 Ensure that timeframes for execution and processing are clearly explained to client
8. Complete and maintain necessary documentation	8.1 Confirm that proposal and other documents are completed and, where appropriate, are signed off by client 8.2 Ensure that signed agreement and copies of appropriate documentation are exchanged 8.3 Create and update client records
9. Provide ongoing service where requested by client	9.1 Ensure that type and form of ongoing service, including review of insurance plan, policy and/or transaction, is agreed with client 9.2 Clearly explain fees and costs for ongoing and specifically defined service, and confirm client understands all details 9.3 Provide ongoing service as required

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	2.2, 3.1, 4.1, 4.2, 8.1	Recognises and interprets textual information from relevant sources
Writing	1.1-1.4, 2.1, 3.2, 3.3, 4.3, 4.4, 5.1, 5.2, 6.1, 6.2, 7.1, 7.2, 8.3, 9.1, 9.2	Uses clear, specific and industry related terminology to record and consolidate workplace documentation
Oral Communication	1.1-1.4, 2.1, 3.2, 3.3, 4.4, 5.1, 5.2, 6.1, 6.2, 7.1, 7.2, 9.1, 9.2	Clearly articulates product and service information unambiguously, using language appropriate to the audience and environment Uses active listening and questioning to elicit information and confirm understanding
Numeracy	1.2, 9.2	Interprets financial product information and completes calculations to achieve required outcomes
Navigate the world of work	1.3, 1.4, 4.2	Understands and adheres to organisational requirements and protocols within own area of responsibility Develops and maintains product knowledge to provide accurate and relevant information
Interact with others	1.1, 2.1, 5.1, 5.2, 6.1, 6.2, 7.1, 7.2	Selects and uses appropriate communication conventions and protocols to establish rapport with clients to determine their knowledge, risk tolerance and concerns, and provide essential information to ensure agreement is negotiated Adapts personal communication style to show respect for the values, beliefs and cultural expectations of others
Get the work done	2.2, 3.2, 3.3, 4.1, 4.4, 8.1, 8.2, 9.3	Takes responsibility for the sequence and priority of some relatively complex routine tasks for efficiency and effective outcomes Formulates decisions relating to client requirements and support that comply with legal and organisational requirements, and initiates specialist assistance for client if required Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSASICN503 Provide Tier 1 personal advice in general insurance	FNSASICN503A Provide Tier 1 personal advice in general insurance	Updated to meet Standards for Training Packages	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 for FNSASICN503 Provide Tier 1 personal advice in general insurance

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:

interpret and comply with industry regulations and codes of practice in providing Tier 1 personal advice in general insurance

analyse client’s objectives, risk situation and a range of financial products to develop a risk profile and potential strategy or solution to meet client needs

advise clients accurately and ethically about specific general insurance products and services

finalise plan, policy and/or transaction, ensuring all documentation is completed accurately following organisational procedures.

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 satisfy generic, core and specialist knowledge requirements relevant to the products and activities in which advice is given.

Generic knowledge

analyse and provide an overview of the economic environment including:

characteristics and impact of economic and business cycles

interest rates and exchange rates

inflation

government monetary and fiscal policy

analyse and provide a detailed explanation of the operation of financial markets including:

roles played by intermediaries and issuers

structure and interrelationships within the financial markets

interrelationship between industry sectors

outline financial products including:

concept of a financial product – general definition, and specific inclusions and exclusions

types of financial investment products

types of financial risk products.

Core insurance knowledge

explain the operation of insurance markets including:

definition of insurance product

characteristics and participants of the Australian insurance market

roles played by intermediaries

types of insurance products including risk insurance products, investment life insurance products and general insurance products

explain the following aspects of insurance products:

conditions, exclusions and levels of coverage of risk transfer products

pricing

explain taxation issues in relation to insurance products and markets

describe advisory functions including:

role of insurance adviser, broker or agent

participants in the insurance advisory services market

range of services provided

profile and financial information of the client

appropriateness of a risk assessment

discuss the legal environment including disclosure and compliance covering:

role of the representative or adviser

relevant legal principles relating to the Corporations Act, Australian Securities and Investments Commission (ASIC) Act, Insurance Contracts Act, Life Insurance Act, Privacy Amendment (Private Sector) Act, Financial Services Reform Act (FSRA) and Competition and Consumer Act

relationship between ethics and regulatory requirements including good faith, faith, utmost good faith, full disclosure of remuneration and fees and any other conflicts of interest which may influence the adviser's recommendation

relevant industry standards and codes of conduct

regulators’ guidelines including ASIC Regulatory Guide (RG)146 requirements

complaints resolution procedures (external and internal).

Specialist knowledge

outline the following aspects of general insurance products:

types and classes of life insurance products and policies

standard cover and relevant deviations

product development

policy wordings

underwriting

insurance claims

premium rating and risk assessment

reporting

explain terms and conditions of retail general insurance products used by the organisation.

Assessment Conditions

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

office equipment, technology, software and consumables

organisational records

organisational policy and procedures.

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

FNSASICO503 Provide Tier 1 general advice in general insurance

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 analyse a client’s general insurance needs for current Australian Securities and Investments Commission (ASIC) regulation (Financial Services Reform Act) at Tier 1 (Diploma) level in the insurance specialist and generic knowledge areas.

It applies to individuals who have specialist product knowledge (especially relating to personal sickness and accident insurance) and strong interpersonal skills and are expert communicators. In this role, excellent customer service skills relating to the provision of advice to clients is essential.

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

ASIC units

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. Deal with initial client enquiry for general insurance	1.1 Ensure client enquiries are attended to in timely and courteous manner 1.2 Demonstrate active listening skills when dealing with client enquiries and provide help and assistance to ensure full and accurate completion of initial documentation where required 1.3 Communicate clearly and unambiguously with client to determine and clarify product of interest to client 1.4 Analyse range of products of interest to client to determine categorisation as areas of general advice in line with legislation and organisational policy 1.5 Ensure clients are informed that general advice will be provided to them in relation to products of interest, and that only personal information for underwriting and calculating cost of product will be sought 1.6 Ensure that client is referred to appropriate specialist personnel where required advice is deemed to fall outside category of general advice
2. Prepare general advice to client	2.1 Provide correct disclosure documentation in accordance with legislation and organisational policy 2.2 Provide general advice warning to client in line with legislative and organisational policy 2.3 Consider special communication needs of client when delivering general advice warning
3. Provide general advice	3.1 Provide product advice to client in clear and unambiguous way, avoiding jargon, in language appropriate to receiver and using organisational tools 3.2 Demonstrate appropriate product and industry knowledge when providing advice to client 3.3 Explain and discuss product advice with client using language that avoids giving impression adviser has considered client’s personal circumstances in providing advice 3.4 Ask client to consider appropriateness of advice in light of own circumstances 3.5 Advise client to read product disclosure statement before making decision

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	1.4, 2.1, 2.2	Recognises and interprets textual information from relevant sources
Writing	1.3, 1.5, 2.2, 2.3, 3.1, 3.3-3.5	Uses clear, specific and industry related terminology to record and consolidate workplace documentation
Oral Communication	1.2, 1.3, 1.5, 1.6, 2.2, 2.3, 3.1, 3.2-3.5	Clearly articulates requirements using industry specific language appropriate to the audience Uses active listening and questioning to confirm understanding
Numeracy	1.4	Interprets financial product information and completes calculations to achieve required outcomes
Navigate the world of work	1.4, 1.5, 2.1, 2.2, 3.2	Takes responsibility for providing advisory services that comply with legal requirements and organisational products, policy and protocols
Interact with others	2.3, 3.3	Establishes and uses appropriate conventions and protocols when communicating with clients about service provision Adapts personal communication style to show respect for the values, beliefs and cultural expectations of others
Get the work done	1.1, 1.2, 1.4, 1.6, 2.1, 2.2, 3.1, 3.2, 3.5	Takes responsibility for sequence and priority of mainly routine tasks for effective outcomes Maintains product knowledge required to provide informed, compliant advice in own work role and recognises when client requires specialist advice from others Uses the main features and functions of digital tools to complete work tasks and provide information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSASICO503 Provide Tier 1 general advice in general insurance	FNSASICO503A Provide Tier 1 general advice in general insurance	Updated to meet Standards for Training Packages	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 for FNSASICO503 Provide Tier 1 general advice in general insurance

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:

respond to client enquiries and prepare general advice in general insurance

provide accurate general insurance advice, complying with organisational procedures and industry regulations.

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 satisfy generic, core and specialist knowledge requirements relevant to the products and activities in which advice is given.

Generic knowledge

analyse and provide an overview of the economic environment including:

characteristics and impact of economic and business cycles

interest rates and exchange rates

inflation

government monetary and fiscal policy

analyse and provide a detailed explanation of the operation of financial markets including:

roles played by intermediaries and issuers

structure and interrelationships within the financial markets

interrelationship between industry sectors

outline financial products including:

concept of a financial product – general definition, and specific inclusions and exclusions

types of financial investment products

types of financial risk products.

Core insurance knowledge

explain the operation of insurance markets including:

definition of insurance product

characteristics and participants of the Australian insurance market

roles played by intermediaries

types of insurance products including risk insurance products, investment life insurance products and general insurance products

explain the following aspects of insurance products:

conditions, exclusions and levels of coverage of risk transfer products

pricing

explain taxation issues in relation to general insurance products and markets

describe advisory functions including:

role of insurance adviser, broker or agent

participants in the insurance advisory services market

range of services provided

profile and financial information of the client

appropriateness of a risk assessment

discuss the legal environment including disclosure and compliance covering:

the role of the representative or adviser

relevant legal principles relating to the Corporations Act, Australian Securities and Investments Commission (ASIC) Act, Insurance Contracts Act, Life Insurance Act, Privacy Amendment (Private Sector) Act, Financial Services Reform Act (FSRA) and Competition and Consumer Act

relationship between ethics and regulatory requirements including good faith, faith, utmost good faith, full disclosure of remuneration and fees, and any other conflicts of interest which may influence the adviser's recommendation

relevant industry standards and codes of conduct

regulators’ guidelines including ASIC Regulatory Guide (RG)146 requirements

complaints resolution procedures (external and internal).

Specialist knowledge

provide a summary of general insurance matters including:

types of general insurance products and policies

standard cover and deviations

policy wordings

taxes and charges

insurance claims

premium rating and risk selection

reporting

product development

underwriting

terms and conditions of retail general insurance products used by the adviser

discuss relevant legislative and organisational compliance requirements including:

legislation affecting the provision of general and personal advice including ASIC Regulatory Guide 175 on conduct and disclosure

role of different advisers within the organisation

organisational policy and guidelines related to the provision of general advice

details of relevant marketing and disclosure documents, including product disclosure statements and marketing brochures on the relevant products.

Assessment Conditions

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

office equipment, technology, software and consumables

organisational records.

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

FNSASICS503 Provide advice in foreign exchange

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 analyse client needs and provide advice ethically and professionally on foreign exchange in compliance with industry regulations and codes of practice. It addresses the training requirements of current Australian Securities and Investments Commission (ASIC) and Australian financial services (AFS) licensing at Tier 1 level.

It applies to individuals who use well-developed interpersonal skills and excellent communication and self-management skills to perform a specialist advisory role in foreign exchange.

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 ASIC for specific guidance on requirements.

Pre-requisite Unit

FNSINC501	Conduct product research to support recommendations
FNSIAD501	Provide appropriate services, advice and products to clients
FNSCUS505	Determine client requirements and expectations
FNSCUS506	Record and implement client instructions

Unit Sector

ASIC units

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. Establish relationship with client and identify client’s objectives, needs and financial situation	1.1 Establish client’s knowledge about financial products and services 1.2 Respond to enquiries about foreign exchange products and services by explaining range of products and services available and their relevant fee and charging methodology 1.3 Inform client about role of adviser and licensee or principal responsible for adviser's conduct, including procedures for complaints handling and circumstances in which they should be engaged 1.4 Ask about client’s objectives and goals, and obtain personal, financial and business details to identify client needs 1.5 Establish product risk profile of client, including expectations of cash flow and relevant taxation obligations
2. Analyse client’s objectives, needs, financial situation and risk profile to develop appropriate strategies and solutions	2.1 Undertake assessment of client needs using all information gathered, taking into account client’s product expectations and specific needs 2.2 Consult client throughout analysis for further clarification where necessary 2.3 Analyse need for specialist advice and ensure client is referred to appropriate adviser for higher level or specialist advice if required 2.4 Assess and confirm product risk profile of client, demonstrating ASIC identified generic and specialist knowledge relevant to products being offered 2.5 Determine appropriate strategy to provide for identified needs and outcomes based on analysis of products, client risk profile and assessment of client needs 2.6 Conduct relevant research, analysis and product modelling, and draft appropriate solution, plan, policy or transaction for presentation to client
3. Present appropriate strategies and solutions to client and negotiate financial plan, policy or transaction	3.1 Apply appropriate knowledge for service or product offered when presenting product 3.2 Clearly and unambiguously explain proposed transaction to client 3.3 Reinforce all relevant details, terms and conditions of product and service 3.4 Disclose impacts and possible risks of solution in clear and concise manner 3.5 Provide supporting written documentation and guide client through key aspects of documentation 3.6 Discuss and clarify any concerns or issues client has regarding proposed plan, policy or transaction 3.7 Confirm that client understands proposed plan, policy or transaction
4. Agree to plan, policy or transaction and complete documentation	4.1 Obtain client’s formal agreement to proposed plan, policy or transaction 4.2 Clearly explain and confirm client understands all associated fees, cost structures and timeframes for execution and processing 4.3 Ensure that proposal and all other statutory and transactional documents are completed and signed off by client 4.4 Exchange copies of signed agreement and other appropriate documentation
5. Provide ongoing service where requested by client	5.1 Ensure that type and form of ongoing service, including reporting on performance and review of plan, policy or transaction, is agreed with client 5.2 Clearly explain all fees and costs for ongoing and specifically defined services, and check that client understands these details 5.3 Provide ongoing service as required

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	2.1, 2.5, 2.6	Recognises and interprets textual information from relevant sources
Writing	1.1-1.3, 1.5, 2.1, 2.2, 2.4-2.6, 3.2, 3.3, 3.5, 3.7, 4.1, 5.1	Uses clear, specific and industry related terminology to complete and consolidate workplace documentation
Oral Communication	1.1-1.5, 2.2, 2.4, 3.2-3.7, 4.2, 5.1, 5.2	Clearly articulates requirements using industry specific language appropriate to the audience and environment Uses active listening and questioning to elicit information and confirm understanding
Numeracy	1.5, 5.2	Interprets financial product information and calculates client costs, risks and returns
Navigate the world of work	1.3, 2.4, 2.6, 3.3, 3.4, 5.1	Takes personal responsibility for following explicit and implicit policies, procedures and protocols to provide advisory services and documentation that comply with legal and organisational requirements Extends knowledge of foreign exchange product features and applications relevant to current role using research and analysis
Interact with others	1.5, 2.4, 3.5, 3.6, 4.2, 5.2	Selects and uses the appropriate conventions and protocols when communicating with clients to build rapport, seek and share information, establish clear agreement and maintain an ethical service relationship Adapts personal communication style to show respect for the values, beliefs and cultural expectations of others
Get the work done	1.5, 2.1, 2.3-2.6, 3.1, 4.1, 4.3, 4.4, 5.3	Takes responsibility for the planning, sequence and priority of tasks within own workload to achieve effective and compliant outcomes Applies systematic and analytical decision-making processes to determine and implement solutions that meet client needs and financial requirements Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSASICS503 Provide advice in foreign exchange	FNSASICS503A Provide advice in foreign exchange	Updated to meet Standards for Training Packages	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 for FNSASICS503 Provide advice in foreign exchange

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:

interpret and comply with industry regulations and codes of practice

analyse client’s needs, financial situation and risk profile, and prepare appropriate strategies or solutions relating to foreign exchange

provide accurate and ethical advice on foreign exchange products and services

implement the plan, policy or transaction once agreed by the client and complete documentation accurately.

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 satisfy generic and specialist knowledge requirements relevant to the products and activities in which advice is given.

Generic knowledge

analyse and provide an overview of the economic environment including:

characteristics and impact of economic and business cycles

interest rates and exchange rates

inflation

government monetary and fiscal policy

analyse and provide a detailed explanation of the operation of financial markets including:

roles played by intermediaries and issuers

structure and interrelationships within the financial markets

interrelationship between industry sectors

outline financial products, including:

concept of a financial product – general definition, and specific inclusions and exclusions

types of financial investment products

types of financial risk products.

Specialist knowledge

discuss the operation of foreign exchange markets including:

market participants

roles played by intermediaries

outline the range and types of foreign exchange products, describing their characteristics, associated risks and alternative products including derivatives

outline taxation issues in relation to foreign exchange products and markets in which they operate

discuss the legal environment including disclosure and compliance covering:

role of the representative or adviser

relevant legal principles relating to the Corporations Act, Australian Securities and Investments Commission (ASIC) Act, Privacy Amendment (Private Sector) Act, Financial Services Reform Act (FSRA) and Competition and Consumer Act

relationship between ethics and regulatory requirements including good faith, faith, utmost good faith, full disclosure of remuneration and fees, and any other conflicts of interest which may influence the adviser's recommendation

relevant industry standards and codes of conduct

regulators’ guidelines including ASIC Regulatory Guide (RG)146 requirements

complaints resolution procedures (external and internal)

explain theories of investment, portfolio management and management of investment and risk:

investment concepts and strategies

identification of types of risk

client risk profile

hedging concepts.

Assessment Conditions

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

office equipment, technology, software and consumables

foreign exchange product information.

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

FNSASICT503 Provide advice in managed investments

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 analyse client needs and provide advice ethically and professionally on managed investments in compliance with industry regulations and codes of practice. It addresses the training requirements of current Australian Securities and Investments Commission (ASIC) and Australian financial services (AFS) licensing at Tier 1 level.

It applies to individuals who use well-developed interpersonal skills and excellent communication and self-management skills to perform an advisory role in managed investments.

Refer to the FNS Implementation Guide Companion Volume or ASIC for specific guidance on requirements.

Pre-requisite Unit

FNSINC501	Conduct product research to support recommendations
FNSIAD501	Provide appropriate services, advice and products to clients
FNSCUS505	Determine client requirements and expectations
FNSCUS506	Record and implement client instructions

Unit Sector

ASIC units

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. Establish relationship with client and identify client’s objectives, needs and financial situation	1.1 Establish client’s knowledge about financial products and services 1.2 Respond to enquiries about managed investment products and services by explaining range of products and services available and their relevant fee and charging methodology 1.3 Inform client about role of adviser and licensee or principal responsible for adviser's conduct, including procedures for complaints handling and circumstances in which they should be engaged 1.4 Ask about client’s objectives and goals, and obtain personal, financial and business details to identify client needs 1.5 Establish product risk profile of client, including their expectations of cash flow and relevant taxation obligations
2. Analyse client’s objectives, needs, financial situation and risk profile to develop appropriate strategies and solutions	2.1 Undertake assessment of client needs using all information gathered, taking into account client’s product expectations and specific needs 2.2 Consult client throughout analysis for further clarification where necessary 2.3 Analyse need for specialist advice and ensure client is referred to appropriate adviser for higher level or specialist advice if required 2.4 Assess and confirm product risk profile of client demonstrating ASIC identified generic and specialist knowledge relevant to products being offered 2.5 Determine appropriate strategy to provide for identified needs and outcomes based on analysis of products, client risk profile and assessment of client needs 2.6 Conduct relevant research, analysis and product modelling and draft appropriate solution, plan, policy or transaction for presentation to client
3. Present appropriate strategies and solutions to client and negotiate financial plan, policy or transaction	3.1 Apply appropriate knowledge for service or product offered when presenting product 3.2 Clearly and unambiguously explain proposed transaction to client 3.3 Reinforce all relevant details, terms and conditions of product and service 3.4 Disclose impacts and possible risks of solution in clear and concise manner 3.5 Provide supporting written documentation and guide client through key aspects of documentation 3.6 Discuss and clarify any concerns or issues client has regarding proposed plan, policy or transaction 3.7 Confirm that client understands proposed plan, policy or transaction
4. Agree to plan, policy or transaction and complete documentation	4.1 Obtain client’s formal agreement to proposed plan, policy or transaction 4.2 Clearly explain and confirm that client understands all associated fees, cost structures and timeframes for execution and processing 4.3 Ensure that proposal and all other statutory and transactional documents are completed and signed off by client 4.4 Exchange copies of signed agreement and other appropriate documentation
5. Provide ongoing service where requested by client	5.1 Ensure that type and form of ongoing service, including reporting on performance and review of plan, policy or transaction, is agreed with client 5.2 Clearly explain all fees and costs for ongoing and specifically defined services and check that client understands these details 5.3 Provide ongoing service as required

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	2.1, 2.5, 2.6	Recognises and interprets textual information from a variety of sources
Writing	1.1-1.3, 1.5, 2.1, 2.2-2.6, 3.2, 3.3, 3.5, 3.7, 4.1, 5.1	Uses clear, specific and industry related terminology to complete and consolidate workplace documentation
Oral Communication	1.1-1.5, 2.2, 2.4, 3.2, 3.3-3.7, 4.2, 5.1, 5.2	Clearly articulates requirements using industry specific language appropriate to the audience and environment Uses active listening and questioning to confirm understanding and elicit information
Numeracy	1.5, 5.2	Interprets financial product information and calculates client costs, risks and returns
Navigate the world of work	1.3, 2.4, 2.6, 3.3, 3.4, 5.1	Takes personal responsibility for following explicit and implicit policies, procedures and protocols to provide advisory services and documentation that comply with legal and organisational requirements Extends knowledge of product features and applications of managed investment schemes relevant to current role using research and investigative analysis
Interact with others	1.5, 2.4, 3.5, 3.6, 4.2, 5.2	Selects and uses the appropriate conventions and protocols when communicating with clients to build rapport, seek and share information, establish clear agreement and maintain an ethical service relationship Adapts personal communication style to show respect for the values, beliefs and cultural expectations of others
Get the work done	1.5, 2.1, 2.3, 2.4, 2.5, 2.6, 3.1, 4.1, 4.3, 4.4, 5.3	Takes full responsibility for the planning, sequence and priority of tasks within own workload to achieve effective and compliant outcomes Applies systematic and analytical decision-making processes to determine and implement investment solutions that meet client needs and financial requirements Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSASICT503 Provide advice in managed investments	FNSASICT503A Provide advice in managed investments	Updated to meet Standards for Training Packages	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 for FNSASICT503 Provide advice in managed investments

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:

interpret and comply with industry regulations and codes of practice

analyse client’s needs, financial situation and risk profile, and prepare appropriate strategies or solutions relating to managed investments

provide accurate and ethical advice on managed investment products and services

implement the plan, policy or transaction once agreed by the client and complete documentation accurately.

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 satisfy generic and specialist knowledge requirements relevant to the products and activities in which advice is given.

Generic knowledge

analyse and provide an overview of the economic environment including:

characteristics and impact of economic and business cycles

interest rates and exchange rates

inflation

government monetary and fiscal policy

analyse and provide a detailed explanation of the operation of financial markets including:

roles played by intermediaries and issuers

structure and interrelationships within the financial markets

interrelationship between industry sectors

outline financial products, including:

concept of a financial product – general definition, and specific inclusions and exclusions

types of financial investment products

types of financial risk products.

Specialist advice

provide a detailed explanation of managed investment products including:

concept of managed investments

range of products offered under managed investments schemes, or a specific product offered under a scheme:

property trusts, real estate investment strategies, valuation techniques, property management

equity trusts, fixed interest trusts

serviced strata schemes

primary production schemes

film schemes

time-sharing schemes

types of risks associated with managed investment products

outline taxation issues in relation to managed investment products and markets in which they operate

discuss the legal environment including disclosure and compliance covering:

role of the representative or adviser

relevant legal principles relating to the Corporations Act, Australian Securities and Investments Commission (ASIC) Act, Privacy Amendment (Private Sector) Act, Financial Services Reform Act (FSRA) and Competition and Consumer Act

relationship between ethics and regulatory requirements including good faith, utmost good faith, full disclosure of remuneration and fees, and any other conflicts of interest which may influence the adviser's recommendation

relevant industry standards and codes of conduct

regulators’ guidelines including ASIC Regulatory Guide (RG)146 requirements

complaints resolution procedures (external and internal)

explain theories of investment, portfolio management and management of investment and risk:

investment concepts

investment strategies

identification of types of risk

client risk profile.

Assessment Conditions

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

office equipment, technology, software and consumables

managed investment product information.

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

FNSASICV503 Provide advice in derivatives

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 analyse client needs and provide advice ethically and professionally in derivatives, in compliance with industry regulations and codes of practice. It addresses the training requirements of current Australian Securities and Investments Commission (ASIC) and Australian financial services (AFS) licensing at Tier 1 level.

It applies to individuals who use well-developed interpersonal skills and excellent communication and self-management skills to perform a specialist advisory role in derivatives.

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 ASIC for specific guidance on requirements.

Pre-requisite Unit

FNSFMK502	Analyse financial market products for client
FNSFMK503	Advise clients on financial risk
FNSCUS505	Determine client requirements and expectations
FNSCUS506	Record and implement client instructions

Unit Sector

ASIC units

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. Establish relationship with client and identify client’s objectives, needs and financial situation	1.1 Establish client’s knowledge about financial products and services 1.2 Respond to enquiries on derivatives products and services by explaining range of products and services available and their relevant fee and charging methodology 1.3 Inform client about role of adviser and licensee or principal responsible for adviser's conduct, including procedures for complaints handling and circumstances in which they should be engaged 1.4 Ask about client’s objectives and goals, and obtain personal, financial and business details to identify client needs 1.5 Establish product risk profile of client, including expectations of cash flow and relevant taxation obligations
2. Analyse client’s objectives, needs, financial situation and risk profile to develop appropriate strategies and solutions	2.1 Undertake assessment of client needs using all information gathered, taking into account client’s product expectations and specific needs 2.2 Consult client throughout analysis for further clarification where necessary 2.3 Analyse need for specialist advice and ensure client is referred to appropriate adviser for higher level or specialist advice if required 2.4 Assess and confirm product risk profile of client, demonstrating ASIC identified generic and specialist knowledge relevant to products being offered 2.5 Determine appropriate strategy to provide for identified needs and outcomes based on analysis of products, client risk profile and assessment of client needs 2.6 Conduct relevant research, analysis and product modelling, and draft appropriate solution, plan, policy or transaction for presentation to client
3. Present appropriate strategies and solutions to client and negotiate financial plan, policy or transaction	3.1 Apply appropriate knowledge for service or product offered when presenting product 3.2 Clearly and unambiguously explain proposed transaction to client 3.3 Reinforce all relevant details, terms and conditions of product and/or service 3.4 Disclose impacts and possible risks of solution in clear and concise manner 3.5 Provide supporting written documentation and guide client through key aspects of documentation 3.6 Discuss and clarify any concerns or issues client has regarding proposed plan, policy or transaction 3.7 Confirm that client understands proposed plan, policy or transaction
4. Agree to plan, policy or transaction and complete documentation	4.1 Obtain client’s formal agreement to proposed plan, policy or transaction 4.2 Clearly explain and confirm that client understands all associated fees, cost structures and timeframes for execution and processing 4.3 Ensure that proposal and all other statutory and transactional documents are completed and signed off by client 4.4 Exchange copies of signed agreement and other appropriate documentation
5. Provide ongoing service where requested by client	5.1 Ensure that type and form of ongoing service, including reporting on performance and review of plan, policy or transaction, is agreed with client 5.2 Clearly explain all fees and costs for ongoing and specifically defined services, and check that client understands these details 5.3 Provide ongoing service as required

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	2.1, 2.5, 2.6	Recognises and interprets textual information from relevant sources
Writing	1.1-1.3, 1.5, 2.1, 2.2, 2.4-2.6, 3.2, 3.3, 3.5, 3.7, 4.1, 5.1	Uses clear, specific and industry related terminology to complete and consolidate workplace documentation
Oral Communication	1.1-1.5, 2.2, 2.4, 3.2-3.7, 4.2, 5.1, 5.2	Clearly articulates requirements using industry specific language appropriate to the audience and environment Uses active listening and questioning to elicit information and confirm understanding
Numeracy	1.5, 5.2	Interprets financial product information and calculates client costs, risks and returns
Navigate the world of work	1.3, 2.4, 2.6, 3.3, 3.4, 5.1	Takes personal responsibility for following explicit and implicit policies, procedures and protocols to provide advisory services and documentation that comply with legal, statutory and organisational requirements Extends knowledge of derivatives product features and use in investment schemes relevant to current role using research and investigative analysis
Interact with others	1.5, 2.4, 3.5, 3.6, 4.2, 5.2	Selects and uses the appropriate conventions and protocols when communicating with clients to build rapport, seek and share information, establish clear agreement and maintain an ethical service relationship Adapts personal communication style to show respect for the values, beliefs and cultural expectations of others
Get the work done	1.5, 2.1, 2.3-2.6, 3.1, 4.1, 4.3, 4.4, 5.3	Takes full responsibility for the planning, sequence and priority of tasks within own workload to achieve effective and compliant outcomes Applies systematic and analytical decision-making processes to determine and implement investment solutions that meet client needs and financial requirements, including referral to specialist personnel as required Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSASICV503 Provide advice in derivatives	FNSASICV503A Provide advice in derivatives	Updated to meet Standards for Training Packages	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 for FNSASICV503 Provide advice in derivatives

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:

interpret and comply with industry regulations and codes of practice

analyse client’s needs, financial situation and risk profile, and prepare appropriate strategies or solutions relating to derivatives

provide accurate and ethical advice on derivative products and services

implement the plan, policy or transaction once agreed by the client and complete documentation accurately.

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 satisfy generic and specialist knowledge requirements relevant to the products and activities in which advice is given.

Generic knowledge

analyse and provide an overview of the economic environment including:

characteristics and impact of economic and business cycles

interest rates and exchange rates

inflation

government monetary and fiscal policy

analyse and provide a detailed explanation of the operation of financial markets including:

roles played by intermediaries and issuers

structure and interrelationships within the financial markets

interrelationship between industry sectors

outline financial products, including:

concept of a financial product – general definition, and specific inclusions and exclusions

types of financial investment products

types of financial risk products.

Specialist knowledge

explain the operation of derivatives markets including:

market participants

roles played by intermediaries

structure and interrelationships between the securities and derivatives sectors

outline the characteristics of a range of derivatives, the associated risks and investment options using derivatives products

explain theories of investment, portfolio management and management of investment and risk:

investment concepts

investment strategies

identification of types of risk

client risk profile

outline taxation issues in relation to derivatives, financial products and markets in which they operate

discuss the legal environment including disclosure and compliance covering:

role of the representative or adviser

relevant legal principles relating to the Corporations Act, Australian Securities and Investments Commission (ASIC) Act, Privacy Amendment (Private Sector) Act, Financial Services Reform Act (FSRA) and Competition and Consumer Act

relationship between ethics and regulatory requirements including good faith, utmost good faith, full disclosure of remuneration and fees, and any other conflicts of interest which may influence the adviser's recommendation

relevant industry standards and codes of conduct

regulators’ guidelines including ASIC Regulatory Guide (RG)146 requirements

complaints resolution procedures (external and internal)

ASIC market integrity rules

Australian Securities Exchange (ASX) 24 Operating Rules

elements of the Registered Representatives Examination (where relevant).

Assessment Conditions

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

office equipment, technology, software and consumables

derivatives product information.

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

FNSASICW503 Provide advice in securities

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 analyse client needs and provide advice ethically and professionally in securities, in compliance with industry regulations and codes of practice. It addresses the training requirements of current Australian Securities and Investments Commission (ASIC) and Australian financial services (AFS) licensing at Tier 1 level.

It applies to individuals who use well-developed interpersonal skills and excellent communication and self-management skills to perform a specialist advisory role in securities.

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 ASIC for specific guidance on requirements.

Pre-requisite Unit

FNSFMK502	Analyse financial market products for client
FNSFMK503	Advise clients on financial risk
FNSCUS505	Determine client requirements and expectations
FNSCUS506	Record and implement client instructions

Unit Sector

ASIC units

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. Establish relationship with client and identify client’s objectives, needs and financial situation	1.1 Establish client’s knowledge about financial products and services 1.2 Respond to enquiries about securities products and services by explaining range of products and services available and their relevant fee and charging methodology 1.3 Inform client about role of adviser and licensee or principal responsible for adviser's conduct, including procedures for complaints handling and circumstances in which they should be engaged 1.4 Ask client about objectives and goals, and obtain personal, financial and business details to identify client needs 1.5 Establish product risk profile of client, including expectations of cash flow and relevant taxation obligations
2. Analyse client’s objectives, needs, financial situation and risk profile to develop appropriate strategies and solutions	2.1 Undertake assessment of client needs using all information gathered, taking into account client’s product expectations and specific needs 2.2 Consult client throughout analysis for further clarification where necessary 2.3 Analyse need for specialist advice and ensure client is referred to appropriate adviser for higher level or specialist advice if required 2.4 Assess and confirm product risk profile of client, demonstrating ASIC identified generic and specialist knowledge relevant to products being offered 2.5 Determine appropriate strategy to provide for identified needs and outcomes based on analysis of products, client risk profile and assessment of client needs 2.6 Conduct relevant research, analysis and product modelling and draft appropriate solution, plan, policy or transaction for presentation to client
3. Present appropriate strategies and solutions to client and negotiate financial plan, policy or transaction	3.1 Apply appropriate knowledge for service or product offered when presenting product 3.2 Clearly and unambiguously explain proposed transaction to client 3.3 Reinforce all relevant details, terms and conditions of product and service 3.4 Disclose impacts and possible risks of solution in clear and concise manner 3.5 Provide supporting written documentation and guide client through key aspects of documentation 3.6 Discuss and clarify any concerns or issues client has regarding proposed plan, policy or transaction 3.7 Confirm that client understands proposed plan, policy or transaction
4. Agree to plan, policy or transaction and complete documentation	4.1 Obtain client’s formal agreement to proposed plan, policy or transaction 4.2 Clearly explain and confirm that client understands all associated fees, cost structures and timeframes for execution and processing 4.3 Ensure that proposal and all other statutory and transactional documents are completed and signed off by client 4.4 Exchange copies of signed agreement and other appropriate documentation
5. Provide ongoing service where requested by client	5.1 Ensure that type and form of ongoing service, including reporting on performance and review of plan, policy or transaction, is agreed with client 5.2 Clearly explain all fees and costs for ongoing and specifically defined services and check that client understands these details 5.3 Provide ongoing service as required

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	2.1, 2.5, 2.6	Recognises and interprets textual information from relevant sources
Writing	1.1-1.3, 1.5, 2.1, 2.2, 2.4-2.6, 3.2, 3.3, 3.5, 3.7, 4.1, 5.1	Uses clear, specific and industry related terminology to complete and consolidate workplace documentation
Oral Communication	1.1-1.5, 2.2, 2.4, 3.2-3.7, 4.2, 5.1, 5.2	Clearly articulates requirements using industry specific language appropriate to the audience and environment, and participates in negotiated outcomes Uses active listening and questioning to elicit information and confirm understanding
Numeracy	1.5, 5.2	Interprets financial product information and calculates client costs, risks and returns
Navigate the world of work	1.3, 2.4, 2.6, 3.3, 3.4, 5.1	Takes personal responsibility for following explicit and implicit policies, procedures and protocols to provide advisory services and documentation that comply with legal, statutory and organisational requirements Extends knowledge of securities product features and their use in investment schemes relevant to current role using research and investigative analysis
Interact with others	1.5, 2.4, 3.5, 3.6, 4.2, 5.2	Selects and uses the appropriate conventions and protocols when communicating with clients to build rapport, seek and share information, establish clear agreement and maintain an ethical service relationship Uses collaborative techniques to negotiate acceptable outcomes with clients Adapts personal communication style to show respect for the values, beliefs and cultural expectations of others
Get the work done	1.5, 2.1, 2.3- 2.6, 3.1, 4.1, 4.3, 4.4, 5.3	Takes full responsibility for the planning, sequence and priority of tasks within own workload to achieve effective and compliant outcomes Applies systematic and analytical decision-making processes to determine and implement investment solutions that meet client needs and financial requirements, including referral to specialist personnel as required Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSASICW503 Provide advice in securities	FNSASICW503A Provide advice in securities	Updated to meet Standards for Training Packages	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 for FNSASICW503 Provide advice in securities

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:

interpret and comply with industry regulations and codes of practice

analyse client’s needs, financial situation and risk profile, and prepare appropriate strategies or solutions relating to securities

provide accurate and ethical advice on securities products and services

implement the plan, policy or transaction once agreed by the client and complete documentation accurately.

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 satisfy generic and specialist knowledge requirements relevant to the products and activities in which advice was given.

Generic knowledge

analyse and provide an overview of the economic environment including:

characteristics and impact of economic and business cycles

interest rates and exchange rates

inflation

government monetary and fiscal policy

analyse and provide a detailed explanation of the operation of financial markets including:

roles played by intermediaries and issuers

structure and interrelationships within the financial markets

interrelationship between industry sectors

outline financial products including:

concept of a financial product – general definition, and specific inclusions and exclusions

types of financial investment products

types of financial risk products.

Specialist knowledge

outline the operation of securities markets including:

market participants

roles played by intermediaries

explain characteristics of types of products including:

range of securities

associated risks

investment options using securities product

alternative products including derivatives

explain theories of investment, portfolio management and management of investment and risk covering:

investment concepts

investment strategies

identification of types of risk

client risk profile

outline taxation issues in relation to securities, financial products and markets in which they operate

discuss the legal environment including disclosure and compliance covering:

role of the representative or adviser

relevant legal principles relating to the Corporations Act, Australian Securities and Investments Commission (ASIC) Act, Privacy Amendment (Private Sector) Act, Financial Services Reform Act (FSRA) and Competition and Consumer Act

relationship between ethics and regulatory requirements covering good faith, utmost good faith, full disclosure of remuneration and fees, and any other conflicts of interest which may influence the adviser’s recommendation

relevant industry standards and codes of conduct

regulators’ guidelines including ASIC Regulatory Guide (RG)146 requirements

complaints resolution procedures (external and, if relevant, internal)

stockbroking competency standards (where relevant)

ASX Operating Rules (where relevant)

ASIC market integrity rules.

Assessment Conditions

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

office equipment, technology, software and consumables

securities product information.

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

FNSASICX503 Provide advice in life insurance

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 analyse client needs and provide advice ethically and professionally in life insurance, in compliance with industry regulations and codes of practice. It addresses the training requirements of current Australian Securities and Investments Commission (ASIC) and Australian financial services (AFS) licensing at Tier 1 level.

It applies to individuals who use well-developed interpersonal skills and excellent communication and self-management skills to perform a specialist advisory role in life insurance.

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 ASIC for specific guidance on requirements.

Pre-requisite Unit

FNSINC501	Conduct product research to support recommendations
FNSIAD501	Provide appropriate services, advice and products to clients
FNSCUS505	Determine client requirements and expectations
FNSCUS506	Record and implement client instructions

Unit Sector

ASIC units

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. Establish relationship with client and identify client’s objectives, needs and financial situation	1.1 Establish client’s knowledge about financial products and services 1.2 Respond to enquiries about life insurance products and services by explaining range of products and services available and their relevant fee and charging methodology 1.3 Inform client about role of adviser and licensee or principal responsible for adviser's conduct, including procedures for complaints handling and circumstances in which they should be engaged 1.4 Ask client about objectives and goals, and obtain personal, financial and business details to identify client needs 1.5 Establish product risk profile about client, including expectations of cash flow and relevant taxation obligations
2. Analyse client’s objectives, needs, financial situation and risk profile to develop appropriate strategies and solutions	2.1 Undertake assessment of client needs using all information gathered, taking into account client’s product expectations and specific needs 2.2 Consult client throughout analysis for further clarification where necessary 2.3 Analyse need for specialist advice and ensure client is referred to appropriate adviser for higher level or specialist advice if required 2.4 Assess and confirm product risk profile of client, demonstrating ASIC identified generic and specialist knowledge relevant to products being offered 2.5 Determine appropriate strategy to provide for identified needs and outcomes based on analysis of products, client risk profile and assessment of client needs 2.6 Conduct relevant research, analysis and product modelling, and draft appropriate solution, plan, policy or transaction for presentation to client
3. Present appropriate strategies and solutions to client and negotiate financial plan, policy or transaction	3.1 Apply appropriate knowledge for service or product offered when presenting product 3.2 Clearly and unambiguously explain proposed transaction to client 3.3 Reinforce all relevant details, terms and conditions of product and service 3.4 Disclose impacts and possible risks of solution in clear and concise manner 3.5 Provide supporting written documentation and guide client through key aspects of documentation 3.6 Discuss and clarify any concerns or issues client has regarding proposed plan, policy or transaction 3.7 Confirm that client understands proposed plan, policy or transaction
4. Agree to plan, policy or transaction and complete documentation	4.1 Obtain client’s formal agreement to proposed plan, policy or transaction 4.2 Clearly explain and confirm that client understands all associated fees, cost structures and timeframes for execution and processing 4.3 Ensure that proposal and all other statutory and transactional documents are completed and signed off by client 4.4 Exchange copies of signed agreement and other appropriate documentation
5. Provide ongoing service where requested by client	5.1 Ensure that type and form of ongoing service, including reporting on performance and review of plan, policy or transaction, is agreed with client 5.2 Clearly explain all fees and costs for ongoing and specifically defined services, and check that client understands these details 5.3 Provide ongoing service as required

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	2.1, 2.5, 2.6	Recognises and interprets textual information from relevant sources
Writing	1.1-1.3, 1.5, 2.1, 2.2, 2.4-2.6, 3.2-3.7, 4.1, 5.1	Uses clear, specific and industry related terminology to complete and consolidate workplace documentation
Oral Communication	1.1-1.5, 2.2, 2.4, 3.2-3.7, 4.2, 5.1, 5.2	Clearly articulates requirements using language appropriate to the audience and environment Uses active listening and questioning to elicit information and confirm understanding
Numeracy	1.5, 5.2	Interprets financial product information and calculates client costs, risks and returns
Navigate the world of work	1.3, 2.4, 2.6, 3.3, 3.4, 5.1	Takes personal responsibility for following explicit and implicit policies, procedures and protocols to provide advisory services and documentation that comply with legal, statutory and organisational requirements Extends knowledge of product features required for current role using research and investigative analysis
Interact with others	1.5, 2.4, 3.5, 3.6, 4.2, 5.2	Selects and uses the appropriate conventions and protocols when communicating with clients to build rapport, seek and share information, establish clear agreement and maintain an ethical service relationship Adapts personal communication style to show respect for the values, beliefs and cultural expectations of others
Get the work done	1.5, 2.1, 2.3-2.6, 3.1, 4.1, 4.3, 4.4, 5.3	Takes full responsibility for the planning, sequence and priority of tasks within own workload to achieve effective and compliant outcomes Applies systematic and analytical decision-making processes to determine and implement investment solutions that meet client needs and financial requirements, including referral to specialist personnel as required Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSASICX503 Provide advice in life insurance	FNSASICX503A Provide advice in life insurance	Updated to meet Standards for Training Packages	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 for FNSASICX503 Provide advice in life insurance

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:

interpret and comply with industry regulations and codes of practice

analyse client’s needs, financial situation and risk profile, and prepare appropriate strategies or solutions relating to life insurance

provide accurate and ethical advice on life insurance products and services

implement the plan, policy or transaction once agreed by the client and complete documentation accurately.

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 satisfy generic, core and specialist knowledge requirements relevant to the products and activities in which advice is given.

Generic knowledge

analyse and provide an overview of the economic environment including:

characteristics and impact of economic and business cycles

interest rates and exchange rates

inflation

government monetary and fiscal policy

analyse and provide a detailed explanation of the operation of financial markets including:

roles played by intermediaries and issuers

structure and interrelationships within the financial markets

interrelationship between industry sectors

outline financial products including:

concept of a financial product – general definition, and specific inclusions and exclusions

types of financial investment products

types of financial risk products.

Core insurance knowledge

explain the operation of insurance markets including:

definition of insurance product

characteristics and participants of the Australian insurance market

roles played by intermediaries

describe types of insurance products including risk insurance products, investment life insurance products and general insurance products

explain the following aspects of insurance products:

conditions, exclusions and levels of coverage of risk transfer products

pricing

outline taxation issues in relation to insurance products and markets

describe advisory functions including:

role of insurance adviser, broker or agent

participants in the insurance advisory services market

range of services provided

profile and financial information of the client

appropriateness of a risk assessment

discuss the legal environment including disclosure and compliance covering:

role of the representative or adviser

relevant legal principles relating to the Corporations Act, Australian Securities and Investments Commission (ASIC) Act, Insurance Contracts Act, Life Insurance Act, Privacy Amendment (Private Sector) Act, Financial Services Reform Act (FSRA) and Competition and Consumer Act

relationship between ethics and regulatory requirements including good faith, faith, utmost good faith, full disclosure of remuneration and fees, and any other conflicts of interest which may influence the adviser's recommendation

relevant industry standards and codes of conduct

regulators’ guidelines including ASIC Regulatory Guide (RG)146 requirements

complaints resolution procedures (external and internal)

explain theories of investment, portfolio management and management of investment and risk:

investment concepts

investment strategies

identification of types of risk

client risk profile.

Specialist knowledge

outline the following aspects of life insurance:

types and classes of life insurance products and policies

standard cover and relevant deviations

product development

policy wordings

underwriting

insurance claims

premium rating and risk assessment

investment strategy

investment component of life insurance products.

Assessment Conditions

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

office equipment, technology, software and consumables

life insurance product information.

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

FNSBNK401 Coordinate a small business customer portfolio

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 coordinate a portfolio of small business customers, and build customer relationships and loyalty.

It applies to individuals who use their expertise to manage relationships and provide customised solutions for clients.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Banking

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. Manage relationships with small business customers	1.1 Contribute to development of service strategy for small business customers 1.2 Analyse current usage patterns of small businesses within portfolio and identify effective service and product options 1.3 Access and update databases to support management of portfolio to ensure availability of consistent and accurate information 1.4 Conduct campaigns targeted to small business portfolio in manner which meets organisation’s standards and timeframes 1.5 Contribute to reward and recognition strategies to build customer loyalty and deliver to customers
2. Provide service to portfolio of small business customers	2.1 Administer portfolio of small business customers using business rules and processes of financial services organisation, and deliver services to standard specified for small business customer segment 2.2 Undertake effective and personalised communications including telephone, email, mail or personal contacts within designated organisational service standards 2.3 Refer customer service needs that cannot be met within delegated authority for resolution to appropriate personnel within organisation in timely and effective manner 2.4 Coordinate and follow up service delivery to ensure customer satisfaction and to provide effective and efficient single point of contact for customers within portfolio
3. Provide high level and tailored small business banking solutions and service	3.1 Ascertain and evaluate customers’ business banking needs 3.2 Identify products to manage business cash flow and negotiate, model and sell rates 3.3 Identify, model and sell products to support needs of small business relating to financial transactions, borrowing, leasing and wealth management 3.4 Identify and implement banking services that assist with efficient management and statutory reporting of small business 3.5 Coordinate resolution of service faults or concerns
4. Evaluate and report outcomes	4.1 Report against targets using standards, protocols and procedures 4.2 Analyse exception or feedback reports and rectify problems 4.3 Review product and service offering targeted to small business customer segment and recommend solutions for improvement to management

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, 1.3, 4.2	Analyses complex textual information from a range of sources and relates specific aspects of information to requirements
Writing	1.3, 1.5, 2.2, 2.3, 2.4, 4.1, 4.3	Develops material to a specific audience using appropriate formats and structures to present information logically Uses clear and detailed language, incorporating correct spelling, grammar and terminology, to convey accurate, customised information and recommendations
Oral Communication	1.5, 2.2, 2.3, 2.4, 4.1, 4.3	Participates in verbal exchanges of information, clearly articulating recommendations using language, tone and pace appropriate to the audience and purpose Uses active listening and questioning techniques to elicit the views and opinions of others and to confirm understanding
Numeracy	1.2, 3.2, 3.3, 4.1	Uses mathematical equations to perform calculations and comparisons of financial and numerical information
Navigate the world of work	2.1, 4.1	Recognises and follows business rules and protocols, and meets expectations associated with own role
Interact with others	2.2, 2.3, 2.4	Recognises the importance of building rapport to establish and maintain effective working relationships Adapts personal communication style to show respect for the values, beliefs and cultural expectations of others
Get the work done	1.1-1.5, 2.1-2.4, 3.1-3.5, 4.1-4.3	Plans strategies and activities to meet the needs of customers and grow the business Monitors actions against goals and adjusts future activity to improve outcomes Adopts efficient and effective organisational and time management skills to sequence tasks, meet timelines and arrange meetings Analyses information and data in reports and from research to develop ideas and solutions that meet customer needs Identifies issues that have the potential to impact on small business customer services and develops options to resolve these issues when they arise Uses a range of digitally based technologies and software packages, including spreadsheets, databases and the internet

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSBNK401 Coordinate a small business customer portfolio	FNSBNK401A Coordinate a small business customer portfolio	Updated to meet Standards for Training Packages Rewritten and combined 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 for FNSBNK401 Coordinate a small business customer portfolio

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:

comply with organisational business rules, processes and procedures to deliver services to small business customers

identify and provide tailored business banking solutions and/or referrals to specialists to meet the identified needs of small business

efficiently coordinate a portfolio of specified small business customers to ensure customer satisfaction with products and services

effectively use communication and problem-solving skills in managing relationships with small business customers

efficiently use organisational systems and reports to identify, document and evaluate customer banking needs.

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 customer usage patterns and document potential service and product options

analyse key characteristics of customer motivations, needs and wants

compare and contrast financial products and services, and their benefits and applications for small business customers

describe the key features of organisational systems, policy, procedures and business rules relevant to delivering services to small business customers

discuss the key principles of customer relationship marketing

outline the organisation’s referral process and its relationship to customer satisfaction

describe information that can be accessed from organisational systems to assist in identifying and addressing customer needs

outline the key small business legislative and reporting requirements.

Assessment Conditions

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

office equipment, technology, software and consumables

organisational records, policy and procedures.

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

FNSBNK402 Align banking products with the needs of small business customers

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 diagnose small business customer needs and identify, match and communicate banking products and services to reflect these requirements.

It applies to individuals who provide specialised knowledge and/or diagnose and problem solve to recommend customised solutions for a diverse range of clients.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Banking

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 and forecast small business customer needs and wants	1.1 Conduct segmentation analysis of small business market, and identify and analyse operating environments of small business segments 1.2 Identify and analyse impact of small business segment environment on their current and future banking needs 1.3 Track and monitor needs and wants of small business customer 1.4 Analyse results of marketing and communications campaigns targeted to small businesses to identify successful strategies
2. Identify product and service options for small business customers	2.1 Analyse current customer usage patterns of the organisation’s small business customer categories 2.2 Identify products and services used by segments of small business customers and analyse their benefits 2.3 Design new products and services, tailored to small business customer segments, and negotiate their implementation in accordance with the organisation’s business rules and processes
3. Communicate service benefits to small business customers	3.1 Identify and analyse preferred and optimum communication strategies and vehicles to influence small business segments 3.2 Plan and implement communications campaigns to match products and services to identified small business segments 3.3 Plan and monitor strategies to support routine and ongoing communications with small business segments 3.4 Brief and coach customer service staff in timely and effective manner on purpose of communication campaigns
4. Manage performance of products, services and communications for small business customers	4.1 Identify, communicate and monitor performance indicators, and analyse reports against targets using standard protocols and procedures 4.2 Analyse exception or feedback reports and establish processes to rectify faults or capitalise on opportunities 4.3 Develop, implement and monitor strategies to support continuous improvement of small business products, services and communications

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	1.1-1.4, 2.1, 4.1, 4.2	Researches and analyses key features of detailed information from a range of sources to address specific criteria, identify trends and gaps, and develop recommendations
Writing	1.3, 2.3, 3.2, 3.4, 4.1	Records information and prepares reports using appropriate formats and structures to present information logically Uses clear and detailed language, incorporating correct spelling, grammar and terminology, to convey accurate information and recommendations
Oral Communication	2.3, 3.2, 3.4, 4.1	Participates in a verbal exchanges of information, clearly articulating recommendations using language, tone and pace appropriate to the audience and purpose Uses active listening and questioning techniques to elicit the views and opinions of others and to confirm understanding
Numeracy	2.1, 4.1	Uses mathematical equations to perform calculations and comparisons of financial and numerical information
Navigate the world of work	4.1	Recognises and follows business rules and protocols, and meets expectations associated with own role
Interact with others	1.1-1.4, 2.1-2.3, 3.1-3.4, 4.1-4.3	Recognises the importance of building rapport to establish and maintain effective working relationships Adopts appropriate communication strategies when directing and teaching others to show respect for their values, beliefs and cultural expectations
Get the work done	1.1-1.4, 2.1-2.3, 3.1-3.4, 4.1-4.3	Sequences and schedules complex activities, monitors implementation and manages relevant communication Analyses information and data in reports and from research to develop ideas and solutions that meet customer needs Identifies issues that have the potential to impact on the business and develops options to resolve these issues when they arise Uses a range of digitally based technologies and software packages, including spreadsheets, databases and the internet

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSBNK402 Align banking products with the needs of small business customers	FNSBNK402A Align banking products with the needs of small business customers	Updated to meet Standards for Training Packages	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 for FNSBNK402 Align banking products with the needs of small business customers

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:

analyse and segment the small business market and identify effective and commercially successful products to meet the varying needs of market segments

construct effective communications campaigns and monitor their success

meet the key performance indicators for small business engagement and business growth.

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:

analyse the key customer motivations, needs and wants

compare and contrast financial products and services and their benefits and applications

describe the key features of legislation and regulation relevant to small business customers, covering:

financial services reform

privacy

competition and consumer issues

company law

outline the role of market research in aligning banking products and services to the needs of small business customers

describe the key features of organisational systems, policy, procedures and protocols relevant to small business customers

discuss the key principles of small business engagement and portfolio management.

Assessment Conditions

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

office equipment, technology, software and consumables

financial services product information

organisational policy and practices for providing services to small business customers.

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

FNSBNK403 Provide services in a Business Transaction Centre

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 provide a breadth of service in Business Transaction Centres (BTCs) and Rural Transaction Centres (RTCs) in regional and remote Australia, including client service, processing and client needs analysis. Services may be undertaken for a range of agencies.

It applies to individuals who work independently and have responsibility in a frontline client service capacity to provide assistance and support and maintain quality standards.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Banking

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. Represent Business Transaction Centre	1.1 Recognise and communicate role and purpose of BTC in providing services to local community and its relationship to organisation in which it is hosted to clients 1.2 Develop and maintain knowledge of relevant range of products and services 1.3 Effectively maintain documentation and promotional material about range of services facilitated by centre to ensure accessibility, accuracy, currency and quality 1.4 Access relevant contact people, hotline phone numbers and websites of services supported by centre to provide support and clarify service queries
2. Identify client service and information needs	2.1 Provide timely and courteous responses to client requests and queries 2.2 Refer requests for information, advice, products or services that fall outside centre’s level of authorisation or capacity to relevant service provider or agency for resolution 2.3 Provide help and assistance to clients to ensure full and accurate completion of documentation or transaction forms
3. Process client transactions	3.1 Check information or forms provided by clients for accuracy and completeness 3.2 Follow processes and protocols to maintain privacy of client information in line with centre’s established standards 3.3 Complete transactions in timely and accurate manner using protocols and processes of centre 3.4 Maintain accurate client transaction details and report as required for each service provided on behalf of another agency 3.5 Routinely conduct accurate reconciliation of monies received with transaction records 3.6 Respond to client queries or complaints in courteous and timely manner using required protocols and processes
4. Provide support and service information to clients	4.1 Provide professional and confidential assistance and advice to clients 4.2 Efficiently and effectively conduct bookings for appointments with other professionals or service providers using standard operating procedures 4.3 Provide clients seeking skill development and assistance to access full range of services offered by centre with courteous, accurate and timely support

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	1.2, 1.3, 1.4, 3.1	Accesses and analyses key features of information from a range of sources to address specific criteria and determine requirements
Writing	1.1, 1.3, 1.4, 2.1-2.3, 3.3, 3.4, 3.6, 4.1-4.3	Records and prepares information using appropriate formats and structures for the audience and purpose Uses clear and concise language, incorporating correct spelling, grammar and terminology to convey accurate information
Oral Communication	1.1, 1.4, 2.1-2.3, 3.4, 3.6, 4.1-4.3	Participates in verbal exchanges of information using language, tone and pace appropriate to the audience and purpose Uses collaborative and inclusive techniques, including active listening and questioning, to obtain required information and confirm understanding with a range of personnel
Numeracy	2.3, 3.1, 3.3, 3.4, 3.5	Uses mathematical equations to perform calculations and check the accuracy of financial and numerical information
Navigate the world of work	1.2, 3.2, 3.3, 3.6	Recognises and follows business rules and protocols, and meets expectations associated with own role Develops and maintains the product and organisational knowledge required to perform own role
Interact with others	1.1, 1.4, 2.3, 3.6, 4.3	Actively seeks out and engages others to support the goals of the business Provides content specific instruction and guidance at a level and in a manner that is appropriate for the audience Adapts personal communication style to show respect for the values, beliefs and cultural expectations of others
Get the work done	1.1-1.4, 2.1-2.3, 3.1-3.6, 4.1-4.3	Identifies issues that have the potential to impact on client services and develops options to resolve these issues when they arise Plans, organises and sequences workflow to ensure optimal and timely outcomes for the organisation and clients Embeds quality control and continuous improvement actions into day-to-day work to maintain and develop client service Takes responsibility for decisions within own role and refers matters as appropriate to relevant authorities Uses a range of digitally based technologies, software packages and internet-based information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSBNK403 Provide services in a Business Transaction Centre	FNSBNK403A Provide services in a Business Transaction Centre	Updated to meet Standards for Training Packages	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 for FNSBNK403 Provide services in a Business Transaction Centre

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:

provide accurate and timely information, advice and transaction processing for a range of agencies

provide high level client service, including responding to queries and complaints, referrals, assistance with documentation and provision of confidential and sensitive information to diverse community members

efficiently complete transactions, accurately reconcile monies and complete required reports.

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 features of Business Transaction Centre (BTC) or Rural Transaction Centre (RTC) policy, procedures and protocols

describe the organisation’s client service requirements, including protocols for the complaints process and authorisation procedures when delivering services

describe the full range of BTC or RTC products and services, and their benefits and applications

explain the process for maintaining accurate client and agency information and reports

explain the key requirements of relevant legislation relating to:

privacy

electronic funds transfer

fraud

consumer protection

workplace health and safety (WHS).

Assessment Conditions

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

office equipment, technology, software and consumables

financial services product information

organisational policy, procedures and systems.

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

FNSBNK502 Manage services in a Business Transaction Centre

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 provide leadership in, and management of, Business Transaction Centres (BTCs) and Rural Transaction Centres (RTCs) in regional and remote Australia and covers service design, staff support and management, setting performance targets, reporting and liaison with local communities. Services may be provided for a range of agencies.

It applies to individuals who use a range of managerial techniques and leadership skills to plan and monitor the work of the team while taking responsibility for implementing and promoting strategic business activities.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Banking

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. Manage centre’s community relations	1.1 Recognise and communicate role and purpose of BTC or RTC in providing services to local community, and its relationship to the organisation in which it is hosted, to staff, clients and community groups 1.2 Support reporting, decision making and communication needs of centre’s community-based committee in effective and timely manner 1.3 Establish and implement processes to determine and monitor range of products and services required by local community
2. Manage centre’s external relationships	2.1 Prepare funding proposals for submission to the Australian Government in forms and timeframes that meet funding body requirements 2.2 Manage sustainable business relationships with external agencies supported by centre in effective manner 2.3 Prepare reports specified in funding agreement contracts and submit in required forms and timeframes 2.4 Conduct communication and reporting processes with agencies supported through centre to agreed standards
3. Manage delivery of services	3.1 Establish, implement and monitor processes to ensure compliance with legislative and regulatory environment relevant to centres 3.2 Develop, implement and monitor budgets and operational plans in line with agreed organisational procedures 3.3 Determine and monitor performance indicators for service provision, and seek and respond to feedback from staff about service provision and process improvements 3.4 Identify and effectively manage facilities, support systems and resources required for delivery of services 3.5 Identify training strategies to ensure staff are able to provide required products and services, and effectively manage their implementation
4. Lead centre staff	4.1 Provide clear, unambiguous and concise instructions and directions to team members in line with stated performance indicators and identified needs 4.2 Encourage, value and reward efforts and contributions of individuals to meeting centre goals 4.3 Conduct regular team and individual appraisals

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, 1.3, 3.4	Accesses and analyses information from a range of sources to address specific criteria and determine requirements
Writing	1.1, 1.2, 2.1, 2.3, 2.4, 3.1, 3.2, 3.3, 4.1, 4.2	Uses formats appropriate to the audience and purpose to report and present information logically and sequentially Uses clear and concise language, incorporating correct spelling, grammar and terminology, to convey accurate information
Oral Communication	1.1, 1.2, 2.4, 3.3, 4.1-4.3	Participates in verbal exchanges of information using language, tone and pace appropriate to the audience and purpose Uses active listening and questioning to obtain required information and confirm understanding with a range of personnel
Numeracy	2.1, 2.3, 2.4, 3.2, 3.3	Interprets numerical and statistical information to determine trends and relevance to requirements
Navigate the world of work	2.4, 3.1, 3.2, 4.1, 4.2, 4.3	Takes full responsibility for following policies, procedures and legislative requirements relevant to own role Recognises and follows business rules and protocols in the leadership and appraisal of team members
Interact with others	1.1, 2.2, 2.4, 3.3, 3.5, 4.1-4.3	Recognises the importance of building rapport to establish and maintain effective working relationships Adopts appropriate communication strategies when directing and leading others and draws on a range of strategies for dealing with conflict, including moderating own responses Uses collaborative techniques to provide and share advice gained from experience
Get the work done	1.1-1.3, 2.1-2.4, 3.1-3.5, 4.1-4.3	Accepts responsibility for managing, planning and sequencing complex tasks and workloads of self and others, negotiating key aspects with others and taking into account capabilities, efficiencies and effectiveness Makes critical decisions quickly and intuitively in complex situations, taking into consideration a range of variables including the outcomes of previous decisions Identifies issues that have the potential to impact on the business and develops options to resolve these issues when they arise Monitors and reviews performance outcomes and modifies them to meet new demands and priorities, and to improve outcomes Uses a range of digitally based technologies and software packages, including spreadsheets, databases and the internet

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSBNK502 Manage services in a Business Transaction Centre	FNSBNK502A Manage services in a Business Transaction Centre	Updated to meet Standards for Training Packages	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 for FNSBNK502 Manage services in a Business Transaction Centre

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:

manage the provision of a wide range of information, advice and transaction processing services for selected agencies

liaise and consult with community members, groups and external agencies

assist to identify, develop and manage processes to ensure compliance with all regulatory and organisational obligations

manage budgets, operational plans and reporting aligned to organisational requirements and funding agreements or contracts

lead and manage team members to meet performance indicators.

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:

analyse and describe the key features of the Business Transaction Centre (BTC) or Rural Transaction Centre (RTC) policy, procedures and protocols

compare and contrast the key features of business management strategies and processes, including client satisfaction

outline the key features and stages in business planning and budgeting processes

compare and contrast leadership strategies

explain organisational authorities and delegations

describe the key features of legislation relating to BTCs and RTCs.

Assessment Conditions

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

office equipment, technology, software and consumables

financial services product information

organisational policy, procedures and process documentation.

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

FNSBNK503 Provide business advisory services within a financial services context

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 provide advisory services to small businesses with the intent of stimulating community and business development and involves provision of business advice including the business planning, marketing and opportunity seeking processes required to identify and capitalise on business opportunities and develop financing proposals.

It applies to individuals who provide specialised knowledge and services and have managerial responsibilities for building business and clients.

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

Banking

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. Contribute to identification of business opportunities	1.1 Foster business relationships with community members and business developers over time 1.2 Identify attributes, and service needs and wants of business clients as basis for tailoring communications and services 1.3 Provide support and advice to potential business operator or client in evaluating potential business opportunities and in identifying market potential of business opportunity 1.4 Provide support and advice to potential business operator or client in identifying financial, infrastructure and human resources required to realise business opportunity
2. Provide advice about development of business plans and financing proposals	2.1 Explain requirements and structure of business plan to client 2.2 Provide advice regarding development of comprehensive business plan and its implementation 2.3 Provide advice regarding development of proposal for financing of business initiative which meets guidelines and requirements of organisation 2.4 Provide advice about benefits of accessing other relevant business professionals to ensure business venture has appropriate structure and is compliant with relevant legislation
3. Provide high level and tailored business banking solutions and service	3.1 Analyse potential or current usage patterns of business and identify effective service and product options 3.2 Ascertain and evaluate business banking needs to identify products to manage business cash flow, and negotiate rates 3.3 Identify, model and sell products to support range of business needs including financial transactions, borrowing and leasing needs 3.4 Identify and implement banking services that assist with efficient management and statutory reporting of business 3.5 Coordinate service delivery to business client by other departments or units across organisation

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	1.2, 3.1	Analyses complex textual information from a range of sources and relates specific aspects of information to requirements
Writing	1.1, 1.3, 1.4, 2.1-2.4	Develops material for a specific audience using formats appropriate to the purpose Uses clear and concise language, incorporating correct grammar and spelling, to convey accurate customised information and recommendations
Oral Communication	1.1, 1.3, 1.4, 2.1-2.4	Articulates clearly using language appropriate to the audience and adapts tone and pace to engage and present information to others Uses collaborative and inclusive techniques, including active listening and questioning techniques, to elicit and convey information to a range of personnel
Numeracy	1.3, 1.4, 2.2, 2.3, 3.2, 3.3	Calculates, compares and analyses a range of numerical and financial data to determine trends and produce models using appropriate tools
Navigate the world of work	2.3, 2.4, 3.4	Takes full responsibility for following policies, procedures and legislative requirements relevant to own role
Interact with others	1.1, 1.3, 2.1-2.4	Recognises the importance of building rapport to establish and maintain effective working relationships with colleagues and external individuals and organisations Uses sophisticated interpersonal communication techniques and strategies to instil confidence in advice and ideas
Get the work done	1.1-1.4, 2.1-2.4, 3.1-3.5	Accepts responsibility for managing, planning and sequencing complex tasks and workloads of self and others, negotiating key aspects with others and taking into account capabilities, efficiencies and effectiveness Applies systematic and analytical decision-making processes for complex and non-routine situations Identifies issues that have the potential to impact on the business and develops options to resolve these issues when they arise Develops and implements creative solutions to achieve goals and to meet client and business needs Monitors and reviews performance outcomes and modifies them to meet new demands and priorities, and to improve outcomes Uses a range of digitally based technologies and software packages, including spreadsheets, databases and the internet

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSBNK503 Provide business advisory services within a financial services context	FNSBNK503A Provide business advisory services within a financial services context	Updated to meet Standards for Training Packages Rewritten and combined 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 for FNSBNK503 Provide business advisory services within a financial services context

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 business relationships with individuals, organisations and communities

evaluate potential business opportunities using client usage patterns, market and community data

assist clients to develop business plans, manage cash flow and negotiate service rates

match financial products, solutions and services to meet the specific needs of business clients

provide client referrals to other relevant business professionals if applicable

identify, model and sell products to support a range of business needs.

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

Knowledge Evidence

Evidence of the ability to:

develop business relationships with individuals, organisations and communities

evaluate potential business opportunities using client usage patterns, market and community data

assist clients to develop business plans, manage cash flow and negotiate service rates

match financial products, solutions and services to meet the specific needs of business clients

provide client referrals to other relevant business professionals if applicable

identify, model and sell products to support a range of business needs.

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

Assessment Conditions

Evidence of the ability to:

develop business relationships with individuals, organisations and communities

evaluate potential business opportunities using client usage patterns, market and community data

assist clients to develop business plans, manage cash flow and negotiate service rates

match financial products, solutions and services to meet the specific needs of business clients

provide client referrals to other relevant business professionals if applicable

identify, model and sell products to support a range of business needs.

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

Links

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

FNSCMP501 Comply with financial services legislation

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 involved in ensuring compliance with relevant provisions in financial laws, regulations, ethics and industry codes of practice at an organisational level.

It applies to individuals with responsibility for operational aspects of laws, regulations, rules, circulars and company policies and procedures; understanding changes and implications of laws, regulations, rules and circulars; complying with any relevant codes; and maintaining statutory records.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Compliance

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 and apply organisational requirements of legal principles and regulatory obligations	1.1 Source and access documents for legislation, regulations and policies relevant to provision of financial products and services 1.2 Interpret and analyse legal principles and organisational implications relating to provision of financial products and services 1.3 Identify organisational requirements of these documents and their impact on work practices in terms of procedural requirements 1.4 Execute the procedural requirements relating to operational aspects of laws and regulations, and codes of practice in line with organisational policy 1.5 Comply with role authorities and restrictions as identified in position profiles 1.6 Implement internal monitoring/audit program according to organisational and role requirements 1.7 Establish mechanisms to ensure maintenance and currency of regulatory literature
2. Identify changes and implications of laws, regulations, rules and circulars	2.1 Access changed legislation, regulations and policies in a timely manner 2.2 Identify and communicate changes to regulatory requirements in line with organisational policy 2.3 Review operational procedures to reflect changes to regulation and legislation 2.4 Identify implications for products and services and implement changes in accordance with client, legislative and organisational requirements
3. Comply with any relevant industry or professional codes	3.1 Source, access and apply relevant industry and professional codes of practice to own work in accordance with industry and organisational requirements 3.2 Interpret key principles and responsibilities in accordance with industry codes of practice 3.3 Confirm and clarify own interpretation and application of industry codes of practice as required with relevant persons 3.4 Understand and implement impact of codes of practice on work practices 3.5 Demonstrate a commitment to comply with industry and professional codes of practice through own ethical behaviour
4. Maintain statutory records	4.1 Maintain copies of relevant records 4.2 Keep copies of any relevant agreements on file 4.3 Maintain evidence of current authorisation, training and relevant licences in accordance with organisational, legal and regulatory requirements available

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, 1.3, 1.4, 1.5, 2.1, 2.2, 2.3, 2.4, 3.1, 3.2, 3.3, 3.4, 4.3	Selects, interprets, synthesises and critically analyses information and data from a wide range of relevant legislation, regulation, codes of practice and organisational procedures
Writing	1.2, 2.2, 2.3, 2.4, 3.1, 3.3	Records information accurately and drafts and revises logical and effective organisational procedures
Oral Communication	3.3, 3.5	Participates in verbal exchanges using active listening and questioning to determine or confirm understanding Uses language, terminology and concepts appropriate to purpose and audience
Navigate the world of work	1.1, 1.4-1.6, 2.1, 3.1, 3.2, 3.4, 3.5, 4.1-4.3	Takes full responsibility for following policies, procedures and ethical and legislative requirements, and identifies the organisational implications of new legislation or regulation Maintains knowledge required to carry out work role
Interact with others	1.6, 3.3, 3.5	Selects and uses appropriate conventions and protocols when communicating with colleagues and others from diverse backgrounds to demonstrate professionalism and seek or provide information
Get the work done	1.1-1.3, 1.7, 2.1, 2.4, 3.3, 4.1-4.3	Accepts responsibility for planning and sequencing complex tasks and workload Plans, organises, implements and reviews systems and processes to manage compliance issues according to relevant regulations and legislation Applies systematic and analytical decision-making processes to make recommendations in complex and non-routine situations Uses digital technologies to access, extract and share relevant information to achieve required outcomes

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSCMP501 Comply with financial services legislation	FNSCMP501A Comply with financial services legislation	Updated to meet Standards for Training Packages	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 for FNSCMP501 Comply with financial services legislation

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:

comply with operational aspects of industry codes, laws, regulations, rules and circulars while undertaking duties in the relevant financial services sector

comply with the agency/broker agreement and professional indemnity obligations in the performance of a range of tasks

maintain statutory records for a range of financial products and services.

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:

analyse and explain changes and implications of key requirements of law, regulations, rules and circulars relevant to the sector or the work performed

analyse compliance requirements of legislation, regulation and codes of practice relevant to the financial services industry sector

describe internal compliance monitoring or audit programs

define and explain duty of care principles

outline the general obligations of a financial services adviser, and ethical requirements

outline legislative and industry codes of practice to be complied with when:

marketing or selling the organisation’s products and services

handling client complaints

analyse relevant agency agreements and/or broker authority

identify relevant associations in the financial services industry that can provide advice on codes of practice.

Assessment Conditions

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

common office equipment, technology, consumables and industry software packages

financial services legislation, and industry and professional codes of practice

organisational policy and procedures.

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

FNSCRD301 Process applications for credit

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 apply product knowledge and advisory skills to identify, confirm and process applications for credit prior to assessment in accordance with organisational and legislative requirements.

It applies to individuals who occupy entry level positions and work cooperatively in a team environment under the supervision of managers or team leaders.

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

Credit 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. Check and verify application details	1.1 Gather information required to support application in accordance with credit policy and record using correct organisational policy and procedures 1.2 Verify information provided by applicant and obtain verification from other sources for accuracy and compliance with relevant legislative requirements, industry regulations and organisational guidelines
2. Submit assessment and decision	2.1 Conduct a credit assessment and apply credit policy to inform applicant of the decision to reject or accept application 2.2 Refer decisions to advance funds or extend credit that falls outside officer’s approval, or limits of authority, to relevant approving personnel 2.3 Prepare recommendations to accept or reject applications to provide credit or advance funds and identify any required security 2.4 Forward recommendations to relevant personnel promptly in accordance with organisational procedures
3. Maintain application records and complete necessary documentation	3.1 Maintain an up-to-date records system according to legislative requirements and timeframes, and organisational policy and procedures 3.2 Monitor and record file movements 3.3 Produce accurate, clear and concise documentation in accordance with industry, organisational and legislative requirements and timeframes

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	Identifies textual information from a range of sources
Writing	1.1, 2.1, 2.3, 3.1-3.3	Records relevant facts and information using clear, concise language to convey requirements, recommendations and changes
Oral Communication	1.1, 1.2	Participates in exchanges to elicit and verify relevant information using careful listening and questioning techniques with consideration of context, purpose and audience
Numeracy	1.1, 1.2, 2.1, 2.2, 2.3, 3.3	Extracts, evaluates, monitors and checks numerical information embedded in a range of tasks and texts
Navigate the world of work	1.2, 2.1, 2.3, 2.4, 3.1, 3.3	Complies with explicit policies and procedures Explores and implements, where identified, the implicit expectations of policies and procedures Seeks advice and clarification for new activities
Interact with others	1.2, 2.2	Uses a range of strategies and reads verbal and non-verbal signals to establish a sense of connection and build rapport with customers and workmates Recognises and accommodates the basic differences and priorities of others
Get the work done	1.1, 2.3, 2.4, 3.1, 3.2	Uses familiar digital technologies and systems to access information, search and enter data, present information and communicate with others, cognisant of data security and safety Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effective outcomes

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSCRD301 Process applications for credit	FNSCRD301A Process applications for credit	Updated to meet Standards for Training Packages Industry updates Some performance criteria rewritten for clarification	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 for FNSCRD301 Process applications for credit

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:

check the application details thoroughly to ensure accuracy

assess applications following legislative requirements, industry codes of practice and organisational credit policy and procedures

use relevant data entry, office equipment and software to accurately process applications.

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:

list the features of credit products and their application requirements

identify ways of obtaining and checking relevant information from applicants

explain key features of organisational policy and procedures that relate to credit assessments, security and customer service

explain the key purpose of relevant credit legislation, statutory requirements and codes of practice, covering:

consumer credit

personal property securities

privacy

explain types of security.

Assessment Conditions

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

common office equipment, technology and consumables

credit product information

relevant software systems and data

organisational policy and procedures.

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

FNSCRD302 Monitor and control accounts receivable

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 determine the nature and extent of account deficits, select payment methods, and monitor and control accounts appropriately.

It applies to individuals who have responsibility at assistant level in basic credit account management and customer service operations.

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

Credit 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. Collect and record monies due	1.1 Determine status of debt in accordance with organisational policy and guidelines, and legislative requirements 1.2 Record and monitor transactions on account accurately according to organisational policy and guidelines 1.3 Maintain customer contact records accurately
2. Review compliance with terms and conditions	2.1 Correctly identify customers in breach of terms and conditions in accordance with organisational guidelines 2.2 Contact customers promptly and courteously to bring account within terms
3. Resolve disputed amounts within predetermined parameters	3.1 Research background of dispute, based on customer outline 3.2 Check records thoroughly for verification of all case material 3.3 Correctly identify type of dispute and resolve in accordance with organisational policy and procedures

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, 2.1, 3.1, 3.2, 3.3	Reviews and interprets text to identify and verify relevant information
Writing	1.1,1.2, 1.3	Uses relevant technical and specialist vocabulary to document and maintain textual and numerical information
Oral Communication	2.2, 3.1	Engages in negotiations using structure and register appropriate to gathering and providing information Uses clear and direct language to convey requirements, and careful listening and questioning techniques to elicit and clarify the viewpoints of others
Numeracy	1.1-1.3, 2.1, 3.1, 3.2	Performs calculations to establish default credit levels and monitors and reviews numerical data for accuracy and compliance
Navigate the world of work	1.1, 1.2, 3.3	Takes personal responsibility for following explicit and implicit policies, procedures and legislative requirements Identifies and acts on issues that contravene relevant policies, procedures and legal requirements
Interact with others	2.1	Uses a range of strategies and reads verbal and non-verbal signals to establish a sense of connection and build rapport with customers and workmates Recognises behaviours and triggers that contribute to conflict and implements strategies to moderate conflict
Get the work done	1.2, 1.3, 2.1, 3.2, 3.3	Makes low-impact decisions within familiar situations, based on a range of predefined or routine solutions, and evaluates the effectiveness of the outcome Plans and implements routine tasks and workload, making limited decisions on sequencing, timing and collaboration, and seeks assistance in setting priorities Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSCRD302 Monitor and control accounts receivable	FNSCRD302A Monitor and control accounts receivable	Updated to meet Standards for Training Packages	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 for FNSCRD302 Monitor and control accounts receivable

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:

comply with appropriate legislation

follow organisational credit policy and guidelines relating to account control and monitoring practice

liaise with others to clarify information for basic credit accounts

deal with and resolve disputes that comply with legislative requirements and organisational guidelines

use data entry and recording systems to maintain and monitor customer accounts and records.

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 organisational credit management protocols and processes

explain organisational policy on handling complaints and dispute resolution

explain the compliance requirements of the credit management sector and identify related legislation.

Assessment Conditions

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

common office equipment, technology and consumables

credit product information

relevant software systems and data

organisational policy and procedures.

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

FNSCRD401 Assess credit applications

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 assess and verify information provided in credit applications, establish credit terms and limits, and notify customers of credit application outcomes.

It applies to individuals who may use a range of organisational techniques to manage credit and debt recovery.

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

Credit 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. Satisfy initial enquiry	1.1 Respond to initial customer enquiries on type, range and availability of credit and provide information with courtesy, respect and recognition of special needs of customers 1.2 Provide basic information, such as terms and conditions and interest rate, and determine potential securitisation needs in accordance with credit policy and legislative requirements
2. Assess and verify credit information	2.1 Verify credit applications and documentation in accordance with organisational policy and procedures to maintain accuracy of credit database information 2.2 Analyse credit information to establish that sufficient evidence of accurate information has been provided 2.3 Maintain liaison with customers and relevant internal and external personnel to ensure information is kept up to date and disseminated appropriately
3. Assess risk	3.1 Identify and evaluate possible risks to determine overall level of risk associated with application 3.2 Identify need to take security, minimise risk exposure and provide protection against risk in accordance with organisational risk management policy 3.3 Document risk assessment in accordance with organisational procedures
4. Establish credit terms and limits	4.1 Make decision on how to proceed with credit application based on assessed information and in accordance with organisational risk management policy 4.2 Determine credit terms and limits within organisational credit policy guidelines and advise customers of credit decisions promptly and courteously 4.3 Complete credit account administration according to organisational credit policy and timelines, and legislative requirements

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	2.1, 2.2, 3.1	Analyses and carefully reviews a range of documents to verify details, assess risk and inform decisions
Writing	2.3, 3.3, 4.3	Records information accurately from spoken texts, and integrates information from a range of other sources using vocabulary, numerical data and organisational structures to convey precise meaning in required formats
Oral Communication	1.1,1.2, 2.3, 4.2	Engages effectively using vocabulary and structure appropriate to the requirements of a diverse audience Uses clear and direct language to convey details, and careful listening and questioning techniques to elicit and verify information from internal and external stakeholders
Numeracy	1.2, 2.1, 2.2, 3.1-3.2, 4.1, 4.2	Interprets and analyses numerically expressed information from a range of sources to assess risk Performs calculations to establish credit levels and monitors and reviews financial data for accuracy and compliance
Navigate the world of work	1.2, 2.1, 3.2, 3.3, 4.1, 4.2, 4.3	Accepts responsibility and ownership for the task and makes decisions on completion parameters and the need for coordination with others Takes personal responsibility for following explicit and implicit policies, procedures and legislative requirements Identifies and acts on issues that contravene relevant policies, procedures and legal requirements
Interact with others	1.1, 1.2, 2.3, 4.2	Implements strategies for a diverse range of colleagues and customers to build rapport and foster strong relationships
Get the work done	1.2, 2.2, 2.3, 3.1, 3.3, 4.2, 4.3	Makes critical decisions quickly and intuitively in complex situations, taking into consideration a range of variables including the outcomes of previous decisions Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effective outcomes Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSCRD401 Assess credit applications	FNSCRD401A Assess credit applications	Updated to meet Standards for Training Packages Performance criteria rewritten and reordered for clarification	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 for FNSCRD401 Assess credit applications

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:

communicate with customers, considering their special needs, to explain:

features of credit products

application and security requirements

the credit decision

comply with appropriate legislation, industry regulations and organisational guidelines when analysing and documenting risk in the assessment of credit applications

use data entry and recording systems to capture and analyse credit information and complete risk assessment.

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:

list the features of credit products and their application requirements

describe the special needs of customers

explain the organisational procedures and systems relating to assessing credit applications

identify the possible risks associated with credit applications

describe the types of security that can be taken to minimise risk exposure

describe the key features of organisational credit and risk management policies

identify and outline the key requirements of relevant legislation and industry regulations in regards to risk assessment.

Assessment Conditions

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

common office equipment, technology and consumables

credit product information

relevant software systems and data

organisational policy and procedures.

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

FNSCRD402 Establish and maintain appropriate security

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 determine and implement appropriate security options in relation to individual customers to protect the organisation against loss and exposure.

It applies to individuals who may use a range of specialised techniques and strategies to manage their work outcomes.

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

Credit 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. Assess requirement for security	1.1 Undertake risk analysis of credit applications in accordance with organisational credit policy and guidelines to determine requirements for security 1.2 Determine customers’ level of risk and identify security requirements
2. Identify available security options and suitability of available securities	2.1 Explain requirements for security to customers, considering any special needs of customers 2.2 Identify range of securities available and determine which are appropriate to type of credit facility 2.3 Negotiate with customers to determine security arrangements as required within organisational guidelines
3. Apply appropriate security	3.1 Analyse assets and conduct valuations to confirm value of security 3.2 Register security interest in accordance with legislative requirements
4. Monitor and review effectiveness of security arrangement	4.1 Maintain knowledge of current conditions in market and keep updated on any changes in organisation's credit policy and guidelines 4.2 Monitor customer accounts to confirm appropriateness of security arrangements 4.3 Amend security arrangement documentation to reflect changes in customers’ relationships or circumstances where necessary

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, 2.2, 3.1, 4.1 , 4.2	Analyses and interprets relevant legislative and regulatory information to establish requirements and identifies and assesses risk from analysis of a range of documents containing textual and numerical information
Writing	3.1, 3.2, 4.2, 4.3	Selects appropriate linguistic structures and text required to establish a customer profile, clarify options, detail service requirements and obligations, and register and amend relevant documentation in compliance with organisational and regulatory requirements
Oral Communication	2.1, 2.3	Participates effectively in interactions using well developed strategies to elicit facts, exchange relevant information and negotiate satisfactory outcomes for internal and external stakeholders
Numeracy	1.1, 1.2, 2.1, 2.2, 3.2, 4.1	Interprets and analyses numerically expressed information from a range of sources to identify appropriate security, performs calculations to establish value and monitors security arrangements to prevent loss
Navigate the world of work	1.1, 1.2, 3.1, 3.2	Accepts responsibility and ownership for the task and makes decisions on completion parameters and the need for coordination with others Takes personal responsibility for following explicit and implicit policies, procedures and legislative requirements Identifies and acts on issues that contravene relevant policies, procedures and legal requirements
Interact with others	2.3, 3.1, 3.2	Uses a range of strategies and reads verbal and non-verbal signals to establish a sense of connection and build rapport with customers Recognises and accommodates the basic differences and priorities of others
Get the work done	1.1, 2.2, 3.2, 4.1, 4.2	Makes routine decisions and implements standard procedures for routine tasks, using formal decision-making processes for more complex and non-routine situations Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effective outcomes Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSCRD402 Establish and maintain appropriate security	FNSCRD402A Establish and maintain appropriate securitisation	Updated to meet Standards for Training Packages Title change Rewording of performance criteria for clarification	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 for FNSCRD402 Establish and maintain appropriate security

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:

comply with relevant legislative requirements, industry regulations and codes of practice relating to security in credit applications

interpret and implement an organisation’s credit policy in regards to security

communicate effectively with customers explaining the requirement for security and their options in providing security

analyse the security customers can provide and establish the most appropriate option that will minimise risk to the organisation

maintain security for the credit arrangement in line with changes in organisational credit policy.

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:

outline current conditions in the credit management sector

describe key features of organisational credit policy and procedures

explain the full range of security options for credit that currently apply

outline the legislation, regulations and codes of practice relevant to security and the personal property securities register (PPSR)

discuss verbal and non-verbal communication

explain organisational guidelines when dealing with customers who have special needs.

Assessment Conditions

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

common office equipment, technology and consumables

credit product, loan security and risk minimisation information

relevant software systems and data

organisational policy and procedures.

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

FNSCRD403 Manage and recover bad and doubtful debts

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 correctly identify bad debts, negotiate with customers and ascertain means of recovery using actions in line with relevant credit policy.

It applies to individuals who work cooperatively with others using a range of managerial and negotiation techniques to facilitate debt recovery processes.

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

Credit 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. Implement appropriate course of action to recover outstanding debt	1.1 Review account history and determine appropriate recovery action based on account history 1.2 Advise customers promptly of possible implications of outstanding debts and deal with any objections according to organisational guidelines and legislative requirements 1.3 Document agreed payment arrangements accurately according to organisational system requirements
2. Monitor and review effectiveness of recovery action	2.1 Review customer accounts for their adherence to agreed payment arrangements 2.2 Identify customers’ non-compliance with agreed arrangements and manage in accordance with organisational guidelines 2.3 Involve internal stakeholders in review and monitoring process as required
3. Re-assess account to determine eligibility for write-off	3.1 Re-assess account to determine if it is appropriate for write-off as agreed payment arrangements have not been met 3.2 Document recommendations for write-off and account closure, complying with legislation and organisational guidelines, that authorised personnel can action

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, 2.1, 3.3	Accesses, manages and evaluates textual information from a variety of sources to identify relevant information
Writing	1.2, 1.3, 3.2	Addresses context and purpose when generating texts for internal and external stakeholders Selects appropriate vocabulary and terminology to elicit information, convey instructions and document recommendations clearly and accurately
Oral Communication	1.1,1.2, 2.2, 2.3,	Engages in complex negotiations to elicit and clarify the viewpoints of others using careful listening and questioning Uses clear and detailed language to express requirements and to reach agreement with others
Numeracy	1.1, 1.3, 2.1, 3.1, 3.3	Evaluates and reviews numerically expressed information to inform action Uses medium level mathematical calculations to establish and monitor requirements for compliance or further action as required
Navigate the world of work	3.2, 3.3	Takes personal responsibility for following explicit and implicit policies, procedures and legislative requirements Identifies and acts on issues that contravene relevant policies, procedures and legal requirements
Interact with others	1.2, 2.2, 2.3, 3.2	Identifies and explores differences in a diverse range of people in the work context and makes adjustments to communication in recognition of these differences Recognises behaviours and triggers that contribute to conflict and implements strategies to moderate conflict Selects and uses appropriate conventions and protocols when communicating to customers and co-workers in a range of work contexts
Get the work done	1.1, 2.1, 3.1, 3.3	Makes routine decisions and implements standard procedures for routine tasks, using formal decision-making processes for more complex and non-routine situations Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effective outcomes Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSCRD403 Manage and recover bad and doubtful debts	FNSCRD403A Manage and recover bad and doubtful debts	Updated to meet Standards for Training Packages Changes performance criteria for clarification	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 for FNSCRD403 Manage and recover bad and doubtful debts

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:

communicate effectively with customers, following organisational guidelines and legislative requirements in explaining the implications of outstanding debt and alternative payment arrangement options

apply strong negotiation skills to resolve disputes, queries and problems

use data entry and recording systems accurately.

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:

explain the key steps or actions in the legal debt recovery process

outline the key features of organisational credit policy

identify and explain legislative requirements relevant to debt recovery

describe the key features of complaint resolution processes and complaint handling procedures

outline the roles of the various alternative dispute resolution schemes and services

explain the key requirements of legislation relating to credit and recovery of bad debts.

Assessment Conditions

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

common office equipment, technology and consumables

credit product information

relevant software systems and data

organisational policy and procedures relating to debt recovery.

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

FNSCRD404 Utilise the legal process to recover outstanding debt

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 initiate and complete the legal process relating to the recovery of outstanding debt when briefing legal practitioners.

It applies to individuals who may use a range of analytical and organisational techniques to assess, organise and implement the requirements of debt recovery processes in cooperation with others.

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

Credit 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. Review appropriateness of legal recovery	1.1 Review account history and previous attempts at debt recovery to determine status 1.2 Analyse all documentation to confirm it is accurate and complete
2. Instigate legal process	2.1 Confirm within level of delegated authority the appropriate debt recovery action 2.2 Complete all necessary documentation accurately and in accordance with organisational policy and procedures to commence legal proceedings 2.3 Provide advice as required on estimated timeframes for progress of legal proceedings 2.4 Monitor written and verbal reports from service providers and maintain accurate records to reflect progress of legal action
3. Implement actions arising from legal process	3.1 Record outcomes of legal proceedings in accordance with the decision and relevant legislation 3.2 Refer matters to authorised personnel for further action where appropriate 3.3 Inform all stakeholders fully of outcomes of legal proceedings

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, 2.4	Reviews and analyses complex information and documentation containing specialised legal terminology
Writing	2.2, 2.3, 3.1, 3.3	Accurately documents requirements and clearly details outcomes in language suited to the audience in compliance with organisational requirements
Oral Communication	2.3, 3.2, 3.3	Considers the context, purpose and audience in interactions and uses clear and direct language to inform others of requirements and outcomes
Numeracy	1.1, 1.2, 2.2, 2.3	Reviews and evaluates numerical information to determine accuracy and relevance in the preparation of financial documents Makes estimate of timeframes
Navigate the world of work	2.1, 2.2, 3.1	Takes personal responsibility for following explicit and implicit policies, procedures and legislative requirements Identifies and acts on issues that contravene relevant policies, procedures and legal requirements Seeks advice and clarification for new activities
Interact with others	3.2, 3.3	Selects and uses appropriate conventions and protocols when communicating to customers and co-workers in a range of work contexts Identifies and explores differences in a diverse range of people in the work context and makes adjustments to communication in recognition of these differences
Get the work done	1.1, 2.1, 2.4	Applies systematic and analytical decision-making processes for complex and non-routine situations Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effective outcomes Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSCRD404 Utilise the legal process to recover outstanding debt	FNSCRD404A Utilise the legal process to recover outstanding debt	Updated to meet Standards for Training Packages Rewritten and clarified 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 for FNSCRD404 Utilise the legal process to recover outstanding debt

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:

effectively implement organisational debt recovery policy

analyse and clarify information required to action debt recovery

accurately prepare debt recovery briefs for legal practitioners and record outcomes.

