Unit of competency Outline

Date retreived
22/07/2026 1:40 PM AWST

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

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

Unit of competency
National Code
FNSFMK516
State Code
OBR85
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
081199 - Banking, Finance And Related Fields, N.e.c.
Original Release Date
02/10/2020
Nominal Hours
65
Description
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.
Notes
Elements and Performance Criteria
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
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