Release 

Comments 

Release 1

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

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

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

Release 

Comments 

Release 1

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