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:

identify and explain key features of organisational policy and procedures relevant to credit management and debt recovery

explain relevant legislative requirements relating to debt recovery

explain the current range of legal options for debt recovery

provide an overview of possible outcomes of legal proceedings

outline a range of service providers that may be used in debt recovery.

Assessment Conditions

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

common office equipment, technology and consumables

credit product information

relevant software systems and data

legislative information and organisational policy and procedures for debt recovery.

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

FNSCRD405 Manage overdue customer accounts

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 identify customer accounts which have outstanding payments and negotiate agreements that are monitored for compliance or further action.

It applies to individuals who may use a range of organisational and negotiation skills to plan, manage and monitor their work. This unit may be adapted to meet a range of debt recovery and debt management job roles.

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

Credit 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 customers requiring collection activity	1.1 Monitor organisational reporting system regularly for possible overdue accounts 1.2 Access relevant customer information and retrieve records 1.3 Review overdue accounts and customer credit histories in accordance with organisational policy and procedures, and relevant legislation
2. Establish contact with customers and attempt to resolve outstanding payment matters	2.1 Determine proposed communication with customers to collect outstanding payments 2.2 Obtain approval to initiate communication with customers from authorised personnel in the organisation and inform other relevant external parties 2.3 Establish rapport with customers and ensure all communication complies with relevant legislation and organisational policy and procedures 2.4 Advise purpose of contact clearly and comprehensively to customers in accordance with legislative requirements
3. Negotiate resolution of outstanding payments	3.1 Advise customers of possibility of legal action and any other implications if outstanding payments are not resolved 3.2 Use appropriate techniques to achieve resolution and record negotiation outcomes accurately 3.3 Schedule further action to be undertaken in relation to outstanding payment matters
4. Monitor agreements to ensure adherence	4.1 Review accounts regularly to ensure that payments are received in accordance with negotiated arrangements 4.2 Address breaches of agreements in accordance with organisational policy and procedures, and legislative requirements 4.3 Refer outstanding payment matters to appropriate personnel as required

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, 1.3, 4.1	Critically evaluates relatively complex texts and other information to determine if action is required
Writing	1.3, 2.1, 2.4, 3.1, 3.2, 3.3	Documents actions and required information using clear and detailed language specific to the purpose of a range of communications with customers and external entities
Oral Communication	2.2-2.4, 3.1, 3.2, 4.3	Clearly articulates requirements using language, tone and pace appropriate to the audience and the environment Uses careful listening and questioning techniques to negotiate and confirm mutual understanding of the agreement
Numeracy	1.1, 1.3, 4.2	Uses a range of mathematical skills to interpret accounting records for breaches and calculate overdue amounts
Navigate the world of work	1.3, 2.3, 2.4, 4.2	Takes personal responsibility for following explicit and implicit policies, procedures and legislative requirements Identifies and acts on issues that contravene relevant policies, procedures and legal requirements in managing customer accounts
Interact with others	2.1-2.4, 3.1, 4.3	Uses a range of strategies and reads verbal and non-verbal signals to establish a sense of connection and build rapport with customers Negotiates positive outcomes for complex problematic exchanges Recognises and accommodates basic differences and priorities of others
Get the work done	1.1-1.3, 3.2-3.3, 4.1-4.2	Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effective outcomes Makes routine decisions and implements standard procedures for routine tasks, using formal decision-making processes for more complex and non-routine situations Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSCRD405 Manage overdue customer accounts	FNSCRD405A Manage overdue customer accounts	Updated to meet Standards for Training Packages Rewritten and clarified 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 for FNSCRD405 Manage overdue customer accounts

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:

follow organisational procedures and policy for identifying overdue accounts and collecting outstanding payments

communicate effectively with customers, explaining the implications of overdue accounts and alternative payment arrangement options following organisational guidelines and legislative requirements

apply effective negotiation skills to resolve customer outstanding payment matters

use the data entry and reporting system correctly to identify and monitor overdue accounts.

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:

identify and explain organisational policy changes that reflect current developments in the credit management sector

explain the key steps or actions in legal debt recovery processes

explain relevant legislative requirements of overdue account review and management

outline a range of negotiation techniques that can be used in managing overdue customer accounts.

Assessment Conditions

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

common office equipment, technology and consumables

credit product information

relevant software systems and data

organisational policy and procedures for payment recovery.

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

FNSCRD502 Manage factoring and invoice discounting arrangements

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 provide appropriate advice to clients and establish debt factoring or invoice discounting arrangements.

It applies to individuals who may use a range of managerial and specialist techniques to implement effective service arrangements and relationships with clients.

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

Credit 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. Explain arrangement options to clients	1.1 Identify different types of arrangements that may be offered to clients 1.2 Advise clients of policy and procedures that should be followed in relation to different types of products 1.3 Assess clients’ financial positions from information provided and advantages and disadvantages of various debt assignment arrangements 1.4 Advise clients on legal assignment of debt that relates to each type of arrangement
2. Advise clients on appropriate arrangements	2.1 Provide information on appropriate arrangements to clients in accordance with legislative requirements 2.2 Establish arrangements, including all terms and conditions, with clients by completing relevant documentation
3. Manage relationship between client and factor or invoice discounter	3.1 Advise clients how the relationship will proceed with all participants involved in the arrangements 3.2 Establish ongoing monitoring and review procedures with clients

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	1.3	Interprets, analyses and compares complex information from a range of sources to inform advice and actions
Writing	1.2, 1.4, 2.2, 3.1	Integrates relevant facts and information from a variety of sources using style appropriate to purpose and audience to convey service options and obligations in compliance with organisational and regulatory requirements
Oral Communication	1.2, 1.4, 2.2, 3.1, 3.2	Selects language, structure and tone suited to effective exchanges and careful listening and questioning techniques to provide advice and clarification of detailed information
Numeracy	1.3, 2.2	Extracts and evaluates numerical information embedded in texts and uses mathematical calculations and formulae to establish costs of service arrangements Performs debt factoring calculations
Navigate the world of work	1.2, 2.1	Takes full responsibility for following policies, procedures and legislative requirements and identifies organisational implications of new legislation or regulation
Interact with others	1.2, 1.4, 3.1, 3.2	Implements strategies for a diverse range of colleagues and customers to build rapport and foster strong relationships
Get the work done	1.1, 1.3, 2.2, 3.2	Applies systematic and analytical decision-making processes for complex and non-routine situations Accepts responsibility for planning and sequencing complex tasks and workload Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSCRD502 Manage factoring and invoice discounting arrangements	FNSCRD502A Manage factoring and invoice discounting arrangements	Updated to meet Standards for Training Packages Rewritten and clarified elements and 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 for FNSCRD502 Manage factoring and invoice discounting arrangements

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:

apply organisational policy and procedures and comply with relevant legislation

identify client accounts that may be offered a debt assignment arrangement

demonstrate effective and considerate client management practice in explaining and establishing appropriate arrangements and in monitoring the arrangements.

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:

explain in detail current organisational policy and procedures for debt assignment arrangements

explain the characteristics of debt assignment arrangement options

outline the advantages and disadvantages of various debt assignment arrangements

interpret and describe key requirements of current debt management legislation.

Assessment Conditions

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

common office equipment, technology and consumables

credit product information

relevant software systems and data

organisational policy, procedures and legislation relevant to debt factoring and invoice discounting.

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

FNSCRD503 Promote understanding of the role and effective use of consumer credit

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 explain the functions and implications of different forms of consumer credit as part of developing the financial skills of clients.

It applies to individuals who use a range of communication styles and techniques to provide comprehensive analysis of information in managerial support or service roles, particularly to clients with minimal financial awareness.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Credit 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 types of appropriate consumer credit options for clients	1.1 Identify clients’ financial situations, requirements and objectives in regards to consumer credit by making reasonable enquiries 1.2 Explain types of appropriate consumer credit facilities to clients in plain language 1.3 Provide clients with written supporting documentation and guide them through key aspects of documentation
2. Identify and discuss costs of using credit	2.1 Explain relevant features, terms and conditions of appropriate consumer credit facilities to clients, with impacts and possible risks disclosed in a clear and concise manner 2.2 Explain fees and costs associated with different types of credit options for clients 2.3 Demonstrate how to interpret differences between advertised interest rates and comparison rates to clients
3. Promote effective use of consumer credit	3.1 Discuss strategies to avoid excessive or unmanageable debt with clients in relation to their financial situations 3.2 Discuss strategies to minimise fees and cost of credit with clients
4. Provide clients with information regarding credit reference reports	4.1 Explain role of credit reference agencies to clients in plain language 4.2 Emphasise purpose and use of credit reference reports in assessing loan applications and explain implications of establishing a poor credit history to clients 4.3 Explain right to access and methods of obtaining own credit reference report, and provide relevant contact details to clients for follow up if required

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
Oral Communication	1.1-1.3, 2.1, 2.2, 3.1-3.3, 4.1-4.3	Establishes a supportive environment, considers the context and selects vocabulary, grammar and structure to suit a wide range of individuals and cultural differences to convey details of consumer credit choices and outcomes of individual credit history Uses active questioning and listening techniques, initiates points of clarification and uses clear and direct language to establish client credit requirements and convey strategic advice and support
Numeracy	2.1, 2.2, 3.2	Uses mathematical equations to compare and accurately demonstrate key features of financial information to others
Interact with others	3.1, 3.2, 4.2	Implements strategies for a diverse range of colleagues and clients to build rapport and foster strong relationships
Get the work done	1.1, 1.2, 2.1, 2.2, 3.1-3.3, 4.1-4.3	Accepts responsibility for planning and sequencing complex tasks and workload, negotiating key aspects with others and taking into account capabilities, efficiencies and effectiveness Applies systematic and analytical decision-making processes for complex and non-routine situations Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSCRD503 Promote understanding of the role and effective use of consumer credit	FNSCRD503A Promote understanding of the role and effective use of consumer credit	Updated to meet Standards for Training Packages Rewritten and clarified elements and 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 for FNSCRD503 Promote understanding of the role and effective use of consumer credit

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:

comply with legislative requirements, industry regulations and code of conduct when identifying types of appropriate consumer credit options for clients and providing documentation

explain the features, terms and conditions of the appropriate consumer credit facilities to clients, taking into account any special needs

provide clients with a detailed analysis of the fees, costs and risks of appropriate consumer credit facilities

identify for clients strategies to use appropriate consumer credit facilities effectively

explain the consequences of a poor credit reference history to clients.

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:

explain the effect of the current economic environment on an individual’s credit and debt options

explain the advantages and disadvantages of credit

describe the principles of lending and credit

outline the key differences between secured and unsecured loans

describe the key features of relevant legislative requirements, industry regulations and codes of conduct, and how they impact on dealings with clients

define the roles and relationships between participants within the Australian financial services industry, including banks and other financial intermediaries

describe key features, terms and conditions, and risks of a range of consumer credit facilities, including fees and costs.

Assessment Conditions

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

common office equipment, technology and consumables

financial services product information

relevant software systems and data

organisational policy and procedures.

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

FNSCRD504 Manage the credit relationship

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 manage the overall credit management function in an organisation.

It applies to individuals in positions of responsibility who use strategic planning and other specialist techniques to perform their work and effectively manage internal and external relationships.

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

Credit 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. Manage interaction between credit relationship and business objectives and strategies	1.1 Apply credit risk factors and knowledge of environmental factors to credit relationship and compare to business objectives and strategies 1.2 Use effective performance management techniques to achieve effective credit management
2. Deal with debtors in difficult circumstances	2.1 Implement organisational policy and procedures to identify early warning signs of debtor difficulty and address debtors experiencing difficult circumstances 2.2 Determine and apply relevant legislative requirements and industry regulations to specific debtor situations 2.3 Respond considerately, using effective communication skills, to particular debtor circumstances in accordance with organisational policy and procedures
3. Terminate credit relationship	3.1 Inform clients, where relevant, that the credit relationship is terminated 3.2 Maintain all records accurately in accordance with legislative requirements 3.3 Destroy or store relevant documentation in accordance with organisational policy and procedures, and legislative requirements

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	2.3	Analyses and interprets textual information from internal and external sources to determine content relevant to individual client needs and to inform compliant actions
Writing	2.1, 2.3, 3.1	Processes records and documents strategies using clear, concise and industry specific language for others to interpret and follow
Numeracy	1.2, 2.1	Uses mathematical skills to perform calculations and interpret a range of statistical information related to credit management activity
Navigate the world of work	2.2, 2.3, 3.1, 3.2	Takes full responsibility for following policies, procedures and legislative requirements and identifies organisational implications of new legislation or regulation Works independently or with others in making decisions to achieve organisational outcomes and strategies
Get the work done	1.1, 1.2, 2.1-2.3, 3.1, 3.2	Applies systematic and analytical decision-making processes for complex and non-routine situations Accepts responsibility for planning and sequencing complex tasks and workload, negotiating key aspects with others and taking into account capabilities, efficiencies and effectiveness Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSCRD504 Manage the credit relationship	FNSCRD504A Manage the credit relationship	Updated to meet Standards for Training Packages Rewritten and clarified 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 for FNSCRD504 Manage the credit relationship

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:

follow organisational policy and procedures and comply with relevant legislation when dealing with clients in difficult circumstances and, where relevant, terminating the credit relationship

assess client accounts for credit risk by considering credit risk and environmental factors

respond considerately to clients when managing debt matters, taking difficult circumstances into consideration

maintain all records and dispose of appropriately as required.

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 credit risk and environmental factors

outline effective performance management techniques

explain current organisational policy and procedures for credit risk identification and risk management

explain the interrelationship between debt recovery and business strategy

describe relevant legislative requirements, industry regulations and code of conduct in relation to credit management.

Assessment Conditions

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

organisational policy, procedures and legislation relevant to credit risk factoring and invoice discounting

common office equipment, technology and consumables

credit product information

relevant software systems and data.

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

FNSCUS301 Respond to customer enquiries

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 1.0.

Application

This unit covers the skills and knowledge required to determine, confirm and provide a comprehensive answer to customer enquiries about financial products or services.

It applies to individuals who effectively communicate specialised information within a primary customer contact role in a financial service environment.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Customer service

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. Obtain details of customer and nature of enquiry	1.1 Clarify nature of enquiry and obtain all details 1.2 Identify and confirm whether enquiry is within scope of responsibility or authority area 1.3 Decide whether enquiry can be satisfied immediately or further investigation is needed, and inform customer 1.4 Provide a response in accordance with organisational procedures if enquiry can be answered directly 1.5 Provide explanation to customer if further investigation required and agree on timeframe for follow up 1.6 Obtain customer details
2. Research information relevant to enquiry	2.1 Identify sources of information so that appropriate response can be provided within authority levels 2.2 Obtain, organise and analyse information to provide an accurate and satisfactory response
3. Determine suitable response to enquiry	3.1 Prepare response in line with organisational procedures, guidelines and authorities, and within accepted timeframe 3.2 Provide a comprehensive, clear response, delivered in most appropriate form and within agreed timeframe
4. Communicate information to customer	4.1 Provide written or oral responses in clear, simple and easy to understand language 4.2 Treat customers courteously and encourage an ongoing relationship 4.3 Consider and take into account customers’ special needs 4.4 Attend promptly to any further queries from customers 4.5 Undertake checks and/or follow up to ensure that response satisfies customer needs
5. Update relevant records	5.1 Collect information on nature and frequency of enquiries for evaluation 5.2 Record details of enquiry as required by organisational procedures

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, 1.4, 2.1, 2.2, 3.1, 4.4, 4.5, 5.1, 5.2	Interprets and analyses information from a range of texts including customer communication, organisational documentation and legislation
Writing	1.2, 1.4, 1.5, 1.6, 2.2, 3.1, 3.2, 4.1, 4.5, 5.1, 5.2	Prepares documentation and correspondence according to organisational formats using clear language and correct grammar, spelling and terminology
Oral Communication	1.1-1.6, 3.2, 4.1, 4.5	Speaks clearly using tone and pace appropriate for the audience and purpose Uses questioning and active listening skills to check understanding
Numeracy	1.5, 2.1, 2.2, 5.1	Interprets and comprehends a range of mathematical information that is embedded in familiar and routine texts
Navigate the world of work	1.2, 1.4, 2.1, 3.1, 5.2	Understands roles and responsibilities of own role and makes basic decisions on work completion parameters Follows organisational policy, procedures and protocols, and legislative requirements relevant to own role
Interact with others	1.1-1.6, 3.2, 4.1-4.5	Follows accepted communication practices and protocols, adjusting personal communication style in response to the values, beliefs and cultural expectations of others
Get the work done	1.1-1.6, 2.1, 2.2, 3.1, 3.2, 4.4, 4.5, 5.1, 5.2	Plans and implements routine tasks and workload, making limited decisions on sequencing and timing Responds to predictable routine customer service problems and implements standard or logical solutions Uses the main features and functions of digital tools to complete work tasks and access information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSCUS301 Respond to customer enquiries	FNSCUS301A Respond to customer enquiries	Updated to meet Standards for Training Packages	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 for FNSCUS301 Respond to customer enquiries

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:

treat customers courteously and respond effectively to a range of enquiries that satisfy customer needs and achieve company outcomes

maintain up-to-date knowledge or access accurate information to respond to customer enquiries

adhere to customer service processes and procedures

consider and respond appropriately to customers with special needs following organisational procedures

collect, record and update data and information as required following organisational procedures.

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 company policy, procedures and requirements relevant to responding to customer enquiries

discuss the application of privacy and confidentiality requirements covered in organisational procedures and relevant legislation

identify and describe sources of information to access in response to customer enquiries

discuss the application of key requirements of relevant legislation and industry codes of practice

describe different customer groups and types of information typically sought

Assessment Conditions

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

common office equipment, technology, software and consumables

organisational records, policy and procedures.

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

FNSCUS401 Participate in negotiations

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 take part in negotiations as an individual or member of a team, plan and prepare, and apply effective negotiating techniques to finalise an agreement.

It applies to individuals who may use a range of specialised techniques in job roles across all sectors of the financial services industry.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Customer service

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. Plan negotiation	1.1 Clarify purpose of negotiation, including content and desired outcomes 1.2 Select approach to take based on analysis of strength and weakness of position, and most appropriate negotiating style 1.3 Identify consequences of not reaching agreement and determine other alternatives 1.4 Collect, analyse and organise all information relevant to negotiation
2. Conduct negotiation	2.1 Use effective presentation skills, speaking, listening and questioning techniques to put forward a strong argument to other parties 2.2 Conduct negotiation in a professional manner, including showing respect for those with whom negotiations are conducted 2.3 Use effective techniques for dealing with conflict and breaking deadlocks, where required 2.4 Confirm final position, ensuring agreement and understanding by all parties
3. Finalise negotiation	3.1 Accurately document agreement including timelines for agreements to be implemented, if appropriate 3.2 Evaluate outcome of negotiation and decide if further action is required

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, 1.4, 3.2	Interprets, analyses and evaluates a range of textual information from a variety of sources to inform planning, approach and completion of negotiations
Writing	1.1, 1.3, 1.4, 2.4, 3.1	Addresses context, purpose and audience when generating texts which record relevant information Uses correct vocabulary, punctuation and grammar to document agreement outcomes
Oral Communication	1.1, 2.1-2.4	Demonstrates flexibility in spoken interactions, in a range of verbal interactions, using persuasive language to present positions and reach agreement Uses careful listening and questioning techniques to clarify and confirm understanding
Numeracy	1.1	Extracts and confirms relevant numerical information from sources relating to the negotiation
Interact with others	1.1, 2.1-2.4	Selects appropriate communication practices and protocols, adjusting personal communication style in response to the values, beliefs and cultural expectations of others Collaborates with others to achieve agreeable outcomes, playing an active role in facilitating consensus in potentially contentious situations
Get the work done	1.1-1.4, 3.1-3.2	Plans and organises processes and documentation related to negotiations Applies problem-solving skills to address negotiation issues Evaluates the consequences of decisions to inform future actions Uses the main features and functions of digital tools to complete work tasks and access information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSCUS401 Participate in negotiations	FNSCUS401A Participate in negotiations	Updated to meet Standards for Training Packages	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 for FNSCUS401 Participate in negotiations

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:

plan, conduct and finalise negotiations that result in mutually acceptable agreements for negotiating parties

work cooperatively and treat all parties professionally and with respect during all stages of the negotiation

document outcomes of negotiations following organisational procedures.

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:

identify and describe different negotiating styles

describe the role of presentation skills and questioning techniques in conducting negotiations

outline conflict resolution strategies and techniques that can be used to break deadlocks

describe key features of organisational policy and procedures relating to negotiating outcomes

identify and outline key requirements of relevant legislation and industry codes of conduct that apply to customer service negotiations in financial services work.

Assessment Conditions

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

common office equipment, technology, software and consumables

relevant industry codes of conduct and legislation.

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

FNSCUS402 Resolve disputes

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 investigate, negotiate and resolve disputes between financial services customers and organisations.

It applies to individuals in any sector of the financial services industry who work with others as part of a formal internal dispute resolution process.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Customer service

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. Establish that dispute exists	1.1 Identify all information relating to original problem and clarify grounds for dispute 1.2 Contact all parties to identify and clarify disputed issues and confirm that customer has a legitimate dispute, or that initial complaint has not already been settled to customer’s satisfaction 1.3 Ensure that organisational operating procedures have been followed and all information relevant to dispute resolution process is provided to customer 1.4 Obtain additional information from relevant parties as required and manage information exchange appropriately 1.5 Inform customer of organisation’s obligations, procedures and timeframes where existence of genuine dispute is established
2. Investigate dispute and determine action to be taken	2.1 Collect all information from prior dealings with customer and undertake further investigations if necessary 2.2 Inform customer of progress and advise of any delays 2.3 Determine resolution action with consideration of facts, legislation, organisational policy and procedures and industry codes of practice, and inform appropriate personnel of action to be taken
3. Negotiate and resolve dispute	3.1 Inform customer of decision, including reasons if appropriate, and negotiate with claimant or representative if required 3.2 Resolve dispute effectively and in a timely manner, aiming to reduce need for litigation or formal conciliation services 3.3 Respect rights of customer in all dispute settlement procedures and refer any unresolved disputes to formal conciliation services
4. Finalise dispute	4.1 Record dispute resolution process outcomes and advise all parties affected by the decision clearly and promptly on the outcome and their rights to review of the decision 4.2 Prepare relevant documentation for unresolved disputes which have been referred to formal conciliation services according to legislation, regulations and codes of practice 4.3 Act on decisions of external dispute resolution as required 4.4 Complete all documentation in accordance with legislation and organisational procedures

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, 1.3, 2.3	Interprets, analyses and assesses a range of textual information from a variety of sources to ensure fully informed and compliant actions
Writing	1.1-1.5, 2.2, 2.3, 3.1, 3.3, 4.1, 4.2	Prepares specific, relevant information which clearly informs customer and relevant others of organisation’s action and obligations consistent with regulatory requirements and timeframes Uses logical, organised structures to document decisions and outcomes which comply with legislative and organisational requirements
Oral Communication	1.1-1.5, 2.2, 2.3, 3.1, 3.2, 3.3	Engages in complex verbal interactions considering aspects of context, purpose and audience Uses clear and direct language to clarify process, decisions and required actions to customer and others Uses careful listening and questioning techniques to clarify understanding and elicit all relevant information
Numeracy	1.1, 1.3	Extracts, interprets and evaluates numerical information relevant to disputes
Navigate the world of work	1.3, 1.5, 2.3, 3.3, 4.2, 4.4	Takes personal responsibility for following explicit and implicit policies, procedures and legislative requirements
Interact with others	1.1-1.5, 2.2, 2.3, 3.1, 3.2, 3.3, 4.1	Selects and uses appropriate conventions and protocols when communicating with internal and external stakeholders involved in disputes Collaborates and negotiates with others to achieve agreeable outcomes, playing an active role in facilitating consensus in contentious situations Recognises behaviours and triggers that contribute to conflict and implements strategies to moderate conflict
Get the work done	1.1-1.5, 2.1-2.3, 3.1-3.3, 4.1-4.4	Organises, plans and sequences own workload Accesses, interprets and manages dispute documentation and related information Applies problem-solving processes to address negotiation and related dispute resolution issues Uses decision-making processes to form recommendations in operational situations Uses the main features and functions of digital tools to complete work tasks and access information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSCUS402 Resolve disputes	FNSCUS402A Resolve disputes	Updated to meet Standards for Training Packages	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 for FNSCUS402 Resolve disputes

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:

identify, investigate and obtain all relevant information relating to the dispute

apply dispute resolution and negotiation techniques effectively

settle disputes in the financial services industry in line with organisational policy and procedures, and relevant industry and legislative requirements.

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:

outline the possible grounds for dispute

explain current industry compliance requirements and dispute settling procedures and requirements

describe current organisational policy and procedures

identify and explain key requirements of legislation relevant to dispute resolution

explain effective negotiation principles and dispute resolution practices

outline the role and process for referring disputes to formal conciliation.

Assessment Conditions

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

common office equipment, technology, software and consumables

financial services product information

information about workplace disputes.

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

FNSCUS403 Deliver a professional service to customers

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 needed for understanding, clarifying and meeting customers’ needs and expectations and those functions associated with the provision of a quality and professional service to customers.

It applies to individuals providing day-to-day customer service in a financial services environment.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Customer service

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. Project positive organisational image	1.1 Communicate with customers in a courteous and helpful manner appropriate to relationship and purpose of interaction 1.2 Follow organisation’s standards and philosophy regarding presentation at all times
2. Identify customer needs and expectations	2.1 Clarify customers’ needs and expectations 2.2 Identify and consider special requirements of customers when providing service
3. Provide customer service	3.1 Provide information based on knowledge of products and/or services to satisfy customer needs 3.2 Source information if not immediately available and/or refer customers to appropriate personnel 3.3 Seek confirmation from customers that needs and, where practical, expectations have been met 3.4 Record customer service feedback and provide to appropriate personnel to assist in evaluating if customer service needs have been met
4. Maintain customer confidentiality	4.1 Discuss customer related business only in context of workplace 4.2 Refrain from releasing customer information except as indicated in organisational policy, procedures and relevant legislation

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, 2.2, 3.1, 3.2, 3.3, 4.2	Synthesises information from multiple sources and integrates prior knowledge with new information Comprehends relevant legislation, regulation, codes of practice and organisational procedures
Writing	1.1, 2.1, 3.1, 3.3, 3.4	Provides advice and information clearly, succinctly and accurately and in a form that is appropriate to audience, cultural differences, context and purpose
Oral Communication	1.1, 1.2, 2.1, 2.2, 3.1, 3.2, 3.3, 4.1	Clearly explains detailed information using language, tone and pace appropriate to audience Uses strategies such as questioning, active listening and reading of non-verbal cues to support effective communication
Numeracy	3.1, 3.2	Comprehends and interprets numerical information embedded in financial organisation texts, products and/or services
Navigate the world of work	1.2, 4.1, 4.2	Follows legislative requirements, and explicit and implicit organisational protocols, policy and procedures relevant to own role
Interact with others	1.1, 1.2, 2.1, 2.2, 3.1, 3.2, 3.3, 3.4, 4.1	Selects and uses appropriate communication practices and protocols, adjusting personal communication style in response to the values, beliefs and cultural expectations of others Collaborates and cooperates with others to provide a professional service to customers
Get the work done	2.1, 2.2, 3.1, 3.2, 3.3, 3.4	Applies problem-solving processes to address customer service issues Accesses and uses digital systems and tools to record and store relevant information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSCUS403 Deliver a professional service to customers	FNSCUS403A Deliver a professional service to customers	Updated to meet Standards for Training Packages	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 for FNSCUS403 Deliver a professional service to customers

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:

communicate effectively with customers to determine and satisfy their needs, giving consideration to any special requirements

apply knowledge of products and services using a range of communication skills to interact with customers and provide good service

follow organisational policy and procedures, and relevant legislative requirements relating to privacy and confidentiality

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 purpose and application of customer service principles and practice

identify and interpret the key requirements of relevant legislation covering consumer rights and service, privacy and the delivery of financial services

describe the organisation’s key products and services

describe key features of organisational policy, procedures and protocols that impact on delivering a professional service to customers

discuss the scope of capacity to offer advice on financial products and services, and their benefits and applications within the requirements of relevant legislation

Assessment Conditions

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

common office equipment, technology and industry software packages

organisational records

organisational policy and procedures.

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

FNSCUS501 Develop and nurture relationships with clients, other professionals and third party referrers

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 communicate and network with a wide range of people, internal and external to the organisation, to increase efficiency, build continuing relationships and improve sales.

It applies to individuals who are responsible for relationship development and may use a range of specialised and managerial techniques to engage with others.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Customer service

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. Develop professional business relationships	1.1 Conduct all dealings with clients, professionals and other third parties professionally in accordance with organisational policy and procedures, and legislative, regulatory and professional codes of practice 1.2 Develop and maintain positive relationships using organisation's social, business and ethical standards 1.3 Carry out dealings with colleagues, clients and other parties effectively and with respect to confidentiality 1.4 Adjust interpersonal styles and methods to needs and situation of other parties
2. Build and maintain business networks and relationships	2.1 Develop and maintain business and professional networks and other relationships to benefit organisation 2.2 Identify and cultivate relationships using business and professional networks to promote and market organisation 2.3 Expand and enhance reputation of organisation in cooperation with other professionals and third parties, and identify new and improved business practices
3. Nurture relationships and build on referral business for the long term	3.1 Follow up referral business using appropriate communication channels to find and secure new business relationships 3.2 Identify referral needs quickly and provide information about organisation’s relevant products and services 3.3 Organise interview with referral business where needs can be met, or identify other sources of information that may assist clients.

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, 2.2, 2.3	Extracts and interprets relevant information from a range of structurally complex texts
Writing	3.1	Produces a range of business documents according to organisational and regulatory requirements Uses clear and logical language and relevant terminology to convey ideas and advice
Oral Communication	1.2,1.4, 2.1-2.3, 3.1-3.3	Initiates effective spoken interactions using appropriate listening and questioning strategies to establish information and interest from others Uses clear and detailed language to provide accurate advice and support to others
Numeracy	1.1, 2.3, 3.3	Uses financial systems, interprets detailed financial texts and extracts relevant information for others
Navigate the world of work	1.1–1.3	Follows legislative requirements, organisational protocols, policy and procedures relevant to own role
Interact with others	1.1-1.4, 2.1-2.3, 3.1-3.3	Selects and uses appropriate conventions and protocols when communicating with business and professional networks, adjusting personal communication style in response to the values, beliefs and cultural expectations of others Collaborates and cooperates with others to build rapport and maintain business networks
Get the work done	1.1, 1.2, 2.1-2.3, 3.1-3.3	Plans, organises and implements tasks to achieve organisation’s promotion and networking objectives Systematically gathers and analyses all relevant information and evaluates options to make decisions about building and maintaining business networks and relationships Uses digital technologies and tools to access, store and share information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSCUS501 Develop and nurture relationships with clients, other professionals and third party referrers	FNSCUS501A Develop and nurture relationships with clients, other professionals and third party referrers	Updated to meet Standards for Training Packages	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 for FNSCUS501 Develop and nurture relationships with clients, other professionals and third party referrers

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:

liaise, develop and secure longstanding and effective relationships

apply high level communication, negotiation, interpersonal and relationship management skills

interpret and apply the goals, policies and procedures of the organisation

monitor and introduce new ways to improve work relationships

adapt to any special needs of clients, including cultural, language, race, religion, ethnic origin, socioeconomic status and demographic needs.

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:

outline the organisation’s social, business and ethical standards relevant to building relationships and business

explain the role of different communication channels and tools in relationship development

describe effective interpersonal skills, and negotiation and communication principles

identify relevant associations, conferences and other relationship building opportunities

identify relevant business contexts for networking and relationship development

outline the key requirements of relevant legislation, regulation and industry/professional codes of practice that apply to relationship management.

Assessment Conditions

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

common office equipment

contact software system and data

financial services product information.

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

FNSCUS502 Monitor client requirements

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 collect and analyse client information, use it as the basis for determining the level of contact required and monitor and maintain the quality of the service provided.

It applies to individuals who may use a range of specialised and managerial techniques to plan, monitor and review their work in any sector of the financial services industry.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Customer service

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. Determine client needs	1.1 Collect comprehensive information on clients using appropriate means and in compliance with guidelines 1.2 Review records regularly to ensure information is current and maintain complete records of risks assessed and action taken 1.3 Monitor effectiveness of guidelines and adjust as required
2. Establish communication with clients	2.1 Apply service guidelines to determine level of client contact required 2.2 Formalise communication where interests of organisation and client need to be protected 2.3 Establish regular communication within guidelines and based on client needs
3. Identify and review information	3.1 Identify and gather categories of information relevant to service provided 3.2 Monitor business environment to identify need to amend information services, and establish mechanisms to select and filter information efficiently 3.3 Determine and maintain information relevant to client requirements on an ongoing basis

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	1.1-1.3, 2.1, 3.1- 3.3	Identifies and interprets information from a range of sources and assesses it for compliance and relevance Monitors and reviews information on a regular basis for accuracy and for its effectiveness in meeting client and organisational needs
Writing	1.1, 1.2, 1.3, 2.2, 2.3, 3.2	Uses a range of text types to accurately document and convey logically structured, relevant information
Oral Communication	1.1, 2.2, 3.3	Clearly explains detailed information using language, tone and pace appropriate to audience Initiates effective spoken interactions using appropriate listening and questioning techniques to establish and identify client needs
Navigate the world of work	1.1, 1.3, 2.1, 2.3	Observes compliance requirements in relation to client requirements
Interact with others	1.1, 2.2, 2.3, 3.3	Selects and uses appropriate conventions and protocols when communicating with clients to build rapport, seek clarification or share information
Get the work done	1.1-1.3, 2.1, 2.3, 3.1-3.3	Accepts responsibility for planning, prioritising and sequencing tasks and workload Monitors and reviews client information systems and processes to inform decisions about the need for modifications or improvements Uses problem-solving processes to address client monitoring issues Uses digital technologies and tools to access, store and share information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSCUS502 Monitor client requirements	FNSCUS502A Monitor client requirements	Updated to meet Standards for Training Packages Minor edits to clarify 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 for FNSCUS502 Monitor client 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:

apply a systematic approach to collecting and analysing client information and data

review and monitor client records and data to determine client contact required and monitor risk

contact clients regularly using effective communication skills and channels, considering any special requirements and/or business needs

monitor effectiveness of organisational guidelines.

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 financial services industry developments and trends relevant to client needs and the business

describe key features of industry compliance requirements for client services

describe the industry market position relative to the product and line of business

explain key requirements of organisational or industry policy regarding client information management and communication

explain organisational policy and procedures regarding client information management and communication.

Assessment Conditions

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

common office equipment and consumables

an integrated financial software system and data.

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

FNSCUS503 Review business performance

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 set up a system to investigate, collect, organise, analyse and review service data to improve efficiency and quality of the business performance.

It applies to individuals who may use a range of specialised and managerial techniques to review and analyse their own work and the work of others to determine required action.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Customer service

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. Establish system to review business performance	1.1 Determine service parameters in consultation with others to enable effective performance review 1.2 Establish business performance measures which provide accurate and accessible information on business provision 1.3 Establish accurate, secure and reliable data recording facilities 1.4 Obtain and record performance data regularly
2. Analyse performance data	2.1 Collate performance data and conduct a review against planned outcomes 2.2 Conduct analysis to establish if planned outcomes have been achieved 2.3 Identify and document variations of performance against planned outcomes
3. Determine action required	3.1 Assess variations in performance to determine degree of change required 3.2 Implement procedures to determine effectiveness of any changes put into practice

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	1.2, 1.4, 2.1- 2.3, 3.1	Identifies and interprets performance data from a diverse range of business documents Conducts comparative analysis and review to identify variations and determine necessary changes to meet organisational goals
Writing	1.1, 1.2, 1.4, 2.1-2.3, 3.1, 3.2	Uses logical and analytical text types and appropriate business terminology to develop effective systems for retrieval, organisation and analysis of relevant business performance data Uses logical organisational structure to clearly document procedures to measure performance variations
Oral Communication	1.1	Participates effectively in spoken interactions using strategies to elicit opinions and confirm agreement with others
Numeracy	1.1, 1.2, 1.4, 2.3	Uses financial systems, and collects and analyses relevant financial data for review and comparison with planned outcomes Interprets familiar measurements relating to timeframes and compares against performance requirements
Navigate the world of work	1.1, 1.2, 2.1-2.3, 3.1, 3.2	Takes responsibility for establishing systems to achieve organisational goals Works independently and collectively in making decisions to achieve organisational outcomes in relation to business performance
Interact with others	1.1, 1.4, 3.2	Collaborates and cooperates with others to achieve joint outcomes
Get the work done	1.1-1.4, 2.1-2.3, 3.1-3.2	Develops plans to manage relatively complex routine and non-routine tasks with an awareness of how they might contribute to broader strategy and goals Evaluates effectiveness of systems and processes to inform decisions on how to implement improvements Uses digital technologies and tools to access, store and share information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSCUS503 Review business performance	FNSCUS503A Review business performance	Updated to meet Standards for Training Packages	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 for FNSCUS503 Review business performance

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:

establish data requirements, performance measures and service parameters to enable the review of business performance

collate and analyse performance data using relevant techniques

evaluate business performance and provide recommendations on change or action required.

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:

explain the role of performance measures, service targets and budgets in analysing business performance

outline key features of organisational policy and procedures and industry compliance relating to collection and analysis of data and business performance review

discuss the organisation’s industry market position relative to product/line of business.

Assessment Conditions

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

common office equipment and consumables

organisational records, policy and procedures.

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

FNSCUS504 Manage premium customer relationships

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 build and maintain relationships with premium or high value customers including the tailoring of services to meet their specific needs.

It applies to individuals in senior roles who use a range of management and other specialist techniques to manage and provide high level service in the financial services industry.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Customer service

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. Contribute to identification of customer segments	1.1 Analyse and evaluate criteria for identification of customers in specialist premium customer segments 1.2 Access and update databases to ensure availability of consistent and accurate information to support quality customer relationship management 1.3 Identify attributes, service needs and wants of premium customer segments as a basis for tailoring communications and services 1.4 Contribute to development of a service strategy for premium customer segments
2. Manage customer relationships with premium or high value individuals	2.1 Administer portfolio of premium customers using business rules and processes of financial services organisation 2.2 Identify and analyse characteristics, benefits and costs of range of products and services relevant to premium customer segments and deliver service to the standard specified for customer segments 2.3 Develop and deliver reward and recognition strategies to premium customer segments to build customer loyalty
3. Provide high level and tailored service	3.1 Establish regular contact with customers in portfolio to determine their ongoing needs and service expectations 3.2 Analyse current usage patterns and identify and document effective service and product options 3.3 Identify, model and sell optimum product and service solutions to meet customer needs 3.4 Coordinate service delivery to premium customers by other departments or groups across the organisation 3.5 Research and address concerns or complaints about service or products on behalf of customers, including coordination of responses across all departments and groups
4. Evaluate and report outcomes	4.1 Produce reports against targets using standards, protocols and procedures, and analyse and rectify problems with exception or feedback reports 4.2 Review product and service offering targeted to premium customer segments and recommend solutions for improvement to management 4.3 Maintain customer database on a regular basis to improve management of premium customer segments

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, 1.3, 2.1, 2.2, 3.2, 3.3, 3.5, 4.1, 4.2	Extracts and interprets client financial and personal information from a range of sources and assesses it for relevance and compliance Analyses product information, service performance, data feedback and technical reports to identify issues and improvement opportunities
Writing	1.1-1.4, 2.1-2.3, 3.1-3.5, 4.1, 4.2	Prepares a range of documentation according to organisational formats using logical structure, clear language, and correct grammar, spelling and terminology
Oral Communication	1.3, 2.3, 3.1, 3.5, 4.2	Participates in verbal exchanges using questioning and active listening techniques to elicit information and confirm understanding Presents information structuring tone, pace and content appropriate to audience and purpose
Numeracy	2.1, 2.2	Uses financial systems, interprets detailed financial texts and extracts relevant information
Navigate the world of work	1.4, 2.1, 2.2, 4.1	Takes responsibility for establishing and implementing strategies and processes that comply with organisational requirements
Interact with others	1.3, 1.4, 2.3, 3.1, 3.3, 3.4, 3.5, 4.2	Collaborates and cooperates with others to achieve joint outcomes Establishes and uses appropriate conventions and protocols when communicating with stakeholders about premium customer service provision
Get the work done	1.1–1.4, 2.1-2.3, 3.1-3.4, 4.1-4.3	Organises, plans and sequences own workload and coordinates work activities of others Systematically gathers and analyses all relevant information and evaluates options to make decisions about service provision Evaluates effectiveness of premium customer service systems and processes to inform decisions on how to implement improvements Uses analytical problem-solving skills to address premium customer service issues Uses digital technologies and tools to access, store and share information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSCUS504 Manage premium customer relationships	FNSCUS504A Manage premium customer relationships	Updated to meet Standards for Training Packages	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 for FNSCUS504 Manage premium customer relationships

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:

review data to conduct customer segmentation analysis and evaluation, and accurately identify customer needs

develop service strategies, including reward and recognition approaches, to build customer relationships

provide targeted product/service options for premium customers

construct and analyse feedback and exception reports

maintain and apply a thorough knowledge of organisational products and services.

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:

explain how customer motivations, needs and wants are tailored in premium relationships

outline organisational criteria used to determine high value/premium customers

compare and contrast financial products and services of the organisation and their benefits and applications to premium customer relationships

describe key requirements of organisational policy, procedures and protocols relevant to building premium customer relationships

outline the features of organisational systems for collecting and analysing data

describe principles of customer relationship marketing.

Assessment Conditions

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

common office equipment and consumables

systems used by the organisation to provide services to customers

financial services product information

organisational policy and practices.

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

FNSCUS505 Determine client requirements and expectations

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 a client’s financial requirements and expectations in regard to financial investment products, and includes quotations, claims and requests for service or amendments.

It applies to individuals who may provide leadership, guidance and responsibility for work outcomes.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

The unit does not cover the application of the specific skills and knowledge required to recommend and provide advice on specific financial products requiring Australian Securities and Investments Commission (ASIC) licensing.

Unit Sector

Customer service

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. Develop awareness of clients’ situation	1.1 Obtain relevant facts and information courteously and professionally to determine clients’ situation prior to defining their expectations, requirements and objectives 1.2 Encourage clients to disclose relevant information to determine their personal and financial situation and special needs 1.3 Develop summary analysis of clients’ financial position and determine their contact category based on extent of client disclosure 1.4 Determine if clients require execution or settlement only action and, if that is the case, do not offer or provide further advice
2. Obtain relevant knowledge of clients’ financial position and risk profile	2.1 Ascertain client s’ financial position where relevant 2.2 Identify risk and fraud indicators accurately and consistently
3. Determine client expectations and requirements with respect to financial markets advice	3.1 Encourage clients to express and clarify their requirements, expectations and concerns, and respond promptly and appropriately to any identified concerns 3.2 Determine clients’ investment needs and preferences with respect to financial product selection or portfolio 3.3 Obtain specialist advice where necessary or refer clients to appropriate personnel or organisation if required services are not available or cannot be provided 3.4 Analyse all information and facts provided by clients and determine appropriate risk or reward and asset allocation strategies in accordance with client requirements, organisational policy and guidelines, and relevant legislation or industry codes of practice
4. Prepare and update necessary documentation	4.1 Complete all relevant client facts, financial and personal histories and disclosure documents, and file in accordance with organisational policy and guidelines and relevant legislation and regulatory requirements 4.2 Create or update client records where necessary, and file client documentation and information in a format and location readily accessible to other advisers

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	1.3, 2.1, 2.2, 3.4	Extracts and analyses information in texts of relative complexity with specialised terminology and vocabulary to determine appropriate actions
Writing	1.1, 1.2, 1.3, 2.1, 2.2, 3.1-3.4, 4.1	Uses appropriate text type, format and language to record key facts and relevant information Demonstrates control of text types required by financial reporting conventions and documentation
Oral Communication	1.1, 1.2, 1.3, 2.1, 3.1, 3.2, 3.3	Participates in verbal exchanges with a wide range of clients using active listening and questioning techniques to convey and clarify information Presents information structuring tone, pace and content in line with audience and purpose
Numeracy	1.1, 1.3, 2.1, 2.2, 3.4, 4.1	Analyses disclosed financial information, assesses and documents risk or reward strategies and updates information to comply with organisational and regulatory requirements
Navigate the world of work	3.3, 3.4, 4.1, 4.2	Follows regulatory requirements and organisational protocols, policy and procedures relevant to own role Accepts responsibility and ownership for the task and makes decisions about the need to transfer responsibility to others
Interact with others	1.1, 1.2, 1.3, 2.1, 3.1, 3.2, 3.3	Collaborates and cooperates with others to achieve joint outcomes Selects and uses appropriate conventions and protocols when communicating with clients to build rapport, seek or share information and maintain a positive working relationship Adjusts personal communication style in response to the values, beliefs and cultural expectations of others
Get the work done	1.1, 1.4, 3.2, 3.4, 4.1, 4.2	Accepts responsibility for planning, prioritising and sequencing tasks and workload to achieve organisational and legislative requirements Systematically gathers and analyses all relevant information and evaluates options to make decisions about appropriate products and services Uses problem-solving skills to monitor client satisfaction and address client issues Uses digital technologies and tools to access, store and share information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSCUS505 Determine client requirements and expectations	FNSCUS505A Determine client requirements and expectations	Updated to meet Standards for Training Packages	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 for FNSCUS505 Determine client requirements and expectations

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:

obtain comprehensive information about clients to establish an overview of their financial situation and analyse to determine risk profile

build rapport with clients to determine their expectations and requirements with respect to financial product or portfolio advice

accurately prepare documentation and update client records according to organisational procedures and legislative requirements.

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:

outline key requirements of relevant legislation and industry codes of practice relating to working with clients in financial services

describe the types of information used to determine the client’s financial situation and expectations

explain the principles of financial product sales techniques

explain key features of organisational policy and procedures for dealing with clients and recording information

describe the characteristics of quality client service 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 customer service field of work and include access to:

common office equipment

an integrated client contact and information system and data

financial services product information.

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

FNSCUS506 Record and implement client instructions

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 accurately record and implement instructions regarding financial investments from a range of clients including direct, shareholder, member, organisation, stockbroker, trustee, agent and intermediary, and provide appropriate after sales service.

It applies to individuals who may provide leadership and responsibility for their own and others’ work outcomes.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Customer service

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. Execute instructions to satisfy client requirements	1.1 Identify clients adequately, obtain client requirements and confirm instructions are given in good faith 1.2 Document client instructions promptly and accurately in accordance with organisational policy and guidelines, confidentiality requirements, and with relevant legislation or industry codes of practice 1.3 Action client instructions with relevant personnel or section in accordance with client requirements, organisational policy and guidelines, confidentiality requirements, and relevant legislation or industry codes of practice
2. Review and monitor implementation of client instructions	2.1 Review and monitor terms and conditions of agreed options and investment strategies for consistency with client instructions 2.2 Monitor and review implementation strategies and actions regularly to ensure compliance with client instructions 2.3 Update clients regularly on the implementation and administration of their agreed investment strategies and instructions to ensure no breaches of agreement or anomalies occur 2.4 Advise clients of changes to markets, legislative or organisational requirements or guidelines where appropriate
3. Provide additional/after sales service	3.1 Review client documentation and information periodically to determine areas and extent of additional after sales service that can be provided 3.2 Use identified marketing strategies to communicate potential additional after sales service to clients 3.3 Provide defined additional after sales service with client agreement 3.4 Identify and address areas of client dissatisfaction promptly in a professional and ethical manner, in accordance with organisational policy and guidelines, confidentiality requirements, and relevant legislation or industry codes of practice

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	2.1, 2.2, 2.3, 3.1, 3.4	Identifies and extracts information in texts of relative complexity with specialised terminology and vocabulary to monitor client requirements and instructions Analyses client portfolio information to determine service opportunities and outcomes
Writing	1.3, 2.1, 2.3, 2.4, 3.2, 3.3, 3.4	Uses appropriate text types, formats and terminology to record and consolidate relevant facts, information, instructions and agreements Documents responses to problems in compliance with organisational and regulatory requirements
Oral Communication	1.1, 2.3, 2.4, 3.2, 3.3, 3.4	Participates in spoken interactions using questioning and active listening techniques to elicit information and confirm understanding Presents information that reflects compliance requirements structuring tone, pace and content appropriate to audience
Numeracy	1.2, 2.1, 2.2, 3.1, 3.3	Records, identifies and assesses numerical data in client instructions
Navigate the world of work	1.1, 1.3, 2.4, 3.4	Takes responsibility for providing quality advisory services that comply with legal and organisational requirements Ensures knowledge of legislative requirements is kept up to date to provide accurate information
Interact with others	1.1, 2.3, 2.4, 3.2, 3.3, 3.4	Selects and uses appropriate conventions and protocols when communicating with clients, adjusting personal communication style in response to the values, beliefs and cultural expectations of others Uses strategies to develop and maintain working relationships and persuasive techniques to negotiate agreement to further services
Get the work done	1.1-1.3, 2.1-2.4, 3.1-3.4	Organises, plans and sequences own workload Systematically gathers and analyses all relevant information and evaluates options to make decisions about service provision Uses analytical problem-solving skills to monitor and resolve client satisfaction issues Uses digital technologies and tools to access, store and share information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSCUS506 Record and implement client instructions	FNSCUS506A Record and implement client instructions	Updated to meet Standards for Training Packages	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 for FNSCUS506 Record and implement client instructions

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:

record and implement client instructions accurately in accordance with organisational, industry and legislative requirements

monitor and review implemented strategies against client instructions

provide after sales or additional service.

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:

explain the terms and conditions of financial product services offered by the organisation

explain the application of general sales and marketing techniques to provision of after sales service

describe key requirements of organisational policy and procedures relating to documenting client instructions

describe fraud detection and prevention procedures and practices relevant to implementing client instructions

describe the relevant financial association’s business rules

describe key requirements of relevant financial services industry legislation and codes of practice

describe the relevance of the following to reviewing and monitoring client instructions:

key characteristics of local and international financial markets and investments

current economic climate and outlook to the financial services industry

influence of tax factors on financial services clients.

Assessment Conditions

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

common office equipment, technology, software and consumables

financial services product information

client information system and data.

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

FNSFLT401 Be MoneySmart through a career in small business

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Training Package Version 1.0.

Application

This unit describes the skills and knowledge required to determine the key financial requirements for establishing and maintaining a successful small or micro business.

It applies to individuals engaged in a small business occupation, such as trade-based operators, seeking to enhance their financial literacy.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Financial literacy

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. Demonstrate knowledge of costs and benefits of small and micro business	1.1 Determine business objectives and opportunities 1.2 Identify benefits and disadvantages of operating a small or micro business 1.3 Identify start-up and ongoing costs associated with running a small or micro business
2. Analyse obligations and risks of operating a small or micro business	2.1 Determine legal and regulatory requirements affecting operations of the business 2.2 Investigate financial decisions relevant to different business models 2.3 Identify insurance requirements and related mitigation strategies 2.4 Analyse taxation and record-keeping obligations
3. Identify mechanisms for supporting business success	3.1 Research licensing, legal and regulatory responsibilities required to ensure compliance of the business 3.2 Investigate business processes required to maintain appropriate records 3.3 Identify long-term career goals and/or continuing education to support business objectives
4. Examine opportunities for business learning, mentoring and advice	4.1 Identify key components of a business plan and skills and knowledge required to develop and monitor the business 4.2 Evaluate personal attributes required to operate a small or micro business 4.3 Identify potential mentors, advisers, networks and sources of assistance for the business and how they may be engaged

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	1.2, 1.3, 2.1-2.4, 3.1-3.3, 4.1-4.3	Researches and interprets written information from a range of sources to identify relevant aspects for the required task
Numeracy	1.3, 2.2, 3.2, 4.1	Performs a range of mathematical calculations to interpret financial information and to develop and manage business plans and budgets
Navigate the world of work	1.1-1.3, 2.1-2.4, 3.1-3.3, 4.1, 4.2	Identifies, confirms and understands licensing, legal and regulatory requirements Maintains up-to-date knowledge of small business financial management and applies this to own situation
Interact with others	4.3	Actively sources mentors and advisors to access their perspectives and experiences
Get the work done	1.1-1.3, 2.1-2.4, 3.1-3.3, 4.1-4.3	Uses digital systems and tools to complete tasks, and to access and manage finance related information Plans routine tasks and organises work according to defined requirements Uses systematic, analytical processes in routine and non-routine situations, gathering and interpreting information, informing decision making and identifying and evaluating potential strategies

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSFLT401 Be MoneySmart through a career in small business	FNSFLT401A Be MoneySmart through a career in small business	Updated to meet Standards for Training Packages Minor edits to reflect AQF level	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 for FNSFLT401 Be MoneySmart through a career in small business

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

analyse financial information impacting on small and micro business

make sound financial decisions in the small and micro business context

examine mechanisms and opportunities to support business development and success.

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:

list business registration and licensing requirements including:

ASIC Connect business names and registration

registration for Australian business number (ABN), tax file number (TFN) and goods and services tax (GST)

trade and occupational licensing

describe key requirements of Commonwealth, state and territory, and local government legislation and licensing relating to business operations, including:

Work Health and Safety Act

Environmental Protection Act

equal employment opportunity and anti-discrimination

Fair Work Act

Competition and Consumer Act

Income Tax Assessment Act

Taxation Administration Regulations

insolvency

ASIC Act

Privacy Act

Occupational Licensing National Law Act

identify costs associated with running a business:

labour hire

employee entitlements

compliance with occupational licensing and other legislation as required

cash flow management

explain planning processes:

key components of a business plan

risks to be included in a business plan

benefits of business planning

summarise sources of assistance for micro and small business operators:

accountant

bookkeeper

industry associations

Business Enterprise Centres

Australian Taxation Office (ATO)

Australian Securities and Investments Commission (ASIC)

National Occupational Licensing Authority (NOLA)

relevant state industry bodies

explain taxation responsibilities for small and micro business, including:

record keeping, invoicing and GST

preparing the return, lodgement and payment of a business activity statement (BAS)

employee and contractor payroll, and pay as you go (PAYG) taxation.

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the financial literacy field and include access to current information about personal financial matters.

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

FNSFLT501 Assist customers to budget and manage own finances

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 assist customers to develop basic budgeting skills as a way to manage day-to-day living expenses and work towards identified financial goals and priorities.

It applies to individuals who use specialised knowledge to build relationships and provide financial counselling to contribute to the development of financial literacy in others.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Financial literacy

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. Assist customers to identify financial goals and priorities	1.1 Gain understanding of customers’ financial situation through discussion and interviews with customers 1.2 Assist customers to identify short-term, medium-term and long-term financial goals that are specific, realistic and achievable 1.3 Identify and confirm financial priorities with customers, taking into consideration all aspects of financial situation
2. Discuss purposes of developing and implementing a personal budget	2.1 Discuss budgeting as a way to plan for payment of regular and irregular expenses with customers 2.2 Discuss purpose of budgeting, and behaviours and skills required to implement and monitor budget, with customers
3. Assist customers to develop budget	3.1 Assist customers to identify and list all income and expenditure for relevant period of time 3.2 Establish and project regular and irregular items of expenditure over future period, and identify and discuss surplus or deficit financial situation with customers 3.3 Encourage customers to allocate surplus funds towards meeting identified financial goals
4. Provide ongoing assistance to customers	4.1 Provide budgeting tools to customers to assist in developing own personal budgets for monthly and annual periods 4.2 Provide strategies and tips for implementing and managing personal budgets and finances to customers according to their needs 4.3 Encourage ongoing review of budgets by customers to ensure they remain relevant or are updated if necessary

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	1.3, 3.1	Reviews and interprets information to determine customer needs analysing relevance, currency and accuracy
Writing	1.3, 3.1	Records and prepares documents for customers using clear, concise and accurate language
Oral Communication	1.1-1.3, 2.1, 2.2, 3.1-3.3, 4.2, 4.3	Participates in verbal exchanges using clear language, terminology and concepts appropriate to the customer Uses questioning and active listening to elicit and clarify information
Numeracy	1.2, 1.3, 3.1-3.3, 4.1	Performs a range of mathematical calculations to interpret financial information and calculate income, loan costs and repayments relevant to budgets and savings plans
Interact with others	1.1, 3.3	Implements strategies for a diverse range of customers to build rapport and foster strong relationships Follows accepted communication practices and protocols, adjusting personal communication style in response to the particular needs, values, beliefs and cultural expectations of others
Get the work done	1.1-1.3, 2.1, 2.2, 3.1-3.3, 4.1-4.3	Plans routine tasks and organises work according to defined requirements Uses systematic, analytical processes in routine and non-routine situations, gathering information, interpreting information and identifying and evaluating potential strategies Uses digital systems and tools to conduct research, design work processes and complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSFLT501 Assist customers to budget and manage own finances	FNSFLT501A Assist customers to budget and manage own finances	Updated to meet Standards for Training Packages	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 for FNSFLT501 Assist customers to budget and manage own finances

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:

provide practical and relevant assistance to customers in developing personal budgets to better manage their finances

use high level communication and interpersonal skills for explaining and demonstrating the purpose and use of budgets.

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:

explain the key principles of:

budgeting and other strategies to manage income and expenditure

lending and credit

explain key features of budgeting tools or software

outline the key requirements of relevant industry codes of practice and legislation relating to consumer credit and protection, debt recovery and privacy

identify and explain the roles and relationships between participants within the Australian financial services industry, including banks and other financial intermediaries

identify and discuss issues relevant to the economic environment

identify ways of maintaining up-to-date knowledge of basic savings and investment strategies useful in providing advice on the achievement of short-term, medium-term and long-term financial goals

discuss ways to convey financial information effectively to improve financial literacy in others.

Assessment Conditions

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

office equipment, technology, software and consumables

financial services product information.

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

FNSFLT502 Facilitate customer awareness of the Australian financial system and markets

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 develop customer awareness of how the monetary and financial systems and markets operate in Australia, with the aim of enhancing basic consumer financial literacy.

It applies to individuals who use specialised knowledge to build relationships and provide financial counselling to contribute to the development of financial literacy in others.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Financial literacy

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. Explain to customers the function and role of Reserve Bank of Australia (RBA)	1.1 Communicate role of Reserve Bank of Australia (RBA) as Australia’s central bank and differences between RBA and other banking institutions to customers 1.2 Explain importance and effect of RBA’s monetary policy on the Australian economy and consumers’ personal finances to customers in plain language 1.3 Explain role of bank in maintaining financial stability and regulating the Australian Payments System to customers
2. Outline role of money and Australia's monetary base	2.1 Identify and discuss society’s motivations for holding money and various functions of money with customers 2.2 Explain impact of changes in supply of money to customers in plain language
3. Outline main features of the Australian financial markets	3.1 Identify and communicate purpose of financial markets and major markets in the Australian financial system to customers 3.2 Discuss role of banks and financial institutions as financial intermediaries with customers 3.3 Outline, in basic language, the role and function of short-term money market and types of products it deals in for customers
4. Provide information to customers about regulation of financial system	4.1 Identify role of independent regulation in the financial system and main regulators of financial system, and discuss their roles with customers 4.2 Provide examples of protection afforded individuals by regulators to customers

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	2.1, 3.1, 4.1	Analyses information from a range of sources to identify key information appropriate for customer needs
Writing	1.1-1.3, 2.1-2.2, 3.1-3.3, 4.1, 4.2	Prepares and logically structures written information to clearly and effectively convey information for customers Uses clear language, terminology and concepts appropriate for the purpose and customer understanding
Oral Communication	1.1-1.3, 2.1-2.2, 3.1-3.3, 4.1, 4.2	Participates in verbal exchanges using active listening and questioning Clearly explains and shares information using language, tone and pace appropriate to audience and purpose
Interact with others	1.1-1.3, 2.1-2.2, 3.1-3.3, 4.1, 4.2	Follows accepted communication practices and protocols, adjusting personal communication style in response to the particular needs, values, beliefs and cultural expectations of others Implements strategies for a diverse range of customers to build rapport and trust
Get the work done	1.1-1.3, 2.1, 2.2, 3.1-3.3, 4.1, 4.2	Plans and sequences tasks and organises work according to defined requirements Uses systematic, analytical processes in routine and non-routine situations, gathering information, interpreting information and identifying and evaluating potential strategies Uses digital systems and tools to conduct research, design work processes and complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSFLT502 Facilitate customer awareness of the Australian financial system and markets	FNSFLT502A Facilitate customer awareness of the Australian financial system and markets	Updated to meet Standards for Training Packages	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 for FNSFLT502 Facilitate customer awareness of the Australian financial system and markets

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:

explain clearly to customers the features and roles of the participants in the Australian financial system and markets

convert complex information into plain language that may be understood by a variety of people with minimal financial market knowledge.

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:

identify the functions of money and motivations for holding money

list instruments traded on the short-term money market

identify and explain the key features of the Australian financial system and markets, and state of the economic environment

describe key features of relevant industry codes of practice and legislation relating to privacy, consumer credit and protection, and debt recovery

identify and explain the roles and relationships between participants in the Australian financial services industry, including:

the Reserve Bank of Australia

banks and other financial intermediaries

key regulators.

Assessment Conditions

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

office equipment, technology, software and consumables

Australian financial system and markets information.

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

FNSFLT503 Promote basic financial literacy skills

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 develop clients’ basic financial literacy so they can make informed financial decisions, including the need and purpose of bank accounts, basic savings and investment principles, risk and return, and the role of insurance and superannuation.

It applies to individuals in lending or counselling roles who use specialised knowledge and interpersonal skills to build the financial literacy skills of people with limited understanding of financial systems and the use and management of money.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Financial literacy

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 extent of clients’ financial awareness	1.1 Identify and clarify client understanding of financial system, role of financial institutions in the modern economy and awareness of what money is and how it is exchanged with clients where necessary 1.2 Clarify relevant aspects of clients’ own financial situations and discuss areas of concern
2. Discuss methods available for spending and saving money	2.1 Identify and discuss options available for purchase of goods and services with clients to determine advantages and disadvantages 2.2 Identify necessity and means of opening and operating a bank account, and range of accounts available for holding and saving money, and discuss advantages and disadvantages of each with clients 2.3 Discuss range of methods to access funds and address queries with clients 2.4 Discuss importance of record-keeping for tax purposes and individual money management with clients
3. Discuss basic money management principles	3.1 Explain benefits and means of developing a savings plan and strategy, and role of budgeting, and show clients how to compile and implement a budget 3.2 Explain relationship between risk and return to clients in clear language 3.3 Discuss techniques for evaluating alternative financial products and risks associated with some forms of financial products with clients in relation to their situations
4. Discuss role of other forms of savings and investment options	4.1 Discuss role and benefits of insurance as a means of protecting against events of risk with clients 4.2 Explain role of superannuation and retirement planning, including superannuation contributions covering life and permanent disability insurance to clients 4.3 Discuss with clients ways in which they can provide for own future requirements

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, 2.1, 2.2	Gathers and analyses information from a range of sources to determine client needs and assess information for relevance, currency and accuracy
Writing	1.2, 2.1, 3.1	Prepares documents for clients using clear, concise and unambiguous language
Oral Communication	1.1, 1.2, 2.1-2.4, 3.1-3.3, 4.1-4.3	Uses questioning and active listening in verbal exchanges to elicit and clarify information Uses vocabulary, tone, pace and concepts suitable for clients
Numeracy	1.2, 2.1	Interprets, deconstructs and clarifies numerical and financial information to assist client understanding
Interact with others	1.1, 1.2, 2.1-2.4, 3.1-3.3, 4.1-4.3	Follows accepted communication practices and protocols, adjusting personal communication style in response to the particular needs, values, beliefs and cultural expectations of others Implements strategies for a diverse range of clients to build rapport and trust
Get the work done	1.1, 2.1, 2.2, 2.4, 3.1, 3.2, 3.3, 4.2	Plans tasks and organises workload according to defined requirements Uses systematic, analytical processes in routine and non-routine situations, gathering information, interpreting information and identifying and evaluating potential strategies Uses digital systems and tools to conduct research, design work processes and complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSFLT503 Promote basic financial literacy skills	FNSFLT503A Promote basic financial literacy skills	Updated to meet Standards for Training Packages	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 for FNSFLT503 Promote basic financial literacy skills

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:

assess clients’ existing level of financial literacy to determine areas of need or concern

use clear language and effective communication techniques to build rapport and explain basic financial literacy principles and knowledge to clients.

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:

identify key aspects of clients’ own financial situations to determine relevant information

outline options for purchasing goods and services

explain the advantages and disadvantages of a range of accounts available for holding and saving money

describe key features of different types of insurance

describe key requirements of relevant industry codes of practice and legislation relating to privacy, consumer credit and protection, and debt recovery

identify and explain roles and relationships between participants in the Australian financial services industry, including banks and other financial intermediaries.

Assessment Conditions

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

office equipment, technology, software and consumables

financial services product information.

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

FNSFMB402 Identify client needs for broking services

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 determine clients’ finance broking requirements and explain capabilities, legal and compliance related issues so clients are aware of their rights.

It applies to individuals who are skilled at building relationships and who use specialised knowledge and analytical skills to provide advice and a range of services for clients.

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

Finance/mortgage broking

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. Educate clients and build rapport	1.1 Explain the finance and mortgage broking process to clients in a clear and unambiguous way, and clarify the background, credentials and role of the broker to build rapport 1.2 Present the services, values and capacity of the organisation to clients and confirm client understanding of fees and charges 1.3 Identify and confirm procedures for complaints handling and resolution with clients
2. Determine clients’ existing financial situation	2.1 Ask clients to disclose relevant facts to begin determining their personal and financial situation and establish clients’ current income, expenditure and liabilities 2.2 Determine current investment and assets position of clients and conduct initial analysis of clients’ financial position based on extent of client disclosure
3. Determine client goals and priorities with respect to broking services	3.1 Ask clients to clarify their product expectations 3.2 Comprehensively explore differences in what products provide and what clients expect, and respond to client concerns, if any, promptly and appropriately 3.3 Establish and confirm client priorities 3.4 Seek specialist advice where necessary or refer clients to appropriate sources where required advice or services cannot be provided
4. Prepare necessary documentation follow up	4.1 Document and check all relevant client facts, information, financial and personal histories and manage confidentially in accordance with organisational policy and guidelines, and relevant legislation and industry codes of practice 4.2 Create or update client records where necessary in a clear and concise format, and file securely in a format and location readily accessible to other appropriate advisers

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	1.3, 2.2, 3.3, 3.4, 4.1	Interprets and analyses complex written information to determine requirements
Writing	1.1-1.3, 2.1, 3.1-3.3, 4.1, 4.2	Accurately records information using logical structure and clear and concise formats Completes documentation using correct language, terminology and writing mechanics
Oral Communication	1.1-1.3, 2.1, 3.1-3.3	Participates in verbal exchanges using active listening and questioning to elicit information and respond to queries and concerns Uses tone, pace and gestures appropriate for audience and purpose
Numeracy	1.2, 2.1, 2.2, 4.1	Analyses numerical information quickly and accurately, and performs detailed mathematical calculations and estimations of financial data
Navigate the world of work	3.4, 4.1	Understands boundaries of own role and seeks assistance where required Takes responsibility for adherence to legal/regulatory responsibilities relevant to own work
Interact with others	1.1-1.3, 2.1, 3.1-3.4	Selects and uses appropriate conventions and protocols when conferring with clients, co-workers and experts on financial and administrative matters Recognises the importance of building rapport to establish and maintain effective working relationships Adapts personal communication style to show respect for the values, beliefs and cultural expectations of others
Get the work done	2.1, 2.2, 3.2, 4.1, 4.2	Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effective outcomes Systematically gathers and analyses all relevant information and evaluates options to make appropriate decisions Uses digital technologies and systems to locate information, enter data and present information Applies an intuitive understanding of context to identify relevant information and risks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSFMB402 Identify client needs for broking services	FNSFMB402A Provide finance and mortgage broking services	Updated to meet Standards for Training Packages Title change to better reflect unit Minor edits to clarify 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 for FNSFMB402 Identify client needs for broking services

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:

use effective communication skills to build rapport with clients and clearly explain information relating to finance and broking processes and products

document and analyse clients’ financial position according to organisational and industry requirements

comply with company policy and relevant legislation in regards to disclosure so clients can make informed decisions.

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:

explain basic financial and accounting terms and concepts relating directly to mortgage or finance broking including:

variable and fixed rate interest rates

types of mortgage accounts

procedures and principles of deposit bonds

financial records relating to different ownership models

describe key features of complaint handling and resolution processes, and roles of the various alternative disputes resolution schemes and services

explain credit and credit reporting services

describe key features of the economic environment and business cycle, financial markets and the roles of industry participants, interest rates, exchange rates and inflation

identify and describe key features of the legal environment and relevant legislation affecting finance and mortgage broking services in regards to:

disclosure

privacy

industry codes of practice

National Credit Code

describe the key features of lender’s mortgage insurance

explain loan transaction terminology and definitions of the parties involved including:

lender and borrower

lessor and lessee

mortgagee and mortgagor

explain real estate terms and concepts including:

land titles and searches

strata title versus company title

multiple securities

securing second mortgages

subdivisions of title

partial discharge of mortgage where multiple securities are held by lender

categorise and explain types of fees and charges.

Assessment Conditions

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

office equipment, technology, software and consumables

finance and mortgage product information

relevant software system and data.

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

FNSFMB403 Present broking options to client

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 collect information, conduct relevant research and develop and present broking options to clients.

It applies to individuals who use analytical skills and effective communication and negotiation skills to clearly present financial information to a range of individuals with varying needs.

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

Finance/mortgage broking

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. Gather relevant information	1.1 Review lender products, services and features, and research additional industry information where necessary for relevant lender products and services that could suit client needs 1.2 Acknowledge and compare client needs to most appropriate lender product and service
2. Prepare appropriate options	2.1 Gather relevant lender information, product information and support material 2.2 Organise all information clearly and concisely, in a manner appropriate to client needs and level of understanding
3. Present options to clients	3.1 Explain each suitable product option and its features to clients in a clear and unambiguous way 3.2 Discuss impact of each option clearly and comprehensively with clients, including benefits and risks 3.3 Explain fees, charges and commissions clearly to clients 3.4 Communicate to clients the strategic and commercial relationship of representative and organisation with each product provider
4. Negotiate effectively	4.1 Identify and respond appropriately to client concerns, if any, and present alternatives when required 4.2 Support clients to make informed choice using relevant information and documentation presented
5. Obtain agreement to proceed	5.1 Obtain agreement to proceed from client once concerns and issues are resolved 5.2 Discuss, clarify and confirm implementation actions between client and broker 5.3 Create or appropriately update client records in a clear and concise format in anticipation for preparation of loan application

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	Researches textual information from a range of sources and analyses and compares information to client needs
Writing	2.1, 3.1-3.3, 4.1, 4.2, 5.1, 5.2	Prepares and presents correspondence and documentation using logical structure in a range of formats suitable for the purpose Uses clear and concise language, terminology and concepts appropriate for the client s
Oral Communication	2.1, 3.1-3.3, 4.1, 4.2, 5.1	Uses appropriate language, terminology and concepts when participating in verbal exchanges Uses active listening and questioning techniques to convey and clarify information
Numeracy	2.1, 3.1, 3.2	Performs calculations relating to numerical and financial information to determine requirements, develop options and explain fees and charges
Navigate the world of work	1.1	Maintains knowledge of industry and products necessary for own role
Interact with others	1.2, 2.1, 2.2, 3.1-3.3, 4.1, 4.2	Selects and uses appropriate conventions and protocols to confer with clients Recognises the importance of building rapport to establish and maintain effective working relationships Adapts personal communication style to show respect for the values, beliefs and cultural expectations of others Carefully tailors communication style to impart information clearly and without ambiguity
Get the work done	1.2, 2.1, 2.2, 5.2	Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effective outcomes Systematically gathers and analyses all relevant information and evaluates options to provide advice or decide on appropriate products Uses digital technologies and systems to locate information, enter data and present information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSFMB403 Present broking options to client	FNSFMB403A Present broking options to client	Updated to meet Standards for Training Packages Minor edits 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 for FNSFMB403 Present broking options to client

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:

identify and document relevant industry and product information that meets client needs and present suitable options to clients at a level of their understanding

negotiate effectively and gain commitment from clients to proceed

discuss and document implementation actions in anticipation of a loan application.

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:

identify and categorise key lending products available in the finance and mortgage industry

explain accounting and mathematical formulas to calculate:

interest rates

mortgage repayments

term of a loan

identify and describe current government assistance for:

first home buyers

disadvantaged or low income earners

detail borrowing risk factors

identify and describe the key features of different presentation techniques, including technology supported presentations

identify and outline the key products and services provided by different lenders

explain key features of relevant codes of practice in regards to disclosure

explain the features and applications of relevant fees, charges and commissions

describe the negotiation process

explain the loan application process.

Assessment Conditions

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

office equipment, technology, software and consumables

lending product information

relevant software system and data.

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

FNSFMB502 Identify and develop broking options for clients with complex needs

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 identify complex or special financial needs for a client, and consider complicated issues such as economic and legislative requirements to develop broking strategies and solutions for a client.

It applies to individuals who apply research and analytical skills to complex and multifaceted scenarios to develop customised solutions for clients.

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

Finance/mortgage broking

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 complex broking needs of client	1.1 Discuss, review and clarify special or complex features of a client’s situation and needs 1.2 Explore and comprehensively and ethically discuss risk issues and tolerance with the client, including unusual risks or requirements, and interdependencies and implications 1.3 Assess impact of risks to the client or organisation according to legislative requirements and organisational guidelines and procedures, engaging in further questioning and information gathering as required
2. Research and consider broking solutions based on client needs	2.1 Analyse current client situation to determine opportunities and constraints 2.2 Research loan structures or options including those which are new or non-standard products 2.3 Analyse complex financial issues in terms of economics, legislation, taxation and insurance 2.4 Model, analyse and prioritise options, comparing features, fees and charges, and risks, and reject inappropriate options 2.5 Check preliminary options to ensure compliance with relevant legislation and regulatory and ethical guidelines, and assess ability to successfully meet client needs
3. Select and gather appropriate options and information for client review	3.1 Select broking options for review with client and develop or obtain explanatory material 3.2 Consider referrals to an accountant, financial adviser or lawyer where required in broking solution 3.3 Develop recommendations on risk management strategies and incorporate into materials for client, and include description of anticipated fees and charges 3.4 Include information on complaints resolution procedures (internal and external) in client materials 3.5 Document broking recommendations and loan structures that will be presented to client according to organisational guidelines and procedures

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	1.1-1.3, 2.1, 2.2, 2.5	Researches textual information from a range of sources and analyses issues and risks to develop strategic options
Writing	1.1-1.3, 3.1, 3.3, 3.4	Prepares reports containing complex information and strategies in logical structure using organisational formats Uses clear and concise language, terminology and concepts appropriate for the client
Oral Communication	1.1-1.3	Uses active listening and questioning to elicit information and explore issues Participates in verbal exchanges to explain and clarify complex financial information
Numeracy	1.1-1.3, 2.1-2.5	Performs calculations, manipulates data for modelling and undertakes comparative analyses of numerical and financial information to determine requirements and develop options
Navigate the world of work	1.2, 1.3, 2.2, 2.3, 2.5	Recognises and adheres to workplace protocols and procedures Monitors adherence to legislative requirements in the conduct of work Maintains currency of industry and product knowledge as required by role
Interact with others	1.1-1.3	Selects and uses appropriate communication conventions and protocols to liaise with clients and other stakeholders Adapts personal communication style to show respect for the values, beliefs and cultural expectations of others
Get the work done	1.2, 1.3, 2.1-2.5, 3.1-3.5	Uses formal and informal planning processes to identify relevant information and risks, and evaluate appropriate strategies Recognises and addresses complex problems involving multiple variables Reflects on the impact of decisions on outcomes Invests time in recognising new ideas and opportunities Uses familiar digital systems and tools to access, filter, organise, analyse and display relevant information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSFMB502 Identify and develop broking options for clients with complex needs	FNSFMB502A Identify and develop complex broking options for client	Updated to meet Standards for Training Packages Revised title Minor edits 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 for FNSFMB502 Identify and develop broking options for clients with complex needs

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 detailed broking options and recommendations designed to maximise client outcomes and meet client needs

provide detailed analysis of research strategies and findings, and risk analysis

test and make appropriate checks on a proposed recommendation for integrity and compliance with legislative requirements, and organisational guidelines and procedures

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:

identify and explain complex features of a client situation and needs including:

commercial loans

chattel leases

native title rights

heritage issues

contaminated sites or properties near noxious industries

outline the legislation, regulations and codes of practice affecting the broking industry

explain risk issues relevant to:

borrowing risk and gearing

economic risk

specific product risk

institutional risk

risk factors and return expectations of the client

volatility of income and capital

detail organisational guidelines and procedures on assessing impact of risks and documenting broking recommendations

discuss complaint handling and dispute resolution procedures

explain key products available in the broking industry

research methods on gathering information on new or non-standard products.

Assessment Conditions

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

office equipment, technology, software and consumables

economic and financial services product information

specialist software and data.

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

FNSFMK402 Develop and maintain knowledge of financial markets products

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 identify the financial markets products provided by an organisation, or those from other vendors or organisations used, and determine their unique characteristics, purpose and requirements for processing transactions.

It applies to individuals who use specialised knowledge, systematic approaches and analytical skills to support organisational information requirements.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Financial markets

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 products organisation provides or uses	1.1 Identify organisational products used by organisation and determine purpose of each 1.2 Identify characteristics of products and services and their use 1.3 Effectively apply processes for operational transactions involving organisational products
2. Identify compliance implications of products	2.1 Identify compliance implications of transactions for organisational products 2.2 Produce all necessary documentation consistent with organisational compliance requirements
3. Determine user expectations for financial markets products	3.1 Identify function of each product and customer needs it satisfies as basis for providing operational services 3.2 Determine and apply user expectations of products and level of operational service provided in operational transactions
4. Maintain financial markets product knowledge	4.1 Regularly review organisational financial markets products and identify and apply any changes to terms and conditions 4.2 Implement systems for keeping up with changes and maintaining up-to-date knowledge about financial markets products 4.3 Review emerging trends affecting the financial industry and apply to product knowledge and operational practices

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
Learning	4.1-4.3	Develops and uses personal organisational systems to gather and organise information Systematically and proactively sources and incorporates new information to improve own work practices
Reading	1.1, 1.2, 3.1, 3.2, 4.1, 4.3	Researches and analyses information from a variety of sources to identify key details and trends, and determine requirements
Writing	2.2, 3.2	Completes workplace documentation accurately using appropriate vocabulary
Oral Communication	3.1, 3.2	Participates in verbal exchanges using active listening and questioning techniques to elicit the views and opinions of others and convey information
Numeracy	1.1, 1.3, 2.1	Uses mathematical equations to perform calculations and comparisons of financial and numerical information
Navigate the world of work	1.1, 2.1, 2.2, 3.2, 4.3	Accepts responsibility for developing and updating product knowledge Takes personal responsibility for following explicit and implicit policies and procedures about compliance requirements
Interact with others	3.1, 3.2	Selects and uses appropriate conventions and protocols when conducting research to establish client needs
Get the work done	1.3, 2.2, 3.1, 3.2, 4.1-4.3	Plans, organises and implements tasks, aiming to achieve them efficiently and effectively Makes decisions by referring to standard procedures for routine tasks and formal decision-making processes for more complex and non-routine situations Uses the main features and functions of digital tools to complete work tasks and find information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSFMK402 Develop and maintain knowledge of financial markets	FNSFMK402A Develop and maintain knowledge of financial markets	Updated to meet Standards for Training Packages	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 for FNSFMK402 Develop and maintain knowledge of financial markets products

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:

access information relating to the financial products of an organisation and the market uses and providers

compare and rate competitive products

set up system for maintaining up-to-date knowledge about financial products

determine the customer types and customer needs that the financial products are best suited for.

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 features of organisational policies in terms of client service expectations and needs

identify and describe systems that can be accessed to obtain up-to-date information on financial services products and competition

describe key features of a range of organisational financial products

compare the key features and unique characteristics of a range of products, including those used by competitors that are similar to the organisation’s

outline the compliance implications relating to financial markets products

outline the potential impact that emerging trends may have on financial markets products.

Assessment Conditions

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

office equipment, technology, software and consumables

a range of financial products information.

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

FNSFMK403 Interpret financial markets information

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 access, interpret and analyse relevant aspects of market information to inform operational functions and identify and assess risks in dealing with financial transactions and settlements.

It applies to individuals who use specialised knowledge, systematic approaches and analytical skills to make judgements to support the organisation’s operational requirements.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Financial markets

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. Relate financial markets information to operational roles	1.1 Recognise different sectors that occur within the financial market and relate appropriately to financial market’s operational role 1.2 Consistently apply knowledge of relationship between financial market sectors, participants and the economy 1.3 Set clear and quantifiable parameters for identification and sourcing of information in accordance with legislative and organisational requirements 1.4 Access and interpret market information and data in terms of validity, reliability and relevance to defined operational tasks
2. Interpret market information and assess risk	2.1 Identify and evaluate economic trends and market developments in terms of potential implications and impacts on operations, including compliance with relevant legislation 2.2 Identify potential operational risk for organisation and clients, and determine contingencies to manage risk in accordance with organisational and industry standards 2.3 Use sound judgement to ensure consistency of interpretations based on available information sources
3. Apply market data	3.1 Prioritise market performance, trends and risk identification associated with operational tasks 3.2 Apply market data to operational role and report any issues requiring supervision or guidance to relevant persons in accordance with organisational requirements 3.3 Apply market information and data to operations in accordance with relevant legal and ethical constraints and organisational requirements

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	1.3, 1.4, 2.1- 2.3	Researches and analyses information relevant to the operational role
Writing	1.1, 1.3, 3.2	Records information and completes documentation using protocols and procedures appropriate for the audience and purpose
Oral Communication	2.2, 3.2	Determines and confirms work requirements, using questioning and active listening as required Participates effectively in verbal exchanges to share and report information
Numeracy	1.3, 1.4, 2.3, 3.1-3.3	Uses mathematical equations to perform calculations and comparisons of financial and numerical information
Navigate the world of work	1.1-1.4, 2.1, 2.3, 3.2-3.3	Uses a broad range of strategies to maintain currency of knowledge Takes responsibility for following legislative and organisational compliance requirements
Interact with others	3.2	Selects and uses appropriate conventions and protocols when communicating with colleagues
Get the work done	1.3, 1.4, 2.1-2.3, 3.1-3.3	Plans, organises and implements tasks, aiming to achieve them efficiently and effectively Makes routine decisions and implements standard procedures for routine tasks, using formal decision-making processes for more complex and non-routine situations Uses the main features and functions of digital tools to complete work tasks and find information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSFMK403 Interpret financial markets information	FNSFMK403A Interpret financial markets information	Updated to meet Standards for Training Packages	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 for FNSFMK403 Interpret financial markets information

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:

work within the legal and ethical constraints for financial markets operations and comply with organisational requirements

source, collect and interpret, using appropriate parameters, relevant financial markets information

make operational judgements using the correct interpretation of data.

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:

identify key roles played by market participants, intermediaries and issuers including:

ASX

custodians

managed fund providers

retail and wholesale clients

superannuation fund providers

financial service providers

banks

brokers

building societies

financial companies

friendly societies

interpret key features of the economic environment including:

broad characteristics and impacts of economic and business cycles

government monetary and fiscal policies

interest rates, exchange rates and inflation

trends and market development affecting the information being analysed

explain the key interrelationships between industry sectors and financial markets

compare and contrast:

sources of market and comparative data

statistical reporting formats

data collection and management systems

outline key parameters for evaluating information

describe the key features of:

relevant legislation, including privacy and freedom of information legislation

ethical constraints and codes of practice

organisational policy, guidelines, goals and objectives

risk identification and mitigation techniques.

Assessment Conditions

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

office equipment, technology, software and consumables

financial markets information sources.

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

FNSFMK502 Analyse financial market products for client

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 conduct analysis of financial market products to meet the specific requirements and expectations of clients.

It applies to individuals who use up-to-date specialised knowledge and analytical and problem-solving skills to provide customised solutions.

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

Financial markets

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. Conduct analysis of financial market products	1.1 Analyse information provided on client‘s investment objectives 1.2 Identify a range of appropriate financial markets products that meet client’s objectives and investment strategy 1.3 Source and assess information relevant to the range of available financial products for currency and accuracy 1.4 Seek specialist advice if required for complex investment strategies 1.5 Apply appropriate analytical techniques and processes to identify facts, issues and patterns, interrelationships and trends 1.6 Accurately analyse trends to provide meaningful information on performance of financial products and markets 1.7 Conduct risk assessment of possible financial strategies and products identified through research and analysis processes
2. Provide information to inform decision making	2.1 Collate and review analyses to ensure accuracy and thoroughness, and present in an appropriate format, style and structure 2.2 Outline how financial market products meet client investment objectives and planned investment strategy 2.3 Ensure suggested products meet relevant legislative, industry and organisational requirements

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	1.1-1.3, 1.5-1.7, 2.1	Researches and evaluates complex textual and numerical information and financial data from a range of sources to determine requirements and complete necessary actions
Writing	2.1, 2.2	Uses accurate language, terminology and concepts to convey and confirm explicit information and requirements Prepares logically structured documents using appropriate format and style for the audience and purpose
Oral Communication	1.4, 2.2	Participates in verbal exchanges using active listening and questioning skills and clear language to present and clarify complex information Effectively presents detailed information using language, tone and pace appropriate to audience and purpose
Numeracy	1.1-1.7, 2.1, 2.2	Uses comparative analysis techniques and mathematical equations to perform calculations, make comparisons and determine trends
Navigate the world of work	2.3	Takes responsibility for ensuring that information and suggestions to client comply with relevant legislative, industry and organisational requirements
Interact with others	1.4, 2.2	Selects and uses appropriate conventions and protocols when liaising or sharing information with others
Get the work done	1.1-1.7, 2.1, 2.2	Accepts responsibility for planning and sequencing complex tasks and workload Applies systematic and analytical decision-making processes to make recommendations in complex and non-routine situations Uses the main features and functions of digital tools to complete work tasks and access information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSFMK502 Analyse financial market products for client	FNSFMK502A Analyse financial market products for client	Updated to meet Standards for Training Packages Rewritten and clarified elements and performance criteria	No 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 for FNSFMK502 Analyse financial market products for client

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:

use appropriate techniques to identify financial products to meet client’s financial objectives and investment strategy

conduct analysis of a range of financial market products to provide effective information to use in investment decisions

interpret and comply with legislative and organisational requirements

test the integrity of financial information and assess the impact of trends on strategy and product performance

provide correct and up-to-date information on features and benefits of financial products and/or services.

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:

evaluate strategies for analysing client needs and gathering feedback

outline key information requirements needed from clients

explain the concept of a financial product, including general definitions and specific inclusions and exclusions

identify and outline a range of financial products and information sources

distinguish between the products and differentiate between their benefits and drawbacks

describe a range of techniques for evaluating information about financial market products

describe the key features of organisational policies and procedures relating to the analysis of financial market products for clients

describe the key features of relevant legal principles and compliance requirements

outline the main risks and implications associated with financial products and services

outline the key taxation issues in relation to the products and markets in which they operate

describe a range of financial market products and services.

Assessment Conditions

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

office equipment, technology, software and consumables

financial services product information

financial markets databases.

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

FNSFMK503 Advise clients on financial risk

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 determine a client’s financial risk profile, assess risk management options and produce detailed reports to present findings to clients and other relevant people.

It applies to individuals with specialised knowledge who use analytical skills and systematic approaches to advise and make recommendations in their area of responsibility.

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

Financial markets

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. Determine client risk profile	1.1 Use effective communication skills to confirm client’s financial needs, expectations and objectives in accordance with organisational requirements 1.2 Obtain valid and relevant information to determine complexity of client needs and analyse their asset and liability management framework 1.3 Assess risk based on understanding of client’s personal situation, operating environment or core business 1.4 Establish client’s risk tolerance level and discuss with client to confirm risk profile
2. Assess product risk relative to client risk profile	2.1 Identify a range of products that meet client objectives 2.2 Access information on risk associated with these products using appropriate analytical techniques 2.3 Develop assessment criteria for measuring level of potential or existing risk, together with assessment of consequences in accordance with organisational procedures 2.4 Compare risk for a range of financial products to client’s risk profile and stated objectives in accordance with client and organisational requirements 2.5 Assess alternative products and estimate long-term and short-term effects 2.6 Identify, analyse and discuss incidents and factors increasing or diminishing financial performance with client 2.7 Confirm that client understands the risk in any potential strategy recommendation
3. Report findings	3.1 Document risk management alternatives in accordance with organisational requirements and relevant legislation 3.2 Prepare and explain retail client disclosure documents, outlining client responsibilities to client 3.3 Update, modify and accurately maintain client information in accordance with organisational and legislative requirements 3.4 Prepare and file risk analysis documentation in accordance with organisational and legislative requirements

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	1.2, 1.3, 2.1-2.2, 2.4-2.6, 3.3	Analyses and evaluates complex information from a range of sources to determine requirements and complete necessary actions
Writing	1.2, 2.2-2.4, 2.5, 2.7, 3.1-3.4	Accurately records and maintains written information using correct formats and protocols Prepares formal and informal documents using accurate terminology, clear language and concepts appropriate for the audience and purpose
Oral Communication	1.1, 1.2, 1.4, 2.6, 3.2	Participates in verbal exchanges using active listening and questioning skills to confirm understanding and seek feedback Presents and clarifies information using tone, pace and language appropriate to the audience and purpose
Numeracy	1.2, 2.4, 2.5, 3.1, 3.2, 3.4	Uses mathematical equations to perform calculations and comparative analysis techniques to determine trends and compare financial information
Navigate the world of work	1.1, 2.1, 2.3, 3.1, 3.3, 3.4	Takes responsibility for the provision of timely, accurate, secure and relevant information in accordance with legal and organisational requirements
Interact with others	1.1, 1.2, 2.7, 3.2	Uses a range of strategies to establish rapport and build a sense of connection with clients Selects and uses appropriate conventions and protocols when liaising or sharing information with clients
Get the work done	1.2, 1.3, 2.1-2.6, 3.1, 3.3, 3.4	Accepts responsibility for planning and sequencing complex tasks and workload Applies systematic and analytical decision-making processes to make recommendations in complex and non-routine situations Uses the main features and functions of digital tools to complete work tasks, store data and access information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSFMK503 Advise clients on financial risk	FNSFMK503A Advise clients on financial risk	Updated to meet Standards for Training Packages Clarified and reordered 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 for FNSFMK503 Advise clients on financial risk

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:

determine the risk profile of the client

interpret and comply with relevant legislation

assess the impact of financial risks to the client and the organisation, and recommend strategies to control risk

accurately review and prepare risk assessment findings in a format suitable for presentation, including client disclosure documents

provide up-to-date information and advice on the risks and benefits of financial products and services.

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 key features of client and organisational confidentiality requirements including:

compare and contrast financial information sources and products

outline key information to be obtained from clients

discuss the key risk characteristics

describe the key features of organisational policy and procedures for establishing client risk profiles and reporting

discuss the relationship between ethics and regulatory requirements including the key features of relevant legal principles, and disclosure and compliance requirements

compare and contrast risk assessment criteria and techniques

analyse key economic environment incidents and factors that can impact on financial performance including:

characteristics and impacts of economic and business cycles

government monetary and fiscal policies

interest rates, exchange rates and inflation

discuss product and strategy sensitivity to conditions including:

economic cycle

supply and demand

economic data

exchange rates

interest rates

government or regulatory policy

correlation risk with other markets or asset classes

outline the key theories of the management of investment and risk.

Assessment Conditions

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

office equipment, technology, software and consumables

financial services product information.

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

FNSFMK505 Comply with financial services regulation and industry codes of practice

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 ensure compliance with finance industry regulations and industry codes of practice on an organisational level.

It applies to individuals who use, maintain and disseminate highly specialised knowledge to a range of personnel to ensure compliance and quality standards.

