Course Title: Apply principles of professional practice to work in the financial services industry

Part B: Course Detail

Teaching Period: Term2 2020

Course Code: EMPL7068C

Course Title: Apply principles of professional practice to work in the financial services industry

School: 650T Vocational Business Education

Campus: City Campus

Program: C5379 - Diploma of Financial Services

Course Contact: Callie Harvey

Course Contact Phone: +61 3 9925 5772

Course Contact Email: callie.harvey@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

Michael Elliot

michael.elliot@rmit.edu.au

Nominal Hours: 30

Regardless of the mode of delivery, represent a guide to the relative teaching time and student effort required to successfully achieve a particular competency/module. This may include not only scheduled classes or workplace visits but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.

Pre-requisites and Co-requisites

None

Course Description

This unit describes the skills and knowledge required to identify industry professional approaches to procedures, guidelines, policies and standards, including ethical requirements, and to model and meet expectations of these in all aspects of work.

 

It applies to individuals who work in senior roles in the financial services industry and underpins other specialist units used in all sectors of the industry.

 

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSINC401 Apply principles of professional practice to work in the financial services industry

Element:

1. Identify scope, sectors and responsibilities of industry

Performance Criteria:

1.1. External forces  impacting on the financial services industry are identified and considered in carrying out activities

1.2. The main sectors  of the financial services industry and the interrelationship between sectors are identified and considered in carrying out activities

1.3. The roles and responsibilities of other participants in the financial services industry are identified and considered in carrying out activities

Element:

2. Identify and apply guidelines, procedures and legislation

Performance Criteria:

2.1. Information on relevant legislation , regulations and codes of practice  is collected, analysed and effectively applied to the job role

2.2. Own work practice is clarified and regularly refined in light of relevant legislation, regulations and codes of practice and organisation policies , guidelines and procedures 

2.3. Relevant codes of practice are used to guide an ethical approach to workplace practice and decisions 

Element:

3. Identify sustainability issues

Performance Criteria:

3.1. Information on sustainability policies , strategies and impacts on industry  is obtained and from a range of sources and analysed

3.2. Environmental sustainability is identified as an integral part of business planning and promoted as a business opportunity

3.3. Work planning incorporates and supports triple bottom line principles 

Element:

4. Manage information

Performance Criteria:

4.1. Relevant documents and reports that could impact on work effectiveness and compliance are read and understood, and any implications discussed with appropriate persons

4.2. Documents, reports, data and numerical calculations  are analysed, checked, evaluated and organised to meet customer and organisation requirements

4.3. Information is presented in a format appropriate for the audience 

Element:

5. Participate in and facilitate work team activities

Performance Criteria:

5.1. Provide feedback  to team members to encourage, value and reward individual and team efforts and contributions

5.2. Actively encourage team members to participate in and take responsibility for team activities and communication processes

5.3. Give the team support to identify and resolve problems which impede its performance

5.4. Ensure own contribution to work team serves as a role model for others and enhances the organisation's image within the work group the organisation and with clients/customers

Element:

6. Plan work to be completed

Performance Criteria:

6.1. Tasks to be done and relevant conditions are determined and work planned either for working autonomously or with others in a team environment

6.2. Work is planned for a given period managing resources, time and priorities

6.3. Contributions are made to organisation planning process as required to achieve service improvement

6.4. Changes in technology and work organisation are adapted to in a timely manner

Element:

7. Develop and maintain personal competency

Performance Criteria:

7.1. Professional development needs and goals are identified and reviewed on a regular basis

7.2. Competency, authorisation and licensing requirements are clarified and complied with

7.3. Professional development opportunities  that reflect needs and goals are sought and completed in an agreed upon timeframe


Learning Outcomes



Details of Learning Activities

 A range of learning activities are planned for this course including self-paced and Collaborative Ultra online classroom based activities.

The self-paced activities will be delivered thought various technology platforms and include your contribution to activities, discussion threads, reflective journals on industry updates, presentations, quizzes and interactive sessions.

The Collaborative Ultra classroom based activities will include role plays, group discussion, group problem solving activities and opportunities to practice your skills in a simulated/real workplace environment.

You are expected to participate and contribute in all scheduled learning activities

Remote Learning

This course will be delivered via our existing learning management system, Canvas.  This means that, for the foreseeable future, there will be no face-to-face classes in any of the units for which you are enrolled.

Classes in each of your units will still take place in their normal scheduled time-slots, but instead of being conducted in a face-to-face mode, your teachers will utilise the Collaborate Ultra platform to deliver ‘live’ online classes.  These classes delivered online will not only provide you with the required learning materials for those sessions, but they will also enable interactions with your teachers and fellow students via forums or discussion boards.


Teaching Schedule

This course is comprised of one competency: FNSINC401/EMPL7068C Apply principles of professional practice to work in the financial services industry

Induction Session

Prior to training commencement a program level induction session will be conducted that comprises the following: 

  •     Program overview and requirements
  •     Canvas Learning Hub
  •     Overview of assessment requirements
  •     Pre-Training Review including:
    • Recognition of Prior Learning and Credit Transfers
    • Assessment of current skills and knowledge
  •     Competency/Grading Criteria
  •     Plagiarism
  •     Appeals
  •     Extensions
  •     Feedback
  •     Privacy
  •     Submission requirements
  •     Resubmission policy
  •     Where to get support
  •     Student responsibilities 

(The following schedule is subject to change)

Course schedule: EMPL7068C Apply Principles of Professional Practice to Work in the Financial Services Industry, Semester 2, 2020

