Unit of competency Outline
Date retreived
23/07/2026 5:50 AM AWST
23/07/2026 5:50 AM 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.
Conduct individual work within a compliance framework
Conduct individual work within a compliance framework
Unit of competency
National Code
FNSORG401A
FNSORG401A
State Code
D9447
D9447
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
29/07/2014
Field of Education
120505 - Work Practices Programmes
Original Release Date
29/07/2014
Nominal Hours
40
Description
This unit describes the performance outcomes, skills and knowledge required to assist in maintaining organisational and individual compliance while carrying out occupational duties.This unit requires the application of skills and knowledge to identify statutory, legislative and regulatory requirements and relate them to individual work practices to ensure ongoing compliance in the financial services industry. The application of research and analysis skills is required.This unit does not cover the identification of compliance requirements of the organisation as a whole but rather those which apply to the individual’s circumstances only.
Notes
Elements and Performance Criteria
1. Identify individual compliance requirements
- 1.1 Statutory, legislative and regulatory requirements relating to the individuals work are researched and documented
- 1.2 Organisational and industry requirements relating to the individuals work are researched and documented
2. Interpret individual compliance requirements
- 2.1 Compliance requirements are mapped against individual work practices
- 2.2 Ethical considerations are discussed with relevant parties where appropriate
3. Develop or respond to procedures to ensure individual compliance
- 3.1 Consultation is undertaken with appropriate persons to identify procedures to be followed ensure compliance
- 3.2 Procedures are reviewed and/or developed to ensure compliance
- 3.3 Appropriate records are maintained
4. Identify and adapt to changes in individual compliance requirements
- 4.1 Training programs (internal/external) that deliver against compliance requirements are identified
- 4.2 Professional development opportunities related to the individual situation are identified and discussed with managers/supervisors
- 4.3 Documentation relating to compliance issues is read and understood
- 4.4 Documentation relating to compliance issues is discussed with appropriate persons to ensure ongoing compliance is maintained
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.
Legislative and regulatory requirements may include, but are not limited to:
Australian Securities and Investments Commission (ASIC) Policy Statement 146 - Tier 2 compliance
Privacy Act
Taxation Act
Competition and Consumer Act 2010 (Cth)
relevant Insurance Act
Australian Accounting Standards
Corporations Act 2001 (Cth)
ASIC Act 1989 (Cth)
National Consumer Credit Protection Act 2009 (Cth)
AML-CTF Act
Personal Property Securities Act 2009 (Cth)
ASIC
AUSTRAC
ACCC
Office of the Australian Information Commissioner (OAIC)
ITSA
Organisation and industry requirements may include, but are not limited to:
company policy and procedures
internal control guidelines
computer system documentation
operations manuals
business and performance plans
mission statements
strategic plans
industry codes of ethics
industry codes of conduct
industry code of practice
Appropriate persons may include:
compliance managers
compliance officers
supervisors
senior management
Records may include:
training records
tax records
statutory records
Professional development may include:
seminars and workshops
professional body membership
product training
coaching, mentoring or supervision
career path development
Documentation may include:
circulars/memos
organisational/industry newsletters
emails
press clippings
staff meeting agendas and minutes
RSS Feeds
Legislative and regulatory requirements may include, but are not limited to:
Australian Securities and Investments Commission (ASIC) Policy Statement 146 - Tier 2 compliance
Privacy Act
Taxation Act
Competition and Consumer Act 2010 (Cth)
relevant Insurance Act
Australian Accounting Standards
Corporations Act 2001 (Cth)
ASIC Act 1989 (Cth)
National Consumer Credit Protection Act 2009 (Cth)
AML-CTF Act
Personal Property Securities Act 2009 (Cth)
ASIC
AUSTRAC
ACCC
Office of the Australian Information Commissioner (OAIC)
ITSA
Organisation and industry requirements may include, but are not limited to:
company policy and procedures
internal control guidelines
computer system documentation
operations manuals
business and performance plans
mission statements
strategic plans
industry codes of ethics
industry codes of conduct
industry code of practice
Appropriate persons may include:
compliance managers
compliance officers
supervisors
senior management
Records may include:
training records
tax records
statutory records
Professional development may include:
seminars and workshops
professional body membership
product training
coaching, mentoring or supervision
career path development
Documentation may include:
circulars/memos
organisational/industry newsletters
emails
press clippings
staff meeting agendas and minutes
RSS Feeds
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 relevant legislative and regulatory requirements relating to work practices
map requirements to work practices to demonstrate an understanding of compliance requirements
maintain necessary organisational records in accordance with compliance requirements
monitoring and respond to changes in compliance requirements.
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
access to information about a workplace policy and procedures.
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
observing processes and procedures in workplaces
verbal or written questioning on underpinning knowledge and skills
evaluating samples of work
accessing and validating third party reports
setting and reviewing workplace projects and business simulations or scenarios.
Guidance information for assessment
Overview of assessment
Critical aspects for assessment and evidence required to demonstrate competency in this unit
Evidence of the ability to:
identify relevant legislative and regulatory requirements relating to work practices
map requirements to work practices to demonstrate an understanding of compliance requirements
maintain necessary organisational records in accordance with compliance requirements
monitoring and respond to changes in compliance requirements.
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
access to information about a workplace policy and procedures.
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
observing processes and procedures in workplaces
verbal or written questioning on underpinning knowledge and skills
evaluating samples of work
accessing and validating third party reports
setting and reviewing workplace projects and business simulations or scenarios.
Guidance information for assessment
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUS42 | FNSORG401 | Conduct individual work within a compliance framework | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| D723 | FNS51511 | Diploma of Credit Management | Qualification |
| D705 | FNS40111 | Certificate IV in Credit Management | Qualification |