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

Financial markets

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 and apply organisational requirements of regulatory obligations	1.1 Access source documents for regulations relevant to provision of financial products and services 1.2 Identify procedural requirements of these source documents and their impact on organisational requirements and work practices 1.3 Execute procedural requirements in line with organisational policy 1.4 Comply with role authorities and restrictions identified in position profiles 1.5 Implement internal monitoring or audit program according to organisational and role requirements
2. Identify changes to regulations and procedural implications	2.1 Establish mechanism to ensure currency of regulatory literature is maintained 2.2 Identify, access and communicate changed regulations and policies in a timely manner in accordance with organisational policy 2.3 Review operational procedures to accurately reflect changes to regulations 2.4 Identify implications for products and services, and implement changes in accordance with client, regulatory and organisational requirements
3. Comply with any relevant industry or professional codes	3.1 Source and access relevant industry codes of practice 3.2 Interpret implications of industry codes of practice and confirm and clarify with relevant persons as required 3.3 Execute changes to organisational policy, procedures and practices to align with industry codes of practice
4. Maintain statutory records	4.1 Maintain relevant records and keep copies of any relevant agreements on file 4.2 Maintain evidence of current authorisation, training and relevant licences in accordance with organisational, legal and regulatory requirements

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, 2.2, 2.3, 3.1, 3.2	Researches, analyses and interprets complex information from a range of sources
Writing	2.2, 3.2, 4.1, 4.2	Produces reports and records information using language, concepts and terminology appropriate to audience and purpose
Oral Communication	2.2, 3.2	Participates effectively in verbal exchanges and clearly explains and presents complex information using language, tone and pace appropriate to audience
Navigate the world of work	1.3, 1.4, 1.5, 2.1, 2.2, 2.4, 3.1-3.3, 4.2	Takes full responsibility for following policies, procedures and legislative requirements, and identifies organisational implications of new legislation or regulation Maintains knowledge required to carry out work role
Interact with others	1.4, 1.5, 2.2, 2.4, 3.2	Communicate changes to legislation, codes of practice and organisational requirements to relevant persons and seeks clarification of interpretation as required.
Get the work done	1.1, 1.2, 1.3, 1.5, 2.1-2.4, 3.1, 3.2, 4.1, 4.2	Accepts responsibility for planning and sequencing complex tasks and workload Applies systematic and analytical decision-making processes to make recommendations in complex and non-routine situations Uses the main features and functions of digital tools to complete work tasks, store data and access information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSFMK505 Comply with financial services regulation and industry codes of practice	FNSFMK505A Comply with financial services legislation and industry codes of practice	Updated to meet Standards for Training Packages Revised title Rewritten and clarified performance criteria in elements 1-3	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 for FNSFMK505 Comply with financial services regulation and industry codes of practice

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:

access, accurately interpret and comply with relevant industry codes of practice and relevant regulations

explain changes and implications of regulations to clients and colleagues

accurately maintain statutory records in a timely manner.

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:

explain compliance issues relating to:

disclosure of capacity criteria

contract law principles

duty of care principles

fiduciary duties

general obligations of a financial services officer

laws of principal and agents

describe the key features of:

organisation’s financial products and services

relevant agency agreements or broker authority

relevant industry codes of practice

relevant regulation pertaining to the financial services industry

identify and categorise the statutory records a financial services organisation needs to maintain

explain the internal monitoring or audit program process.

Assessment Conditions

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

office equipment, technology, software and consumables

financial services legislative and industry code of practice information.

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

FNSFMK509 Process transaction documentation

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 process transactions and complete appropriate documentation.

It applies to individuals with specialised knowledge who use systematic approaches for processing information and resolving issues within their area of responsibility.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Financial markets

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. Complete pre-deal documentation and authorisations	1.1 Complete onboarding checks for new clients according to regulatory requirements and organisational guidelines 1.2 Establish and confirm type of transaction client wishes to undertake 1.3 Check and confirm master agreement is in place for client and relevant transaction 1.4 Confirm client authorisation to trade in specified financial product and for relevant transaction 1.5 Discuss, clarify and resolve any issues related to product or transaction with client
2. Execute transaction for client	2.1 Check and verify that transaction is within client’s and own authorised trading limits 2.2 Confirm with client whether trade is to be centrally cleared 2.3 Confirm details of trade and obtain client’s acknowledgement 2.4 Capture accurate details of transaction in organisation’s systems, including risk management requirements in required timeframe 2.5 Report details of transaction to authorised trade repository as required
3. Complete processes for confirming and settling transaction	3.1 Forward details of transaction order to client promptly 3.2 Complete financial transaction according to organisation and industry requirements 3.3 Investigate exceptions and fails promptly if notified by investigations teams or relevant personnel

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	1.1-1.4, 2.3, 3.2	Interprets and checks accuracy of complex information and financial data from a range of sources to determine and confirm requirements
Writing	1.1-1.5, 2.2-2.5, 3.1, 3.3	Records key information and accurately and comprehensively prepares documentation following organisational procedures and protocols
Oral Communication	1.2-1.5, 2.2, 2.3	Participates in verbal exchanges using active listening and questioning techniques, appropriate to audience and purpose, to convey and clarify information
Numeracy	2.1, 2.3, 3.2	Uses mathematical equations to perform calculations and analyse complex financial data to achieve required outcomes
Navigate the world of work	1.1-1.4, 2.1, 3.2	Keeps up to date on changes to legislation or regulations relevant to own rights and responsibilities and considers implications of these when negotiating, planning and undertaking work
Interact with others	1.1-1.5, 2.2, 2.3, 2.5	Selects and uses appropriate conventions and protocols when communicating with personnel
Get the work done	2.4, 3.1-3.3	Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effective outcomes Uses formal analytical processes to identify potential problems and lateral thinking processes to generate possible solutions Uses digital tools to access and organise complex data and analyse multiple sources of information for strategic purposes

Range of Conditions

This section specifies different work environments and conditions that may affect performance. Essential operating conditions that may be present (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) are included.

Accurate details of the transaction must be compliant with:	Australian Securities Exchange (ASX) market rules Australian Clearing House (ACH) clearing rules Australian Settlement and Transfer Corporation (ASTC) settlement rules (collectively referred to as the ASX Rules).

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSFMK509 Process transaction documentation	FNSFMK509A Apply knowledge of transaction documentation and processing	Updated to meet Standards for Training Packages Title changed Rewritten and reorganised performance criteria to clarify unit intent	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 for FNSFMK509 Process transaction documentation

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:

deal effectively with clients and accurately interpret their trading requirements in a timely manner

execute a transaction for a client that is compliant with regulatory and organisational requirements.

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:

outline key financial product transaction requirements

explain key features of:

international standards that relate to operational and other related financial risk considerations in product transactions

anti-money laundering and counter-terrorism financing legislation

describe key features of:

organisational and industry transaction procedures

organisational policy and procedures

explain trading requirements and checking systems.

Assessment Conditions

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

office equipment, technology, software and consumables

relevant standards and legislation.

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

FNSFMK512 Apply knowledge of emissions markets

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 participate in and provide specialist advice on defined financial products in the emissions markets.

It applies to individuals who use specialised knowledge (including the mandatory knowledge outlined in ASIC RG146 Appendix A2.11), analytical skills and systematic approaches to manage the provision of advice to clients.

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

Financial markets

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. Comply with regulatory framework unique to emissions markets	1.1 Identify domestic and international regulatory framework within which emissions reduction schemes are placed 1.2 Identify key legislation, regulation and industry codes of practice relevant to operating within Australian emissions markets 1.3 Comply with relevant legal and regulatory principles when operating in emissions markets 1.4 Discuss regulatory risk for both voluntary and regulated emissions markets, and determine possible impacts of pending regulatory or legislative change
2. Evaluate scope and impact of emissions markets	2.1 Identify regulated and voluntary carbon markets and outline how they operate 2.2 Distinguish respective supply and demand drivers for voluntary and regulated markets 2.3 Describe price drivers for emissions products 2.4 Differentiate participants in carbon markets and motivations for their participation 2.5 Distinguish functions of primary and secondary emissions markets 2.6 Discuss auction types and processes 2.7 Describe functions, requirements and rules for registries
3. Identify types of emissions products, their characteristics and liabilities	3.1 Compare different types of emissions products and instruments traded in compliance and voluntary markets 3.2 Identify key features of compliance market products 3.3 Describe risks inherent within each product and their potential impact in given context 3.4 Describe transactional processes for each product, including acquiring, transferring and surrendering 3.5 Describe tax treatment of emissions products, including deductibility of costs where relevant
4. Apply knowledge of emissions products	4.1 Determine relevant information influencing the market 4.2 Analyse relevant information when selecting products for emissions markets transaction 4.3 Devise strategies for using emissions market products 4.4 Seek advice, guidance and specialist expertise when required 4.5 Apply knowledge of financial market transactional processes when operating in emissions markets 4.6 Complete relevant documentation and complete any additional organisational processes
5. Maintain emissions market knowledge	5.1 Review relevant emissions trading markets sources regularly and apply any changes in daily work 5.2 Maintain professional competence in market knowledge in accordance with codes of conduct and/or organisational requirements 5.3 Implement processes for maintaining up-to-date knowledge of relevant aspects of emissions trading markets

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
Learning	4.4, 5.2, 5.3	Actively updates and maintains knowledge of changes to regulation, markets and emissions
Reading	1.1, 1.2, 2.1, 2.4-2.7, 3.1-3.3, 4.1, 4.2	Accurately interprets and analyses complex information from a range of sources and consolidates information relevant to requirements
Writing	3.3-3.5, 4.6	Prepares documents, incorporating clear and detailed information organised sequentially for internal reference
Oral Communication	3.3-3.5	Uses language, terminology and concepts appropriate to the audience and purpose Participates in verbal exchanges to share, convey and clarify information
Numeracy	2.3	Uses mathematical equations to perform calculations to interpret pricing information
Navigate the world of work	1.3, 1.4, 2.5-2.7, 5.2	Identifies and follows relevant legislative requirements, and explicit and implicit protocols, policies and procedures, and meets expectations associated with own role Keeps up to date on changes to legislation or regulations and considers implications on work outcomes
Interact with others	4.4	Liaises with others, shares information, and seeks advice and guidance
Get the work done	4.3, 4.5, 4.6, 5.1	Plans and sequences complex tasks, and monitors and adapts work to incorporate changes in compliance issues

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSFMK512 Apply knowledge of emissions markets	FNSFMK512A Apply knowledge of emissions markets	Updated to meet Standards for Training Packages	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 for FNSFMK512 Apply knowledge of emissions markets

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:

research, analyse and update information, including regulatory changes impacting on emissions markets and operations

provide and apply specialist knowledge relating to emissions markets to daily work.

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:

analyse and describe types of products and their characteristics including:

types of emissions units, and their characteristics (encompassing carbon units, Australian carbon credit units and eligible international emissions units)

characteristics of emissions units including their status as personal property, and how they are typically derived from inception to the point of acquiring status as a financial product

risks associated with each type of emission unit, including rating, restrictions on their use, transfer and bankability for future use

processes for acquiring, transferring and surrendering emissions units, including compliance with the requirements of the Australian National Registry of Emissions Units

outline the operation of regulated and voluntary carbon markets including:

geopolitical context of carbon markets, including the influence of political and economic factors and corporate social responsibility

main participants in carbon markets, and their key objectives and participation behaviours as factors influencing market activity

emissions unit supply and demand factors and regulated price factors influencing market activity and prices

issue of carbon units via auction, and auction types

types of transactions in carbon markets, including transactions relating to the carbon pricing mechanism and in voluntary markets, and the function of financial markets facilitating such trading (including internationally)

potential trading strategies and their implementation in carbon markets (e.g. hedging and investment strategies)

risks associated with carbon markets, including liquidity, pricing, credit, operational and regulatory risks

carbon market transaction documentation, including documentation used for different types of counterparties and transactions, their key terms and conditions, and advantages and disadvantages

explain the regulated emissions legal environment including disclosure and compliance, covering:

domestic regulatory framework for the carbon pricing mechanism, including the role of the Clean Energy Regulator and the Australian National Registry of Emissions Units

domestic regulatory framework for the Carbon Farming Initiative, including the role of the Clean Energy Regulator and the Australian National Registry of Emissions Units

international regulatory framework for carbon trading, including the Clean Development Mechanism

relevant legal principles (e.g. Corporations Act, ASIC Act, Privacy Amendment (Private Sector) Act, Australian National Registry of Emissions Units Act, National Greenhouse and Energy Reporting Act, Carbon Credits (Carbon Farming Initiative) Act, Clean Energy Act)

the relationship between ethical and regulatory requirements (e.g. good faith, utmost good faith, full disclosure of remuneration and/or fees and any other conflicts of interest that may influence the adviser’s recommendation), and the application of these requirements in professional practice

relevant industry standards and codes of conduct

regulators’ guidelines, including ASIC Regulatory Guide (RG)146 requirements

dispute resolution procedures (external and internal)

outline the taxation obligations in the emissions market including:

taxation treatment of emissions units and taxation issues relating to emissions units

deductibility of costs associated with emissions units.

Assessment Conditions

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

office equipment, technology, software and consumables

emissions markets information.

Assessors must satisfy NVR/AQF assessor requirements.

Links

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

FNSFPL401 Extract and analyse information on specified financial strategies and products

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 research information on specified financial products and strategies for use in the financial planning process. It encompasses interpreting research requirements, researching financial products and strategies, summarising research information and contributing to financial plan recommendations.

It applies to individuals who, within their level of responsibility, independently and accurately research and analyse information using systematic approaches to contribute recommendations.

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

Financial planning

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. Interpret research requirements	1.1 Review and quantify client information and objectives, and establish research topics 1.2 Check specifications of products and/or services to be researched with senior financial planner 1.3 Establish and accurately interpret aims and objectives of research, and measure against client requirements and expectations 1.4 Establish timeframes and prioritise requests to ensure available information is useable and justifiable
2. Research financial products and strategies to set guidelines	2.1 Ensure data extraction criteria are relevant to intended use and client requirements 2.2 Identify trends to provide meaningful information on strategies and product performance 2.3 Identify potential risk factors associated with researched strategies and products 2.4 Analyse financial products and strategies within appropriate timeframes to ensure currency of decision making 2.5 Identify issues that require specialist and/or independent research or advice
3. Summarise research information and contribute to recommendations	3.1 Collate, prioritise and check information on financial strategies and products against research specification 3.2 Analyse research for completeness and assess for relevant implications of information 3.3 Prepare written performance, trend and risk analyses and check against research specification 3.4 Define and record any qualifications or issues for further research 3.5 Provide recommendations to financial planning process according to organisational procedures and guidelines

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	1.1-1.3, 2.2, 2.3, 2.4, 3.1, 3.2	Interprets and analyses information from a range of sources
Writing	1.1-1.3, 3.3-3.5	Accurately records information and prepares reports using required format, terminology and conventions specific to the requirements, audience and purpose
Oral Communication	1.2	Uses appropriate language, terminology and concepts when participating in verbal exchanges Uses active listening and questioning techniques to convey and clarify information
Numeracy	1.1, 1.3, 1.4, 2.2, 2.4, 3.1, 3.3	Uses mathematical equations to perform calculations, determine trends, estimate time and compare financial information Interprets and analyses numerical data from a range of sources
Navigate the world of work	3.1, 3.2, 3.5	Takes personal responsibility for ensuring that documentation and processes comply with policies and procedures Maintains knowledge of compliance legislation and requirements necessary for own role
Interact with others	1.2	Selects and uses appropriate communication conventions and protocols to liaise with clients and colleagues
Get the work done	1.1-1.4, 2.1-2.5, 3.1-3.5	Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effective outcomes Systematically gathers and analyses all relevant information and evaluates options to decide on recommendations Uses digital technologies and systems to locate information, enter data and present information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSFPL401 Extract and analyse information on specified financial strategies and products	FNSFPL401A Extract and analyse information on specific financial strategies and products	Updated to meet Standards for Training Packages	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 for FNSFPL401 Extract and analyse information on specified financial strategies and products

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 1.0.

Performance Evidence

Evidence of the of the ability to:

interpret research requirements and research financial products and strategies to set guidelines

summarise research information and contribute to recommendations.

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 features of:

organisational policy, objectives and guidelines

financial industry code of practice requirements

relevant legislation and regulations

analyse and explain risks associated with specific financial products and services

outline the effect of taxation and social security systems and regulations on specified financial products

describe the role of independent analysts and the value of their recommendation

summarise the key needs of clients and referral processes to specialist personnel

describe the key theories of investment, portfolio management and management of investment and risk.

Assessment Conditions

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

office equipment, technology, software and consumables

the internet.

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

FNSIAD301 Provide general advice on financial products and services

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 identify legislative and organisational boundaries on the provision of general advice on financial products and services, and take appropriate approaches to providing such advice.

It applies to individuals who undertake the provision of financial services and products advice which is NOT specified in accordance with Australian Securities and Investments Commissions (ASIC) regulations and does not require Tier 1 or 2 status.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Industry advice

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. Establish relationship with customers	1.1 Attend to customer enquiries in a timely and courteous manner 1.2 Demonstrate active listening skills in dealing with customer enquiries and provide help and assistance to ensure full and accurate completion of initial documentation, where required
2. Identify customer needs	2.1 Examine, where applicable, initial documentation to determine products and services of interest to customers 2.2 Undertake clear and unambiguous communication with customers to determine and clarify products and services of interest to them 2.3 Inform customers clearly of the regulatory restrictions on providing financial products advice 2.4 Request information from customers to determine their needs, ensuring that information gathered is for the purposes of provision of general advice only 2.5 Identify requests for information, advice, products or services that fall outside the organisation’s scope of operation and inform customers where such information, advice, products or services can be obtained, where possible 2.6 Explain the range of products and services available to customers in a clear and unambiguous way, avoiding jargon and in language appropriate to receiver
3. Identify general advice boundaries of product and service	3.1 Analyse the range of products and services of interest to customers to determine their categorisation is general advice, in line with legislation and organisational policy 3.2 Refer customers to appropriate specialist personnel where requested advice is deemed to fall outside category of general advice
4. Provide general advice to customers	4.1 Assist customers to make informed choices on products and services using relevant documentation 4.2 Provide general advice to customers in strict accordance with regulatory restrictions, organisational policy and organisational tools 4.3 Demonstrate product knowledge appropriate for service or advice offered when providing advice to customers 4.4 Explain and discuss recommendations with customers in a clear and unambiguous way

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	2.1, 3.1	Evaluates information and products from a variety of sources to ensure appropriateness to customer needs
Writing	1.2, 4.2	Accurately records and completes organisational documents and correspondence using clear language and correct spelling, grammar and terminology
Oral Communication	1.1, 1.2, 2.2-2.6, 3.2, 4.3, 4.4	Participates in a verbal exchange of information, clearly articulating identified products and services options using language, tone and pace appropriate to audience and environment Uses listening and questioning techniques to elicit the views and opinions of others and to confirm understanding
Numeracy	2.4	Analyses financial information from various sources to provide advice to the customer
Navigate the world of work	3.1, 4.2, 4.3, 4.4	Complies with explicit policies and procedures Explores and implements, where identified, the implicit expectations of policies and procedures Ensures knowledge of legislative requirements and products is kept up to date to provide accurate information
Interact with others	1.1, 1.2, 2.2-2.6, 3.2, 4.3, 4.4	Identifies and takes steps to follow accepted communication practices and protocols Uses a range of strategies to establish a sense of connection and build rapport with customers
Get the work done	1.1, 3.1, 3.2, 4.2-4.4	Plans and implements routine tasks and workload, making limited decisions on sequencing, timing and collaboration, seeking assistance in setting priorities Makes low-impact decisions within familiar situations, based on a range of predefined or routine solutions and evaluates the effectiveness of the outcome

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSIAD301 Provide general advice on financial products and services	FNSIAD301A Provide general advice on financial products and services	Updated to meet Standards for Training Packages	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 for FNSIAD301 Provide general advice on financial products and services

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:

create rapport with customers and analyse their needs to identify appropriate provision of advice

provide general advice to customers in compliance with relevant legislation and organisational policy and procedures.

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:

explain the difference between the provision of general advice and personal advice

describe key requirements of relevant legislation affecting the industry, particularly Australian Securities and Investments Commission (ASIC) policy statements relating to financial product advisory services

describe organisational policy and guidelines related to the provision of general advice

provide an overview of the characteristics of current products and services available in the industry that are NOT specified in accordance with ASIC regulations and do not require Tier 1 or 2 status

outline key features of relevant organisational documentation, including brochures and fact sheets

explain the role of different advisers within the organisation and industry.

Assessment Conditions

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

common office equipment, technology, software and consumables

financial services product information.

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

FNSIAD501 Provide appropriate services, advice and products to clients

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 create rapport with clients, identify and analyse their needs, objectives and financial situation, and identify and present appropriate solutions, including completing and maintaining necessary documentation and providing after sales service.

It applies to individuals working within enterprises and job roles who are required to advise on Australian Securities and Investments Commission (ASIC) Tier I products such as term deposits and personal, sickness and accident insurance products.

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

Industry advice

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. Create rapport with clients	1.1 Disclose capacity and capability to clients consistent with code of practice and legislative and regulatory requirements, and identify and respond appropriately to any client concerns 1.2 Demonstrate active listening skills in dealings with clients and explain services to them orally or, if necessary, in writing in a clear and unambiguous way, avoiding jargon and in language appropriate to the receiver
2. Identify client needs, objectives and financial situation	2.1 Encourage clients to express and clarify their attitudes, views, feelings and objectives 2.2 Collect relevant personal, financial and business details from clients using appropriate organisational tool such as a fact finder 2.3 Identify clients’ short-term, medium-term and long-term objectives and investment risk profile using an appropriate fact finder 2.4 Identify client preferences and concerns regarding options, using appropriate fact finder where applicable and priorities identified and agreed on 2.5 Complete fact finder in accordance with code of practice
3. Analyse client needs, objectives and financial situation to identify appropriate solutions	3.1 Use all information from fact finder process to analyse client needs and determine appropriate strategy to provide for identified needs and outcomes 3.2 Seek specialist advice if required to address issues that professional judgement indicates may require further consideration
4. Present appropriate solutions to clients	4.1 Explain and discuss recommendations and features of client advice record with clients in a clear and unambiguous way and demonstrate product knowledge appropriate for service or advice offered 4.2 Disclose impact of key aspects of recommendations in a clear and concise manner, and guide clients through key aspects of client information brochure prior to signing proposal 4.3 Explain requirements to put recommended program into effect to clients and provide copy of fact finder to clients if requested 4.4 Seek confirmation from clients that they understand recommendations presented 4.5 Assist clients to make informed choices using relevant documentation so that their needs and objectives are addressed, consistent with their budgetary constraints 4.6 Obtain agreement in principle to proceed from clients
5. Negotiate effectively	5.1 Explain decisions clearly to clients in accordance with company policy and assist them to make appropriate decisions regarding solutions to their needs and objectives 5.2 Exercise restraint and composure when dealing with conflict situations involving clients 5.3 Follow complaint handling procedures and maintain communication channels when dealing with complaints
6. Complete and maintain necessary documentation	6.1 Complete proposal and other documents and, where appropriate, obtain sign off 6.2 Create or update client records 6.3 Complete contract variations where applicable 6.4 Provide confirmation, including relevant documentation and contract variation, to clients and implement final plan 6.5 Organise reference material in a form which facilitates the selection of appropriate products to meet client needs, and update on a regular basis
7. Provide after sales service	7.1 Define and communicate after sales service to be provided to clients and execute as needed 7.2 Periodically review fact finder, recommendations and client advice records 7.3 Identify and act on any changes to clients’ situation since previous recommendations were made at subsequent reviews 7.4 Act on areas of client dissatisfaction in an ethical and timely manner that addresses code of practice requirements

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	3.1, 4.2, 7.2	Critically analyses complex documentation from a variety of sources and consolidates information relating to specific criteria to determine requirements Analyses and consolidates fact finder results and data from a range of sources, against defined criteria and client requirements
Writing	1.2, 2.2-2.5, 3.2, 4.2, 6.1-6.5, 7.1	Accurately records and completes organisational documents and correspondence using clear language and correct spelling, grammar and terminology Documents outcomes of communications and changes documentation to revised circumstance
Oral Communication	1.1, 1.2, 2.1-2.4, 4.1-4.6, 5.1, 5.2, 7.1	Determines and confirms client requirements using active listening and questioning to convey and clarify information and to confirm understanding Clearly explains detailed information using language, tone and pace appropriate to audience
Numeracy	2.2, 2.3, 2.5	Performs mathematical calculations to analyse financial data and statistics and to provide accurate advice to clients
Navigate the world of work	1.1, 2.5, 4.1, 5.1, 5.3, 7.4	Follows organisational policy and procedures, and industry codes of practice Identifies and resolves key business issues, processes and practices that may have legal implications Ensures knowledge of codes of practice and products is kept up to date to provide accurate information
Interact with others	1.1, 1.2, 2.1-2.4, 3.2, 4.1-4.6, 5.1-5.3, 6.4, 7.1	Reflects on personal attributes and considers the impact on others, and modifies activity to better manage their response Collaborates with others to negotiate shared outcomes and build strong working relationships Recognises the diversity in people and manages this diversity to improve relations and practices Manages conflict through the recognition of contributing factors and by implementing strategies to resolve it
Get the work done	1.1, 2.2, 2.4, 3.1, 5.1, 6.1, 6.4, 6.5, 7.1, 7.3, 7.4	Plans and sequences complex tasks and workload, negotiating key aspects with others and taking into account capabilities, efficiencies and effectiveness Applies systematic and analytical decision-making processes for complex and non-routine situations Works independently or with others in making decisions to achieve organisational outcomes Responds intuitively to problems requiring immediate resolution, drawing on past experiences to focus on the cause of the problem

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSIAD501 Provide appropriate services, advice and products to clients	FNSIAD501A Provide appropriate services, advice and products to clients	Updated to meet Standards for Training Packages	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 for FNSIAD501 Provide appropriate services, advice and products to clients

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:

provide advice to clients that complies with relevant legislation, regulations and industry codes of conduct

use organisational tools such as fact finders

present appropriate solutions to the client after identifying and analysing client needs, objectives and financial situation

complete and maintain necessary documentation and provide after sales service.

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:

outline the range of financial products available in the industry

explain key requirements of industry codes of practice and relevant legislation and regulation affecting the industry

describe investment and savings vehicles, financial markets, asset classes and investment characteristics

explain investment risk factors and relationship to return expectations

explain options, strategies and solutions suitable for typical client situations and profiles

outline the principles of effective negotiation

describe the internal and external issue resolution processes

list the requirements related to the disclosure of capacity

explain the general impact of relevant economic, taxation and social security policy on the client’s financial needs

outline the role of the:

adviser

organisation

broker (if relevant).

Assessment Conditions

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

common office equipment, technology, software and consumables

financial services product information.

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

FNSIAD502 Provide appropriate and timely information and advice to clients

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 provide financial information and advice to clients with regard to a variety of financial investment options.

It applies to individuals working within enterprises and job roles who are undertaking the provision of ongoing financial advice to clients.

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

Industry advice

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. Analyse client expectations, requirements and investment strategies	1.1 Determine client expectations and needs in accordance with client requirements, organisational policy and guidelines, and relevant legislation or industry codes of practice 1.2 Determine appropriate strategies promptly and accurately to meet client needs and requirements 1.3 Carry out research and use relevant research data where appropriate 1.4 Seek and obtain specialist advice and assistance promptly, where required 1.5 Carry out and determine cost-benefit analysis on the various strategies and document where appropriate
2.Develop response consistent with client investment strategies and agreed terms of business	2.1 Select a range of investment options and investment strategies relevant to client requirements 2.2 Explain features of the options, including potential impacts, in a clear, unambiguous way to clients 2.3 Make relevant disclosures as required by legislation, regulations, industry codes of practice or organisational policy and guidelines to clients 2.4 Seek confirmation from clients that they understand the selected options, potential impacts and disclosures 2.5 Explain requirements to put suggested options into effect and obtain agreement to proceed from clients 2.6 Prepare documentation, including suggested options, agreed investment strategies and confirmation of agreement promptly and accurately 2.7 Update and file client records promptly
3. Provide ongoing financial advice and review of portfolio where requested and within agreed terms of business	3.1 Maintain ongoing rapport with clients 3.2 Seek client satisfaction and feedback regarding service performance, portfolio performance and recommended investment strategies
4. Market services and investment opportunities to clients	4.1 Identify potential investment opportunities and provision of additional or ongoing services from review of client records and feedback, and external financial markets 4.2 Identify and implement strategies to inform existing clients of additional or ongoing services and potential investment opportunities 4.3 Seek client feedback on advertising and marketing strategies to monitor the effectiveness of those strategies

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, 1.3, 2.3, 4.1, 4.2	Critically analyses complex documentation from a variety of sources and consolidates information relating to specific criteria to determine requirements
Writing	1.5, 2.4-2.7, 3.2, 4.3	Accurately records and completes organisational documents and correspondence using clear language and correct spelling, grammar and terminology Documents outcomes of communications and changes documentation to revised circumstance
Oral Communication	1.1, 1.4, 2.2-2.5, 3.2, 4.3	Determines and confirms client requirements using active listening and questioning to convey and clarify information Presents complex information in formal situations using clear and convincing language, tone and pace appropriate for the audience and purpose
Numeracy	1.3, 1.5, 2.1, 2.6	Performs mathematical calculations to analyse financial data and statistics, and provide accurate advice to clients
Navigate the world of work	1.1, 1.3, 2.3, 4.2	Takes full responsibility for following policies, procedures and legislative requirements and identifies organisational implications of new legislation or regulation Identifies and resolves key issues, processes and practices that may have legal implications Ensures knowledge of legislative requirements and products is kept up to date to provide accurate information
Interact with others	1.1, 1.4, 2.2-2.5, 3.1, 3.2, 4.3	Implements strategies for a diverse range of colleagues and clients to build rapport and foster strong relationships Manages conflict through recognition of contributing factors and by implementing strategies to resolve it Elicits feedback and provides feedback to others
Get the work done	1.2-1.4, 2.1, 2.5, 4.1-4.3	Accepts responsibility for planning and sequencing complex tasks and workload, negotiating key aspects with others and taking into account capabilities, efficiencies and effectiveness Makes critical decisions quickly and intuitively in complex situations, taking into consideration a range of variables including the outcomes of previous decisions Applies systematic and analytical decision-making processes for complex and non-routine situations

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSIAD502 Provide appropriate and timely information and advice to clients	FNSIAD502A Provide appropriate and timely information and advice to clients	Updated to meet Standards for Training Packages	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 for FNSIAD502 Provide appropriate and timely information and advice to clients

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 investment options and strategies for clients that are:

based on a thorough analysis of client needs, expectations and requirements

in compliance with organisational policy and procedures, industry codes of practice and relevant legislation and regulations

accurately prepare documentation for clients that includes suggested options and investment strategies, and agreed terms of business.

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:

discuss the current economic climate and outlook

describe local and international financial markets and investments

explain key features of a range of financial products including:

returns

terms and conditions

outline and explain basic tax factors, business principles and law impacting on financial products

identify organisational policy, procedures and requirements

describe key requirements of relevant legislation, regulation and industry codes of practice relating to the provision information and advice to clients

discuss general sales and marketing techniques

list relevant research reports on financial markets

explain current investment returns and trends obtained from financial markets research.

Assessment Conditions

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

organisational records

organisational policy, procedures, legislation and regulations as they relate to provision of advice

common office equipment, technology, software and consumables.

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

FNSIBK401 Research, analyse and report information in insurance broking

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 collect information, undertake research and prepare insurance reports. Insurance reports may relate to new or renewal of business or specific subjects, including those commissioned by others in the brokerage for external stakeholders such as insurers.

It applies to individuals who use organisational skills and undertake research to produce workplace reports that can be used to prepare advice for clients and recommend solutions in relation to client risk needs. Analytical skills to interpret and consolidate information, including computer generated data and reports that contribute to the wider research activity, are also used.

No licensing, legislative or certification requirements apply to this unit at time of publication.

Unit Sector

Insurance broking

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. Clarify purpose of report	1.1 Clarify required purpose of report and intended audience 1.2 Determine scope of report and time allowed for research and production 1.3 Identify organisational requirements for format and style of report
2. Collect information for report	2.1 Identify sources of information and establish strategies for obtaining information 2.2 Gather information from range of sources using appropriate techniques 2.3 Maintain accurate records of information and sources
3. Analyse research findings	3.1 Analyse and interpret researched information 3.2 Check accuracy and completeness of information 3.3 Identify key issues for further research and discussion 3.4 Develop conclusions and recommendations
4. Prepare reports of research findings	4.1 Organise information on which recommendations are based in appropriate format that is consistent with organisational requirements 4.2 Prepare draft report for discussion and review with appropriate personnel 4.3 Edit draft in response to feedback and present to appropriate personnel for final sign off where required 4.4 Complete formal presentation of report, where required, using appropriate methods and equipment

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, 3.1, 3.2	Gathers, collates and analyses information relevant to reporting requirements
Writing	2.3, 4.2-4.3	Organises collected material in a clear and logical format consistent with report writing conventions and organisational requirements Uses language suitable to the audience to convey information and conclusions
Oral communication	4.4	Presents information in a logical sequence using plain English and clear explanations of insurance terminology Responds to questions from the audience clearly and concisely
Numeracy	2.2, 2.3, 4.2-4.3	Collects and interprets data accurately Summarises and presents numerical and statistical information in appropriate tables and charts
Navigate the world of work	2.1, 4.3	Identifies and follows organisational policy and procedures relevant to gathering information from clients
Interact with others	1.2	Liaises with others to collect accurate and up-to-date information Seeks input from others and uses feedback to edit draft report
Get the work done	2.3, 3.2, 3.3	Organises, plans and sequences work activities to collect, prepare and present information according to organisational requirements Schedules research and report production tasks to achieve required deadlines for presentation of work Uses the main features and functions of digital tools to access information and complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSIBK401 Research, analyse and report information in insurance broking	FNSIBK401A Research and analyse client and industry information for a broking risk assessment	Updated to meet Standards for Training Packages Title changed Significant changes to wording in elements and performance criteria Unit is broader, with focus on ‘risk’ removed from research activities	No 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 for FNSIBK401 Research, analyse and report information in insurance broking

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:

use organisational tools and a range of appropriate methodologies to collect and analyse information that meets the required criteria

apply organisational skills to prepare a timely report

use communication skills to present information in in a clear and logical format to suit the intended audience.

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:

identify the requirements of company policy and procedures for data collection, report writing and presentation to clients

provide an evaluation of the data collection, processing and analysis methods applicable in preparing insurance reports

describe the evaluation and choice of suitable presentation principles and approaches

outline the application of conventions for report writing

explain the responsibility of the adviser to address legal and code of practice requirements relating to information collection and presenting information on insurance products and services

outline the analysis of company products and services undertaken to support recommendations.

Assessment Conditions

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

common office equipment, technology, software and consumables

organisational records.

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

FNSIGN404 Inspect damage and develop scope of work

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 inspect a vehicle or property for damage and recommend action for reinstatement of the vehicle or property.

It applies to individuals who may use specialised techniques to complete their work within organisations of various sizes and across a range of customer bases.

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

Insurance general

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. Inspect vehicle or property to determine cause and extent of damage	1.1 Carry out inspection according to industry standards, regulations and legislative requirements 1.2 Obtain permission to partly dismantle vehicle or property to permit accurate inspection of damage, if required 1.3 Prepare written damage inspection report with sufficient information to enable preparation of repair quote, including repair option 1.4 Ensure damage inspection report identifies claimable damage and is appropriate to type of damage sustained 1.5 Collect all necessary evidence and material to support inspection report 1.6 Complete inspection safely and without causing damage to any workplace property, or to vehicle or property
2. Determine preferred method or strategy for restoration or repair	2.1 Evaluate possible options for restoration or repair 2.2 Identify and recommend repair methods that conform to vehicle manufacturer or building regulations, and insurance organisation, enterprise and statutory guidelines 2.3 Consider client wishes, cost, organisational policy and legislation 2.4 Select best option for implementation
3. Prepare scope of work	3.1 Identify claimable damage 3.2 Identify need for specialist services 3.3 Prepare scope of work according to organisational policy and procedures, legislation and industry code of practice

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, 1.3, 1.4, 1.5, 2.2, 3.3	Analyses and evaluates textual information from a variety of sources to identify key details and determine requirements
Writing	1.2,1.3, 2.2, 3.3	Develops material for a specific audience using clear and detailed language to convey specific information Uses specific language, grammar and punctuation to correctly and effectively identify required work
Oral Communication	1.2, 2.2	Participates effectively in verbal exchange using clear and direct language to convey requirements, and careful listening and questioning techniques to elicit and confirm the agreement of others
Numeracy	1.4, 1.5, 3.1	Uses numerical calculations to identify and evaluate costing information
Navigate the world of work	1.1, 1.6, 2.2, 2.3, 3.3	Takes personal responsibility for following explicit and implicit policies, procedures and industry and legislative requirements
Interact with others	1.2, 2.3, 2.3, 3.2	Selects appropriate communication protocols and conventions when conferring with others to determine and confirm information or seek agreement
Get the work done	1.3, 1.5, 2.1-2.4, 3.1-3.3	Plans, organises and implements routine and non-routine tasks, aiming to achieve them efficiently Makes routine decisions and implements standard procedures for routine tasks, using formal decision-making processes for more complex and non-routine situations Uses digital technologies and systems to locate information, enter or update data and prepare and present information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSIGN404 Inspect damage and develop scope of work	FNSIGN404A Inspect damage and develop scope of work	Updated to meet Standards for Training Packages	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 for FNSIGN404 Inspect damage and develop scope of work

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:

inspect the vehicle or property, using correct inspection procedures, to determine cause and extent of damage for preferred method of repair

evaluate options for restoration or repair and prepare scope of work accurately and thoroughly

use correct organisational documentation and industry conventions.

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 key features of relevant legislation, industry standards and codes of practice relating to inspections and development of scope of work

outline organisational policy and procedures relating to carrying out inspections and development of scope of work

describe the format to be used and information needed to prepare scope of works

describe personal and equipment safety requirements for inspections

describe essential and current technical knowledge needed to prepare a scope of work for reinstatement of buildings or vehicles following incidents and claims

outline the specialist services that can be used in repair and restoration work for property or vehicles.

Assessment Conditions

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

organisational records, policy and procedures

common office equipment, technology, software and consumables.

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

FNSILD503 Establish services to provide advice

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 processes and systems to service clients within the life distribution stream. It encompasses establishing or reviewing marketing, client services and supplier relationships to achieve service support requirements.

It applies to individuals who use specialised knowledge and organisational skills to provide support for strategic organisational activity.

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

Insurance life distribution

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. Provide marketing services	1.1 Identify marketing support for defined markets and distribution channels in accordance with distribution plan 1.2 Develop marketing tools that meet regulatory requirements and make available within budget and timelines
2. Provide administrative and ancillary services	2.1 Determine administration and ancillary services against provisions of distribution plan 2.2 Develop and introduce processes to service clients 2.3 Deliver services within timelines and budget, and according to distribution plan 2.4 Reassess service needs in light of usage and budget
3. Provide client services	3.1 Determine services which will meet client expectations and are within enterprise policy and philosophy 3.2 Deliver services within timeframe and budget 3.3 Establish key performance indicators (KPIs) to measure client service 3.4 Ensure services meet industry legislative requirements 3.5 Document service standards in prescribed format and communicate to all stakeholders

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, 2.1, 3.1	Interprets, reviews and consolidates key information from a variety of sources against specific criteria to determine needs and required actions
Writing	1.2, 2.2, 3.3, 3.5	Produces logically structured documentation using clear language and concepts, and uses correct organisational formats
Oral Communication	3.5	Participates in verbal exchanges using active listening and questioning skills when dealing with a range of personnel
Numeracy	1.2, 2.3, 2.4, 3.2, 3.3	Performs calculations to interpret and monitor financial information relating to budgets
Navigate the world of work	1.1, 2.1, 2.3, 3.1, 3.3, 3.4	Takes a lead role in the development of organisational goals, roles and responsibilities Takes full responsibility for ensuring compliance with organisational policy and protocols, and legislative requirements Ensures knowledge of legislation and regulations relevant to role is accurate, comprehensive and current
Interact with others	3.5	Selects and uses appropriate conventions and protocols to gain and provide information relevant to service standards
Get the work done	1.1, 1.2, 2.1, 2.2, 2.3, 2.4, 3.1-3.3, 3.5	Plans, organises, implements and reviews systems and processes to provide services that meet organisational requirements Makes high impact decisions in a complex and diverse environment, systematically analysing information from a range of sources Evaluates effectiveness of systems and processes to inform decisions on how to implement improvements Uses the main features and functions of digital tools to complete work tasks and access information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSILD503 Establish services to provide advice	FNSILD503A Establish services to provide advice	Updated to meet Standards for Training Packages	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 for FNSILD503 Establish services to provide advice

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:

interpret and comply with organisational policy and guidelines, industry codes of practice, and relevant legislation and regulations

establish and/or review marketing messages and monitor against performance

develop marketing tools

establish and/or review client services and supplier relationships to attain service requirements as per distribution plan

develop key performance indicators to monitor and measure performance of the services provided to life insurance clients.

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:

outline key administrative and ancillary processes to service clients

identify and describe key features of advertising and marketing relating to insurance life distribution

identify and describe key features of organisational systems and documentation requirements

identify and describe key features of services with respect to:

insurance contracts

insurance principles

underwriting

identify and describe key relevant legislation, regulations and codes of practice

outline opportunities and strategies for maintaining and updating knowledge of available products and services.

Assessment Conditions

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

common office equipment, technology, software and consumables

organisational records

organisational policy and procedures.

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

FNSILD504 Implement and manage the distribution plan

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 communicate and action the distribution plan, monitor actions that arise from the plan, review and revise the plan, and measure ongoing results.

It applies to individuals who use specialised knowledge, analytical skills and systematic approaches to implement strategic organisational activity.

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

Insurance life distribution

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. Communicate plan	1.1 Identify stakeholders of communication plan according to enterprise strategies and policies, and regulatory requirements 1.2 Determine methods of communication appropriate to audience 1.3 Establish feedback processes and undertake communication processes within timeframes
2. Action plan	2.1 Establish project steps according to plan 2.2 Establish enterprise structure to service distribution plan 2.3 Action plan within established parameters
3. Monitor actions	3.1 Analyse feedback on plan results within timeframes, following enterprise procedures 3.2 Identify problems and opportunities from analysed feedback and undertake corrective action expediently on any divergence from plan
4. Review and revise plan	4.1 Establish review process and secure feedback on all elements of plan 4.2 Identify discrepancies between performance required and plan, and prioritise change actions 4.3 Communicate revisions to plan to stakeholders according to enterprise strategies and policy
5. Measure ongoing results	5.1 Monitor key performance indicators (KPIs) 5.2 Prepare performance reports and communicate to relevant stakeholders

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, 3.1, 3.2, 4.2	Analyses and consolidates key information from a variety of sources against specific criteria to determine needs and required actions
Writing	4.3, 5.2	Uses clear language, terminology and concepts to prepare logically structured reports suitable for the audience and purpose
Oral Communication	4.3, 5.2	Participates in verbal exchanges using active listening and questioning skills when dealing with a range of personnel
Numeracy	3.1, 4.2, 5.1	Performs calculations to interpret financial information Interprets and manipulates numerical information relating to timelines and targets
Navigate the world of work	1.1, 2.1, 2.2, 3.1, 4.3	Takes full responsibility for communicating and actioning the distribution plan according to enterprise policy
Interact with others	1.2, 4.3, 5.2	Establishes and uses appropriate conventions and protocols when communicating with stakeholders regarding the distribution plan
Get the work done	1.1-1.3, 2.1-2.3, 3.1, 4.1-4.3, 5.1, 5.2	Plans, organises, implements and reviews systems and processes to provide services that meet organisational requirements Uses problem-solving techniques to analyse issues, generate possible solutions and decide on appropriate actions Makes high impact decisions in a complex and diverse environment, systematically analysing information from a range of sources Uses the main features and functions of digital tools to complete work tasks and access information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSILD504 Implement and manage the distribution plan	FNSILD504A Implement and manage the distribution plan	Updated to meet Standards for Training Packages	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 for FNSILD504 Implement and manage the distribution plan

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:

effectively communicate the distribution plan

action the plan and monitor the actions

take corrective action to ensure adherence to the distribution plan

review and revise the plan after measuring ongoing results.

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:

identify key stakeholders in the management of a distribution plan

interpret key features evident in a range of data relevant to distribution plans

identify and categorise relevant information sources and their availability

compare and contrast performance analysis 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 insurance life distribution field of work and include access to:

common office equipment, technology, software and consumables

organisational records

organisational policy and procedures.

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

FNSILF302 Process a life insurance application

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 process new applications for life insurance.

It applies to individuals whose job roles may require them to gather, enter, record and validate the information in insurance proposals and apply relevant policies and procedures to achieve the required outcomes.

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

Life insurance

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. Receive applications	1.1 Receive new life insurance applications and compile necessary documentation 1.2 Check that documentation is correct and complete in accordance with organisational procedures and regulatory requirements 1.3 Gather further information from appropriate information sources as necessary 1.4 Enter application data in appropriate systems and verify data input accuracy
2. Process applications	2.1 Establish delegation authority in accordance with organisational procedures and refer application to appropriate authority as necessary 2.2 Consult with internal stakeholders about processing issues or concerns, as appropriate 2.3 Process application, once information is verified, in accordance with organisational procedures and regulatory requirements 2.4 Communicate result to all relevant parties in accordance with procedures and regulatory requirements 2.5 Update records and file documentation in accordance with procedures and regulatory requirements

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	Gathers, analyses and interprets simple to complex information from a range of sources and identifies relevant information
Writing	1.3, 1.4, 2.1, 2.4, 2.5	Records key information relevant to requirements using appropriate text and format, and correct spelling
Oral Communication	1.3, 2.1, 2.2, 2.4	Uses appropriate language, terminology and concepts when participating in verbal exchanges Uses active listening and questioning techniques to clarify information and confirm understanding of requirements
Navigate the world of work	2.1, 2.3, 2.4, 2.5	Follows legislative requirements and organisational policy and procedures relevant to own role
Interact with others	1.3, 2.1, 2.2	Follows accepted communication practices and protocols, adjusting personal communication style in response to the values, beliefs and cultural expectations of others
Get the work done	1.1, 1.2, 1.4, 2.1, 2.3	Plans, organises and implements routine tasks, aiming to achieve them efficiently Responds to predictable routine problems and implements standard or logical solutions Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSILF302 Process a life insurance application	FNSILF302A Process a life insurance application	Updated to meet Standards for Training Packages. Minor rewording of performance criteria to clarify intent.	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 for FNSILF302 Process a life insurance application

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:

check documentation and review new insurance applications within delegation authority

process applications correctly and in accordance with organisational procedures.

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:

define life insurance terms and conditions

outline organisational procedures in line with life insurance requirements

explain organisational systems for data entry, filing and document registration

explain life insurance product information

identify relevant regulatory requirements for life insurance

explain when to escalate issues to the next level of authority.

Assessment Conditions

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

office equipment, technology, software and consumables

organisational records, policy and procedures.

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

FNSILF401 Contribute to the life risk underwriting process

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 undertake risk assessments of applications for life insurance including gathering the risk information, and reviewing and assessing it against appropriate risk criteria.

It applies to individuals who use specialised knowledge and systematic approaches to analyse and evaluate information and make judgements within limits of delegated authority.

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

Life insurance

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 risk	1.1 Identify product type to ensure that nature of risk can be assessed and handled accordingly
2. Evaluate proposal against risk assessment criteria	2.1 Assess proposal against risk assessment criteria to clearly identify risk factors 2.2 Identify need for additional information to further evaluate proposal
3. Obtain further information	3.1 Identify appropriate sources of further information to enable comprehensive evaluation of proposal 3.2 Safeguard privacy of parties involved in providing information by complying with legislative and compliance requirements 3.3 Obtain all further information within specified timeframes to satisfy outstanding risk assessment criteria 3.4 Provide ongoing advice to concerned parties on status of assessment of proposal
4. Determine and advise terms and conditions of risk acceptability	4.1 Assess acceptability of risk against all available information and in accordance with appropriate underwriting guidelines 4.2 Within delegated authority, establish terms and conditions that minimise risk liability 4.3 Promptly advise all relevant parties on acceptance or rejection of proposal

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, 2.1, 2.2, 4.1	Gathers, analyses and interprets simple to complex information from a range of sources, and identifies relevant information
Writing	3.3, 3.4, 4.2, 4.3	Produces texts of varying complexity using appropriate language, grammar and logical sequence to convey information accurately and effectively
Oral Communication	2.2, 3.3, 3.4, 4.3	Uses active listening and questioning techniques to confirm understanding of requirements Provides information using clear language and register appropriate to the audience
Numeracy	2.1, 2.2, 3.1, 3.3, 4.1	Uses mathematical problem-solving techniques to check data and financial information against criteria, plan timelines and sequence work
Navigate the world of work	3.2, 4.2	Recognises and follows explicit and implicit protocols, policies and procedures, and meets expectations associated with own role
Interact with others	3.1, 4.3	Selects and uses appropriate communication conventions and protocols to liaise with others Adjusts personal communication style in response to the values, beliefs and cultural expectations of others
Get the work done	1.1, 2.1, 2.2, 3.1, 3.3, 3.4, 4.1, 4.3	Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effective outcomes Makes routine decisions based on implementation of standard procedures Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSILF401 Contribute to the life risk underwriting process	FNSILF401A Contribute to the life risk underwriting process	Updated to meet Standards for Training Packages. Minor edits 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 for FNSILF401 Contribute to the life risk underwriting process

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:

undertake basic risk assessment of a life insurance product using sound analytical skills

provide timely advice to relevant parties regarding a life insurance proposal.

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:

outline basic life insurance underwriting principles

identify the types of liability that can arise in life insurance

outline the nature of the life insurance industry sector

identify relevant legislative and compliance requirements including the Australian Securities and Investments Commission (ASIC), Australian Prudential Regulation Authority (APRA) and Life Insurance Act

define key medical terminology relevant to life insurance

list appropriate sources of further information to enable comprehensive evaluation of a proposal

identify risk prevention methods and application

identify the types of risk in life insurance products and probability of occurrence.

Assessment Conditions

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

office equipment, technology, software and consumables

organisational records, policy and procedures.

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

FNSILF403 Develop and maintain in-depth knowledge of products and services used by the life insurance sector

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 provide appropriate and accurate information on life insurance products and services offered by the organisation.

It applies to individuals who provide information on life insurance products to clients while adhering to applicable compliance requirements.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Life insurance

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 products and services used by organisation	1.1 Identify life insurance products and services offered by organisation and determine purpose of each 1.2 Identify characteristics of product and service including their strengths, weaknesses, terms and conditions and, where applicable, communicate this information to clients 1.3 Access organisation’s promotional strategy for products and services and apply in business activities
2. Identify compliance implications of product	2.1 Establish and document compliance implications 2.2 Provide clients with all necessary information and documentation as per compliance requirements
3. Determine appropriate users for products and services	3.1 Identify and document function of each product and service, and client needs it satisfies 3.2 Research client characteristics that best suit each product 3.3 Compare organisation’s products and services against those of competitors, to establish most effective approach for matching products to client needs 3.4 Evaluate products and services sales strategy that best meets client needs while taking into account competitor practices
4. Maintain product knowledge	4.1 Regularly review relevant products and services to identify changes to terms and conditions and apply this information in daily work 4.2 Implement systems for updating and maintaining knowledge of products and services 4.3 Review and use information on emerging trends affecting financial services industry to supplement product and service knowledge

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
Learning	4.1, 4.2, 4.3	Develops and uses personal organisational systems to gather and organise information
Reading	1.1-1.3, 2.1, 3.1-3.4, 4.1, 4.3	Gathers, analyses and interprets simple to complex information from a range of sources and identifies relevant information
Writing	2.1, 2.2, 3.1	Produces texts of varying complexity using appropriate technical and industry language, grammar and logical sequence Summarises and records information accurately
Oral Communication	1.2, 2.2	Provides information using clear, specific and technically correct language Uses active listening and questioning techniques to confirm understanding of requirements
Numeracy	1.2, 3.3, 4.1	Performs calculations to analyse numerical data and information relevant to products and services
Navigate the world of work	2.1, 2.2, 4.1	Recognises and follows legislative requirements, explicit and implicit protocols, policies and procedures, and meets expectations associated with own role Researches information to update general and specific knowledge on organisational products and services
Interact with others	1.2, 2.2	Adjusts personal communication style in response to the values, beliefs and cultural expectations of others
Get the work done	1.1-1.3, 2.1, 2.2, 3.1-3.4, 4.1-4.3	Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effectiveness Systematically gathers and analyses all relevant information and evaluates options to inform decisions about appropriate products and services Uses digital technologies and systems to locate information, enter and store data

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSILF403 Develop and maintain in-depth knowledge of products and services used by the life insurance sector	FNSILF403 A Develop and maintain in-depth knowledge of products and services used by the life insurance sector	Updated to meet Standards for Training Packages	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 for FNSILF403 Develop and maintain in-depth knowledge of products and services used by the life insurance sector

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:

access sources of information in relation to life insurance products

establish a system for updating and maintaining knowledge of products and services

undertake research on competitor offerings and highlight difference in organisation’s offerings

gather information on client needs and match offerings based on the needs.

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:

outline the compliance implications of legislation and regulation in life insurance

explain the key features, purpose, application and benefits of the following life insurance products:

basic term life insurance (death cover)

total and permanent disablement cover

disability income cover

trauma cover

life insurance annuities

life insurance investments

endowment policies

whole of life policies

identify the life insurance organisations and other competitive products and services

explain the benefits of each of the following sources of current information on products:

company websites

industry seminars

professional membership bodies

professional development and learning management systems

consumer reports

financial reviews

conferences

promotional events.

Assessment Conditions

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

office equipment, technology, software and consumables

organisational records, policy and procedures.

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

FNSILF404 Process requests for policy alterations and assignments

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 evaluate requests for policy changes, record changes, inform stakeholders and issue appropriate documentation.

It applies to individuals who may be required to assist clients with their policy change requirements while adhering to organisational guidelines.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Life insurance

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. Receive and evaluate policy request	1.1 Check policy request documentation is correct and complete 1.2 Check request is valid 1.3 Identify non-routine policy requests and liability implications, and direct to an appropriate authority for assessment 1.4 Assess request against policy terms and conditions within authority levels and in accordance with procedures and regulatory requirements
2. Communicate outcomes of policy request assessments	2.1 Advise client of outcomes of assessment of request 2.2 Where request is accepted by insurer, advise client of consequences of processing request and ensure client is aware of impacts 2.3 Advise policyholder of reasons for declining request, where request is deemed unacceptable to insurer
3. Complete services in response to policy request	3.1 Make authorised policy changes in accordance with procedures and regulatory requirements 3.2 Confirm documentation is correct and complete 3.3 Dispatch documentation to clients in accordance with procedures and regulatory requirements 3.4 Update records and registers in accordance with procedures and regulatory requirements

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	1.1-1.4, 3.2	Gathers, analyses and interprets simple to complex information from a range of sources to identify appropriate actions
Writing	2.1-2.3, 3.1, 3.4	Produces texts of varying complexity using appropriate language and grammar in logical sequence to convey and record information accurately and effectively
Oral Communication	2.1-2.3	Uses clear, specific and culturally sensitive language to convey information
Navigate the world of work	1.3, 1.4, 3.1, 3.3, 3.4	Recognises and follows legislative requirements, explicit and implicit protocols, policies and procedures, and meets expectations associated with own role Researches information to update and maintain knowledge of organisational products and services relevant to own role
Interact with others	1.3, 2.1-2.3	Selects and uses appropriate communication conventions and protocols to liaise with others Adjusts personal communication style in response to the values, beliefs and cultural expectations of others
Get the work done	1.1-1.4, 3.1-3.4	Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effectiveness Makes decisions regarding claim validity based on implementation of standard procedures or criteria Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSILF404 Process requests for policy alterations and assignments	FNSILF404A Process requests for policy alterations and assignments	Updated to meet Standards for Training Packages	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 for FNSILF404 Process requests for policy alterations and assignments

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:

apply analytical and administrative skills in the assessment and implementation of life insurance policy changes

perform tasks in accordance with relevant procedures and regulatory requirements

identify non-routine policy requests and escalate to the appropriate authority.

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:

explain life insurance policy terms and conditions

explain the nature of life insurance policy liabilities

outline key features of administrative requirements and organisational procedures relevant to policy alterations and assignments

explain organisational systems for data entry, filing and document registrations

describe the possible consequences of changes to policy

outline key features of relevant life insurance product information.

Assessment Conditions

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

office equipment, technology, software and consumables

organisational records, policy and procedures.

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

FNSILF405 Evaluate life insurance claims

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 handle the receipt, initial assessment and processing of claims made under risk-based life insurance policies.

It applies to those engaged in claims management functions of life insurance organisations.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Life insurance

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. Receive claim form	1.1 Receive claim form and compile necessary documentation 1.2 Review policy details to ensure valid cover is in force 1.3 Establish that claimant is authorised to deal with policy 1.4 Check that documentation is correct and complete 1.5 Determine authority level required to evaluate claim and refer application to appropriate authority as necessary
2. Evaluate claim information	2.1 Identify and review evidence against payment criteria 2.2 Check and confirm whether terms and conditions of policy have been met 2.3 Identify whether policy exclusions apply 2.4 Seek additional specialist advice as appropriate 2.5 Recognise where information suggests unresolved complexity and seek further information as appropriate
3. Establish liability for payment	3.1 Determine whether claim can be admitted in accordance with procedures and within authority limits 3.2 Make payment recommendation in accordance with procedures 3.3 Communicate outcomes to all relevant parties in accordance with procedures 3.4 Update records and file documentation in accordance with procedures and regulatory requirements

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	1.1-1.5, 2.1-2.3, 2.5, 3.1	Gathers, analyses and interprets simple to complex information from a range of sources and identifies relevant information and actions
Writing	2.4, 3.3, 3.4	Produces texts of varying complexity using appropriate language, grammar and logical sequence to convey and record information accurately and effectively
Oral Communication	2.4, 3.3	Uses clear, specific language and correct terminology to convey information and achieve required outcomes
Numeracy	2.1, 3.2	Uses mathematical equations to perform calculations
Navigate the world of work	1.5, 3.1-3.4	Recognises and follows legislative requirements, explicit and implicit protocols, policies and procedures, and meets expectations associated with own role
Interact with others	2.4, 2.5, 3.3	Selects and uses appropriate communication conventions and protocols to liaise with others Adjusts personal communication style in response to the values, beliefs and cultural expectations of others
Get the work done	1.1-1.5, 2.1-2.3, 3.1-3.4	Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effectiveness Makes decisions regarding claim validity based on implementation of standard procedures and/or evaluation against set criteria Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSILF405 Evaluate life insurance claims	FNSILF405A Evaluate life insurance claims	Updated to meet Standards for Training Packages	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 for FNSILF405 Evaluate life insurance claims

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:

check and evaluate claims to identify exclusions and possible unresolved complexities

make payment recommendations in accordance with relevant procedures and regulatory requirements

effectively communicate outcomes to relevant parties and update records accurately.

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:

outline life insurance administrative requirements and organisational procedures relating to life insurance claims evaluation and processing

explain life insurance policy payment criteria

outline life insurance policy terms and conditions

explain organisational systems for data entry and filing

describe product information

outline relevant regulatory requirements relating to life insurance claims evaluation.

Assessment Conditions

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

office equipment, technology, software and consumables

organisational records, policy and procedures.

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

FNSILF406 Collect and manage information to facilitate claims assessment

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 collect, collate and manage information to verify, investigate and assess insurance claims.

It applies to individuals who use specialised knowledge and organisational skills to effectively manage information.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Life insurance

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 information needs	1.1 Review claim files and life insurance policy to identify payment criteria 1.2 Identify additional information needed as evidence for claims assessment
2. Plan information collection	2.1 Identify appropriate sources of required proofs 2.2 Select and enact an appropriate information collection method
3. Collect and manage information	3.1 Collect additional information from appropriate sources in accordance with procedures 3.2 Manage investigations in accordance with ethical and regulatory requirements 3.3 Consult appropriate personnel within organisation where investigations reveal need to escalate issues for clarification 3.4 Organise information for clarity and accessibility in accordance with procedures

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, 3.1, 3.4	Gathers, analyses and interprets simple to complex information from a range of sources and identifies relevant information
Writing	2.1, 3.1, 3.4	Produces texts of varying complexity using appropriate technical and industry language, grammar and logical sequence to convey and record information accurately and effectively
Oral Communication	3.1, 3.3	Uses active listening and questioning techniques to extract relevant information and confirm understanding
Numeracy	1.1	Interprets numerical information and performs basic calculations in accordance with organisational guidelines
Navigate the world of work	3.1-3.4	Recognises and follows legislative and ethical requirements, explicit and implicit protocols, policies and procedures
Interact with others	2.2, 3.2, 3.3	Selects and uses appropriate communication conventions and protocols to liaise with others Adjusts personal communication style in response to the values, beliefs and cultural expectations of others
Get the work done	1.1, 1.2, 2.1, 2.2, 3.1-3.4	Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effectiveness Systematically gathers and analyses all relevant information and evaluates options to inform decisions about collection methods Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

Code and title Current version	Code and title previous version	Comments	Equivalence status
FNSILF406 Collect and manage information to facilitate claims assessment	FNSILF406A Collect and manage information to facilitate claims assessment	Updated to meet Standards for Training Packages. Minor edits 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 for FNSILF406 Collect and manage information to facilitate claims assessment

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:

gather information in a format suitable to facilitate assessment of claims

perform claims assessment tasks in accordance with relevant procedures and regulatory requirements.

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:

outline life insurance administrative requirements relating to life insurance claims assessment

explain life insurance policy payment criteria

outline life insurance policy terms and conditions

outline organisational procedures relating to life insurance claims assessment

explain organisational systems for data entry and filing

explain product information

outline relevant regulatory requirements relating to life insurance claims assessment

outline potential areas in the claims process that may require detailed investigation.

Assessment Conditions

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

office equipment, technology, software and consumables

organisational records, policy and procedures.

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

FNSILF407 Settle life insurance claims

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 calculate benefits and settle claims made under risk based life insurance policies.

It applies to individuals who use specialised knowledge and systematic approaches to process and settle life insurance claims.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Life insurance

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. Review claim settlement advice	1.1 Receive settlement advice for claim against risk based life insurance policy 1.2 Check that documentation is correct and complete in accordance with procedures 1.3 Resolve any discrepancies identified between claim and settlement advice 1.4 Confirm that organisational authority levels have been observed
2. Calculate benefits	2.1 Identify extent of liability on basis of collected evidence, and terms and conditions of life insurance policy 2.2 Calculate and check benefits payable in accordance with procedures
3. Finalise claim settlement	3.1 Advise client of consequences of proceeding with payment in accordance with procedures 3.2 Obtain policy discharge as appropriate 3.3 Confirm method of payment with claimant 3.4 Enter and confirm payment information on appropriate systems to make payment 3.5 Communicate settlement details to appropriate stakeholders in accordance with procedures and regulatory requirements 3.6 Update records and file documentation in accordance with procedures and regulatory requirements

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, 1.4, 2.1	Gathers, analyses and interprets simple to complex information from a range of sources, and identifies relevant information
Writing	3.1-3.6	Produces texts of varying complexity using appropriate technical and industry language, grammar and logical sequence to convey and record information accurately and effectively
Oral Communication	1.3, 3.1-3.3, 3.5	Uses active listening and questioning techniques to validate information Uses clear, specific and technically correct language to convey information
Numeracy	2.1, 2.2	Interprets numerical information and performs calculations in accordance with organisational guidelines
Navigate the world of work	1.2, 1.3, 1.4, 2.2, 3.1, 3.5, 3.6	Recognises and follows legislative requirements, explicit and implicit protocols, policies and procedures and meets expectations associated with own role
Interact with others	1.3, 3.1, 3.2, 3.3, 3.5	Selects and uses appropriate communication conventions and protocols to liaise with others Adjusts personal communication style in response to the values, beliefs and cultural expectations of others
Get the work done	1.2, 1.3, 1.4, 2.1, 2.2, 3.1, 3.4-3.6	Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effectiveness Systematically gathers and analyses all relevant information and evaluates options to inform decisions about benefits Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSIFL407 Settle life nsurance claims	FNSIFL407A Settle life insurance claims	Updated to meet Standards for Training Packages. Minor edits 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 for FNSILF407 Settle life insurance claims

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:

perform claims settlement tasks in accordance with relevant procedures and regulatory requirements including:

checking claims settlement advice against claims to identify and resolve variations

calculating benefits

communicating settlement details

updating documentation.

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:

outline life insurance administrative requirements relating to life insurance claims settlement

explain life insurance policy payment criteria

outline key features of life insurance policy terms and conditions, and claims settlement

outline organisational procedures relating to life insurance claims processing and settlement

explain organisational systems for data entry and filing

outline the various types of life insurance policies

outline relevant regulatory requirements relating to life insurance claims settlement

outline the various stakeholders in the life insurance claims process.

Assessment Conditions

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

office equipment, technology, software and consumables

organisational records, policy and procedures.

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

FNSILF502 Underwrite complex medical risks

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 apply complex medical risk assessments to the underwriting of a life insurance application.

It applies to individuals who use specialised knowledge to determine risk and make decisions, within a level of delegated authority, about complex underwriting functions.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Life insurance

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 medical risks	1.1 Review applications and associated documentation to identify relevant medical information 1.2 Interpret medical information to identify medical risk factors 1.3 Review need for additional medical information and collect as appropriate
2. Identify underwriting significance	2.1 Identify potential life risk implications of supplied medical information according to organisational requirements 2.2 Determine interrelationships between medical conditions and identify medical risk factor implications 2.3 Identify long-term risk implications of medical treatment and recovery processes 2.4 Select and apply appropriate medical risk rating systems and risk handling techniques
3. Determine risk acceptance criteria	3.1 Identify risk acceptance criteria to suit type and context of risk in accordance with procedures 3.2 Assess adequacy of medical information against risk acceptance criteria in accordance with procedures 3.3 Consult with relevant personnel within organisation where clarification is sought on adequacy of medical information provided
4. Prepare life insurance policy	4.1 Develop terms of acceptance in accordance with market conditions and accepted levels of exposure 4.2 Document life insurance policy with terms and conditions in accordance with procedures and regulatory requirements

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	1.1-1.3, 2.1-2.4, 3.1, 3.2	Gathers, analyses, interprets and validates information of varying complexity from a range of sources and establishes required information
Writing	1.3, 4.1, 4.2	Produces, edits and proofreads documents to ensure clarity of meaning, and accuracy and consistency of information Accurately records and completes organisational documents using clear language and correct spelling, grammar and terminology
Oral Communication	1.3, 3.3	Uses appropriate language and style to collect complex technical information Uses techniques including active listening, use of open-ended questioning and paraphrasing to confirm understanding
Numeracy	2.4, 4.1	Uses mathematical equations to perform calculations to achieve desired outcomes
Navigate the world of work	3.1, 3.2, 3.3, 4.1, 4.2	Recognises and follows legislative requirements, and explicit and implicit protocols, policies and procedures Maintains knowledge of market trends and regulations necessary to perform own role
Interact with others	1.3, 3.3	Uses appropriate communication protocols and practices to liaise with others to elicit and share information
Get the work done	1.1-1.3, 2.1-2.4, 3.1, 3.2, 4.1, 4.2	Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effectiveness Applies systematic and analytical processes in complex or non-routine situations to make decisions about medical risk levels Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSILF502 Underwrite complex medical risks	FNSILF502A Underwrite complex medical risks	Updated to meet Standards for Training Packages. Minor edits 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 for FNSILF502 Underwrite complex medical risks

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:

prepare and document a life insurance policy that involves complex medical risk covering:

identification of medical risk factors, and application of appropriate medical risks rating systems and techniques for underwriting the risk

terms and conditions relevant to underwriting complex medical risks.

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:

explain life insurance policy terms and conditions

explain life insurance risk management practices

describe relevant medical techniques, diseases, injuries and terminology relative to insurance underwriting

list types of medical risk and the implications for underwriting medical risks

identify relevant standards or codes to be complied with

identify relevant actuarial, underwriting and medical information relevant to underwriting complex medical risks

outline the key administrative requirements and relevant organisational procedures in underwriting complex medical risks

outline medical risk ratings systems and appropriate risk handling techniques to mitigate risk

outline risk acceptance criteria for different types and contexts of complex medical risks.

Assessment Conditions

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

office equipment, technology, software and consumables

organisational records, policy and procedures.

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

FNSILF503 Underwrite complex non-medical risks

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 apply complex non-medical risk assessment to the underwriting of a life insurance application.

It applies to those engaged in underwriting functions of companies within the life insurance sector.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Life insurance

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 non-medical risks	1.1 Review applications and associated documentation to identify relevant financial and lifestyle information 1.2 Interpret financial and lifestyle information to identify non-medical risk factors 1.3 Review need for additional financial and lifestyle information and collect as appropriate
2. Identify underwriting significance	2.1 Identify potential life risk implications of supplied lifestyle information 2.2 Identify and address potential moral risk factors 2.3 Consult with relevant personnel within organisation where clarification is sought on adequacy of information provided 2.4 Select and apply appropriate risks rating systems according to organisational procedures
. Determine risk acceptance criteria	3.1 Determine risk acceptance criteria to suit type and context of risk in accordance with procedures 3.2 Assess adequacy of financial and lifestyle information against risk acceptance criteria in accordance with procedures
4. Prepare life insurance policy	4.1 Develop terms of acceptance in accordance with market conditions and accepted levels of exposure 4.2 Document life insurance policy with terms and conditions in accordance with procedures and regulatory requirements

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	1.1-1.3, 2.1-2.4, 3.1, 3.2	Gathers, analyses and interprets simple to complex information from a range of sources to identify and consolidate information relevant to requirements
Writing	1.3, 4.1, 4.2	Produces, edits and proofreads documents to ensure clarity of meaning, and accuracy and consistency of information Accurately records and completes organisational documents using clear language and correct spelling, grammar and terminology
Oral Communication	1.3, 2.3	Uses appropriate language and style to collect complex technical information Uses techniques including active listening, use of open-ended questioning and paraphrasing to confirm understanding
Numeracy	2.4, 4.1	Interprets numeric data and relevant statistics relative to financial information being assessed
Navigate the world of work	3.1, 3.2, 4.1, 4.2	Recognises and follows legislative requirements, and explicit and implicit protocols, policies and procedures Maintains knowledge of market trends and regulations necessary to perform own role
Interact with others	1.3, 2.3	Uses appropriate communication protocols and practices to liaise with others to elicit and share information
Get the work done	1.1-1.3, 2.1-2.4, 3.1, 3.2, 4.1, 4.2	Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effectiveness Applies systematic and analytical processes in complex or non-routine situations to make decisions about non-medical risk levels Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSILF503 Underwrite complex non-medical risks	FNSILF503A Underwrite complex non-medical risks	Updated to meet Standards for Training Packages. Minor edits 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 for FNSILF503 Underwrite complex non-medical risks

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:

prepare and document life insurance policy that involves complex non-medical covering:

identification of financial and lifestyle risk factors, and application of appropriate risks rating criteria and systems for underwriting the risk

terms and conditions relevant to underwriting complex non-medical risks.

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:

identify relevant actuarial and underwriting information associated with non-medical risk

explain key features of policy guidelines, administrative requirements and organisational procedures in the underwriting industry

explain life insurance policy terms and conditions

explain life insurance risk management practices

describe the various types of non-medical risks and their implications for life insurance underwriting

identify relevant regulatory requirements

outline sources of relevant financial and lifestyle information

describe types of financial and lifestyle risk and actuarial considerations

distinguish between medical and non-medical risks in the context of life insurance underwriting

outline moral risk factors and their implications to underwriting non-medical risks.

Assessment Conditions

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

office equipment, technology, software and consumables

organisational records, policy and procedures.

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

FNSILF504 Manage complex life insurance claims

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 manage people, information systems and other resources needed to assess life insurance claims of a complex nature.

It applies to those involved in complex non-standard claims management within the life insurance sector.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Life insurance

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. Confirm validity of claim	1.1 Receive and acknowledge claim notification 1.2 Review details of life insurance policy to ensure valid cover is in force 1.3 Establish that claimant is authorised to deal with policy 1.4 Compile necessary documentation 1.5 Check that documentation is correct and complete, and address any gaps in accordance with procedures 1.6 Assess organisational authority level required to process claim and refer it to an appropriately authorised individual as necessary
2. Conduct complex claim assessment	2.1 Review and apply policy terms, conditions and definitions to identify payment criteria in accordance with procedures 2.2 Identify and review evidence against payment criteria in accordance with procedures 2.3 Review all information relevant to circumstances of loss, damage or injury to establish chain of events 2.4 Identify potential fraud indicators 2.5 Identify whether policy exclusions apply 2.6 Recognise need for further information and collect as appropriate
3. Appoint specialists to assist in complex claims assessment as required	3.1 Identify need to appoint specialists to undertake claims assessment 3.2 Engage and brief appointed specialists as required 3.3 Monitor specialists’ activities to ensure adherence to timelines, procedures and ethical and regulatory requirements 3.4 Interpret and utilise specialists' reports
4. Assess and report on liability	4.1 Identify whether terms and conditions of policy have been verifiably met 4.2 Assess liability in accordance with terms and conditions of policy 4.3 Where claim is not admitted, communicate decision to appropriate stakeholders 4.4 Where claim is admitted, calculate payments due
5. Finalise claim payments	5.1 Advise client of consequences of proceeding with payment 5.2 Obtain policy discharge, as appropriate 5.3 Process payment in accordance with organisational authority levels, procedures and ethical and regulatory requirements 5.4 Update all appropriate records in accordance with procedures 5.5 Communicate settlement details to appropriate stakeholders in accordance with procedures and regulatory requirements 5.6 Initiate reinsurance recovery, if appropriate

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, 1.5, 1.6, 2.1-2.6, 3.1, 3.3, 3.4, 4.1, 4.2	Gathers, analyses and interprets simple to complex information from a range of sources to identify and consolidate information relevant to requirements
Writing	1.1, 1.4, 2.6, 3.2, 4.3, 5.1, 5.2, 5.4-5.6	Produces, edits and proofreads documents to ensure clarity of meaning, and accuracy and consistency of information Accurately records and completes organisational documents using clear language and correct spelling, grammar and terminology
Oral Communication	1.3, 1.5, 1.6, 2.6, 3.2, 3.3, 4.3, 5.1, 5.5, 5.6	Uses active listening and questioning techniques to convey and clarify information Clearly explains and shares information using language and tone appropriate to the audience and purpose
Numeracy	4.4	Uses mathematical equations to perform calculations
Navigate the world of work	1.5, 1.6, 2.1, 2.2, 3.3, 5.3-5.5	Takes full responsibility for adherence to legislative and ethical requirements, explicit and implicit protocols, policies and procedures, and meets expectations associated with own role
Interact with others	1.6, 3.2, 4.3, 5.1, 5.2, 5.5	Selects and uses appropriate conventions and protocols when conferring with various stakeholders to gather or share information Adjusts personal communication style in response to the values, beliefs and cultural expectations of others
Get the work done	1.1-1.6, 2.1-2.6, 3.1-3.3, 4.2, 5.3-5.6	Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effectiveness Makes decisions regarding claim validity based on systematic analysis of all information, taking into account organisational requirements and the regulatory environment Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSILF504 Manage complex life insurance claims	FNSILF504A Manage complex life insurance claims	Updated to meet Standards for Training Packages	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 for FNSILF504 Manage complex life insurance claims

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:

perform complex claims management tasks in accordance with relevant procedures and regulatory requirements including:

checking and validating notifications

analysing claims to identify exclusions, potential fraud and other matters that would result in denial of the claim

assessing and reporting liability including interpretation of specialist reports and calculating benefits as required

communicating settlement details and updating documentation.

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:

explain organisational procedures for assessing risk and processing complex life insurance claims

explain the checks and balances required to ensure due process and procedures are followed

explain the current industry practice and ethical standards in management of life insurance claims

explain dispute resolution policy and procedures in the event of disputation by the claimant

identify the key stakeholders and specialists in the management of life insurance claims

explain life insurance policy payment criteria

explain life insurance policy terms and conditions

describe key features of relevant regulatory requirements that apply to life insurance.

Assessment Conditions

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

office equipment, technology, software and consumables

organisational records, policy and procedures.

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

FNSILF505 Manage ongoing disability claims

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 manage the periodical assessment of ongoing life insurance disability claims.

It applies to those involved in disability claims management that is prolonged and requiring ongoing supervision within the life insurance sector.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Life insurance

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. Manage claim review procedures and determine ongoing assessment criteria	1.1 Identify need to undertake review of insurer's continuing liability against ongoing disability claim 1.2 Identify appropriate periodical claimant submissions 1.3 Maintain contact with claimant and other relevant parties 1.4 Review claim file and apply policy terms, conditions and definitions to establish ongoing assessment criteria
2. Review claim	2.1 Receive appropriate periodical claimant submissions for comparison with ongoing assessment criteria 2.2 Review submissions and identify need for additional information, where appropriate 2.3 Plan information collection in accordance with ethical and regulatory requirements, where necessary
3. Appoint specialists to assist in additional information collection, as required	3.1 Identify need to appoint specialists to undertake claims investigations 3.2 Engage and brief appointed specialists as required 3.3 Monitor specialists’ activities to ensure adherence to timelines, procedures and ethical and regulatory requirements, as appropriate 3.4 Interpret and use specialists' reports
4. Conduct assessment of ongoing claim	4.1 Review claimant submissions and specialist reports against ongoing assessment criteria 4.2 Evaluate whether ongoing assessment criteria have been satisfied 4.3 Communicate results of assessments to relevant parties
5. Adjust benefits as required	5.1 Calculate benefit entitlements in accordance with policy terms and conditions, and procedures 5.2 Apply and calculate partial disability benefits in accordance with policy terms and conditions, and procedures 5.3 Apply offsets and/or indexation to benefits in accordance with policy terms and conditions, where necessary 5.4 Interpret and apply criteria for ceasing income-stream benefit payments, in accordance with policy terms and conditions, procedures and ethical and regulatory requirements, where necessary

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, 1.4, 2.1, 2.2, 3.1, 3.4, 4.1, 4.2, 5.2-5.4	Gathers, collates, analyses and interprets simple to complex information from a range of sources to identify and consolidate information relevant to requirements
Writing	1.3, 3.2, 3.3, 4.3	Produces texts in a logical sequence using appropriate language and correct spelling, grammar and terminology Accurately records and completes organisational documents
Oral Communication	1.3, 3.2, 3.2, 3.3, 4.3	Uses appropriate language and correct terminology to convey and share information to diverse audiences Uses active listening, questioning and summarising techniques to gather, confirm and validate information
Numeracy	3.2, 3.4, 5.1-5.4	Uses mathematical functions of varying complexity when performing calculations
Navigate the world of work	2.3, 3.3, 5.1-5.4	Takes full responsibility for adherence to legislative and ethical requirements, explicit and implicit protocols, policies and procedures, and meets expectations associated with own role
Interact with others	1.3, 3.2, 3.3, 4.3	Selects and uses appropriate conventions and protocols when conferring with various stakeholders to gather or share information Adjusts personal communication style in response to the values, beliefs and cultural expectations of others
Get the work done	1.1, 1.2, 1.4, 2.2, 2.3, 3.1, 3.3, 4.1, 4.2, 5.1-5.4	Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effectiveness Makes decisions based on systematic analysis of all information, taking into account organisational requirements and the regulatory environment Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSILF505 Manage ongoing disability claims	FNSILF505A Manage ongoing disability claims	Updated to meet Standards for Training Packages	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 for FNSILF505 Manage ongoing disability claims

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:

manage the periodical assessment of ongoing life insurance disability claims by:

identifying and collecting appropriate information required to assess ongoing disability claims

reviewing and analysing ongoing disability claims to identify changes in a claimant’s situation and recommend changes to benefit payments

adjusting and calculating benefits in accordance with relevant procedures and in line with legislative requirements.

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

Knowledge Evidence

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

describe the industry practice and ethical standards in the management of disability claims

outline key features of organisational claims procedures, policy guidelines and administrative requirements relating to disability claims

outline different benefit structures based on the nature of the disability claims

outline key features of life insurance policy terms and conditions, and policy payment criteria

describe the current practice in identifying and managing risks associated with ongoing disability insurance claims

explain the procedure and practice in insurance claims investigation

describe key features of relevant regulatory requirements in the management of ongoing disability claims.

Assessment Conditions

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

office equipment, technology, software and consumables

organisational records, policy and procedures.

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

FNSILF506 Manage group life insurance claims

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 effectively handle claims made against group life insurance policies.

It applies to those engaged in case management and claims management functions associated with group life insurance policies.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Life insurance

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. Receive claim against group life policy	1.1 Check that correct channels of lodgement have been followed 1.2 Identify relevant policy and type of cover 1.3 Evaluate evidence of member’s identity
2. Review member’s group history and eligibility for cover	2.1 Identify whether cover was granted within policy’s automatic acceptance provisions or if it was individually underwritten 2.2 Establish whether member was at work on commencement date of present insurance 2.3 Verify that premium contributions are current and correct
3. Manage relationships and information collection	3.1 Identify important contact points and intermediaries, and confirm each one’s role and responsibilities 3.2 Identify communication channels most appropriate to each relationship 3.3 Manage information collection and communication strategy 3.4 Refer case to suitably authorised team member where communication problems arise, in accordance with organisational policy and procedures
4. Assess claim	4.1 Review claim submission to establish circumstances of member’s claimed condition 4.2 Identify appropriate policy wordings to establish assessment criteria 4.3 Evaluate evidence to determine whether assessment criteria are met 4.4 Assess whether client complied with all additional disclosure requirements where cover was provided by means other than automatic acceptance 4.5 Decide whether a benefit is payable 4.6 Consider opportunity for rehabilitation with disability claims
5. Pay group life insurance benefits	5.1 Determine entitlements as per relevant policy conditions, within authority levels and obtain sign-off where required 5.2 Identify parties authorised to receive benefits paid by insurer 5.3 Communicate decisions to relevant parties, in accordance with procedures and regulatory requirements 5.4 Evaluate dependent relationships and beneficiary nominations for death benefits, if necessary 5.5 Set in place ongoing assessment processes for salary continuance claims and ensure benefit is appropriately taxed prior to payment

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	1.1-1.3, 2.1-2.3, 3.1, 3.2, 4.1-4.4, 5.1, 5.2, 5.4	Gathers, analyses and interprets simple to complex information from a range of sources to identify and consolidate information relevant to requirements
Writing	5.1, 5.3	Produces texts in a logical sequence using appropriate language and correct spelling, grammar and terminology Accurately records and completes organisational documents
Oral Communication	2.2, 3.4, 5.1, 5.3, 5.5	Uses appropriate language and tone, and correct terminology to convey information Uses active listening, questioning and summarising techniques to gather, confirm and validate information
Numeracy	5.1, 5.5	Uses mathematical equations to perform calculations
Navigate the world of work	5.1, 5.3	Takes full responsibility for adherence to legislative requirements, explicit and implicit protocols, policies and procedures, and meets expectations associated with own role
Interact with others	2.2, 3.1-3.4, 5.3	Establishes and uses appropriate conventions and protocols when conferring with various stakeholders to gather or share information Adjusts personal communication style in response to the values, beliefs and cultural expectations of others
Get the work done	1.1-1.3, 2.1-2.3, 3.1-3.4, 4.1-4.6, 5.1-5.5	Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effectiveness Makes decisions regarding claims based on systematic analysis of all information, taking into account organisational requirements and the regulatory environment Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSILF506 Manage group life insurance claims	FNSILF506A Manage group life insurance claims	Updated to meet Standards for Training Packages	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 for FNSILF506 Manage group life insurance claims

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:

manage group life insurance claims by:

checking information for eligibility and collecting required information

assessing group life insurance claims

determining entitlements and paying benefits in accordance with relevant procedures and in line with regulatory requirements.

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 different types of group life insurance products

explain key features of group life insurance policy terms and conditions

explain key processes associated with management of group life schemes

outline key features of group life insurance administrative requirements and organisational procedures including:

dispute resolution procedures

insurance claims investigation

describe organisational guidelines relating to automatic acceptance under group life insurance policies

explain the practices associated with disability claims in group life insurance

explain ethical standards and current practice applicable to group life insurance management

outline the principles of procedural fairness

describe key relevant regulatory and legislative requirements

outline the role and function of stakeholders and information sources.

Assessment Conditions

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

office equipment, technology, software and consumables

organisational records, policy and procedures.

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

FNSINC301 Work effectively in the financial services industry

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 correctly interpret and apply industry and organisational procedures, guidelines, policies, ethical standards and sustainability requirements to day-to-day work in the financial services industry.

It applies to individuals with the fundamental skills required to work in the financial services industry and underpins other units used in all sectors of the industry.

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

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. Work within industry guidelines, procedures and legislation	1.1 Apply guidelines, procedures, legislation and codes of practice to financial services industry and determine effects on everyday work 1.2 Recognise and follow workplace procedures and instructions for environmentally sustainable work practices, and suggest any potential improvements to appropriate personnel 1.3 Carry out work tasks in accordance with specific organisational policy, guidelines and procedures 1.4 Undertake work tasks to meet organisation’s philosophy, values and objectives in relation to customer service, professional practice and ethical principles 1.5 Seek assistance from appropriate personnel to clarify application of guidelines, procedures and legislation, where necessary
2. Communicate in the workplace	2.1 Use effective listening and speaking skills in verbal communications 2.2 Respond to instructions or enquiries promptly and in accordance with organisational requirements 2.3 Ensure presentation of written information meets organisational standards of style, format and accuracy in line with financial services industry 2.4 Use communication to develop and maintain positive relationships, mutual trust and confidence
3. Work safely	3.1 Follow established safety procedures when conducting work 3.2 Identify designated persons to report queries and concerns about safety in the workplace 3.3 Take action to eliminate workplace hazards or reduce risk 3.4 Follow organisational procedures when responding to emergency incidents
4. Use workplace technology	4.1 Access relevant information management systems and databases according to organisational procedures 4.2 Use proprietary or organisational software effectively to develop workplace documents, input and extract data, and make calculations
5. Work in a team environment	5.1 Provide support to team members to ensure work group goals are met 5.2 Contribute constructively to work group goals and tasks 5.3 Share information relevant to work with group to ensure designated goals are met 5.4 Share opportunities for improvement of group activity with work group members

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	1.2, 1.3, 3.4	Interprets, consolidates and checks completeness and accuracy of information and data
Writing	2.3, 4.2	Accurately records and completes organisational documents and correspondence using clear language and correct spelling, grammar and terminology
Oral Communication	1.2, 1.5, 2.1, 2.4, 5.3, 5.4	Interacts effectively in verbal exchanges, using active listening and questioning, to convey and clarify information
Numeracy	4.2	Performs mathematical calculations to check, interpret and confirm numerical information
Navigate the world of work	1.1-1.5, 2.2, 2.4, 3.1-3.4, 4.1, 6.3	Understands roles and responsibilities for task and makes basic decisions on work completion parameters Complies with explicit policies and procedures, and regulatory requirements Seeks clarification or assistance when required Ensures knowledge of legislation, regulations and standards relevant to role is accurate and comprehensive
Interact with others	1.2, 1.5, 2.2, 5.1-5.4	Identifies and takes steps to follow accepted communication practices and protocols Uses a limited range of accepted practices for communicating in a work environment Complies with work instructions and contributes to work group discussions and tasks using accepted conventions Recognises common cultural and other differences of people in the work context and makes adjustments in addressing the differences
Get the work done	1.1-1.4, 3.1-3.4, 4.1, 4.2, 6.1, 6.2	Plans and implements routine tasks and workload, making limited decisions on sequencing, timing and collaboration, and seeking assistance in setting priorities Makes low-impact decisions within familiar situations, based on a range of predefined or routine solutions, and evaluates the effectiveness of the outcome Responds to predictable routine problems by implementing standard or logical solutions Uses digital systems and technologies for accessing, entering, storing and sharing information according to routine procedures and security requirements

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSINC301 Work effectively in the financial services industry	FNSINC301A Work effectively in the financial services industry	Updated to meet Standards for Training Packages	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 for FNSINC301 Work effectively in the financial services industry

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:

access, interpret and comply with organisational policy and procedures

communicate effectively with others and act as an effective team member

use proprietary and industry-specific software effectively in day-to-day activities

accurately interpret and comply with relevant workplace legislation and codes of practice used in the financial services industry

effectively perform work within a quality customer service environment

follow workplace health and safety (WHS) and environmentally sustainable workplace practices.

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:

explain the key features of the financial services industry and the way it operates

explain the ethical principles that apply when working in the financial services industry

explain key features of organisational policy and procedures, and work practices

describe effective questioning and listening techniques

describe approaches to environmental and resource efficiency, and relevant procedures for own work area

identify key features of industry codes of practice and relevant legislation and statutory requirements that impact on the industry, including WHS and sustainable work practices

identify proprietary and/or organisational software that can be used to develop workplace documents, input and extract data, and make calculations.

Assessment Conditions

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

organisational policy, procedures, legislation, regulations and codes of practice

common office equipment, technology, software and consumables.

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

FNSINC401 Apply principles of professional practice to work in the financial services industry

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 identify industry professional approaches to procedures, guidelines, policies and standards, including ethical requirements, and to model and meet expectations of these in all aspects of work.

It applies to individuals who work in senior roles in the financial services industry and underpins other specialist units used in all sectors of the industry.

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

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. Identify scope, sectors and responsibilities of industry	1.1 Identify and consider external forces impacting on financial services industry while carrying out activities 1.2 Identify main sectors of financial services industry and interrelationship between sectors in carrying out activities 1.3 Identify roles and responsibilities of other participants in financial services industry in carrying out activities
2. Identify and apply guidelines, procedures and legislation	2.1 Collect, apply and analyse information on relevant legislation, regulations and codes of practice as applied to financial services industry 2.2 Clarify own work practice and regularly refine in light of relevant legislation, regulations and codes of practice, and organisational policy, guidelines and procedures 2.3 Apply relevant codes of practice in an ethical approach to workplace practice and decisions
3. Identify sustainability issues	3.1 Obtain and analyse information on sustainability policies, strategies and impacts on industry from a range of sources 3.2 Identify and promote environmental sustainability as an integral part of business planning and business opportunity 3.3 Incorporate and support triple bottom line principles in work planning
4. Manage information	4.1 Read and discuss with appropriate persons relevant documents and reports that could impact on work effectiveness and compliance 4.2 Analyse, evaluate and check documents, reports, data and numerical calculations to meet customer and organisational requirements 4.3 Present information in format appropriate for audience
5. Participate in and facilitate work team activities	5.1 Provide feedback to team members to encourage, value and reward individual and team efforts, and contributions 5.2 Actively encourage team members to participate in and take responsibility for team activities and communication processes 5.3 Support team to identify and resolve problems which impede its performance 5.4 Ensure own work serves as role model for others and enhances organisation's image and financial services industry
6. Plan work to be completed	6.1 Determine tasks to be done and identify relevant conditions to work autonomously or in team environment 6.2 Plan work to manage resources, time and priorities 6.3 Contribute to organisational planning process as required to achieve service improvement 6.4 Adapt to changes in technology and work organisation in timely manner
7. Develop and maintain personal competency	7.1 Identify and review personal professional development needs and goals on regular basis 7.2 Clarify and comply with competency, authorisation and licensing requirements 7.3 Seek professional development opportunities that reflect needs and goals in agreed timeframe

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
Learning	7.1, 7.3	Identifies, plans and implements strategies to manage gaps in personal knowledge
Reading	1.1-1.3, 2.1, 2.2, 3.1, 4.1, 4.2	Analyses and consolidates information and data from a range of sources, against defined criteria and requirements, and checks for accuracy and completeness
Writing	4.3, 5.1, 6.2	Prepares a range of textual information appropriate for audience for informal and formal purposes
Oral Communication	4.1, 4.3, 5.1, 5.2	Participates in verbal exchanges of information using language, tone and pace appropriate to audience and environment Uses listening and questioning techniques to elicit the views and opinions of others and to confirm understanding
Numeracy	3.3, 4.2, 6.2	Performs mathematical calculations to interpret and compare financial data and information Defines timeframes in accordance with schedule requirements
Navigate the world of work	2.1-2.3, 3.1, 4.1, 7.2	Accepts responsibility and ownership for the task and makes decisions on completion parameters and the need for coordination with others Takes personal responsibility for following explicit and implicit policies, procedures and legislative requirements
Interact with others	2.2, 3.2, 5.1-5.4	Selects and uses appropriate conventions and protocols when communicating with clients and co-workers in a range of work contexts Recognises when personal values and beliefs impact on work group and implements basic strategies to moderate the effect Recognises and accommodates basic differences and priorities of others Cooperates with others and contributes to work practices where joint outcomes are expected and deadlines are to be met Recognises behaviours and triggers that contribute to conflict and implements strategies to moderate conflict Elicits feedback and provides feedback to others to improve self or workgroup behaviours
Get the work done	1.1-1.3, 2.1, 3.1-3.3, 4.1- 4.3, 6.1-6.4, 7.3	Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effective outcomes Makes routine decisions and implements standard procedures for routine tasks, using formal decision-making and problem-solving processes for more complex and non-routine situations Uses the main features and functions of digital tools to complete work tasks and access information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSINC401 Apply principles of professional practice to work in the financial services industry	FNSINC401A Apply principles of professional practice to work in the financial services industry	Updated to meet Standards for Training Packages	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 for FNSINC401 Apply principles of professional practice to work in the financial services industry

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:

access, interpret and analyse product and service information provided by industry sectors in an effective and timely manner

interpret and comply with relevant financial services legislation, regulations and industry codes of practice, and ethics applicable to the workplace

recognise and implement sustainability principles and work practices

accurately analyse, evaluate and organise relevant information

effectively plan work and maintain a team environment, taking into account any constraints and available resources

identify and evaluate appropriate professional development opportunities.

