Unit of competency Outline

Date retreived
22/07/2026 10:01 PM AWST

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

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

Unit of competency
National Code
FNSPRM601A
State Code
D4304
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
24/11/2010
View on TGA
State Implementation and Classification
Approved Date
31/07/2014
Field of Education
080303 - Human Resource Management
Original Release Date
31/07/2014
Nominal Hours
60
Description
This unit describes the performance outcomes, 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.This unit has application to job roles subject to licensing, legislative, regulatory or certification requirements so the varying Commonwealth, State or Territory requirements should be confirmed with the relevant body.
Notes
Elements and Performance Criteria
1. Identify legislation, regulations and codes of practice relevant to the practice
  • 1.1. The scope and services of the practice are matched to legislation, regulations and codes of practice, and compliance issues and procedures are identified
  • 1.2. The scope of the practice is matched to compliance issues and relevant compliance procedures are identified
2. Establish and document procedures for compliance of the practice with relevant legislation, regulations and codes of practice
  • 2.1. Key stakeholders are identified and consulted with regard to issues and proposed procedures and guidelines
  • 2.2. Compliance issues and procedures are incorporated into the practice guidelines and appropriately documented
  • 2.3. Sources of information and advice on legislative and regulatory requirements are identified and documented
  • 2.4. Procedures for ensuring currency of information within the practice on its legislative and regulatory requirements and codes of practice are established and documented
  • 2.5. Ethical procedures and standards for the interpretation of legislation, regulations and codes of practice are established and incorporated into the practice guidelines
  • 2.6. Procedures for monitoring compliance with legislation, regulations and codes of practice within the practice and for outsourced third party providers are established
3. Establish risk management procedures for compliance with legislation and regulations
  • 3.1. A structured and systematic risk management process, which takes into account the practice obligations under the Corporations Act, is established and documented
  • 3.2. Risks of non-compliance are identified and documented
  • 3.3. Measures to avoid non-compliance and steps to be taken in the event of breaches of obligations are established, documented and communicated to staff
  • 3.4. Measures are consistent with ASIC 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. Appropriate levels of financial, technological and human resources are identified to meet the practice's legislative and regulatory requirements
  • 4.2. Training and assessment procedures are implemented to ensure employees have the skills needed to comply with legislative and regulatory requirements
  • 4.3. Clear decision making procedures on legislative and regulatory issues are established including identification to employees of licensees, authorised representatives, directors and other staff carrying legislative and regulatory responsibilities
  • 4.4. Information technology systems and other technological resources are established and maintained to the level necessary to enable compliance with legislative and regulatory requirements
  • 4.5. Budgets, requisition procedures, and other internal financial systems clearly identify support for legislative and regulatory functions
RANGE STATEMENT
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.
Legislation and regulations include all legislation and regulations that apply to a practice providing professional services. This includes but is not limited to:
applicable State or Territory legislation and regulations
ASIC Act and other legislation administered by ASIC
Corporations law
legislation and regulations administered by Australian Prudential Regulation Authority (APRA)
Life Act
occupational health and safety (OHS) legislation
Privacy legislation
superannuation Acts and regulations
Taxation Acts and regulations
Trade Practices Act
Workplace Relations Act, State Industrial Relations Acts, awards and enterprise agreements.
Codes of practice in the finance industry include but are not limited to those relating to:
accountants
financial advisers
practice managers.
Key stakeholders may include:
those who need to authorise procedures and guidelines and those who are key to implementing them.
Risks are:
managed in compliance with Australian Standard 4360 Risk Management or equivalent.
Human resources may include:
client service representatives
financial planners
general support staff
licensees
para-planners
personal or clerical assistants
specialists
specific skilled personnel
account managers
representatives
receptionists.
Training may include:
accredited training delivered by a Registered Training Organisation (RTO)
by industry or common interest groups
external seminars
induction training
in-house
structured
unstructured.
EVIDENCE GUIDE
The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit
Evidence of the ability to:
identify the relevant legislation, regulations and codes of practice using knowledge of a wide range of available information sources
develop strategies to obtain information not readily available within a practice 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
apply cost-benefit analyses to systems and procedures
comply with risk management standards.

Context of and specific resources for assessment
Assessment must ensure:
competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment
access to and the use of a range of common office equipment, technology, software and consumables
access to relevant legislation, regulations and codes of practice.

Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:
evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency
verbal or written questioning on underpinning knowledge and skills
setting and reviewing workplace projects and business simulations/scenarios
evaluating samples of work
accessing and validating third party reports.

Guidance information for assessment