Unit of competency Outline

Date retreived
23/07/2026 12:44 AM AWST

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Lead compliance with financial services regulations and industry codes of practice

Lead compliance with financial services regulations and industry codes of practice

Unit of competency
National Code
FNSINC811
State Code
OBR73
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
01/07/2020
View on TGA
State Implementation and Classification
Approved Date
02/10/2020
Field of Education
081101 - Banking And Finance
Original Release Date
02/10/2020
Nominal Hours
70
Description
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.
Notes
Elements and Performance Criteria
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
No information
No information
Replaces
State Code National Code Title Type
AWF26 FNSINC801 Lead compliance with financial services legislation and industry codes of practice Unit of competency