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:

discuss environmental or sustainability legislation, regulations and codes of practice applicable to industry and organisations

outline the main sectors in the financial services industry and the interrelationships between the sectors

explain industry and organisational policy and procedures and ethical behaviours in regard to customer service and administration

outline industry and organisational security practices and rationale

identify internal administration systems such as accounting systems and databases

explain principles, practices and available tools and techniques of sustainability management relevant to the industry context

explain key requirements of relevant legislation, statutory requirements and industry codes of practice as they relate to:

consumer credit

privacy

financial transaction reporting

corporations (including accounting standards)

financial services

identify the economic and political climate relating to the financial services industry

explain triple bottom line principles used in work planning.

Assessment Conditions

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

organisational policy, procedures, legislation, regulations and codes of practice

specialist financial services software and data

common office equipment, technology, software and consumables.

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

FNSINC402 Develop and maintain in-depth knowledge of products and services used by an organisation or sector

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 develop and maintain an in-depth knowledge of the financial products and services provided by an organisation, or those an organisation uses, and how they may be applied to client needs.

It applies to individuals who work in various financial services industry job roles and with a wide range of financial products or services.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

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. Identify products and services organisation uses	1.1 Identify products and services used by organisation or sector and determine their purpose 1.2 Identify characteristics of products and services and their strengths, weaknesses, terms and conditions 1.3 Communicate clearly to clients the characteristics of products and services 1.4 Access and apply organisation’s promotional strategy for products and services in business activities
2. Identify compliance implications of product	2.1 Establish and document compliance implications 2.2 Provide client with all necessary information and documentation as per compliance requirements
3. Determine appropriate users for products and services	3.1 Identify and document function of each product and service, and client needs it satisfies 3.2 Determine client characteristics that best suit each product 3.3 Compare products and services used by organisation or sector with products of competitors 3.4 Determine most effective approach to matching products to client needs 3.5 Evaluate approaches to selling products and services in competitive marketplace 3.6 Determine effective approaches to meeting client needs
4. Maintain product knowledge	4.1 Review relevant products and services regularly and apply any changes to terms and conditions in daily work 4.2 Establish and use systems for keeping up with changes and maintaining up-to-date knowledge about relevant products and services 4.3 Review emerging trends affecting the financial services industry and apply to product and service knowledge

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
Learning	4.2	Identifies, plans and implements strategies to manage gaps in personal knowledge
Reading	1.1, 1.2, 1.4, 2.1, 3.1, 3.3, 4.1, 4.3	Evaluates information and products from a variety of sources to ensure appropriateness to client needs
Writing	2.1, 2.2, 3.1, 4.2	Prepares documentation using clear language, and correct spelling and terminology
Oral Communication	1.3, 2.2	Employs appropriate language for the target audience and uses active listening techniques to confirm own understanding
Navigate the world of work	1.1, 1.2, 3.2, 3.6, 4.1, 4.3	Ensures knowledge of products, legislation, regulations and standards relevant to role is accurate, comprehensive and current
Interact with others	1.3, 2.2	Selects and uses appropriate conventions and protocols when communicating with clients in a range of work contexts
Get the work done	1.3, 3.3, 3.5, 4.2, 4.3	Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effective outcomes Contributes to continuous improvement of current work practices by applying basic principles of analytical and lateral thinking Uses digital tools to access information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSINC402 Develop and maintain in-depth knowledge of products and services used by an organisation or sector	FNSINC402A Develop and maintain in-depth knowledge of products and services used by an organisation or sector	Updated to meet Standards for Training Packages. Minor edits and reordering 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 for FNSINC402 Develop and maintain in-depth knowledge of products and services used by an organisation or sector

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 and use systems to maintain currency of knowledge of financial products, compliance and client characteristics.

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:

explain systems that can be accessed to obtain up-to-date information on products, services and competition

describe the products and services used by the organisation or sector and their purpose

describe products and services used by competitors that are similar to those of the organisation

explain different marketing methods and approaches to promoting or selling financial products and services

identify organisational policy in terms of promotional and marketing strategies

describe ethical and regulatory conditions that must be adhered to in promoting products and services to clients

outline general client characteristics and needs for the organisation or sector.

Assessment Conditions

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

common office equipment, technology, software and consumables

financial services product information.

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

FNSINC501 Conduct product research to support recommendations

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 carry out research by interpreting available information, and analysing and reviewing research findings and activities to enable the determination of financial investment strategies and options.

It applies to individuals who work in a range of financial services job roles involving research functions.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

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. Interpret available information and conduct research	1.1 Establish timelines to meet research deadlines 1.2 Identify relevant sources of information accurately and consistently, and source and retrieve required information readily and promptly 1.3 Constantly review sources of research information and documentation to ensure currency and accuracy 1.4 Prepare research findings that logically flow from interpretation of information available in detailed, clear and accurate format, and in timely manner
2. Analyse and review research findings and activities	2.1 Carry out research activities and outcomes in accordance with organisational policy and guidelines, confidentiality requirements, and relevant legislation or industry codes of practice 2.2 Analyse and review research findings and activities to ensure accuracy and thoroughness 2.3 Review statutory disclosures to maintain consistency and compliance 2.4 Seek feedback regularly to monitor effectiveness and appropriateness of research activities
3. Document research and distribute to relevant parties	3.1 Check research to ensure compliance with organisational policy and guidelines, and with relevant legislation or industry codes of practice, and ensure it is authorised before release 3.2 Distribute research to all relevant parties as required in timely manner 3.3 Obtain confirmation of receipt of research information where relevant to complete organisational records of compliance

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	1.2, 1.3, 2.2, 2.3, 3.1	Analyses and consolidates information and data from a range of sources, against defined criteria and requirements, and checks for accuracy and completeness
Writing	1.4, 3.2	Accurately records and completes organisational documents, reports and correspondence using clear language and correct spelling, grammar and terminology Produces, edits and proofreads documents to ensure clarity of meaning, and accuracy and consistency of information
Oral Communication	2.4, 3.3	Interacts effectively in verbal exchanges, using active listening and questioning, to convey and clarify information
Numeracy	1.1, 1.4, 2.2	Performs mathematical calculations to estimate and establish timeframes
Navigate the world of work	2.1, 2.2, 2.3, 3.1, 3.3	Takes full responsibility for following policies, procedures and legislative requirements, and identifies organisational implications of new legislation or regulation Identifies and resolves key business issues, processes and practices that may have legal implications Modifies or develops research strategies consistent with organisational policy, procedures, legislative requirements, codes of practice and organisational goals
Interact with others	2.4, 3.2	Selects and uses appropriate conventions and protocols when communicating with clients and co-workers in a range of work contexts
Get the work done	1.1, 1.2, 1.3, 1.4, 2.2, 3.2, 3.3	Accepts responsibility for planning and sequencing complex tasks and workload, negotiating key aspects with others and taking into account capabilities, efficiencies and effectiveness Monitors progress of plans and schedules, and reviews and changes them to meet new demands and priorities Applies systematic and analytical decision-making processes for complex and non-routine situations Uses the main features and functions of digital tools to complete work tasks and access information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSINC501 Conduct product research to support recommendations	FNSINC501A Conduct product research to support recommendations	Updated to meet Standards for Training Packages	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 for FNSINC501 Conduct product research to support recommendations

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:

establish and meet required research deadlines

accurately interpret and comply with relevant legislative requirements

access and interpret available information accurately and comprehensively

comply with statutory disclosure requirements

document research findings concisely and clearly for distribution purposes.

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:

identify sources and parties that provide relevant information for research on financial products

describe the current economic climate and forecasted outlook for relevant financial products

explain financial forecasting techniques and tools to be used to assess the market for financial products

identify and outline local and international financial markets and investment outlook for financial products

describe organisational policy, procedures and requirements relevant to products and research

identify and describe key features of industry legislation and codes of practice relevant to product research, and protocols to be followed

describe techniques and tools for evaluation and interpretation of research data.

Assessment Conditions

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

common office equipment, technology, software and consumables

financial services product information.

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

FNSINC502 Assess financial products and services vulnerability to money laundering and terrorism financing

Modification History

Release	Comments
Release 2	This version first released with FNS Financial Services Training Package Version 1.1 Version 2 created to correct mapping information
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 develop and maintain an in-depth knowledge of the financial products and services provided by an organisation, or those an organisation uses, and how they may be applied to client needs.

It applies to individuals who work in various financial services industry job roles and with a wide range of financial products or services.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

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. Analyse products and services the organisation uses	1.1 Identify products and services used by an organisation or sector and determine their purpose 1.2 Analyse characteristics of products and services and their strengths, weaknesses, terms and conditions 1.3 Document function of each product and service and client needs it satisfies
2. Undertake a money laundering and terrorism financing (ML/TF) risk assessment of organisation’s products and services	2.1 Analyse characteristics of products and services to determine their potential use for money laundering and/or terrorism financing 2.2 Conduct ML/TF risk assessment of products and services for organisation
3. Recommend end enhancements to anti-money laundering and counter terrorism financing (AML/CTF) systems to manage specific vulnerabilities of products and services	3.1 Collect and assess information about existing AML/CTF controls 3.2 Determine appropriate enhancements to system controls for managing ML/TF risks for specific products and services 3.3 Prepare recommendations for enhancing AML/CTF systems
4. Maintain product knowledge	4.1 Review relevant products and services regularly and apply any changes to terms and conditions in daily work 4.2 Establish and use systems for keeping up with changes and maintaining up-to-date knowledge about relevant products and services 4.3 Review emerging trends affecting financial services industry and apply to product and service knowledge

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
Learning	4.2	Identifies, plans and implements strategies to manage gaps in personal knowledge
Reading	1.1-1.3, 2.1, 3.1, 4.1, 4.3	Evaluates information and products from a variety of sources to ensure appropriateness to client needs
Writing	1.3, 3.3, 4.2	Prepares documentation using clear language, and correct spelling and terminology
Oral Communication	2.2, 3.3	Employs language appropriate for audience and uses active listening techniques to confirm own understanding
Navigate the world of work	1.1, 1.2, 2.1, 2.2, 4.1, 4.3	Ensures knowledge of products, legislation, regulations and standards relevant to role is accurate, comprehensive and current
Get the work done	1.3, 3.1-3.3, 4.1-4.3	Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effective outcomes Contributes to continuous improvement of current work practices by applying basic principles of analytical and lateral thinking Uses digital tools to access information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSINC502 Assess financial products and services vulnerability to money laundering and terrorism financing	Not applicable	New unit based on FNSINC402A	No 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 for FNSINC502 Assess financial products and services vulnerability to money laundering and terrorism financing

Modification History

Release	Comments
Release 2	This version first released with FNS Financial Services Training Package Version 1.1 Version 2 created to correct mapping information
Release 1	This version first released with FNS Financial Services Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

maintain currency of knowledge of financial products and their compliance requirements, analyse the potential use of these products in money laundering and terrorism financing, and assess anti-money laundering and counter terrorism financing (AML/CTF) controls.

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:

explain systems that can be accessed to obtain up-to-date information on products and services

describe the products and services used by the organisation or sector and their purpose

outline compliance requirements for products and services used by the organisation or sector

describe characteristics of products and services that make them vulnerable to money laundering and terrorism financing

assess AML/CTF controls

outline general client characteristics and needs for the organisation or sector.

Assessment Conditions

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

common office equipment, technology, software and consumables

financial services product information.

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

FNSINC503 Identify situations requiring complex ethical decision making

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 identify situations requiring complex ethical decision making in a variety of industries and organisational settings.

It applies to individuals who use ethical principles and apply ethical frameworks to make decisions in workplace situations.

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. Identify ethical principles	1.1 Identify personal and professional ethical principles relevant to own role, and their effect on actions and behaviour in the workplace 1.2 Analyse the impact that financial rewards and other incentives may have on an individual’s actions 1.3 Analyse the impact of context, group dynamics, and cognitive biases on conduct and behaviour 1.4 Analyse how psychological tendencies and decision-making biases can prevent individuals from perceiving ethical issues in the decisions that they make 1.5 Analyse the difference between ethical conduct and compliant or legal conduct
2. Apply ethical frameworks in the workplace	2.1 Identify workplace situation where complex ethical decisions are required 2.2 Source and access ethical frameworks that can be applied to workplace situation 2.3 Assess factors that may prevent application of ethical frameworks to workplace situation
3. Analyse legal and organisational protection that apply to ethical decision making	3.1 Identify legal protection for ethical actions in workplace situation 3.2 Identify organisational and industry policies and procedures for escalating ethical issues 3.3 Identify sources of advice and guidance that can be used to apply ethical frameworks in the workplace

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
FNSINC503 Identify situations requiring complex ethical decision making	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

Assessment Requirements for FNSINC503 Identify situations requiring complex ethical decision making

Modification History

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

Performance Evidence

Evidence of the ability to:

identify three workplace situations that require ethical decisions to be made, and:

analyse the ethical frameworks that apply to each situation

determine the legal requirements and ethical dimensions of each situation including:

identifying variances between legal requirements and ethical dimensions

evaluating the impact of variances between legal and ethical requirements on decision making

evaluate the factors in each situation that could inhibit ethical decision making

determine the legal and organisational protections available when responding to each ethical situation.

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

Knowledge Evidence

The candidate must be able to demonstrate the following knowledge to effectively complete the tasks outlined in the elements and performance criteria of this unit, and to manage tasks and reasonably foreseeable contingencies in the context of the work role.

Industry context in which the unit is being delivered, and common job roles in that industry

Impact of remuneration and incentives, organisational culture and situational contexts on an individual’s actions and behaviours in the workplace

Theories of group dynamics in social psychology in relation to how people respond when confronted with an ethical situation that is inconsistent with their values

Frameworks for ethical decision making, problem solving and policy setting

Organisational artefacts relating to ethics, values and standards

Key principles of industry legislation, regulations, codes, and other instruments required to perform work described in the performance evidence

Procedures, strategies or protocols to identify and address unethical conduct

Assessment Conditions

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

case studies representing situations of comparable context and complexity to those reasonably likely to occur in the industry

instruments, artefacts or other objects or materials required to effectively complete the elements, performance criteria and evidence requirements of the unit.

Assessors of this unit must satisfy the assessor requirements in applicable vocational education and training legislation, frameworks and/or standards.

Links

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

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

Assessment Requirements for 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.

Performance Evidence

Evidence of the ability to:

identify a workplace ethical situation and frame the corresponding ethical question, including:

defining the associated facts

identifying and addressing biases and psychological tendencies

determining legislative, regulatory, industry and enterprise requirements

determine the most appropriate response to the situation by applying an ethical decision-making framework

respond to the workplace ethical situation, applying interpersonal skills that support a positive outcome

evaluate the outcomes of the response, and identify what could be done differently in future similar situations, including:

individual actions

organisational policies and practices.

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

Knowledge Evidence

The candidate must be able to demonstrate the following knowledge to effectively complete the tasks outlined in the elements and performance criteria of this unit, and to manage tasks and reasonably foreseeable contingencies in the context of the work role.

Industry context in which the unit is being delivered, and common job roles in that industry

Frameworks for ethical decision making, problem solving and policy setting

Reasons and rationalisations for unethical behaviour and strategies for responding to them

Industry legislation, regulations, codes and other relevant instruments required to perform the work described in the performance evidence

Procedures, strategies or protocols to identify and address unethical conduct

Assessment Conditions

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

case studies representing situations of comparable context and complexity to those reasonably likely to occur in the industry

instruments, artefacts or other objects or materials required to effectively complete the elements, performance criteria and evidence requirements of the unit.

Assessors of this unit must satisfy the assessor requirements in applicable vocational education and training legislation, frameworks and/or standards.

Links

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

FNSINC601 Apply economic principles to work in the financial services industry

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 apply broad principles of financial economics that underpin a range of tasks and functions in the financial services industry. It includes understanding how financial instruments are priced in markets, and techniques and processes government and organisations use to manage financial risk, demonstrating broad knowledge of economic theories and related decision making in a national and organisational economic context.

It applies to individuals who have an understanding of economics and how this impacts on work in the financial services industry. It also underpins other skills required for work in the financial services industry and may be applied in all sectors of the industry.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

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. Apply economic principles and theories	1.1 Develop and apply knowledge of economic principles relevant to the industry 1.2 Apply microeconomic theory of markets and influences on financial products and services to determine structure of organisation 1.3 Apply capital adequacy regulation and requirements to work functions
2. Evaluate economic aspects that apply to decision making	2.1 Apply relevant financial modelling techniques to economic data to inform decision making 2.2 Analyse and apply appropriate asset pricing models 2.3 Apply models to determine organisational value in relation to capital structure
3. Review own work	3.1 Evaluate own work in context of relevant economic principles 3.2 Improve performance through understanding of how economics applies to own decision making
4. Maintain personal understanding of economic policies	4.1 Research current economic theories and their impact on the industry to ensure relevant current knowledge 4.2 Integrate contemporary economic principles into work practices

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, 2.2, 4.1	Critically analyses complex documentation from a variety of sources, and consolidates information relating to specific criteria to assist in making high level business and organisational decisions
Numeracy	2.2, 2.3	Performs mathematical calculations to analyse financial information, costs and values for pricing models and capital structure
Navigate the world of work	1.3, 3.1, 3.2, 4.1	Works autonomously, making high level decisions to achieve and improve organisational goals Monitors and reviews organisational policy, procedures and adherence to legislative requirements to implement and manage change Ensures knowledge of products, legislation, regulations and standards relevant to role is accurate, comprehensive and current
Get the work done	1.1, 1.2, 1.3, 2.1, 2.2, 2.3, 4.2	Plans strategic priorities and outcomes within a flexible, efficient and effective context in a diverse environment exposed to competing demands Identifies key factors that impact on decisions and their outcomes, drawing on experience, competing priorities and decision-making strategies where appropriate Explores and incubates new and innovative ideas through unconstrained analysis and critical thinking to develop and improve organisational goals Uses the main features and functions of digital tools to complete work tasks and access information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSINC601 Apply economic principles to work in the financial services industry	FNSINC601A Apply economic principles to work in the financial services industry	Updated to meet Standards for Training Packages. Minor edits to clarify 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 for FNSINC601 Apply economic principles to work in the financial services industry

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:

research economic trends, evaluate impacts, and access and interpret corporate regulations

analyse and apply a range of financial modelling techniques and tools

reflect on and review own performance in applying knowledge of economic principles in day-to-day work functions.

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:

outline key features of common economic theories that relate to the financial services industry

outline key features of microeconomic principles and how they relate to financial services industry products, services and organisational practices

explain capital adequacy requirements for financial services organisations based on financial product mix

explain asset pricing models and their use in identifying organisational value and capital structures

explain and apply economic theories and valuation of assets

identify and apply financial modelling techniques and tools

outline industry or organisation financial markets, products and services

describe key features of relevant legislation, statutory requirements and industry codes of practice

identify and describe techniques and tools for evaluation and interpretation of research data

describe the economic and political climate relating to the financial services industry.

Assessment Conditions

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

common office equipment, technology, software and consumables.

current financial services industry economic literature and research.

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

FNSINC602 Interpret and use financial statistics and tools

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 t to access, interpret and analyse statistical data relevant to the financial services industry. It encompasses producing new statistical information and reports from existing data using a range of tools and processes.

It applies to individuals with a thorough understanding of the sources of financial data, and statistical methods and techniques for analysis. It is a base unit on which other skills required for work in the financial services industry can be built. It may be applied in all sectors of the industry.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

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. Apply statistical methods to work	1.1 Evaluate and select appropriate statistical methods that apply to financial services work to suit required work outcome 1.2 Understand and effectively use suitable tools and techniques for statistical analysis
2. Source and interpret statistical data	2.1 Identify and access internal and external data and information sources to gather relevant current data 2.2 Validate data in accordance with industry statistical standards 2.3 Use data summaries and trends to verify currency and utility 2.4 Interpret correctly and use sampling techniques and diagrammatic, graphical and tabular information for required purpose
3. Analyse data using appropriate techniques and tools	3.1 Reflect organisational requirements and priorities in analysis of statistical data 3.2 Use analysis and descriptive tools and techniques to meet required outcomes and correct any data errors 3.3 Produce on time reports of analysis in appropriate detail and format, including use of diagrammatic, graphical and tabular information
4. Record statistical data analysis results and records	4.1 Validate records of data and statistical analysis to ensure accuracy and consistency with industry and organisational standards 4.2 File and store records for easy retrieval while meeting all security requirements

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, 2.1-2.4, 3.2, 4.1	Critically analyses complex statistical documentation from a variety of sources and consolidates information relating to specific criteria to determine requirements
Writing	2.4, 3.2, 3.3, 4.1	Accurately records information and prepares reports and documentation, using clear language and organisational formats and protocols
Numeracy	1.1, 1.2, 2.1, 2.2, 2.3, 2.4	Performs mathematical calculations to analyse statistical information and research to accurately consolidate and inform others
Navigate the world of work	3.1, 4.1, 4.2	Works autonomously, making high level decisions to achieve and improve organisational goals 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
Get the work done	1.1, 1.2, 2.1, 3.1, 3.2, 4.2	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 organisational outcomes Explores and incubates new and innovative ideas through unconstrained analysis and critical thinking to develop and improve organisational goals Uses features and functions of digital tools to complete work tasks and access information according to security requirements

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSINC602 Interpret and use financial statistics and tools	FNSINC602A Interpret and use financial statistics and tools	Updated to meet Standards for Training Packages	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 for FNSINC602 Interpret and use financial statistics and tools

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:

apply statistical methods to work in the financial services industry

source and access statistical and other data, and produce and interpret statistics

use financial data tools and calculations to produce accurate and informative statistical reports from data

efficiently record and store data for retrieval.

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:

explain and apply mathematical principles and statistical methods

describe the range of statistical ratios and analysis tools relevant to the financial services industry

outline sources of relevant information available to the financial services industry, and their relevance

recognise and explain types of graphs, charts, diagrams and tables used in statistical modelling and reporting

explain the principles of statistical standards and sampling techniques that are used to gather valid data.

Assessment Conditions

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

statistical modelling software and data

common office equipment, technology, software and consumables

statistical reports and data.

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

FNSINC802 Develop and build effective relationships with regulatory and industry bodies

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 2.0.

Application

This unit describes the skills and knowledge required to establish effective relationships with regulatory and industry bodies via accurate reporting and responsive communication.

It applies to individuals who use specialised knowledge and skills to evaluate complex information and compliance requirements and apply to relevant tasks. Individuals typically lead and review organisation wide activities, exercise significant autonomy, responsibility and accountability and contribute to the strategic goals and operations of the organisation. They review, critically analyse, consolidate and synthesise knowledge to generate ideas and provide solutions to complex problems.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

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. Develop organisational strategy for building effective relationships with regulatory and industry bodies	1.1 Analyse legislative requirements and compliance and reporting obligations for all regulatory bodies relating to organisational activities 1.2 Identify and determine strategic benefits for the organisation in fostering relationships with relevant industry bodies 1.3 Evaluate organisational protocols, policies and procedures for interacting with regulatory and industry bodies 1.4 Monitor and assess the effectiveness of interactions and relationships with regulatory and industry bodies
2. Implement effective reporting systems	2.1 Establish reporting systems that deliver information and data that meets regulatory body requirements 2.2 Establish access controls, including delegated authorities, for reporting information and data to regulatory bodies 2.3 Manage and implement organisational policies and procedures for reporting information and responding to feedback on organisational performance and enforcement action, where relevant 2.4 Ensure regulator is advised promptly of any difficulties in fulfilling reporting or compliance requirements 2.5 Implement procedures to review vulnerabilities within reports and data quality to ensure accuracy of information and compliance with requirements 2.6 Review regulatory and industry body benchmark data and take action to address issues relevant to the organisation
3. Manage relationships and communications with regulators and industry bodies	3.1 Oversee processes for managing communications with regulatory and industry bodies ensuring procedures for checking correct authority and controls are implemented 3.2 Foster relationships and participate in collaborative communities and partnerships 3.3 Contribute to the development of industry codes of conduct and guidelines and to industry body responses to regulatory consultations 3.4 Demonstrate a high standard of personal performance and conduct in professional activities and project a positive image of the organisation 3.5 Manage reporting to senior management and/or Board about regulatory or industry activity

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	1.1-1.3	Analyses and evaluates legislative requirements and information from a range of complex texts
Writing	2.4-2.6, 3.3, 3.5	Develops texts dealing with complex concepts using specialised and detailed language to convey critical information and requirements to a range of audiences
Oral Communication	2.4, 3.2, 3.3, 3.5	Presents information using language and non-verbal features to suit the audience Uses active listening and questioning to convey and clarify information to others
Numeracy	2.1-2.3, 2.5, 2.6	Selects and uses familiar mathematical techniques to interpret organisational financial data
Navigate the world of work	1.2, 1.4, 2.2, 2.3, 3.1, 3.3-3.5	Leads development and adherence to organisational policies, procedures and legal requirements Takes a lead role in ensuring organisational compliance with external regulators
Interact with others	1.4, 2.4, 3.1, 3.2, 3.3, 3.5	Plays a lead role in building effective relationships with external bodies Uses appropriate conventions and protocols when communicating with colleagues and external stakeholders
Get the work done	1.4, 2.1-2.6, 3.1, 3.5	Devises and implements plans to build effective relationships via accurate reporting and responsive communication Systematically analyses and assesses available information to decide on actions needed to improve outcomes

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSINC802 Develop and build effective relationships with regulatory and industry bodies	Not applicable	New unit	No 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 for FNSINC802 Develop and build effective relationships with regulatory and industry bodies

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 2.0.

Performance Evidence

Evidence of the ability to:

develop an organisational strategy to build effective reporting and communication relationships with relevant regulatory and industry bodies

implement organisational processes, policies and procedures to affect the strategy

manage ongoing reporting and communication activities with regulatory and industry bodies.

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:

outline the legislative requirements and regulatory bodies relevant to the organisation's activities

explain the external context relevant to the regulatory requirements and regulator including social, political, economic and technological developments

describe various industry bodies relevant to the organisation including their role within the industry and the benefits they offer the organisation

outline the organisation's strategy and objectives in developing relationships with regulatory and industry bodies and explain how organisational policies and procedures support these

explain techniques that foster collaborative relationships and partnerships

explain processes and procedures for responding to regulatory and industry bodies about organisational performance in managing regulatory risk and addressing recommendations in relation to enforcement action or periodic industry specific feedback and guidance

outline reporting requirements for relevant regulatory and industry bodies, methods for collating information and associated security and access controls required

outline organisational and industry consequences for poor performance or non-compliance and breaches in reporting and communication requirements

explain techniques and stages in managing and implementing continuous improvement in an organisation.

Assessment Conditions

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

relevant legislation, regulations, standards and codes

workplace documents including organisational business and strategic plans, policies and procedures

case studies and, where possible, real situations

interaction with others.

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

FNSISV404 Underwrite renewal business

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 underwrite renewal business, including determining the terms and conditions of risk acceptance, evaluating the response of the client, negotiating and finalising the cover.

It applies to individuals in job roles of underwriting in a range of insurance sectors and may be applied within organisations of various sizes and across a range of client bases.

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

Insurance services

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. Determine terms and conditions of risk acceptability	1.1 Identify and review risk acceptance information 1.2 Determine risk acceptability within authority limitations 1.3 Check terms and conditions of risk acceptability for changes since last time it was reviewed for underwriting 1.4 Determine terms and conditions of risk acceptance in accordance with risk acceptance criteria, including client history 1.5 Propose alternative terms or adjusted benefits, if applicable
2. Communicate result of risk assessment	2.1 Make offer of renewal, if applicable, in accordance with legislative requirements 2.2 Issue provisional notice of expiry to client 2.3 Decline renewal, if applicable, in accordance with legislative provisions
3. Evaluate client response	3.1 Assess client response to determine whether action to modify terms and conditions is required 3.2 Modify offer as necessary and prepare advice to client according to operating procedures 3.3 Ensure offer complies with underwriting acceptance authorities and criteria, or seek appropriate referral approval
4. Negotiate agreement	4.1 Undertake negotiation on revised offer to reach mutually satisfactory agreement 4.2 Advise client of acceptance or rejection of risk according to operating procedures (including information on dispute resolution procedure if necessary)
5. Cancel, lapse or renew cover	5.1 Issue revised documentation to client in organisational format and according to organisational operating procedures and legislative requirements 5.2 Confirm reinsurance cover as appropriate 5.3 Issue lapse notice to client, if applicable, in accordance with organisational procedures 5.4 File and store documentation according to operating procedures

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, 1.3, 1.4, 3.1, 3.3	Analyses and consolidates information and data from a range of sources, against defined criteria and requirements, and checks for accuracy and completeness
Writing	1.5, 2.1-2.3, 3.2, 4.2, 5.1, 5.3	Accurately records information and prepares correspondence and documentation using clear language and organisational formats and protocols
Oral Communication	2.1, 2.3, 4.1, 4.2	Effectively participates in verbal exchanges using active listening and questioning to convey and clarify information
Numeracy	1.5, 3.2	Performs mathematical calculations to analyse financial data to accurately process documentation
Navigate the world of work	1.2, 2.3, 3.2, 3.3, 5.1, 5.3, 5.4	Takes personal responsibility for following explicit and implicit policies, procedures and legislative requirements Identifies and acts on issues that contravene relevant policies, procedures and legal requirements
Interact with others	2.2, 3.1, 3.3, 4.1, 4.2	Uses collaborative techniques to establish a sense of connection, build rapport and negotiate positive outcomes with clients Recognises and accommodates basic differences and priorities of others
Get the work done	1.1-1.5, 2.3, 3.3, 4.2, 5.2-5.4	Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effective outcomes Addresses less predictable problems and initiates standard procedures in response, applying problem-solving processes in determining solutions Uses digital technologies to access, enter and store information required to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSISV404 Underwrite renewal business	FNSISV404A Underwrite renewal business	Updated to meet Standards for Training Packages	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 for FNSISV404 Underwrite renewal business

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:

comply with all legal obligations and organisational procedures

identify and assess risks, and develop suitable proposals for underwriting renewal business

negotiate agreements

interpret and apply underwriting guidelines

complete and file relevant documentation in accordance with organisational guidelines.

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 industry market position relative to product or line of insurance business

identify key features of relevant legislation, regulatory guidelines and industry sector compliance requirements

explain the importance of wording of insurance policies in keeping with the organisation or industry sector

outline possible terms and conditions relating to risk acceptability

outline organisational policy, procedures, underwriting guidelines and levels of authority

describe relevant organisational products that relate to insurance underwriting

describe the difference between treaty and facultative reinsurance

outline relative industry hazards

explain risk prevention methods and application.

Assessment Conditions

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

organisational records

organisational policy, procedures, legislation and regulations as they relate to contracts of insurance

a range of common technology and software.

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

FNSISV405 Analyse insurance claims

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 analyse insurance claims including researching and validating the claim information, and maintaining records and lines of communication.

It applies to individuals whose job roles involve client service, data processing or underwriting in a range of insurance sectors and may be applied within organisations of various sizes and across a range of client bases.

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

Insurance services

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. Collect and organise information relating to claim	1.1 Obtain all relevant information to determine whether valid claim exists 1.2 Organise relevant information into coherent and valid body of case knowledge 1.3 Maintain confidentiality of information according to legislative requirements and industry principles 1.4 Identify any information deficiencies and seek additional information from appropriate sources
2. Research claim and validate claim information	2.1 Check claims information to determine legitimacy of claim, including validity of policy and whether claimant is eligible to claim on policy 2.2 Identify needs for investigation and/or further information and appoint appropriate service providers where necessary 2.3 Undertake investigation and research within established claims management criteria and authorities 2.4 Monitor progress of investigation, if applicable 2.5 Refer all missing information, abnormalities or classification uncertainties to an appropriate authority
3. Maintain records and lines of communication	3.1 Maintain regular contact with relevant parties to ensure they are aware of current status of claim and are actively participating in process 3.2 Communicate information promptly to underwriter, which impacts on policy 3.3 Maintain regular and accurate diary system, and adhere to timelines

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, 1.4, 2.1, 2.2, 2.3, 2.4	Critically analyses complex documentation from a variety of sources and consolidates information relating to specific criteria to determine requirements
Writing	1.2, 1.4, 2.2, 2.5, 3.1, 3.2, 3.3	Accurately records information in an organised way and prepares correspondence and documentation using clear language and organisational formats and protocols
Oral Communication	3.1, 3.2	Conveys and clarifies information effectively to a range of personnel using active listening and questioning to clarify understanding
Numeracy	1.1, 2.1	Performs mathematical calculations to analyse financial data and statistics to accurately assess claim
Navigate the world of work	1.3, 2.3	Takes personal responsibility for following explicit and implicit policies, procedures and legislative requirements Identifies and acts on issues that contravene relevant policies, procedures and legal requirements
Interact with others	1.4, 2.2, 2.5, 3.1, 3.2	Selects and uses appropriate conventions and protocols when communicating to clients and co-workers in a range of work contexts Uses a range of strategies to establish a sense of connection and build rapport with clients Recognises and accommodates basic differences and priorities of others during negotiations
Get the work done	1.1-1.4, 2.1-2.5, 3.1, 3.3	Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effective outcomes Addresses less predictable problems and initiates standard procedures in response, applying problem-solving processes in determining a solution Uses digital technologies to access, enter and store information required to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSISV405 Analyse insurance claims	FNSISV405A Analyse insurance claims	Updated to meet Standards for Training Packages. Minor changes and reordering 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 for FNSISV405 Analyse insurance claims

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:

collect and organise sufficient information in an ordered format for processing the claim

effectively analyse and make decisions on the validity of the claim and refer to others where criteria is not met

communicate with the client and others as appropriate

accurately record, document and file all aspects of the claim

interpret and comply with industry and organisational obligations and objectives

assess any liabilities resulting from a claim that is beyond the insurance cover.

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:

explain the importance of wording of insurance policies in keeping with the organisation or industry sector

identify key compliance requirements of relevant industry legislation and regulatory guidelines

outline key features of organisational information technology and communications systems relevant to analysing insurance claims

outline organisational policy, procedures, underwriting guidelines and levels of authority

describe relevant organisational products that relate to insurance claims.

Assessment Conditions

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

organisational records

organisational policy, procedures, legislation and regulations as they relate to contracts of insurance

a range of common technology and software.

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

FNSISV406 Use specialist terminology in insurance claims

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 understand, use and respond to information involving specialist terminology, such as medical or legal terminology (and processes), in insurance claims.

It applies to individuals employed in job roles involving use of specialist medical and legal terminology in a range of insurance sectors and may be applied within organisations of various sizes and across a range of client bases.

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

Insurance services

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. Interpret documents and instructions	1.1 Receive, understand and document written and oral instructions for a claim, using specialist terminology 1.2 Interpret accurately claims documentation containing specialist terminology 1.3 Use checklists and sources of information for specialist terminology in claims, where appropriate 1.4 Understand abbreviations for specialist terms and related processes associated with insurance claims 1.5 Seek clarification when necessary
2. Use appropriate specialist terminology	2.1 Use appropriate specialist terminology in both written and oral communication with internal and external parties related to claim 2.2 Use, spell and pronounce correctly specialist terminology related to insurance claims in appropriate context 2.3 Present claims documentation to designated person for verification, if required
3. Apply specialist terminology	3.1 Use specialist terminology correctly in completion of insurance claims tasks 3.2 Seek assistance or clarification from specialist representatives or designated person as required 3.3 Conduct all tasks within accepted organisational and ethical codes of conduct, including those relating to maintaining confidentiality, privacy and compliance
4. Extend understanding of specialist terminology	4.1 Identify and seek clarification of gaps in knowledge, such as relevant legislation, through appropriate source or person 4.2 Identify and use, where appropriate, abbreviations for commonly used specialist terms and associated processes for insurance claims 4.3 Answer questions or define terms relating to specialist terminology used in insurance

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
Learning	4.1	Identifies gaps in own knowledge and actively locates sources to build understanding
Reading	1.1, 1.2, 1.4, 4.2	Interprets and analyses specific information in the medical and legal fields relating to a claim Understands specific terminology and abbreviations within the context of a claim
Writing	1.1, 1.3, 2.1, 2.2, 2.3, 3.1, 3.2, 4.1, 4.2, 4.3	Employs specific language and terminology in a specialist field and uses abbreviations where appropriate Articulates complex ideas in a manner appropriate for the target audience
Oral Communication	1.1, 1.5, 2.1, 2.2, 3.1, 3.2, 4.1, 4.3	Uses specific language appropriate to the context and audience Uses questioning and listening techniques to clarify own understanding and ask clarifying questions
Navigate the world of work	3.3	Takes personal responsibility for following explicit and implicit policies, procedures and legislative requirements
Interact with others	1.1, 1.5, 2.1, 2.3, 3.2	Selects and uses appropriate conventions and protocols when communicating with clients and co-workers in a range of work contexts Cooperates with others and contributes to work practices
Get the work done	1.1-1.4, 3.1-3.3, 4.2, 4.3	Plans and implements routine tasks and workload, and seeks assistance as required Uses digital technologies to access, enter and store information required to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSISV406 Use specialist terminology in insurance claims	FNSISV406A Use specialist terminology in insurance claims	Updated to meet Standards for Training Packages	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 for FNSISV406 Use specialist terminology in insurance claims

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:

accurately interpret instructions containing commonly used specialist terminology and abbreviations

review and update knowledge of specialist terminology used in insurance

use specialist terminology in insurance appropriately for the situation

access an appropriate person or source of information to clarify instructions or to locate missing information

explain specialist terminology and processes to others in simple, non-specialist language with non-disclosable information remaining confidential

conduct all work within accepted organisational and ethical codes of conduct including those relating to maintaining confidentiality, privacy and compliance.

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:

explain legal, financial and ethical consequences of misusing terminology used in specialist insurance products

explain the importance of wording of insurance policies in keeping with the organisation or industry sector

outline organisational policy, procedures, underwriting and claims guidelines and levels of authority

describe policy coverage and/or requirements and procedures in relation to communication and the release of information, security and confidentiality

identify and apply relevant legislation, regulatory guidelines and industry sector codes of practice

outline types and/or categories of specialist insurance policies

explain relevant legal terminology:

insurance law

commonly used legal terminology in insurance

appropriate use of legal terminology in employee’s area of responsibility within an insurance context

relevant legal process as it relates to insurance and/or legal claims proceedings

explain relevant terminology relating to medical conditions used in medical insurance.

Assessment Conditions

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

organisational records

organisational policy, procedures, legislation and regulations as they relate to contracts of insurance

a range of common technology and software.

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

FNSISV407 Use medical terminology in an insurance context

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 understand, use and respond to important information involving medical terminology in relation to insurance policies.

It applies to individuals involved in the provision of services in the insurance sector where medical and health considerations are a core function of responsibility.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Insurance services

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. Interpret insurance-based information containing medical terminology	1.1 Receive, interpret and follow written and verbal instructions containing medical terminology 1.2 Read and interpret documentation containing medical terminology 1.3 Seek clarification when necessary
2. Communicate using medical terminology	2.1 Use medical terminology in insurance-based communications with stakeholders 2.2 Spell and pronounce medical terminology correctly 2.3 Seek specialist advice from appropriate authority as necessary 2.4 Use medical abbreviations where appropriate 2.5 Explain medical terminology in simple language to stakeholders

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	Interprets and synthesises complex language and specific medical terminology
Writing	1.3, 2.1-2.5	Notes specific medical terminology accurately and uses abbreviation conventions where appropriate Defines and explains specific terms for different audiences using writing conventions appropriate for different stakeholders
Oral Communication	1.3, 2.1, 2.2, 2.3, 2.5	Articulates complex medical terminology accurately and clearly Defines specific medical terminology in a way that is appropriate to the target audience
Interact with others	1.3, 2.1, 2.3, 2.5	Selects and uses appropriate conventions and protocols to communicate appropriately with people from diverse backgrounds
Get the work done	1.1	Follows clearly defined instructions regarding task completion and sequencing Uses digital technologies to access information required to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSISV407 Use medical terminology in an insurance context	FNSISV407A Use medical terminology in an insurance context	Updated to meet Standards for Training Packages	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 for FNSISV407 Use medical terminology in an insurance context

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:

accurately interpret and respond to instructions containing commonly used medical terminology and abbreviations

use medical terminology appropriately in:

insurance contexts

simple language.

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:

outline organisational policy, procedures and guidelines relevant to medical insurance terminology

describe relevant organisational products that relate to medical insurance

identify and describe relevant codes or compliance requirements that may refer to the medical insurance sector

define what is meant by ‘medical insurance terminology’

explain procedures and practice in communicating medical terms in insurance

outline ethical issues and good practice in communicating to clients about medical matters in insurance

describe ways to maintain an up-to-date personal knowledge of medical terminology used in insurance contexts.

Assessment Conditions

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

organisational records

organisational policy, procedures, legislation and regulations as they relate to contracts of insurance

a range of common technology and software.

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

FNSISV502 Review operational performance of the portfolio

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 conduct an operational review of the portfolio, including identifying problems and determining remedial action.

It applies to individuals working in job roles involving specialist knowledge and functions in a range of insurance sectors and may be applied within organisations of various sizes and across a range of client bases.

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

Insurance services

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. Analyse performance data	1.1 Collate and check identified key performance data for accuracy 1.2 Review data against planned outcomes and prior record 1.3 Conduct analysis to establish whether planned outcomes have been achieved 1.4 Assess variations in performance to determine whether remedial action is required 1.5 Benchmark performance
2. Identify performance problems and remedial action	2.1 Identify performance problems from available information 2.2 Refer unusual circumstances for strategic analysis as required 2.3 Undertake further analysis to identify improvement measures
3. Document, determine and implement remedial action	3.1 Review existing authorities and acceptance criteria to assess if amendments are needed 3.2 Prepare action plans to match performance with portfolio profile, within guidelines and established authorities 3.3 Implement action plans
4. Monitor effectiveness of remedial action	4.1 Develop procedures to monitor remedial action 4.2 Monitor remedial action to determine its effectiveness 4.3 Analyse results on an ongoing basis to ensure portfolio performance has stabilised and is moving towards planned outcomes

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, 1.3, 1.4, 2.1, 2.3, 3.1	Critically analyses complex documentation from a variety of sources and consolidates information relating to specific criteria to determine requirements
Writing	1.5, 2.2, 3.2, 4.1	Accurately records information and prepares correspondence and documentation using clear language and organisational formats and protocols Writes, edits and proofreads documents to ensure clarity of meaning, and accuracy and consistency of information
Oral Communication	2.2	Articulates requirements in a succinct and appropriate manner to determine specific information
Numeracy	1.4, 1.5, 2.1, 2.3, 4.3	Performs mathematical calculations to analyse financial information, costs and values to accurately determine performance
Navigate the world of work	3.2, 4.1	Takes full responsibility for following policies, procedures and legislative requirements, and identifies organisational implications of new legislation or regulation Modifies or develops organisational policy and procedures to comply with legislative requirements and organisational goals
Get the work done	1.1-1.5, 2.3, 3.1-3.3, 4.1-4.3	Monitors progress of plans and schedules, and reviews and changes them to meet new demands and priorities Makes critical decisions quickly and intuitively in complex situations, taking into consideration a range of variables including the outcomes of previous decisions Accepts responsibility for planning and sequencing complex tasks and workload Investigates new and innovative ideas as a means to continuously improve processes Uses digital technologies to access, enter, check and store information required to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSISV502 Review operational performance of the portfolio	FNSISV502A Review operational performance of the portfolio	Updated to meet Standards for Training Packages	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 for FNSISV502 Review operational performance of the portfolio

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:

review portfolio performance by:

accurately interpreting and complying with industry legislative requirements and organisational policy and procedures

applying the criteria and methodology for conducting a review of portfolio performance

analyse performance related data and propose remedies for problems

develop and implement a detailed action plan to address problems in portfolio performance

monitor implementation and progress of measures taken to address portfolio performance

complete relevant documentation and adhere to organisational operating guidelines.

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 industry market position relative to the product and/or line of business

discuss industry sector compliance requirements such as the insurance codes of practice

explain interim cover as it relates to expiry of contracts and cancellations

identify relevant statutory hazard, health and safety legislation

explain the importance of wording of insurance policies in keeping with the organisation or industry sector

outline organisational policy, procedures, underwriting guidelines and levels of authority

define the difference between treaty and facultative reinsurance

identify key features of relevant legislation, regulatory guidelines and industry sector compliance requirements as they apply to:

insurance contracts

competition and consumer practices

financial services

corporations

explain risk prevention methods and application.

Assessment Conditions

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

organisational records

organisational policy, procedures, legislation and regulations as they relate to contracts of insurance

a range of common technology and software.

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

FNSISV504 Negotiate treaty reinsurance

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 analyse, prepare and negotiate reinsurance in accordance with organisational guidelines and procedures.

It applies to individuals working in job roles involving specialist knowledge and functions in a range of insurance sectors and may be applied within organisations of various sizes and across a range of client bases.

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

Insurance services

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. Prepare reinsurance tender	1.1 Review previous tender arrangements and documents, where they exist 1.2 Prepare and check information relating to treaty reinsurance tender 1.3 Check completeness of information 1.4 Confirm coverage of claim, or series of claims, under specific client, policy or treaty 1.5 Prepare tendering conditions in line with organisational procedures, guidelines and authorities, context, and treaty and facultative obligations 1.6 Prepare and confirm criteria for supplier selection 1.7 Record accurately all tender information 1.8 Pass on tendering information to appropriate staff, where required
2. Select reinsurance supplier	2.1 Notify relevant reinsurers of tender conditions and details under relevant reinsurance tendering arrangements 2.2 Request tender response from reinsurer in line with organisational procedures, guidelines and authorities within accepted timeframes and guidelines 2.3 Review reinsurance supplier tenders and evaluate against set selection criteria 2.4 Record accurately all tender information
3. Manage transactions for treaty	3.1 Calculate recovery of whole claim, including reinstatements for policy terms and conditions, and from which treaty it is to be recovered 3.2 Manage transactions 3.3 Check and accurately record all information
4. Negotiate terms and conditions of agreement	4.1 Negotiate policy terms and conditions with selected reinsurers 4.2 Document and record accurately all information on system 4.3 Pass on reinsurer information to appropriate staff, where required

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	1.1-1.4, 2.3, 3.1, 3.3	Analyses and consolidates information and data from a range of sources, against defined criteria and requirements, and checks for accuracy and completeness
Writing	1.2, 1.6-1.8, 2.1-2.4, 3.1, 3.3, 4.1-4.3	Accurately records information and prepares correspondence and documentation using clear language and organisational formats and protocols
Oral Communication	2.1, 2.2, 4.1, 4.3	Participates in verbal exchanges to convey complex information using vocabulary appropriate to audience
Numeracy	2.3, 3.1-3.3	Performs mathematical calculations to analyse financial data and statistics to effectively value insurance contacts
Navigate the world of work	1.5, 2.2	Follows policies, procedures and legislative requirements, and identifies organisational implications of new legislation or regulation
Interact with others	1.6, 1.8, 2.1, 2.2, 4.1, 4.3	Implements communication strategies to build rapport, foster strong relationships and negotiate positive outcomes with a diverse range of colleagues and clients
Get the work done	1.1-1.6, 3.1, 3.2, 4.1	Plans and sequences complex tasks and workload, negotiating key aspects with others and taking into account capabilities, efficiencies and effectiveness Responds intuitively to problems requiring immediate resolution, drawing on past experiences to focus on the cause of a problem rather than the symptom Makes critical decisions quickly and intuitively in complex situations, taking into consideration a range of variables including the outcomes of previous decisions Uses digital technologies to access, enter and store information required to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSISV504 Negotiate treaty reinsurance	FNSISV504A Negotiate treaty reinsurance	Updated to meet Standards for Training Packages	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 for FNSISV504 Negotiate treaty reinsurance

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:

accurately compile a tender document, including collection of appropriate data and selection of appropriate methods of protection

negotiate, prepare or verify a contract in a timely manner with different stakeholders

calculate the whole claim including reinstatements for policy terms and conditions

assess tenders against set selection criteria

negotiate suitable outcomes with reinsurers.

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:

explain different types of treaties

identify and describe key features of relevant legislation, regulatory guidelines and industry sector codes of practice

explain the importance of wording of insurance policies in keeping with the organisation or industry sector

outline organisational policy, procedures, underwriting guidelines and authorities:

best underwriting guides (BUG)

loss control guides

outline organisational information technology systems used in assessing reinsurance tender responses

outline terms and conditions of reinsurance arrangements

describe common principles and methods of filing documentation

describe reinsurance terminology and concepts including:

any one risk

any one event

reinstatement premium

identify and apply relevant legislation, regulatory guidelines and industry sector compliance requirements as they apply to:

insurance contracts

consumer protection

financial services

corporations.

Assessment Conditions

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

organisational records

organisational policy, procedures, legislation and regulations as they relate to contracts of insurance

a range of common technology and software.

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

FNSISV506 Investigate insurance claims

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 investigate an insurance claim. Investigation may cover the degree of liability or a potential fraud and covers clarifying the brief, conducting the investigation and reporting on the findings.

It applies to individuals working in job roles involving specialist knowledge and functions including claims and underwriting in a range of insurance sectors and may be applied within organisations of various sizes and across a range of client bases.

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

Insurance services

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. Clarify brief and instructions	1.1 Clarify brief provided to investigator including facts of claim, insurer’s instructions and outcomes required 1.2 Check subject matter questions to be investigated
2. Investigate claim	2.1 Determine method of investigation 2.2 Collect and organise required information to make logical case 2.3 Carry out investigations in accordance with legislation, regulations and organisational operating procedures and codes of practice, if applicable 2.4 Record all data and information progressively and accurately 2.5 File and store securely all original documents, tapes, photographs and other material 2.6 Prepare and communicate appropriate changes in brief or instructions 2.7 Comply with any changes in brief or instructions
3. Report on investigation	3.1 Prepare and transmit comprehensive reports according to reporting guidelines 3.2 Provide copies of documents, tapes, photographs and other materials to insurer’s nominated person 3.3 Give facts and justification for conclusions to insurer’s nominated person 3.4 Make recommendations for action, with appropriate justifications, where required

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, 2.2	Critically analyses plans and other documentation from a variety of sources and consolidates information to determine requirements
Writing	1.1, 2.4, 2.6, 3.1, 3.3, 3.4	Accurately records conversations and other details, and transfers information into organisational systems Writes, edits and proofreads documents and reports to ensure clarity of meaning, and accuracy and consistency of information
Oral Communication	1.1, 2.6, 3.3, 3.4	Interacts effectively in verbal exchanges, using active listening and questioning to convey and clarify information
Numeracy	2.2, 3.3	Performs mathematical calculations to interpret and compare financial data and information
Navigate the world of work	2.3, 3.1	Takes full responsibility for following policies, procedures and legislative requirements, and identifies organisational implications of new legislation or regulation
Interact with others	2.6, 3.3, 3.4	Selects and uses appropriate conventions and protocols when communicating with a diverse range of colleagues and clients to build rapport and foster strong relationships
Get the work done	1.1, 2.1, 2.3, 2.5, 2.7, 3.2, 3.3	Accepts responsibility for planning and sequencing complex tasks and workload, negotiating key aspects with others and taking into account capabilities, efficiencies and effectiveness Responds intuitively to problems requiring immediate resolution, drawing on past experiences to focus on the cause of a problem Uses digital technologies to access, enter and store information required to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSISV506 Investigate insurance claims	FNSISV506A Investigate claims	Updated to meet Standards for Training Packages	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 for FNSISV506 Investigate insurance claims

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:

use appropriate investigation methodologies and maintain accurate records

comply with relevant legislation and regulatory requirements in investigating a claim

produce complete and accurate investigation reports

provide detailed scoping for investigating insurance claims including in-scope and out-of-scope areas

develop options to resolve issues or problems that have the potential to impact on work outcomes during investigations.

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:

outline key requirements of industry sector legal obligations and organisational procedures in relation to investigating claims

describe and implement appropriate investigation methods including:

interviews

surveillance

internet research

document authentication

observation

identify key features of relevant legislation, regulatory guidelines and industry sector codes of practice as they apply to:

insurance contracts

consumer protection

privacy

insurance investigation

explain the importance of report writing conventions in insurance investigations.

Assessment Conditions

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

organisational records

organisational policy, procedures, legislation and regulations as they relate to contracts of insurance

a range of common technology and software.

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

FNSISV509 Analyse financial, medical and psychological claims assessments

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 arrange financial, medical or psychological assessments to support the claims assessment process and to analyse and report on the results.

It applies to individuals working in job roles involving specialist knowledge and functions in a range of insurance sectors and may be applied to areas of claims assessment involving personal injury, long-term settlement and/or complex claims.

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

Insurance services

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. Establish need to appoint specialist to undertake assessment	1.1 Review thoroughly, systematically and accurately, the facts, evidence and information, including fraud indicators, relevant to circumstances of loss, damage and injury 1.2 Identify promptly and advise client and other relevant parties of need to appoint specialist assistance to undertake financial, medical or psychological assessment
2. Organise financial, medical or psychological assessments	2.1 Engage appointed specialists, as required, and thoroughly brief them on requirements 2.2 Monitor assessment activity progress and report to relevant parties, as appropriate, within set timelines
3. Analyse data for claims assessments	3.1 Analyse and assess financial, medical or psychological assessment data for thoroughness and consistency 3.2 Use analysis tools to assess financial, medical and/or psychological assessments to calculate loss damages 3.3 Assess fairly and impartially validity of loss situation and/or claims against assessment data, and analyse against reported circumstances, available evidence, facts and information 3.4 Review insurance cover and policy conditions to ensure loss falls within policy coverage
4. Report results	4.1 Document and report assessment actions, procedures and outcomes, and record promptly and accurately 4.2 Ensure reporting includes recommendations on validity of claim and recovery amounts in relation to assessment and other relevant data 4.3 Provide stakeholders with accurate and timely advice regarding financial, medical or psychological assessment for claim proceedings

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, 2.2, 3.1, 3.3, 3.4	Analyses and consolidates information from a variety of different sources to identify inconsistencies and potential fraud Collates and interprets complex documentation and reviews specific data
Writing	2.1, 2.2, 4.1, 4.2, 4.3	Accurately records and completes organisational documents and correspondence using clear language and correct spelling, grammar and terminology
Oral Communication	1.2, 2.1, 4.1, 4.3	Interacts effectively in verbal exchanges, using active listening and questioning to convey and clarify information
Numeracy	3.1, 3.2, 3.3, 4.2	Performs mathematical calculations to check, interpret and confirm numerical information
Interact with others	1.2, 2.1, 2.2, 4.1, 4.3	Selects and uses appropriate conventions and protocols when communicating with clients and co-workers in a range of work contexts
Get the work done	1.1, 1.2, 2.1, 2.2, 3.1-3.4, 4.3	Accepts responsibility for planning and sequencing complex tasks and workload, negotiating key aspects with others and taking into account capabilities, efficiencies and effectiveness Makes critical decisions quickly and intuitively in complex situations, taking into consideration a range of variables including the outcomes of previous decisions Applies systematic and analytical decision-making processes for complex situations Uses digital technologies to access, enter and store information required to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSISV509 Analyse financial, medical and psychological claims assessments	FNSISV509A Analyse financial, medical and psychological claims assessments	Updated to meet Standards for Training Packages	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 for FNSISV509 Analyse financial, medical and psychological claims assessments

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:

interpret and identify circumstances in which specialist assistance should be sought for the resolution of a claim

correctly analyse claims information to determine the need for specialist assistance

engage specialist assistance as appropriate

monitor the specialist assessment activity

interpret and report on the outcomes of the advice in relation to the claim.

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 methods, practices and guidelines for performing data analysis

describe ‘claims management’ as it applies to specialist circumstances

identify policy coverage and requirements

outline the principles of cost estimating in claims assessments

identify and explain key features of relevant legislation, regulatory guidelines and industry sector codes of practice

explain the roles and responsibilities of financial, medical and psychological specialists

describe the types and/or categories of insurance policies associated with financial, medical and psychological claims

describe analysis tools used to assess financial, medical and/or psychological assessments to calculate loss damages.

Assessment Conditions

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

organisational records

organisational policy, procedures, legislation and regulations as they relate to contracts of insurance

a range of common technology and software.

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

FNSISV512 Work with legal teams to resolve complex claims

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 support legal proceedings to resolve a non-routine, complex claim and encompasses establishment of terms of reference for working with a legal team, the provision of timely, accurate information to support the legal proceedings for the claim, and participation in the settlement of a non-routine, complex claim that involves legal resolution.

It applies to individuals working in job roles involving specialist knowledge and functions where it may be necessary to work with legal teams in resolving non-routine, complex insurance claims such as major losses, bodily injury losses and long-term settlement.

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

Insurance services

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. Establish requirements of legal proceedings for insurance claim	1.1 Establish comprehensive terms of reference or instructions relevant to legal proceedings for non-routine and complex claim 1.2 Check terms of reference to ensure they are within organisational and legislative guidelines, codes of practice and personal authorities, and are clearly documented 1.3 Negotiate, confirm and document roles and responsibilities of all parties involved in legal proceedings for claim 1.4 Clarify requirements and procedures of legal systems involved in claim proceedings, including domestic and/or other relevant countries
2. Provide relevant claims information to legal team	2.1 Identify legal team representatives and confirm information requirements 2.2 Discuss options for obtaining legal data and information, and identify sources of legal data and information 2.3 Collect facts, evidence and information relevant to claims proceedings thoroughly, systematically and accurately 2.4 Research historical data, as required 2.5 Analyse legal data and information for relevance 2.6 Identify information deficiencies and seek additional information from appropriate sources 2.7 Provide legal data and information to legal team in compliance with organisational policy and procedures, compliance, ethical and legal requirements and within required timeframes and authorities
3. Support legal process from claims perspective	3.1 Ensure instructions for and receipt of legal advice pertaining to claim occurs as required 3.2 Liaise with legal team, doctors or other relevant parties as required to expedite insurance claim resolution 3.3 Ensure documents passed as part of legal proceedings comply with organisational, regulatory and legislative considerations 3.4 Negotiate timelines for provision of relevant documents to legal team and ensure they are adhered to 3.5 Ensure insurers manage matters before court in a manner that achieves best and most expeditious resolution and at minimum cost 3.6 Employ all appropriate methods within organisational, legislative, codes of practice or other guidelines to clarify conflicting evidence or information 3.7 Document all actions, procedures and outcomes in supporting legal team and record promptly
4. Participate in settlement arrangements	4.1 Participate in mediation and negotiation activities as required 4.2 Arrange meeting with instructing legal practitioner to discuss settlement meeting and review settlement documents 4.3 Attend settlement meeting at prescribed venue 4.4 Check documentation to ensure it is correct 4.5 Exchange documentation with appropriate parties 4.6 Draft letter of confirmation of settlement, forward to instructing legal practitioner for review and despatch to relevant parties 4.7 Register, lodge and record relevant documents as appropriate 4.8 Inform stakeholders of outcome
5. Report outcomes and update records	5.1 Document and record actions, procedures and outcomes promptly and accurately according to organisational policy, legislative requirements and codes of practice, as applicable 5.2 Provide stakeholders with accurate and timely advice regarding the claim settlement

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	1.2, 1.4, 2.1, 2.3-2.6, 3.6, 4.4	Critically analyses complex documentation from a variety of sources and consolidates information relating to specific criteria to determine requirements
Writing	1.1, 1.3, 1.4, 2.6, 3.7, 4.1, 4.6, 4.7, 4.8, 5.1, 5.2	Records outcomes of discussions and makes changes to policy documentation using industry relevant terminology Writes, edits and proofreads documents to ensure clarity of meaning, and accuracy and consistency of information Accurately records and completes organisational documents and correspondence using clear language and correct spelling, grammar and terminology
Oral Communication	1.3, 2.2, 2.6, 3.2, 3.4, 4.1, 4.3, 4.6, 4.8, 5.2	Uses active listening and questioning to convey and clarify information and to confirm understanding Presents complex information in formal situations using clear and convincing language, tone and pace appropriate for the audience and purpose
Numeracy	2.4, 3.5	Performs mathematical calculations to analyse costs
Navigate the world of work	1.2, 2.7, 3.3, 3.6, 5.1	Takes full responsibility for following policies, procedures and legislative requirements and identifies organisational implications of new legislation or regulation Identifies and resolves key business issues, processes and practices that may have legal implications
Interact with others	1.3, 2.2, 2.6, 2.7, 3.2, 3.4, 4.1, 4.3, 4.6, 4.8, 5.2	Collaborates with others, sharing information to build strong organisational outcomes Recognises the diversity in people and manages this diversity to improve relations and practices Manages conflict in the workplace through the recognition of contributing factors and by implementing strategies to resolve it
Get the work done	1.1, 1.3, 1.4, 2.1, 2.3, 2.5, 2.7, 3.1, 3.3, 3.6, 4.2, 4.3, 4.5-4.7, 5.2	Accepts responsibility for planning and sequencing complex tasks and workload, negotiating key aspects with others and taking into account capabilities, efficiencies and effectiveness Monitors progress of plans and schedules, and reviews and changes them to meet new demands and priorities Responds intuitively to problems requiring immediate resolution, drawing on past experiences to focus on the cause of a problem rather than the symptom Investigates new and innovative ideas as a means to improve work practices and processes through consultation, formal and analytical thinking Uses digital technologies to access, enter, check and store information required to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSISV512 Work with legal teams to resolve complex claims	FNSISV512A Work with legal teams to resolve complex claims	Updated to meet Standards for Training Packages	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 for FNSISV512 Work with legal teams to resolve complex claims

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:

formulate terms of reference and establish a legal team to undertake legal proceedings

establish a portfolio of evidence and information on which the legal team can act

liaise and negotiate requirements and scheduling with the personnel associated with legal proceedings

contribute to the resolution process through mediation and negotiation

prepare documentation as required for the legal proceedings and following the resolution

interpret and apply organisational policy and procedures, and comply with legislation, regulations and industry codes of practice related to the resolution of complex claims

oversee and coordinate the legal process associated with a claim.

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:

explain the process of claims management

outline contract and commercial law principles relevant to claims settlements

describe and apply data analysis techniques and procedures

identify and describe key features of relevant legislation, regulatory guidelines and industry sector codes of practice as they apply to legal proceedings

explain loss adjusting principles and practice relevant to complex claims

outline organisational policy, procedures, underwriting guidelines and levels of authority

explain the importance of wording of insurance policies in keeping with organisational or insurance sector principles

outline research methodologies and practices relevant to resolving complex claims

outline risk prevention and loss minimisation methods and application

describe the roles, responsibilities and jurisdiction of specialists and other authorities

outline the principles of rules of evidence and information gathering, and the importance of accurate documentation for legal proceedings

describe types and categories of insurance policies

describe the key roles of legal teams and other stakeholders in assisting in resolving complex claims.

Assessment Conditions

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

organisational records

organisational policy, procedures, legislation and regulations as they relate to contracts of insurance

a range of common technology and software.

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

FNSMCA402 Initiate legal recovery of debts

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 1.0.

Application

This unit describes skills and knowledge required to establish contact and rapport with debtors and successfully collect debts using a relevant legal recovery process.

It applies to individuals who use specialised knowledge of legal requirements and follow organisational procedures to complete tasks.

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

Mercantile agents

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. Plan and prepare procedures	1.1 Interpret and confirm client’s written instructions 1.2 Identify relevant legal and procedural issues for consideration and action in accordance with legislative requirements and organisational policy and procedures 1.3 Check all appropriate mercantile data for relevant information to determine subject’s whereabouts and credit history 1.4 Develop appropriate plan for contact, with most appropriate means of communication selected
2. Negotiate debt payment and settlements	2.1 Establish contact and build rapport with subject, using most appropriate means of communication 2.2 Propose and negotiate debt payment and settlements with subject, according to organisational policy and procedures, and client needs 2.3 Discuss outcomes with management, when required, and document recommendations clearly and concisely providing reasons for proceeding, not proceeding or strategies for taking further action with debt payment and settlements
3. Present recommendations to client and implement	3.1 Present documented recommendations to client and obtain agreement on how to proceed 3.2 Initiate legal process, when appropriate, in line with client needs and legal requirements, and progress in accordance with court requirements 3.2 Complete necessary supporting documents correctly and in line with court requirements

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, 4.1	Interprets, analyses and consolidates information from a variety of sources to determine and confirm relevance
Writing	2.1, 2.2, 3.1, 3.2, 4.2	Drafts reports and letters, making recommendations where necessary, and completes relevant documentation as required
Oral Communication	2.1, 3.1	Uses language and concepts appropriate to the audience and purpose to convey and clarify information Use questioning and active listening in verbal exchanges to determine and confirm client requirements
Navigate the world of work	3.1, 3.2, 3.3	Complies with legal obligations, industry and organisational codes of practice, and ethical principles
Interact with others	2.1, 2.2, 3.1, 4.2	Selects the appropriate form, channel and mode of communication to build rapport, liaise with others and share information
Get the work done	1.1, 1.2, 2.1, 2.2, 3.1-3.3, 4.1, 4.2	Adopts efficient and effective organisational and time management skills to sequence tasks and meet timelines Clearly and thoroughly researches and analyses information and tasks, and then plans strategies and actions to achieve optimal outcomes within given parameters Seeks information or advice before implementing a solution, where appropriate Uses digitally based technologies and software packages to complete work requirements

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSMCA402 Initiate legal recovery of debts	FNSMCA402A Initiate legal recovery of debts	Updated to meet Standards for Training Packages. Rewritten, reordered and clarified 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 for FNSMCA402 Initiate legal recovery of debts

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:

interpret and comply with legislative requirements, industry code of conduct and regulations, and organisational policy and procedures in the credit management and mercantile agents field

identify appropriate mercantile data for relevant information for locating subjects and credit history

develop a contact plan

negotiate effectively with debtors to come to a satisfactory agreement to repay, wherever possible

complete relevant documentation in accordance with legal, industry and organisational requirements and guidelines

present and explain documentation to clients, verifying recommendations to gain their agreement.

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 key features of relevant:

state or territory and Commonwealth legislation relating to debt collection

regulatory authorities

court jurisdictions

appeal procedures

outline the organisational policy and procedures and legal obligations underpinning credit management functions and their relationship to mercantile agents

outline the business principles, financial arrangements and legal obligations of:

sole traders

partnerships

companies

describe the role of the Australian Securities and Investments Commission (ASIC) in relation to:

businesses

principles of limited liability

insolvency and bankruptcy

principles of association under the Associations Reform Incorporation Act

principles and obligations of trusts

costing of contracts

outline and explain securities loans and principles:

factoring

guarantees

indemnity

securities over property

retention of title

liens.

Assessment Conditions

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

office equipment, technology, software and consumables

relevant legislation and industry codes of practice in the mercantile agent field.

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

FNSORG301 Administer fixed asset register

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 maintain a register of capital expenditure items.

It applies to individuals who operate under some supervision in asset control roles in organisations of various sizes.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Organisational skills

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. Reconcile asset register to general ledgers	1.1 Record all expenditure items in accordance with organisational policy, procedures and practices 1.2 Identify and action discrepancies according to organisational policy, procedures and practices, and relevant legislation
2. Recognise new assets and asset categories	2.1 Identify new asset categories 2.2 Prepare and process proforma for input of asset details within month of purchase
3. Prepare schedules and ad hoc reports	3.1 Update depreciation expense regularly according to depreciation schedule 3.2 Prepare spreadsheets and reconciliations in accordance with annual tax schedule, with allowance made for permanent differences 3.3 Prepare spreadsheets and ad hoc reports as requested

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, 3.1	Identifies and extracts relevant information from policies, procedures and legislation
Writing	1.1, 1.2, 2.2, 3.1, 3.2, 3.3	Records, maintains and updates accurate information in required formats Compiles reports in compliance with a range of organisational and regulatory requirements
Oral Communication	3.3	Participates in discussions using questioning and active listening to determine work requirements
Numeracy	1.1, 1.2, 3.1-3.3	Records familiar numerical information, recognises discrepancies and extracts, evaluates and compares numerical information for reports
Navigate the world of work	1.1, 1.2	Recognises and follows relevant legislation, and organisational policy, procedures and practices
Interact with others	3.3	Follows accepted communication practices and protocols for supplying reports
Get the work done	1.1, 1.2, 2.1, 2.2, 3.1-3.3	Plans a range of routine and non-routine tasks according to defined requirements, accepting defined goals and aiming to achieve them efficiently Applies problem-solving techniques to identify, analyse and resolve discrepancies Uses the main features and functions of digital tools to enter and store data, and access information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSORG301 Administer fixed asset register	FNSORG301A Administer fixed asset register	Updated to meet Standards for Training Packages	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 for FNSORG301 Administer fixed asset register

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:

record accurate transaction details and produce reconciliation reports using IT systems

apply relevant reconciliation processes and manage depreciation schedules.

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 basic accounting principles relevant to administration of fixed assets

explain basic finance industry administration processes and procedures relevant to administering the asset register

list the features of fixed asset registers

define the role and structure of general ledgers

outline key requirements of organisational policy and procedures relating to administration of fixed assets

identify legal requirements regarding capital asset purchase and depreciation administration

identify banking processes relevant to administration of fixed assets.

Assessment Conditions

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

common office equipment, technology, software and consumables

organisational policy and practices

asset register systems and data.

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

FNSORG501 Develop and manage a budget

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 collect and analyse information and apply sound accounting principles to the development and ongoing management of a budget for a small organisation or section of a large organisation.

It applies to individuals who use a range of specialist and managerial techniques to plan, monitor and control budgetary work.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Organisational skills

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. Plan for and collect information for budget	1.1 Determine and confirm areas for which budget is being prepared with appropriate personnel, and identify, access and analyse data required for development of budget 1.2 Determine budget parameters with estimates based on research, consultation and negotiation with appropriate personnel 1.3 Consult relevant colleagues in budget planning process as required
2. Develop budget	2.1 Draft budget based on analysis of all available information in accordance with organisational policy 2.2 Identify and support income and expenditure estimates with reliable information and circulate draft budget for comment
3. Finalise budget and allocate resources	3.1 Provide final budget which incorporates agreed modifications to appropriate personnel 3.2 Inform personnel affected by budget of its limits and goals in their work area and clarify financial management and reporting responsibilities 3.3 Obtain agreement to budget priorities and allocate resources
4. Monitor and control budget	4.1 Check actual income and expenditure against budget at regular intervals, and prepare and present budget reports to appropriate personnel 4.2 Identify and respond to deviations, take appropriate action and advise relevant personnel on budget status
5. Complete financial and statistical reports	5.1 Complete all required financial and statistical reports accurately within designated timelines 5.2 Make appropriate recommendations about future financial planning 5.3 Provide clearly presented and accurate reports to appropriate personnel

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, 2.2, 4.1, 4.2	Extracts, analyses and monitors complex textual information from a range of sources to determine relevance, accuracy and compliance with organisational policy
Writing	1.1, 1.3, 2.1, 2.2, 3.1, 3.2, 4.2, 5.1, 5.2, 5.3	Analyses and compiles numerical data and text information to convey specific information and recommendations accurately and effectively to others using clear and detailed language Demonstrates effective control of text types required by financial and statistical report conventions and documentation
Oral Communication	1.1 -1.3, 3.2, 3.3, 4.1, 4.2, 5.2	Participates in verbal exchanges of information, demonstrating control of a range of oral techniques to elicit the views and opinions of others and confirm understanding Clearly articulates requirements and outcomes using language, tone and pace appropriate to the audience and environment
Numeracy	1.1, 1.2, 2.1, 2.2, 3.1, 4.1, 4.2, 5.1, 5.3	Interprets, analyses and uses numerically expressed data to effectively prepare, monitor, amend and present accurate budgetary information
Navigate the world of work	2.1, 3.2, 5.1	Works independently and collectively in making decisions about budge requirements in accordance with organisational policy
Interact with others	1.1-1.3, 2.2, 3.1, 3.2, 4.1, 5.3	Selects and uses appropriate conventions and protocols to gain and provide relevant budgetary information Plays a lead role in situations requiring effective collaborative skills, demonstrating high level negotiation skills and ability to gather information through consultation
Get the work done	1.1, 1.2, 2.1, 3.3, 4.1, 4.2, 5.1, 5.2	Accepts responsibility for planning and sequencing complex tasks and workload Applies systematic and analytical decision-making processes to make recommendations in complex and non-routine situations Uses digital technologies to access, extract and share relevant information to achieve required outcomes

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSORG501 Develop and manage a budget	FNSORG501A Develop and manage a budget	Updated to meet Standards for Training Packages	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 for FNSORG501 Develop and manage a budget

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:

collect and accurately interpret relevant data to develop and finalise a budget

consult effectively and negotiate outcomes with others on budgetary issues

accurately complete financial and statistical reports related to budgeting.

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

Knowledge Evidence

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

define basic accounting and financial services industry terminology

outline types of data required to develop the budget

explain accounting techniques relevant to budget preparation and maintenance

describe budgeting techniques and tools

describe organisational and industry policy and procedures related to budget development and management.

Assessment Conditions

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

a range of common office equipment, technology, software and consumables

an integrated financial software system and data.

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

FNSORG503 Develop a resource plan

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 identify the critical factors for success of specific projects or periodic work requirements, and plan for consequent priorities, budgets and workflow levels. Plans may take into account peaks and troughs in workflow, resource shortages and specific projects.

It applies to individuals who use a range of techniques to manage resource planning in consultation with others.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Organisational skills

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 critical success factors	1.1 Identify and prioritise organisational objectives and legislative issues which impact on the project in question 1.2 Identify and document resources required to meet objectives and critical success factors
2. Analyse existing resource and competency capacities	2.1 Access, interpret and appraise current and valid employee data and resources 2.2 Ascertain and verify competency levels for personnel
3. Determine future resource requirements	3.1 Obtain and analyse available information on workloads to determine temporal and spatial patterns 3.2 Develop profile of projected resource requirements, taking into account likely impact of internal and external factors 3.3 Identify competency levels necessary to meet future requirements and ascertain inconsistencies in current competency levels
4. Develop plan to adapt existing capacities to meet future needs	4.1 Plan training requirements to ensure adequate competency levels are achieved to meet future requirements 4.2 Incorporate strategies to meet resource shortages into plan, and prioritise resources 4.3 Engage external consultants where appropriate
5. Review and evaluate plan	5.1 Consult all stakeholders to determine appropriateness of plan 5.2 Incorporate agreed modifications to plan as required

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, 2.2, 3.1, 3.2, 3.3	Analyses, evaluates and interprets textual information from a wide range of sources to identify and assess relevant information and forecast requirements
Writing	1.1, 1.2, 2.1, 2.2, 3.2, 4.2, 5.1, 5.2	Documents an analysis of information which identifies requirements, conveys strategic solutions and incorporates stakeholder feedback Organises content in a manner that supports the purpose and audience of the document, using clear and detailed language
Oral Communication	2.2, 3.1, 5.1	Uses listening and questioning techniques to elicit the views and opinions of others, and confirm understanding
Numeracy	1.1, 1.2, 2.1, 3.1, 3.2	Interprets and analyses numerically expressed data from a range of sources
Navigate the world of work	1.1	Understands and considers impacts of organisational and legislative requirements in developing a resource plan
Interact with others	3.1, 4.3, 5.1	Selects the appropriate form, channel and mode of communication for a specific purpose relevant to own role Uses interpersonal skills to establish a supportive environment and adapts communication style to suit the audience when gathering or providing information
Get the work done	1.1, 1.2, 2.1, 2.2, 3.1, 3.3, 4.1, 4.2, 5.1	Accepts responsibility for planning and sequencing complex tasks and workload to meet organisational requirements Applies systematic and analytical decision-making processes to make recommendations in complex and non-routine situations Anticipates potential problems and develops contingency plans for implementation, as required Uses digital technologies to access, extract and share relevant information to achieve required outcomes

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSORG503 Develop a resource plan	FNSORG503A Develop a resource plan	Updated to meet Standards for Training Packages	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 for FNSORG503 Develop a resource plan

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:

locate and analyse comprehensive data on organisational resources

evaluate staff competencies

develop and review effective resourcing plans.

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 relevant industry resource planning and development strategies

describe management planning techniques and tools

outline objectives and critical success factors relevant to resource planning

explain key features of organisational policy and procedures relating to resource planning

explain key requirements of relevant legislation and regulations impacting on resource planning, including:

workplace health and safety (WHS)

equal employment opportunity (EEO)

anti-discrimination

WorkCover or equivalent

describe a range of techniques for evaluating competency of personnel.

Assessment Conditions

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

common office equipment, technology, software and consumables

organisational information systems and data.

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

FNSORG504 Monitor and supervise work practices to meet financial services regulatory requirements

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 supervise staff and work practices within a defined area of responsibility, assess the effectiveness of workplace procedures, and implement regulatory and quality assurance measures.

It applies to individuals who use a range of specialised and managerial techniques to manage their own work and supervise that of others.

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

Organisational skills

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. Communicate knowledge of relevant products and services offered	1.1 Inform staff on financial products and services offered by organisation, and roles and requirements of industry organisations and service providers 1.2 Define features and processes of specific products and services clearly so staff can promote them effectively 1.3 Conduct research and continual professional development to maintain current knowledge of industry product and service developments
2. Monitor work for compliance with financial services regulatory framework	2.1 Monitor work practices to ensure compliance with legislation relevant to financial services industry 2.2 Supervise client interaction to ensure adherence to advisory limitations regulated by Australian Securities and Investments Commission (ASIC) 2.3 Maintain compliance with government body information and regularly access sources of information involved in regulation of financial products and services 2.4 Establish, maintain and monitor work systems with relevant documentation to ensure compliance with legislative guidelines
3. Supervise work within organisational policy, procedures and guidelines, and accepted industry codes of conduct	3.1 Review organisational policy, procedures and guidelines for effectiveness 3.2 Monitor work conducted for compliance with organisational policy, procedures and guidelines 3.3 Implement organisational policy and procedures, and promote philosophy and objectives of organisation with cooperative peer work practices 3.4 Monitor all work for adherence to accepted codes of conduct
4. Assess workplace procedures	4.1 Identify processes and procedures within area of responsibility and review implementation of procedures 4.2 Assess implementation of procedures for efficiency in attaining organisational goals 4.3 Identify areas for improvement in procedures and make recommendations to appropriate personnel
5. Implement organisational quality assurance procedures	5.1 Implement organisational quality assurance measures and systems as required 5.2 Monitor quality assurance measures and outcomes, and document results regularly

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
Learning	1.3	Plans, organises and implements own workplace professional development to maintain and expand industry knowledge
Reading	1.1-1.3, 2.1, 2.3, 2.4, 3.1, 3.4, 4.1	Interprets textual information from a range of sources and determines its relevance to individual, organisational and regulatory requirements
Writing	1.1-1.3, 2.4, 4.3, 5.2	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	1.1-1.3, 3.3, 4.3	Uses careful listening and questioning techniques to monitor, identify and clarify workplace practice requirements Uses clear and direct language to convey relevant information and provide feedback
Numeracy	1.1, 1.2, 1.3, 2.1, 2.3, 2.4, 3.2, 5.1	Analyses, interprets and monitors financial information and numerical data for accuracy, relevance and compliance
Navigate the world of work	2.1-2.4, 3.1, 3.2, 3.4, 4.1, 4.2	Takes full responsibility for following policies, procedures, codes of practice and legislative requirements, and identifies organisational implications of new legislation or regulations Seeks to improve policies and procedures to better meet organisational goals
Interact with others	1.1-1.3, 2.1, 2.2, 3.3, 3.4, 4.3	Selects and uses appropriate conventions and protocols to gain and provide information relevant to legislation, codes of practice and organisational requirements Applies a range of communication strategies to build rapport and encourage others to work effectively in accordance with organisational and regulatory requirements
Get the work done	2.1-2.4, 3.1-3.4, 4.1-4.3, 5.1, 5.2	Accepts responsibility for planning and sequencing complex tasks and workload Takes responsibility for developing and applying organisational processes to aid compliance with legislative and organisational requirements Monitors actions against required goals to identify and recommend improvements Applies systematic and analytical problem-solving processes to identify issues and develop options to resolve issues Uses the main features and functions of digital tools to complete work tasks, store data and access information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSORG504 Monitor and supervise work practices to meet financial services regulatory requirements	FNSORG504A Monitor and supervise work practices to meet financial services regulatory requirements	Updated to meet Standards for Training Packages	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 for FNSORG504 Monitor and supervise work practices to meet financial services regulatory 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:

interpret and comply with government regulatory requirements and codes of conduct for industry organisations

maintain continual professional development

monitor work practices to ensure compliance with relevant legislative and regulatory requirements, and assess the effectiveness of workplace procedures

implement effective organisational quality assurance procedures.

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 main industry roles of financial representatives

explain fraud deterrence practices

explain the function of key government bodies and representatives involved in regulating financial products and services

describe the requirements of financial services industry codes of practice

identify and explain the main features, benefits and practices of different types of financial products

describe organisational policy, procedures, objectives and guidelines

identify and describe a range of appropriate professional development activities

explain the key intentions of relevant legislation, regulation and compliance requirements for the financial services industry, including privacy obligations

provide detail of the supervisory responsibilities for ensuring compliance within the relevant financial services area.

Assessment Conditions

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

common office equipment, technology, software and consumables

organisational policy and procedures documentation.

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

FNSORG505 Prepare financial reports to meet statutory requirements

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 identify statutory reporting requirements, and plan, develop and submit reports for authorisation before distribution.

It applies to individuals who use a range of organisational techniques to manage their work and that of others.

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

Organisational skills

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 statutory requirements for reports	1.1 Review information on statutory rules regularly and comprehensively to ensure all reporting requirements are planned for and met 1.2 Review sources of data regularly for changes 1.3 Use existing reports as guideline for content and format where available
2. Plan for provision of reports	2.1 Establish timelines to meet report deadlines and data requirements, and explicitly communicate them to internal users 2.2 Establish realistic lead times that ensure adequate time is available for contingencies
3. Analyse and consolidate reports	3.1 Review reports to ensure accuracy with internal accounting records and completeness of data, and review and cross-reference reports against detailed statutory requirements 3.2 Justify report results in required format where necessary 3.3 Prepare comprehensive, accurate reports to deadlines with detailed and clear audit trail to enable comprehensive financial monitoring
4. Submit reports for authorisation	4.1 Ensure all reports comply fully with auditor requirements 4.2 Obtain all required sign-offs, approvals and authorisations from responsible parties
5. Distribute reports	5.1 Distribute authorised reports to all parties in timely manner 5.2 Obtain confirmation of receipt of reports to complete organisational record of compliance

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	1.1-1.3, 3.1, 4.1	Accesses texts of relative complexity from a range of sources to determine content relevant to organisational requirements Reviews and checks data for accuracy and compliance
Writing	1.1, 2.1, 3.1, 3.2, 3.3, 4.1, 4.2, 5.2	Uses appropriate specialised vocabulary and logical organisational structures to produce clear and detailed, accurate and compliant financial reports and justifications in required formats Prepares clear and concise texts to convey operational information and instructions to others
Oral Communication	1.1, 2.1	Obtains information or elicits the opinion of others using listening and questioning techniques Uses clear and direct language to convey requirements and confirm actions
Numeracy	1.2, 1.3, 2.1, 2.2, 3.1-3.3, 4.1	Analyses and interprets numerical data to prepare accurate financial documents Performs calculations necessary to check documents for accuracy and prepare accurate timelines
Navigate the world of work	1.1, 1.2, 3.1, 4.1	Takes full responsibility for following policies, procedures and statutory reporting requirements Maintains knowledge required to carry out work role
Interact with others	1.1, 2.1, 4.2	Selects and uses appropriate conventions and protocols to gain and provide information relevant to statutory requirement reporting
Get the work done	1.1-1.3, 2.1, 2.2, 3.1, 3.3, 4.1, 4.2, 5.1, 5.2	Accepts responsibility for planning and sequencing complex tasks and workload Applies systematic and analytical decision-making processes to make recommendations in complex and non-routine situations Uses the main features and functions of digital tools to complete work tasks, store data and access information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSORG505 Prepare financial reports to meet statutory requirements	FNSORG505A Prepare financial reports to meet statutory requirements	Updated to meet Standards for Training Packages	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 for FNSORG505 Prepare financial reports to meet statutory 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:

identify, interpret and comply with statutory requirements and information

accurately analyse data and information for reports

prepare and consolidate well-written reports in required format.

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:

outline key information required, common financial report formats and typical quality indicators

explain financial services industry codes of practice

describe key requirements of organisational policy and procedures relevant to financial reporting

identify and describe key requirements of relevant legislation and regulations relevant to financial reporting.

Assessment Conditions

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

common office equipment, technology, software and consumables

an integrated financial software system and data

relevant statutory documentation.

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

FNSORG506 Prepare financial forecasts and projections

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 plan a financial forecast or projection, identify assumptions and parameters, collect, consolidate and analyse data, make forecasts or projections, document results and obtain approval.

It applies to experienced individuals who use a range of specialist and managerial techniques to plan and carry out their work, and provide direction to others.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Organisational skills

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. Plan preparation timetable	1.1 Identify all critical milestones to ensure financial forecasts and projections can be prepared within timeframes 1.2 Review business plans, financial forecasting and processing systems to identify timeframes and parameters, and any potential conflicts
2. Identify assumptions and parameters	2.1 Review business plans and exception reports to identify and resolve conflicts in assumptions 2.2 Review assumptions and parameters to ensure compliance with organisational policy and procedures 2.3 Analyse current and historical financial reports to establish trends, and examine external environment to gain objective overview
3. Issue instructions and relevant aids for preparation of forecasts and projections	3.1 Issue clear instructions that comply with organisational format to facilitate use and ensure consistent interpretation 3.2 Identify business types to enable selection of effective financial models, and provide training to users to ensure comprehensive understanding and effective use of models
4. Collect, consolidate, model and analyse data	4.1 Review data to ensure consistency with model used and document analysis results clearly 4.2 Collect reliable, valid, complete and comprehensive data 4.3 Process and consolidate data in logical structured format that enables ready analysis according to established timetable
5. Document results and obtain approval	5.1 Document results clearly in suitable format that meets needs of target users 5.2 Obtain all approvals in accordance with management objectives and financial and organisational policy, and distribute results within timetable

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	1.2, 2.1-2.3, 4.1-4.3, 5.2	Interprets, analyses and reviews a variety of structurally complex textual information for accuracy, consistency and compliance with legislation and organisational requirements
Writing	2.1, 3.1, 3.2, 4.1-4.3, 5.1, 5.2	Produces analytical financial reports from an extensive range of data and modelling to clearly and accurately convey forecasts and projections in required formats Develops content using clear and detailed language organised in a manner that supports the purposes and audience of the document
Oral Communication	1.1, 1.2, 2.1, 2.2, 3.1, 3.2	Participates in verbal exchanges using careful listening and questioning techniques to elicit relevant information from others, and clear and direct language to convey instructions and confirm understanding Uses language, tone and pace appropriate to the audience and environment
Numeracy	1.1, 2.1-2.3, 3.2, 4.1-4.3, 5.1	Collects, analyses and reviews relevant numerically expressed data, formulae and ratios from a range of sources Uses advanced mathematical skills to identify assumptions and inconsistencies, and complete accurate result analysis Performs calculations necessary to estimate timelines and prepare accurate timetables
Navigate the world of work	2.2, 2.3, 3.2, 5.2	Takes full responsibility for understanding and complying with organisational policy and procedures regarding financial forecasts and projections Maintains and updates knowledge required to carry out work role
Interact with others	3.2	Selects and uses appropriate conventions and protocols to gain and elicit information relevant to financial forecasts and projections
Get the work done	1.1, 1.2, 2.1, 2.2, 3.1, 3.2, 4.1-4.3, 5.1, 5.2	Accepts responsibility for planning, sequencing and scheduling complex tasks and workload according to organisational requirements Applies systematic and analytical decision-making processes to make forecasts and projections in complex and non-routine situations Uses formal analytical thinking techniques to identify issues and generate possible solutions Uses the main features and functions of digital tools to complete work tasks, store data and access information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSORG506 Prepare financial forecasts and projections	FNSORG506A Prepare financial forecasts and projections	Updated to meet Standards for Training Packages. Minor edits 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 for FNSORG506 Prepare financial forecasts and projections

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:

comply with organisational policy and procedures that relate to the preparation of financial forecasts and projections

apply standard accounting principles and techniques

accurately identify assumptions and parameters of forecasts

collect, consolidate, model and analyse data in a timely manner

document forecasts and projections, and obtain approval where required.

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 relevant financial industry codes of practice

explain financial forecasting techniques, models and best practice

identify key users or audience for financial forecasts and projections

outline factors in the external environment that can impact on financial forecasts

outline the relevance of historical financial reports to forecasting

identify and interpret relevant organisational policy and procedures

explain key requirements of relevant legislation and regulations that influence the financial services industry.

Assessment Conditions

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

office equipment, technology, software and consumables

an integrated financial software system and data

organisational policy and procedures documentation.

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

FNSORG507 Manage client service and business information

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 implement sound business management practices which support the provision of professional services to clients, and related product and service distribution activities.

It applies to experienced individuals who use a range of specialist and managerial techniques to manage their work and provide support and direction to others. It is particularly relevant to senior managers or principals within financial or insurance distribution contexts.

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

Organisational skills

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. Demonstrate business management skills	1.1 Identify administrative tasks relevant to business and follow effective business management practices to operate business 1.2 Develop financial plan covering income, expenditure and cash flow, and monitor financial performance of business against plan 1.3 Provide job descriptions and operation manuals to business areas or units 1.4 Record and store copies of proposals, correspondence, agreements and financial records, and maintain in systematic manner 1.5 Monitor and evaluate commission and other remuneration statements
2. Maintain comprehensive records of client affairs	2.1 Document interview records, contact with clients and other key business relationships accurately in compliance with client service arrangements and other relevant organisational requirements 2.2 Keep records of disclosure of client capacity and terms of engagement 2.3 Maintain up-to-date copies of fact finder and customer advice records, client records and correspondence in systematic manner
3. Maintain relevant reference material	3.1 Update reference material on regular basis and maintain straightforward access for staff 3.2 Maintain accurate information on products, services and distribution channels
4. Develop and maintain competency requirements of staff	4.1 Identify competency requirements for staff to support efficient service and implement professional development at appropriate time 4.2 Reflect identified goals and needs to achieve business outcomes in development plans 4.3 Maintain, evaluate and review development plans against requirements on regular basis 4.4 Meet authorisation requirements relevant to professional development activities

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, 1.4, 1.5, 2.1, 3.1, 3.2, 4.1, 4.2, 4.3	Researches, interprets and analyses a range of complex technical, financial, administrative and compliance information Monitors and evaluates records, statements and plans against service performance, legislation and organisational requirements
Writing	1.1, 1.2, 1.2, 1.4, 1.5, 2.1, 3.1, 3.2, 4.1-4.3	Develops material, integrating information from a range of sources, using clear and detailed language, grammar and terminology appropriate to the purpose and audience Prepares recommendations for a range of purposes which convey an understanding of organisational requirements and outcomes
Oral Communication	1.1, 2.1, 4.1	Participates in effective spoken interactions using careful listening and questioning techniques to establish operational requirements and client service information Uses strategies to develop and maintain effective business and employee relationships
Numeracy	1.1, 1.2, 1.3, 1.5, 2.1, 3.1	Gathers, analyses, interprets, prepares and monitors complex financial information and numerical data for accuracy, relevance and compliance
Navigate the world of work	1.4, 2.1, 4.4	Complies with legislative responsibilities and follows business practices, explicit and implicit protocols, policies and procedures relevant to role
Interact with others	1.1, 1.3, 3.1, 4.1	Selects and uses appropriate conventions and protocols to gain and provide information relevant to own role
Get the work done	1.1-1.5, 2.1-2.3, 3.1, 3.2, 4.1, 4.3, 4.4	Accepts responsibility for planning and sequencing complex tasks and workload Plans, implements, monitors and reviews systems and processes to achieve organisational requirements Applies systematic and analytical decision-making processes in complex and non-routine situations, gathering information and identifying and evaluating options against agreed criteria Evaluates outcomes of decisions to identify opportunities for improvement Uses the main features and functions of digital tools to complete work tasks, store and manage data, and access information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSORG507 Manage client service and business information	FNSORG507A Manage client service and business information	Updated to meet Standards for Training Packages. Minor edits 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 for FNSORG507 Manage client service and business information

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:

apply high level business management, financial planning, personnel management and marketing skills

comply with organisational policy and guidelines, industry codes of practice and relevant legislation and regulations

establish targets, and monitor and review performance of the business and its staff

effectively manage client records and business information

identify and address factors which may affect client service performance.

