Unit of competency Outline
Date retreived
22/07/2026 3:39 PM AWST
22/07/2026 3:39 PM AWST
Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.
Monitor market opportunities
Monitor market opportunities
Unit of competency
National Code
FNSSAM503A
FNSSAM503A
State Code
D4321
D4321
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
29/07/2014
Field of Education
080505 - Marketing
Original Release Date
29/07/2014
Nominal Hours
30
Description
This unit describes the performance outcomes, skills and knowledge required to monitor and identify market opportunities for products and services in the financial services industry.No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement.
Notes
Elements and Performance Criteria
1. Maintain business information networks
- 1.1. Identified business networks are reviewed on a regular basis to ensure relevance and reliability
- 1.2. Information obtained through business networks is up-to-date, relevant and reliable
2. Identify changes in existing markets
- 2.1. Existing markets are reviewed within corporate policy and codes of practice constraints
- 2.2. Significant changes in existing markets are identified against known market conditions and reported upon to permit a corrective action plan to be formulated
3. Identify additional markets
- 3.1. Additional markets are identified following research
- 3.2. Strategies within corporate policy, industry and legislative requirements are adopted
- 3.3. Options that specify product opportunities are formulated and conveyed to underwriters and management
- 3.4. All relevant information is assessed to determine feasibility of the opportunity
4. Monitor competitor activity
- 4.1. Product performance, image and range are continually benchmarked against that offered by competitors to determine market position
- 4.2. Available market opportunities are identified and referred to appropriate personnel and management together with market information
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.
Research may include:
customer feedback
legal developments
literature search:
newspapers
professional journals
product analysis
trend analysis.
Opportunities may arise through:
competitor's products
customer feedback
internal analysis
legislative changes
lobby groups
monitoring that involves continuous review and assessment of market conditions
product lifecycle.
Relevant information may include:
focus groups
literature:
newspapers
professional journals
market surveys.
Appropriate personnel may include:
consultants
customers
intermediaries
marketing support
sales function.
Legislation, regulations and codes of practice related to this unit may include:
anti-discrimination legislation
Australian Prudential Regulation Authority (APRA)
business names legislation
Consumer Credit Code
Corporations Act (including Accounting Standards)
Electronic Funds Transfer Code of Conduct
Finance Code
Financial Services Reform Act (FSRA)
Financial Transaction Reports Act
industry codes of practice
Privacy Act
taxation law.
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.
Research may include:
customer feedback
legal developments
literature search:
newspapers
professional journals
product analysis
trend analysis.
Opportunities may arise through:
competitor's products
customer feedback
internal analysis
legislative changes
lobby groups
monitoring that involves continuous review and assessment of market conditions
product lifecycle.
Relevant information may include:
focus groups
literature:
newspapers
professional journals
market surveys.
Appropriate personnel may include:
consultants
customers
intermediaries
marketing support
sales function.
Legislation, regulations and codes of practice related to this unit may include:
anti-discrimination legislation
Australian Prudential Regulation Authority (APRA)
business names legislation
Consumer Credit Code
Corporations Act (including Accounting Standards)
Electronic Funds Transfer Code of Conduct
Finance Code
Financial Services Reform Act (FSRA)
Financial Transaction Reports Act
industry codes of practice
Privacy Act
taxation law.
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:
monitor the opportunities for business based on maintaining networks, researching the markets, identifying changes in the market and locating new markets
maintain a comprehensive knowledge of the products and services of the organisation.
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 financial services product information.
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 or scenarios
evaluating samples of work
accessing and validating third party reports.
Guidance information for assessment
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:
monitor the opportunities for business based on maintaining networks, researching the markets, identifying changes in the market and locating new markets
maintain a comprehensive knowledge of the products and services of the organisation.
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 financial services product information.
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 or scenarios
evaluating samples of work
accessing and validating third party reports.
Guidance information for assessment
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUT13 | FNSSAM503 | Monitor market opportunities | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| S725 | FNS50910 | Diploma of Banking Services Management | Qualification |
| D725 | FNS51811 | Diploma of Financial Services | Qualification |
| S727 | FNS51110 | Diploma of General Insurance | Qualification |