Unit of competency Outline

Date retreived
22/07/2026 7:12 AM AWST

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

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

Unit of competency
National Code
FNSORG514
State Code
OBR69
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
55
Description
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.
Notes
Elements and Performance Criteria
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
No information
No information
Replaces
State Code National Code Title Type
AUS32 FNSORG504 Monitor and supervise work practices to meet financial services regulatory requirements Unit of competency