Knowledge Evidence

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

outline the principles of business and financial planning

outline the range of professional services provided in the financial services industry

identify and explain the key requirements of relevant legislation, regulations and codes of practice impacting on client service and business information in the financial services industry

describe key administrative processes and systems required to effectively manage client service and business information activity

describe organisational financial authorisation and compliance requirements

describe key financial products relevant to the organisation

explain key features of effective human resource management practices relating to competency requirements and professional development

explain record-keeping principles and systems

explain the use of information management systems in maintaining comprehensive client records.

Assessment Conditions

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

common office equipment, technology, software and consumables

financial services product information

an integrated financial software system and data

organisational policy and procedures documentation.

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

FNSORG508 Analyse and comment on management reports

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 identify and strategically analyse irregularities in management reports, and document recommendations to achieve business forecasts or expected outcomes.

It applies to individuals who use well-developed analytical and problem-solving techniques to complete their work.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Organisational skills

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. Establish items that require analysis	1.1 Identify and determine parameters and key requirements to be included in management reports 1.2 Review content of reports to identify abnormal or unusual items, exceptions and variations for comment
2. Analyse components identified	2.1 Compare actual results to forecast or expected outcomes to identify items requiring further examination 2.2 Obtain all information on identified items to enable report to be prepared
3. Report on findings	3.1 Explain outcomes, results and variances to satisfy management questions 3.2 Document recommendations on required action in accordance with organisational requirements 3.3 Record outstanding matters to enable follow up action to be implemented

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, 2.2	Selects from a broad repertoire of strategies to interpret, critically analyse and assess complex texts to identify inconsistencies, consulting other information sources as required
Writing	1.1, 2.1, 3.1, 3.2, 3.3	Produces clear, logically sequenced texts that identify irregularities, convey precise meaning of recommendations and clearly record further action in accordance with organisational requirements
Oral Communication	3.1	Participates in complex spoken interactions using language appropriate to the purpose and audience Uses careful listening and questioning to clarify understanding
Numeracy	1.1, 1.2, 2.1, 2.2	Analyses and interprets complex financial calculations and predictions for accuracy, consistency and comparison with final results achieved
Navigate the world of work	3.2	Takes full responsibility for identifying and complying with organisational requirements
Interact with others	2.2, 3.1	Selects and uses appropriate communication conventions and protocols when liaising with others to seek or share information
Get the work done	1.1, 2.1, 2.2, 3.2	Accepts responsibility for planning and sequencing complex tasks and workload Systematically gathers and analyses all relevant information to make informed recommendations Uses the main features and functions of digital tools to complete work tasks, store data and access information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSORG508 Analyse and comment on management reports	FNSORG508A Analyse and comment on management reports	Updated to meet Standards for Training Packages. Minor edits to clarify intent.	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 for FNSORG508 Analyse and comment on management reports

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:

establish business items that require analysis and obtain relevant information

analyse components within reports

evaluate for comment and correction where necessary.

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 key features of organisational policy and procedures relating to management reports

outline the key points of relevant legislation, regulations and compliance requirements

outline the key requirements of the financial services industry codes of practice

describe common business objectives and expected outcomes in management reports.

Assessment Conditions

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

common office equipment, technology, software and consumables

an integrated financial software system and data

organisational policy and procedures documentation.

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

FNSORG601 Negotiate to achieve goals and manage disputes

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 and gain agreement to organisational goals, and identify, document and effectively manage disputes with stakeholders to achieve the best outcome.

It applies to individuals who use well-developed judgement skills and a range of negotiation techniques to manage others to reach agreement.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Organisational skills

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. Establish needs of parties	1.1 Identify desires, needs, requirements and outcomes of all parties using open and professional communication strategies 1.2 Identify and document potential issues and problems, and successful outcomes for organisation and client 1.3 Identify, analyse and discuss strategies and options for achieving outcomes with relevant parties 1.4 Identify and evaluate risks and contingency strategies 1.5 Establish information, facts and issues relevant to situation, and obtain expert advice from third parties or other professionals where required prior to negotiations
2. Negotiate to achieve agreed outcome	2.1 Obtain agreement on strategies and options to achieve goals and complete processes, and communicate it professionally to relevant parties 2.2 Review strategies and options for compliance with contractual, legislative, regulatory and professional requirements, in accordance with organisational policy and procedures 2.3 Obtain, confirm and correctly document agreement by all parties
3. Identify and document causes of disputes	3.1 Identify and analyse issues or disputes promptly and establish position of relevant parties 3.2 Use professional communication techniques that demonstrate respect and empathy for other viewpoints and positions to establish confidence of relevant parties 3.3 Document disputes and issues promptly and accurately, and verify with all relevant parties
4. Implement and manage strategies to resolve disputes	4.1 Identify, evaluate and implement strategies and options which are most likely to achieve favourable outcomes for all relevant parties 4.2 Implement proceedings promptly to settle dispute in accordance with legislative, regulatory, professional and organisational requirements 4.3 Manage dispute to optimise likelihood of favourable outcome for all parties in line with organisational policy and goals 4.4 Ensure procedures to resolve dispute are in accordance with organisational policy and procedures, and legislative, regulatory and professional requirements 4.5 Document accurate, thorough and accessible records of all aspects of dispute for follow up and future reference 4.6 Contact relevant parties to identify any follow up action required to ensure client satisfaction

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	1.5, 2.2, 2.3, 3.3, 4.1, 4.2, 4.4	Reviews information from stakeholders and other sources and assesses it to develop strategies that comply with organisational, regulatory and legislative requirements
Writing	1.1-1.5, 2.1, 2.3, 3.1, 3.2, 3.3, 4.5, 4.6	Records discussions of analysis and proposed solutions to a range of issues Documents agreements correctly using a range of text types Produces comprehensive records of evidence and dispute outcomes, including any further actions required
Oral Communication	1.1-1.5, 2.1, 2.3, 3.1, 3.2, 4.6	Uses clear and direct language to present information that is suitable for the audience and context Uses active listening and questioning techniques to encourage discussion, and confirm and clarify understanding
Numeracy	1.4, 1.5, 2.2	Identifies and applies financial risks, systems and regulatory requirements to negotiation processes
Navigate the world of work	1.2-1.5, 2.2, 4.2, 4.3, 4.4	Develops and implements strategies to ensure organisational policies, procedures and regulatory requirements are met
Interact with others	1.1-1.5, 2.1, 2.3, 3.1, 3.2, 3.3, 4.6	Identifies and uses appropriate conventions and protocols when communicating with clients, staff and external stakeholders Implements strategies to build rapport and establish a supportive environment with a diverse range of clients Plays a lead role in situations requiring effective collaborative skills, demonstrating high level negotiation skills and ability to resolve disputes
Get the work done	1.1-1.5, 2.3, 3.3, 4.1, 4.2, 4.5, 4.6	Takes responsibility for planning, sequencing and prioritising complex tasks and own workload to achieve organisational outcomes Addresses complex problems involving multiple variables, using formal analytical and lateral thinking techniques, experience and knowledge to formulate recommendations Uses the main features and functions of digital tools to complete work tasks and access information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSORG601 Negotiate to achieve goals and manage disputes	FNSORG601A Negotiate to achieve goals and manage disputes	Updated to meet Standards for Training Packages	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 for FNSORG601 Negotiate to achieve goals and manage disputes

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:

apply high level communication, interpersonal and negotiation skills to achieve rapport and empathy with others

manage relationships to achieve goals and results

use sound conflict resolution skills and contingency strategies

comply with relevant legislation, regulations and professional codes of practice.

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:

explain dispute resolution and conflict theory and strategies

describe negotiating processes and strategies

explain the organisational policy and procedures that relate to negotiation and dispute management

explain the application of risk assessment and evaluation strategies to dispute management

explain the application of contract law to dispute management

outline current legislative, regulatory and industry practices, procedures and services that relate to negotiation and dispute management

outline relevant business principles and practices

describe relevant consumer protection requirements.

Assessment Conditions

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

common office equipment, technology, software and consumables

organisational policy and procedures documentation.

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

FNSORG602 Develop and manage financial systems

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 strategically manage finances directly linked to organisational performance as defined in a strategic plan. It includes designing systems to accommodate accounting, budgeting, cash flow analysis and financial planning for a small organisation or a business unit of a large organisation.

It applies to individuals in positions of responsibility who use a range of specialist and managerial techniques to assess requirements, and prepare, plan and review their work and that of others.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Organisational skills

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. Establish financial system requirements	1.1 Consult relevant stakeholders and analyse existing financial plans to determine financial system requirements for efficient financial administration 1.2 Identify and record reporting and procedural requirements that affect the organisation for future reference 1.3 Include satisfactory security mechanism for internal financial audit controls in system specifications 1.4 Identify risks to financial viability and cost contingency strategies to manage risk
2. Design financial management systems	2.1 Access sources of competent assistance and use advice to secure financial records and assets 2.2 Ensure financial management system design provides accurate and timely information about organisation’s transactions, working capital and cash flow 2.3 Identify, acquire and implement installation of equipment and software needed for operation of system to support organisation’s transactions 2.4 Ensure financial reporting requirements are known and used by relevant personnel 2.5 Ensure established financial reports provide accurate and timely data required for financial decision making 2.6 Produce agreed schedules of account recording and reconciliation systems at regular intervals that support organisation’s service provision and business decisions 2.7 Ensure mechanisms for review of terms of trade and fee structures are suited to organisation’s needs and meet industry standards 2.8 Prepare financial reports at regular intervals in required format to meet external audit requirements
3. Prepare and review financial plans	3.1 Link financial plans to reviews of organisation’s strategic business plan to enable timely financial adjustments 3.2 Maintain probity in planning and implementation of financial management activities 3.3 Ensure financial plans provide reasonable basis for budgeting and ongoing financial management of organisation
4. Monitor and review financial reporting systems	4.1 Use financial reporting systems to evaluate organisational performance against agreed performance indicators, and enable timely adjustments to be made to business investments 4.2 Monitor financial reports and systems to ensure ease of use by staff authorised to manage organisation’s finances

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, 2.5, 2.7, 4.1, 4.2	Analyses and reviews complex textual and numerical information for relevance, accuracy and compliance with organisational and regulatory requirements
Writing	1.1-1.4, 2.4, 2.8	Uses a range of text types and styles to document stakeholder consultation, identify relevant information from complex texts, determine risk factors and compile reports in required formats
Oral Communication	1.1, 1.2, 2.4, 3.2	Engages in detailed oral exchanges using active listening and questioning techniques to establish facts and information Initiates points of clarification using language appropriate to the purpose and audience Uses clear and direct language to confirm understanding and agreement
Numeracy	1.1-1.4, 2.2, 2.7, 2.8, 3.1, 3.3	Applies highly developed knowledge of accounting, budgets and financial planning to analyse and establish effective systems that meet organisational and regulatory requirements Establishes, evaluates and reviews complex mathematical information
Navigate the world of work	1.2, 1.3, 2.7-2.8, 3.1-3.3, 4.1, 4.2	Takes a lead role in the development and implementation of systems to meet organisational goals and regulatory requirements Seeks to improve policies and procedures to better meet organisational goals
Interact with others	1.1, 2.1, 2.4	Selects and uses appropriate conventions and protocols to gain and provide information relevant to financial management
Get the work done	1.1-1.4, 2.2, 2.3, 2.5-2.8, 3.1-3.3, 4.1	Develops plans to manage relatively complex routine and non-routine tasks with an awareness of how they contribute to broader strategy and goals Sequences, schedules and monitors activities to meet timelines and other organisational requirements Anticipates potential problems and formulates contingency strategies Takes responsibility for high impact decisions in complex situations involving many variables and constraints Uses digital technologies to manage financial operations and actively investigates new technologies for strategic and operational purposes

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSORG602 Develop and manage financial systems	FNSORG602A Develop and manage financial systems	Updated to meet Standards for Training Packages	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 for FNSORG602 Develop and manage financial systems

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:

determine organisational requirements and design parameters for a financial system

undertake risk assessment, evaluation and management of financial reporting

comply with relevant statutory, regulatory, professional and practice requirements

apply costing and budgeting techniques and tools.

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:

explain the key requirements of legislation and regulations relevant to managing financial systems including:

finance

taxation

trust accounts

trade practices

security requirements

ethical requirements

explain accounting and bookkeeping practices required for financial control

outline the key features to be considered in financial system design

explain the key features of organisational administrative systems and practices

explain cost-benefit analysis

outline reporting and auditing requirements for business

explain the types and characteristics of systems, technology and software required to manage the functions of an organisation.

Assessment Conditions

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

common office equipment, technology, software and consumables

an integrated financial software system and data.

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

FNSORG603 Establish and prepare operational guidelines in a financial services organisation

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 strategies for delivery of services, and define, implement and monitor effective, compliant operational guidelines and procedures.

It applies to individuals in senior roles who 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. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.

Unit Sector

Organisational skills

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. Establish scope of organisation	1.1 Determine and document scope of organisation, including any service specialisations and restrictions, in operational guidelines 1.2 Identify and document key external relationships and intended client groups in operational guidelines
2. Identify legislation, regulations and codes of practice relevant to organisation	2.1 Match scope of organisation to legislation and regulations, and identify and document compliance issues and procedures 2.2 Match scope of organisation to industry codes of practice, and incorporate compliance issues and procedures into operational guidelines 2.3 Establish ethical procedures and standards for organisation, and incorporate them into guidelines
3. Establish strategies for delivery of services	3.1 Establish key positions, personnel, job descriptions and authorities for organisation and document them in operational guidelines 3.2 Establish and document administrative procedures, including information flow requirements, in operational guidelines 3.3 Identify and incorporate internal and external resources available to assist in delivery of services to clients into operational guidelines
4. Arrange for distribution of information on operational guidelines	4.1 Establish mechanisms for distributing updates and amendments, and opportunities for feedback and interpretation requests 4.2 Distribute operational guidelines to all relevant staff, including briefings for new staff as part of induction procedures 4.3 Communicate relevant sections of guidelines to clients, including client rights, performance standards and complaint procedures, and display information where appropriate
5. Implement and monitor operational guidelines	5.1 Establish client service to meet requirements in operational guidelines 5.2 Establish reporting and monitoring procedures for range of services including research, client service, transactions, collection and processing of payments and receipts, legislative and regulatory reporting requirements, ongoing services, and professional and ethical practices 5.3 Identify breaches in operational guidelines and take appropriate actions

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, 2.2, 5.2, 5.3	Comprehends highly 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
Writing	1.1, 1.2, 2.1-2.3, 3.1-3.3, 4.1, 4.3, 5.1-5.3	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
Oral Communication	4.3	Leads detailed oral exchanges using language appropriate to the purpose and audience Uses active listening and questioning techniques to clarify and confirm understanding
Numeracy	3.2, 5.1, 5.2	Comprehends embedded numerical information in legislative and regulatory documents, and applies well-developed numerical skills to specify operational guidelines for data processing, reporting and security
Navigate the world of work	1.1, 1.2, 2.1-2.3, 3.1-3.3, 5.2	Takes a lead role in the development and implementation of guidelines, policies and procedures to meet organisational goals and regulatory requirements Monitors and reviews organisational policy and procedures for adherence to legislative requirements
Interact with others	4.2, 4.3	Identifies and uses appropriate conventions and protocols when communicating with colleagues and external stakeholders
Get the work done	1.1, 1.2, 2.1-2.3, 3.1-3.3, 4.1, 4.2, 5.1-5.3	Develops plans to manage complex routine and non-routine tasks with an awareness of how they contribute to broader strategy and goals 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 Uses digital technologies to access, extract and share relevant information to achieve required outcomes

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSORG603 Establish and prepare operational guidelines in a financial services organisation	FNSORG603A Establish and prepare operational guidelines in a financial services organisation	Updated to meet Standards for Training Packages	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 for FNSORG603 Establish and prepare operational guidelines in a financial services organisation

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:

incorporate key requirements of relevant legislation and regulations in operational guidelines

distribute information on operational guidelines

establish strategies for delivery of services

monitor and review operational guidelines, and address factors which may affect client service performance.

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:

explain the compliance requirements of:

administrative processes and systems

marketing and advertising techniques and tools

outline key features of information and documentation systems and processes

explain the requirements of office IT systems and software in financial services

outline relevant organisational financial services industry products

explain the requirements of human resource procedures

identify and explain the intention of relevant legislation, regulations and codes of practice.

Assessment Conditions

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

common office equipment, technology, software and consumables

financial services product information

financial information systems and data.

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

FNSORG604 Establish outsourced services and monitor performance

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 criteria for outsourced services, select and engage suppliers, and monitor their performance.

It applies to individuals in senior roles who use a range of managerial techniques to provide guidance and responsibility for the work outcomes of others.

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

Organisational skills

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. Establish scope for outsourced services	1.1 Review selected activities within organisation to identify which activities should be outsourced 1.2 Identify and document scope of possible outsourced services 1.3 Identify and document legislative and regulatory requirements in required services 1.4 Make recommendation or decision on scope of outsourced services according to organisational requirements
2. Establish criteria for outsourced services	2.1 Define scope of expertise required for outsourced service, and establish and document performance standards 2.2 Establish and document monitoring and reporting procedures for outsourced services 2.3 Establish and monitor procedure for integrating outsourced services with practices, and prepare briefing and tender documents
3. Select and engage outsourced suppliers	3.1 Implement tender process according to organisational guidelines, assess tender applications according to required criteria and obtain further information if necessary 3.2 Select and engage suppliers of outsourced services according to organisational guidelines 3.3 Brief outsourced supplier on required service, fund standards and procedures 3.4 Inform personnel within organisation about outsourced services and working implications
4. Monitor performance of outsourced services	4.1 Assess outsourced service performance against performance outcomes and organisational requirements, and establish further review periods 4.2 Negotiate required changes in service 4.3 Document and communicate supplier performance internally as required 4.4 Re-engage or disengage outsourced services as required

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, 1.3, 1.4, 3.1	Interprets and analyses structurally complex texts to identify relevant content Applies critical evaluation criteria to tender documents to inform decisions
Writing	1.2, 1.3, 1.4, 2.1, 2.2, 2.3, 3.1, 3.3, 3.4, 4.2, 4.3	Addresses context, purpose and audience when generating a comprehensive range of texts that meet organisational and regulatory requirements Organises content using clear, logical organisational structures and vocabulary
Oral Communication	3.1, 3.3, 3.4, 4.2	Leads detailed oral exchanges using active listening and questioning techniques to elicit and clarify required service information from others Provides information using language appropriate to the purpose and audience
Numeracy	1.2, 2.1, 3.3, 4.2	Comprehends mathematical information embedded in complex texts and applies knowledge of financial practices and systems to selection, induction and performance management of external service providers
Navigate the world of work	1.3, 2.1-2.3, 3.1-3.3	Modifies or develops organisational policy and procedures that comply with legislative requirements and support organisational goals Ensures knowledge of legislation and regulations relevant to role is accurate, comprehensive and current
Interact with others	3.3, 3.4, 4.2, 4.3	Selects and uses appropriate conventions and protocols to gain and provide information relevant to outsourced services Collaborates and negotiates with others to achieve agreed outcomes
Get the work done	1.1-1.4, 2.1- 2.3, 3.1, 3.2, 4.1, 4.3, 4.4	Accepts responsibility for planning and sequencing complex tasks and workload Takes responsibility for high impact decisions in complex situations which involve analysis and consideration of multiple variables and constraints Uses digital technologies to access, extract and share relevant information to achieve required outcomes

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSORG604 Establish outsourced services and monitor performance	FNSORG604A Establish outsourced services and monitor performance	Updated to meet Standards for Training Packages	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 for FNSORG604 Establish outsourced services and monitor performance

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:

comply with legislative and regulatory requirements

establish criteria for outsourced services

select and engage suppliers or services effectively and efficiently

monitor performance of outsourced services effectively

prepare tender documents, implement a tender process and assess applications.

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:

explain the key features of compliance and reporting requirements of the relevant sector of industry

describe the scope of organisational service provisions

outline the organisational procedures for ensuring legislative and regulatory requirements are met

define methods to establish the reputation and expertise of service providers in the industry

outline the tender process

describe effective performance management procedures for outsourced services

explain risk management strategies for outsourced services

identify timeframe requirements for compliance reports for specialist services.

Assessment Conditions

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

office equipment, technology, software and consumables

financial services information

organisational policy and procedures documentation.

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

FNSPAY501 Process salary packaging arrangements and additional allowances in payroll

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 process salary packaging arrangements and additional allowances for employees in payroll systems.

It applies to individuals who, within their level of authority, use specialised knowledge, systematic approaches and analytical techniques to prepare data, calculate and verify payments, and ensure compliance with regulatory requirements using established payroll systems.

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

Payroll

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. Analyse organisation’s salary packaging and additional allowance arrangements	1.1 Identify organisational and legislative requirements for salary packaging arrangements and additional allowances 1.2 Determine organisation’s preferred salary packaging model through assessment of the benefits and costs of different models 1.3 Identify range of benefits that form part of employee salary packaging arrangements 1.4 Verify that salary packaging arrangements and additional allowances comply with required legislation and organisational policies and procedures
2. Assist employees to interpret prepared salary packaging arrangements	2.1 Prepare information for employees on available salary packaging options, including information on the impact of various options on assessable income and employment conditions 2.2 Distribute information to employees according to organisational policies and procedures 2.3 Help employees to assess the implications of salary packaging options on assessable income and employment conditions
3. Process salary packaging arrangements in payroll system	3.1 Obtain employee information required to process salary packaging arrangements in line with organisational procedures 3.2 Enter information into payroll system and check for accuracy against source information, seeking clarification from sources as required 3.3 Determine tax and non-tax components of salary packaging arrangements 3.4 Calculate impact of salary packaging on employee’s assessable income in payroll system
4. Process additional allowances in payroll system	4.1 Obtain employee information required to process additional allowances relating to their employment conditions in line with organisational procedures 4.2 Enter information into payroll system and check for accuracy against source information, seeking clarification from sources as required 4.3 Calculate impact of additional allowances on employee’s gross income in payroll system 4.4 Adjust additional allowances to be paid to employee in response to changes in their employment conditions as required
5. Issue payment summary and document outcomes	5.1 Issue payment summary to employee according to legislative and organisational requirements 5.2 Produce, review and store payroll records relating to employee salary packaging arrangements and additional allowances according to organisational policies and procedures

Foundation Skills

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

Skill	Description
Reading	Researches and analyses financial information and data from a range of sources to identify key aspects relating to requirements
Writing	Records information and completes forms using correct spelling, grammar, terminology, and conventions Uses clear language and concepts appropriate to audience to convey and clarify explicit information and requirements in written documentation
Numeracy	Analyses financial data and performs mathematical calculations to complete requirements of complex and non-complex payroll documentation
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	Identifies and follows legislative and regulatory requirements and organisational policies and procedures associated with own role
Interact with others	Selects and uses appropriate conventions and protocols when communicating with clients, colleagues and others to seek and provide information
Get the work done	Plans, organises, schedules, and implements tasks according to organisational and legislative requirements, taking responsibility for compliance Makes critical and non-critical decisions in relatively complex situations, taking organisational and legislative requirements into consideration Identifies and responds to problems by systematically analysing information, generating and evaluating options, and selecting the most appropriate option

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSPAY501 Process salary packaging arrangements and additional allowances in payroll	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

Assessment Requirements for FNSPAY501 Process salary packaging arrangements and additional allowances in payroll

Modification History

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

Performance Evidence

Performance Evidence

Evidence of the ability to:

assess benefits and costs to an organisation and its employees of different salary packaging models, including:

total remuneration package

gross plus superannuation

total employment cost

salary sacrifice arrangements

identify additional allowances relating to an employee’s employment conditions using required sources of information, including:

employment contract

salary sacrifice agreement

novated lease agreement

purchased leave agreement

organisational policies

use a payroll system to calculate and process the impact of salary packaging arrangements and additional allowances on an employee’s payments

confirm compliance of salary packaging arrangements with applicable regulatory requirements and organisational policies and procedures.

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

Knowledge Evidence

The candidate must be able to demonstrate the following knowledge to effectively complete the tasks outlined in the elements and performance criteria of this unit, and to manage tasks and reasonably foreseeable contingencies in the context of the work role.

Key features of legislation, regulations and taxation systems relevant to salary packaging arrangements and additional allowances, including those of:

Income Tax Assessment Act

Fringe Benefits Tax Assessment Act

Superannuation Guarantee (Administration) Act

Fair Work Act

Privacy Act

Benefits and costs to organisations and employees of salary packaging arrangements

Different models for salary packaging, including:

gross salary plus benefits

total employment costing

Common types of benefits that can be included in salary packaging arrangements, including:

fringe benefits

exempt benefits

concessional benefits

novated lease arrangements

purchased leave arrangements

superannuation contributions

Common types of additional allowances, including:

car allowances

living away from home (LAFH) allowances

External and organisational sources that can be accessed for additional information on salary packaging arrangements and additional allowances

Assessment Conditions

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

office equipment, technology, software and consumables required to process salary packaging arrangements and additional allowances for employees in payroll systems, including:

organisational policies and procedures

payroll system

case studies and, where available, real situations relating to the above work.

Assessors of this unit must satisfy the assessor requirements in applicable vocational education and training legislation, frameworks and/or standards.

Links

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

FNSPAY502 Process superannuation payments in payroll

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 process employee superannuation payments in payroll systems.

It applies to individuals who, within their level of authority, use specialised knowledge, systematic approaches and analytical techniques to prepare data, calculate and verify superannuation payments, and ensure compliance with regulatory requirements using established payroll systems.

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

Payroll

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. Establish parameters and systems for superannuation payments	1.1 Establish and comply with procedures that ensure the confidentiality and security of employee payroll information 1.2 Establish default superannuation fund type in payroll system according to legislative and organisational requirements 1.3 Establish systems that ensure organisation meets its statutory obligations to employees with regard to superannuation payments
2. Collect and prepare information	2.1 Identify industrial awards, contracts and government legislation relevant to calculating superannuation payments 2.2 Gather employee data required to calculate superannuation payment from organisational sources 2.3 Consult with employee to confirm additional voluntary superannuation contributions or salary sacrifice arrangements, and include that information when calculating superannuation payment 2.4 Verify information with organisational sources and enter information into payroll system
3. Calculate and verify superannuation payments	3.1 Use payroll system to calculate employee superannuation payment 3.2 Verify superannuation payment is accurate and complies with legislative obligations and organisational policies and procedures 3.3 Generate superannuation payment in payroll system
4. Distribute and maintain information about superannuation payments	4.1 Prepare reports on superannuation payments and distribute according to organisational policies and procedures 4.2 Respond to employee and employer enquiries about superannuation payments according to organisational policies and procedures 4.3 Store records of employee superannuation payments according to legislative obligations and organisational policies and procedures

Foundation Skills

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

Skill	Description
Reading	Identifies and interprets information from organisational policies, and legislative and industry-related material
Writing	Records data accurately using format, style and language appropriate to audience, purpose and context Prepares specific information that clearly conveys an understanding of outcomes, and uses appropriate terminology when presenting to designated personnel
Oral communication	Articulates information concisely using appropriate terminology, tone and style Uses questioning and listening techniques to exchange and clarify information
Numeracy	Uses a wide range of mathematical calculations to analyse and compare numerical information Makes calculations to ensure work is completed according to predetermined timeframes
Navigate the world of work	Develops and implements strategies that ensure organisational policies, procedures and regulatory requirements are met Monitors compliance with legal and regulatory responsibilities and organisational policies and procedures
Interact with others	Identifies and applies protocols governing what, how and with whom to communicate in a range of work contexts
Get the work done	Uses logical processes in planning, implementing, and evaluating routine and non-routine tasks in achieving goals and timelines Uses analytical skills to identify discrepancies and attempts to resolve the issues within scope of own responsibility Makes a range of critical and non-critical decisions in relatively complex situations, taking a range of factors into account Understands the importance of secure information and privacy in relation to own work, and takes responsibility for identifying and managing risk factors

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSPAY502 Process superannuation payments in payroll	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

Assessment Requirements for FNSPAY502 Process superannuation payments in payroll

Modification History

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

Performance Evidence

Evidence of the ability to:

establish procedures to ensure employee superannuation information is handled according to legislative and organisational obligations, including:

Income Tax Assessment Act

Superannuation Guarantee (Administration) Act

Fair Work Act

Privacy Act

collect information required to process superannuation payments in a payroll system

interact with stakeholders to ensure completeness and accuracy of information required to process superannuation payments

calculate superannuation payments using a payroll system based on ordinary time earnings

calculate reportable superannuation payments for inclusion in employee payment summaries

prepare, produce, distribute and store reports on superannuation payments according to organisational and legislative requirements.

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

Knowledge Evidence

The candidate must be able to demonstrate the following knowledge to effectively complete the tasks outlined in the elements and performance criteria of this unit, and to manage tasks and reasonably foreseeable contingencies in the context of the work role.

Key legislation and organisational policies and procedures relating to calculating superannuation payments for employees

Key features of different types of superannuation funds

Different types of superannuation payments, including:

employer contributions

salary sacrifice to superannuation

employee after-tax contributions

defined benefits

government co-contribution

superannuation guarantee charge

Eligibility requirements in relation to employer superannuation contributions

Pay items that are included in ordinary time earnings

Consequences of not reaching the maximum contributions earnings base for the quarter

Difference between concessional and non-concessional contributions and the impact on an employee of exceeding the concessional superannuation cap

Guidelines for implementing an effective salary sacrifice agreement for superannuation

Effect of various forms of salary packaging on the employer requirement to meet employer superannuation contribution obligations

Impact of different types of employment contracts, legal entities and business structures on an employer’s superannuation payment obligations to its employees

Consequences for an organisation of failing to comply with its superannuation payment obligations to employees

Assessment Conditions

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

office equipment, technology, software and consumables required to process superannuation payments in payroll, including:

organisational policies and procedures

payroll system

case studies and, where available, real situations relating to the above work.

Assessors of this unit must satisfy the assessor requirements in applicable vocational education and training legislation, frameworks and/or standards.

Links

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

FNSPAY503 Process complex employee terminations in payroll

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 process uncommon and complex employee terminations in payroll systems, including calculating and providing employment termination payments (ETPs).

It applies to individuals who, within their level of authority, use specialised knowledge, systematic approaches and analytical techniques to prepare data, calculate and verify payments, and ensure compliance with regulatory requirements using established payroll systems.

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

Payroll

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. Gather employee information and verify organisational requirements relating to termination	1.1 Confirm type of employment termination using appropriate organisational sources 1.2 Obtain employee information required to process termination according to organisational procedures 1.3 Verify accuracy of information and seek clarification from sources, as required
2. Prepare information for termination	2.1 Identify legislation, taxation systems, regulations and codes of practice to be complied with in employment termination 2.2 Verify that employment termination process meets requirements of identified legislation, taxation systems, regulations and codes of practice 2.3 Identify and calculate various pay components relating to termination payment 2.4 Enter information required to process employment termination into payroll system and check for accuracy against source information
3. Process termination	3.1 Process employment termination in payroll system according to organisational policies and procedures 3.2 Use payroll system to process payments due to employee according to organisational and legislative requirements 3.3 Calculate tax on the various pay components according to legislative requirements 3.4 Issue ETP payment summary to employee according to legislative requirements
4. Document outcome of process and maintain information	4.1 Produce, review and store payroll records relating to employee termination according to organisational policies and security procedures 4.2 Prepare report on outcome of employee termination according to legislative requirements

Foundation Skills

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

Skill	Description
Reading	Researches and analyses financial information and data from a range of sources to identify key aspects related to requirements
Writing	Records information and completes forms accurately using correct spelling, grammar, terminology, and conventions Uses clear language and concepts appropriate to audience to convey and clarify explicit information and requirements in written documentation
Numeracy	Analyses financial data and performs mathematical calculations to complete requirements of complex payroll documentation
Navigate the world of work	Identifies and follows legislative and regulatory requirements and organisational policies and procedures to meet expectations of colleagues and those associated with own role
Interact with others	Selects and uses appropriate conventions and protocols when communicating with clients, colleagues and others to seek and provide information
Get the work done	Plans, organises, schedules and implements tasks according to organisational and legislative requirements, taking responsibility for compliance Makes critical and non-critical decisions in relatively complex situations, taking organisational and legislative requirements into consideration Identifies and responds to problems by systematically analysing information, generating and evaluating options, and selecting the most appropriate option Uses digital systems and programs for planning, implementing, monitoring, reporting progress, and lodging forms

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSPAY503 Process complex employee terminations in payroll	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

Assessment Requirements for FNSPAY503 Process complex employee terminations in payroll

Modification History

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

Performance Evidence

Evidence of the ability to:

collect information required to carry out an employment termination process in a payroll system, and:

interact with stakeholders to ensure completeness and accuracy of information required to process that termination

ensure compliance of employment termination with legislative requirements and organisational procedures

process each of the following employment termination types in payroll systems, including calculating the employment termination payment (ETP) for each:

resignation

redundancy

retirement

process at least one of the following employment termination types in payroll systems, and calculate the corresponding ETP:

dismissal

unfair dismissal

invalidity

death

termination for pre-August 1983 starters

golden handshakes

process the above termination payment entitlements according to commonwealth, state and territory legislative requirements, including:

final salary and wages payments

unused annual leave and long service leave

notice and redundancy payments

unused rostered days off (RDOs) and other entitlements

gratuities

settlements

maintain records of the above employment terminations according to legislative requirements.

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

Knowledge Evidence

The candidate must be able to demonstrate the following knowledge to effectively complete the tasks outlined in the elements and performance criteria of this unit, and to manage tasks and reasonably foreseeable contingencies in the context of the work role.

Different types of employment terminations, including:

resignation

redundancy

retirement

dismissal

unfair dismissal

invalidity

death

termination for pre-August 1983 starters

golden handshakes

Key types of ETPs and when they are used

Key features of organisational policies and procedures relating to ETPs

Legislative requirements relating to termination notice periods and redundancy payments

Significance of determining the preservation age of an employee on termination

Tax treatment for a redundancy payment, including the Lump Sum D component and any excess over the tax free Lump Sum D amount

Tax treatment options for unused annual leave and long service leave on termination

Different tax treatments of ETPs and how they are calculated, including:

excluded ETPs

non-excluded ETPS

Types of termination payments that are subject to superannuation contributions

Impact of legislative requirements on complex employee terminations, including:

legislation relating to employment termination processes

legislation relating to the calculation and issuance of employment termination payments

Fair Work Act recordkeeping requirements relating to employment termination processes

state legislation, including long service leave entitlements

Sources of information on employment termination processes that can be accessed to maintain currency of knowledge and to seek advice

Assessment Conditions

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

office equipment, technology, software and consumables required to process complex employee terminations in payroll, including:

organisational policies and procedures

payroll system

case studies and, where available, real situations relating to the above work.

Links

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

FNSPAY504 Interpret and apply knowledge of industrial regulations relevant to payroll

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 research, analyse and apply knowledge of industrial regulations to the provision of payroll services.

It applies to individuals who, within their level of authority, use specialised knowledge to ensure compliance with industrial regulations in the workplace.

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

Payroll

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. Research industry regulations relating to payroll service provision	1.1 Use appropriate sources to research regulations regarding payroll service provision 1.2 Identify how researched regulations apply to business payroll operations 1.3 Seek assistance from sources to interpret context, purpose and impact of regulations on payroll
2. Interpret impact of regulations on payroll services	2.1 Analyse how regulations impact on different types of employment contracts and business structures 2.2 Identify areas of risk in applying regulations to organisation’s payroll operations 2.3 Evaluate impacts of that risk on payroll operations
3. Ensure payroll services comply with regulations	3.1 Apply knowledge of regulations to determine if payroll operations are compliant with regulations 3.2 Identify changes to payroll operations required to ensure compliance with regulations 3.3 Seek advice and guidance from sources to ensure payroll operations comply with regulations
4. Maintain compliance of payroll services with regulations	4.1 Review regulatory sources regularly to ensure payroll operations remain compliant 4.2 Inform stakeholders of changes to regulations and explain impact of changes on payroll operations, including changes to employment contracts and business structures, according to organisational policies and procedures 4.3 Access and use systems to maintain up-to-date knowledge of regulations to ensure continued compliance of payroll operations

Foundation Skills

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

Skill	Description
Learning	Identifies, plans and implements strategies to manage gaps in own knowledge
Reading	Critically analyses complex documentation from a variety of sources and consolidates information relating to specific criteria to determine requirements
Writing	Prepares documents that are constructed logically, succinctly and accurately to express ideas and explore complex issues Completes organisational documents and correspondence using clear language and correct spelling, grammar and terminology
Oral communication	Participates in verbal exchanges using active listening and questioning techniques to elicit information from others and to confirm understanding
Navigate the world of work	Develops and implements strategies that ensure organisational policies, procedures and regulatory requirements are met Monitors and reviews compliance of organisational policies and procedures with legislative requirements to implement and manage required change Ensures knowledge of legislation and regulations is accurate, comprehensive and current to provide advice to others as required by role
Interact with others	Influences and fosters a collaborative culture, facilitating a sense of commitment and workplace cohesion Shares knowledge, information and experience openly as an integral part of the working relationship
Get the work done	Develops plans to manage relatively complex routine and non-routine tasks, with an awareness of how they might contribute to broader organisational regulatory compliance strategy and goals Gathers and analyses data and seeks feedback to improve plans and processes Addresses complex problems involving multiple variables, using formal analytical and lateral thinking techniques, experience and knowledge to generate solutions Uses digital systems and technologies to enter, store or access information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSPAY504 Interpret and apply knowledge of industrial regulations relevant to payroll	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

Assessment Requirements for FNSPAY504 Interpret and apply knowledge of industrial regulations relevant to payroll

Modification History

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

Performance Evidence

Evidence of the ability to:

conduct research on changes to, or new, legislative requirements and industrial regulations relevant to payroll

assess the impact of regulations on payroll operations and comply with applicable regulations when performing payroll operations

inform stakeholders of changes to payroll operations resulting from changes to industrial regulations in line with organisational policies and procedures

seek advice from sources when seeking to interpret industrial regulations

use sources of information to ensure currency of knowledge of industrial regulations to payroll operations, including:

Fair Work Commission website

Fair Work Ombudsman website

Office of the Australian Information Commissioner website

state government websites

industry associations

government media releases.

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

Knowledge Evidence

The candidate must be able to demonstrate the following knowledge to effectively complete the tasks outlined in the elements and performance criteria of this unit, and to manage tasks and reasonably foreseeable contingencies in the context of the work role.

Key features and operating principles of industrial regulations relevant to payroll, including:

Fair Work Act

modern awards system

National Employment Standards

state-based industrial regulations, including:

long service leave entitlements, and

workers compensation entitlements

Impacts of regulations on payroll operations, including:

how different regulatory instruments interact with each other to impact payroll operations

Roles and responsibilities of key organisations relating to payroll, including:

Fair Work Commission

Fair Work Ombudsman

Office of Australian Information Commissioner

state-based industrial regulations regulators

Sources of information on industrial regulations relevant to payroll that can be accessed to maintain currency of knowledge and to seek advice when interpreting regulations

Assessment Conditions

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

office equipment, technology, software and consumables required to access information on industrial regulations relevant to payroll, including legislation, regulations, and codes of practice.

Assessors of this unit must satisfy the assessor requirements in applicable vocational education and training legislation, frameworks and/or standards.

Links

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

FNSPAY505 Interpret and apply knowledge of taxation systems relevant to payroll

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 research, analyse and apply knowledge of taxation systems to the provision of payroll services.

It applies to individuals who, within their level of authority, use specialised knowledge, systematic approaches and analytical techniques to prepare data, calculate and verify payments, and ensure compliance with regulatory requirements using established payroll systems.

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

Payroll

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. Analyse taxation systems relevant to payroll	1.1 Use appropriate sources to research taxation systems relevant to the provision of payroll services 1.2 Identify how taxation systems apply to organisation’s payroll operations 1.3 Seek assistance from sources to interpret context, purpose and impact of taxation systems on payroll
2. Evaluate impact of taxation systems on payroll services	2.1 Analyse impact of taxation systems on different types of employment contracts, legal entities, and business structures 2.2 Assess impact of taxation systems on organisation’s operations and employee payments, including impact of variations in taxation systems across jurisdictions
3. Ensure payroll services comply with taxation systems	3.1 Apply knowledge of taxation systems to determine if payroll operations are compliant 3.2 Identify changes to payroll operations required to ensure compliance with taxation systems 3.3 Seek advice and guidance from sources to ensure payroll operations comply with taxation systems
4. Maintain compliance with taxation systems	4.1 Review sources of information on taxation systems regularly to ensure payroll operations remain compliant 4.2 Inform stakeholders of changes to taxation systems and explain impact of changes on payroll operations, including changes to employment contracts and business structures, according to organisational policies and procedures 4.3 Access and use systems to maintain up-to-date knowledge of taxation systems to ensure continued compliance of payroll operations

Foundation Skills

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

Skill	Description
Learning	Identifies, plans and implements strategies to manage gaps in own knowledge
Reading	Critically analyses complex documentation from a variety of sources and consolidates information relating to specific criteria to determine requirements
Writing	Prepares documents that are constructed logically, succinctly and accurately to express ideas and explore complex issues Completes organisational documents and correspondence using clear language and correct spelling, grammar and terminology
Numeracy	Uses a wide range of mathematical calculations to analyse and compare numerical information Makes calculations to ensure work is completed according to predetermined timeframes
Oral communication	Participates in verbal exchanges using active listening and questioning techniques to elicit information from others and to confirm understanding
Navigate the world of work	Develops and implements strategies that ensure organisational policies, procedures and regulatory requirements are met Monitors and reviews compliance of organisational policies and procedures with legislative requirements to implement and manage required change Ensures knowledge of legislation and regulations is accurate, comprehensive and current to provide advice to others as required by role
Interact with others	Influences and fosters a collaborative culture, facilitating a sense of commitment and workplace cohesion Shares knowledge, information and experience openly as an integral part of the working relationship
Get the work done	Develops plans to manage relatively complex routine and non-routine tasks, with an awareness of how they might contribute to broader strategy and goals Gathers and analyses data and seeks feedback to improve plans and processes Addresses complex problems involving multiple variables, using formal analytical and lateral thinking techniques, experience and knowledge to generate solutions Uses digital systems and technologies to enter, store or access information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSPAY505 Interpret and apply knowledge of taxation systems relevant to payroll	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

Assessment Requirements for FNSPAY505 Interpret and apply knowledge of taxation systems relevant to payroll

Modification History

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

Performance Evidence

Evidence of the ability to:

conduct research on changes to, or new, taxation systems relevant to payroll operations

assess impact of taxation systems on payroll operations and apply understanding of taxation systems to payroll operations to ensure compliance and accuracy of payments

inform stakeholders of changes to payroll operations resulting from changes to taxation systems in line with organisational policies and procedures

determine the impact of taxation systems on at least three of the following types of legal entities and business structures:

sole traders

partnerships

companies

not for profit organisations

principal contractors

subcontractors

grouped employers

seek advice from sources when interpreting taxation systems

use sources of information to ensure currency of knowledge of taxation systems relevant to payroll.

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

Knowledge Evidence

The candidate must be able to demonstrate the following knowledge to effectively complete the tasks outlined in the elements and performance criteria of this unit, and to manage tasks and reasonably foreseeable contingencies in the context of the work role.

Key features and operating principles of taxation systems relevant to payroll, including:

income tax

state payroll tax

Impact of fringe benefits tax (FBT) on payroll including circumstances in which:

FBT applies to payroll

payroll is exempt from FBT

Deductions and exemptions in taxation systems that apply to payroll, including:

tax free thresholds

superannuation concessions

State-based variations in:

payroll tax thresholds

definitions of ‘taxable wages’

applicable rebates and exemptions

Impacts of taxation systems on payroll operations, including how different taxation systems interact with each other to impact payroll operations

Roles and responsibilities of key organisations, including those of the Australian Taxation Office

Key principles underpinning the concept of ‘employees vs contractors’ in relation to pay as you go withholding (PAYGW) tax, superannuation, workers compensation, and payroll tax

Key features of tests that need to be applied in making a determination on the status of a worker for tax purposes

Key features of nexus provisions and tests that need to be applied in order to determine the correct jurisdiction for payroll tax liability

Industry-standard methods for calculating the payroll tax threshold in each State, and impact on that threshold for organisations that employ people in more than one State

Grouping provisions for payroll tax and principles underpinning the concept of a ‘designated group employer’

Sources of information on taxation systems that can be accessed to maintain currency of knowledge and to seek advice when interpreting impact of tax on payroll

Assessment Conditions

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

office equipment, technology, software and consumables required to access information on taxation systems relevant to payroll, including legislation, regulations, and codes of practice relating to payroll

case studies and, where available, real examples.

Assessors of this unit must satisfy the assessor requirements in applicable vocational education and training legislation, frameworks and/or standards.

Links

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

FNSPIM301 Process benefit payments

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 generate and process benefit related payments. It encompasses accessing and processing payment information and entering it in the correct format on a data management system to ensure timeframes for payment information are met and appropriate records are maintained.

It applies to individuals who use specialised knowledge and follow structured approaches, using limited discretion and judgement within the claims management function.

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

Personal injury 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. Process payments	1.1 Identify classification types in accordance with organisational criteria, industry best practices, and relevant Acts and regulatory requirements 1.2 Identify, check and accurately record payment information in accordance with organisational guidelines, and Acts and regulatory requirements 1.3 Authorise payments in accordance with payment authority and organisational operating procedures 1.4 Generate payments as directed with reference to Acts, regulations, organisational policy and operating procedures and codes of practice, if applicable, within timeframes 1.5 Complete payment documents identifying relevant details in accordance with legislation and regulatory requirements 1.6 Adhere to payment authority delegations and limits in accordance with organisational policy and procedures
2. Finalise claims payment information to facilitate payment	2.1 Finalise and enter payment information on system to prompt payment where required 2.2 Despatch claims payment data and/or payments within required timeframes 2.3 Copy and file electronic and/or hard copy documents for auditing purposes according to organisational operating procedures

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	1.1-1.3	Interprets textual information from a variety of sources and consolidates relevant related information
Writing	1.2, 1.5	Accurately records information and completes documentation using required format, terminology and conventions specific to organisational requirements
Oral Communication	1.2, 1.3	Participates in verbal exchanges using clear language and questioning and active listening to determine and confirm information
Numeracy	1.1-1.6, 2.1, 2.2	Performs mathematical calculations to check accuracy of claim data
Navigate the world of work	1.1-1.6, 2.2, 2.3	Recognises and follows relevant legislative requirements , protocols, policies and procedures and meets expectations associated with own role
Get the work done	1.1-1.6, 2.1-2.3	Organises work according to defined requirements, using some analytical processes, taking responsibility for decisions and sequencing tasks to achieve efficient outcomes Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSPIM301 Process benefit payments	FNSPIM301A Process benefit payments	Updated to meet Standards for Training Packages. Industry updates. Minor rewording and ordering 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 for FNSPIM301 Process benefit payments

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:

process and finalise benefit or claim payments following organisational policy and procedures and regulatory requirements, including:

access and process payment information

enter data in the correct format in the data management system

ensure organisational timeframes are met

maintain appropriate records.

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 details of organisational payment types and claims classifications, including a knowledge of codes for entering data

describe the key features and relevance to processing benefit payments of:

appropriate legislation and industry regulations

relevant codes of practice

organisational operating procedures.

Assessment Conditions

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

office equipment, technology, software and consumables

organisational records, policy and procedures.

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

FNSPIM302 Determine claim liability

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 process a personal injury claim in accordance with organisational guidelines and procedures. It encompasses all aspects of processing a claim, including possible claim rejection.

It applies to individuals who use specialised knowledge and follow structured approaches using limited discretion and judgement within the claims management function.

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

Personal injury 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. Receive and clarify claim information	1.1 Enter claim information into relevant organisational systems 1.2 Process claim in accordance with required timeframes and according to relevant Acts, regulations and organisational procedures 1.3 Complete correspondence in accordance with organisational policy and procedures, and allocate to relevant claims personnel 1.4 Advise clients of organisational claims procedures and respond to queries in an appropriate manner 1.5 Check claim information for accuracy and validity in accordance with organisational policy and procedures
2. Determine status of claim	2.1 Analyse all information against regulatory requirements and organisational guidelines to determine liability 2.2 Refer claims to internal or external specialists where required and in accordance with organisational guidelines
3. Accept or reject claim	3.1 Determine liability decision in accordance with organisational guidelines, regulatory requirements, industry codes of practice and defined timeframes 3.2 Adhere to referral procedures where claim amounts are outside settlement and/or claims management authority 3.3 Determine decision on liability, considering review and feedback from external stakeholders
4. Document liability decision	4.1 Communicate liability decisions to relevant stakeholders in accordance with regulatory requirements, operating procedures and relevant codes of practice 4.2 Communicate reasons for decisions promptly to clients and other relevant stakeholders 4.3 Document decisions and file to demonstrate basis on which claim decision was determined, including all evidence and information that was considered, where appropriate

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, 3.3	Interprets information from a variety of sources and determines relevant related information
Writing	1.2, 1.3, 4.1-4.3	Completes documentation accurately following organisational procedures and protocols Uses clear language, correct spelling and grammar and appropriate terminology to convey information to a range of personnel
Oral Communication	1.4, 3.3, 4.1, 4.2	Participates in verbal exchanges with a range of personnel, using appropriate language and listening and questioning skills to determine and confirm information
Navigate the world of work	1.2, 1.3, 1.5, 2.1, 2.2, 3.1, 3.2, 4.1	Recognises and follows relevant legislative requirements, referral procedures and organisational policy and procedures, and meets expectations associated with own role
Interact with others	2.2	Provides relevant information to others as required
Get the work done	1.1, 1.2, 1.3, 1.5, 2.1, 3.1-3.3, 4.3	Organises work according to defined requirements, using some analytical processes, and taking responsibility for decisions and sequencing tasks to achieve efficient outcomes Uses systematic, analytical process in routine tasks, gathering relevant information and identifying and evaluating options to determine decisions Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSPIM302 Determine claim liability	FNSPIM302A Determine claim liability	Updated to meet Standards for Training Packages	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 for FNSPIM302 Determine claim liability

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:

receive and clarify information and determine the status of a claim using organisational guidelines and regulatory requirements

document liability decision using organisational guidelines, and demonstrating knowledge of relevant Acts and regulations and organisational policies and procedures

analyse information to draw meaningful conclusions and determine correct action.

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:

interpret and describe the key features of insurance policies, reports and related documents

describe the key analysis and research methods used to determine claim liability

categorise data into meaningful terms

outline the major steps in claim liability decision-making processes

describe the key features relevant to determining claim liability of:

insurance policies, reports and related documents

organisational claims processing software

organisational operating procedures

relevant workers compensation, personal injury Acts and regulatory requirements.

Assessment Conditions

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

office equipment, technology, software and consumables

organisational records, policy and procedures.

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

FNSPIM406 Develop and maintain knowledge of personal injury management insurance

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 maintain current knowledge of personal injury management insurance and apply sound industry and product knowledge to current insurance policies and practices.

It applies to individuals who develop and apply specialised knowledge within the underwriting area. They may provide leadership to others and have responsibility for the supervision of work.

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

Personal injury 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. Advise clients on varying characteristics of personal injury management insurance	1.1 Identify characteristics of personal injury management insurance 1.2 Determine strengths, weaknesses, terms and conditions of personal injury management insurance and communicate to clients where applicable 1.3 Access and apply appropriate promotional strategy in business activities
2. Determine compliance implications of personal injury management insurance for client	2.1 Establish and document compliance implications 2.2 Provide client with all necessary information and documentation as per compliance requirements
3. Review and update current information about personal injury management insurance	3.1 Review relevant personal injury management insurance regularly, identify any changes to terms and conditions and apply in daily work 3.2 Establish systems for keeping up with changes and maintaining up-to-date knowledge about relevant personal injury management insurance 3.3 Continually review emerging trends affecting industry and apply to knowledge of personal injury management insurance
4. Maintain knowledge of personal injury management premium systems	4.1 Demonstrate knowledge of factors affecting industry classification rates and how industry classification rates are set and allocated to employer 4.2 Update knowledge of premium formula, impact of its elements on employer premium and actuarial reasoning behind formula 4.3 Maintain knowledge of alternate premium options and when and why employer could use them

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
Learning	3.1-3.3	Develops and uses personal organisational systems to gather and organise information Systematically and proactively sources and incorporates new information to improve own work practices
Reading	1.1, 1.3, 2.1, 3.1, 4.1-4.3	Analyses and interprets complex textual information from a range of sources, and manages and incorporates specific aspects of information to meet requirements
Writing	1.2, 1.3, 2.1, 2.2, 3.3	Uses language, concepts and terminology appropriate to the audience and purpose to convey and clarify explicit information and requirements Completes documentation accurately, following organisational procedures and protocols
Oral Communication	1.2, 1.3, 2.2	Participates in verbal exchanges using active listening and questioning to convey and clarify information Clearly and effectively presents complex information using language, tone and pace appropriate to the audience and purpose
Numeracy	1.1, 1.2, 3.3, 4.1-4.2	Interprets, classifies and orders numerical information, formulas and trend data to meet requirements
Navigate the world of work	2.2, 3.1-3.3, 4.1-4.3	Uses a broad range of strategies to maintain currency of knowledge Works within legislative and regulatory requirements in providing advice to clients
Get the work done	1.1-1.3, 2.1, 3.2	Organises, plans and sequences work activities, including research, to inform and assess advice provided to clients Uses a range of digitally based technologies to access, extract and share relevant information to achieve required outcomes

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSPIM406 Develop and maintain knowledge of personal injury management insurance	FNSPIM406A Develop and maintain knowledge of personal injury management insurance	Updated to meet Standards for Training Packages	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 for FNSPIM406 Develop and maintain knowledge of personal injury management insurance

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:

interpret and comply with industry and organisational obligations and objectives, including relevant legislative requirements

provide relevant information and deal with questions relating to all aspects of the business and policy issues that arise for clients

effectively manage policy and product data and information

identify and present on issues of relevance to clients.

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:

analyse and explain the key features of current personal injury management sector policy, products and compliance requirements

analyse the key insurance industry trends and developments, and discuss likely impacts

describe the key features of:

insurance management systems

insurance promotional programs

premium classification rates and systems.

Assessment Conditions

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

office equipment, technology, software and consumables

organisational records, policy and procedures.

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

FNSPIM407 Register policy

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 effectively assess and register a personal injury insurance policy.

It applies to individuals who have well-developed skills and specific knowledge of the underwriting sector. They often work independently, within their scope of authority and have responsibilities for accurately managing information.

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

Personal injury 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. Classify service requests	1.1 Acknowledge client’s enquiry to enable delivery of service in accordance with organisational operating procedures and legislative requirements 1.2 Gather client information to enable appropriate action to be taken 1.3 Take appropriate action, including providing cover note, quotation or further information on first contact, and update records according to organisational procedures and legislative requirements 1.4 Advise client on action taken in timely manner, in appropriate form and style and in unambiguous way
2. Check application form for completion	2.1 Check application form thoroughly according to organisational procedures and legislative requirements 2.2 Determine and address further information requirements according to organisational procedures and legislative requirements
3. Conduct environmental scan	3.1 Identify appropriate sources of further information to enable efficient collection of further data 3.2 Protect confidentiality of parties from which further information is obtained 3.3 Obtain all further information within specified timeframes 3.4 Assess information to determine predominant activity 3.5 Clarify any issues with client 3.6 Assign most appropriate industry classification
4. Enter data into system to calculate premium	4.1 Accurately cross-check information to verify input data 4.2 Clearly and accurately record information on register following organisational procedures and legislative requirements 4.3 Send policy information to relevant parties within timeframes to comply with legislation and organisational communication procedures

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, 2.2, 3.1, 3.3, 3.4, 4.1	Researches, interprets and consolidates information from a range of sources to meet requirements
Writing	1.1, 1.3, 1.4, 3.4, 3.5, 4.2	Uses language, concepts and terminology appropriate to the audience and purpose to convey and clarify explicit information and requirements Completes documentation accurately, following organisational procedures and protocols
Oral Communication	1.4, 3.5	Participates in verbal exchanges using active listening and questioning to convey and clarify information
Numeracy	1.2, 1.3, 3.3, 4.3	Interprets and accurately records numerical information and adheres to timeframes to meet requirements
Navigate the world of work	1.1, 2.1, 3.2, 4.2, 4.3	Recognises and responds to legislative requirements, protocols, policies and procedures and meets expectations associated with own role
Get the work done	1.1, 1.2, 1.3, 1.4, 2.2, 3.1, 3.3, 3.4, 3.5, 4.1, 4.2, 4.3	Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effective outcomes Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSPIM407 Register policy	FNSPIM407A Register policy	Updated to meet Standards for Training Packages	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 for FNSPIM407 Register policy

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:

assess and register a personal injury insurance policy

deal with questions relating to procedures of the business and policy registration issues that arise for clients

effectively research business and industry data and information

manage and maintain accurate data on organisational information systems.

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 features of industry and organisational systems and processes for policy registration

analyse and describe the key aspects of legislation and organisational and industry codes of practice relating to confidentiality and privacy

identify sources of information on organisational and business activities.

Assessment Conditions

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

office equipment, technology, software and consumables

organisational records, policy and procedures.

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

FNSPIM408 Renew and maintain policy

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 renew and maintain personal injury insurance policies.

It applies to individuals who use specialised knowledge and skills and structured approaches to managing relevant information within the underwriting sector.

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

Personal injury 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. Finalise renewal premium	1.1 Review information received from client and update client database 1.2 Recalculate premium according to operating procedures, specified criteria and legislative requirements 1.3 Promptly complete all relevant documentation according to operating procedures 1.4 Carry out client follow up as required and action enquiries according to organisational guidelines 1.5 Prepare client invoice and issue in accordance with organisational procedures
2. Maintain policy	2.1 Receive and review amended information to ensure it meets legislative and organisational requirements 2.2 Process information according to legislative and operating procedures 2.3 Accurately update electronic and manual data storage information systems 2.4 Check requests for certificates of currency for validity, and issue certificates in accordance with operating procedures and legislative requirements 2.5 Review mid-term premium amendments and accurately record policy updates 2.6 Monitor automatic renewals and cancellations in accordance with organisational operating procedures and legislative requirements 2.7 Calculate and provide premium projections for clients as required

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, 2.1, 2.6	Interprets information from a variety of sources and consolidates relevant information
Writing	1.3, 1.4, 1.5, 2.2, 2.3, 2.4, 2.5, 2.7	Accurately records information and completes documentation following organisational procedures and protocols Uses language and terminology appropriate to the audience to convey and clarify explicit information and requirements
Oral Communication	1.4, 2.7	Participates in verbal exchanges using active listening and questioning to convey and clarify information
Numeracy	1.2, 1.5, 2.4, 2.5, 2.7	Performs calculations related to rates and premiums, and interprets and accurately records numerical information
Navigate the world of work	1.2, 1.3, 1.4, 2.1, 2.2, 2.4, 2.6	Recognises and responds to relevant legislative requirements, protocols, policies and procedures and meets expectations associated with own role
Get the work done	1.1, 1.3, 1.4, 1.5, 2.1-2.7	Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effective outcomes Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSPIM408 Renew and maintain policy	FNSPIM408A Renew and maintain policy	Updated to meet Standards for Training Packages	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 for FNSPIM408 Renew and maintain policy

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 1.0.

Performance Evidence

Evidence of the following must be provided:

interpret and comply with industry and organisational obligations and objectives, including relevant legislative requirements

deal with questions relating to procedures of the business and policy renewal and maintenance issues that arise for clients

effectively research organisational and industry data and information

maintain accurate data on organisational information systems.

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 features of organisational and industry codes of practice relating to issuing policy documentation

analyse and describe the key details of appropriate legislation, regulations, organisational operating procedures and codes of practice

analyse and describe industry classification systems and insurance rates for personal injury insurance.

Assessment Conditions

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

office equipment, technology, software and consumables

organisational records, policy and procedures.

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

FNSPIM409 Maintain customer relationship

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 maintain an ongoing relationship with customers and retain the business within the personal injury management sector. It encompasses applying a range of organisational and interpersonal skills in one-to-one interactions or for supporting organisational procedures and strategies for retaining and enhancing the customer relationship.

It applies to individuals who use specialised knowledge and strong communication skills and techniques to network, build business and implement organisational strategies.

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

Personal injury 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. Maintain records of customer interaction	1.1 Collect and check customer information with existing records 1.2 Keep records of customer interaction up to date 1.3 Maintain records of customer interaction in accordance with organisational procedures and relevant legislation
2. Provide ongoing customer service	2.1 Review previous interactions with customers 2.2 Take steps to determine customer satisfaction with service provided 2.3 Resolve problems or refer to relevant personnel as required 2.4 Record areas where problems occur and provide information to management
3. Maintain regular communication with customers	3.1 Determine customer needs based on records and claim information 3.2 Establish effective regular communication with customers 3.3 Ensure level of communication is appropriate to customer requirements

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, 1.3, 2.1, 2.2, 3.1	Interprets and analyses information from a range of sources and consolidates information relevant to requirements
Writing	1.2, 1.3, 2.2, 2.3, 2.4, 3.2	Develops a range of formal and informal material incorporating specific information and using a style and language appropriate to the audience and purpose
Oral Communication	2.2, 2.3, 2.4, 3.2	Clearly and effectively presents detailed information using language, concepts, terminology, tone and pace appropriate to the audience and purpose Participates in verbal exchanges using active listening and questioning, and uses collaborative techniques to convey and clarify information and elicit feedback
Numeracy	1.1	Interprets, compares and accurately records numerical information to meet requirements
Navigate the world of work	1.3	Recognises and responds to relevant legislative requirements, policies and procedures and meets expectations associated with own role
Interact with others	2.3, 3.1-3.3	Implements strategies aimed at building rapport and fostering strong relationships for a diverse range of clients
Get the work done	1.1, 1.2, 2.1-2.4, 3.1-3.2	Plans and sequences work tasks to meet outcomes and client requirements Responds to predictable routine problems seeking advice where appropriate Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSPIM409 Maintain customer relationship	FNSPIM409A Maintain customer relationship	Updated to meet Standards for Training Packages. Element 4 deleted - not appropriate for sector.	No 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 for FNSPIM409 Maintain customer relationship

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

use specialist knowledge and skills, and a range of interpersonal skills, to enhance customer relationships

maintain records and documentation relating to customer relationships

consider and adapt to any special needs and diversity of customers, including cultural, language, race, religion, ethnic origin, socioeconomic status and demographic needs.

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 a range of techniques used to develop customer relationships

describe key features of:

industry and organisation codes of practice, policy and operating procedures

current organisation’s services

databases and computer systems

relevant legislation.

Assessment Conditions

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

office equipment, technology, software and consumables

organisational records, policies and procedures.

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

FNSPIM410 Collect, assess and use information

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Training Package Version 1.0.

Application

This unit describes the skills and knowledge involved in obtaining information from various sources, analysing and interpreting the information to draw useful conclusions and provide advice to customers or management.

It applies to individuals who work independently and in teams using specialised knowledge, systematic approaches and research skills to complete requirements.

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

Personal injury 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. Clarify the requirements for information	1.1 Clarify scope and purpose for which the information is required 1.2 Determine timelines for collection and presentation of information
2. Collect and organise information and data	2.1 Identify relevant sources of information and data 2.2 Obtain information and data and appropriately record in accordance with legislative requirements 2.3 Check information and data to confirm that it is accurate, up to date and comprehensive 2.4 Organise information and data for ease of use
3. Analyse and draw conclusions	3.1 Interpret and analyse information and data 3.2 Determine and discuss significance of information and data with appropriate personnel 3.3 Ascertain conclusions based on information and data
4. Present information in appropriate format	4.1 Present information in an appropriate format and in accordance with organisation procedures 4.2 Evaluate completeness and accuracy of the information and data and ensure the conclusions are justified 4.3 Ensure the deadline for presentation of the information is met

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, 2.1, 2.2, 2.3, 3.1, 4.2	Interprets analyses and evaluates information from a range of sources and consolidates information relevant to requirements
Writing	1.1, 2.2, 2.4, 3.2, 3.3, 4.1	Accurately records information from investigations using formats appropriate for purpose Uses language, concepts and terminology appropriate to audience to convey, clarify and present explicit information and requirements
Oral Communication	1.1, 3.2	Participates in verbal exchanges using active listening and questioning and to determine and confirm information Presents data/information using language, tone and pace appropriate for the audience and purpose
Numeracy	1.2, 2.3, 2.4, 3.1, 4.2	Performs basic mathematical calculations to determine accuracy of data to achieve required outcomes Organises and interprets numerical data from a range of sources Develops timelines for collection and presentation of information
Navigate the world of work	2.2, 4.1	Operates according to legal responsibilities and recognises and responds to set protocols
Get the work done	1.1, 1.2, 2.1, 2.2, 2.4, 3.2, 3.3, 4.1, 4.3	Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effectiveness Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSPIM410 Collect, assess and use information	FNSPIM410A Collect, assess and use information	Updated to meet Standards for Training Packages. Minor edits to clarify 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 for FNSPIM410 Collect, assess and use information

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:

clarify requirements for collection of information

collect and organise information

analyse information and draw conclusions

present information in appropriate formats

use organisational technology.

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:

compare and contrast investigation methods

describe the key types and sources of information to access

describe the key features of relevant:

organisational policy and procedures

organisational products and services

information and communications technology

legislative reporting requirements.

Assessment Conditions

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

office equipment, technology, software and consumables

organisational records, policy and procedures.

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

FNSPIM415 Manage personal injury case loads

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 manage personal injury case loads. It encompasses developing, implementing, monitoring and evaluating action plans to manage case loads.

It applies to individuals who have well-developed skills and specialised knowledge of the sector, services and organisation, and work independently or across multidisciplinary teams. They make judgements within their level of responsibility to achieve organisational objectives and standards.

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

Personal injury 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. Develop case load management action plan	1.1 Review claims portfolio to determine needs and required outcomes 1.2 Identify claims information gaps and develop strategies to meet these 1.3 Determine case load resource requirements in line with identified portfolio needs, legislative requirements and organisational policy and procedures 1.4 Identify portfolio and case load management risks and develop strategies to manage them 1.5 Develop holistic case load action plan in line with identified portfolio needs, legislation and organisational policy and guidelines 1.6 Develop and maintain appropriate records
2. Implement, monitor and review case load management action plan	2.1 Use appropriate communication strategies to liaise with range of stakeholders to achieve set goals 2.2 Coordinate and lead claims and injury management activities of relevant services in line with portfolio needs and case load management action plan 2.3 Organise and use appropriate resources, methods and techniques to achieve outcomes 2.4 Apply appropriate models , strategies and guidelines to sequence and prioritise activities to achieve set objectives 2.5 Monitor risks, identify performance gaps and develop appropriate strategies to meet them 2.6 Review case load management action plan in line with outcomes and changing portfolio needs
3. Evaluate case load management action plan	3.1 Evaluate claims portfolio needs and escalate, transition or close as required 3.2 Reflect on own practice and identify professional development and continuous improvement opportunities

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	1.1-1.5, 2.5, 2.6, 3.1	Analyses and interprets complex information including legislation, regulations and policies from a range of sources, synthesising specific aspects of information to meet requirements
Writing	1.5, 1.6, 2.1	Accurately records information and completes documentation following organisational procedures and protocols Uses language and terminology appropriate to the audience to convey and clarify explicit information and requirements
Oral Communication	2.1	Participates in verbal exchanges using active listening and questioning, and uses collaborative negotiation, consultation and advocacy techniques to convey and clarify information Uses appropriate language, concepts, pace and tone to convey information appropriate to the audience and purpose
Numeracy	1.1, 1.3, 1.5, 2.4	Performs calculations, and accurately records, sequences and schedules information to achieve required outcomes
Navigate the world of work	1.3	Recognises and responds to legislative requirements, policies and procedures and meets expectations associated with own role Builds on protocols to establish more effective workplace systems Develops relevant skills and knowledge through reading and practice
Interact with others	2.2	Selects and uses appropriate conventions and protocols when communicating with clients and other stakeholders in a range of work contexts Oversees and implements strategies aimed at coordinating relationships with a diverse range of stakeholders
Get the work done	1.1-1.5, 2.2, 2.4-2.6, 3.1	Plans, sequences and implements tasks and appropriate resources to meet requirements Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSPIM415 Manage personal injury case loads	FNSPIM411A Manage personal injury case loads	Industry updates Unit split into two units-FNSPIM414 and FNSPIM415.	No 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 for FNSPIM415 Manage personal injury case loads

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

apply appropriate models and guidance to sequence and prioritise caseload management activities

develop, implement and monitor caseload action plans

plan, monitor and review a range of claims and injury management activities

comply with legislation and regulatory requirements

communicate effectively with a range of stakeholders.

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:

explain key features of relevant organisational policies and procedures that assist in the management and compliance of personal injury claims

outline the skills and strategies needed to prioritise and manage a portfolio of cases

compare and contrast case management models and strategies

identify barriers to effective caseload management and strategies to manage them

discuss strategies for dealing with issues and problems relating to case load management.

Assessment Conditions

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

office equipment, technology, software and consumables

organisational records, policies and procedures.

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

FNSPIM505 Use medical knowledge in the management of personal injury claims

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Training Package Version 1.0.

Application

This unit describes the skills and knowledge required to apply medical information and knowledge of body systems and functions to personal injury management. It includes an overview of how human body systems are impacted by personal injuries and knowledge of common personal injury treatments, prognoses and management strategies.

It applies to individuals who have well developed skills and a broad knowledge base of the sector, services and organisation and take responsibility for case and/or technical management of claims.

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

Personal injury 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. Determine types and impacts of personal injuries	1.1 Research the location and nature of most common types of personal injuries 1.2 Determine the physiological impacts of personal injuries on identified body systems and their functioning 1.3 Identify the bio psychosocial effects of personal injuries and the personal injury management process on the claimant and significant others 1.4 Use knowledge of types and impacts of personal injuries in the management of claims
2. Research common treatments and prognoses	2.1 Identify the most common disorders arising from personal injury 2.2 Determine the most common treatments and prognoses of common disorders arising from personal injury 2.3 Research bio psychosocial barriers to effective treatment of personal injuries and strategies to manage them 2.4 Identify and coordinate appropriate services to manage personal injuries for claimants
3. Analyse and interpret medical information	3.1 Identify sources and obtain relevant medical information to meet specific personal injury management objectives 3.2 Use appropriate technology to analyse, interpret, store and share medical information to inform injury and claims management decisions 3.3 Seek advice from and escalate issues to appropriate specialists as required 3.4 Communicate accurate information about claims or cases using correct medical terminology to relevant stakeholders according to legislative and organisational requirements

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
Learning	1.1-1.3, 2.1-2.4, 3.1	Actively researches and develops own medical knowledge in the context of personal injury insurance claims management
Reading	1.1-1.3, 2.1-2.4, 3.1	Researches, interprets and analyses documentation from a variety of sources and records and consolidates relevant related information
Writing	3.2, 3.3, 3.4	Organises, collates and documents medical information relevant to personal injury management
Oral Communication	3.3, 3.4	Uses correct terminology to participate in verbal exchanges or request specific medical information or advice from specialists
Numeracy	1.1, 2.1, 2.2	Accurately interprets statistical reports and information related to medical data
Navigate the world of work	2.4	Uses a broad range of strategies to develop relevant knowledge and skills Works within legislative and regulatory requirements in managing information
Interact with others	3.2-3.4	Collaborates and networks with a variety of stakeholders in order to achieve outcomes
Get the work done	1.4, 2.4, 3.2, 3.3	Uses a range of digitally based technologies to access, extract, store and share relevant personal injury management information Accesses specialist advice or services as required

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSPIM505 Use medical knowledge in the management of personal injury claims	Not applicable	New unit	No 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 for FNSPIM505 Use medical knowledge in the management of personal injury claims

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:

research, request, share and analyse medical information in the context of personal injury insurance claims management

use correct medical and anatomical terminology in communications with relevant stakeholders

use medical information to assist in making decisions and undertaking personal injury management work.

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:

identify appropriate sources of relevant medical information

define common medical and anatomical terminology used in personal injury management

outline the key features of the structure and physiology of major body systems, including:

cells, tissues and organs

cardiovascular system

respiratory system

musculoskeletal system

endocrine system

digestive system

urinary system

integumentary system

lymphatic system

sensory systems

immune system

neurological system

describe common types of personal injuries obtained through trauma, exposure, overuse, toxins and other environmental hazards

describe common disorders arising from personal injuries associated with a range of body systems and their impacts on the functioning of the relevant system

outline the potential physical, psychological and emotional impacts of a range of disorders on the claimant and their impact on personal injury management strategies

discuss common treatments and prognoses of a range of identified disorders

outline referral services required to manage a range of disorders, including treatment, investigation and diagnostic services

outline the key legislative, regulatory and organisational policy and procedural impacts on entitlement and the personal injury management process.

Assessment Conditions

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

office equipment, technology, software and consumables

anatomical models, charts and/or diagrams

organisational records, policy and procedures.

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

FNSPIM509 Comply with regulatory frameworks

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 2.0.

Application

This unit describes the skills and knowledge required to ensure compliance with legislative and regulatory requirements relevant to the personal injury management and disability insurance sectors at an organisational level.

It applies to individuals who use, maintain and disseminate highly specialised knowledge to a range of personnel to ensure compliance with regulatory frameworks.

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

Personal injury 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 and apply organisational requirements of regulatory obligations	1.1 Access and interpret relevant legislation and regulations relevant to services provided in the sector 1.2 Identify policies and underpinning principles relating to the relevant legislation and regulations and their impact on organisational requirements and work practices 1.3 Follow procedural requirements in line with organisational policies 1.4 Identify and comply with organisational reporting structure and levels of authority and responsibility within own team 1.5 Implement internal monitoring or audit requirements according to organisational and role requirements
2. Identify changes to regulations and procedural implications	2.1 Establish system to ensure currency of regulatory information is maintained 2.2 Identify, access and communicate changed regulations and policies in a timely manner in accordance with organisational policies 2.3 Review operational procedures to accurately reflect changes to regulations 2.4 Identify implications for services and implement changes in accordance with client, regulatory and organisational requirements
3. Maintain organisational records	3.1 Establish client records and/or relevant documentation according to organisational requirements 3.2 Update and maintain records ensuring all relevant information is complete and on file 3.3 Ensure regulatory and organisational requirements relating to consent, privacy and confidentiality of personal information are complied with

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--1.4, 2.2, 2.3, 3.1	Researches, analyses and interprets complex information from a range of sources
Writing	2.2, 3.1, 3.2	Produces reports and records information using language, concepts and terminology appropriate to audience and purpose
Oral Communication	2.2	Participates effectively in verbal exchanges and clearly explains and presents complex information using language, tone and pace appropriate to audience
Navigate the world of work	1.1--1.5, 2.3, 2.4, 3.3	Takes full responsibility for following policies, procedures and legislative requirements and identifies organisational implications of new legislation or regulations Maintains knowledge required to carry out work role
Interact with others	2.2	Communicates changes to legislation, codes of practice and organisational requirements to relevant persons and seeks clarification of interpretation as required
Get the work done	2.2, 2.4, 3.1, 3.2	Accepts responsibility for planning and sequencing complex tasks and workload Applies systematic and analytical decision-making processes to make recommendations in complex and non-routine situations Uses the main features and functions of digital tools to complete work tasks, store data and access information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSPIM509 Comply with regulatory frameworks	Not applicable	New unit	No 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 for FNSPIM509 Comply with regulatory frameworks

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 2.0.

Performance Evidence

Evidence of the ability to:

access, accurately interpret and comply with relevant legislation, regulatory requirements and organisational policies and procedures

explain changes and implications of regulatory requirements to participants or clients and colleagues

establish and maintain accurate and thorough records in a timely manner.

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:

outline key principles underpinning legislation or regulations for the sector

explain compliance requirements or obligations relating to:

privacy, confidentiality and participant or client consent

duty of care principles

general obligations of the work role

describe the key features of:

services provided by the organisation

relevant regulation pertaining to the sector

identify and categorise the records the organisation needs to maintain

explain the internal monitoring or audit program process.

Assessment Conditions

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

office equipment, technology, software and consumables

personal injury management or disability insurance legislation, regulatory guidelines and organisational policies and procedures.

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

FNSPIM510 Implement informed decision-making

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 2.0.

Application

This unit describes the skills and knowledge required to apply appropriate approaches to make informed decisions. It encompasses supporting clients in making decisions as well as applying evidence based approaches to making decisions relating to work activities.

It applies to individuals who use specialised knowledge and apply a range of strategies to ensure informed decisions are made based on sound processes. They work independently and collaboratively to plan, justify and document decisions following organisational requirements.

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

Personal Injury 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. Interpret and apply legislation and organisational guidelines impacting on decision-making	1.1 Examine principles of client choice, controls and rights and identify appropriate strategies to facilitate these principles in interactions with clients 1.2 Determine decision-making frameworks and criteria applicable to work activities and funding of client supports 1.3 Handle personal information according to legislative requirements and organisational policies and procedures considering privacy, confidentiality and consent 1.4 Identify key features of legislative requirements within organisational policies and procedures
2. Support clients in decision-making	2.1 Explain clearly to clients the purpose of the discussion and adopt appropriate approaches to encourage clients to express their goals, aspirations and needs 2.2 Work effectively with the range of people involved in supporting clients in making decisions 2.3 Explore with clients potential courses of action, assessing advantages and disadvantages and the overall appropriateness for meeting their requirements 2.4 Encourage clients to decide on a course of action and discuss actual and potential risks and safeguards that could be implemented to minimise risks 2.5 Check client understanding of what has been discussed at regular stages throughout the process
3. Make evidence based decisions in own work	3.1 Gather sufficient information relevant to requirements and collate and analyse using organisational tools and decision-making criteria 3.2 Apply relevant, reasonable and necessary decision-making criteria to consideration of funded supports 3.3 Make decision based on careful analysis of relevant evidence and use professional judgement to balance key factors and conflicting information 3.4 Follow organisational approval processes to finalise decision, referring decisions outside of delegated authority to appropriate personnel 3.5 Document the rationale for decisions and evidence used in decision-making clearly and accurately in accordance with organisational and legislative requirements 3.6 Explain decision-making criteria and outcomes, including denials and partial approvals, using strategies appropriate for the audience 3.7 Participate in review or appeals processes considering new or revised information or circumstances

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	3.1-3.3, 3.7	Gathers, organises and interprets complex text information to develop comprehensive knowledge and determine requirements
Writing	3.5, 3.6	Completes documentation accurately following organisational procedures and protocols Uses clear language and terminology to convey information appropriate to the audience
Oral Communication	2.1-2.5, 3.6	Participates in verbal exchanges using appropriate language and communication aids if required Uses active listening and questioning skills appropriate to the audience to convey and clarify information and confirm understanding
Numeracy	3.2, 3.3	Interprets and uses data including financial information related to work activities
Navigate the world of work	1.1-1.4, 3.4	Recognises and follows relevant legislative requirements and organisational policies and procedures and meets expectations associated with own role Takes steps to develop knowledge and apply principles underpinning work role
Interact with others	2.1-2.5	Uses person centred and strength based communication strategies to build effective communication and rapport
Get the work done	3.1-3.4, 3.7	Organises work according to defined requirements sequencing tasks to achieve efficient outcomes Takes responsibility for decisions made using organisational frameworks and criteria Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSPIM510 Implement informed decision-making	Not applicable	New unit	No 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 for FNSPIM510 Implement informed decision-making

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 2.0.

Performance Evidence

Evidence of the ability to:

facilitate approaches that support clients in making decisions about their goals and plans

use evidence based processes and organisational criteria to make informed decisions

document rationale and evidence used in decisions relating to clients.

explain the purpose and expected outcomes of the meeting to the client and others involved in supporting clients I making decisions.

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:

explain regulatory and organisational procedures and principles relating to privacy, confidentiality, consent and record keeping

outline the key principles of client choice, control and rights in relevant legislation and/or organisational policies

discuss issues relating to the legal and ethical responsibilities of representatives or delegates working with clients including informal and formal supports

describe the strategies that can be used to support clients in decision-making including:

person focussed approaches

relationship based approaches

strength based approaches

cultural diversity

outline approaches for raising issues and barriers with clients

describe the role of reliability, validity, authenticity, currency and sufficiency when evaluating evidence

analyse and explain the organisational decision-making framework and associated criteria

outline key requirements of the application of reasonable and necessary decision-making criteria

outline the underpinning principles and explain organisational processes relating to review or appeals

explain the importance of and organisational arrangements for ensuring consistency in decision making processes.

Assessment Conditions

Gather evidence to demonstrate consistent performance in conditions that are safe and replicate the workplace. Noise levels, production flow, interruptions and time variances must be typical of those experienced in the personal injury management field of work and include access to:

office equipment, technology, software and consumables

organisational tools, records, policies and guidelines.

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

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

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

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

FNSPRM605 Establish or review marketing, client services and supplier relationships

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 or review marketing, client services and supplier relationships which support the provision of professional services to clients.

It applies to individuals who coordinate multiple tasks across an organisation and liaise with a wide cross section of personnel to achieve organisational objectives.

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. Establish or review marketing strategy	1.1 Establish or review marketing strategy, and develop marketing tools within budget and timelines 1.2 Confirm and implement marketing strategy across organisation or business unit
2. Establish or review supplier relationship	2.1 Establish criteria to enable effective evaluation of supplier services and assess all existing suppliers against criteria 2.2 Identify and analyse availability and suitability of alternate suppliers who can meet service support requirements within legislative requirements 2.3 Undertake cost–benefit analysis of suppliers to finalise supplier network 2.4 Establish terms of appointment of suppliers to achieve service support requirements, and maintain and develop relationships with suppliers
3. Establish or review client services	3.1 Determine client services to meet client expectations, enterprise policy and philosophy, and industry legislative requirements 3.2 Establish key performance indicators to measure customer service, review existing client services against these and improve where required 3.3 Document service standards in prescribed format and communicate to all stakeholders 3.4 Deliver services within timeframe and budget

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, 2.1, 2.2, 3.2	Accesses and analyses complex information and data from a wide variety of sources to identify specific criteria and determine actions required
Writing	1.1, 1.2, 2.1, 2.3, 2.4, 3.2, 3.3	Prepares high quality documentation using appropriate formats, with information and data organised logically and sequentially Uses clear and concise language, correct spelling and grammar and appropriate terminology to convey information appropriate to the audience and purpose
Oral Communication	1.2, 2.4, 3.2, 3.3	Effectively participates in verbal exchanges using active listening and questioning techniques to convey and clarify information and negotiate outcomes Presents information, structuring tone, pace and content in line with the audience and purpose
Numeracy	1.1, 2.1, 2.3, 2.4, 3.2, 3.4	Interprets numerical and financial information to determine requirements Uses mathematical concepts to sequence and prioritise timelines and budgets
Navigate the world of work	3.1	Works autonomously, making high level decisions to achieve and improve organisational goals 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	2.4, 3.3	Uses a variety of relevant communication tools and strategies in building and maintaining effective working relationships Shares knowledge, information and experience openly as an integral part of the working relationship
Get the work done	1.1, 1.2, 2.1, 2.2, 2.3, 3.1, 3.2, 3.3, 3.4	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 Identifies key factors that impact on decisions and their outcomes, drawing on experience, competing priorities and decision-making strategies where appropriate Explores and incubates new and innovative ideas through unconstrained analysis and critical thinking to develop and improve organisational goals Uses digital tools and systems to access, analyse, record and share information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSPRM605 Establish or review marketing, client services and supplier relationships	FNSPRM605A Establish or review marketing, client services and supplier relationships	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 for FNSPRM605 Establish or review marketing, client services and supplier relationships

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:

establish or review and implement the organisation’s marketing strategy

establish or review suppliers and the required level of service, including the development of terms of appointment and service standards

establish or review business systems against practice requirements, document service standards and communicate to stakeholders.

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:

identify and describe factors which may affect the marketing and performance of client services

assess risks and benefits associated with using a range of products and services within a practice

explain cost–benefit analyses applied to systems and procedures

describe the key features of:

financial practice administrative processes and systems

financial products, their characteristics and risk profile

financial practice professional services

explain the key requirements of relevant legislation, regulations and codes of practice impacting on the financial services industry

analyse and discuss marketing and advertising principles, techniques and tools

describe the key features of office information technology systems and software.

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

FNSPRM606 Establish or review human resources, administration and information support

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 or review human resources, administration and information support systems in a financial services practice.

It applies to experienced individuals who, within their level of authority, coordinate multiple tasks across an organisation, provide guidance to others and make judgements regarding recommended actions to achieve organisational objectives.

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. Meet human resources requirements	1.1 Identify or review skill needs of organisation or business unit, and number, level and location of personnel required 1.2 Develop appropriate position descriptions and/or role statements and accountabilities for personnel 1.3 Undertake cost–benefit analysis of needs and assess against available budgets 1.4 Recruit or assign consultants with specialist skills and other required personnel as appropriate
2. Implement training	2.1 Develop training programs to achieve required service support outcomes and implement in efficient and timely way 2.2 Evaluate and review training programs against requirements on regular planned basis
3. Implement information support system	3.1 Establish or review information distribution and access needs, and determine range of information types to be collected, processed and stored 3.2 Identify and obtain suitable and required information support technology and access to information technology support staff 3.3 Establish measures to monitor efficiency of information systems 3.4 Store information securely and in line with regulatory requirements, and enable efficient access
4. Provide administrative and ancillary services	4.1 Determine administration and ancillary service needs and standards against operating requirements and budget allocation 4.2 Develop and introduce processes and procedures so that services are delivered within timelines and budget 4.3 Regularly reassess service needs in light of usage and budget

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, 1.3, 2.2, 3.1, 3.2, 4.1	Accesses and interprets complex information and data from a wide variety of sources to identify specific criteria and determine actions required
Writing	1.2, 1.4, 2.1, 3.1, 3.3, 4.2	Prepares high quality documentation using appropriate formats, with information and data organised logically and sequentially Uses clear and concise language, correct spelling and grammar and appropriate terminology to convey information appropriate to the audience
Oral Communication	1.4, 2.1, 4.2	Participates in verbal exchanges with a wide range of personnel, using active listening and questioning techniques to convey and clarify information Presents information, structuring tone, pace and content in line with the audience and purpose
Numeracy	1.1, 1.3, 3.1, 3.3, 4.1-4.3	Interprets numerical and financial information to determine requirements Uses mathematical concepts to sequence and prioritise timelines and budgets
Navigate the world of work	1.2, 2.1, 2.2, 4.1-4.3	Works autonomously, making high level decisions to achieve and improve organisational goals Develops and implements strategies that ensure organisational policy, procedures and regulatory requirements are being met Maintains knowledge of compliance legislation and best practice management techniques required to perform role
Interact with others	2.1, 2.2	Influences and fosters a collaborative culture, facilitating a sense of commitment and workplace cohesion Shares knowledge, information and experience openly as an integral part of the working relationship Uses a variety of relevant communication tools and strategies in building and maintaining effective working relationships
Get the work done	1.1, 1.2, 1.3, 1.4, 2.1, 2.2, 3.1-3.4, 4.1-4.3	Plans strategic priorities and outcomes within a flexible, efficient and effective context in a diverse environment exposed to competing demands Identifies key factors that impact on decisions and their outcomes, drawing on experience, competing priorities and decision-making strategies where appropriate Explores and incubates new and innovative ideas through unconstrained analysis and critical thinking to develop and improve organisational goals Uses digital technologies to manage business operations and actively investigates new technologies for strategic and operational purposes

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSPRM606 Establish or review human resources, administration and information support	FNSPRM606A Establish or review human resources, administration and information support	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 for FNSPRM606 Establish or review human resources, administration and information support

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:

establish or review and implement human resources, including:

determining skill requirements and strategies to attain them

developing, implementing and reviewing training

establish or review information technology systems and storage requirements, including levels of support and monitoring needed

establish or review administrative and ancillary services against operating requirements, key performance indicators and budget.

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:

discuss the integrity and relevance of information from a wide range of available information sources and describe strategies to attain relevant organisational information

analyse and discuss best practice human resources procedures

describe key features of:

documentation systems, including registry and library processes

financial practice administrative processes and systems

financial practice professional services

office information technology systems and software

explain the key requirements of relevant acts, regulations and codes of practice impacting on the financial services industry

describe cost–benefit analysis techniques and purposes

analyse a range of training and assessment techniques and available services appropriate for the practice.

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

FNSPRT302 Administer a non-complex estate

Modification History

Release	Comments
Release 2	This version released with FNS Financial Services Training Package Version 2.0. Rewritten, merged and clarified performance criteria.
Release 1	This version first released with FNS Financial Services Training Package Version 1.0. Updated to meet Standards for Training Packages. Rewritten, merged and clarified performance criteria.

Application

This unit describes the skills and knowledge required to apply for administration, identify assets, liabilities and beneficiaries to distribute and finalise a non-complex estate.

It applies to individuals who are proficient administrators in the personal trustee sector. They may locate beneficiaries, identify estate assets and liabilities and prepare tax returns and simple financial statements to distribute and finalise the estate.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Personal trustee

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. Initiate estate administration process	1.1 Open an estate file in accordance with organisational requirements and confirm there are no existing complex matters 1.2 Advise relevant parties on the role of executor and the estate administration process including the types of administration 1.3 Confirm existence of estate's assets and beneficiaries 1.4 Prepare and lodge application to prove the will and obtain administration 1.5 Record authority, on receipt, to commence administration
2. Identify estate assets, liabilities and beneficiaries	2.1 Obtain valuation of estate assets and liabilities 2.2 Prepare statements of assets and liabilities on organisational record keeping system 2.3 Prepare a tax return to date of death seeking assistance from specialists as necessary 2.4 Locate all beneficiaries and establish their identity 2.5 Collect and deposit liquid assets into estate account with cash receipted, when necessary, according to organisational and legislative requirements 2.6 Prepare and submit a schedule of beneficiaries and their entitlements to appropriate persons in the organisation for approval
3. Distribute and finalise estate	3.1 Prepare a trustee tax return where required seeking assistance from specialists as necessary 3.2 Pay liabilities and transfer assets that have not been liquidated in accordance with the will or beneficiaries' instructions 3.3 Calculate and deduct corpus commission, fees and charges that apply 3.4 Prepare and arrange final distribution payments and financial statements to be provided to beneficiaries

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, 1.4, 2.1	Analyses and consolidates information and data from a range of sources against defined criteria and requirements and checks for accuracy and completeness
Writing	1.4, 1.5, 2.2, 2.3, 2.6, 3.1, 3.4	Accurately records and completes organisational and statutory documents and correspondence using clear language and correct spelling, grammar and terminology
Oral Communication	1.2, 2.2	Articulates clearly using vocabulary suitable to audience to convey or request information Uses listening and questioning techniques to confirm understanding
Numeracy	1.3, 2.1, 2.2, 2.3, 2.5, 2.6, 3.1–3.4	Performs mathematical calculations to analyse financial information, costs and values to accurately process assets and liabilities
Navigate the world of work	1.1, 2.5, 2.6	Complies with explicit policies and procedures Explores and implements, where identified, the implicit expectations of policies and procedures
Interact with others	1.2, 2.3, 3.1	Identifies and takes steps to follow accepted communication practices and protocols Uses a limited range of accepted practices for communicating in a work environment
Get the work done	1.1, 2.4–2.6, 3.2	Plans and implements routine tasks and workload, making limited decisions on sequencing, timing and collaboration, and seeks assistance in setting priorities Makes low impact decisions within familiar situations based on a range of predefined or routine solutions Uses digital systems and technologies to access, store and share information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence Status
FNSPRT302 Administer a non-complex estate	FNSPRT302A - Administer a non-complex estate	Updated to meet Standards for Training Packages. Rewritten, merged and clarified 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 for FNSPRT302 Administer a non-complex estate

Modification History

Release	Comments
Release 2	This version released with FNS Financial Services Training Package Version 2.0. Rewritten, merged and clarified performance criteria.
Release 1	This version first released with FNS Financial Services Training Package Version 1.0. Updated to meet Standards for Training Packages. Rewritten, merged and clarified performance criteria.

Performance Evidence

Evidence of the following must be provided:

conduct research to prove the will and confirm existence of estate's assets, liabilities and beneficiaries according to legislative and organisational requirements

locate beneficiaries and calculate their entitlements according to legislative and organisational requirements

prepare documentation to apply for administration of an estate

prepare financial and tax documentation for the administration of an estate.

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 legislative requirements of federal, state and territory legislation and regulations relating to:

wills

intestate succession

probate and administration

trusteeships including investment obligations of the trustees

preparing an application for administration

taxation and tax obligations as they relate to the administration of estates and trusts

outline the role, responsibilities and authority of an executor

describe the processes required to prove a will and to administer the estate

identify complex estate issues including:

conflict between beneficiaries

capital gains tax

complex assets due to volume, physical location and type

complex beneficiaries due to volume, physical location and potential bankrupt status and other vulnerabilities

outline the professional code of conduct, where applicable, in the personal trustee sector

describe organisational policies and procedures relevant to administering a non-complex estate

outline products and services offered by personal trustee organisations and fees and charges that apply

outline the role, responsibilities and powers of the personal trust officer including limitation of giving investment advice

identify the role of, and how and when to contact, internal or external specialists relating to the personal trustee sector

establish potential estate liabilities including:

claims on the estate

fees and charges and other administration expenses

debts of the deceased

final tax return obligations of the deceased.

Assessment Conditions

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

common office equipment, technology, software and consumables

appropriate legislation and regulations relevant to administering an estate

organisational reference materials such as policies, procedures, manuals and checklists

the internet for searches.

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

FNSPRT303 Administer a non-complex trust

Modification History

Release	Comments
Release 2	This version first released with FNS Financial Services Training Package Version 2.0.

Application

This unit describes the skills and knowledge required to establish a trust with non-complex matters and conduct preliminary and ongoing administration of the trust.

It applies to individuals who are proficient administrators in the personal trustee sector. They have the well developed communication and financial management skills necessary to administer trusts that do not have complex matters in regards to the trust's assets and beneficiaries.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Personal trustee

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. Create trust file	1.1 Conduct preliminary reading of trust instrument to identify parameters and instructions and confirm there are no complex matters to administer 1.2 Create trust file according to legislative and organisational requirements 1.3 Arrange deposit of trust funds and transfer of assets where required 1.4 Confirm beneficiaries’ profiles and obtain relevant records
2. Establish and administer trust	2.1 Identify income and capital needs of beneficiaries and arrange for investment strategy to be prepared where required 2.2 Identify relevant dates and record in diary management system 2.3 Process application from beneficiaries for an advance of the trust's capital or income 2.4 Make a decision to accept or decline the application considering the type of funds available in the trust and the wishes of other concerned parties 2.5 Manage conflicts or complaints that may arise as a result of the decision
3. Provide for ongoing administration of trust	3.1 Review performance of trust's assets periodically to ensure relevance and appropriateness to needs of beneficiaries 3.2 Report performance to appropriate persons and advise if changes to trust are required 3.3 Prepare, and provide beneficiaries with copies of financial, investment and transaction statements including detail on the fees and charges that apply 3.4 Prepare and lodge a trustee tax return where required seeking assistance from specialists as necessary

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, 2.3, 3.1	Analyses and consolidates information and data from a range of sources against defined criteria and requirements and checks for accuracy and completeness
Writing	1.2, 2.2, 3.2, 3.3, 3.4	Accurately records and completes organisational documents and correspondence using clear language and correct spelling, grammar and terminology
Oral Communication	2.5, 3.4	Articulates clearly using vocabulary suitable to the audience to convey or request information Uses listening and questioning techniques to confirm understanding
Numeracy	1.3, 2.1, 2.4, 3.1, 3.3, 3.4	Performs mathematical calculations to analyse financial information, costs and values for investment strategies and reports
Navigate the world of work	1.1, 1.2, 2.3–2.5	Complies with explicit policies and procedures Explores and implements, where identified, the implicit expectations of policies and procedures
Interact with others	2.1, 2.5, 3.2, 3.4	Identifies and takes steps to follow accepted communication practices and protocols Uses a limited range of accepted practices for communicating in a work environment
Get the work done	1.1–1.4, 2.3, 2.4, 3.1	Plans and implements routine tasks and workload, making limited decisions on sequencing, timing and collaboration, and seeks assistance in setting priorities Makes low impact decisions within familiar situations based on a range of predefined or routine solutions and evaluates the effectiveness of the outcome Uses digital systems and technologies to access, enter and store information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSPRT303 Administer a trust with non-complex matters	FNSPRT303 Administer a non-complex trust	Minor edits to title and re-ordering 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 for FNSPRT303 Administer a non-complex trust

Modification History

Release	Comments
Release 2	This version first released with FNS Financial Services Training Package Version 2.0.
Release 1	This version first released with FNS Financial Services Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

interpret a trust instrument and create a trust file that identifies parameters, instructions and relevant funds and assets

identify complex matters requiring assistance from specialists

establish and administer a trust with non-complex matters according to legislative and organisational requirements

prepare and interpret financial statements and tax documentation relating to the administration of the trust

apply conflict and complaint resolution skills to manage beneficiaries' expectations

assess and monitor the appropriateness of the trust's assets in meeting beneficiaries' needs.

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 legislative requirements of federal, state and territory legislation and regulations relating to:

wills

intestate succession

attorneyships or guardianships

probate and administration

trusteeships including investment obligations of the trustees

investment of trust assets

taxation and tax obligations as they relate to the administration of trusts

outline role, responsibilities and powers of the personal trustee officer including limitation in giving investment advice

explain the trust's beneficiaries' personal circumstances considered in establishing their income, capital needs and profiles

outline the professional code of conduct, where applicable, in the personal trustee sector

describe organisational policies and procedures required when administering and monitoring a trust with non-complex matters, including conflict and complaint resolution

explain the role of, and how and when to contact, internal or external specialists relating to the personal trustee sector

identify complex matters for a trust including:

physical location and maintenance of assets

competing needs of beneficiaries

investment strategy

volume and type of assets

level of detail in tax documentation

number of requests from beneficiaries

explain products and services offered by personal trustee organisations and fees and charges that apply.

Assessment Conditions

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

common office equipment, technology, software and consumables

appropriate legislation and regulations relevant to administering a trust

organisational reference materials such as policies, procedures, manuals and checklists

the internet for searches.

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

FNSPRT402 Prepare a will

Modification History

Release	Comments
Release 2	This version first released with FNS Financial Services Training Package Version 2.0.
Release 1	This unit first released with FNS Financial Services Training Package Version 1.0.

Application

This unit describes the skills and knowledge required to prepare valid wills, including assessing the testamentary capacity of a client.

It applies to individuals who are proficient administrators in the personal trustee sector and are required to record a client's testamentary instructions.

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

Personal trustee

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. Advise client on legal requirements of preparing a will	1.1 Identify client's circumstances, estate objectives and an appropriate location for meeting with client 1.2 Present and clarify for the client the legislative requirements in regards to the preparation of their will and other information on products and services relevant to the client's circumstances and their estate, including fees and charges 1.3 Ensure client's questions in regards to the preparation of their will and distribution of their estate are answered in appropriate language 1.4 Provide accurate information, ethical advice and recommendations about suitable options to client in regards to the preparation their will and the distribution of their estate 1.5 Identify and explain to the client the potential conflicts or factors which may affect the implementation of their will and recommend appropriate action including seeking the advice of specialists when necessary
2. Take testamentary instructions from client	2.1 Meet with client at the appropriate location selected for taking instructions from client 2.2 Accurately and appropriately assess client’s testamentary capacity in accordance with legislative and organisational requirements and confirm with legal or medical opinion when necessary 2.3 Collate and confirm relevant client details and client's testamentary instructions 2.4 Accurately record client's testamentary instructions in accordance with organisational policies
3. Prepare and execute documents	3.1 Prepare a draft of the will in accordance with legislative requirements and consistent with client's testamentary instructions 3.2 Check will for legal implications and complications and address these referring to specialists where necessary 3.3 Arrange and confirm correct execution of will in accordance with legislative and organisational requirements 3.4 Organise and advise client of record-keeping, safe storage and review of will according to organisational requirements

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	1.2, 2.2, 3.2	Analyses and consolidates information and data from a range of sources against defined criteria and requirements and checks for accuracy and completeness
Writing	2.3, 2.4, 3.1	Accurately records and completes organisational documents and correspondence using clear language and correct spelling, grammar and terminology Documents outcomes of communications and changes documentation to revised circumstance
Oral Communication	1.1–1.5 2.3, 3.2, 3.4	Articulates clearly using vocabulary suitable to the audience to convey or request information Uses listening and questioning techniques to confirm understanding
Navigate the world of work	1.1, 1.2, 2.1-2.4, 3.1–3.4	Takes personal responsibility for following explicit and implicit policies, procedures and legislative requirements
Interact with others	1.1–1.5, 2.1–2.3, 3.2, 3.4	Uses a range of strategies to establish a sense of connection and build rapport with clients and co-workers Cooperates with others and contributes to work activities where joint outcomes are expected and deadlines are to be met Seeks advice and clarification for new activities
Get the work done	1.1, 1.5, 2.2, 2.4, 3.1–3.4	Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effective outcomes Addresses less predictable problems and initiates standard procedures in response applying problem-solving processes in determining a solution Uses digital systems and technologies to access, store and share information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence Status
FNSPRT402 Prepare a will	FNSPRT402 Prepare a will	Minor edits 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 for FNSPRT402 Prepare a will

Modification History

Release	Comments
Release 2	This version first released with FNS Financial Services Training Package Version 2.0.
Release 1	This version first released with FNS Financial Services Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

draft, execute and store a will in accordance with legislative and organisational requirements and client's testamentary instructions

identify the need, and conduct the process, to prove a client's testamentary capacity

identify and manage factors that may affect the implementation of the will.

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 legislative requirements of relevant federal, state and territory legislation and regulations relating to:

wills

intestate succession

probate and administration

trusteeships including investment and obligations of the trustees

taxation and tax obligations as they relate to the administration of estates and trusts

describe organisational policies and procedures required when preparing a will

outline products and services offered by personal trustee organisations and fees and charges that apply

outline role, responsibilities and powers of the personal trust officer including:

organisational expectations

limitation of personal authority in giving investment advice

outline the professional code of conduct, where applicable, in the personal trustee sector

explain the types of tests applied to establish a client’s testamentary capacity to make a valid will

explain the tests applied to establish the validity of a will

describe the different types of potential conflicts and factors that may affect the validity of a will including:

adequate family provision claims

ownership of nominated assets

explain the factors that make a location appropriate including:

free from influencing factors

familiar to client

comfortable and private

identify the role of, and how and when to contact, internal or external specialists relating to the personal trustee sector.

Assessment Conditions

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

common office equipment, technology, software and consumables

appropriate legislation and regulations relevant to preparing a will

organisational reference materials such as policies, procedures, manuals and checklists.

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

FNSPRT403 Administer a complex estate

Modification History

Release	Comments
Release 2	This version first released with FNS Financial Services Training Package Version 2.0.
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 apply for administration, identify assets, liabilities and beneficiaries to distribute and finalise a complex estate.

It applies to individuals who are senior level personal trust officers and may be required to identify and manage complex matters of, and administer, an estate. They may also locate beneficiaries, identify estate assets and liabilities and prepare and lodge tax returns and financial statements to distribute and finalise the estate.

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

Personal trustee

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. Initiate estate administration process	1.1 Open an estate file in accordance with organisational requirements 1.2 Advise relevant parties on the role of executor and the estate administration process including the types of administration 1.3 Identify and manage complex matters, possible risk factors and irregularities in regards to the will and the estate's assets, liabilities and beneficiaries, seeking the services of a specialist when necessary 1.4 Prepare and lodge application to prove the will and obtain administration 1.5 Record authority, on receipt, to commence administration
2. Identify estate assets, liabilities and beneficiaries	2.1 Obtain valuation of estate's assets and liabilities 2.2 Prepare statements of assets and liabilities on organisation's record keeping system 2.3 Prepare a tax return to date of death, seeking assistance from specialists as necessary 2.4 Locate all beneficiaries and establish their identity 2.5 Collect, manage and secure assets and liquid assets according to organisational and legislative requirements 2.6 Prepare and submit a schedule of beneficiaries and their entitlements to appropriate persons within the organisation for approval
3. Distribute and finalise estate	3.1 Advise beneficiaries of any capital gains tax (CGT) implications and refer to a tax specialist where necessary 3.2 Pay liabilities and transfer assets that have not been liquidated in accordance with the will or beneficiaries' instructions 3.3 Prepare and lodge a trustee tax return seeking assistance from specialists as necessary 3.4 Calculate and deduct corpus commission, fees and charges that apply 3.5 Prepare and arrange final distribution payments and financial statements to be provided to beneficiaries

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, 1.3, 2.1, 2.4	Critically analyses wills and other documentation from a variety of sources and consolidates information to determine requirements
Writing	1.1, 1.4, 1.5, 2.2, 2.3, 2.6, 3.3, 3.5	Accurately records information and prepares correspondence and documentation using clear language and organisational formats and protocols
Oral Communication	1.2, 1.3, 3.1, 3.3	Uses specific and sensitive language suitable to the audience to convey and request information Reads verbal and non-verbal signals and uses listening and questioning to confirm understanding
Numeracy	2.1–2.3, 2.5, 2.6, 3.1–3.5	Uses highly developed numeracy skills to interpret complex financial information, perform difficult calculations and translate the taxation obligations of the deceased in accordance with Australian Tax Office (ATO) requirements
Navigate the world of work	1.1, 1.4, 2.2, 2.5, 2.6, 3.3–3.5	Takes personal responsibility for following explicit and implicit policies, procedures and legislative requirements
Interact with others	1.2, 1.3, 2.3, 2.6, 3.1, 3.3	Uses a range of strategies to establish a sense of connection and build rapport with clients and co-workers Cooperates with others and contributes to work where joint outcomes are expected and deadlines are to be met
Get the work done	1.1, 2.4–2.6, 3.2	Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effective outcomes Makes routine decisions and implements standard procedures for routine tasks using formal decision-making processes for more complex and non-routine situations Uses digital systems and technologies to access, store or share information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSPRT403 Administer a complex estate	FNSPRT403 Administer a complex estate	Minor edits and reordering 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 for FNSPRT403 Administer a complex estate

Modification History

Release	Comments
Release 2	This version first released with FNS Financial Services Training Package Version 2.0.
Release 1	This version first released with FNS Financial Services Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

identify and manage complex matters, possible risk factors and irregularities in administering an estate

conduct research to prove the will and confirm existence of a complex estate's assets, liabilities and beneficiaries according to legislative and organisational requirements

locate beneficiaries and calculate their entitlements according to legislative and organisational requirements

prepare documentation to apply for administration of a complex estate

prepare financial and tax documentation, including capital gains tax, for the administration of a complex estate.

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 legislative requirements of federal, state and territory legislation and regulation relating to:

wills

probate and administration

intestate succession

trusteeships including investment obligations of the trustees preparing an application for administration

taxation and tax obligations as they relate to the administration of estates and trusts

outline the role, responsibilities and authority of an executor

describe the process to prove a will

discuss the risk factors and irregularities in the will which increase the chance of litigation including:

family maintenance provisions

validity of the will

informal will

identify and manage complex estate matters including:

conflict between beneficiaries

capital gains tax

complex assets due to volume, physical location and type

complex beneficiaries due to volume, physical location and potential bankrupt status and other vulnerabilities

describe organisational policies and procedures required in administering a complex estate, including conflict and complaint resolution

outline the role, responsibilities and powers of the senior personal trust officer including:

management and supervision responsibilities

organisational expectations

limitation of personal authority in giving investment advice

identify the role of, and how and when to contact, internal or external specialists relating to the personal trustee sector

outline the professional code of conduct, where applicable, in the personal trustee sector

establish potential estate liabilities including:

claims on the estate

fees and charges and other administration expenses

debts of the deceased

final tax return obligations of the deceased.

Assessment Conditions

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

common office equipment, technology, software and consumables

appropriate legislation and regulations relevant to administering a complex estate

organisational reference materials such as policies, procedures, manuals and checklists the internet for searches.

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

FNSPRT404 Administer a trust dealing with complex matters

Modification History

Release	Comments
Release 2	This version first released with FNS Financial Services Training Package Version 2.0.
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 and administer a trust with complex matters and manage and monitor the trust's assets.

It applies to individuals who are senior level personal trust officers in the personal trustee sector and have highly developed communication and financial management skills. They are also able to administer trusts that have complex matters in regards to the trust's assets and beneficiaries.

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

Personal trustee

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. Create trust file	1.1 Undertake preliminary reading of trust instrument to identify parameters, instructions and complex matters to administer 1.2 Arrange services of specialists and other resources to assist with management of complex matters as required 1.3 Create trust file according to legislative and organisational requirements 1.4 Arrange deposit of trust funds and transfer of assets 1.5 Establish beneficiary profiles and obtain relevant records
2. Establish and administer trust	2.1 Identify income and capital needs of beneficiaries and prepare an investment strategy 2.2 Identify relevant dates and record in diary management system 2.3 Process applications from beneficiaries for an advance of the trust's capital or income 2.4 Make a decision to accept or decline the application considering the type of funds available in the trust and the wishes of other concerned parties 2.5 Manage conflicts or complaints that may arise as a result of the decision 2.6 Invest trust assets appropriately to satisfy the investment strategy obligations of a trustee
3. Evaluate and review trust performance	3.1 Review performance of trust's assets periodically to ensure relevance and appropriateness to needs of beneficiaries 3.2.Report performance to appropriate persons and advise if changes to trust are required 3.3 Prepare, and provide beneficiaries with copies of, financial, investment and transaction statements, including detail on the fees and charges that apply 3.4 Prepare and lodge a trustee tax return seeking assistance from specialists as necessary

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, 2.3, 3.1	Critically analyses complex documentation from a variety of sources and consolidates information relating to specific criteria to determine requirements
Writing	1.3, 2.2, 3.2–3.4	Accurately records information and prepares correspondence and documentation using clear language and organisational formats and protocols
Oral Communication	2.5, 3.4	Determines and confirms client requirements using active listening and questioning and reading of verbal and non-verbal signals to convey and clarify information Uses clear language, concepts, tone and pace appropriate for the audience and purpose
Numeracy	1.4, 2.1, 2.4, 2.6, 3.1, 3.3, 3.4	Uses highly developed numeracy skills to interpret complex financial information and perform difficult calculations to manage assets appropriately
Navigate the world of work	1.1, 1.3, 2.3–2.6	Takes personal responsibility for following explicit and implicit policies, procedures and legislative requirements Identifies and acts on issues that contravene relevant policies, procedures and legal requirements
Interact with others	1.2, 2.1, 2.5, 3.2–3.4	Uses a range of strategies to establish a sense of connection and build rapport with clients and co-workers Identifies and explores differences in a diverse range of people in the work context and makes adjustments to communication in recognition of these differences Recognises behaviours and triggers that contribute to conflict and implements strategies to mitigate conflict
Get the work done	1.2–1.5, 2.3, 2.4, 3.1	Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effective outcomes Makes routine decisions and implements standard procedures for routine tasks, using formal decision-making processes for more complex and non-routine situations Uses digital systems and technologies to enter, store or access information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSPRT404 Administer a trust with complex matters	FNSPRT404 Administer a trust dealing with complex matters	Rewritten and re-ordered performance criteria to clarify intent of unit.	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 for FNSPRT404 Administer a trust dealing with complex matters

Modification History

Release	Comments
Release 2	This version first released with FNS Financial Services Training Package Version 2.0.
Release 1	This version first released with FNS Financial Services Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

interpret a trust instrument and create a trust file that identifies parameters, instructions and relevant funds and assets

establish and administer a trust with complex matters according to legislative and organisational requirements

prepare and interpret financial statements and tax documentation relating to the administration of the trust

apply conflict resolution skills to manage beneficiaries' expectations

assess and monitor the appropriateness of the trust's assets in meeting beneficiaries' needs.

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 legislative requirements of federal, state and territory legislation and regulations relating to:

wills

intestate succession

attorneyships or guardianships

probate and administration

trusteeships including investment obligations of the trustees

investment of trust assets

taxation and tax obligations as they relate to the administration of trusts

identify and manage complex matters for a trust including:

physical location and maintenance of assets

competing needs of beneficiaries

investment strategy

volume and type of assets

level of detail in tax documentation

number of requests from beneficiaries

explain the factors considered to establish the trust's beneficiaries' income, and capital needs and profiles

describe organisational policies and procedures required when administering and monitoring a trust with complex matters, including conflict and complaint resolution

explain products and services offered by personal trustee organisations and fees and charges that apply

outline the role, responsibilities and powers of the senior personal trust officer including o:

organisational expectations and limitation of personal authority in giving investment advice

discuss the professional code of conduct, where applicable, in the personal trustee sector

explain the role of, and how and when to contact, internal or external specialists relating to the personal trustee sector.

Assessment Conditions

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

common office equipment, technology, software and consumables

appropriate legislation and regulations relevant to administering a trust

organisational reference materials such as policies, procedures, manuals and checklists.

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

FNSPRT405 Establish powers of attorney or financial administration orders

Modification History

Release	Comments
Release 2	This version first released with FNS Financial Services Training Package Version 2.0.
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 operate in accordance with relevant organisational and legal requirements when advising a client on establishing and executing the appointment of a power of attorney.

It applies to individuals who are proficient administrators in the personal trustee sector and record client instructions for the appointment of a power of attorney

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

Personal trustee

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. Advise client on legal requirements of establishing the appointment	1.1 Identify client's circumstances and objectives relevant to the appointment of a power of attorney 1.2 Explain to the client the types of powers the attorney holds 1.3 Present and clarify for the client the legislative requirements in regards to the attorney appointment and other information on products and services relevant to the client's circumstances and their estate, including fees and charges 1.4 Ensure client's questions in regards to the preparation of the appointment are answered in appropriate language
2. Take instructions on behalf of client in relation to appointment	2.1 Assess and confirm testamentary capacity of client in accordance with legislative and organisational requirements and obtain legal or medical opinion if required 2.2 Record instructions of client and establish details of appointment 2.3 Provide client with accurate ethical advice, recommendations and options relating to power of attorney that comply with legislative requirements
3. Prepare, confirm and execute appointment	3.1 Prepare a draft power of attorney in accordance with legislative requirements and consistent with client’s instructions 3.2 Discuss and verify power of attorney with client and arrange and confirm execution in accordance with legislative and organisational requirements 3.3 Organise and advise client of record-keeping, safe storage and review of power of attorney according to organisational requirements

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	Critically analyses documentation from a variety of sources and records and consolidates information to determine requirements
Writing	1.3, 2.2, 2.3, 3.1	Accurately records information and prepares correspondence and documentation using clear language and organisational formats and protocols
Oral Communication	1.1-1.4, 2.1, 2.3, 3.2, 3.3	Articulates clearly using vocabulary suitable to the audience to convey or request information Uses listening and questioning techniques to confirm understanding
Navigate the world of work	2.1, 2.3, 3.1-3.3	Takes personal responsibility for following explicit and implicit policies, procedures and legislative requirements Identifies and acts on issues that contravene relevant policies, procedures and legal requirements
Interact with others	1.1-1.4, 2.1, 2.3, 3.2, 3.3	Uses a range of strategies to establish a sense of connection and build rapport with clients and co-workers Identifies and explores differences in a diverse range of people in the work context and makes adjustments to communication in recognition of these differences Recognises behaviours and triggers that contribute to conflict and implements strategies to moderate conflict
Get the work done	1.1, 2.1, 2.2, 3.1-3.3	Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effective outcomes Makes routine decisions and implements standard procedures for routine tasks using formal decision-making processes for more complex and non-routine situations Uses digital systems and technologies to enter, store or access information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSPRT405 Establish powers of attorney or financial administration orders	FNSPRT405 Establish powers of attorney or financial administration orders	Minor edits to performance criteria Additional requirements added to Knowledge Evidence	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 for FNSPRT405 Establish powers of attorney or financial administration orders

Modification History

Release	Comments
Release 2	This version first released with FNS Financial Services Training Package Version 2.0.
Release 1	This version first released with FNS Financial Services Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

advise client on suitable options relating to power of attorney appointments based on the client's circumstances and objectives

identify the need, and conduct the process, to prove a client's testamentary capacity

draft, execute and store a power of attorney document according to legislative requirements, organisational requirements and client's testamentary instructions.

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 legislative requirements of federal, state and territory legislation and regulations relating to powers of attorney

explain the tests applied to establish a client’s testamentary capacity to make a valid appointment

explain the tests applied to establish the validity of an appointment

discuss the types of power of attorney appointments including:

general

enduring

limited

describe organisational policies and procedures required when establishing a power of attorney

explain products and services offered by personal trustee organisations and fees and charges that apply

outline the role, responsibilities and powers of the personal trust officer including:

organisational expectations

limitation of personal authority in not giving investment advice

identify the role of, and how and when to contact, internal or external specialists relating to the personal trustee sector

outline the professional code of conduct, where applicable, in the personal trustee sector

Assessment Conditions

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

common office equipment, technology, software and consumables

appropriate legislation and regulations relevant to powers of attorney

organisational reference materials such as policies, procedures, manuals and checklists.

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

FNSPRT406 Administer powers of attorney or financial administration orders

Modification History

Release	Comments
Release 2	This version first released with FNS Financial Services Training Package Version 2.0.
Release 1	This unit first released with FNS Financial Services Training Package Version 1.0.

Application

This unit describes the skills and knowledge required to carry out all procedures in accordance with relevant organisational and legal requirements and to ensure that the client’s best interest is upheld at all times when administering powers of attorney or financial administration orders.

It applies to individuals who are proficient administrators in the personal trustee sector. They may identify client assets and liabilities and prepare tax returns and financial statements on behalf of the client.

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

Personal trustee

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. Establish requirements of administrative document	1.1 Examine, previous instructions, legal, administrative and other supporting documents to establish parameters of role 1.2 Confirm instructions contained within documentation and identify any other relevant advisers or stakeholders 1.3 Identify and develop strategies for appropriate action to be taken for special needs and potential conflicts during interactions with client
2. Identify client’s assets and liabilities	2.1 Identify client’s assets and ensure all relevant information and documents are obtained and checked 2.2 Arrange for any real property to be adequately insured and physically secured if required 2.3 Indentify client's liabilities and obtain accurate valuation of assets weighed against liabilities 2.4 Prepare and make a record of a statement of assets and liabilities according to organisational requirements
3. Manage administration requirements	3.1 Determine appropriate actions to undertake documented instructions whilst maintaining client's best interest 3.2 Identify client's financial needs for both income and capital and prepare financial plan and investment strategy with assistance of financial advisers where required 3.3 Ensure that regular and periodic payments are established 3.4 Establish taxation file with Australian Taxation Office (ATO) and prepare regular statements of accounts and tax returns or liaise with client’s accountant where relevant 3.5 Establish and maintain ongoing communication channels with client and other relevant advisers or stakeholders
4. Continuously evaluate and review strategies	4.1 Establish and implement ongoing review of financial plan 4.2 Review assets and investment strategy periodically and make appropriate changes 4.3 Provide ongoing management of client’s assets using procedures in accordance with relevant legislative and organisational requirements ensuring that the client's interest is protected 4.4 Confirm that there is certifiable evidence on any request to handover the appointment

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, 2.1, 2.3, 3.1, 4.2, 4.4	Critically analyses documentation from a variety of sources and records and consolidates information to determine requirements
Writing	2.4, 3.2, 3.4	Accurately records information and prepares correspondence and documentation using clear language and organisational formats and protocols Records outcomes of discussions and makes changes to documentation as required
Oral Communication	1.2, 3.4, 3.5	Articulates clearly using vocabulary suitable to the audience to convey or request information Uses listening and questioning techniques to confirm understanding
Numeracy	2.1, 2.3, 2.4, 3.2–3.4, 4.2	Performs mathematical calculations to analyse financial information, costs and values
Navigate the world of work	1.1, 2.4, 4.3, 4.4	Takes personal responsibility for following explicit and implicit policies, procedures and legislative requirements
Interact with others	1.2, 1.3, 3.1, 3.2, 3.4, 3.5	Uses a range of strategies to establish a sense of connection and build rapport with clients and co-workers Identifies and explores differences in a diverse range of people in the work context and makes adjustments to communication in recognition of these differences Recognises behaviours and triggers that contribute to conflict and implements strategies to moderate conflict
Get the work done	1.1–1.3, 2.4, 3.1–3.5, 4.1, 4.2, 4.3	Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effective outcomes Makes routine decisions and implements standard procedures for routine tasks using formal decision-making processes for more complex and non-routine situations Uses digital systems and technologies to enter, store or access information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSPRT406 Administer powers of attorney or financial administration orders Release 2	FNSPRT406 Administer powers of attorney or financial administration orders Release 1	Minor edits 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 for FNSPRT406 Administer powers of attorney or financial administration orders

Modification History

Release	Comments
Release 2	This version first released with FNS Financial Services Training Package Version 2.0.
Release 1	This version first released with FNS Financial Services Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

produce organisational and legislative documents relevant to carrying out instructions of an attorneyship or financial administration order

prepare and interpret financial statements

apply conflict resolution skills to manage client expectations and any special needs

determine appropriate actions to administer the instructions in the client's best interest within parameters of role

review the appropriateness of the financial plan in meeting client's needs.

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 tasks associated with carrying out instructions contained within attorneyship or financial administration orders

explain the factors that must be considered when establishing the client's income and capital needs

describe the different types of potential conflicts and special needs that may arise when interacting with clients including effects on behaviour of different intellectual capacities and mental and physical disabilities

explain the key requirements of relevant legislation and regulations including:

taxation and tax obligations as they relate to the administration of the appointment as attorney or financial administrator

financial services legislation relating to powers of attorney, guardianship and administration

explain products and services offered by personal trustee organisations and fees and charges that apply

describe organisational policies and procedures required when administering powers of attorney or financial administration orders

outline the role, responsibilities and authority of the personal trust officer including:

organisational expectations

limitation of personal authority in giving investment advice

summarise the professional code of conduct, where applicable, in the personal trustee sector

identify the role of, and how and when to contact, internal or external specialists relating to the personal trustee sector.

Assessment Conditions

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

common office equipment, technology, software and consumables

appropriate legislation and regulations relevant to attorneyship and financial administration orders

organisational reference materials such as policies, procedures, manuals and checklists.

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

FNSPRT407 Investigate and substantiate entitlement in an intestate estate

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 2.0.

Application

This unit describes the skills and knowledge required to identify and verify the existence of an intestate estate, including the beneficiaries, and to prepare documentation ready for estate administration.

It applies to individuals who are proficient administrators in the personal trustee sector. They may undertake research to establish an intestate estate exists, locate beneficiaries and prepare simple financial statements ready for administration of the estate.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Personal trustee

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. Establish file and apply for administration	1.1 Research and gather evidence that confirms that the deceased died intestate 1.2 Confirm domicile of the deceased and their movable and immovable assets 1.3 Obtain relevant affidavits to support application for administration and prepare and lodge application
2.Determine estate beneficiaries	2.1 Identify complex family issues and draft family tree 2.2 Undertake genealogical research and confirm identity and rights of beneficiaries with verifiable documentary evidence 2.3 Trace, identify and locate beneficiaries using internal or external specialists and resources where required
3. Confirm intestate scheme of distribution	3.1 Identify the relevant intestate legislation to determine beneficiaries' entitlement of the estate 3.2 Explain to potential beneficiaries the administration process and certification required to prove their entitlement 3.3 Prepare and confirm schedule of beneficiaries and their entitlements in accordance with organisational requirements

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, 1.3, 2.2, 3.1	Analyses and consolidates information and data from a range of sources against defined criteria and requirements and checks for accuracy and completeness
Writing	1.3, 2.1, 3.3	Accurately records information and prepares correspondence and documentation using clear language and organisational and statutory formats and protocols
Oral Communication	2.3, 3.2	Articulates clearly using vocabulary suitable to audience to convey or request information Uses listening and questioning techniques to confirm understanding
Numeracy	1.2, 3.3	Performs calculations to analyse financial information, costs and values for statutory returns, fees and commissions and reporting
Navigate the world of work	1.1, 1.3, 2.2, 2.3, 3.1	Takes personal responsibility for following explicit and implicit policies, procedures and legislative requirements Identifies and acts on issues that contravene relevant policies, procedures and legal requirements
Interact with others	2.3, 3.2	Selects and uses appropriate conventions and protocols when communicating with clients and co-workers in a range of work contexts Uses a range of strategies to establish a sense of connection and build rapport with clients and co-workers
Get the work done	1.1, 2.1, 2.3, 3.1	Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effective outcomes Makes routine decisions and implements standard procedures for routine tasks using formal decision-making processes for more complex and non-routine situations Uses digital systems and technologies to access, store and share information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence Status
FNSPRT407 Investigate and substantiate entitlement in an intestate estate	FNSPRT401 Administer an intestate estate	New element added to establish intestate file and administration element removed. Title changed.	No 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 for FNSPRT407 Investigate and substantiate entitlement in an intestate estate

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 2.0.

Performance Evidence

Evidence of the ability to:

research and gather evidence that confirms an intestate estate

conduct genealogical research and determine beneficiaries and their entitlements according to legislative and organisational requirements

prepare documentation relating to application for administration of an intestate estate and a schedule of beneficiaries

explain to beneficiaries the processes for estate administration and proving their estate entitlement.

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 legislative requirements of federal, state and territory legislation and regulations relating to:

wills

intestate succession

probate and administration

preparing an application for administration

taxation and tax obligations, including capital gains tax, as they relate to the administration of estates

outline the professional code of conduct, where applicable, in the personal trustee sector

discuss the role, responsibilities and powers of the personal trust officer when substantiating an intestate entitlement estate

identify the role of internal and external specialists relating to the substantiation of an intestate estate's entitlement

describe organisational policies and procedures regarding the substantiation of an intestate estate entitlement

describe potential estate liabilities including:

claims on the estate

fees and charges and other administration expenses

debts of the deceased

deceased final tax return obligations

list and describe what constitutes verifiable documentary evidence including:

affidavits

births, deaths and marriage certificates

religious certificates.

Assessment Conditions

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

appropriate legislation and regulations relevant to administering intestate estates

the internet for searches

organisational reference materials such as policies, procedures, manuals and checklists

common technology and software.

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

FNSPRT501 Advise clients on trust structures

Modification History

Release	Comments
Release 2	This version first released with FNS Financial Services Training Package Version 2.0.
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 determine a client's complex needs, advise the client on trust structures and prepare trust documentation.

It applies to individuals who are senior level personal trust officers in the personal trustee sector and who have highly developed communication skills and the authority to provide advice on trust structures.

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

Personal trustee

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. Determine client needs and advise client on suitable trust structures	1.1 Discuss the client's personal, financial and family circumstances and identify areas of risk to preservation of the client's assets 1.2 Advise client on trust structures available to mitigate the identified risks including the type of trust, how the trust is created and administered, the taxation consequences of the trust, any legislative requirements for the trust and the role of the trustee 1.3 Discuss and confirm with the client the fees and cost structure for the advice on trust structures and the preparation of trust documentation 1.4 Identify relevant legislation and organisational policies and procedures for consideration in drafting the client's trust documentation 1.5 Seek assistance, advice or other services from internal or external specialist advisers as required
2. Prepare draft trust documentation	2.1 Research relevant strategies, laws and trust structures 2.2 Identify and consider the benefits, risks and taxation consequences of each trust structure proposed 2.3 Prepare, in accordance with legislative and organisational policy requirements, appropriate draft trust documentation for the client to review and consider
3. Present draft trust documentation to the client	3.1 Explain to the client the draft trust documentation, trust structure and trust objectives 3.2 Discuss with the client how the trust structure will achieve asset protection for the client 3.3 Explain to the client what the client will need to do to finalise and implement the draft trust documentation 3.4 Seek and consider the client's feedback on the draft trust documentation
4. Finalise trust documents	4.1 Document any amendments to the draft trust documentation arising from the client's feedback on the draft trust documentation 4.2 Finalise the draft trust documentation and prepare an execution copy of each document 4.3 Discuss with the client any changes in the final trust documentation 4.4 Arrange for the client's due execution of the trust documentation

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	1.4, 2.1	Critically analyses complex documentation from a variety of sources and consolidates information relating to specific criteria to determine requirements
Writing	2.3, 4.1	Accurately records information and prepares correspondence and documentation using clear language and organisational formats and protocols Records outcomes of discussions and makes changes to policy documentation using industry relevant terminology
Oral Communication	1.1–1.3, 3.1–3.4, 4.3	Uses active listening, questioning and reading of paralinguistic signals to clarify information and confirm understanding Clearly explains detailed information using language, tone and pace appropriate to the audience
Numeracy	1.1–1.3, 2.2	Uses highly developed numeracy skills to interpret complex financial information and produce detailed financial strategies
Navigate the world of work	1.3, 1.4, 2.3, 4.4	Takes full responsibility for following policies, procedures and legislative requirements and identifies organisational implications of new legislation or regulation
Interact with others	1.1–1.3, 1.5, 3.1–3.4, 4.1, 4.3	Implements strategies for a diverse range of colleagues and clients to build rapport and foster strong relationships Recognises the diversity in people and manages this diversity to improve workplace relations and practices Manages conflict through the recognition of contributing factors and by implementing strategies to resolve conflict
Get the work done	1.1, 1.2, 2.1–2.3, 3.4, 4.2, 4.4	Accepts responsibility for planning and sequencing complex tasks and workload negotiating key aspects with others and taking into account capabilities, efficiencies and effectiveness Makes critical decisions quickly and intuitively in complex situations taking into consideration a range of variables including the outcomes of previous decisions Uses digital systems and technologies to enter, store or access information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSPRT501 Advise clients on trust structures	FNSPRT501 Advise clients on trust structures	Minor edits 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 for FNSPRT501 Advise clients on trust structures

Modification History

Release	Comments
Release 2	This version first released with FNS Financial Services Training Package Version 2.0.
Release 1	This version first released with FNS Financial Services Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

advise the client on suitable trust structure in compliance with legislative and organisational requirements

accurately prepare and present trust and related financial documents according to legal, industry and organisational requirements.

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 a range of client needs and circumstances relevant to trust structures

explain the key legislation and regulations relating to:

wills

trusteeships including investment and obligations of the trustees

investment of trust assets

taxation and tax obligations as they relate to the administration of trusts

describe the internal and external complaints resolution procedure

examine legal concepts and scope of law covering trusts with particular reference to:

structure of a trust

trust deed

common law duty

role and responsibilities of a trustee

types of trusts

bankruptcy and insolvency

summarise relevant social services benefits and qualification requirements including:

age

disability

unemployment provisions

describe organisational policies and procedures required when advising clients on trust structures

outline products and services offered by personal trustee organisations and fees and charges that apply

outline the role, responsibilities and authority of the senior personal trust officer including:

management and supervision responsibilities

organisational expectations

limitation of personal authority in giving investment advice

discuss the professional code of conduct, where applicable, in the personal trustee sector

explain the role of, and how and when to contact, key internal and external specialists relating to the personal trustee sector.

Assessment Conditions

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

common office equipment, technology, software and consumables

appropriate legislation and regulations relevant to advising clients on trust structures

organisational reference materials such as policies, procedures, manuals and checklists.

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

FNSPRT502 Advise clients in estate planning

Modification History

Release	Comments
Release 2	This version first released with FNS Financial Services Training Package Version 2.0.
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 determine a client's estate planning needs and to provide advice on a straightforward estate plan. It also covers the preparation of relevant documentation.

It applies to individuals who are senior level personal trust officers in the personal trustee sector and who have highly developed communication skills and the authority to provide advice.

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 and relevant federal, state and territory legislation.

Unit Sector

Personal trustee

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. Confirm client estate planning requirements with client	1.1 Discuss the client's personal, financial and family situation and identify the client's estate planning needs 1.2 Identify aspects of the client's situation that require special attention within the estate plan 1.3 Discuss and confirm with the client the fees and cost structure for the estate plan 1.4 Identify relevant legislation and organisational policies and procedures for consideration in drafting the client's estate plan 1.5 Seek assistance, advice or other services from internal or external specialist advisers as required
2. Prepare draft estate plan and ancillary documents	2.1 Research relevant estate planning products, services and strategies that meet the client's needs and expectations 2.2 Identify and consider the benefits, risks and taxation consequences of each product, service and strategy identified 2.3 Prepare, in accordance with legislative and organisational policy requirements, an appropriate draft estate plan and any ancillary documentation for the client to review and consider
3. Present the draft estate plan to the client	3.1 Explain to the client the draft estate plan, its structure and objectives 3.2 Identify and explain to the client the products, services and strategies contained in the draft estate plan and any ancillary documentation 3.3 Explain to the client what the client will need to do to finalise and implement the draft estate plan 3.4 Seek and consider the client's feedback on the draft estate plan and any ancillary documentation
4. Finalise the estate plan and ancillary documents	4.1 Document any amendments to the draft estate plan arising from the client's feedback on the draft estate plan 4.2 Finalise the estate plan and any ancillary documentation 4.3 Discuss with the client any changes in the final estate plan 4.4 Arrange for the client to execute the estate plan and any ancillary documentation

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	1.2, 1.4, 2.1, 2.2	Critically analyses complex documentation from a variety of sources and consolidates information relating to specific criteria to determine requirements
Writing	2.3, 4.1, 4.2	Accurately records information and prepares correspondence and documentation using clear language and organisational formats and protocols
Oral Communication	1.1, 1.3, 3.1–3.4, 4.3	Uses active listening, questioning reading of paralinguistic signals to clarify information and confirm understanding Clearly explains detailed information using language, tone and pace appropriate to the audience
Numeracy	1.1, 1.3, 2.2	Performs mathematical calculations to interpret complex financial information including tax and insurance requirements
Navigate the world of work	1.3–1.5, 2.3, 4.2, 4.4	Works independently or with others in making decisions to achieve organisational outcomes Takes full responsibility for following policies, procedures and legislative requirements and identifies organisational implications of new legislation or regulations
Interact with others	1.1, 1.3, 1.5, 3.1–3.4, 4.3	Implements strategies for a diverse range of colleagues and clients to build rapport and foster strong relationships Collaborates with others sharing information to achieve organisational outcomes Recognises the diversity in people and manages this diversity to improve workplace relations and practices
Get the work done	1.1,1.2, 2.2, 3.4, 4.1, 4.2	Accepts responsibility for planning and sequencing complex tasks and workload negotiating key aspects with others and taking into account capabilities, efficiencies and effectiveness Monitors progress of plans and schedules and reviews and changes them to meet new demands and priorities Applies systematic and analytical decision-making processes for complex and non-routine situations Uses digital systems and technologies to enter, store or access information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSPRT502 Advise clients in estate planning	FNSPRT502 Advise clients in estate planning	Element 1 split and rewritten and re-ordered performance criteria to clarify intent of unit.	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 for FNSPRT502 Advise clients in estate planning

Modification History

Release	Comments
Release 2	This version first released with FNS Financial Services Training Package Version 2.0.
Release 1	This version first released with FNS Financial Services Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

advise the client on suitable estate plan in compliance with legislative and organisational requirements

accurately prepare estate plan and related documents according to legal, industry and organisational requirements.

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 a range of client needs and circumstances relevant to estate planning

explain key legislation and regulation requirements relating to :

wills

intestacies

attorneyships or guardianships

probate and administration

trusteeships including investment and obligations of the trustees

investment of trust assets

taxation and tax obligations as they relate to the administration of trusts

describe organisational policies and procedures required when providing and documenting estate planning advice

describe the internal and external complaints resolution procedure

outline estate planning products and services offered by personal trustee organisations and the fees and charges that apply

outline the role, responsibilities and authority of the senior personal trust officer including:

management and supervision responsibilities

organisational expectations

limitation of personal authority in giving investment advice

discuss the professional code of conduct, where applicable, in the personal trustee sector

describe the role of, and how and when to contact, key internal and external specialists relating to the personal trustee sector.

Assessment Conditions

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

common office equipment, technology, software and consumables

appropriate legislation and regulations relevant to advising clients on estate planning

organisational reference materials such as policies, procedures, manuals and checklists.

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

FNSPRT504 Apply knowledge of the regulatory environment relevant to trustee organisations

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 2.0.

Application

This unit describes the skills and knowledge required to research and analyse the regulatory requirements applicable to trustee organisations and to apply this knowledge in the provision of products and services to clients.

It applies to individuals employed by trustee organisations that are subject to licensing and other legislative requirements, administered by the Australian Securities and Investments Commission (ASIC) and state and territory Supreme Courts.

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, the Corporations Act (Commonwealth) and relevant state and territory legislation.

Unit Sector

Personal Trustees

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 regulatory requirements	1.1 Research legislation that applies to a trustee organisation 1.2 Identify the regulators and ombudsman that regulate trustee organisations and their employees 1.3 Research and identify industry standards and guidelines relevant to a trustee organisation and the provision of its products and services
2. Analyse regulatory issues and risks for a trustee organisation	2.1 Identify and evaluate the regulatory and broader risks for a trustee organisation 2.2 Apply risk mitigation strategies to assist in compliance with regulatory requirements
3. Apply knowledge of regulatory requirements	3.1 Research and apply relevant trustee organisation policies and procedures to day-to-day work 3.2 Provide trustee organisation's products and services to clients according to regulatory and organisational requirements 3.3 Incorporate regulatory and organisational requirements into relevant documentation and work practices 3.4 Seek specialist advice and guidance where required to interpret, analyse and apply regulatory requirements
4. Maintain knowledge of regulatory requirements	4.1 Access and use systems for maintaining up-to-date information about relevant regulatory requirements 4.2 Review trustee organisation's practices and procedures against current regulatory requirements and update as necessary

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, 1.3, 3.1, 4.1	Critically analyses documentation from a variety of sources and consolidates information to determine work requirements
Writing	3.3, 4.2	Uses a range of formats and structures to report and present information logically Develops material for a specific audience using clear and detailed language to convey accurate information and recommendations
Oral Communication	3.2, 3.4	Participates in verbal exchanges using active listening and questioning techniques to convey information and elicit the views and opinions of others Clearly explains detailed information using concepts, language, tone and pace appropriate to the audience
Navigate the world of work	2.2, 3.1-3.4, 4.2	Develops and implements processes to ensure organisational requirements are met Monitors and reviews the organisational policies and procedures and adherence to legislative requirements
Interact with others	3.2, 3.4	Uses a variety of relevant communication tools and strategies in building and maintaining effective working relationships
Get the work done	1.1-1.3, 2.1, 2.2, 3.1, 3.3, 4.1, 4.2	Systematically gathers and analyses all relevant information to determine work requirements Develops routine and non-routine solutions that involve a diverse range of personnel Monitors results against stated regulatory requirements and makes adjustments where necessary Uses digital systems and technologies to enter, store or access information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSPRT504 Apply knowledge of the regulatory environment relevant to trustee organisations	Not applicable	New unit covering industry requirements	No 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 for FNSPRT504 Apply knowledge of the regulatory environment relevant to trustee organisations

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 2.0.

Performance Evidence

Evidence of the ability to:

research current legislation and regulatory requirements in relation to the operations of a trustee organisation and its products, services and employees

provide products and services according to relevant regulatory and organisational requirements

develop and apply mitigation strategies to reduce any probable or potential chance of non-compliance

use systems and information sources to access and maintain current knowledge of regulatory requirements.

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 traditional trustee organisation products and services including:

estate planning

writing wills

acting as executor of deceased estates

establishing and administering personal trusts

preparing and administering ppowers of aattorney

acting as guardian or financial manager, usually under court or ttribunal order, to protect vulnerable beneficiaries

administering charitable trusts and foundations

outline the differences in products and services offered by public and private trustee organisations including:

trustee or administrator for small super funds

providing tax advice and preparing tax returns

financial planning

funds management

corporate activities such as registry operations,custodial services ,trustee for debenture and convertible note issues,securitisation facilities ,compliance monitoring,trustee or administrator for retail super funds

explain relevant elements and any associated penalties for breach of the key regulatory requirements when operating a trustee organisation providing products and services including:

licensing regime

role of Australian Securities and Investments Commission (ASIC) including relevant regulatory guides and class orders

disclosure of capacity

fee transparency

financial services guides (FSG)

dispute resolution process

competency of representatives

fidelity duty of officers and employees

fee caps

financial management and risk management

describe the role of internal and external specialists relating to the application of regulatory requirements relevant to the trustee organisation

outline key sources of information on regulatory requirements including:

Australian Taxation Office (ATO)

Australian Securities and Investments Commission (ASIC)

courts

existing or proposed trust deeds

fund managers

industry bodies

relevant federal, state and territory organisations

organisational policy and procedure manuals.

Assessment Conditions

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

common office equipment, technology, software and consumables

appropriate legislation and regulations relevant to operating a trustee organisation and providing products and services

organisational reference materials such as policies, procedures, manuals and checklists.

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

FNSPRT505 Develop and maintain knowledge of financial services and assets

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 2.0.

Application

This unit describes the skills and knowledge required to develop and maintain knowledge of the financial services and assets offered or used by a trustee organisation.

It applies to individuals who work within a trustee organisation, provide financial services and manage assets appropriately for their clients. These individuals are employed by trustee organisations that may be subject to licensing and other legislative requirements administered by the Australian Securities and Investments Commission (ASIC) and state and territory Supreme Courts.

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

Personal trustee

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. Analyse financial services and assets	1.1 Determine the purpose of the financial services offered by the trustee organisation 1.2 Examine the characteristics of the financial services offered by the trustee organisation 1.3 Examine the characteristics of the assets managed by the trustee organisation
2. Identify and apply regulatory requirements	2.1 Identify financial services provided by the trustee organisation that are subject to regulatory requirements 2.2 Research and apply relevant regulatory requirements to financial services offered and assets managed by the trustee organisation
3. Maintain knowledge of financial services and assets	3.1 Review financial services on a regular basis and apply amendments or additions to those offered by the trustee organisation 3.2 Review administration of assets on a regular basis and apply amendments or additions to those managed by the trustee organisation 3.3 Access and use systems for maintaining up-to-date knowledge about relevant financial services and assets

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	1.1-1.3, 2.2	Critically analyses documentation from a variety of sources and records and consolidates information to determine requirements
Writing	3.1, 3.2	Uses a range of formats and structures to report, maintain accurate records, document decisions and present information logically Develops material for a specific audience using clear and detailed language to convey accurate information and recommendations
Navigate the world of work	2.1, 2.2, 3.1-3.3	Develops and implements programs to ensure organisational goals are achieved and performance improved Monitors and reviews the organisational policies and procedures and adherence to legislative requirements
Get the work done	1.1-1.3, 2.1 2.2, 3.1-3.3	Systematically gathers and analyses all relevant information to determine work requirements and implement programs Develops flexible plans for routine and complex activities with strategic implications that involve a diverse range of personnel Monitors results against stated goals adjusting plans and resources where necessary Uses digital systems and technologies to enter, store or access information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSPRT505 Develop and maintain knowledge of financial services and assets	Not applicable	New unit to meet industry standards	No 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 for FNSPRT505 Develop and maintain knowledge of financial services and assets

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 2.0.

Performance Evidence

Evidence of the ability to:

list and describe financial services offered and assets managed by trustee organisation

research and apply current regulatory requirements in relation to financial services offered and assets managed by trustee organisation for clients

access and use systems and sources of information to maintain knowledge on financial services offered and assets managed by trustee organisation.

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 different traditional trustee financial services offered by a trustee organisation including:

estate planning

writing wills

acting as executor of deceased estates

establishing and administering personal trusts

preparing and administering powers of attorney

acting as guardian or financial manager, usually under court or tribunal order, to protect vulnerable beneficiaries

administering charitable trusts and foundations

describe the different assets managed or used by a trustee organisation including:

superannuation

real estate

common funds

direct shares

managed investment schemes

bonds

life insurance

cash investments

explain elements of the key regulatory requirements of a trustee organisation that offers financial services and manages assets including:

Corporations Act 2001

state based trustee acts

public trustee acts

prudent person principle including diversification, investment risks including losing capital or income, capital maintenance, capital depreciation, capital appreciation, estimated income return, liquidity and marketability of the proposed investment and aggregate value of estate in trust

outline key sources of information on financial services offered and assets managed by the trustee organisation including:

product disclosure statements

Australian Taxation Office (ATO)

Australian Securities and Investments Commission (ASIC)

Financial Ombudsman Service (FOS)

industry bodies.

Assessment Conditions

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

common office equipment, technology, software and consumables

appropriate legislation and regulations relevant to financial services provided and assets managed by trustee organisation

organisational reference materials such as policies, procedures, manuals and checklists.

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

FNSPRT506 Develop understanding of traditional trustee services

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 2.0.

Application

This unit describes the skills and knowledge required to explain the types and range of traditional trustee services the trustee organisation offers that may be appropriate for particular clients. It also covers reviewing and evaluating the services provided to clients.

It applies to individuals employed by trustee organisations that are subject to licensing and other legislative requirements, administered by the Australian Securities and Investments Commission (ASIC) and state and territory Supreme Courts.

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

Personal trustee

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 the regulatory requirements and key principles of traditional trustee services	1.1 Identify relevant federal, state and territory based legislation for traditional trustee services offered by the trustee organisation 1.2 Identify the roles and requirements of relevant regulators and the ombudsman 1.3 Analyse the role of a substitute decision-maker and discretionary decision-making 1.4 Identify and consider relevant common law principles
2. Determine the provision of traditional trustee services	2.1 Analyse the various functions performed within traditional trustee services 2.2 Identify and explain fee charging, statutory caps and disclosure for various clients 2.3 Analyse and interpret the contents of governing and founding instruments 2.4 Evaluate and discuss investment outcomes appropriate to client circumstances and term 2.5 Use client relationship management and asset management systems when delivering traditional trustee services
3. Meet ongoing obligations of providing traditional trustee services	3.1 Facilitate use of other appropriate services and resources by providing referrals to other specialists where necessary 3.2 Apply conditions of the prudent person principle 3.3 Identify and maintain ongoing taxation obligations 3.4 Identify and implement asset protection strategies 3.5 Maintain accurate accounts and records

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	1.1-1.4, 2.1, 2.3	Critically analyses documentation from a variety of sources and records and consolidates information to determine requirements
Writing	2.2, 2.5, 3.3, 3.5	Uses a range of formats and structures to report and present information logically Develops material for a specific audience using clear and detailed language to convey accurate information and recommendations
Oral Communication	2.2, 2.4, 3.1	Participates in verbal exchanges using active listening and questioning techniques to convey information and elicit the views and opinions of key stakeholders Clearly explains detailed information using concepts, language, tone and pace appropriate to the audience
Numeracy	2.2, 2.4, 2.5, 3.3, 3.5	Uses highly developed numeracy skills to interpret complex financial information and produce detailed financial reports
Navigate the world of work	1.1-1.4 , 2.5	Develops and implements programs to ensure organisational goals are achieved and performance improved Monitors and reviews the organisational policies and procedures and adherence to legislative requirements
Interact with others	2.2, 2.4, 3.1	Uses a variety of relevant communication tools and strategies in building and maintaining effective working relationships Takes a lead role in improving organisational processes with a focus on building awareness and engaging others
Get the work done	2.5, 3.1-3.5	Systematically gathers and analyses all relevant information to determine work requirements and implement programs Develops flexible plans for routine and complex activities with strategic implications that involve a diverse range of personnel Monitors results against stated goals, adjusting plans and resources where necessary Uses digital systems and technologies to enter, store or access information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSPRT506 Develop understanding of traditional trustee services	Not applicable	New unit to meet industry standards	No 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 for FNSPRT506 Develop understanding of traditional trustee services

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 2.0.

Performance Evidence

Evidence of the ability to:

explain the regulatory and key principle requirements of providing traditional trustee services

explain the range of traditional trustee services to a client in a suitable manner

maintain knowledge and application of the ongoing obligations of providing traditional trustee services.

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:

explain elements of the key regulatory requirements of traditional trustee services a trustee organisation provides including:

trustee acts for each state and territory

licensing regime that authorises the provision of advice

prudent person principle such as diversification, investment risks including losing capital or income, capital maintenance, capital depreciation, capital appreciation, estimated income return, liquidity and marketability of the proposed investment and aggregate value of estate in trust

describe client circumstances relevant to determining investment outcomes including:

required rate of return

stability of income

mental capacity

phase of life

concerns of capital protection

describe traditional trustee services including:

estate planning

writing wills

acting as executor of deceased estates

establishing and administering personal trusts

preparing and administering powers of attorney

acting as guardian or financial manager, usually under court or tribunal order, to protect vulnerable beneficiaries

administering charitable trusts and foundations

explain the different governing and founding instruments including:

will

power of attorney

trust deed

court order.

Assessment Conditions

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

common office equipment, technology, software and consumables

appropriate legislation and regulations relevant to trustee organisation

organisational reference materials such as policies, procedures, manuals and checklists .

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

FNSPRT507 Apply principles of fiduciary duty, substituted decision-making and ethical decision-making

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 2.0.

Application

This unit describes the skills and knowledge required to make legal and ethical decisions in relation to a trustee organisation's clients, including clients who lack financial capacity and minor beneficiaries.

It applies to individuals who deal directly with clients and other employees of a trustee organisation who make client decisions and provide traditional trustee services.

Work functions in the occupational areas where this unit may be used are subject to statutory and common law requirements. Refer to the FNS Implementation Guide Companion Volume, the Corporations Act (Commonwealth), relevant state and territory legislation and case law for specific guidance on requirements.

Unit Sector

Personal trustee

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 the type of client and the client's needs, interests and rights	1.1 Confirm whether the client is a beneficiary, minor beneficiary or represented person 1.2 Identify the needs, interests and rights of the client and the relevant fiduciary duties and substituted decision-making principles that should be applied in dealing with the client 1.3 Identify broader ethical issues associated with the delivery of traditional trustee company services to the client
2. Apply legal and ethical principles to fiduciary duty and decision-making	2.1 Identify the legal requirements necessary to discharge a fiduciary duty, to act as a substituted decision-maker and to act ethically 2.2 Make decisions in relation to the client which meet the client's needs, are in the client's best interest and uphold the client's rights 2.3 Support and encourage clients to exercise their rights without compromising their safety and that of others 2.4 Inform other relevant stakeholders of the client's needs, interests and rights
3. Maintain a working knowledge of trustee fiduciary duties and substituted decision-making and ethical principles	3.1 Access relevant legal and organisational sources to ensure current knowledge of fiduciary duty, substituted decision-making and ethical principles 3.2 Modify any client services, processes and procedures where necessary to comply with current fiduciary duty, substituted decision-making and ethical principles

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, 3.1	Critically analyses documentation from a variety of sources and documents and consolidates information to determine requirements
Oral Communication	1.1, 1.2, 2.3, 2.4	Participates in verbal exchanges using active listening and questioning techniques to convey information and elicit the views and opinions of key stakeholders Clearly explains detailed information using concepts, language, tone and pace appropriate to the audience
Navigate the world of work	1.3, 2.1, 2.2, 3.2	Makes decisions to develop and implement solutions for clients to ensure organisation meets requirements Monitors and reviews the organisation’s policies and procedures and adherence to legislative and regulatory requirements and ethical principles
Interact with others	1.1,1.2, 2.3, 2.4	Uses a variety of relevant communication tools and strategies in building and maintaining effective working relationships Takes a lead role in communicating the client's best interests
Get the work done	1.1-1.3, 2.1, 2.2, 3.1, 3.2	Systematically gathers and analyses all relevant information to determine work requirements and make decisions Develops routine and non-routine solutions with strategic implications that involve a diverse range of stakeholders Monitors results and makes adjustment where necessary Uses digital systems and technologies to enter, store or access information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence Status
FNSPRT507 Apply principles of fiduciary duty, substituted decision-making and ethical decision-making	Not applicable	New unit covering essential trustee decision-making skills	No 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 for FNSPRT507 Apply principles of fiduciary duty, substituted decision-making and ethical decision-making

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 2.0.

Performance Evidence

Evidence of the ability to:

identify the relevant fiduciary duty, substituted decision-making and ethical decision-making principles, and associated legislative requirements when providing traditional trustee services to a client

apply fiduciary duty, substituted decision-making and ethical decision-making principles and associated legislative requirements to make decisions for a client and explain to the client or other relevant stakeholder, how that decision meets the client's needs and interests and upholds their rights

use systems to maintain knowledge of fiduciary duty, substituted decision-making and ethical decision-making principles and associated legislative requirements.

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:

explain key elements of the legislative requirements, including common law, that apply when providing traditional trustee services to clients including:

fiduciary duty

substituted judgement

ethics and equity

explain key elements of the prudent person principles including:

diversification

investment risks including losing capital or income

capital maintenance

capital depreciation

capital appreciation

estimated income return

liquidity and marketability of the proposed investment

aggregate value of estate in trust

describe client needs, interests and rights relevant to the requirements of fiduciary duty, substituted decision-making and ethical decision-making principles including:

physical and emotional security

support and care

economic support

household assistance and maintenance

possessions

bank accounts

accommodation

facilities

services available and desired

recreational pursuits

participation or non-participation to the degree desired

receive or refuse quality services

human rights including the right to freedom from discrimination

describe traditional trustee company products and services including:

estate planning

writing wills

acting as executor of deceased estates

establishing and administering personal trusts

preparing and administering powers of attorney

acting as guardian or financial manager, usually under court or tribunal order, to protect vulnerable beneficiaries

administering charitable trusts and foundations

discuss key sources of information on fiduciary duty, substituted judgement and ethics and equity principles and associated legislative requirements including:

courts

existing or proposed trust deeds

industry bodies

relevant federal, state and territory government organisations

organisational policies and procedures.

Assessment Conditions

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

common office equipment, technology, software and consumables

appropriate legislation and regulations relevant to trustee organisations

organisational reference materials such as policies, procedures, manuals and checklists.

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

FNSPRT508 Administer a charitable trust

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 2.0.

Application

This unit describes the skills and knowledge required to establish and administer a charitable trust and to manage and monitor the charitable trust's assets.

It applies to individuals who are proficient administrators in the personal trustee sector and have highly developed communication and financial management skills.

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

Personal trustee

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. Create charitable trust file	1.1 Identify type of charitable trust and the trust parameters from the trust instrument 1.2 Identify relevant legislation and regulators in the charitable trust area 1.3 Research and identify the specific rules and tax status that applies to various charitable entities 1.4 Arrange specialist services and other resources to assist with management of complex issues as required 1.5 Create charitable trust file according to legislative and organisational requirements
2. Establish and administer charitable trust	2.1 Establish and prepare appropriate tools, practices and procedures to manage a charitable trust and to promote the charitable purpose stipulated in the trust instrument 2.2 Review grant applications and respond to all applicants in accordance with organisational requirements 2.3 Distribute trust funding to eligible beneficiaries and grant funding to successful applicants 2.4 Prepare and submit information statements and financial reports as required by relevant regulatory agencies
3. Provide for ongoing management and administration of charitable trust	3.1 Invest charitable trust assets in accordance with the trust instrument and the trustee's legal investment obligations 3.2 Review the performance of the charitable trust's assets periodically to ensure suitability from a legal, taxation and long-term perspective 3.3 Prepare and lodge a trustee tax return where required seeking assistance from specialists as necessary 3.4 Manage the succession of a charitable trust where necessary

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	1.1-1.3, 2.2, 3.2	Critically analyses complex documentation from a variety of sources and consolidates information relating to specific criteria to determine requirements
Writing	1.5, 2.2, 2.4, 3.3	Accurately records information and prepares correspondence and documentation using clear language and organisational formats and protocols
Oral Communication	1.4, 2.2, 3.3	Determines and confirms client requirements using active listening and questioning, and reading of verbal and non-verbal signals to convey and clarify information Uses clear language, concepts, tone and pace appropriate for the audience and purpose
Numeracy	1.1, 1.3, 2.1, 2.3, 2.4, 3.1-3.3	Uses highly developed numeracy skills to interpret complex financial information and performs difficult calculations to manage assets appropriately
Navigate the world of work	1.1-1.5, 2.1, 2.4, 3.1-3.3	Takes personal responsibility for following explicit and implicit policies, procedures and legislative requirements Identifies and acts on issues that contravene relevant policies, procedures and legal requirements Monitors and reviews the organisation's policies and procedures and adherence to legislative and regulatory requirements and ethical principles
Interact with others	1.4, 2.2, 3.3	Uses a range of strategies to establish a sense of connection and build rapport with clients and co-workers Identifies and explores differences in a diverse range of people in the work context and makes adjustments to communication in recognition of these differences Recognises behaviours and triggers that contribute to conflict and implements strategies to mitigate conflict
Get the work done	1.5, 2.2, 2.3, 2.4, 3.1-3.4	Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effective outcomes Makes routine decisions and implements standard procedures for routine tasks using formal decision-making processes for more complex and non-routine situations Uses digital systems and technologies to enter, store or access information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSPRT508 Administer a charitable trust	Not applicable	New competency to meet industry requirements	No 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 for FNSPRT508 Administer a charitable trust

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 2.0.

Performance Evidence

Evidence of the ability to:

establish and administer a charitable trust that complies with legislative and organisational requirements

prepare and interpret complex financial statements

monitor and assess the appropriateness of the trust's assets in meeting grant requirements

create an annual information statement (AIS) for the Australian Charities and Not-for-profits Commission (ACNC).

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 legislation and regulators that govern charitable trusts including:

definition of charity under the Charities Act

Australian Charities and Not-for-profits Commission Act

Charities Act

Tax Administration Act

Income Tax Assessment Act

describe the regulators that govern charitable trusts including:

Australian Taxation Office

state and territory Attorneys-General

describe own role, responsibilities and limitations in relation to providing financial advice

outline the general features and key regulatory requirements of:

charitable funds and charitable institutions

deductable gift recipients (DGRs)

charitable will trusts and inter vivos trusts

private ancillary funds

public ancillary funds

charitable tax status

grant making programs

cy pres applications

describe organisational policies and procedures regarding the establishment, administration and review of charitable trusts including the grant consideration

outline the professional code of conduct, where applicable, in the personal trustee sector

identify the role of, and how and when to contact, internal or external specialists relating to the personal trustee sector

outline the products and services offered by personal trustee organisations and the fees and charges that apply

discuss the liabilities and penalties for non-compliance by trustees.

Assessment Conditions

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

common office equipment, technology, software and consumables

appropriate legislation and regulations relevant to establishing and administering a charitable trust

organisational reference materials such as policies, procedures, manuals and checklists.

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

FNSRSK502 Assess risks

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 examine the likelihood of financial risks and their consequences, and assess the organisation’s exposure to those risks.

It applies to individuals who provide specialised knowledge, and who use systematic approaches to problem solving and make recommendations within organisational processes and procedures.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Risk 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. Develop risk evaluation criteria	1.1 Identify risks in organisational processes and procedures following the Australian Risk Management Standards 1.2 Develop risk evaluation criteria, including tolerance levels
2. Assess current exposure	2.1 Identify and apply appropriate risk assessment tools and establish probability of risk 2.2 Identify potential severity and/or impact or consequence of risk 2.3 Identify mitigating effect of existing controls and assess exposure to risk using evaluation criteria
3. Compare exposure with guidelines	3.1 Identify relevant guidelines and compare risk exposure levels with organisational guidelines 3.2 Compare exposure levels with industry and statutory obligations, and identify and report unacceptable residual risks
4. Prepare probability assessment	4.1 Analyse specific issues using measurement criteria 4.2 Prepare risk map that ranks and summarises threats and risk issues in consistent manner
5. Communicate with relevant internal and external stakeholders	5.1 Identify stakeholders and seek out their views 5.2 Provide information to stakeholders at each stage of assessing organisation’s exposure to risks

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, 3.1, 4.1	Critically analyses complex documentation from a variety of sources and consolidates information relating to specific criteria to determine requirements
Writing	1.2, 3.2, 4.2, 5.1, 5.2	Uses a range of formats and structures to report and present information logically Develops material for a specific audience using clear and detailed language to convey accurate information and recommendations
Oral Communication	3.2, 5.1, 5.2	Participates in verbal exchanges using active listening and questioning techniques to convey information and elicit the views and opinions of internal and external personnel Clearly explains detailed information using concepts, language, tone and pace appropriate to the audience
Numeracy	1.2, 2.1, 2.3, 3.2, 4.1, 4.2, 5.2	Performs mathematical calculations to analyse financial data and statistics, and to interpret trends
Navigate the world of work	1.1, 3.1, 3.2	Identifies and resolves key business issues, processes and practices that may have legal or organisational implications Modifies or develops organisational policy and procedures to comply with legislative requirements and organisational goals
Interact with others	5.1, 5.2	Implements strategies for a diverse range of colleagues and clients to build rapport and foster strong relationships
Get the work done	1.2, 2.1-2.3, 3.1, 3.2, 4.1, 4.2, 5.1, 5.2	Accepts responsibility for planning and sequencing complex tasks and workload, negotiating key aspects with others and taking into account capabilities, efficiencies and effectiveness Applies systematic and analytical decision-making processes for complex and non-routine situations Uses formal analytical thinking techniques to identify or predict issues and generate possible solutions Investigates new and innovative ideas as a means to continuously improve work practices and processes through consultation, and formal analytical thinking Uses digital systems and technologies to enter, store or access information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSRSK502 Assess risks	FNSRSK502A Assess risks	Updated to meet Standards for Training Packages	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 for FNSRSK502 Assess risks

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:

effectively liaise and communicate with stakeholders

develop risk evaluation criteria and conduct effective analysis of financial and legislative risk situations

prepare a risk map prioritising risk, based on risk analysis

develop recommendations to mitigate risk.

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:

identify and explain the key features and purpose of Australian standards for risk management

analyse and discuss risk management principles and practices, and key terminology

outline the key organisational policy, procedures and operational guidelines relating to risk assessment

research risk exposure levels in the financial services industry

identify residual risk levels and check risk appetite levels for the industry

evaluate risk consequences for the organisation

identify and explain the role of internal and external stakeholders relevant to risk.

Assessment Conditions

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

office equipment, technology, software and consumables

relevant legislation, regulations and codes of practice

relevant Australian standards relating to risk management.

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

FNSRSK602 Determine and manage risk exposure strategies

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 analyse risk factors for financial investment and insurance products, determine appropriate risk exposure management strategies, communicate these strategies to relevant staff and intermediaries, and personally manage the risk assessment strategies. It is aimed at setting the strategy for portfolio managers, including what types of business will be targeted and not targeted.

It applies to individuals who use specialised knowledge, systematic approaches and analytical skills to provide leadership in managing strategic organisational activity.

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

Risk 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. Determine appropriate risk assessment strategies	1.1 Identify and evaluate appropriate criteria for acceptance or rejection of risks using Australian risk management standards 1.2 Determine performance targets for organisation’s capacity to assess and accept risk 1.3 Identify organisation’s business risk elements and control risk elements
2. Evaluate risk and compliance factors	2.1 Identify and collate accurate, reliable and up-to-date information on these elements in form suitable for analysis, and comprehensively investigate and review data accessed 2.2 Evaluate risk elements against known exposure factors and consider compliance with relevant legislation, regulatory guidelines, industry sector compliance requirements and organisational policy 2.3 Evaluate risk acceptability factors within context of organisation’s mitigating capabilities 2.4 Evaluate risk acceptability factors within context of organisational requirements
3. Establish risk acceptance criteria	3.1 Establish terms and conditions of risk acceptance criteria for low hazard risk areas that meet market conditions and are within organisation’s accepted levels of exposure 3.2 Establish terms and conditions of risk acceptance for high hazard risk areas that meet market conditions and are within organisation’s accepted levels of exposure 3.3 Clearly document risk acceptance strategies, criteria and guidelines to meet requirements of relevant guidelines determined within delegated authorities 3.4 Obtain and review relevant feedback and finalise risk acceptance criteria, and associated authority limitations, conditions and guidelines
4. Develop risk management strategies	4.1 Select risk management for each risk and develop implementation plan 4.2 Identify and develop procedures that staff should follow in operationalising strategy
5. Implement risk assessment strategies	5.1 Communicate risk assessment strategies, criteria and guidelines to relevant staff and intermediaries 5.2 Monitor risk acceptance strategy implementation
6. Evaluate and review risk assessment strategies	6.1 Evaluate risk assessment strategies to determine effectiveness in achieving risk management objectives, and review as required 6.2 Document and communicate results to relevant staff

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, 1.3, 2.1, 3.1, 3.2, 3.4, 6.1	Critically analyses complex documentation from a variety of sources and consolidates information relating to specific criteria to determine requirements
Writing	2.1, 3.3, 3.4, 4.1, 4.2, 5.1, 6.2	Uses clear and concise language, correct spelling and grammar, and appropriate terminology to convey information and provide detailed instructions Prepares logically organised documents using appropriate formats for the audience and purpose
Oral Communication	3.4, 5.1, 6.2	Participates in verbal exchanges using active listening and questioning techniques to convey information, obtain feedback and elicit the views and opinions of others Articulates clearly, using concepts and language appropriate to the audience, and adapts tone and pace to engage and present information to others
Numeracy	1.2, 2.1, 4.1	Collates, interprets and analyses financial and statistical information to determine requirements
Navigate the world of work	1.3, 2.2-2.4, 3.1-3.3, 4.2	Works autonomously, making high level decisions to achieve and improve organisational goals Takes a lead role in the development of organisational goals, roles and responsibilities Monitors and reviews the organisation’s policy, procedures and adherence to legislative requirements
Interact with others	3.4, 5.1, 6.2	Uses a variety of relevant communication tools and strategies in building and maintaining effective working relationships
Get the work done	1.1, 1.2, 2.1-2.4, 3.1, 3.2, 4.1, 4.2, 5.2, 6.1, 6.2	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 Uses formal analytical thinking techniques to identify or predict issues and generate possible solutions Makes high impact decisions in a complex and diverse environment, using input from a range of sources Explores and incubates new and innovative ideas through unconstrained analysis and critical thinking Uses digital systems and technologies to enter, store or access information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSRSK602 Determine and manage risk exposure strategies	FNSRSK602A Determine and manage risk exposure strategies	Updated to meet Standards for Training Packages	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 for FNSRSK602 Determine and manage risk exposure strategies

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:

effectively communicate and document information, and liaise with relevant staff and stakeholders

develop risk acceptance criteria, identify high and low hazard financial and legislative risk areas, and develop appropriate risk mitigation strategies

manage the implementation strategy

monitor, evaluate and check the effectiveness of the risk management strategy.

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:

identify and explain the key features and purpose of Australian standards as they relate to risk management

outline the key features of actuarial and financial principles and processes related to risk exposure strategies

analyse and discuss relevant industry hazards and risk exposures

compare and contrast risk assessment and prevention methods, and application

outline the key organisational products and services, and associated risks and liability loss exposures

describe the key features of industry sector compliance requirements

describe the key features of relevant legislation, regulatory guidelines and industry sector compliance requirements as they relate to:

insurance contracts

privacy

consumer protection

corporations

describe key features of organisational policy, procedures, guidelines and authorities related to risk management.

Assessment Conditions

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

office equipment, technology, software and consumables

relevant legislation, regulations and codes of practice

relevant Australian standards relating to risk management

organisational and industry risk management documentation.

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

FNSRTS301 Provide customer service in a retail agency

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 apply customer service skills and process financial services transactions in non-financial services organisations that act as an agency, particularly in rural and remote areas.

It applies to individuals who, within their level of responsibility, use clear communication skills to provide up-to-date and accurate information and follow procedures to process transactions.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Financial retail services

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. Represent financial services institution	1.1 Recognise and confirm role and purpose of agency in providing services on behalf of financial services institution 1.2 Develop and maintain knowledge of relevant range of products and services 1.3 Effectively maintain documentation about financial services institution and its products and services to ensure its accessibility, accuracy, currency and quality 1.4 Know and access relevant contact people, hotline phone numbers and websites of financial services institution to provide support and clarify service queries
2. Identify customers’ financial service needs	2.1 Provide timely and courteous responses to customer requests within limits of agency authorisation to offer advice 2.2 Refer requests for information, advice, products or services that fall outside agency level of authorisation or knowledge to financial services institution for resolution 2.3 Provide help and assistance to customers to ensure full and accurate completion of documentation or transaction forms
3. Process customer transactions	3.1 Check information or forms provided by customers for accuracy and completeness 3.2 Complete transactions in timely and accurate manner using protocols and processes of financial services institution 3.3 Maintain accurate customer account and transaction details 3.4 Routinely conduct accurate reconciliation of monies received with transaction records 3.5 Respond to customer queries or complaints in courteous and timely manner using required protocols and processes 3.6 Refer customer queries or complaints that are outside agency’s level of authorisation or knowledge to financial services institution for resolution

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	1.3, 1.4, 2.3, 3.1	Accesses information from a range of sources and interprets documents to confirm and determine requirements
Writing	1.4, 2.1-2.3, 3.5, 3.6	Completes forms and transaction records accurately, using correct spelling and grammar
Oral Communication	1.4, 2.1-2.3, 3.5, 3.6	Participates in verbal exchanges using active listening and questioning to determine requirements and to promote services and products Clearly explains and clarifies information using language, tone and pace appropriate to the audience and purpose
Numeracy	2.3, 3.2-3.5	Uses mathematical equations to undertake basic financial transaction calculations
Navigate the world of work	1.1, 1,2, 3.2, 3.5	Understands the purpose of own role and associated responsibilities, and follows organisational procedures and protocols for customer service provision
Interact with others	1.4, 2.3, 3.5	Follows required communication practice and protocols in immediate work context Recognises who to go to for support and clarification in own role
Get the work done	1.1, 1.3, 1.4, 2.1, 2.2, 2.3, 3.2, 3.3, 3.5, 3.6	Plans and sequences routine tasks and workload, seeking clarification from others as required Makes routine decisions and implements standard procedures for routine tasks and predictable problems, recognising when referral to higher authority is necessary Uses familiar digital technologies and systems to access information, search and enter data, and communicate with others

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSRTS301 Provide customer service in a retail agency	FNSRTS301A Provide customer service in a retail agency	Updated to meet Standards for Training Packages	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 for FNSRTS301 Provide customer service in a retail agency

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:

maintain and apply relevant and up-to-date knowledge of the products and services of the retail agency

provide accurate information and assistance to customers with documentation

review forms and documentation for accuracy

process transactions accurately

routinely conduct reconciliation of monies with transaction records

apply effective customer service skills in dealing with customers of the retail agency

identify and respond to customer queries and complaints within appropriate scope of authority and in accordance with appropriate legislative requirements

provide information to customers regarding the complaints process and assist customers in a courteous and timely manner.

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 role, services and products provided by the agency on behalf of the financial services institution

describe the key features of:

customer service principles and practice

organisational policy, procedures and protocols, including complaints

outline the key steps and reasons for verifying customer identity and security checking procedures

describe the key requirements of legislation and industry regulation that impact on the scope of advice that can be provided on financial products and services and their benefits and applications.

Assessment Conditions

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

common office equipment, technology, software and consumables

relevant agency transaction systems and data.

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

FNSRTS302 Handle foreign currency transactions

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 provide customer service and handle foreign currency transactions, including buying and selling foreign currency travellers cheques, notes and coins within a retail banking environment.

It applies to individuals who, within their level of responsibility, use clear communication skills to provide current and accurate information and follow organisational procedures to process transactions.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Financial retail services

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 nature of customer's foreign currency needs	1.1 Clarify nature of foreign currency transaction with customer 1.2 Obtain relevant information from customer, including verifying identity of person presenting notes for sale or wishing to purchase foreign currency according to organisational policy and procedures 1.3 Handle customer requests for foreign currency dealings in accordance with officer's authority to approve transactions
2. Verify that proposed transaction can be conducted	2.1 Identify cleared funds as available for requests to purchase foreign currency 2.2 Assess stocks of currencies held on site and inform customer if their requests for foreign currency notes can be fulfilled or advise when currencies will be available 2.3 Verify foreign currency notes presented for sale for authenticity according to organisational procedures
3. Conduct transaction	3.1 Calculate conversion of foreign currency amounts using organisation's set procedures and tables or by accessing relevant databases 3.2 Provide customer with copy of rates used to calculate currency conversion 3.3 Witness customer’s signature, in accordance with policies and procedures, if travellers cheques are being purchased or sold 3.4 Enter details of transaction into relevant database
4. Maintain accurate records of transaction	4.1 Complete required vouchers and receipts in accordance with organisational procedures and obtain required signatures on relevant documentation 4.2 Complete and file relevant reports in event of significant cash transactions, including relevant reports where transaction is considered a possible suspect transaction 4.3 Update and maintain internal records of foreign currency transactions in accordance with organisational procedures

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	Accesses information from a range of sources and interprets financial documents to confirm and determine requirements
Writing	1.2, 2.2, 3.4, 4.1-4.3	Correctly records information and completes forms, checking for accuracy of information and data
Oral Communication	1.1, 1.2, 2.2, 3.2	Participates in verbal exchanges, using active listening and questioning to determine requirements and respond to queries Clearly explains and clarifies information using language, tone and pace appropriate to the audience and purpose
Numeracy	1.1-1.3, 2.1-2.3, 3.1, 3.2	Uses mathematical equations and organisational tools to undertake basic financial transaction calculations
Navigate the world of work	1.3, 3.1, 4.1, 4.3	Understands boundaries and responsibilities of role and complies with explicit policies and procedures
Interact with others	1.2, 1.3	Follows required communication practice and protocols relating to provision of effective customer service in immediate work context
Get the work done	2.1, 2.2, 2.3 3.2, 3.3, 3.4, 4.1, 4.2, 4.3	Takes responsibility for the sequence and priority of tasks within own workload to achieve required outcomes Makes routine decisions and implements standard procedures for routine tasks and predictable problems Uses familiar digital technologies and systems to access information and enter data

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSRTS302 Handle foreign currency transactions	FNSRTS302A Handle foreign currency transactions	Updated to meet Standards for Training Packages	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 for FNSRTS302 Handle foreign currency transactions

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:

undertake a range of foreign currency transactions effectively and accurately within a range of authority and compliance procedures

complete relevant identification checks, verifications of documentation and ensure stocks of currency

follow organisational procedures to conduct foreign currency transactions

use appropriate tools and calculate conversion of foreign currency accurately

complete and maintain accurate records according to organisational policy and procedures.

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 a range of foreign currency transactions undertaken by the organisation

explain the key requirements of industry codes of practice and legislation, and their relevance to foreign currency transactions

describe the key features of organisational policy and procedures in regard to foreign currency transactions

identify and categorise relevant fees and charges for foreign currency transactions.

Assessment Conditions

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

common office equipment, technology, software and consumables

foreign exchange rates systems and current information.

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

FNSRTS303 Balance retail transactions

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 balance cash holdings, including clearing registers, counting money, calculating non-cash transactions and reconciling takings within institutions where teller cash dispensers automate a significant proportion of the cash balancing function.

It applies to individuals who have well-developed numeracy skills, accurately perform and check financial calculations, and closely follow organisational procedures.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Financial retail services

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. Maintain terminal balances	1.1 Maintain cash drawers or teller cash dispensers in accordance with organisational policy and procedures 1.2 Manually check paid out cash for accuracy and balance transactions at close of business in accordance with organisational policy and procedures, with any discrepancies investigated and corrected to balance terminal
2. Remove receipts from terminal	2.1 Perform terminal balances in line with organisational policy and procedures 2.2 Supply cash to terminal or drawer according to organisational policy and procedures and record information appropriately after accurate checking 2.3 Follow security policy and procedures in removal and transportation of cash and non-cash documents
3. Reconcile receipts	3.1 Correctly count and calculate cash and non-cash documents 3.2 Compare terminal reading and sum of cash and non-cash transactions appropriately to achieve balance 3.3 Accurately record, in accordance with organisational policy and procedures, records of individual takings

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	2.1-2.3, 3.1, 3.2	Accesses information from a range of sources and interprets financial documents to confirm and determine requirements
Writing	2.2, 3.3	Correctly records information and completes transaction records, checking for accuracy of information and data
Numeracy	1.1, 1.2, 2.1, 3.1, 3.2	Uses mathematical equations and organisational tools to calculate and balance cash and financial transactions
Navigate the world of work	1.1, 1.2, 2.1, 2.3, 3.3	Takes responsibility for transaction balances, cash and non-cash handling and documentation requirements that comply with organisational policy and procedures
Get the work done	1.2, 2.2, 2.3, 3.2, 3.3	Takes responsibility for the sequence and priority of tasks within own workload to achieve required outcomes efficiently and accurately Responds to predictable routine problems and implements standard or logical solutions Uses familiar digital tools and systems to complete job tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSRTS303 Balance retail transactions	FNSRTS303A Balance retail transactions	Updated to meet Standards for Training Packages	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 for FNSRTS303 Balance retail transactions

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:

maintain cash drawers and relevant cash dispensers

undertake all tasks related to cash and non-cash documents in accordance with organisational procedures and security requirements

accurately balance daily management of cash holdings and record in accordance with organisational requirements and procedures

precisely check cash and non-cash transactions

effectively use relevant data entry, terminal and office equipment.

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 features of industry codes of practice and legislation including:

National Credit Code

Privacy Act

Credit Act

describe the key features of organisational policy and procedures relating to balancing transactions, including security policy and procedures

describe the steps involved in cash and non-cash security checking procedures

identify the key operational features and maintenance requirements of equipment and cash stocks.

Assessment Conditions

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

common office equipment, technology, software and consumables

integrated transaction system and data.

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

FNSRTS304 Administer debit card services

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 provide debit card services and manage associated records.

It applies to individuals who, within their limit of responsibility, use specialised knowledge and organisational tools to administer and process financial transactions and services.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Financial retail services

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. Process applications for debit transaction cards	1.1 Provide customers with information on debit cards, including their usage, terms and conditions, and benefits 1.2 Gather information from customers as required to support applications for cards 1.3 Check information provided in accordance with standard procedures for authenticity, accuracy and completeness, and complete and process applications in accordance with procedures 1.4 Notify customers of approval or disapproval of applications 1.5 Use standard procedures to issue customers with debit cards despatched to branch for collection by authorised person or cardholder, or sent by mail
2. Process card transaction	2.1 Consult with or refer to other personnel to determine transaction details, if required 2.2 Process card transactions in accordance with organisational policy and procedures 2.3 Process complaints and enquiries in accordance with organisational guidelines and codes of conduct relating to electronic funds transfer for captured and hot listed cards
3. Administer card database	3.1 Administer card database in accordance with organisational policy and procedures 3.2 Identify and process duplicate transactions and charge-backs according to organisational policy and procedures 3.3 Follow card security procedures to ensure appropriate actions are taken

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	1.1-1.3, 2.3, 3.3	Accesses and interprets financial documents from a range of sources to confirm and determine requirements and to check information for authenticity, accuracy and completeness
Writing	1.1-1.5, 2.3	Correctly records information and completes forms, checking for accuracy of information and data
Oral Communication	1.1-1.4, 2.3	Participates in verbal exchanges using active listening and questioning to determine requirements and respond to queries Clearly explains and clarifies information using language, tone and pace appropriate to the audience and purpose
Numeracy	1.2, 1.3	Uses mathematical equations to perform and check accuracy of non-cash transaction calculations
Navigate the world of work	1.3, 1.5, 2.2, 2.3, 3.1, 3.2	Takes responsibility for administration of debit card services and documentation that comply with legal and organisational requirements
Interact with others	1.2, 2.3	Selects and uses the appropriate conventions and protocols when communicating with customers and co-workers to seek and provide information, establish clear understanding and maintain effective communication in the conduct of a service relationship
Get the work done	1.2, 1.5, 2.2, 2.3, 3.1, 3.2, 3.3	Takes responsibility for the sequence and priority of tasks within own workload to achieve effective and compliant outcomes Uses analytical processes to determine and implement solutions to familiar problems within defined guidelines Uses familiar digital technologies and systems to access and check information, enter data and communicate with others

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSRTS304 Administer debit card services	FNSRTS304A Administer debit card services	Updated to meet Standards for Training Packages. Minor edits 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 for FNSRTS304 Administer debit card services

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:

provide relevant information and assist customers to make an application for a debit card

process applications for debit transactions and card transactions

follow organisational procedures, including those relating to card security

use and update card database accurately.

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 steps required to charge-back and duplicate transaction procedures

describe key features of organisational procedures, industry codes of practice and legislation as it relates to debit card services, including:

electronic funds transfer code of conduct

National Credit Code

privacy legislation

credit legislation

describe the key features of policies and procedures in regard to electronic banking – card services and security

identify and categorise the range of cards and describe the operation of card databases

outline the key steps and reasons for customer verification and security checking procedures.

Assessment Conditions

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

common office equipment, technology, software and consumables

integrated card databases and data.

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

FNSRTS305 Process customer accounts

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 identify customer needs and process customer financial accounts.

It applies to individuals who use organisational skills and specialised knowledge to perform clerical services, maintain financial records and respond to a range of customers.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Financial retail services

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 customer account needs	1.1 Address requests for information on range, options and features of account services available in timely, accurate and comprehensive manner, or refer if necessary to other authorised personnel 1.2 Provide information to customers to assist in selection of appropriate product which outlines product features, matches products to customer needs, and describes cost of operation and conditions of accounts 1.3 Assist customers when completing relevant documentation for selected services and products
2. Open customer account	2.1 Interview potential account holders to gather information required for opening of accounts, with applicant identified for security purposes according to organisational procedures 2.2 Assess information provided for accuracy and sufficiency according to standard organisational procedures 2.3 Verify completed documentation for accuracy and accept deposits, ensuring that receipts and certificates are issued 2.4 Process new applications and transactions in accordance with organisational policy and procedures to ensure timely and accurate completion of task 2.5 Provide information to customer about processes for activating account, including timeframe and mechanisms for receiving transaction cards or deposit books and most cost effective way to use account
3. Transfer or close customer account	3.1 Interview account holder seeking to transfer or close account to gather required information which is assessed for accuracy and sufficiency according to standard organisational procedures 3.2 Verify completed documentation for accuracy and process applications for transfer or closure in accordance with organisational policy and procedures to ensure timely and accurate completion of task 3.3 Provide information about finalisation of process in accordance with organisational policy and procedures
4. Administer the process	4.1 Use standard organisational processes and protocols to verify customer identity when collecting processed documentation and cards from branch 4.2 Follow up customer queries or complaints about operation of service with appropriate personnel according to standard procedures 4.3 Provide reports on account activity in line with standard policy and procedures, and respond to any exception reports

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, 2.2, 2.3, 3.2	Accesses information from a range of sources and interprets documents to confirm and determine requirements Checks information for authenticity, accuracy and completeness
Writing	1.1-1.3, 2.3, 2.5, 3.3, 4.3	Correctly records information and completes forms, checking for accuracy of information and data Prepares correspondence using appropriate formats and protocols
Oral Communication	1.1-1.3, 2.1, 2.5, 3.1, 3.3, 4.1	Participates in verbal exchanges, using active listening and questioning to determine requirements and respond to queries Clearly explains and clarifies information, using language, tone and pace appropriate to the audience and purpose
Numeracy	1.2, 1.3, 2.2, 2.3	Uses mathematical equations to calculate premiums and repayment rates, and to check accuracy of transactions
Navigate the world of work	2.1, 2.2, 2.4, 3.1, 3.2, 3.3, 4.1, 4.2, 4.3	Takes personal responsibility for following explicit and implicit organisational policy and procedures related to customer account processing and service standards within own role
Interact with others	1.3, 2.1, 3.1, 4.2	Selects and uses appropriate protocols and conventions to communicate with colleagues and customers in the conduct of a service based relationship Implements strategies to moderate conflict and resolve customer issues
Get the work done	1.1, 1.2, 1.3, 2.1, 2.3, 2.4, 2.5, 3.1, 3.2, 4.1, 4.2, 4.3	Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effective outcomes Responds to predictable routine problems by implementing standard or logical solutions, recognising when to seek input from others Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSRTS305 Process customer accounts	FNSRTS305A Process customer accounts	Updated to meet Standards for Training Packages	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 for FNSRTS305 Process customer accounts

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 :

provide information to customers and respond to customer requests

check customer details and verify customer in accordance with organisational customer identification process

process customer account accurately and in accordance with organisational policy and procedures

provide information about account activation timeframes and processes for receiving account documentation

assist customer with completion of documentation and information about accessing and transferring funds, and transferring or closing an account

maintain and apply knowledge of the range of products, features and fees.

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 financial account products available and their features and fees

describe the key features of policies and procedures in regard to customer account service and techniques

describe the key features of relevant industry codes of practice and legislation, incorporated in organisational policy and procedures covering:

consumer credit

electronic funds transfer

privacy

financial transactions and reporting

security and fraud

outline the key steps and reasons for verifying customer identity and security checking procedures

identify the key operational features and maintenance requirements of relevant equipment.

Assessment Conditions

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

common office equipment, technology, software and consumables

financial product information

integrated transaction system and data.

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

FNSRTS306 Process customer transactions

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 process basic financial transactions for customers in a retail financial organisation.

It applies to individuals in frontline customer services roles who use organisational skills and specialised knowledge to perform clerical services, administer financial records and respond to a range of queries.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Financial retail services

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. Provide customer service	1.1 Greet and serve customer with respect and professionalism in accordance with company service standards and expectations 1.2 Provide customer with information as required in timely, accurate and effective manner, answering any queries about transactions fully and clearly to ensure customer is appropriately informed 1.3 Refer transactions outside knowledge or delegated authority of officer to other personnel for resolution, as required
2. Process basic financial transactions	2.1 Process customer transactions in accurate and timely manner using standard policies, procedures and systems 2.2 Check documentation or systems entry to support transactions for accuracy and completeness, and maintain and verify customer account and transaction details using correct procedures 2.3 Resolve or refer customer complaints and disputes to other authorised personnel, and rectify customer accounts where necessary 2.4 Perform accurate reconciliation of subsidiary ledgers to general ledger accounts, and levy fees appropriate to transaction in accordance with standard procedures
3. Administer transaction process	3.1 Analyse and respond to error records and exception reports according to standard procedures and within required timeframes 3.2 Provide activity reports, monitoring nature and level of transaction activity and update database records or customer files according to standard procedures and within required timeframes 3.3 Safely and securely store customer records in accordance with standard processes, recognising requirement to protect customer privacy and commercial confidentiality

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	2.1, 2.2, 3.1	Accesses information from a range of sources and interprets documents to confirm and determine requirements Checks numerical data accuracy and completeness
Writing	2.2-2.4, 3.1, 3.2	Correctly records information and completes forms, checking for accuracy of information and data
Oral Communication	1.1-1.3, 3.2	Participates in verbal exchanges using active listening and questioning to determine requirements, respond to queries and resolve issues and conflict Clearly explains and clarifies information using language, tone and pace appropriate to the audience and purpose
Numeracy	2.1, 2.2, 2.4, 3.1, 3.2	Uses mathematical equations to calculate and check the accuracy of transactions
Navigate the world of work	1.1, 1.3, 2.1, 2.2, 2.4, 3.1, 3.2, 3.3	Understands boundaries and responsibilities of role and complies with explicit organisational policy and procedures required for account transactions and related customer service standards
Interact with others	1.1, 1.2, 1.3, 2.3	Selects and uses appropriate protocols and conventions to communicate with colleagues and customers in the conduct of a service based relationship
Get the work done	1.2, 1.3, 2.1, 2.2, 2.3, 2.4, 3.1, 3.2, 3.3	Takes responsibility for planning, sequencing and prioritising tasks and own workload for efficiency and effective outcomes Responds to predictable routine problems and implements standard procedures and solutions, or refers to others as required Uses the main features and functions of digital tools and systems to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSRTS306 Process customer transactions	FNSRTS306A Process customer transactions	Updated to meet Standards for Training Packages	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 for FNSRTS306 Process customer transactions

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:

provide responsive customer service and accurate information relating to account transactions

check and verify customer details in accordance with the organisation’s customer identification process

process transactions in an accurate and timely manner, and clarify customer queries clearly

assess transaction activity reports to ensure accuracy and completeness, and resolve errors according to organisational process

follow customer complaint and dispute resolution policy and procedures

maintain and apply knowledge of range of products, features and fees.

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 features of organisational products

outline the key features of policies and procedures relating to customer account service and techniques

outline the key steps and reasons for security checking procedures and escalation of suspicious matters

identify the key operational features and maintenance requirements of equipment used in processing customer transactions.

Assessment Conditions

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

common office equipment, technology, software and consumables

financial services product information

integrated financial transaction system – equipment and data.

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

FNSRTS307 Maintain Automatic Teller Machine (ATM) services

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 stock, regularly service, maintain security and balance takings for ATMs.

It applies to individuals who work under supervision to perform financial clerical duties and maintain equipment under secure arrangements.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Financial retail services

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. Restock and service ATM machines	1.1 Restock and service ATMs in accordance with correct procedure and verify key information displayed at machine to ensure it is current and legible 1.2 Handle action cards according to organisational policy and procedure 1.3 Clean and check ATM machines to ensure they are functioning correctly, with any faults and malfunctions identified, and initiate corrective action to resolve faults in timely manner
2. Replenish and balance cash in ATM	2.1 Check cash in ATM to ensure it complies with organisational policy and procedures for cash levels 2.2 Count and enter cash on cash recording documentation, verify cash balance records in machines for accuracy and make available to authorised personnel 2.3 Process or action deposits made through ATMs in accordance with organisational policy and procedures 2.4 Action discrepancies between machine tape records and cash, or refer to authorised personnel in accordance with organisational policy and procedures
3. Maintain security of ATM cash	3.1 Replenish ATM cartridges in secure area and maintain confidentiality of access to machine cash 3.2 Time restocking and servicing of ATM to comply with security guidelines 3.3 Record alteration of access to machine in correct format and notify authorised personnel

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, 2.2	Accesses and interprets written information to determine requirements and complete necessary actions Checks information and data for errors and completeness
Writing	2.2, 3.3	Accurately records information and completes forms using correct spelling and grammar
Oral Communication	3.3	Participates in verbal exchanges using active listening and questioning to determine and confirm work requirements Uses language, tone and terminology appropriate to the purpose and audience
Numeracy	1.1, 2.1	Uses mathematical equations to balance cash, and calculate cash and non-cash transaction totals
Navigate the world of work	1.2, 2.1, 2.3, 2.4	Follows explicit organisational policy and procedures to complete required tasks
Interact with others	2.4, 3.3	Uses correct communication practices and protocols to provide information to relevant personnel for specific purposes relevant to own role
Get the work done	1.1, 1.3, 2.1, 2.2, 2.3, 2.4, 3.1, 3.2	Plans, organises and implements tasks according to organisational requirements Responds to predictable routine problems by implementing standard or logical solutions Uses the main features and functions of digital tools and systems to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSRTS307 Maintain Automatic Teller Machine (ATM) services	FNSRTS307A Maintain Automatic Teller Machine services	Updated to meet Standards for Training Packages	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 for FNSRTS307 Maintain Automatic Teller Machine (ATM) services

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:

follow organisational security procedures for accessing and servicing the ATM

perform required maintenance activities efficiently and according to organisational procedures, including clearing retained cards and reject notes, replacing receipt rolls and cleaning

accurately check cash balances and records, and correctly implement the stock replenishment process.

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:

identify the key requirements of legislation and industry codes of practice relevant to ATM operations including:

National Credit Code

privacy legislation

credit legislation

describe the key features of policies and procedures in regard to ATM maintenance

describe the key steps and procedures for ATM maintenance:

restocking, replenishing and cleaning

fault diagnosis and checking

security checking

record checking and record keeping.

Assessment Conditions

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

common office equipment, technology, software and consumables

ATM equipment and consumables.

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

FNSRTS308 Balance cash holdings

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 clear registers, count money, calculate non-cash transactions and reconcile takings, and balance cash holdings.

It applies to individuals who use numeracy skills to undertake financial duties, including checks for accuracy of transactions, and closely adhere to organisational requirements and procedures.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Financial retail services

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. Maintain accurate cash floats	1.1 Maintain cash in drawer in accordance with organisational policy and procedures 1.2 Conduct regular cash transaction processing and proofings within specified timeframes, and appropriately record and check accuracy with cash withdrawn and deposited 1.3 Count cash at close of business in accordance with organisational policy and procedures, and investigate and correct discrepancies to balance float 1.4 Maintain cash within set limits in compliance with organisational budget
2. Remove receipts from terminal	2.1 Follow organisational policy and procedures to perform terminal balances, ensuring float is separated from takings prior to balancing, and supply cash to terminal 2.2 Record terminal information appropriately after accurate checking 2.3 Follow security policy and procedures in removal and transportation of cash, cash float and non-cash documents
3. Reconcile takings	3.1 Correctly count and calculate cash and non-cash documents with terminal reading, and compare sum of cash and non-cash transactions appropriately to achieve balance 3.2 Accurately document records of individual takings in accordance with organisational policy and procedures

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	1.1-1.3, 2.2, 3.1	Reads and interprets written information to determine requirements, check for discrepancies and complete necessary actions
Writing	1.2, 2.2, 3.2	Completes forms and transaction records accurately
Numeracy	1.1-1.4, 2.1, 2.2, 3.1, 3.2	Uses mathematical equations to make basic cash and non-cash balancing calculations
Navigate the world of work	1.1, 1.3, 1.4, 2.1, 2.3, 3.2	Follows explicit organisational policy and procedures to complete tasks securely and accurately
Get the work done	1.1, 1.2, 1.3, 2.1, 2.3, 3.1	Takes responsibility for sequencing and prioritising tasks within own workload for efficiency and effective outcomes Responds to familiar problems by implementing standard or logical solutions Uses the main features and functions of digital tools and systems to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSRTS308 Balance cash holdings	FNSRTS308A Balance cash holdings	Updated to meet Standards for Training Packages	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 for FNSRTS308 Balance cash holdings

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:

maintain cash float limit in accordance with cash requirements

conduct regular checks of cash transaction processing in a timely and efficient manner

check the system for discrepancies and perform cashier daily balance processes

accurately count and reconcile cash holdings in accordance with organisational requirements and procedures

accurately check cash and non-cash transactions, and complete required documentation.

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:

outline the key steps and reasons for maintaining cash float and reconciliation of cash holdings

describe the key features of organisational policy and procedures relating to:

terminal balancing

cash and non-cash transaction security

cash float handling

processing timeframes.

Assessment Conditions

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

common office equipment, technology, software and consumables

equipment relevant to balancing cash holdings

financial cash and non-cash transaction system and consumables.

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

FNSRTS309 Maintain main bank account

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 analyse, verify and process credit and debit transactions, and prepare reconciliation reports.

It applies to individuals who, within their limit of responsibility, use numeracy skills to accurately perform and check financial calculations and closely follow organisational procedures.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Financial retail services

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. Perform analysis of transactions	1.1 Reconcile teller bankings to daily amounts recorded in statements, in accordance with organisational policy and procedures, and relevant legislative and compliance requirements 1.2 Identify and action presented cheques, other credit and other debits according to organisational policy and procedures, and charge general ledger entries appropriately 1.3 Rectify errors and discrepancies in timely manner, and action and follow up as appropriate all entries on daily bank statements
2. Analyse corporate cheques outstanding	2.1 Generate exceptions reports, and identify, investigate and action exceptions in timely manner 2.2 Identify and action stale cheques according to organisational policy and procedures
3. Complete reconciliations	3.1 Complete reconciliation in accurate and timely manner, with any imbalances identified and rectified 3.2 Undertake appropriate liaison with customers and bank personnel as necessary

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	1.1-1.3, 2.1, 2.2	Accesses and interprets written information to determine requirements, check accuracy and complete necessary actions
Writing	1.2, 2.1, 3.2	Completes forms and transaction records accurately Drafts reports using correct format, spelling and grammar, and accurate data
Oral Communication	3.2	Participates in verbal exchanges using active listening and questioning to determine and confirm work requirements Uses language, terminology and concepts appropriate to purpose and a range of personnel
Numeracy	1.1-1.3, 2.1, 2.2, 3.1	Uses mathematical equations to calculate and reconcile non-cash takings and check accuracy of calculations
Navigate the world of work	1.1, 1.2, 2.2	Follows explicit organisational policy and procedures, and adheres to legislative and compliance requirements within work role
Interact with others	3.2	Uses correct communication practices and protocols in familiar situations that require cooperation with others
Get the work done	1.1, 1.2, 1.3, 2.1, 2.2, 3.1	Plans, organises, and completes tasks promptly according to organisational and legislative requirements Responds to routine problems by implementing standard or logical solutions Uses the main features and functions of digital tools and databases to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSRTS309 Maintain main bank account	FNSRTS309A Maintain main bank account	Updated to meet Standards for Training Packages	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 for FNSRTS309 Maintain main bank account

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:

verify and process cheques and debit and credit transactions accurately

thoroughly check transaction details and reconciliation reports, ensuring any errors are rectified in a timely manner

report any suspicious activity in accordance with organisational procedure

effectively complete bank account reconciliation processes, liaising with bank personnel if required.

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 steps for the teller or customer service operator in analysing transactions and reconciling the main bank account

identify the key requirements of relevant legislation impacting on banking processes

identify and categorise the range and type of government and non-government charges affecting bank accounts

define the term ‘stale cheque’.

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the financial retail services field of work and include:

access to common office equipment, technology, software and consumables.

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

FNSRTS401 Manage credit card services

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 maintain and provide credit card services.

It applies to individuals who use organisational skills and specialised knowledge to perform clerical services, maintain financial records and respond to a range of clients.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Financial retail services

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. Commence credit card application process	1.1 Provide client with information on credit cards, including their benefits, usage, terms and conditions, and explain benefits and uses of relevant cards to ensure appropriate match with their needs 1.2 Answer queries about terms, conditions and costs fully and clearly to ensure clients are appropriately informed 1.3 Gather information from client as required and use standard procedures to support application for credit card
2. Check and process credit card applications	2.1 Check information provided in accordance with standard procedures for authenticity, accuracy and completeness 2.2 Conduct credit scoring using standard systems and procedures to ascertain credit worthiness and determine client suitability for product 2.3 Complete and process application in accordance with standard procedures and notify client of approval or disapproval of their application 2.4 Use standard procedures to issue client with credit cards despatched to branch for collection by authorised person or cardholder, or sent by mail
3. Process card transaction	3.1 Consult or refer to other personnel to determine if further details are required 3.2 Process card transactions in accordance with organisational card security policy and procedures 3.3 Process complaints and enquiries in accordance with industry codes of conduct for captured and hot listed cards
4. Administer card database	4.1 Administer card database in accordance with organisational policy and procedures 4.2 Identify and process duplicate transactions and charge-backs according to organisational policy and procedures 4.3 Check card security procedures to ensure appropriate procedures are in place

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	2.1, 2.2, 4.2, 4.3	Accesses and interprets documents from a range of sources to determine key features of products and services, and to confirm and determine requirements relating to work processes
Writing	1.1-1.3, 2.3, 2.4, 3.1, 3.3	Correctly records information and completes forms, checking for accuracy of information and data
Oral Communication	1.1-1.3, 2.3, 3.1, 3.3	Participates in verbal exchanges using active listening and questioning to explain and clarify requirements, and respond to queries and feedback Clearly explains and clarifies information using language, tone and pace appropriate to the audience and purpose
Numeracy	1.1-1.3, 2.1, 2.2	Uses mathematical equations to perform and check accuracy of non-cash transaction calculations and credit card transaction requirements
Navigate the world of work	1.3, 2.1, 2.2, 2.3, 2.4, 3.2, 3.3, 4.1, 4.2	Recognises and complies with all organisational policy and procedures and relevant regulatory codes and practice within own work role
Interact with others	1.1, 1.2, 1.3, 3.1	Uses correct communication practices and protocols to elicit and share information with clients and to consult with relevant personnel
Get the work done	1.1, 1.3, 2.1, 2.2, 2.3, 2.4, 3.2, 3.3, 4.1, 4.2, 4.3	Plans, organises, and administers credit card services efficiently for effective outcomes in compliance with organisational policy, procedures and regulatory requirements Responds to complaints and enquiries, and manages transaction anomalies using defined standards and practice Uses the main features and functions of digital tools and systems to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSRTS401 Manage credit card services	FNSRTS401A Manage credit card services	Updated to meet Standards for Training Packages	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 for FNSRTS401 Manage credit card services

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:

assist the client to make an application for a credit card

check and assess the application for credit worthiness and suitability

effectively administer and complete a credit card application or amendments to a credit card

process card transactions, and lost, stolen, found or hot listed cards in accordance with organisational procedures

refer to and update the card database as required.

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:

identify the key requirements of legislation and industry codes of practice relevant to managing credit card services

describe the key features of policies and procedures in regard to electronic banking, card services and security

identify and categorise the range of cards accepted and the operation of card databases

outline the key steps and reasons for client verification and security checking procedures.

Assessment Conditions

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

common office equipment, technology, software and consumables

credit card database, system, equipment and data.

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

FNSRTS402 Prepare government returns and reports

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 gather and analyse data to prepare relevant financial and related returns or reports required by government bodies.

It applies to individuals who use analytical financial skills and systematically plan and sequence work to develop accurate reports that meet legislative and organisational quality specifications.

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

Financial retail services

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 requirements for returns	1.1 Liaise with appropriate personnel to establish type and scope of government return required, and statutory requirements of relevant legislation 1.2 Identify all sources of data for return or report and their timing requirements
2. Plan for provision of returns	2.1 Establish timelines and procedures to meet reporting deadlines and set lead times to ensure adequate time is available, including allowance for contingencies 2.2 Liaise with appropriate personnel to obtain relevant data and information
3. Calculate liability in accordance with government guidelines	3.1 Review and analyse data in relation to liability and prepare spreadsheets as applicable 3.2 Verify data provided to ensure it satisfies obligations in regard to organisational policy and procedures, and compliance and regulatory requirements
4. Prepare return document	4.1 Complete proforma supplied by government departments in accurate, timely and thorough manner 4.2 Forward documents or reports to appropriate personnel for consideration and clearance within specified timeframe

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, 3.1, 3.2, 4.1	Researches and analyses complex documents and system information to gather and derive reporting information
Writing	1.1, 2.2, 4.1, 4.2	Prepares draft reports and returns using format, terminology and conventions specific to requirements, audience and purpose Uses language, concepts and terminology appropriate to audience and purpose to convey and clarify explicit information and requirements
Oral Communication	1.1, 2.2, 4.2	Participates in verbal exchanges using active listening and questioning to determine, share and confirm work requirements Uses language, terminology and concepts appropriate to the purpose and audience
Numeracy	1.1, 1.2, 4.1	Analyses complex financial data and performs calculations for reporting
Navigate the world of work	1.1, 3.2	Takes responsibility for preparation of returns and reports that comply with legal and organisational requirements
Interact with others	1.1, 2.2	Selects and uses appropriate communication practices and protocols to obtain key information and data from relevant personnel where outcomes and responsibility are shared
Get the work done	1.1, 1.2, 2.1, 3.1, 3.2, 4.2	Plans and organises work tasks according to defined requirements, taking responsibility for complex schedule needs and contingency plans Ensures information preparation, verification and documentation is managed to meet organisational obligations and liabilities in compliance with legislative requirements Uses familiar digital technologies and systems to access information, enter data and present information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSRTS402 Prepare government returns and reports	FNSRTS402A Prepare government returns and reports	Updated to meet Standards for Training Packages	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 for FNSRTS402 Prepare government returns and reports

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:

clarify requirements and plan the government return or report

analyse data and establish the liability for the return or report

prepare accurate government financial returns or reports that meet the requirements of relevant legislation, codes of conduct and organisational procedures and timeframes.

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 steps in processes to prepare a government return or report

discuss the key aspects of principles and procedures relating to the preparation of government reports and returns

describe the key requirements of relevant legislation and codes of practice relating to government reports and returns.

Assessment Conditions

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

common office equipment, technology, software and consumables

an integrated financial software system and data.

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

FNSSAM401 Sell financial products and services

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 present a sales solution and close a sale in response to a client enquiry.

Within their level of authority, individuals apply specialised knowledge and make judgements and recommendations based on detailed analysis of information.

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

Sales and marketing

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 nature of enquiry	1.1 Establish rapport with client and determine reason for enquiry to allow suitable response 1.2 Determine needs of client by questioning 1.3 Check to see whether enquiry is within personal authorities or should be referred to appropriate personnel
2. Determine suitability of client for financial product or service	2.1 Identify products and/or services that might satisfy client needs 2.2 Obtain all information required to determine eligibility of client for product or service, with predetermined risk assessment criteria applied in accordance with product or service requirements 2.3 Prepare business proposal in compliance with legislation, regulations and codes of practice and personal authorities, and refer to appropriate personnel for further action if business proposal is outside defined guidelines
3. Provide client with information about product or service	3.1 Present business proposal to client and supply all product information 3.2 Discuss client queries, clarify proposal and make follow-up arrangements if required
4. Confirm sale and process documentation	4.1 Confirm suitability of product and price with client and obtain agreement to proceed with sale 4.2 Issue documentation in accordance with organisational policy and procedures 4.3 Process payment details without delay and update record systems promptly and accurately

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	1.3, 2.1, 2.2	Analyses a range of textual information from a variety of sources to identify key details and risks, and to make judgements and recommendations
Writing	1.1, 2.2, 2.3, 3.2, 4.1, 4.2, 4.3	Develops material in correct format for a specific audience using clear and detailed language to convey accurate and customised information Records outcomes of communications using specific language, grammar and punctuation to correctly and effectively convey recommendations
Oral Communication	1.1, 1.2, 1.3, 2.2, 2.3, 3.1, 3.2, 4.1	Participates confidently in verbal exchanges and clearly explains detailed information using language, tone and pace appropriate to the audience and situation Uses active listening and questioning techniques to elicit the views and opinions of others and to confirm understanding
Numeracy	1.2, 2.1, 2.2, 2.3, 3.1, 3.2, 4.3	Uses a limited range of mathematical calculations to perform comparisons of financial information and determine costs
Navigate the world of work	1.3, 2.3, 4.2	Recognises the main tasks, responsibilities and boundaries of own role and where necessary refers relevant matters to appropriate personnel Identifies and adheres to legal and regulatory rights and responsibilities in undertaking tasks Identifies and follows the explicit and implicit organisational protocols to meet expectations applicable to own role
Interact with others	1.1, 1.2, 2.1, 2.2, 3.1, 3.2, 4.1	Selects and applies appropriate communication practices and protocols, adjusting personal communication style in response to the values, beliefs and cultural expectations of others Uses strategies to build rapport, demonstrate empathy and build effective working relationships
Get the work done	2.1-2.3, 3.1, 4.2, 4.3	Plans a range of relatively complex and routine tasks and achieves stated goals Systematically gathers and analyses all relevant information and evaluates options to address issues or make product or service recommendations Understands the functions, features and uses of digital systems and uses these to input, access, filter, extract data and present information in a suitable format

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSSAM401 Sell financial products and services	FNSSAM401A Sell financial products and services	Updated to meet Standards for Training Packages	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 for FNSSAM401 Sell financial products and services

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:

interact with clients, collect the necessary information and match client needs to company products or services

sell products and services, including matching client requirements to company products and services

finalise and record the sale, completing relevant documentation as required.

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:

identify the basic structure and operation of the financial services industry

identify the key features of services and products within the financial services industry

describe the key features of company policy and procedures for interacting with clients and solving problems

describe the key requirements of relevant legislation and regulations impacting on the financial services industry in relation to selling products and services

compare and contrast selling techniques

describe the key features of the range of products and services available from an organisation including terms, interest rates, special packages and other conditions.

Assessment Conditions

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

financial services product information

a relevant software system and data

organisational policy and procedures

common office equipment, technology, software and consumables.

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

FNSSAM402 Implement a sales plan

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 develop, implement and review a sales and promotional strategy for a financial services organisation.

Individuals work under a level of supervision but have responsibility for collating, coordinating and reviewing strategic activities.

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

Sales and marketing

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. Implement promotional strategy	1.1 Analyse sales plan to clarify strategy and sales targets 1.2 Create promotional package to meet requirements of sales plan, enhance business corporate image and satisfy all relevant legislation, regulations and codes of practice 1.3 Implement promotional strategy within budget and in timeframes specified
2. Prepare distribution channels	2.1 Identify distribution channels and reach agreements for selling products and/or services 2.2 Train personnel to develop product and service knowledge and ensure quality client service is maximised 2.3 Distribute promotional materials to salespeople through established distribution channels within appropriate timeframes
3. Monitor and review sales plan implementation	3.1 Establish criteria to measure effectiveness of promotional strategy and performance criteria for sales staff and distribution channels, and monitor attainment of forecast sales target 3.2 Make adjustments to promotional strategy or product and service distribution, as necessary, to ensure required result is being obtained 3.3 Contribute feedback on implementation of sales plan and promotional strategy to sales planning process

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	Analyses a range of textual information from a variety of sources and collates and distributes according to specific requirements
Writing	1.2, 2.1-2.3, 3.1-3.3	Prepares a range of materials suited to specific purposes and audiences using appropriate format, clear language and accurate spelling and grammar
Oral Communication	2.1, 2.2, 2.3, 3.1-3.3	Participates in verbal exchanges and clearly explains detailed information using language, tone and pace appropriate to the audience Uses active listening and questioning techniques to clarify and convey information and to obtain feedback
Numeracy	1.3, 2.3, 3.1	Uses mathematical equations to calculate, compare and collate numerical and financial data required for planning and scheduling activities
Navigate the world of work	1.2, 1.3	Monitors adherence to legal and regulatory rights and responsibilities when undertaking own tasks Recognises and follows explicit and implicit protocols, and meets organisational expectations
Interact with others	2.1-2.3, 3.1, 3.3	Selects the appropriate form, channel and mode of communication to achieve a specific purpose Tailors every communication to achieve its purpose, demonstrating a sophisticated understanding of the needs, interests, issues and priorities of each audience Collaborates with others to achieve joint outcomes, playing an active role in facilitating effective group interaction through the sharing of knowledge, information and resources and by providing feedback
Get the work done	1.1-1.3, 2.1-2.3, 3.1, 3.2	Uses existing structures and systems when developing plans for complex activities, monitors achievement against goals, budgets and timeframes, and makes adjustments if required Plans, organises and implements activities for staff and others to ensure organisational training goals are met Identifies the critical factors that impact on decisions, evaluates the effectiveness of decisions, monitors outcomes and reflects on the impact for future situations Applies lateral thinking techniques as part of the creative process Uses digital systems and tools to access information, identify trends and manipulate data to assist in the development of strategies

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSSAM402 Implement a sales plan	FNSSAM402A Implement a sales plan	Updated to meet Standards for Training Packages	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 for FNSSAM402 Implement a sales plan

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:

analyse a sales plan to develop suitable promotional and budgetary programs

implement a sales strategy, including putting appropriate sales training in place and preparing promotional materials

evaluate and make necessary adjustments to ensure the success of a sales plan.

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:

analyse marketing techniques and market trends

describe the range of products and services provided by the organisation

explain the key requirements of legislation, regulation and codes of practice relating to selling financial products and services

compare and contrast sales and promotion techniques

outline types of promotional packages and distribution channels used to promote financial products and services

describe the key features of training strategies used in sales and marketing

describe the performance criteria used to measure the success of sales plan implementation.

Assessment Conditions

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

financial services product information

relevant software system and data

organisational policy and procedures

common office equipment, technology, software and consumables.

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

FNSSAM403 Prospect for new clients

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 identify and contact potential client prospects using networks, leads and research skills as well as cold calling. Initial contact may happen over the phone or email, in person, at conferences and presentations, or through a variety of networking opportunities.

It applies to individuals who provide specialised product knowledge and use a range of interpersonal, communication and promotional skills when interacting with clients.

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

Sales and marketing

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. Create rapport with prospective client	1.1 Carry out prospecting and provide general introduction to products, services, organisational values and experience to potential client through range of communication methods 1.2 Use appropriate questioning and listening skills to determine prospective client’s understanding of financial processes 1.3 Inform prospective client of role of advisers and organisation
2. Identify prospective client’s needs	2.1 Encourage prospective client to express needs and goals 2.2 Identify prospective client’s questions and concerns, and respond appropriately, in clear and unambiguous way and in manner consistent with prospect’s level of financial understanding
3. Secure commitment	3.1 Probe reasons for resistance and identify and address in appropriate manner through strategy to manage resistance 3.2 Use range of communication and interpersonal skills to gather prospect’s personal, financial and business details in accordance with relevant legislation, and map out next steps that will occur
4. Manage prospective client information	4.1 Record prospect information in appropriate way and conduct additional product and service research to determine possible appropriate products and services to meet potential client needs, if necessary 4.2 Consider initial range of options and prepare for next contact

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, 3.2, 4.1, 4.2	Researches and analyses key features of detailed information from a range of sources to address specific criteria and develop recommendations
Writing	1.1, 1.3, 2.1, 2.2, 3.1, 3.2, 4.1	Records information and prepares material for a specific audience using correct format, clear language and accurate spelling and grammar
Oral Communication	1.1, 1.2, 1.3, 2.1, 2.2, 3.1, 3.2	Uses pace, intonation and gestures appropriate to the audience to present information, encourage engagement and finalise transactions Uses effective listening and questioning techniques to clarify and confirm understanding
Numeracy	1.1, 1.2, 2.2, 3.1, 3.2	Uses mathematical calculations to compare and estimate numerical and financial information Collates and explains numerical and financial information appropriate to the audience and requirements
Navigate the world of work	1.3, 3.2	Understands role and obligations in the context of legal rights, responsibilities and organisational expectations
Interact with others	1.1-1.3, 2.1, 2.2, 3.1, 3.2, 4.2	Follows accepted communication practices and protocols, adjusting personal communication style in response to the values, beliefs and cultural expectations of others Develops and implements communications strategies with prospective clients to build rapport and establish positive working relationships Uses collaborative techniques to engage prospective clients in consultations and negotiations
Get the work done	1.1, 3.2, 4.1, 4.2	Uses systematic processes to develop plans to manage routine and non-routine tasks Responds to problems requiring immediate resolution, drawing on past experiences to focus on the cause of product or service issues or client resistance Uses a range of digital systems and tools to record, access, filter, extract, organise and present information to an acceptable standard

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSSAM403 Prospect for new clients	FNSSAM403A Prospect for new clients	Updated to meet Standards for Training Packages	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 for FNSSAM403 Prospect for new clients

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:

successfully undertake cold calling, relationship building and prospecting for sales of financial products and services

establish a sales response and record required information.

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:

analyse and discuss issues relating to buyer motives

describe the key features of the buying and selling processes

discuss the key features of conflict resolution and persuasion techniques, including how to overcome buyer resistance

describe current industry product and service trends

outline the key features of organisational requirements, including policy and procedures relevant to prospecting for new clients

compare and contrast prospecting methods and management strategies

analyse a range of relevant financial products and services, including their strengths and weaknesses

describe the key features of sales and marketing techniques.

Assessment Conditions

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

financial services product information

a relevant software system and data

organisational policy and procedures

common office equipment, technology, software and consumables.

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

FNSSAM501 Apply advanced selling techniques to selling of financial products and services

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 develop a sales strategy using advanced techniques and to monitor and evaluate its success.

It applies to individuals who, while working under supervision, have responsibility and show leadership in initiating and developing strategic activities for a team or organisation.

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

Sales and marketing

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 products or services that would benefit from focused sales approach	1.1 Identify appropriate products and services on basis of client needs, particularly where needs are not adequately met by current approaches 1.2 Generate and discuss ideas for special approach to selling these products and services and satisfying client needs with colleagues and selected clients 1.3 Carry out checks to identify if sales enquiries are within staff personal authorities and where not, refer to appropriate personnel
2. Develop approach to selling product or service	2.1 Discuss, develop and revise possible product or service selling approaches with others and select most useful approach for trial 2.2 Undertake checks to see that selling approach complies with organisational policy and procedures, and relevant legislation 2.3 Develop selling script and train salespeople in approach for intended market segment
3. Pilot approach	3.1 Trial and review selling approach based on results of pilot 3.2 Document and present approach to appropriate personnel for approval
4. Evaluate approach	4.1 Develop criteria for evaluation of selling approach 4.2 Collect sales and other relevant data and evaluate plan on basis of data 4.3 Document results and use to determine future sales strategies

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, 1.3, 2.2	Researches and analyses key features of detailed information from a range of sources to address specific criteria, identify gaps and develop recommendations
Writing	1.2, 1.3, 2.1, 2.3, 3.2, 4.1-4.3	Prepares material for specific audiences using correct format, clear language and accurate spelling and grammar Reviews and modifies material based on feedback and compliance with organisational and regulatory requirements
Oral Communication	1.2, 1.3, 2.1, 2.3	Uses vocabulary, pace, intonation and gestures appropriate to the audience to present information and encourage engagement Uses active listening and questioning techniques to elicit the views and opinions of others and to discuss ideas and options
Numeracy	1.1, 4.1-4.3	Uses mathematical equations to calculate and estimate numerical and financial data and to interpret trends
Navigate the world of work	1.3, 2.2	Understands role and obligations in the context of legal rights, responsibilities and organisational expectations
Interact with others	1.2, 2.1, 2.3	Selects and uses appropriate conventions and protocols when communicating with others in a range of work contexts, adjusting practices to take into account the individual needs of others Demonstrates control over oral, visual and/or written formats, drawing on a range of communication practices to achieve goals Plays a lead role in collaborating, consulting and cooperating with others to generate solutions or new ideas Uses interpersonal skills to build rapport and maintain effective working relationships
Get the work done	1.2, 2.1, 2.3, 3.1, 3.2, 4.1-4.3	Uses systematic processes to develop plans to sequence, prioritise and monitor relatively complex tasks Uses lateral thinking to generate new ideas Systematically gathers and analyses all relevant information and evaluates options to make informed decisions about selling approaches Uses a range of digitally based technology and applications to record, access, filter, extract, organise, integrate and present information in an acceptable format

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSSAM501 Apply advanced selling techniques to selling of financial products and services	FNSSAM501A Apply advanced selling techniques to selling of financial products and services	Updated to meet Standards for Training Packages	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 for FNSSAM501 Apply advanced selling techniques to selling of financial products and services

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 an effective approach to selling financial services products and services

apply high level analytical skills to identify appropriate products and services, develop new selling ideas, pilot them and evaluate their success

complete relevant documentation according to organisational policy and procedures.

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:

analyse and discuss the key features of a range of advanced selling techniques and successful selling approaches

outline the strengths and weaknesses of financial product or service evaluation techniques

evaluate techniques for generating new and innovative ideas

outline approaches to effectively training salespeople.

Assessment Conditions

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

financial services product information

a relevant software system and data

organisational policy and procedures

common office equipment, technology, software and consumables.

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

FNSSAM502 Assess market needs

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 monitor and assess market needs to identify and exploit business opportunities.

It applies to individuals who apply specialised knowledge and analytical and organisational skills to strategic planning activities within a team and/or large or small organisations.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Sales and marketing

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. Collect information on internal business environment	1.1 Identify and document core activities, client base and strategic direction of business 1.2 Access and analyse information on current marketing performance and successful or underperforming products or services 1.3 Determine and document current capabilities and resources
2. Collect information on external business environment	2.1 Collect and analyse information on expected growth or decline of demand for financial products and services, and associated risk factors 2.2 Identify projected changes in economic activity, labour force, population, legal requirements and other factors that may affect business 2.3 Collect and analyse information on comparable products and services in market 2.4 Identify and assess emerging trends in market
3. Analyse data collected	3.1 Establish reliability and validity of data collected, and analyse and document information collected on internal and external environment using appropriate methods 3.2 Present results of analysis in format that may be used to guide marketing decisions
4. Identify opportunities for financial products	4.1 Identify opportunities for financial products and services based on data collected and develop range of options 4.2 Justify options on basis of analysis of information collected
5. Determine viability of options and present results to appropriate personnel	5.1 Review options identified against existing products and services, and assess against organisation’s capacity to deliver financial products or services 5.2 Assess viability of each option based on data collected 5.3 Present results of investigation and analysis in clear, concise format to appropriate personnel to assist in decision making

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, 2.1-2.4, 4.1, 4.2, 5.1	Accesses, collates and analyses a range of complex textual and financial information to determine trends and identify opportunities
Writing	1.1, 1.3, 3.1, 3.2, 5.3	Structures and sequences information logically in appropriate format for the audience and purpose Uses clear and detailed language, incorporating correct grammar, spelling and terminology, to convey accurate information, options and recommendations
Oral Communication	3.2, 5.3	Participates in verbal exchanges using active listening and questioning techniques to elicit the views and opinions of others and confirm understanding Presents information using pace, intonation and gestures appropriate to the audience
Numeracy	1.2, 2.1, 2.3, 2.4, 3.1, 3.2, 4.1, 5.1, 5.2, 5.3	Uses mathematical calculations and techniques to perform comparisons of financial information and numerical data, and to interpret trends
Interact with others	3.2, 5.3	Demonstrates control over oral, visual and/or written formats, drawing on a range of communication practices to present complex non-routine information and ideas
Get the work done	1.1-1.3, 2.1-2.4, 3.1, 3.2, 4.1, 4.2, 5.1-5.3	Develops plans to manage relatively complex, non-routine tasks while assessing their contribution to organisational goals Systematically gathers and analyses all relevant information and evaluates options to make informed decisions about market options Identifies opportunities to generate innovative ideas and assesses their viability against available options Uses a range of digital technologies to access, filter, organise and store data and monitor trends

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSSAM502 Assess market needs	FNSSAM502 Assess market needs	Updated to meet Standards for Training Packages	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 for FNSSAM502 Assess market needs

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:

access and collect relevant information on the internal and external business environment

analyse information and draw conclusions on marketing of products and services using appropriate methods

identify opportunities for financial products and determine the viability of options.

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:

outline key emerging trends impacting on the financial services industry

describe the key features of industry regulatory and compliance requirements

describe the industry sector market position relative to the product and/or line of business

discuss the application of marketing principles and practices when assessing market needs

outline the key methods for analysing internal and external information and data

describe the key requirements of organisational or industry sector policy documentation.

Assessment Conditions

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

financial services product information

a relevant software system and data

organisational policy and procedures

common office equipment, technology, software and consumables.

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

FNSSAM503 Monitor market opportunities

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 monitor and identify market opportunities for products and services in the financial services industry.

It applies to individuals who use specialised knowledge, systematic approaches and analytical skills to monitor and manage information relevant to organisational activity.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Sales and marketing

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. Maintain business information networks	1.1 Review identified business networks on a regular basis to ensure relevance and reliability 1.2 Ensure information obtained through business networks is up to date, relevant and reliable
2. Identify changes in existing markets	2.1 Review existing markets within corporate policy and codes of practice constraints 2.2 Identify and report significant changes in existing markets against known market conditions and formulate corrective action plan
3. Identify additional markets	3.1 Conduct research to identify additional markets 3.2 Adopt strategies that meet corporate policy, industry and legislative requirements 3.3 Formulate options that specify product opportunities and convey to underwriters and management 3.4 Assess all relevant information to determine feasibility of opportunity
4. Monitor competitor activity	4.1 Continually benchmark product performance, image and range against that offered by competitors to determine market position 4.2 Identify available market opportunities and refer to appropriate personnel and management, together with market information

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, 3.1, 3.4, 4.2	Reviews a range of textual information from a variety of sources to identify key details, make judgements and determine requirements
Writing	2.2, 3.3, 4.2	Develops material to a specific audience and purpose using clear and detailed language to convey accurate information, options and recommendations
Oral Communication	3.3, 4.2	Participates in verbal exchanges and clearly explains detailed information using language, tone and pace appropriate to the audience
Numeracy	2.2, 3.3, 3.4, 4.2	Collates, interprets and compares numerical and statistical information to apply relevance to requirements
Navigate the world of work	2.1, 3.2	Undertakes work in accordance with legislative requirements and workplace protocols
Interact with others	1.1, 2.2, 3.3, 4.2	Selects and uses appropriate conventions and protocols when communicating with internal and external stakeholders to seek or share information Cultivates relationships with peers and seeks advice as necessary
Get the work done	1.1, 1.2, 2.1, 2.2, 3.1, 3.3, 3.4, 4.1, 4.2	Develops plans to manage relatively complex routine and non-routine tasks with an awareness of how they might contribute to broader strategy and goals Systematically gathers and analyses all relevant information and evaluates options to make informed decisions Evaluates outcomes of decisions to identify opportunities for improvement Uses a range of digital technologies to access, filter, organise, analyse, store and present data and other information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSSAM503 Monitor market opportunities	FNSSAM503A Monitor market opportunities	Updated to meet Standards for Training Packages	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 for FNSSAM503 Monitor market opportunities

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:

conduct research and collate information relating to market opportunities

monitor the opportunities for business based on maintaining networks, researching the markets, identifying changes in the market and locating new markets

maintain a comprehensive knowledge of the products and services of the organisation.

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:

explain the key research techniques used to identify market opportunities

describe the key requirements of relevant industry codes of practice

explain the key aspects of organisational policy and operating procedures relevant to researching and identifying market opportunities

compare and contrast relevant financial products and services

describe the key features of distribution marketing

discuss the key features and issues relating to relevant financial services industry legislation.

Assessment Conditions

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

financial services product information

a relevant software system and data

organisational policy and procedures

common office equipment, technology, software and consumables.

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

FNSSAM601 Monitor performance in sales of financial products or services

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 coordinate and monitor performance against organisational sales targets and quality client service standards.

It applies to individuals who provide specialised knowledge, use systematic approaches and have responsibility for continuous improvement and quality standards.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Sales and marketing

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. Monitor implementation of sales policies and procedures	1.1 Monitor implementation of organisational policy and procedures in regard to selling financial products or services 1.2 Monitor implementation of organisational policy and procedures in regard to transactions, including non-cash transactions and variations to standard transactions 1.3 Accurately record information relating to sales of financial products and services and monitor products and services sold to ensure they are matched to client needs, with remedial action taken where deficiencies are identified
2. Monitor implementation of client service standards	2.1 Measure client service standards according to organisational policy and procedures, and take remedial action where deficiencies are identified 2.2 Provide regular feedback to team members in relation to client service provision and quality, in accordance with organisational policy and procedures
3. Monitor achievement of sales targets	3.1 Record sales results to assist with monitoring achievement of sales targets 3.2 Monitor individual and branch sales targets and record according to organisational policy and procedures 3.3 Provide feedback to management and staff on sales performance in relation to sales targets and planning

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	1.1-1.3	Analyses complex textual information from a range of sources and relates specific aspects of information to requirements
Writing	1.3, 2.2, 3.1-3.3	Accurately records and logically structures a range of information appropriate for the audience and purpose Uses clear and concise language, correct spelling and grammar, and appropriate terminology to convey information
Oral Communication	2.2, 3.3	Participates in verbal exchanges using active questioning and listening techniques to convey and clarify detailed information and confirm understanding with a range of personnel in formal and informal situations
Numeracy	1.2, 2.1, 3.1-3.3	Calculates, compares and analyses a range of numerical and financial data to determine quantities and trends using appropriate tools
Navigate the world of work	1.1, 1.2, 2.1, 2.2, 3.2	Takes full responsibility for implementing and monitoring services that comply with legal and organisational requirements
Interact with others	2.2, 3.3	Selects and uses appropriate conventions and protocols when communicating with own team, management and other stakeholders Uses a variety of relevant communication tools and strategies to lead team, and build and maintain effective working relationships
Get the work done	1.1-1.3, 2.1, 3.1, 3.2	Sequences and schedules complex activities, monitors implementation to ensure compliance with organisational requirements, and manages relevant communication Uses formal analytical thinking techniques to identify problems and develop corrective plans, seeking input from others as required Uses a range of digital technologies to monitor and store data

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSSAM601 Monitor performance in sales of financial products or services	FNSSAM601A Monitor performance in sales of financial products or services	Updated to meet Standards for Training Packages	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 for FNSSAM601 Monitor performance in sales of financial products or services

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:

monitor and record sales targets and performance of an organisation, including the implementation of relevant policies and procedures

evaluate and document client service standards and the achievement of sales targets

provide clear feedback and advice on sales performance and quality client service to personnel and management.

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:

analyse client relations and service techniques

describe the key requirements of industry codes of practice, legislation and regulations relating to financial products and services

outline the key features of organisational policy and procedures in regard to selling products and services

describe the key features of:

product or account and service range

branch or department sales targets

explain the importance of sales to business performance and outline the factors that enhance sales performance

compare and contrast sales techniques.

Assessment Conditions

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

financial services product information

relevant software system and data

organisational policy and procedures

common office equipment, technology, software and consumables.

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

FNSSAM602 Identify and evaluate marketing opportunities in the financial services industry

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 evaluate market data, define new and emerging market trends and assess the viability of new product development to take advantage of marketing opportunities.

It applies to individuals who use specialised knowledge, systematic approaches and analytical skills to provide leadership in strategic organisational activity.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Sales and marketing

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 trends and opportunities in financial services industry	1.1 Analyse information on current and emerging needs of market and organisation in consultation with others to identify marketing opportunities 1.2 Review business plan to identify organisational objectives, emerging trends and external influences on financial services industry 1.3 Identify and research opportunities to enter, shape or influence current and potential markets and develop potential new products 1.4 Explore entrepreneurial, innovative approaches and creative ideas for potential business application and contribution to business
2. Investigate marketing and product development opportunities	2.1 Identify and analyse opportunities in terms of their likely fit with organisational goals and capabilities, and evaluate to determine impact on current business and client base 2.2 Assess external factors, costs, benefits, risks and opportunities to determine financial viability of each marketing opportunity 2.3 Determine probable returns on investment and potential competitors 2.4 Describe and rank marketing opportunities in terms of their viability and likely contribution to business
3. Assess legislative compliance of marketing opportunities	3.1 Identify legislative and regulatory guidelines applicable to marketing opportunities and examine opportunities for compliance with relevant legislation 3.2 Reject or modify marketing opportunities not meeting compliance requirements 3.3 Ensure marketing proposals clearly define relevant legislative compliance issues
4. Evaluate required changes to current operations	4.1 Identify and document changes needed to current operations to take advantage of viable marketing opportunities 4.2 Manage organisational changes which involve an increased or different client base to ensure continued quality of service to existing clients 4.3 Identify resource requirements for changed operations, and determine and communicate viability of making changes to current operations to key stakeholders
5. Develop marketing proposals	5.1 Clearly describe and define marketing concepts 5.2 Provide viability assessments for marketing concepts and detail marketing strategy 5.3 Prepare proposals in manner that assists in decision-making process for marketing development, providing additional information to support marketing proposals as required

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	1.1-1.4, 2.1, 3.1, 4.1, 4.3	Researches and analyses complex textual information from a range of sources to identify key details, make judgements and determine requirements and options
Writing	1.1-1.4, 2.4, 3.2, 3.3, 4.1-4.3, 5.1-5.3	Structures and sequences information logically to present recommendations and options, using document formats appropriate to the audience and purpose Uses clear and detailed language, incorporating correct spelling, grammar and terminology, to convey complex information
Oral Communication	1.1-1.4, 2.4, 4.2, 4.3, 5.1-5.3	Uses collaborative and inclusive techniques, including active listening and questioning, to convey information, present a case and elicit the views and opinions of others Participates in verbal exchanges using pace, intonation and gestures to present information and encourage engagement with different audiences
Numeracy	1.1-1.4, 2.1-2.4, 4.3, 5.1-5.3	Calculates, compares and analyses a range of numerical and financial data to determine quantities and trends using appropriate tools
Navigate the world of work	1.2, 3.1, 3.3	Recognises the applicable legislative requirements and organisational goals when undertaking tasks
Interact with others	1.1, 3.3, 4.3, 5.1, 5.2	Uses a range of communication techniques to unambiguously articulate concepts and ideas to a diverse audience
Get the work done	1.1-1.4, 2.1, 2.2, 2.4, 3.2, 4.1-4.3, 5.2, 5.3	Develops plans to address a range of tasks to achieve goals Recognises opportunities for the development and implementation of innovative approaches to the conduct of own work Uses digital technologies to access, filter, organise, store and present information while continually monitoring industry trends

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSSAM602 Identify and evaluate marketing opportunities in the financial services industry	FNSSAM602A Identify and evaluate marketing opportunities in the financial services industry	Updated to meet Standards for Training Packages	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 for FNSSAM602 Identify and evaluate marketing opportunities in the financial services industry

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 marketing proposals that incorporate:

interpretation and application of legislative and regulatory guidelines and compliance applicable to marketing

identification of trends and opportunities within relevant sectors of the financial services industry

investigation of marketing and product development opportunities

assessment of marketing opportunities and evaluation against current business needs and the client base.

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 process for setting business plan objectives

outline the process for assessing market competition

analyse current market forces and trends in the financial services industry

discuss marketing processes and the key considerations involved

outline the key principles of effective communication and negotiation

outline the key features of:

relevant industry codes of practice

relevant sectors of the financial services industry

services available in the financial services industry

compare and contrast financial and other risk management strategies

explain service risk factors and their relationship to return expectations

explain the key requirements and impact of relevant legislation on financial product development

describe the role of service providers to the organisation.

Assessment Conditions

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

financial services product information

relevant software system and data

organisational policy and procedures

common office equipment, technology, software and consumables.

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

FNSSAM603 Tailor financial products to meet customer needs

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 1.0.

Application

This unit describes skills and knowledge required to match financial products on offer to customer requirements based on an in-depth knowledge of the products and a comprehensive knowledge of customers’ characteristics and their financial requirements.

It applies to individuals who, within their level of authority, use specialised knowledge and analytical skills to make judgements and provide customised recommendations and solutions.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Sales and marketing

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. Access information needed to determine fit between financial product and customer	1.1 Gather and assess information on customer profile and requirements, characteristics, financial status, timelines and other needs 1.2 Consider and, if necessary, research most appropriate products and services used or provided by organisation based on customer stated requirements in terms of features, benefits, terms and conditions, and other factors
2. Determine most suitable options to meet customer requirements	2.1 Determine most suitable option, or number of options, for discussion and recommendation with customer 2.2 Establish and document customer negotiation periods in line with organisational policy and relevant legislative requirements 2.3 Discuss options with manager or other appropriate personnel, if necessary
3. Present selected options to customer	3.1 Present options to customer and explain all features, benefits, negotiation periods, and terms and conditions 3.2 Provide customer with further information if requested and answer all questions 3.3 Provide customer with all support needed to clarify information presented 3.4 Seek additional information where relevant to determine whether there are other needs that could be met by organisation

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	Researches and analyses detailed textual information from a range of sources to identify key information and determine requirements and options
Writing	2.1-2.3, 3.1-3.4	Structures and sequences information logically to present customised recommendations and options using appropriate document formats Uses clear and concise language, incorporating correct spelling and grammar and correct terminology at a level appropriate for the audience
Oral Communication	2.3, 3.1-3.4	Uses vocabulary, pace, intonation and gestures to present information and encourage engagement with a range of clients Uses listening and questioning techniques to establish and confirm understanding
Numeracy	1.1, 1.2, 2.1, 2.3, 3.1, 3.2	Uses mathematical equations to perform calculations and comparisons of financial and numerical information
Navigate the world of work	2.2, 2.3	Understands and follows legislative requirements and workplace policies, procedures and protocols when undertaking own work Recognises the limitations of own knowledge and skills and, where necessary, seeks advice from other more experienced work colleagues
Interact with others	1.1, 1.2, 2.3, 3.1-3.4	Selects and uses appropriate conventions and protocols when communicating with colleagues, clients and other stakeholders to identify, extract, clarify or present information Involves others in collaborative discussions using effective interpersonal skills to achieve agreed outcomes
Get the work done	1.1, 1.2, 2.1, 2.2	Plans, organises and implements tasks in accordance with legislative responsibilities to achieve organisational and customer objectives Systematically gathers and analyses all relevant information and evaluates options to make appropriate recommendations Uses a range of digital technologies to effectively access, filter, organise, present and store information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSSAM603 Tailor financial products to meet customer needs	FNSSAM603A Tailor financial products to meet customer needs	Updated to meet Standards for Training Packages	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 for FNSSAM603 Tailor financial products to meet customer needs

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:

assess a wide range of financial services, products and features to suit customer requirements

present product or service options to customers and negotiate sales.

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 features of organisational policy and procedures and terms and conditions relating to provision of financial services and products

describe how to access and interpret support information, materials, relevant brochures and other appropriate information

compare and contrast products and services offered by the financial services industry as a whole

compare and contrast products and services offered by the organisation, including specific benefits and features of products and services

describe the key industry and legislative requirements applicable to specific products, services and situations

explain the purpose and requirements of customer negotiation periods in line with relevant legislation.

Assessment Conditions

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

financial services product information

relevant software system and data

organisational policy and procedures

common office equipment, technology, software and consumables.

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

FNSSAM604 Establish agreements with intermediaries for product distribution

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 agreements with intermediaries for distributing financial products.

It applies to individuals who use specialised knowledge, systematic approaches and discretion, within their level of authority and organisational guidelines, to negotiate arrangements.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Sales and marketing

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 potential intermediaries	1.1 Determine selection criteria to achieve business plan outcomes 1.2 Identify and match target intermediaries against selection criteria and make approaches or respond suitably to enquiries from potential intermediaries
2. Determine acceptability	2.1 Check information provided with application to determine reliability, completeness and relevance 2.2 Assess proposed trading arrangements for compliance with industry code of practice and relevant legislation 2.3 Check credentials through appropriate agencies to ensure acceptability within organisational assessment criteria and make recommendations based on valid assessment of information against acceptability criteria
3. Determine terms and conditions of trade	3.1 Determine terms and conditions of trade to reflect legal and commercial responsibility of organisation and intermediary 3.2 Ensure terms of trade incorporate method of operation, duties and responsibilities of both parties, and are defined in compliance with industry code of practice and relevant legislation
4. Convey decision and terms of trade	4.1 Concisely convey decision and terms of trade in writing using plain language 4.2 Provide advice in timely manner to ensure currency of application
5. Negotiate variations where appropriate and document and confirm arrangements	5.1 Negotiate variations within authorities and provide evidence of acceptance by both parties in writing to confirm understanding 5.2 Prepare agreements in writing using predetermined formats to evidence contractual relationship 5.3 Prepare statement of intent where appropriate to reflect commercial understandings 5.4 File agreement documentation and promptly create and/or update system records

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	1.2, 2.1, 2.2, 2.3, 5.1	Analyses detailed textual information from a range of sources to identify and compare key information and determine requirements
Writing	1.2, 2.3, 3.1, 4.1, 4.2, 5.1-5.4	Uses clear and concise language, incorporating correct spelling, grammar and terminology, to accurately record and convey information Structures and sequences information logically using appropriate document formats
Oral Communication	1.2, 2.3, 4.2, 5.1	Applies listening and questioning techniques to guide discussions and elicit information from a range of stakeholders Presents information structuring tone, pace and content in line with the audience and purpose
Numeracy	1.2, 5.1	Uses mathematical equations to perform calculations and comparisons of financial and numerical information
Navigate the world of work	1.1, 1.2, 2.1-2.3, 3.1, 3.2, 4.2	Ensures compliance with relevant legislative requirements, explicit and implicit protocols, policies and procedures and meets expectations associated with own role
Interact with others	1.2, 2.3, 4.1, 5.1, 5.2	Selects and uses appropriate conventions and protocols when communicating with internal and external stakeholders to seek or share information Plays a lead role in situations requiring effective collaborative skills, demonstrating high level negotiation skills
Get the work done	1.1, 1.2, 2.2, 2.3, 3.1, 3.2, 4.1, 4.2, 5.1-5.4	Uses efficient and effective planning, organisational and time management skills to sequence tasks, meet timelines and comply with legislative and organisational requirements Systematically gathers and analyses all relevant information and evaluates options to make decisions about trade agreements Uses a range of digital technologies to prepare, compile, share and store information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSSAM604 Establish agreements with intermediaries for product distribution	FNSSAM604A Establish agreements with intermediaries for product distribution	Updated to meet Standards for Training Packages	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 for FNSSAM604 Establish agreements with intermediaries for product distribution

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:

set up effective agreements with other organisations to deal in the products and services of the organisation

determine and document the terms of trade and evaluation of an intermediary agreement’s success.

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:

explain the key requirements of:

industry codes of practice

industry legislation and regulations regarding financial products and services

compare and contrast organisational and industry products and services

outline the organisation’s assessment criteria for accepting intermediaries

outline the key features of organisational distribution requirements and channels

analyse organisational business plans including income and expenditure forecasting

describe the key features of organisational:

marketing

administration systems

performance measures

training techniques

resources and budgeting

explain issues relating to the application of relevant commercial and contract law in establishing agreements with intermediaries.

Assessment Conditions

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

financial services product information

a relevant software system and data

organisational policy and procedures

common office equipment, technology, software and consumables.

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

FNSSUP409 Provide specialist retirement income stream information to clients

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 2.0.

Application

This unit describes the skills and knowledge required to liaise with clients and respond to specific enquiries about retirement income products offered by the organisation or other funds providing the income streams.

It applies to individuals who use specialised knowledge and excellent customer service skills to respond to enquiries and assist clients with complex income stream needs and requirements.

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

Superannuation

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. Establish relationship with client	1.1 Establish the nature of client enquiry using the most appropriate methods of communication 1.2 Access client records or record new client details in organisational system 1.3 Inform client of the role of the organisation if they are a new client 1.4 Explain the role and limits of authority of the representative to the client 1.5 Identify clients with special needs and take appropriate action or refer to appropriate advice channel
2. Provide client with general information about income stream options	2.1 Explain income stream products to clients and the main differences and availability of account based and non-account based income streams 2.2 Outline the general processes behind setting up an income stream product 2.3 Inform the client on the general process to move from accumulation phase to the pension drawdown phase 2.4 Provide information on basic investment concepts including risk and return, time horizons and asset classes 2.5 Identify the general impact of a client's investment choices on their account based income stream 2.6 Advise client of their options and refer to appropriate specialist if they request personalised advice
3. Explain retirement income stream products and options to client	3.1 Provide clear and unambiguous information, organisational materials and guidance about the retirement income products offered by the organisation 3.2 Inform the client of any ancillary benefits, facilities and options available when taking out an income stream product 3.3 Explain fees and charges associated with the organisation's income stream products to the client 3.4 Identify the risk and benefits of income stream products available from the organisation and explain to the client 3.5 Discuss procedures for complaint handling and resolution to the client
4. Assist with enquiries related to retirement income stream products	4.1 Provide assistance with enquiries relating to requests for membership changes if purchasing an income stream from the client’s existing superannuation fund 4.2 Provide explanations regarding calculation of pension payments including consideration of social security, Centrelink and Department of Veterans’ Affairs (DVA) benefits 4.3 Provide information to clients who receive reversionary pensions and explain how nominations are made by the client 4.4 Access appropriate sources of information to respond accurately to client enquiries 4.5 Check client understanding of information provided is in accordance with legislation and organisational policies and procedures 4.6 Provide follow up services related to the client enquiries as required

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	1.2, 4.4	Recognises and interprets written information from relevant sources
Writing	1.1, 4.5	Uses clear, specific and industry related terminology to complete and update workplace documentation
Oral Communication	1.1, 1.3-1.5, 2.1-2.6, 3.1-3.5, 4.1, 4.1-4.3, 4.5, 4.6	Clearly explains product and service information unambiguously using language appropriate to the audience and environment Confirms the client’s understanding through active listening and questioning
Numeracy	3.3, 4.2	Interprets financial information and uses mathematical operations to complete calculations accurately
Navigate the world of work	1.3, 2.6, 3.1, 3.3, 3.4, 4.4	Takes responsibility for adherence to legal, regulatory and organisational requirements that relate to own work role Ensures industry and product knowledge is current and used in compliance with implicit and explicit organisational protocols
Interact with others	1.1, 1.3-1.5, 2.1-2.6, 3.1-3.5, 4.1-4.3, 4.5, 4.6	Considers communication strategies to achieve effective connection with a diverse range of clients encountered in the work context Adapts personal communication style to show respect for the values, beliefs and cultural expectations of others
Get the work done	1.1-1.5, 2.1-2.6, 3.1-3.5, 4.1-4.6	Takes responsibility for work activities and decisions relating to the provision of client information that complies with legal and organisational requirements Recognises when client requires specialist assistance Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSSUP409 Provide specialist retirement income stream information to clients	Not Applicable	New unit	No 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 for FNSSUP409 Provide specialist retirement income stream information to clients

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 2.0.

Performance Evidence

Evidence of the ability to:

maintain up-to-date knowledge or access accurate information to respond to client enquiries

respond to client enquiries using specialist knowledge of income stream products

provide accurate general advice that complies with organisational procedures and industry regulations.

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 a range of different retirement income stream products available in the organisation and more generally in the industry

outline the legislation that impacts on different retirement income stream products

describe organisational policies, procedures and requirements relevant to responding to client enquiries

discuss the application of privacy and confidentiality requirements covered in organisational procedures and relevant legislation

describe different client groups and types of information typically sought

describe the purpose and key features of income stream products

explain the process and documentation requirements for issuance of income stream products

explain the difference between general advice and personal advice and the significance of this difference in relation to providing advice to clients about post-retirement income stream products

explain the use of marketing and product disclosure documents in providing advice to clients

describe the process of interpreting the suitability of a range of post-retirement income stream products to clients

outline the process for calculating pension payments including the impact of social security, Centrelink and Department of Veterans’ Affairs (DVA) benefits

explain differences between reversionary pensions payable from account based and non-account based income streams

describe defined benefit non-account based income stream with and without a reversionary pension

explain an income stream with a guarantee period.

Assessment Conditions

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

office equipment, technology, software and consumables

organisational policies and procedures including requirements for handling confidential client information.

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

FNSSUP410 Establish and administer retirement income streams

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 2.0.

Application

This unit describes the skills and knowledge required to establish and administer retirement income streams that comply with legislative requirements.

It applies to individuals who use specialised industry knowledge and work systematically to review and process information and data following defined procedures.

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

Superannuation

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. Receive application and verify data	1.1 Receive new income stream application, including payment where it is not an internal transfer within the organisation, and compile necessary documentation 1.2 Check the documentation is correct and complete including certified copies of appropriate identification 1.3 Identify and address issues or irregularities and seek advice from team members or authorised personnel if required 1.4 Gather further information from appropriate sources to proceed with application if required 1.5 Update new and additional information accurately according to organisational procedures
2. Calculate amount of retirement income stream	2.1 Calculate the amount of a non-account based income stream taking into account minimum and maximum annual limits 2.2 Check the payment selected by the member in an account based income stream is within the age related limits 2.3 Calculate a transition to retirement account based income stream, including from a hybrid fund, taking into account minimum and maximum annual limits
3. Set up new member records	3.1 Extract information needed to set up income stream from application form and information collected, including setting up Pay As You Go (PAYG) instalments 3.2 Enter data into organisational system and follow checking and authorisation procedures for setting up new income streams including reversionary pensions 3.3 Process client's nominated investment choice for an account based income stream according to organisational procedures 3.4 Send confirmation, policy documents or investor certificate and details of cooling off period to client according to organisational procedures 3.5 File documentation according to organisational procedures
4. Meet compliance requirements	4.1 Send out periodic statement and PAYG summary, if required, with income stream details 4.2 Provide clients and government departments with information regarding their income stream product as requested 4.3 Implement system checks and follow organisational procedures to check for any irregularities of payments 4.4 Identify consequences of incorrect payments and correct accordingly 4.5 Comply with regulations and legislation determining compliance of retirement income streams
5. Maintain member records	5.1 Process requests for changes to client’s nominated investment choice within organisational guidelines 5.2 Apply earning rates and consumer price index (CPI) adjustments to retirement income stream 5.3 Determine, on an annual basis, that nominated account based income stream payments are within the relevant age range set out by legislation, and make adjustments 5.4 Maintain changes of client’s personal details including allowable changes to nominated beneficiaries

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	1.1-1.3, 2.2, 3.1, 3.2, 5.3	Interprets written and numerical information from a range of sources and identifies relevant and key information
Writing	1.4, 1.5, 3.2-3.4, 4.1, 4.2, 5.4	Accurately records and completes organisational documents and correspondence using accurate terminology, grammar and spelling to ensure clarity and readability Prepares and structures documentation logically and concisely according to organisational formats and correct procedures and protocols
Oral Communication	1.3, 1.4	Uses language and concepts appropriate to audience and purpose to convey and clarify information Uses questioning and active listening in verbal exchanges to determine and confirm client requirements
Numeracy	1.1, 2.1-2.3, 4.3, 4.4, 5.2, 5.3	Uses mathematical operations to perform calculations and check accuracy of financial data relating to retirement income streams
Navigate the world of work	1.3, 3.2, 4.5	Recognises and follows explicit and implicit protocols and legislative and ethical requirements and meets expectations associated with own role
Interact with others	1.3, 1.4	Selects and uses the appropriate conventions and protocols when communicating in a range of familiar work contexts
Get the work done	1.1-1.5, 3.3-3.5, 4.1-4.4, 5.1, 5.3, 5.4	Plans, sequences and prioritises tasks and own workload to achieve organisational requirements Uses a formal decision-making process in undertaking evaluations against set criteria Uses the main features and functions of digital tools and systems to access and manage information required to complete work tasks and to communicate with others

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSSUP410 Establish and administer retirement income streams	FNSSUP403 Administer retirement income streams	Updated unit. Establish retirement income streams added to reflect industry practice.	No 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 for FNSSUP410 Establish and administer retirement income streams

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 2.0.

Performance Evidence

Evidence of the ability to:

follow organisational procedures to process applications and establish retirement income streams for clients including processing all documentation accurately

process rollover payments according to organisational requirements

access member contract guidelines and prepare income benefit documentation

process commutations and explain to clients how pensions and annuities are taxed

calculate the tax payable on an income stream paid to a client taking into account the client's age

accurately process incoming payments and outgoing benefits.

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 features and benefits of retirement income stream products

outline key features of organisational policies and guidelines in relation to the establishment of income stream products including the steps in:

setting up an income stream and the documents required including the verification process

maintaining an income stream and the documents required including proof of life for non-account based income streams

explain key features of regulatory requirements relevant to the establishment of retirement income streams

identify key features of the Australian Privacy Principles

discuss ethical considerations in handling confidential and private client information

explain the ways and processes by which a person can purchase a retirement pension or annuity

explain the position and implications for beneficiaries in establishing a retirement income stream including relevance to reversionary pensions, account based income streams, death benefit nominations and estate planning

explain requirements for accessing an income stream

identify the consequences of incorrect processing of income stream payments, incorrect maintenance of the income stream and other breaches.

Assessment Conditions

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

office equipment, technology, software and consumables

organisational policies and procedures including requirements relevant to establishing retirement income streams.

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

FNSSUP411 Terminate retirement income streams

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 2.0.

Application

This unit describes the skills and knowledge required to terminate retirement income stream benefit payments and process commutation claims.

It applies to individuals who use specialised industry knowledge and systematic approaches to thoroughly and accurately complete a range of tasks that meet organisational quality assurance procedures.

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

Superannuation

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. Process transactions	1.1 Receive and respond to client enquiries for access to a lump sum from an income stream, including notification of the client’s death, and document according to organisational procedures 1.2 Assess the circumstance and type of income stream to determine if it can be commuted, terminated or permits partial withdrawals or, in the case of the death of the client, if a reversionary pension or payment to the client’s estate is available 1.3 Assess whether a client is exercising their rights under the cooling off period 1.4 Determine whether the client is requesting a full or partial withdrawal or commutation from the income stream
2. Complete and action fund documentation	2.1 Record information and send additional information to the client or approved representative to process required action in accordance with organisational procedures 2.2 Process reversionary pension and/or other payments to the client’s estate, in the event of the client’s death, on receipt of appropriate documentation and apply claim staking processes where required 2.3 Contact the relevant person to obtain complying benefit payment request where payments are requested to be made to a third party 2.4 Action client request to roll over a lump sum to another superannuation fund in accordance with organisational procedures 2.5 Establish a new reversionary income stream resulting from the termination of a client’s income stream in accordance with organisational procedures 2.6 Follow organisational procedures where a partial withdrawal from an account based pension by the client results in a breach of the minimum and maximum range for the income stream
3. Determine taxable component of terminated income stream	3.1 Establish the client’s age to determine whether tax is payable where the lump sum is a full or part withdrawal or commutation paid to the client 3.2 Use Australian Tax Office (ATO) guidelines to confirm dependency status and age of beneficiaries or estate recipients where a lump sum is payable 3.3 Follow organisational procedures regarding payment of a tax anti-detriment adjustment where a lump sum is payable to beneficiaries or the estate 3.4 Calculate appropriate tax component according to legislative requirements and record in appropriate system in line with organisational procedures 3.5 Prepare documents and forward to appropriate personnel for checking in line with organisational procedures
4. Forward information and payments to appropriate parties	4.1 Determine entitlements within authority levels and obtain sign off 4.2 Send information, depending on payment type, to the client, their nominated rollover fund, beneficiary or client’s legal representative according to organisational and legislative requirements 4.3 Communicate with clients, beneficiaries and client’s legal representative according to organisational procedures 4.4 File copies of documents correctly and in a timely manner
5. Respond to enquiries from clients and other persons entitled to make an enquiry	5.1 Determine identity and authority of person making enquiry in respect of a client’s income stream 5.2 Treat enquiries from clients and other parties professionally and provide required information according to organisational and legislative requirements 5.3 Refer complex enquiries to appropriate personnel
6. Follow quality assurance procedures	6.1 Follow organisational procedures to ensure all work is completed accurately 6.2 Comply with regulations and legislation determining payment of a lump sum from an income stream 6.3 Implement system and process checks and identify any irregularities 6.4 Correct any irregularities or communicate to appropriate personnel

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	1.1-1.4, 3.1, 3.2, 3.3, 5.1	Interprets written and numerical information from a range of sources and identifies relevant information to complete work activities
Writing	1.1, 2.1-2.6, 3.4, 3.5, 4.2, 4.3, 5.2	Accurately records and completes organisational documents and correspondence using correct terminology, grammar and spelling to ensure clarity and readability Prepares and structures documentation logically and concisely according to organisational formats and correct procedures and protocols
Oral Communication	1.1, 2.3, 4.3, 5.1, 5.2	Uses language and concepts appropriate to audience and purpose to convey and clarify information Uses questioning and active listening in verbal exchanges to determine and confirm requirements
Numeracy	2.2, 2.4-2.6, 3.3, 3.4, 4.1	Uses mathematical operations to perform calculations and check accuracy of financial information relating to work activities
Navigate the world of work	1.3, 2.1, 2.4-2.6, 3.2-3.5, 4.1-4.3, 6.1-6.4	Recognises and follows explicit and implicit protocols and legislative and ethical requirements and meets expectations associated with own role
Interact with others	1.1, 2.3, 3.5, 5.1-5.3	Selects and uses the appropriate conventions and protocols when communicating in a range of familiar work contexts
Get the work done	1.1-1.4, 2.1-2.6, 3.1-3.5, 4.1-4.4, 5.3, 6.4	Plans, sequences and prioritises tasks to achieve organisational requirements Uses formal decision-making processes and guidelines to resolve routine and non-routine issues and irregularities Uses the main features and functions of digital tools and systems to access and manage information required to complete work tasks and to communicate with others

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSSUP411 Terminate retirement income streams	Not Applicable	New unit	No 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 for FNSSUP411 Terminate retirement income streams

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 2.0.

Performance Evidence

Evidence of the ability to:

follow organisational procedures to terminate or commute retirement income streams for clients including:

processing and preparing all documentation accurately

calculating income stream payouts including full and partial withdrawals or commutations

calculating tax on lump sums

communicate efficiently and effectively with clients, beneficiaries, team members and other relevant parties.

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:

explain who is entitled to make enquiries about a client’s superannuation and how to deal with those enquiries

outline key features of organisational policies and procedures in relation to the termination of income stream products including the steps in:

terminating or ceasing income streams and annuities

partial withdrawal and partial commutation of pensions

communications with client, beneficiaries and client’s legal representative

explain key features of regulatory requirements relevant to the termination of retirement income streams

discuss ethical and legal considerations in handling confidential and private client information

outline the process and issues relevant to the nomination of beneficiaries

explain how death benefits are processed and calculated

describe timing rules and how commutations of non-account based income streams are calculated

describe the claim staking process for death benefits

describe the different definitions of dependant including Superannuation Industry (Supervision) (SIS) Act and Australian Tax Office (ATO) definitions

explain anti-detriment tax adjustments for lump sum benefits paid to dependants

provide an overview of taxation implications on retirement income stream or annuity products

describe access and preservation rules

describe applicable situations, rules and processes involved in:

rolling back a pension

rolling over and refreshing a pension

reversionary pensions.

Assessment Conditions

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

office equipment, technology, software and consumables

organisational policies and procedures including requirements relevant to terminating retirement income streams.

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

FNSSUP412 Determine impact of social security entitlements on retirement income

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 2.0.

Application

This unit describes the skills and knowledge required to determine the implications of possible social security benefits in calculating an individual’s retirement income stream. It does not include the provision of personal financial advice to an individual.

It applies to individuals who use specialised industry knowledge and systematic approaches to analyse numerical information accurately to complete tasks that meet organisational procedures.

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

Superannuation

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. Research eligibility requirements for accessing social security benefits	1.1 Access and interpret reliable sources of current information on social security entitlements and their impact on income in retirement 1.2 Analyse the requirements of an individual’s government aged pension entitlement 1.3 Determine how social security benefits impact on an individual's income in retirement or nearing retirement 1.4 Determine current eligibility requirements for relevant social security benefits and allowances that may apply to individuals and inform individuals that they will need to confirm eligibility with Centrelink
2. Apply means testing rules	2.1 Identify the treatment of income streams in the government’s means testing process and the different treatments, if any, of account based and non-account based income streams 2.2 Apply means testing arrangements to various work activities 2.3 Identify the aged pension threshold rates at which government pensions reduce for the member 2.4 Use income and assets test information to calculate annual income stream amount to be assessed for social security purposes
3. Determine deemed income on retirement benefits	3.1 Identify the appropriate calculation for deemed income 3.2 Provide details on financial investments included and excluded in deemed income and the asset test calculation 3.3 Identify the appropriate deeming rates for an individual 3.4 Seek advice and clarification from appropriate personnel when required

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	1.1-1.4, 2.1, 2.3	Gathers, analyses and interprets simple to complex information from a range of sources and identifies relevant information
Writing	3.2	Produces texts of varying complexity using appropriate language to convey information accurately and effectively
Oral Communication	3.2, 3.4	Uses clear, specific language and correct terminology to convey information and achieve required outcomes
Numeracy	2.1-2.5, 3.1-3.3	Interprets financial information and analyses against guidelines and rules Uses mathematical operations to accurately perform complex calculations using multiple forms of financial data
Navigate the world of work	3.4	Recognises and follows legislative requirements, explicit and implicit protocols, policies and procedures relevant to work activities
Interact with others	3.4	Selects and uses appropriate communication conventions and protocols to liaise with others
Get the work done	2.2, 2.4, 2.5	Makes decisions regarding the implications of possible social security entitlements based on evaluation against set criteria

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSSUP412 Determine impact of social security entitlements on retirement income	Not Applicable	New unit	No 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 for FNSSUP412 Determine impact of social security entitlements on retirement income

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 2.0.

Performance Evidence

Evidence of the ability to:

research current information on social security rules and eligibility requirements and apply to determine impact on retirement income streams

apply mathematical techniques to calculate retirement income taking into consideration the impact of possible social security entitlements

apply mathematical techniques and correct rules and rates to calculate deemed income on retirement benefits

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:

explain what is meant by the term social security and its relationship to retirement

describe the key features of the Australian social security system and government retirement incomes policy

describe the range of social security entitlements and benefits available for those retired or nearing retirement

describe other types of government social security benefits and allowances including:

Department of Veterans’ Affairs (DVA) benefits

payments for carers

payments for people with disabilities

explain how means testing arrangements work

describe the steps and process for calculating an individual’s age pension entitlement

outline the treatment of income streams, including pensions and annuities, in means testing

explain how the social security system takes superannuation assets into account

describe methods used to check for computational errors in financial calculations.

Assessment Conditions

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

office equipment, technology, software and consumables

organisational policies and procedures.

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

FNSSUP413 Apply knowledge of retirement planning issues when dealing with clients

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 2.0.

Application

This unit describes the skills and knowledge required to provide general advice to clients relating to a range of retirement planning issues.

It applies to individuals who need to keep up-to-date with current issues and requirements relating to retirement including general financial issues and risk, knowledge of income streams and annuities, the social security system, aged care facilities and estate planning While this unit entails providing information to clients it does not cover the provision of personal advice and is intended as a general overview of post-retirement planning issues.

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

Superannuation

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 trends and issues relating to retirement and retirees	1.1 Research current information on demographic trends relevant to the aging population 1.2 Identify current issues relating to consumer behaviour of retirees 1.3 Review the financial implications of longevity in retirement
2. Research key financial issues and risks in retirement	2.1 Identify the key financial risks for people in retirement 2.2 Analyse the implications of adverse financial circumstances that can impact on an individual approaching retirement 2.3 Review a range of post-retirement product types and their relationship to managing financial risk 2.4 Analyse regulatory requirements relating to the provision of financial advice 2.5 Identify sources of general information and guidance relating to financial issues and risks in retirement to provide to clients
3. Outline the role and key features of the social security system impacting on retirees	3.1 Research current information on aged benefits, payments and services and advise clients to contact Centrelink to gauge their eligibility’ 3.2 Describe how account based and non-account based income streams and annuities operate within superannuation and other private income streams 3.3 Describe the relationships and links between government aged pension and superannuation and other private income streams 3.4 Describe the impacts government benefits can have on an individual’s income in retirement
4. Provide general information on aged care options and issues to clients	4.1 Research aged care options and facilities available in the community 4.2 Explain the key features of regulatory requirements relevant to aged care to clients 4.3 Describe general information relating to aged care options to clients and explain how sources of further information can be accessed
5. Provide information and outline the significance of estate planning to clients	5.1 Explain the nature and purpose of an estate plan to clients 5.2 Outline general information on tax issues and consequences for dependants of retirement income stream products including lump sum payments and reversionary pensions to beneficiaries 5.3 Outline the legal requirements and issues relating to wills, powers of attorney, trusts and other estate planning matters to clients 5.4 Explain general estate planning and death benefit options using language and terminology that the client can understand

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
Learning	1.1-1.3, 3.1, 4.1, 5.1	Maintains own knowledge and responsibly shares information gained from experience and research with others
Reading	1.1, 1.2, 2.1	Interprets written and numerical information from a range of sources and identifies relevant and key information
Oral Communication	2.5, 4.2, 4.3, 5.1-5.4	Uses language and concepts appropriate to audience and purpose to convey and clarify information Uses questioning and active listening in verbal exchanges to determine and confirm requirements
Numeracy	3.3, 3.4, 5.2	Interprets financial information and data accurately
Navigate the world of work	2.4, 4.2, 5.3	Develops knowledge of and adheres to legal, regulatory and organisational requirements relevant to own work role Ensures industry and product knowledge is current and is used in compliance with implicit and explicit organisational protocols
Interact with others	2.5, 4.2, 4.3, 5.4	Uses effective communication strategies to convey information to a diverse range of clients encountered in the work context Adapts personal communication style to show respect for the values, beliefs and cultural expectations of others
Get the work done	2.5, 4.3, 5.4	Takes responsibility for tasks and decisions relating to client advice and support that complies with legal and organisational requirements, and recognises when client requires specialist assistance Uses the main features and functions of digital tools to access and convey information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSSUP413 Apply knowledge of retirement planning issues when dealing with clients	Not Applicable	New unit	No 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 for FNSSUP413 Apply knowledge of retirement planning issues when dealing with clients

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 2.0.

Performance Evidence

Evidence of the ability to:

research and actively maintain currency of key information relevant to retirement planning

provide general information to clients on issues relating to aged care and retirement options.

explain the general impacts of social security on an individual's income in retirement to a client

explain the importance of estate planning to clients.

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 organisational policies, procedures and requirements relevant to providing information to clients and relevant stakeholders summarise the key demographic trends relating to seniors and retirement including: average life expectancy improvements in mortality longevity risks to income sources in retirement describe issues relating to consumer behaviour impacting on retirement including: biases skills and work expectations cultural issues job prospects for mature age workers budgeting for retirement explain key regulatory requirements relating to the provision of financial advice outline the key financial risks for retirees including: longevity market changes and adverse market events inflation interest rate changes political risk how long money will last discuss the importance of preparing for and timing retirement including consideration of timing of adverse market events describe a range of post-retirement product types and their relationship to managing financial risk such as the difference between account based income streams which depend on investment returns and non-account based income streams which depend on consumer price index (CPI) changes outline types of aged care residential options including: retirement villages high and low care nursing homes in home government support programs provide an overview of costs, services and eligibility requirements associated with different types of aged care facilities outline key aspects of regulatory requirements relating to aged care facilities outline eligibility requirements for accessing aged pensions and social security benefits including: means testing concept of deemed, gross and net actual income identify non-financial issues to be considered when planning for retirement including: family matters health matters where to live insurance identify and distinguish between personal and retirement goals explain issues related to estate planning and inheritance describe the purpose and key features of wills, powers of attorney and trusts explain the roles and responsibilities of a power of attorney and a trustee outline taxation issues relevant to estate planning outline tax issues related to retirement benefits and associated estate planning options.

Assessment Conditions

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

office equipment, technology, software and consumables

organisational policies and procedures including requirements for handling confidential client information.

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

FNSSUP414 Develop and apply knowledge of aged care

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 2.0.

Application

This unit describes the skills and knowledge required to provide assistance to clients in understanding aged care options and how they work.

It applies to individuals who have knowledge of aged care services and options. They have excellent communication skills to assist clients with ageing parents as well as clients planning for or requiring aged care services and seeking support in considering their aged care options. It involves the provision of general information relating to broad financial and family issues affecting a client. It does not include the provision of personal financial advice.

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

Superannuation

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. Research the aged care system in Australia	1.1 Research the scope of the market for people entering into aged care accommodation 1.2 Analyse the types of aged care accommodation and services available in Australia 1.3 Determine the options for independent living services and the impact on an individual’s expenses 1.4 Review the structure of the aged care system in Australia and the identify processes for gaining access to aged care services
2. Communicate effectively with clients about aged care	2.1 Communicate with clients in a respectful and professional manner appropriate to the relationship and purpose of interaction 2.2 Follow regulatory requirements and organisational procedures and protocols regarding the provision of information 2.3 Actively maintain currency of knowledge about aged care to ensure accuracy of information provided 2.4 Refer clients to sources of specialist information or advice to address specific personal needs
3. Provide an overview to clients of the types of fees that residents in aged care are asked to pay	3.1 Explain the user pays principles underlying aged care fees based on an individual's assets and income to clients 3.2 Identify the categories of fees and how they are calculated 3.3 Explain the options available to clients to pay their aged care fees and the considerations involved in the decision 3.4 Describe how the former home decision affects aged care fees 3.5 Outline the process to access government care subsidies 3.6 Identify some of the opportunities clients have to manage cash flow and reduce fees
4. Outline to clients how aged care affects social security payments and estate planning	4.1 Explain the Centrelink or Department of Veterans’ Affairs (DVA) assessment of aged care fees and the impact on a client’s Centrelink or DVA entitlements 4.2 Explain how the move to aged care can affect a client’s Centrelink or DVA pension 4.3 Describe how the aged care system takes superannuation assets into account 4.4 Outline the treatment of superannuation and income streams in the means testing arrangements
5. Identify when aged care is required and implications to be considered	5.1 Describe the financial and emotional decisions that need to be made in relation to the former home and the impact this may have on Centrelink or DVA pension entitlements 5.2 Explain to clients the estate planning considerations affecting aged care decisions and funding the fees 5.3 Recognise the non-financial decisions including emotional and family considerations and the impact on the aged care decision-making process

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
Learning	1.1, 1.2, 2.3	Maintains own knowledge and responsibly shares information gained from experience and research with others
Reading	1.1-1.3, 3.2	Interprets written and numerical information from a range of sources and identifies relevant and key information Synthesises information from multiple sources and integrates prior knowledge with new information
Writing	2.1, 3.3	Provides information clearly, succinctly and accurately and in a form that is appropriate to audience, cultural differences, context and purpose
Oral Communication	2.1, 2.4, 3.1, 3.3-3.5, 4.1-4.4, 5.2	Clearly explains detailed information using language, tone and pace appropriate to audience Uses strategies such as questioning, active listening and reading of non-verbal cues to support effective communication
Numeracy	3.2, 3.3, 4.1-4.4	Comprehends financial information relevant to aged care fees and income and applies accurately to different scenarios
Navigate the world of work	2.2	Takes responsibility for adhering to regulatory and organisational requirements that relate to own work role Ensures knowledge is current and is used in compliance with implicit and explicit organisational protocols
Interact with others	1.4, 2.1, 2.4, 3.1-3.6, 4.1-4.4, 5.1-5.3	Considers communication strategies to achieve effective connection with a diverse range of clients encountered in the work context Adapts personal communication style to show respect for the values, beliefs and cultural expectations of others
Get the work done	1.4, 2.1, 2.4, 3.1-3.6, 4.1-4.4, 5.1-5.3	Systematically gathers and analyses information and evaluates relevance to address client needs Tailors information to address client queries and issues and recognises when client requires specialist advice Uses the main features and functions of digital tools to complete access and convey information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSSUP414 Develop and apply knowledge of aged care	Not Applicable	New unit	No 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 for FNSSUP414 Develop and apply knowledge of aged care

Modification History

Release	Comments
Release 1	This version first released with FNS Financial Services Training Package Version 2.0.

Performance Evidence

Evidence of the ability to:

research current information about aged care services and apply in response to queries from clients

convey and explain a range of information about aged care including calculations involved in aged care fees and Centrelink and/or Department of Veterans’ Affairs (DVA) entitlements

use effective and sensitive communication strategies appropriate to the client when providing general information on aged care

refer clients to sources of further information on aged care issues.

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:

explain how the aged care system in Australia is structured

identify the process to gain access to aged care services

provide an overview of the types of aged care accommodation and services available

explain the estate planning considerations affecting aged care and its impact on retirement planning decisions

describe the importance of the family home when accessing aged care services

outline the general process of appointing a power of attorney and when this would be required

explain the importance of non-financial and emotional decisions and their impact on family decision-making related to aged care

outline the various independent living services available in retirement.

Assessment Conditions

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

office equipment, technology, software and consumables

financial services and aged care information

organisational policies and procedures.

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

FNSSUP509 Work within a defined benefit fund

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 explain design features, identify legislation and regulation, process contributions, and maintain documentation and records according to defined benefit fund requirements.

It applies to individuals who use specialised industry knowledge and systematic approaches to thoroughly and accurately complete a range of tasks that meet organisational quality assurance procedures.

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

Superannuation

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. Process contributions to defined benefit funds	1.1 Identify and follow rules guiding compulsory payments into defined benefit funds 1.2 Receive and process contributions according to fund requirements
2. Process payment of benefits in defined benefit fund	2.1 Investigate options for benefit payment in defined benefit funds 2.2 Calculate benefit to include additional fees, charges, taxes and other factors 2.3 Process benefits and pensions according to fund requirements 2.4 Communicate with beneficiaries according to organisational procedures
3. Process and maintain documentation and records according to defined benefit fund requirements	3.1 Correctly document all transactions in member records 3.2 Prepare statements and receipts, and issue to members according to organisational procedures 3.3 Maintain member records to ensure currency and accuracy 3.4 Generate certificates, benefit information and taxation information, and provide according to legislative requirements 3.5 Generate fund information and provide to actuary for preparation of necessary certificates
4. Implement quality assurance procedures	4.1 Identify requirements of legislation and regulations specific to defined benefit funds and incorporate into activities 4.2 Follow organisational procedures to ensure work is completed accurately 4.3 Establish member details and maintain in accordance with organisational requirements 4.4 Implement system and process checks, and identify any irregularities 4.5 Correct any irregularities or communicate to appropriate personnel

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, 4.1-4.5	Analyses and consolidates complex information and data from a range of sources, against defined criteria and requirements, and checks for accuracy and completeness
Writing	1.2, 2.4, 3.1-3.5, 4.5	Accurately records information and prepares organisational documents and correspondence using clear language and correct spelling, grammar and terminology
Oral Communication	2.4	Interacts effectively in verbal exchanges, using active listening and questioning to convey and clarify information
Numeracy	2.2, 2.3, 3.2, 3.4	Performs calculations and applies mathematical problem-solving techniques to analyse financial data and statistics, and accurately process payments
Navigate the world of work	3.4, 4.1- 4.4	Identifies and resolves key business issues, processes and practices that may have legal implications Takes full responsibility for compliance with implicit and explicit policies, procedures and legislative requirements Modifies or develops organisational policy and procedures to comply with legislative requirements and organisational goals
Interact with others	2.4, 3.2, 4.5	Implements strategies for a diverse range of colleagues and clients to build rapport and foster strong relationships
Get the work done	1.1, 1.2, 2.2, 2.3, 3.1-3.5, 4.3-4.5	Accepts responsibility for planning and sequencing complex tasks and workload, negotiating key aspects with others and taking into account capabilities, efficiencies and effectiveness Makes critical decisions quickly and intuitively in complex situations, taking into consideration a range of variables Uses a range of digitally based technologies to enter, access or update information to achieve required outcomes

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSSUP509 Work within a defined benefit fund	FNSSUP509A Work within a defined benefit fund	Updated to meet Standards for Training Packages. Rewording and reordering of performance criteria to clarify intent.	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 for FNSSUP509 Work within a defined benefit fund

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:

explain the design of defined benefit funds to members

process contributions and payment of benefits in a defined benefit fund, including additional fees, charges and taxes

interpret trust deed conditions, establish special circumstances and make informed recommendations about benefit payments

identify, source and interpret required information to process benefits for lump sum payments, death claims and disablement claims

assess and determine benefit entitlements for lump sums, pensions, and death and disablement claims using computer programs

accurately process contributions, benefits and insurance claims according to organisational guidelines and relevant legislation.

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:

identify key features and eligibility conditions affecting defined benefit funds

explain advantages and disadvantages of:

accumulation and defined benefit funds

different methods of contributing to defined benefit funds

identify requirements of legislation and regulations specific to defined benefit funds

identify funding options for defined benefit funds

describe the effects of the following on defined benefits:

part-time and casual employees, and leave

resignation, dismissal and redundancy

death and disability

describe the application of privacy legislation

compare and contrast different types of retirement benefits and eligibility

outline the key factors affecting retirement benefit design

outline the effect and use of actuarial tools (compound interest and probability)

describe the role of actuaries in determining payment of benefits

explain the legal requirements for actuarial investigations of defined benefit funds

identify formulas used to calculate defined benefits

outline consequences of incorrect processing of contributions and benefits

describe the influences on fund and benefit design

describe how commutation of pensions work

outline the implications and procedure for actuarial investigations

discuss issues associated with pensions and lump sums

explain the process and implications of:

changing fund structures

transfer between superannuation funds

calculating the value of future liabilities, the valuation of assets and the establishment of the contribution rate

describe special provisions relating to public sector defined benefit funds

outline taxation implications of defined benefit funds

explain the role of employers and members in contributions made to defined benefit funds.

Assessment Conditions

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

common office equipment, technology, software and consumables

organisational financial records

organisational policy and procedures.

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

FNSTPB401 Complete business activity and instalment activity statements

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 identify and apply compliance requirements to effectively process and complete business activity statements (BAS), instalment activity statements (IAS), and other required reports.

It applies to individuals who use a range of organisational and analytical techniques to work in organisations or to supply specific bookkeeping services as a small business owner or contractor.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. This unit is designed to meet the education requirements of the Tax Practitioner Board (TPB). Refer to the FNS Financial Services Training Package Companion Volume Implementation Guide or the relevant regulator for specific guidance on regulatory requirements.

Unit Sector

Bookkeeping

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 compliance and other requirements applicable to business activity	1.1 Research and document legislative, regulatory, industry and organisational requirements relating to activity statements and seek expert advice to clarify issues where applicable 1.2 Review, interpret and apply legislation relating to taxes reported on activity statements 1.3 Identify, document and apply policies in relation to compliance with code of professional conduct as stipulated in legislation relevant to activity 1.4 Identify scope of services that can be provided by a Registered BAS Agent under the Tax Agent Services Act, including limitations of services compared to those of a Tax Agent 1.5 Identify and access information, advice and services outside own scope of operation; establishing and using networks where necessary 1.6 Identify and document lodgement schedule requirements 1.7 Assess entity’s cash flow and payment options and arrangements, and initiate discussion with management to ensure sufficient funds are available to meet statutory requirements
2. Analyse and apply industry codes of conduct associated with work activities	2.1 Review, interpret and apply relevant industry codes of conduct and identify the applicable governing bodies 2.2 Document and apply relevant policies and procedures to ensure compliance with code of conduct requirements 2.3 Identify and document own competency development requirements relating to changes in legislation
3. Review and apply goods and services tax (GST) implications and code transactions	3.1 Identify, interpret and apply and record GST principles 3.2 Identify and code purchases and/or payments as per GST classifications 3.3 Identify and code sales and/or receipts as per GST classifications 3.4 Process accounting data to comply with tax and GST reporting requirements
4. Report on payroll activities and amounts withheld	4.1 Calculate and reconcile total salaries, wages and other payments for a reporting period to enter onto a BAS 4.2 Verify or calculate pay as you go instalment (PAYGI) amount where applicable, or calculate for other payments where applicable
5. Reconcile and prepare activity statement	5.1 Prepare and reconcile activity statement reports, identify and correct statement errors, and amend bookkeeping entries as required 5.2 Review extraordinary transactions in the accounting system, including transactions involving capital acquisitions and imports 5.3 Make adjustments for previous quarters, months or year-end where necessary according to legislative guidelines 5.4 Complete BAS and/or IAS return according to current statutory, legislative, regulatory and organisational schedule 5.5 Reconcile figures completed on BAS and/or IAS form with journal entries, financial statements, GST and other control accounts
6. Lodge activity statement	6.1 Check activity statement and ensure sign-off by authorising person required by statutory, legislative and regulatory requirements 6.2 Lodge activity statement according to statutory, legislative and regulatory requirements

Foundation Skills

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

Skill	Description
Reading	Analyses and interprets relatively complex regulatory and legislative texts and other sources of information to identify and clarify requirements
Writing	Documents research information and records required tax data and financial transactions
Oral communication	Elicits the views and opinions of others and obtains information by questioning and active listening Uses clear and detailed language to clarify and confirm understanding
Numeracy	Uses developed mathematical skills to interpret and assess business accounting records; identify, reconcile and process data; and calculate required taxation instalments in line with reporting requirements Prepares accurate numerical data for activity statements that is adjusted and corrected as required and reconciled to bookkeeping system entries Defines timeframes according to schedule requirements
Navigate the world of work	Takes responsibility for complying with legal and regulatory requirements Uses research and consultation to ensure fully informed and compliant work practice
Interact with others	Cooperates and collaborates with others as part of familiar routine activities and contributes to activities requiring joint responsibility and accountability
Get the work done	Plans, organises and completes work according to defined requirements, taking responsibility for sequencing tasks to meet organisational timeframes and legislative requirements Uses systematic, analytical processes in complex routine and non-routine situations, gathering information and identifying and evaluating potential solutions Uses digital tools to conduct research, design work processes and to complete work tasks

Range of Conditions

This section specifies different work environments and conditions that may affect performance. Essential operating conditions that may be present (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) are included.

Legislative and regulatory requirements must include:	BAS and IAS requirements, including: time requirements cash versus accrual reporting requirements GST Act and related public rulings, determinations and regulations income tax legislation privacy legislation tax agent services legislation TPB conduct requirements industry associations recognised by the TPB.
Payment options must include:	maintaining an estimate of amount payable on BAS and IAS PAYGI and pay as you go withholding (PAYGW) setting up a provision account for PAYGI.
GST principles must include:	GST collected GST input tax credits net GST payable.
GST classifications must include:	GST GST free input taxed no tax (not reportable) input taxed supply exports.

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSTPB401 Complete business activity and instalment activity statements (Release 1)	FNSBKG404 Carry out business activity and instalment activity statement tasks (Release 1)	Updated to meet Tax Practitioners Board requirements. Minor editorial changes to unit title. Removed performance criteria from Elements 3 and 5.	Equivalent unit.

Links

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

Assessment Requirements for FNSTPB401 Complete business activity and instalment activity statements

Modification History

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

Performance Evidence

Evidence of the ability to:

research, critically evaluate, and apply changes to current or new legislative or professional conduct requirements when preparing business activity statements (BAS)

identify financial transactions required to prepare activity statements and apply the principles and classifications of the goods and services tax (GST)

prepare both BAS and instalment activity statements (IAS) for a range of legal entities that comply with:

Australian taxation law, Australian Taxation Office (ATO) rulings, Tax Practitioner Board (TPB) requirements, and lodgement schedules

accounting principles and practices

organisational policy and procedures relating to business activity statements

present business activity statements for verification and approval.

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

Knowledge Evidence

The candidate must be able to demonstrate the following knowledge to effectively complete the tasks outlined in the elements and performance criteria of this unit, and to manage tasks and reasonably foreseeable contingencies in the context of the work role.

Research methods and sources of information used to update knowledge of professional and legislative requirements relating to activity statements

Key requirements of current legislation, regulations and industry codes of practice relating to preparing activity statements, including:

Tax Agent Services Act (TASA), including Code of Professional Conduct. TPB registration requirements, and civil penalty provisions

Fringe Benefits Tax Assessment Act

A New Tax System (Goods and Services Tax) Act

Income Tax Assessment Act

Taxation Administration Act

other taxation laws, including taxable payments annual reporting, fringe benefits tax (for collection and recovery), wine equalisation tax, luxury car tax and fuel tax

Privacy Act

ATO requirements

Accounting terminology used when preparing and submitting BAS and IAS for a range of business types

GST terminology, classifications, regulations, and obligations

Assessment Conditions

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

office equipment, technology, software and consumables required to process BAS and IAS, and associated required reports, including:

an integrated financial software system

required legislation and industry material

ATO and TPB materials available from the ATO and TPB

access to the internet.

Assessors of this unit must satisfy the assessor requirements in applicable vocational education and training legislation, frameworks and/or standards.

This unit is designed to meet the education requirements of the Tax Practitioner Board (TPB). Where registration with the TPB is sought, assessment must reflect the conditions described by the regulator which stipulate that a significant amount (at least 40%) must be completed under some form of independent supervision. Where recognition of prior learning (RPL) is used, it must also meet the requirements of the Board’s policy on RPL.

Details of requirements can be accessed on the TPB website at <http://www.tpb.gov.au>.

Links

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

FNSTPB402 Establish and maintain payroll systems

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 record and prepare payroll documentation, respond to enquiries, and process payroll data for manual and computerised systems.

It applies to individuals, including BAS agents, who use a range of organisational and other specialist techniques. They may work directly for organisations or be small business owners, contractors or service providers.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. This unit is designed to meet the education requirements of the Tax Practitioner Board (TPB). Refer to the FNS Financial Services Training Package Companion Volume Implementation Guide or the relevant regulator for specific guidance on regulatory requirements.

Unit Sector

Bookkeeping

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. Establish payroll requirements	1.1 Assess scope of payroll services that a business activity statement (BAS) agent can provide, and identify need for independent expert advice 1.2 Apply knowledge of legislation in relation to National Employment Standards, and legislative requirements in regard to payroll payments 1.3 Research and identify relevant state and modern awards, and employment agreements, regarding details to be set up in payroll system for individual employees
2. Record payroll data	2.1 Configure payroll system with complete data provided by employee and employer 2.2 Review payroll data and clarify discrepancies with designated persons 2.3 Enter employee pay period details in payroll system in line with source data
3. Prepare and process payroll	3.1 Conduct payroll preparation within designated timeframes and according to organisational policy and procedures 3.2 Use employee source data to calculate, record and reconcile payroll according to legislative requirements 3.3 Reconcile total payments for pay period, and review and correct irregularities or refer them to designated persons for resolution 3.4 Obtain authorisation of payroll and make arrangements for individuals’ payments in line with organisational requirements 3.5 Distribute individual pay advice according to organisational and legislative requirements 3.6 Identify legislative and organisational requirements relevant to employment termination processes and payment, and seek advice to interpret requirements as required 3.7 Produce, review and store payroll records according to organisational policy and security procedures
4. Handle payroll enquiries	4.1 Respond to payroll enquiries according to organisational and legislative requirements 4.2 Provide information according to organisational and legislative requirements 4.3 Refer enquiries outside area of responsibility or knowledge to designated persons for resolution 4.4 Provide additional information or complete follow-up action within designated timeframes and according to organisational policy and procedures
5. Maintain payroll	5.1 Maintain information and record keeping relating to payroll function according to current legislative and regulatory requirements 5.2 Prepare and reconcile month-end and year-end payroll records to ensure compliance with legislative and management deadlines 5.3 Update records and systems in line with salary reviews and other changes in employment status 5.4 Establish back-up and disaster recovery systems 5.5 Generate and distribute payroll reports in line with organisational policy 5.6 Extract and apply BAS and instalment activity statement (IAS) data according to legislative and regulatory requirements

Foundation Skills

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

Skill	Description
Reading	Reviews and compares details of information to meet requirements, and interprets and analyses an extensive range of structurally intricate texts to inform actions
Writing	Records detailed information accurately in required formats for individuals Prepares, produces and updates accurate payroll record information in a range of report formats to meet organisational requirements Produces logically sequenced texts in response to enquiries
Oral communication	Participates effectively in exchanges of information using questioning and active listening to clarify details, and clear and direct language to refer problems to supervisor Clearly articulates responses to enquiries using language, tone and pace appropriate to audience
Numeracy	Uses calculation skills and mathematical formulas to prepare, record, reconcile, check and report payroll data in a range of formats Defines timeframes in line with schedule requirements
Navigate the world of work	Takes responsibility for complying with organisational policy and procedures, and legal and regulatory requirements
Interact with others	Cooperates and collaborates with others as part of familiar routine activities and contributes to activities requiring joint responsibility and accountability
Get the work done	Plans, organises and completes work according to defined requirements, taking responsibility for sequencing tasks to achieve efficient outcomes Uses systematic analytical processes in complex routine and non-routine situations, gathering information, reviewing and reconciling data, and identifying and evaluating potential solutions Uses digital tools to conduct research, design work processes and to complete work tasks

Range of Conditions

This section specifies different work environments and conditions that may affect performance. Essential operating conditions that may be present (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) are included.

Payroll preparation must include:	calculating gross pay calculating net pay preparing pay advice slips preparing payments calculating superannuation, taxation and other deductions.
Payroll records must include:	electronic funds transfer employee summary report end of month reports end of year reports pay advice slips payment summaries taxation reports termination payments.

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSTPB402 Establish and maintain payroll systems (Release 1)	FNSBKG405 Establish and maintain a payroll system (Release 2)	Updated to meet Tax Practitioners Board requirements. Minor editorial changes to unit title. Changes to performance criteria in Elements 1–3. Changes to assessment requirements to clarify intent.	Equivalent unit.

Links

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

Assessment Requirements for FNSTPB402 Establish and maintain payroll systems

Modification History

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

Performance Evidence

Evidence of the ability to:

identify, calculate and input data from time-recording systems for payments into manual or computerised payroll systems

produce a payroll report according to organisational and legislative requirements

present a payroll report for verification and approval

maintain records according to organisational and legislative requirements that relate to security and confidentiality of information.

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

Knowledge Evidence

The candidate must be able to demonstrate the following knowledge to effectively complete the tasks outlined in the elements and performance criteria of this unit, and to manage tasks and reasonably foreseeable contingencies in the context of the work role.

Scope of services offered by a business activity statement (BAS) agent providing payroll services

Key principles of award and enterprise agreements and industrial instruments required to maintain payroll systems

Organisational policy and procedures that affect payroll, including the structure of authority in organisations

Industry codes of practice relevant to payroll operations

Key features of manual and computerised payroll systems

Legislative and record-keeping requirements from all levels of government that affect business operation and reporting requirements, especially in regard to:

Fair Work Act

National Employment Standards

Superannuation Guarantee (Administration) Act

corporations law

workers compensation and work health and safety

state payroll tax relating to payroll activities

Privacy Act and requirements relating to confidentiality and security of records

Higher Education Loan Program (HELP)

Medicare levy

Tax Agent Services Act (TASA)

current commonwealth, state and territory industry and modern awards, and enterprise bargaining agreements

individual employment agreements

commonwealth, state and territory leave Acts, including annual, personal, paid parental and long service

Australian Bureau of Statistics (ABS) Act

Current Australian Taxation Office (ATO) requirements relating to payroll systems, including:

Australian business number (ABN)

payment summaries

employment termination payments (ETPs)

tax file number (TFN) declaration

Tax Practitioners Board (TPB) requirements relating to payroll systems, including:

registration and scope of services documentation requirements for BAS agents

code of professional conduct

Key requirements of taxation law relating to payroll systems, including:

pay as you go instalment (PAYGI) tax

pay as you go withholding (PAYGW) tax

fringe benefits tax (FBT) as it relates to salary packaging

Key aspects of routine and non-routine requirements for payroll, including:

routine: award payments, salary amount, salary packaging, superannuation guarantee and superannuation reporting

non-routine: termination payments and superannuation guarantee charge

Assessment Conditions

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

office equipment, technology, software and consumables required to establish and maintain a payroll system, including:

workplace reference materials, such as procedural manuals and organisational policy

actual or simulated payroll data.

Assessors of this unit must satisfy the assessor requirements in applicable vocational education and training legislation, frameworks and/or standards.

This unit is designed to meet the education requirements of the Tax Practitioner Board (TPB). Where registration with the TPB is sought, assessment must reflect the conditions described by the regulator which stipulate that a significant amount (at least 40%) must be completed under some form of independent supervision. Where recognition of prior learning (RPL) is used, it must also meet the requirements of the Board’s policy on RPL.

Details of requirements can be accessed on the TPB website at <http://www.tpb.gov.au>.

If undertaking this unit for BAS agent registration, the following items in the Range of Conditions must be addressed in the assessment to meet educational requirements for registration with the TPB:

payroll preparation

payroll records.

Links

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

FNSTPB503 Apply legal principles in contract and consumer law

Modification History

Release	Comments
Release 2	This version first released with FNS Financial Services Training Package Version 3.0.
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 research, analyse and apply legal principles to provide advice on contract and consumer law implications to clients.

It applies to individuals whose job role involves the application of knowledge of contract and consumer law in the workplace.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. This unit is designed to meet educational requirements of the Tax Practitioner Board (TPB). Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.

Unit Sector

Tax practice

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. Research legal aspects of contract and consumer law	1.1 Identify client's circumstances that require advice on contract or consumer law matters 1.2 Research contract and consumer law and related legislation, regulation and practice 1.3 Identify different types of relevant contract and consumer transactions, and clearly outline their legal context, establishment procedures and purpose 1.4 Identify legal principles applying to contract and consumer matters that are relevant to client circumstances
2. Analyse legal issues and risks associated with operation of a business	2.1 Identify areas of risk in application of law in contract and consumer matters 2.2 Analyse how legal issues impact on different types of business structures and legal entities 2.3 Evaluate relevance to client circumstances and implication of risks for structure, operation and performance of different legal entities
3. Apply knowledge of contract and consumer laws to client circumstances	3.1 Collect and collate client's available information for analysis 3.2 Interpret, analyse and process available information to obtain required knowledge applicable to client's circumstances 3.3 Seek advice and guidance of specialist, if required, to interpret, analyse and synthesise client and legal information 3.4 Provide advice to clients based on their circumstances and relevant law
4. Maintain legal knowledge	4.1 Review client's circumstances and apply any changes in relevant aspects of contract or consumer law 4.2 Review relevant legal sources regularly and apply any changes in daily work 4.3 Access and use systems for keeping up with changes and maintaining up-to-date knowledge about relevant legal aspects of contract or consumer law

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
Learning	4.3	Identifies, plans and implements strategies to manage gaps in personal knowledge
Reading	1.2, 1.3, 2.1-2.3, 3.1, 3.3, 4.1, 4.2, 4.3	Critically analyses complex documentation from a variety of sources and consolidates information relating to specific criteria to determine requirements
Writing	1.2, 1.3, 2.1-2,3, 3.2-3.4, 4.1, 4.2, 4.3	Prepares documents that are constructed logically, succinctly and accurately to express ideas and explore complex issues Completes organisational documents and correspondence using clear language and correct spelling, grammar and terminology
Oral Communication	3.3, 3.4	Participates in verbal exchanges using active listening and questioning techniques to elicit information from others and to confirm understanding
Navigate the world of work	1.1, 1.3, 3.2, 3.4, 4.1, 4.2, 4.3	Develops and implements strategies that ensure organisational policy, procedures and regulatory requirements are being met Monitors and reviews the organisation’s policy, procedures and adherence to legislative requirements to implement and manage change Ensures knowledge of legislation and regulations is accurate, comprehensive and current to provide advice to others as required by role
Interact with others	3.3, 3.4	Influences and fosters a collaborative culture, facilitating a sense of commitment and workplace cohesion Shares knowledge, information and experience openly as an integral part of the working relationship
Get the work done	1.1-1.3, 2.1-2.3, 3.1, 3.2, 4.3	Develops plans to manage relatively complex routine and non-routine tasks with an awareness of how they might contribute to broader strategy and goals Gathers and analyses data and seeks feedback to improve plans and processes Addresses complex problems involving multiple variables, using formal analytical and lateral thinking techniques, experience and knowledge to generate solutions Uses digital systems and technologies to enter, store or access information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSTPB503 Apply legal principles in contract and consumer law (Release 2)	FNSTPB503 Apply legal principles in contract and consumer law (Release 1)	Updates to foundation skills mapping information	No 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 for FNSTPB503 Apply legal principles in contract and consumer law

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:

research for any changes to, or new, legislative requirements in relation to contract or consumer law relevant to the client's circumstances

apply current statute, common law and equitable principles in relation to contract and consumer laws that are relevant to the client's circumstances

present a recommendation to the client after considering the client’s circumstances and relevant aspects of contract and/or consumer laws.

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:

explain the operation of the Australian legal systems and processes relevant to contract and consumer law including:

basic principles, current statute, common law and equitable principles

roles and responsibilities of key organisations

constitutional considerations

separation of powers

basic principles of contract law

basic principles of the law of torts, particularly relating to negligence and negligent misstatement

courts and regulatory bodies

explain how laws are enacted and their underlying policy aims, and how those laws may be interpreted by existing common law and equitable rules, and apply to property laws

examine legal concepts and scope of contract law with reference to:

formation – agreement and intention to create legal relations

formation – consideration, form, legality and capacity

contents – express terms, exclusion clauses

contents – implied terms, common law and statute (Commonwealth and state competition and consumer legislation)

vitiating elements – unconscionability, misrepresentation, capacity

discharge – remedies, including rescission for unconscionable conduct

agency

describe legal concepts and scope of consumer law

misleading and deceptive conduct:

function of the Competition and Consumer Act

role and jurisdiction of the Australian Competition and Consumer Commission (ACCC).

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the tax and legal fields 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.

This unit is designed to meet the education requirements of the Tax Practitioner Board (TPB). Where registration with the TPB is sought, assessment must reflect the conditions described by the regulator which stipulate that a significant amount (at least 40%) must be completed under some form of independent supervision. Where recognition of prior learning (RPL) is used, it must also meet the requirements of the Board’s policy on RPL.

Details of requirements can be accessed on the TPB website at <http://www.tpb.gov.au>.

Links

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

FNSTPB504 Apply legal principles in corporations and trust law

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 research and analyse legal principles and issues in corporations and trust law matters and then apply this knowledge to provide advice to clients.

It applies to individuals who work with corporations and trust laws in the workplace as determined by the job role, legislation, rules, regulations and codes of practice relevant to different jurisdictions.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. This unit is designed to meet educational requirements of the Tax Practitioner Board (TPB). Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.

Unit Sector

Tax practice

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. Research legal aspects of corporations and trust law relevant to client's circumstances	1.1 Identify client circumstances that require advice on corporation and trust law matters 1.2 Research corporations and trust law and related legislation, regulation and practice 1.3 Identify different types of relevant corporations and trust law transactions, and clearly outline their legal context, establishment procedures and purpose 1.4 Identify legal principles applying to corporation and trust matters that are relevant to client circumstances
2. Analyse issues and risks associated with operation of a business	2.1 Identify areas of risk in application of law in corporation and trust matters 2.2 Analyse how legal issues impact on different types of legal entities 2.3 Evaluate relevance to client circumstances and implication of risks for structure, operation and performance of different types of legal entities 2.4 Assess ways in which risk mitigation is addressed in formation and operation of different types of legal entities
3. Apply knowledge of law to business structures	3.1 Collect and collate client's business information for analysis 3.2 Interpret, analyse and process available information to obtain required knowledge on client's business structure requirements 3.3 Seek advice and guidance of specialist where required, to interpret, analyse and synthesise client's relevant information 3.4 Provide advice to client based on identified facts and relevant laws
4. Maintain legal knowledge	4.1 Review client's circumstances and business structure, and apply any changes in relevant aspects of corporations and/or trust law if necessary 4.2 Access and use systems for maintaining up-to-date knowledge about relevant legal aspects of corporations and trust law 4.3 Review relevant legal sources regularly and apply any changes in daily work

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
Learning	3.2, 4.2	Identifies, plans and implements strategies to manage gaps in personal knowledge
Reading	1.1-1.4, 2.1-2.4, 3.1-3.3, 4.1, 4.3	Critically analyses complex documentation from a variety of sources and consolidates information relating to specific criteria to determine requirements
Writing	1.3, 1.4, 2.1-2.4, 3.2-3.4, 4.1, 4.2	Prepares documents that are constructed logically, succinctly and accurately to express ideas and explore complex issues Completes organisational documents and correspondence using clear language and correct spelling, grammar and terminology
Oral Communication	3.3, 3.4	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 the audience and purpose
Navigate the world of work	1.1-1.4, 3.4, 4.1	Works autonomously, making high level decisions to achieve and improve organisational goals Develops and implements strategies that ensure organisational policy, procedures and regulatory requirements are being met Ensures knowledge of legislation and regulations is accurate, comprehensive and current to provide advice to others as required by role
Interact with others	3.3, 3.4	Selects, implements and manipulates communications systems, processes and practices for maximum impact Uses a variety of relevant communication tools and strategies in building and maintaining effective working relationships
Get the work done	1.1-1.4, 2.1-2.4, 3.1, 3.2, 4.2	Develops plans to manage relatively complex routine and non-routine tasks with an awareness of how they might contribute to broader strategy and goals Gathers and analyses data and seeks feedback to improve plans and processes Addresses complex problems involving multiple variables, using formal analytical and lateral thinking techniques, experience and knowledge to generate solutions Identifies key factors that impact on decisions and their outcomes, drawing on experience, competing priorities and decision-making strategies where appropriate Uses digital systems and technologies to enter, store or access information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSTPB504 Apply legal principles in corporations and trust law	FNSTPB501A Apply legal principles in corporations and trusts law	Updated to meet Standards for Training Packages. Wording changes and clarification 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 for FNSTPB504 Apply legal principles in corporations and trust law

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:

research changes to, or new, legislative requirements in relation to corporations and trust law relevant to the client's circumstances and business structure requirements

apply current statute, common law and equitable principles in relation to corporations and trust law relevant to the client's circumstances

present a recommendation on suitable business structures or legal entities to the client after considering the client’s circumstances.

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 operation of the Australian legal systems and processes relevant to corporations and trust law including:

basic principles, current statute, common law and equitable principles

roles and responsibilities of key organisations

constitutional considerations

separation of powers

basic principles of the law of torts, particularly relating to negligence and negligent misstatement

courts and regulatory bodies

outline how laws are enacted and their underlying policy aims

explain how those laws may be interpreted by existing common law and equitable rules and applied to corporations and trusts

analyse legal concepts of business organisational structures, and underlying regulation including the application of these to:

sole traders

partnerships

corporations

trusts

agencies

joint ventures

incorporated associations

examine legal aspects of superannuation with reference to:

ways in which superannuation can be accumulated and taken

who can provide superannuation products and how those providers and their products are prudentially licensed and regulated

duties of superannuation trustees

how superannuation interests are protected and litigated

current and future developments in superannuation law and policy

identify and reference the key features of Australian corporations law and requirements to analyse issues and risks relating to:

nature of a company

company registration

promoters and pre-registration contracts

company constitution and replaceable rules

contracting with others

fundraising

share capital

member meetings

corporate management

directors’ duties

member remedies

bankruptcy and insolvency

examine legal concepts and scope of law covering trusts with particular reference to:

structure of a trust

trust deed

common law duty

role and responsibilities of a trustee

types of trusts

member meetings

corporate management

member remediation

bankruptcy and insolvency.

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the tax and legal fields 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.

This unit is designed to meet the education requirements of the Tax Practitioner Board (TPB). Where registration with the TPB is sought, assessment must reflect the conditions described by the regulator which stipulate that a significant amount (at least 40%) must be completed under some form of independent supervision. Where recognition of prior learning (RPL) is used, it must also meet the requirements of the Board’s policy on RPL.

Details of requirements can be accessed on the TPB website at <http://www.tpb.gov.au>.

Links

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

FNSTPB505 Apply legal principles in property law

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 research, analyse and apply legal principles to provide advice on property law matters to clients.

It applies to individuals whose job role involves the application of knowledge of property law in the workplace.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. This unit is designed to meet educational requirements of the Tax Practitioner Board (TPB). Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.

Unit Sector

Tax practice

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. Research legal aspects of property law	1.1 Identify client's circumstances that require advice on property law matters 1.2 Research relevant property law and related legislation, regulation and practice 1.3 Identify different types of appropriate property transactions and clearly outline their legal context, establishment procedures and purpose 1.4 Identify relevant legal principles applying to property matters that are relevant to client circumstances
2. Analyse legal issues and risks associated with operation of a business	2.1 Identify areas of risk in application of law in property matters 2.2 Analyse how legal issues impact on different types of legal entities and business structures 2.3 Evaluate relevance to client circumstances and implication of risks for structure, operation and performance of different types of legal entities and business structures
3. Apply knowledge of property laws to client circumstances	3.1 Collect and collate client's available information for analysis 3.2 Interpret, analyse and process available information to obtain required knowledge applicable to client circumstances 3.3 Seek advice and guidance of specialist if required, to interpret, analyse and synthesise client and legal information 3.4 Provide advice to client based on client’s circumstances and relevant law
4. Maintain legal knowledge	4.1 Review client's circumstances and apply any changes in relevant aspects of property law 4.2 Review relevant legal sources regularly and apply any changes in daily work 4.3 Access and use systems for keeping up with changes and maintain up-to-date knowledge about relevant legal aspects of property law

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
Learning	4.3	Identifies, plans and implements strategies to manage gaps in personal knowledge
Reading	1.1-1.3, 2.1-2.3, 3.1, 3.3, 4.1	Critically analyses complex documentation from a variety of sources and consolidates information relating to specific criteria to determine requirements
Writing	1.3, 2.3, 3.2-3.4, 4.1, 4.2	Prepares documents that are constructed logically, succinctly and accurately to express ideas and explore complex issues Completes organisational documents and correspondence using clear language and correct spelling, grammar and terminology
Oral Communication	3.3, 3.4	Participates in verbal exchanges using active listening and questioning techniques to elicit information from others and to confirm understanding
Navigate the world of work	1.1, 1.3, 1.4, 3.2, 3.4, 4.1	Develops and implements strategies that ensure organisational policy, procedures and regulatory requirements are being met Monitors and reviews the organisation’s policy, procedures and adherence to legislative requirements to implement and manage change Ensures knowledge of legislation and regulations is accurate, comprehensive and current to provide advice to others as required by role
Interact with others	1.3, 3.3, 3.4	Influences and fosters a collaborative culture, facilitating a sense of commitment and workplace cohesion Shares knowledge, information and experience openly as an integral part of the working relationship
Get the work done	1.1-1.4, 2.1-2.3, 3.1, 3.2, 4.2	Develops plans to manage relatively complex routine and non-routine tasks, with an awareness of how they might contribute to broader strategy and goals Gathers and analyses data and seeks feedback to improve plans and processes Addresses complex problems involving multiple variables, using formal analytical and lateral thinking techniques, experience and knowledge to generate solutions Uses digital systems and technologies to enter, store or access information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSTPB505 Apply legal principles in property law	FNSTPB502A Apply legal principles in commercial and property law	Updated to meet Standards for Training Packages. Title updated. Wording changes and renumbering of performance criteria to clarify intent of unit.	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 for FNSTPB505 Apply legal principles in property law

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:

research for any changes to, or new, legislative requirements in relation to property law relevant to the client's circumstances

apply current statute, common law and equitable principles in relation to property law that are relevant to the client's circumstances

present a recommendation and advise clients after considering their circumstances and relevant property laws.

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:

explain the operation of the Australian legal systems and processes relevant to property law including:

basic principles, current statute, common law and equitable principles

roles and responsibilities of key organisations

constitutional considerations

separation of powers

basic principles of the law of torts, particularly relating to negligence and negligent misstatement

courts and regulatory bodies

outline how laws are enacted and their underlying policy aims

explain how those laws may be interpreted by existing common law and equitable rules and applied to property laws

outline legal aspects of real property law:

the Torrens system

native title

leases – commercial and residential

mortgages and securities

easements

restrictive covenants

co-ownership

strata and community title

outline legal aspects of personal property law:

intellectual property law

patents

copyrights

trademarks

personal property securities law.

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the tax and legal fields 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.

This unit is designed to meet the education requirements of the Tax Practitioner Board (TPB). Where registration with the TPB is sought, assessment must reflect the conditions described by the regulator which stipulate that a significant amount (at least 40%) must be completed under some form of independent supervision. Where recognition of prior learning (RPL) is used, it must also meet the requirements of the Board’s policy on RPL.

Details of requirements can be accessed on the TPB website at <http://www.tpb.gov.au>.

Links

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

FNSTPB506 Apply taxation requirements when providing tax (financial) advice services

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 research, identify and analyse the taxation requirements, including taxation administration, that apply to particular clients and circumstances.

It applies to individuals who provide tax (financial) advice services as defined in the Tax Agent Services Act 2009. Individuals providing such services are generally required to be registered tax (financial) advisers.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. This unit is designed to meet educational requirements of the Tax Practitioners Board (TPB). Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.

Unit Sector

Tax practice

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. Research tax requirements	1.1 Identify the client's circumstances and tax (financial) advice services relevant to tax requirements 1.2 Identify sources of tax information relevant to client's circumstances and tax (financial) advice services requirements 1.3 Research relevant legislation, including Tax Agent Services Act 2009 and Tax Agent Services Regulations 2009, Australian Taxation Office (ATO) guidelines and other regulatory and ethical requirements relevant to the tax requirements of the client's circumstances and the tax (financial) advice services being provided
2. Explain relevant tax requirements and adviser's scope of authority	2.1 Identify legal, regulatory and ethical requirements that apply to the tax requirements relevant to the client's circumstances and tax (financial) advice services 2.2 Explain the scope and authority of providing tax (financial) advice services to the client 2.3 Explain to the client, within scope of authority, the tax requirements that apply to their circumstances and the tax (financial) advice services being provided 2.4 Advise the client to seek independent tax advice or specialist advice as required
3. Explain implications of tax requirements	3.1 Analyse the implications of the tax requirements relevant to the client's circumstances and tax (financial) advice services, including how it applies to individuals or different legal entities 3.2 Explain to the client, within scope of authority, the implications of the tax requirements that apply to their circumstances and the tax (financial) advice services provided
4. Maintain knowledge of tax and tax administration requirements	4.1 Identify sources of information for tax administration requirements, including assessments, amendments and objections, relevant to the client's circumstances and tax (financial) advice services 4.2 Review client's circumstances and tax (financial) advice services provided and apply changes in tax or tax administration requirements, as necessary 4.3 Access and use systems for maintaining up-to-date knowledge about relevant tax and tax administration requirements 4.4 Conduct research to identify updates, or additions to, tax and tax administration requirements relevant to client's circumstances and tax (financial) advice services provided

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
Learning	4.3	Identifies and implements strategies to manage gaps in personal knowledge
Reading	1.2, 1.3, 2.1, 3.1, 4.1, 4.3, 4.4	Accesses, comprehends, assesses and interprets complex documents with a high level of technical detail
Oral Communication	2.2, 2.3, 2.4, 3.2	Presents information choosing language appropriate to audience Asks questions and listens to responses from clients and others using appropriate vocabulary and non-verbal features
Numeracy	3.1	Extracts, comprehends and analyses mathematical information embedded in a range of complex documents related to taxation and with taxation implications
Navigate the world of work	2.1, 2.2, 2.3	Accepts responsibility for providing advice according to requirements of own role and relevant legislation
Interact with others	2.2, 2.3, 2.4, 3.2	Uses a range of strategies to establish connection and build rapport with client Selects and uses appropriate conventions and protocols when liaising or sharing information with clients
Get the work done	1.1, 1.2, 1.3, 4.1, 4.2, 4.3, 4.4	Plans, organises and implements tasks required to provide accurate information to the clients Applies systematic and analytical processes to decide on most appropriate advice for clients in complex and non-routine situations Uses the main features and functions of digital tools to complete work tasks and to access information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSTPB506 Apply taxation requirements when providing tax (financial) advice services	Not applicable	New unit	No 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 for FNSTPB506 Apply taxation requirements when providing tax (financial) advice services

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:

research, analyse and apply current relevant legislative requirements, Australian Taxation Office (ATO) guidelines, regulatory and ethical requirements on tax requirements, including tax administration, relevant to the client's circumstances and the tax (financial) advice services being provided

analyse the client circumstances and tax (financial) advice services requiring specialised independent tax advice

present implications of tax requirements to clients relevant to their circumstances and the tax (financial) advice services

access and use systems and relevant resources to maintain knowledge on tax and tax administration requirements.

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:

identify the following key issues, ethical considerations, industry obligations and legislative requirements when providing tax (financial) advice services which impacts on taxation matters:

conflicts of interest

responsibilities of tax (financial) advisers, including Code of Professional Conduct obligations, under the Tax Agent Services Act 2009 (TASA) and Tax Agent Services Regulations 2009 (TASR)

requirements and processes for clients who need specialised tax advice in capital gains tax and self managed superannuation funds

anti-avoidance provisions

explain critical and key elements of Australian taxation law, as it relates to tax of individuals, companies, trusts, partnerships and sole traders

describe key aspects of the income tax law covering concepts of :

residence and source

related elements of international tax

assessable income

deductions (general, specific and capital allowance and depreciation)

tax rebates and offsets (including imputation credits)

deferred and tax free trust distributions

income test definitions that include reportable superannuation and fringe benefits tax

describe key aspects of taxes that extend the ordinary statutory income tax base including relevant principles and application of the:

capital gains tax (CGT) including exemptions, disposals, discounts and consequences of CGT on death and CGT concessions for small business

fringe benefits tax including the concept of salary packaging

employee termination payments

employee share schemes

goods and services tax at a basic level

superannuation contributions, funds earnings and benefit payments

at a basic level, the administrative aspects of the taxes identified above including returns, tax collection and withholding mechanisms, assessments, obligations, rulings, penalties, amendments and objections

outline key sources of tax information:

Australian Taxation Office

Australian Securities and Investments Commission

courts

securities dealers

existing or proposed trust deeds

fund managers

industry bodies

legislation

Australian Financial Services licensees

professional associations

regulations

relevant Commonwealth, State or Territory government organisations.

Assessment Conditions

Gather evidence to demonstrate consistent performance in conditions that are safe and replicate the workplace. Noise levels, production flow, interruptions and time variances must be typical of those experienced in the tax (financial) advice services 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.

This unit is designed to meet the education requirements of the Tax Practitioners Board (TPB). Where registration with the TPB is sought, assessment must reflect the conditions described by the regulator which stipulate that at least 40% of the assessment must be completed under some form of independent supervision. Where recognition of prior learning (RPL) is used, it must also meet the requirements of the TPB’s policy on RPL. Details of requirements can be accessed on the TPB website (www.tpb.gov.au).

Links

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

FNSTPB507 Apply legal principles in commercial law when providing tax (financial) advice services

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 research, identify and analyse commercial law principles and apply relevant principles to particular clients and their circumstances.

It applies to individuals who provide tax (financial) advice services as defined in the Tax Agent Services Act 2009. Individuals providing such services are generally required to be registered tax (financial) advisers.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. This unit is designed to meet educational requirements of the Tax Practitioners Board (TPB). Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.

Unit Sector

Tax practice

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. Research commercial law principles	1.1 Identify client circumstances and tax (financial) advice services relevant to commercial law matters 1.2 Identify sources of commercial law information appropriate to client circumstances and the tax (financial) advice services requirements 1.3 Research commercial law principles regarding different business structures, contract law and law of torts relevant to the client's circumstances and the tax (financial) advice services being provided
2. Explain commercial law principles and adviser's scope of authority	2.1 Identify commercial law principles that apply to the client's circumstances and tax (financial) advice services 2.2 Explain the scope and authority of advice to the client 2.3 Explain to the client, within scope of authority, the commercial law principles applicable to their circumstances and the tax (financial) advice services being provided 2.4 Advise the client to seek independent legal or specialist advice as required
3 Explain implications of the commercial law principles	3.1 Analyse the implications of commercial law principles that apply to the client's circumstances and tax (financial) advice services 3.2 Explain to the client, within scope of authority, the implications of the commercial law principles applicable to their circumstances and the tax (financial) advice services provided
4. Maintain knowledge of commercial law principles	4.1 Review client's circumstances, including any of their business structures and contractual arrangements, and apply changes in relevant principles of commercial law as necessary 4.2 Access and use systems for maintaining up-to-date knowledge about relevant legal principles of commercial law 4.3 Review relevant legal sources regularly and apply any changes in daily work

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
Learning	4.2, 4.3	Identifies and implements strategies to manage gaps in personal knowledge
Reading	1.2, 1.3, 2.1, 3.1, 4.1	Accesses, comprehends, assesses and interprets complex documents with a high level of technical detail
Oral Communication	2.2, 2.3, 2.4, 3.2	Presents information choosing language appropriate to audience Asks questions and listens to responses from clients and others using appropriate vocabulary and non-verbal features
Navigate the world of work	2.1, 2.2, 2.3	Accepts responsibility for providing advice according to requirements of own role and relevant legislation
Interact with others	2.2, 2.3, 2.4, 3.2	Uses a range of strategies to establish connection and build rapport with client Selects and uses appropriate conventions and protocols when liaising or sharing information with clients
Get the work done	1.1, 1.2, 1.3, 4.1, 4.2, 4.3	Plans, organises and implements tasks aiming to provide accurate information to the clients Applies systematic and analytical processes to decide on most appropriate advice for clients in complex and non-routine situations Uses the main features and functions of digital tools to complete work tasks and to access information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSTPB507 Apply commercial law requirements when providing tax (financial) advice services	Not applicable	New unit	No 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 for FNSTPB507 Apply legal principles in commercial law when providing tax (financial) advice services

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:

research, analyse and apply current commercial law principles relevant to the client's circumstances and the tax (financial) advice services being provided

identify the client's circumstances and the tax (financial) advice services requiring independent legal or other specialist advice

present commercial law principles and implications to clients, relevant to the their circumstances and the tax (financial) advice services

access and use systems and relevant legal sources to maintain knowledge on commercial law principles.

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:

explain the operation of the Australian legal systems and processes relevant to areas of commercial law including:

basic principles, current statute, common law and equitable principles

roles and responsibilities of key organisations

separation of powers

basic principles of contract law

basic principles of the law of torts, particularly relating to negligence and negligent misstatement

courts and regulatory bodies

requirements and processes for clients who need specialised legal advice in commercial law matters

explain how laws are enacted and their underlying policy aims, and how those laws may be interpreted by existing common law and equitable rules

examine legal concepts and scope of contract law with reference to:

formation – agreement and intention to create legal relations

formation – consideration, form, legality and capacity

contents – express terms, exclusion clauses

contents – implied terms, common law and statute (Commonwealth, State or Territory competition and consumer legislation)

vitiating elements – unconscionability, misrepresentation, capacity

discharge – remedies, including damages, rescission for unconscionable conduct

agency

describe legal concepts and scope of consumer law:

misleading and deceptive conduct

function of the Competition and Consumer Act 2010

role and jurisdiction of the Australian Competition and Consumer Commission (ACCC)

analyse legal concepts of business organisational structures, and underlying regulation including the application of these to:

sole traders

partnerships

corporations

trusts

agencies

joint ventures

incorporated associations

identify and reference the key features of Australian corporations law

examine legal concepts and scope of law covering trusts

Assessment Conditions

Gather evidence to demonstrate consistent performance in conditions that are safe and replicate the workplace. Noise levels, production flow, interruptions and time variances must be typical of those experienced in the tax (financial) advice services 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.

This unit is designed to meet the education requirements of the Tax Practitioners Board (TPB). Where registration with the TPB is sought, assessment must reflect the conditions described by the regulator which stipulate that at least 40% of the assessment must be completed under some form of independent supervision. Where recognition of prior learning (RPL) is used, it must also meet the requirements of the TPB’s policy on RPL. Details of requirements can be accessed on the TPB website (www.tpb.gov.au).

Links

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

BSBCUS501 Manage quality customer service

Modification History

Release	Comments
Release 2	This version released with BSB Business Services Training Package Version 2.0. Version created to clarify assessment conditions
Release 1	This version first released with BSB Business Services Training Package Version 1.0.

Application

This unit describes the skills and knowledge required to develop strategies to manage organisational systems that ensure products and services are delivered and maintained to standards agreed by the organisation.

It applies to individuals who supervise the provision of quality customer service within an organisation’s procedures framework by others. At this level, individuals must exercise considerable discretion and judgement, using a range of problem solving and decision making strategies.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Stakeholder Relations – Customer Service

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 Plan to meet internal and external customer requirements	1.1 Investigate, identify, assess, and include the needs of customers in planning processes 1.2 Ensure plans achieve the quality, time and cost specifications agreed with customers
2 Ensure delivery of quality products and services	2.1 Deliver products and services to customer specifications within organisation’s business plan 2.2 Monitor team performance to consistently meet the organisation’s quality and delivery standards 2.3 Help colleagues overcome difficulties in meeting customer service standards
3 Monitor, adjust and review customer service	3.1 Develop and use strategies to monitor progress in achieving product and/or service targets and standards 3.2 Develop and use strategies to obtain customer feedback to improve the provision of products and services 3.3 Develop, procure and use resources effectively to provide quality products and services to customers 3.4 Make decisions to overcome problems and to adapt customer services, products and service delivery in consultation with appropriate individuals and groups 3.5 Manage records, reports and recommendations within the organisation’s systems and processes

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, 3.1, 3.2, 3.3, 3.5	Interprets and analyses textual information from a variety of sources and applies the knowledge that has been gained to evaluate standards for organisation’s products and services
Writing	1.2, 3.1, 3.2, 3.3, 3.5	Produces a range of text types to convey information, requirements or recommendations matching style of writing to purpose and audience
Oral Communication	1.1, 1.2, 2.1, 2.3, 3.2	Clearly articulates systems and standards in a team environment using language suitable to diverse audiences Uses listening and questioning techniques to obtain feedback and confirm understanding
Numeracy	1.2	Interprets and comprehends mathematical information in organisation’s business and customer service plans.
Navigate the world of work	2.1, 2.2, 3.1, 3.5	Recognises and applies organisational protocols and meets expectations associated with own work
Interact with others	1.1, 2.3, 3.4	Identifies and uses appropriate conventions and protocols when communicating with colleagues and customers Collaborates with others, taking into account their strengths and experience, to achieve desired outcomes Provides support in field of expertise to team
Get the work done	1.1, 1.2, 2.1, 2.2, 3.1-3.5	Develops and implements plans using logical processes and monitors and evaluates progress against stated goals Accepts responsibility for addressing complex or non-routine difficulties, applying problem solving processes in determining a solution. Uses digital technology to access, organise and present information in a format that meets requirements

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
BSBCUS501 Manage quality customer service Release 2	BSBCUS501 Manage quality customer service Release 1	Updated to clarify assessment conditions	Equivalent unit

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBCUS501 Manage quality customer service

Modification History

Release	Comments
Release 2	This version released with BSB Business Services Training Package Version 2.0 Version created to clarify assessment conditions
Release 1	This version first released with Business Services Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

develop and manage organisational systems for quality customer service

develop and review plans, policies and procedures for delivering and monitoring quality customer service

implement policies and procedures to ensure quality customer service

solve complex customer complaints and system problems that lead to poor customer service

monitor and assist teams to meet customer service requirements

develop, procure and use human and physical resources to support quality customer service delivery.

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:

outline the legislative and regulatory context of the organisation relevant to customer service

describe organisational policy and procedures for customer service including handling customer complaints

identify service standards and best practice models

summarise public relations and product promotion

outline techniques for dealing with customers including customers with specific needs

explain techniques for solving complaints including the principles and techniques involved in the management and organisation of:

customer behaviour

customer needs research

customer relations

ongoing product and/or service quality

problem identification and resolution

quality customer service delivery

record keeping and management methods

strategies for monitoring, managing and introducing ways to improve customer service relationships

strategies to obtain customer feedback.

Assessment Conditions

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

legislation, regulations and codes of practice related to customer service

business technology

workplace documentation and resources

complex customer complaints

case studies and, where possible, real situations

interaction with others.

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 guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBITU305 Conduct online transactions

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 1.0.

Application

This unit describes the skills and knowledge required to undertake a range of online transactions, including banking, and buying and selling products and services.

It applies to individuals who are skilled operators and apply a broad range of competencies in various work contexts. They may exercise discretion and judgement using appropriate theoretical knowledge of conducting online transactions to provide technical advice and support to a team.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Information and Communications Technology – IT Use

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 and investigate online service provider	1.1 Undertake online research to identify suppliers of required products/services 1.2 Assess service provider confidentiality, security and privacy facilities in accordance with individual and organisational requirements 1.3 Assess potential products/services for authenticity
2. Perform online transactions	2.1 Confirm organisational requirements for products/services to be obtained 2.2 Ensure authentication information is secured in accordance with organisational requirements 2.3 Use appropriate online functions to obtain required products/services 2.4 Report any difficulties in accessing or using online facilities to the service provider 2.5 Complete transaction and ensure products/services are received in accordance with terms of online transaction
3. Maintain records of online transactions	3.1 Maintain records of transactions in accordance with organisational policy, procedures and level of authority 3.2 Compare organisational records with online records and deal with irregularities according to organisational policy and procedures
4. Review online transactions	4.1 Review obtained products/services rendered to determine quality, timeliness and level of customer service in relation to advertised profile 4.2 Make recommendations regarding continued or future use of online service provider, as supported by transaction history

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
Learning	1.1	Accesses a range of online information and contextualises to transaction requirements.
Reading	1.1-1.3, 2.2, 2.5, 3.1, 3.2, 4.1	Recognises and interprets numerical information within online content and organisational requirements to establish and complete required tasks and determine quality of content
Writing	2.4, 3.1, 4.1, 4.2	Ensures specific and relevant language is used to communicate required information, and information is accurately maintained
Oral Communication	2.1, 2.4, 4.2	Articulates requirements clearly using listening and questioning techniques to clarify and confirm understanding and delivers specific and factual information appropriate to audience and environment
Navigate the world of work	1.2, 2.1, 2.2, 2.5, 3.1, 3.2,	Recognises and follows explicit and implicit protocols and meets expectations associated with own role
Interact with others	2.4	Selects the appropriate form, channel and mode of communication for a specific purpose relevant to own role
Get the work done	1.1-1.3, 2.3-2.5, 3.1, 3.2, 4.1, 4.2	Develops plans to manage relatively complex, non-routine tasks with an awareness of how they may contribute to longer-term operational and strategic goals Recognises a range of familiar problems and seeks assistance from appropriate parties Uses a range of online applications to access, filter and extract information and process transactions

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
BSBITU305 Conduct online transactions	BSBITU305A Conduct online transactions	Updated to meet Standards for Training Packages	Equivalent unit

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBITU305 Conduct online transactions

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

adhere to organisational requirements when assessing an online service provider

adhere to organisational requirements when performing online transactions including:

reporting faults to service provider

checking accuracy of products/services delivered

maintain records according to organisational policy and procedures

review effectiveness of online transactions.

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:

outline key provisions of relevant legislation that affect aspects of business operations

explain policies and procedures relating to use of internet and online purchasing

describe service provider requirements

identify legal and ethical requirements relating to a range of online transactions.

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the information and communications technology – IT use field of work and include access to:

office equipment and resources

relevant software applications

organisational policies and procedures.

Assessors must satisfy NVR/AQTF assessor requirements.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBADM405 Organise meetings

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 1.0.

Application

This unit describes the skills and knowledge required to organise meetings including making arrangements, liaising with participants, and developing and distributing meeting related documentation.

It applies to individuals employed in a range of work environments who are required to organise a variety of meetings. They may provide administrative support within an enterprise, or have responsibility for these tasks in the context of a particular team, workgroup or project.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Administration – General Administration

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 Make meeting arrangements	1.1 Identify the type of meeting being organised and its purpose 1.2 Identify and comply with any legal or ethical requirements 1.3 Identify requirements of the meeting and its participants 1.4 Make meeting arrangements in accordance with meeting and participants requirements 1.5 Advise participants of meeting details
2 Prepare and distribute documentation for meetings	2.1 Prepare notice of meeting, agenda and meeting papers in accordance with meeting requirements 2.2 Check documentation for accuracy and correct any errors 2.3 Distribute documentation to participants within designated timelines 2.4 Prepare spare sets of documents
3 Record and produce minutes of meeting	3.1 Take notes with the required speed and accuracy to ensure an accurate record of the meeting 3.2 Produce minutes that reflect a true and accurate account of the meeting 3.3 Check minutes for accuracy and submit for approval by the nominated person 3.4 Dispatch copies of minutes within designated timelines

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	1.2,1.4, 2.1, 2.2, 3.3	Identifies and interprets information from instructions, organisational policies and procedures, or legislation Compares final output with original notes to check accuracy
Writing	1.4, 1.5, 2.1, 2.2, 3.1, 3.2	Prepares complex texts from notes using appropriate structure, accurate spelling, grammar and punctuation Records notes of meeting proceedings according to organisational requirements Edits and corrects own work to ensure accuracy
Oral Communication	1.3-1.5, 3.1	Listens for specific information during meetings Conveys specific instructions using vocabulary appropriate to context, purpose and audience Asks questions and listens to responses to clarify understanding
Numeracy	2.3, 3.1, 3.4	Performs calculations required to measure output against predetermined timeframes
Navigate the world of work	1.2, 1.4, 2.1	Recognises and responds to both explicit and implicit organisational procedures and protocols and legislative/regulatory requirements
Interact with others	2.3, 3.3, 3.4	Selects the appropriate form, channel and mode of communication for a specific purpose relevant to own role
Get the work done	1.1, 1.3, 1.4, 2.2-2.4, 3.4	Applies formal processes when planning complex tasks, producing plans with logically sequenced steps, reflecting an awareness of time constraints Understands the purposes, specific functions and key features of common digital systems and tools and operates them effectively to complete routine tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
BSBADM405 Organise meetings	BSBADM405B Organise meetings	Updated to meet Standards for Training Packages	Equivalent unit

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBADM405 Organise meetings

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

organise a meeting and advise participants accordingly

prepare and distribute all documentation required for the meeting

take meeting notes which accurately reflect what was discussed during the meeting

produce minutes based on own notes providing an accurate account of the meeting

circulate copies of meeting minutes within predetermined timeframes.

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 culturally appropriate communication techniques

identify the relevant formats for agendas and minutes

list the key provisions of relevant legislation

outline organisational procedures relevant to the task.

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the general administration field of work and include access to office equipment and resources.

Assessors must satisfy NVR/AQTF assessor requirements.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBCMM301 Process customer complaints

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 1.0.

Application

This unit describes skills and knowledge required to handle formal and informal negative feedback and complaints from customers.

It applies to individuals who apply a broad range of competencies and may exercise discretion and judgement using appropriate knowledge of products, customer service systems and organisational policies to provide technical advice and support to a team.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Communication – Interpersonal Communication

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 Respond to complaints	1.1 Process customer complaints using effective communication according to organisational procedures established under organisational policies, legislation or codes of practice 1.2 Obtain, document and review reports relating to customer complaints 1.3 Make decisions about customer complaints, taking into account applicable legislation, organisational policies and codes 1.4 Negotiate resolution of the complaint and obtain agreement where possible 1.5 Maintain a register of complaints/disputes 1.6 Inform customer of the outcome of the investigation
2 Refer complaints	2.1 Identify complaints that require referral to other personnel or external bodies 2.2 Make referrals to appropriate personnel for followup in accordance with individual level of responsibility 2.3 Forward all documents and investigation reports 2.4 Followup appropriate personnel to gain prompt decisions
3 Exercise judgement to resolve customer service issues	3.1 Identify implications of issues for customer and organisation 3.2 Analyse, explain and negotiate appropriate options for resolution with customer 3.3 Propose viable options in accordance with appropriate legislative requirements and enterprise policies 3.4 Ensure matters for which a solution cannot be negotiated are referred to appropriate personnel

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, 1.3, 2.1, 3.3	Recognises, identifies and interprets textual information to determine legislative, regulatory and organisational requirements
Writing	1.2, 1.5, 1.6, 2.2, 3.3	Documents complaints and actions taken in accordance with organisational requirements Records spoken information clearly and accurately for future reference
Oral Communication	1.1, 1.4, 1.6, 2.2, 2.4, 3.2, 3.3, 3.4	Presents or requests information using words and non-verbal features appropriate to the audience and context Uses listening and questioning techniques to gather information and confirm understanding
Navigate the world of work	1.1, 1.3, 2.1, 3.1, 3.3	Takes personal responsibility for following organisational policies and procedures and legislative requirements
Interact with others	1.4, 2.2, 2.4, 3.2, 3.3, 3.4	Follows organisational communication practices and procedures when referring complaints, seeking advice or negotiating outcomes
Get the work done	1.1, 1.2, 1.3, 1.4, 1.5, 2.2-2.4, 3.1	Takes responsibility for planning, sequencing and completing tasks to achieve required outcomes Addresses less predictable problems applying problem solving processes in determining solutions that meet organisational requirements Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
BSBCMM301 Process customer complaints	BSBCMM301B Process customer complaints	Updated to meet Standards for Training Packages	Equivalent unit

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBCMM301 Process customer complaints

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

process and document customer complaints according to organisational and legislative requirements

use effective communication techniques to discuss options and resolve complaints

follow correct procedures when referring and following up complaints.

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:

identify the key provisions of relevant legislation from all forms of government that may affect aspects of business operations

explain the communication skills required when handling customer complaints

outline organisational procedures and standards for processing complaints

list external bodies to which complaints could be referred.

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced by individuals using interpersonal communication skills in the workplace and include access to:

organisational policies and procedures relevant to customer complaints

relevant legislation or codes of practice

office equipment and resources

case studies and, where possible, real situations

interaction with others.

Assessors must satisfy NVR/AQTF assessor requirements.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBCMM401 Make a presentation

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 1.0

Application

This unit covers the skills and knowledge required to prepare, deliver and review a presentation to a target audience.

This unit applies to individuals who may be expected to make presentations for a range of purposes, such as marketing, training and promotions. They contribute well developed communication skills in presenting a range of concepts and ideas.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Communication – Interpersonal Communication

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 Prepare a presentation	1.1 Plan and document presentation approach and intended outcomes 1.2 Choose presentation strategies, format and delivery methods that match the characteristics of the target audience, location, resources and personnel needed 1.3 Select presentation aids, materials and techniques that suit the format and purpose of the presentation, and will enhance audience understanding of key concepts and central ideas 1.4 Brief others involved in the presentation on their roles/responsibilities within the presentation 1.5 Select techniques to evaluate presentation effectiveness
2 Deliver a presentation	2.1 Explain and discuss desired outcomes of the presentation with the target audience 2.2 Use presentation aids, materials and examples to support target audience understanding of key concepts and central ideas 2.3 Monitor non-verbal and verbal communication of participants to promote attainment of presentation outcomes 2.4 Use persuasive communication techniques to secure audience interest 2.5 Provide opportunities for participants to seek clarification on central ideas and concepts, and adjust the presentation to meet participant needs and preferences 2.6 Summarise key concepts and ideas at strategic points to facilitate participant understanding
3 Review the presentation	3.1 Implement techniques to review the effectiveness of the presentation 3.2 Seek and discuss reactions to the presentation from participants or from key personnel involved in the presentation 3.3 Utilise feedback from the audience or from key personnel involved in the presentation to make changes to central ideas presented

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, 1.3, 2.2	Reviews and analyses documents to identify information relevant to a specific presentation
Writing	1.1, 3.3	Develops material to convey ideas and information to target audience in an engaging way
Oral Communication	1.4, 2.1, 2.2, 2.3, 2.4, 2.5, 2.6, 3.2	Presents information using words and non-verbal features appropriate to the audience and context Uses listening and questioning techniques to gather information required to develop or modify presentations Interprets audience reactions and changes words or non-verbal features accordingly
Interact with others	1.4, 2.1, 2.2, 2.4, 2.5, 2.6, 3.2	Selects and uses appropriate conventions and protocols to encourage interaction or to present information Demonstrates sophisticated control over oral, visual and written formats, drawing on a range of communication practices to achieve goals Recognises the need to alter personal communication style in response to the needs or expectations of others
Get the work done	1.1-1.5, 2.2, 2.5, 3.1-3.3	Takes responsibility for planning, sequencing and prioritising tasks and own workload to achieve outcomes Uses feedback from others, analytical and lateral thinking to review current practices and develop new ideas Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
BSBCMM401 Make a presentation	BSBCMM401A Make a presentation	Updated to meet Standards for Training Packages	Equivalent unit

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBCMM401 Make a presentation

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

prepare and deliver presentations related to occupation or area of interest which demonstrate the use of:

effective presentation strategies and communication principles

aids and materials to support the presentation

select and implement methods to review the effectiveness of own presentation and document any changes which would improve future presentations.

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:

identify information collection methods that will support review and feedback of presentations

identify regulatory and organisational obligations and requirements relevant to presentations

describe the principles of effective communication

describe the range of presentation aids and materials available to support presentations.

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced by individuals using interpersonal communication skills in the workplace and include access to:

equipment, materials and business software packages for making a presentation

business technology

interaction with others.

Assessors must satisfy NVR/AQTF assessor requirements.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBCNV501 Take instructions in relation to a transaction

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 1.0.

Application

This unit describes the skills and knowledge required to take instructions from a potential client in order to initiate a real estate, business or personal conveyancing transaction.

It applies to individuals who communicate with clients to establish the client’s needs, and identify conflicts of interest, parties, properties and other interests, and determine terms of engagement and contingency strategies.

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

Unit Sector

Conveyancing

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 Establish the client’s needs	1.1 Identify, clarify and assess client needs and expectations in accordance with the practice’s policy and procedures 1.2 Determine and discuss optional courses of action with client 1.3 Check information in relation to the transaction for accuracy and relevance 1.4 Obtain mutual agreement regarding responsibilities, obligations and expectations of all parties to the transaction 1.5 Record and document client's needs and responsibilities promptly and accurately
2 Identify any conflict of interest	2.1 Identify and record existing or potential conflicts of interest associated with the transaction 2.2 Assess conflicts of interest to determine appropriate action for the client and practice, and promptly advise client of any necessary action
3 Identify parties, properties and other interests	3.1 Accurately identify and explain the roles of various parties involved in the conveyancing transaction 3.2 Analyse and explain estates and interests in the property of the relevant transaction 3.3 Analyse documentation and titles to confirm facts pertaining to the transaction 3.4 Communicate accurately to the client the title and contract details and respective consequences
4 Determine terms of engagement	4.1 Determine appropriate terms of engagement which comply with legislative, regulatory and practice requirements and articulate to client clearly and promptly 4.2 Establish and record client’s agreement with terms 4.3 Obtain authorities from client and other relevant parties 4.4 Check estimates of fees, disbursements and time for accuracy and completeness and provide to client
5 Determine contingency strategies	5.1 Assess contingencies relating to the transaction and advise the client 5.2 Determine contingency strategies and options and agree in consultation with client
6 Initiate the transaction	6.1 Select a course of action which meets the client's needs and complies with legislative requirements and with the policies and procedures of the practice 6.2 Advise client of all actions to be implemented to meet their agreed needs and expectations 6.3 Confirm and promptly record instructions from client to proceed or not to proceed 6.4 Make referrals to other professionals or third parties where appropriate 6.5 Formally open, organise and document all relevant instructions, information, facts and evidence in client file

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, 1.3, 2.1, 3.1-3.4, 4.4	Accesses and interprets documentation from a variety of sources checking for accuracy, completeness and relevance
Writing	1.2, 1.4, 1.5, 2.1, 2.2, 4.1-4.4, 5.1, 5.2, 6.2, 6.3, 6.5	Records information accurately using correct spelling, grammar and terminology in appropriate organisational formats Prepares files and correspondence using logical structure and language appropriate for purpose and audience
Oral Communication	1.1, 1.2, 1.4, 2.2, 4.1-4.3, 5.1, 5.2, 6.2, 6.3	Uses questioning and active listening to determine and confirm client requirements and to share information Uses language and concepts appropriate to audience when participating in verbal interactions
Numeracy	1.3, 4.4	Performs mathematical calculations to check accuracy and completeness of numerical and financial data with a focus on identifying errors and discrepancies Effectively analyses, records and consolidates financial information
Navigate the world of work	1.1, 4.1, 6.1	Takes full responsibility for ensuring that documentation and processes comply with legislative requirements and practice policies
Interact with others	1.1, 1.2, 1.4, 2.2, 4.1, 4.2, 5.1, 5.2, 6.2-6.4	Selects and uses appropriate conventions and protocols to gain and provide information relevant to a conveyancing transaction
Get the work done	1.1, 1.2, 1.5, 2.1, 2.2, 3.1-3.4, 4.1-4.4, 5.1, 5.2, 6.1, 6.3, 6.5	Plans, organises, implements and reviews actions needed to achieve objectives effectively and efficiently Systematically gathers and analyses information and evaluates options to address complex or non-routine problems Anticipates potential problems and develops contingency plans Uses the main features and functions of digital tools to complete work tasks and to access information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
BSBCNV501 Take instructions in relation to a transaction	FNSCNV501A Take instructions in relation to a transaction	Updated to meet Standards for Training Packages. Minor edits to clarify performance criteria in element 3. New PCs 3.3 and 3.4. Moved from Financial Services Training Package to Business Services Training Package.	Equivalent unit

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBCNV501 Take instructions in relation to a transaction

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

communicate effectively with a client and identify their needs

accurately interpret and document parties, properties and other interests and legal consequences

determine terms of engagement and contingency strategies

accurately record client details and requirements and initiate a transaction compliant with the practice’s policy and procedures and relevant legislation.

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

Knowledge Evidence

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

identify and explain key business principles and law applicable to take instructions for conveyancing, business and personal transactions

explain current definitions of conflict of interest within legislation and the industry, with examples of conflict of interest situations in a conveyancing transaction

identify and explain key current legislative, regulatory and industry practices, procedures and services

identify and describe key policies, procedures and business requirements of the practice

explain a range of professional and industry terminology

identify and discuss relevant consumer protection compliance and any legal consequences

identify and categorise relevant types of contract titles and other required documentation

compare and contrast types of transactions for personal, business or real estate conveyancing.

Assessment Conditions

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

common office equipment, technology, software and consumables

suitable assessment records showing the establishment of a conveyancing client.

Assessor must satisfy NVR/AQTF assessor requirements.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBCNV502 Read and interpret a legal document and provide advice

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 1.0.

Application

This unit describes the skills and knowledge required to read and interpret a legal document and provide advice to a conveyancing client within a range of contexts and environments. It encompasses defining the nature and function of the document in the transaction and advising the client about their rights, obligations and alternative courses of action, if required.

It applies to individuals who apply specialised knowledge and pay close attention to detail when interpreting and analysing complex legal documentation and providing advice to others.

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

Unit Sector

Conveyancing

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 Define nature of document	1.1 Define the nature of the legal document 1.2 Identify the function and significance of the document in the conveyancing transaction
2 Identify relevant legal principles	2.1 Identify statutory and general law principles governing the document and its function in the conveyancing transaction 2.2 Identify rules governing construction and interpretation of contracts and other legal documents 2.3 Identify rules for use of precedents, standard form contracts, and statutory forms 2.4 Conduct appropriate legal research, as required
3 Identify interests of client	3.1 Identify legal interests of the client in relation to the subject matter of the document 3.2 Identify terms essential to protect the client’s interests 3.3 Identify non-legal interests and other needs of the client in relation to the subject matter of the document
4 Check document for accuracy	4.1 Check parties, property, information and factual details for accuracy and relevance 4.2 Check annexures to the document for accuracy and relevance 4.3 Check the document or an annexure for compliance if it is required to comply with a procedural or formal requirement 4.4 Check the document or annexure for compliance with statutory and practice requirements if it comprises a statutory or prescribed form 4.5 Identify information to be obtained from or provided to third parties or other professionals in relation to the document
5 Examine document	5.1 Closely examine the document and interpret and analyse relevant legal principles and key terms 5.2 Identify and assess rights, responsibilities and liabilities of all parties, expressed or implied in the document 5.3 Identify any lack of conformity with client’s initial instructions and any gaps, lack of certainty or ambiguity in the language 5.4 Identify any non-compliance with legal principles within the document
6 Evaluate issues	6.1 Assess legal and non-legal issues and risks to the client arising from the document 6.2 Interpret extent to which the document does or does not protect the interests of the client 6.3 Interpret key terms or points for negotiation with third parties or other professionals
7 Advise client	7.1 Summarise and clearly communicate rights, responsibilities and liabilities of all parties to the client, including specific rights of the client 7.2 Summarise and clearly communicate legal and non-legal issues and risks arising from the document to the client
8 Clarify instructions	8.1 Determine and discuss alternative courses of action with the client where it is considered the document does not adequately protect the interests of the client, or meet the client’s other needs 8.2 Summarise and clearly communicate legal and non-legal consequences for each alternative to the client 8.3 Assist client in selecting a course of action
9 Attending to signing the document	9.1 Identify statutory and other rules governing signing and witnessing of documents, including deeds 9.2 Apply relevant rules governing signing and witnessing of documents in the execution of the document by the client
10 Document advice	10.1 Prepare a file note recording the substance and details of the advice given to the client and the instructions received 10.2 Despatch correspondence to client confirming the advice given in relation to the document and instructions received 10.3 If the document is not signed in the conveyancer’s office, include, in correspondence dispatched to client, clear and concise instructions on signing and witnessing the document

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, 2.1-2.4, 3.1-3.3, 4.1-4.5, 5.1-5.4	Accesses and interprets complex legal documentation from a variety of sources using detailed criteria to closely examine, analyse and check for accuracy, completeness and relevance
Writing	7.1, 7.2, 8.1-8.3, 10.1-10.3	Records and synthesises information accurately using correct writing mechanics and organisational formats Prepares files and correspondence using logical structure and language and concepts appropriate for purpose and audience
Oral Communication	7.1, 7.2, 8.1-8.3	Uses questioning and active listening to determine and confirm requirements and understanding Presents complex information using vocabulary, tone and pace appropriate for the audience and purpose
Numeracy	4.1-4.5	Effectively analyses, records and consolidates financial information and numerical data
Navigate the world of work	2.1-2.4, 4.3, 4.4, 9.1, 9.2	Interprets and follows relevant legislative requirements explicit and implicit protocols, policies and procedures and meets expectations associated with own role Ensures knowledge of legislation and regulations relevant to role is accurate, comprehensive and current
Interact with others	7.1, 7.2, 8.1-8.3	Selects and uses appropriate conventions and protocols to gain and provide information of a legal nature Uses collaborative techniques, language and concepts appropriate to audience when negotiating with and interviewing
Get the work done	3.1-3.3, 4.1-4.5, 5.2, 6.1-6.3, 8.1-8.3, 9.1, 9.2	Plans, organises, and implements processes to complete required tasks efficiently and according to statutory and organisational requirements Systematically gathers and analyses all relevant information and evaluates options to solve problems or make decisions that could have legal consequences Uses analytical thinking to anticipate potential problems and form contingency plans Uses the main features and functions of digital tools to complete work tasks and to access information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
BSBCNV502 Read and interpret a legal document and provide advice	FNSCNV502A Read and interpret a legal document and provide advice	Updated to meet Standards for Training Packages. Minor edits with some PCs combined in elements 5, 6 and 7. Moved from Financial Services Training Package to Business Services Training Package.	Equivalent unit

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBCNV502 Read and interpret a legal document and provide advice

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

review and interpret legal documents correctly and explain meanings and implications to clients

compare legal requirements with client instructions

prepare relevant, accurate and timely written and/or verbal advice to clients

oversee a legal document signing

maintain accurate and thorough records.

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:

identify and explain key business principles and law applicable to reading and interpreting legal documents and transactions, including legislative and general law (common law and equity) principles

identify and explain types of:

transactions for personal, business or real estate conveyancing

contracts and other documents used in conveyancing

identify and explain key current legislative, regulatory and industry practices, procedures and services

identify and describe key insurance requirements relevant to a conveyancing transaction

explain, using simple vocabulary, a range of:

words, phrases and terms of conditions

professional and industry terminology

particular words or terms that could cause problems (e.g. shall/may/must/will)

identify and describe key policies, procedures and business requirements of the practice

identify and apply relevant consumer protection compliance

identify, describe and apply rules and procedures:

precedents and statutory forms

construction and interpretation of documents.

Assessment Conditions

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

common office equipment, technology, software and consumables

suitable assessment records showing the preparation of a variety of legal documents to support a conveyancing transaction.

Assessors must satisfy NVR/AQTF assessor requirements.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBCNV503 Analyse and interpret legal requirements for a transaction

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 1.0.

Application

This unit describes the skills and knowledge required to analyse and interpret legal requirements for a conveyancing transaction within a range of contexts and environments. It encompasses identifying and applying statutory interpretation techniques, identifying and tracking changes to relevant legislation and codes of conduct, and maintaining appropriate records.

It applies to individuals who use specialised knowledge and skills to research and evaluate complex information and compliance requirements, and apply that information to relevant tasks.

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

Unit Sector

Conveyancing

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 Interpret legal principles and legislative requirements affecting conveyancing transactions	1.1 Identify legal framework of conveyancing practice 1.2 Interpret components of statute law and their relationships with respect to their application to conveyancing practice 1.3 Access legislation and regulations relevant to the provision of conveyancing services 1.4 Identify and analyse relevant case law for legal principles
2 Interpret legislative requirements affecting conveyancing transactions	2.1 Interpret and analyse the structure of legislation and regulations that relate to conveyancing transactions 2.2 Analyse common interpretation problems 2.3 Apply rules and techniques for interpreting legislation and regulations in conveyancing transactions
3 Track and interpret changes to legislation and regulations affecting agency operations	3.1 Identify processes that lead to changes in legislation and regulations 3.2 Access source documents for amendment legislation relevant to the provision of conveyancing services 3.3 Establish a process and technique for tracking amendments to legislation and regulations 3.4 Interpret and address implications of changes to legislative and regulatory requirements in line with agency procedures 3.5 Communicate changes to legislative and regulatory requirements to appropriate people in line with agency policy and procedures
4 Comply with relevant codes of conduct	4.1 Source and access codes of conduct 4.2 Interpret relationship between industry codes of conduct and legislative requirements 4.3 Apply key principles and responsibilities of codes of conduct to own work in line with industry practice 4.4 Ensure personal ethical behaviour complies with relevant codes of conduct
5 Maintain records of legislation and industry codes	5.1 Identify practice processes and the personnel responsible for monitoring and communicating changes to legislation and industry codes of conduct 5.2 Maintain relevant records of legislation and codes of conduct

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	1.1-1.4, 2.1-2.3, 3.1-3.4, 4.1-4.3	Accesses information and uses analytical skills to interpret complex documentation from a variety of sources
Writing	3.5, 5.2	Uses correct language and terminology to prepare complex documents including formal and informal letters, reports and applications Accurately completes forms and maintains records
Oral Communication	3.6	Effectively participates in verbal exchanges to convey and clarify information with range of personnel
Navigate the world of work	1.1-1.4, 3.1, 3.4, 3.5, 4.2-4.4, 5.1	Takes full responsibility for following policies, procedures and legislative requirements and identifies organisational implications of new legislation or regulations Understands responsibilities of own role to behave ethically and according to codes of practice Ensures knowledge of legislation and regulations relevant to role is accurate, comprehensive and current
Interact with others	3.5, 5.1	Selects and uses appropriate conventions and protocols to gain and provide relevant information on legal requirements
Get the work done	1.3, 2.2, 2.3, 3.1-3.5, 4.1, 5.1, 5.2	Plans, schedules and implements processes and tasks to maintain currency of legislation, regulation and codes of practice for organisational use Uses problem solving processes to identify, analyse and resolve issues that could have legal consequences Uses the main features and functions of digital tools to complete work tasks and access information

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
BSBCNV503 Analyse and interpret legal requirements for a transaction	FNSCNV503A Analyse and interpret legal requirements for a transaction	Updated to meet Standards for Training Packages. Minor edits to clarify performance criteria and address AQF level. PC 1.4 added. PC 3.5 deleted – repetitive. Moved from Financial Services Training Package to Business Services Training Package.	Equivalent unit

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBCNV503 Analyse and interpret legal requirements for a transaction

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

interpret and comply with legislation and industry codes of conduct relating to conveyancing transactions and agency operations

conduct legal research and apply changes in law to current practice

communicate key information effectively to clients and other relevant professionals, and maintain accurate file records.

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:

interpret and analyse legislation to identify legal principles, requirements and amendments affecting conveyancing transactions and agency operations

interpret and explain key features of industry codes of conduct

explain common problems associated with interpreting legislation

identify and reference relevant/recent case law

identify and explain key features of Commonwealth, and State or Territory legislation and local government regulations relating to:

contracts of sale of land

disclosure requirements

duties and taxes

government fees and registration requirements

insurance

relevant deposit legislation/requirements

estate agents’ legislative requirements

competition and consumer protection

privacy

corporations and other legal entities

Assessment Conditions

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

a range of common office equipment, technology, software and consumables

suitable assessment records showing the preparation of a variety of legal documents to support a transaction.

Assessors must satisfy NVR/AQTF assessor requirements.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBCNV506 Establish and manage a trust account

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 1.0.

Application

This unit describes the skills and knowledge required to establish, manage and administer a trust or controlled money account in a conveyancing practice. It encompasses reviewing for compliance with trust account requirements, establishing and managing trust accounts, maintaining trust transaction records, and monitoring and reviewing trust accounts.

It applies to individuals who use specialised knowledge and systematic approaches to analyse and manage financial information against specified criteria and compliance requirements.

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

Unit Sector

Conveyancing

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 Review trust account for compliance with trust account requirements	1.1 Clearly identify, accurately record and continuously update practice trust account requirements in line with relevant legislation and regulations 1.2 Develop policies and procedures for accurate trust account-keeping which comply with trust account requirements, key principles of accounting and financial management, and legislative requirements 1.3 Identify and apply criteria for evaluating electronic and manual trust accounting systems to ensure compliance with all trust account requirements
2 Establish and manage trust accounts	2.1 Identify and access source documents for trust transactions in line with legislative requirements 2.2 Produce documentation of trust records and transactions to give an accurate record of practice transactions on behalf of clients 2.3 Ensure transactions are supported by appropriate authorisation and documentation and are in line with practice and legislative requirements 2.4 Promptly and accurately record entries and transactions in line with relevant trust account requirements, and provide on demand as required 2.5 Promptly follow up discrepancies in entries or documentation to ensure clarification or resolution and report to relevant authorities where necessary 2.6 Check audit and security arrangements to ensure they provide adequate protection for client confidentiality and client funds held in trust
3 Manage and control trust accounts	3.1 Authorise and manage disbursements between trust and office accounts within agreed practice protocols and legislative requirements 3.2 Make appropriate arrangements with third parties and other professionals to ensure that practice trust accounts comply with legislative requirements 3.3 Disseminate or make readily available practice trust administration policies and procedures to relevant staff in line with practice and legislative requirements 3.4 Provide ongoing training for relevant practice staff to ensure efficient operation of trust accounts and financial and IT systems, and compliance with practice and legislative requirements 3.5 Develop and implement procedures for monitoring records and ensuring the security of trust account records
4 Monitor and review trust accounts	4.1 Regularly review documentation and other reporting requirements for compliance with legislative requirements 4.2 Regularly check and monitor trust account entries and transactions to ensure compliance with practice and legislative requirements 4.3 Monitor trust account transactions to ensure appropriate authorisation is obtained prior to any disbursements
5 Authorise and verify trust accounts	5.1 Verify periodic reconciliation in compliance with legislative requirements 5.2 Prepare and discuss periodic financial reports with clients to ensure continued accuracy 5.3 Maintain records for convenience and proper auditing 5.4 Meet legislative audit requirements

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
Learning	3.4	Actively updates and builds own knowledge and personal competence in order to provide training and mentoring to others
Reading	1.1, 1.3, 2.1, 4.1, 5.1	Reviews and analyses financial information and data from a range of sources to check accuracy and completeness and to identify key aspects relevant to requirements
Writing	1.1, 1.2, 2.2, 2.4, 2.5, 3.2, 3.5, 5.2, 5.3	Accurately records information and prepares documentation using clear and accurate language to convey and clarify explicit information and requirements
Oral Communication	2.5, 3.2, 5.2	Participates in verbal exchanges using active listening and questioning techniques to clarify information and confirm understandings with a range of personnel
Numeracy	1.1, 1.3, 2.4, 2.5, 3.1, 4.2, 4.3, 5.1, 5.3	Analyses and evaluates complex financial information and data against a range of criteria Performs mathematical calculations to complete tasks and to check accuracy and completeness of financial information
Navigate the world of work	1.1-1.3, 2.1, 2.3, 2.4, 3.1-3.5, 4.1, 5.1, 5.4	Develops or modifies organisational policies and procedures that comply with legislative and practice requirements Takes full responsibility for compliance with legislative and organisational requirements Maintains knowledge of legislative and practice requirements relevant to current role
Interact with others	2.5, 3.2-3.4, 4.3, 5.2	Selects and uses appropriate conventions and protocols to gain and provide relevant information on the establishment and management of a trust account
Get the work done	1.1-1.3, 2.1-2.6, 3.1, 3.2, 3.3, 3.5, 4.2, 4.3, 5.1, 5.3, 5.4	Plans, organises and implements processes to complete required tasks efficiently and in compliance with legislative and practice requirements Systematically gathers and analyses all relevant information and evaluates options in order to address problems and make decisions about practice trust account management Uses the main features and functions of digital tools to complete work tasks and to access information.

Range of Conditions

This section specifies different work environments and conditions that may affect performance. Essential operating conditions that may be present (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) are included.

Electronic or manual trust accounting system must take into account, the following factors:	administrative systems Australian Accounting Standards and codes of practice bookkeeping disclosure and reporting requirements electronic funds management including transfer/deposit/verification ethical requirements electronic conveyancing – legislation, regulations and codes of practice legislative and regulatory requirements office routines security requirements trust account procedures.

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
BSBCNV506 Establish and manage a trust account	FNSCNV506A Establish and manage a trust account	Updated to meet Standards for Training Packages Moved from Financial Services Training Package to Business Services Training Package.	Equivalent unit

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBCNV506 Establish and manage a trust account

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

establish, administer and manage a trust and/or controlled money account in a conveyancing practice that:

complies with statutory and legislative requirements for the operation of trust accounts

uses standard accounting principles and financial management practices

follows practice or agency policies and procedures.

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:

identify and explain key:

accounting and bookkeeping techniques for financial control

auditing and reporting requirements relevant to trust account operations

discuss issues relating to cost-benefit analysis of establishing/maintaining trust accounts

outline key features of commonly used IT and management systems

describe key features of policy and procedures of the practice relating to trust and office accounts

identify and describe relevant financial, privacy, disclosure and business legislation and regulations relating to trust accounts

identify and explain key security and ethical privacy procedures in relation to trust account operations

identify and analyse key statutory standards on the operation, reporting and auditing requirements of a trust account

analyse and describe key processes required to monitor financial performance evaluation

outline professional and ethical behaviour relevant to managing trust accounts

outline legislative and professional requirements relating to client security, privacy and confidentiality.

Assessment Conditions

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

common office equipment, technology, software and consumables

suitable records showing the establishment and management of a practice trust account.

Assessors must satisfy NVR/AQTF assessor requirements.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBCOM401 Organise and monitor the operation of compliance management system

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 1.0.

Application

This unit describes the performance outcomes, skills and knowledge required to organise and monitor the operation of a compliance program/management system established by an organisation. It has been designed to be consistent with AS 3806:2006 Compliance programs.

It applies to individuals who create solutions to a range of unpredictable problems and provide leadership and guidance to others with some limited responsibility for the output of others. Application of this unit must be consistent with the pertinent sections of relevant Australian and international standards and legislative requirements.

No licensing, legislative, regulatory or certification requirements apply to this unit at the time of publication.

Unit Sector

Regulation, Licensing and Risk – Compliance

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 compliance roles and responsibilities	1.1 Confirm and interpret the compliance requirements applicable to the organisation 1.2 Examine the structure of the organisation to determine the roles, accountabilities and responsibilities of managers and operational staff in maintaining compliance within the organisation’s planned compliance program/management system
2 Organise the operation of the compliance program/management system	2.1 Confirm the components of the planned compliance program/management system and clarify the proposed structures, procedures and budgetary arrangements for their implementation 2.2 Develop an implementation strategy and schedule for the establishment of the planned compliance program/management system in accordance with relevant Australian and international standards 2.3 Assign or acquire resources for the planned compliance program/management system in accordance with organisational procedures and policies 2.4 Arrange appropriate briefings and training to ensure relevant managers and operations staff are aware of their roles and responsibilities 2.5 Launch the compliance program/management system in accordance with organisation’s plan
3 Monitor the operation of the compliance program/management system	3.1 Gather information on the operation of the compliance program/management system from appropriate sources 3.2 Review feedback and performance indicators on the operation of the compliance program/management system in terms of agreed criteria 3.3 Identify problems in the operation of the compliance program/management system and in particular any breach of compliance requirements and take appropriate action to address problems 3.4 Provide detailed compliance requirements in the case of breaches, initiate specific timely action and inform all relevant internal and external personnel through the established reporting systems
4 Document the operation and monitoring of the compliance program/management system	4.1 Prepare and disseminate information on the operation of the compliance program/management system to relevant internal and external personnel in accordance with the communication strategy for the compliance program/management system 4.2 Prepare and disseminate periodic reports on the operation of the compliance program/management system, identify any operational problems and take any related action to relevant internal and external personnel 4.3 Prepare and disseminate reports on any identified breaches of compliance requirements and take any related action to relevant internal and external personnel

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, 3.1, 3.2	Identifies and evaluates complex texts in a variety of forms to determine key information, specific requirements and responsibilities
Writing	2.2, 2.4, 2.5, 3.4, 4.1-4.3	Develops materials for specific audiences using correct and enterprise specific language Prepares information in a designated format and style to convey information, requirements and recommendations
Oral Communication	1.1, 2.1, 2.4, 3.1	Discusses or explains compliance requirements using structure and language to suit the audience Uses listening and questioning techniques to confirm understanding of compliance requirements
Numeracy	2.1, 2.3	Interprets numerical information and applies mathematical calculations relating to budgetary information, evaluating different scenarios
Navigate the world of work	1.1, 1.2, 2.2-2.4, 3.2, 3.3, 4.1-4.3	Takes responsibility for developing, implementing and reviewing strategies to achieve compliance goals in accordance with legislative requirements
Interact with others	3.1, 3.4, 4.1	Identifies and uses appropriate conventions and practices when communicating with internal and external personnel Actively identifies the requirements of important communication exchanges, selecting appropriate channels, format, tone and content to suit purpose and audience
Getting the work done	2.1-2.5, 3.1, 3.2, 3.3, 3.4, 4.2, 4.3	Takes responsibility for planning, implementing and reviewing tasks required to achieve efficient and effective outcomes Uses formal analytical thinking techniques to clearly identify problems and generate timely solutions

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
BSBCOM401 Organise and monitor the operation of compliance management system	BSBCOM401B Organise and monitor the operation of compliance management system	Updated to meet Standards for Training Packages	Equivalent unit

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBCOM401 Organise and monitor the operation of compliance management system

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

analyse sources of information to identify compliance requirements and staff who will be responsible for maintaining compliance within the planned compliance program/management system

develop a schedule to implement, monitor and review the organisation’s compliance program/management system, in collaboration with relevant personnel

identify breaches of compliance requirements and provide timely solutions

prepare and distribute reports on the operation of the compliance program/management system and any breaches of compliance

communicate compliance information to a range of personnel.

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:

identify relevant legislation, codes of practice, and Australian and international standards

outline roles and responsibilities, systems, procedures and processes associated with the compliance program/management system including:

documentation of compliance requirements relevant to the organisation

compliance management functions, accountabilities and responsibilities within the organisation

compliance related management information systems

record keeping systems required for compliance management

procedures for liaising with internal and external personnel on compliance related matters

breach management policies and processes including identifying, classifying, investigating, rectifying and reporting breaches in compliance requirements

compliance reporting procedures

corporate induction and training processes related to compliance management

processes for the internal and external distribution and promotion of information compliance complaints handling systems

continuous improvement processes for compliance including monitoring, evaluation and review

strategies for developing a positive compliance culture within the organisation

techniques and performance indicators for monitoring the operation of a compliance program/management system.

Assessment Conditions

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

standards, legislation, regulations and codes of conduct relevant to job role, occupation or profession

organisation policies and procedures relevant to job role, occupation or profession

compliance program or management system

computer resources and business technology

workplace documents

case studies and, where possible, real situations.

Assessors must satisfy NVR/AQTF assessor requirements

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBCOM402 Implement processes for the management of a breach in compliance requirements

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 1.0.

Application

This unit describes the skills and knowledge required to identify, classify, investigate, rectify and report breaches in compliance requirements within an organisation. The unit has been designed to be consistent with AS 3806: 2006 Compliance programs.

It applies to individuals who use the processes and procedures defined within an organisation’s compliance program/management system to manage compliance breaches according to specific legislative requirements, code/s of practice and internal standards.

Application of this unit must be consistent with the pertinent sections of relevant Australian and international standards and legislative requirements including: AS 3806:2006 Compliance programs, AS ISO 10002:2006 Customer satisfaction – Guidelines for complaints handling in organizations, AS/NZS 4360:2004 Risk management and AS ISO 15489:2004 Records management.

No licensing, legislative, regulatory or certification requirements apply to this unit at the time of publication.

Unit Sector

Regulation, Licensing and Risk – Compliance

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 a breach in compliance requirements	1.1 Monitor fulfilment of compliance requirements in operations within areas of responsibility in accordance with the organisation’s established compliance program/management system 1.2 Promptly identify, classify, and report any breaches of compliance requirements
2 Develop and implement an action plan for investigation and rectification of a breach	2.1 Investigate identified breach of compliance requirements to determine the cause in accordance with the organisation’s compliance program/management system 2.2 Develop an appropriate action plan for managing and rectifying an identified breach in accordance with the established breach management procedures and relevant Australian and international standards 2.3 Take prompt action to rectify a breach as per the plan 2.4 Document and report action taken as required
3 Liaise with relevant internal and external personnel	3.1 Maintain appropriate liaison with all relevant internal personnel, and external personnel and organisations on the nature of the breach and the action being taken 3.2 Inform internal and external personnel of progress in rectifying the breach 3.3 Take advice and direction from relevant internal and external personnel on the management and rectification of the breach in accordance with the organisation’s compliance program/management system 3.4 Apply effective interpersonal skills
4 Monitor the rectification of a breach	4.1 Closely monitor progress in the rectification of a breach of compliance requirements in accordance with the organisation’s compliance program/management system 4.2 Identify problem/s which may arise in breach rectification and take appropriate action to deal with the problem/s and report to appropriate personnel on its management 4.3 Notify all relevant personnel when the identified breach has been successfully rectified
5 Document breach and subsequent rectification	5.1 Prepare and submit all required reports on identified breach and subsequent rectification action to relevant internal and external personnel 5.2 Report systemic and recurring problems of noncompliance to those with sufficient authority to correct them 5.3 Complete records of breach, action taken and the outcomes of rectification processes and file in accordance with the organisation’s compliance program/management system

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, 2.2, 2.3, 3.3, 4.1, 5.3	Analyses, evaluates and compares industry specific and complex texts to determine and distinguish compliance requirements
Writing	1.2, 2.2, 2.4, 3.1, 3.2, 4.2, 4.3, 4.3, 5.1, 5.2, 5.3	Produces a range of text types matching style of writing to purpose and audience Documents and records findings using required organisational formats
Oral Communication	3.1, 3.2, 3.3, 3.4, 4.2, 4.3, 5.2	Presents specialised information to a range of audiences using structure and language to suit the audience Uses active listening and questioning to elicit the views and opinions of others and to confirm understanding
Navigate the world of work	1.1, 2.1, 2.2, 3.3, 4.1, 5.3	Takes personal responsibility for following explicit and implicit policies, procedures and legislative requirements
Interact with others	1.2, 2.4, 3.1, 3.2, 3.3, 3.4, 4.2, 4.3, 5.1, 5.2	Identifies and uses appropriate conventions and practices when seeking or sharing information with internal and external personnel Identifies relevant information and ideas from a range of oral and written exchanges
Get the work done	1.1, 1.2, 2.2-2.3, 4.1-4.3, 5.1-5.3	Takes responsibility for developing, implementing and monitoring processes to manage breaches in compliance requirements Organises, plans and sequences own workload and schedules work activities to achieve required outcomes Systematically gathers, analyses and evaluates all relevant information in order to make informed decisions about management of compliance breaches

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
BSBCOM402 Implement processes for the management of a breach in compliance requirements	BSBCOM402B Implement processes for the management of a breach in compliance requirements	Updated to meet Standards for Training Packages	Equivalent unit

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

Assessment Requirements for BSBCOM402 Implement processes for the management of a breach in compliance requirements

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

obtain and analyse information required to keep up to date with organisational compliance requirements and relevant Australian and international standards

monitor the organisation’s performance in meeting its compliance requirements

investigate breaches in meeting compliance requirements according to organisational requirements and relevant Australian and international standards, including:

developing and implementing an action plan for managing organisational compliance breaches

using effective interpersonal skills when communicating with others to seek or provide information

following up on compliance breaches

completing required documents, records and reports.

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:

identify compliance requirements applicable to the organisation

identify strategies for developing a positive compliance culture within the organisation including:

analysis techniques relevant to the review and interpretation of an identified breach in compliance requirements

breach management policies and processes including identifying, classifying, investigating, rectifying and reporting breaches in compliance requirements

compliance related management information systems

compliance reporting procedures

compliance complaints handling systems

continuous improvement processes for compliance including monitoring, evaluation and review

documentation of compliance requirements relevant to the organisation

liaison procedures with relevant internal and external personnel on compliance related matters

processes for the internal and external promulgation and promotion of information on compliance requirements and compliance program/management system

record keeping systems required for compliance management

reporting processes on compliance management including reports on breaches and rectification action

specification of compliance management functions, accountabilities and responsibilities within the organisation

identify relevant legislation, codes of practice, and Australian and international standards.

Assessment Conditions

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

standards, legislation, regulations and codes of conduct relevant to job role, occupation or profession

organisational policies and procedures related to compliance

computer resources and business technology

compliance program/management system

case studies and, where possible, real situations.

Assessors must satisfy NVR/AQTF assessor requirements.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

BSBCOM405 Promote compliance with legislation

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 1.0.

Application

This unit describes the skills and knowledge required to promote compliance with domestic and international legislation, both by self and others in the workplace.

It applies to individuals with a broad knowledge of international trade who determine compliance strategies and model and encourage compliance by implementing these strategies.

No licensing, legislative, regulatory or certification requirements apply to this unit at the time of publication.

Unit Sector

Regulation, Licensing and Risk – Compliance

Elements and Performance Criteria