Week commencing

Topics

Online activity

Assessment

Week 1

July 6

Introduction to the Course

including:

·       Course requirements

·       Course support documents

·       CANVAS access to the course

·       Accuracy of enrolment

·       Assessment requirements

·       Reminder re Plagiarism

·       Reminder re Appeals

·       Extensions/Resubmissions

·       Feedback in this course

·       Reminder re submission requirements

·       Getting help

Financial Services Industry in Australia

Students are required to undertake 1 additional hour per week for structured online learning and submit their work online for Teacher Feedback

 

 

 

 

Week 2

July 13

 

Regulation of the Financial Services Industry in Australia

 

 

1 hour weekly online learning and submitted online for Teacher Feedback

 

Week 3

July 20

Key Legislation

1 hour weekly online learning and submitted online for Teacher Feedback

Assessment Task 1 made available

Week 4

July 27

Practical Presentation Skills I

1 hour weekly online learning and submitted online for Teacher Feedback

 

Week 5

August 3

Practical Presentation Skills II

1 hour weekly online learning and submitted online for Teacher Feedback

 

Week 6

August 10

 

Sustainability and Financial Services I

 

 

1 hour weekly online learning and submitted online for Teacher Feedback

 

Week 7

August 17

Sustainability and Financial Services II

1 hour weekly online learning and submitted online for Teacher Feedback

 

Week 8

August 24

 

 

In-class assessment work

1 hour weekly online learning and submitted online for Teacher Feedback

Assessment Task 1 due

 

Mid-Semester Break

Week 9

Sept 7

Codes of Conduct I

1 hour weekly online learning and submitted online for Teacher Feedback

 

Week 10

Sept 14

Codes of Conduct II

Discussion of SBGL Policy and Procedure Document and availability

1 hour weekly online learning and submitted online for Teacher Feedback

Assessment Task 2 made available

Week 11

Sept 21

Corporate Communications – Email Etiquette I

1 hour weekly online learning and submitted online for Teacher Feedback

 

Week 12

Sept 28

Corporate Communications – Email Etiquette II

1 hour weekly online learning and submitted online for Teacher Feedback

.

Week 13

Oct 5

Finalising Project Assessment Task 2

1 hour weekly online learning and submitted online for Teacher Feedback

 

Week 14

Oct 12

Finalising Project Assessment Task 2

1 hour weekly online learning and submitted online for Teacher Feedback

 

 

 

Week 15

Oct. 19

Finalising Project Assessment Task 2

 1 hour weekly online learning and submitted online for Teacher Feedback

 

Assessment Task 2 Due 

 

Week 16

Oct 26

Re-submissions if required

 1 hour weekly online learning and submitted online for Teacher Feedback

 

Week 17

Nov 2

Grade Entry

 

 

The nominal hours associated with this are a guide only and represent the total teaching time and student effort required to successfully complete the course. This may include not only scheduled classes but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities including the self - paced activities in the workbooks. 

This course is comprised of two competencies that are co-delivered and co-assessed (delivered and assessed together).   FNSFPL501 Comply with financial practice ethical and operational guidelines and regulations   FNSINC401 Apply principles of professional practice to work in the financial services industry       Induction Session     Prior to training commencement a program level induction session will be conducted that comprises the following:       Program overview and requirements     Canvas Learning Hub     Overview of assessment requirements     Pre-Training Review including:         Recognition of Prior Learning and Credit Transfers         Assessment of current skills and knowledge     Competency/Grading Criteria     Plagiarism     Appeals     Extensions     Feedback     Privacy     Submission requirements     Resubmission policy     Where to get support     Student responsibilities    The Teaching Schedule for this course is attached to this document (Part B) but please note that it is subject to change.   The nominal hours associated with this are a guide only and represent the total teaching time and student effort required to successfully complete the course. This may include not only scheduled classes but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities including the self - paced activities in the workbooks.


Learning Resources

Prescribed Texts


References


Other Resources

Online learning materials can be accessed via RMIT's Learning Management System, Canvas.   The online learning materials listed include: 

  • Course outlines
  • Power point Presentations
  • Supporting Reading material
  • Industry relevant articles
  • Activities.


Overview of Assessment

In order to achieve competency in this unit, you must provide

Performance evidence

Evidence of the ability to:

  • access, interpret and analyse product and service information provided by industry sectors in an effective and timely manner
  • interpret and comply with relevant financial services legislation, regulations and industry codes of practice, and ethics applicable to the workplace
  • recognise and implement sustainability principles and work practices
  • accurately analyse, evaluate and organise relevant information
  • effectively plan work and maintain a team environment, taking into account any constraints and available resources
  • identify and evaluate appropriate professional development opportunities.

Knowledge Evidence

To complete the unit requirements safely  and effectively the individual must:

To complete the unit requirements safely and effectively, the individual must:

  • discuss environmental or sustainability legislation, regulations and codes of practice applicable to industry and organisations
  • outline the main sectors in the financial services industry and the interrelationships between the sectors
  • explain industry and organisational policy and procedures and ethical behaviours in regard to customer service and administration
  • outline industry and organisational security practices and rationale
  • identify internal administration systems such as accounting systems and databases
  • explain principles, practices and available tools and techniques of sustainability management relevant to the industry context
  • explain key requirements of relevant legislation, statutory requirements and industry codes of practice as they relate to:
    • consumer credit
    • privacy
    • financial transaction reporting
    • corporations (including accounting standards)
    • financial services
  • identify the economic and political climate relating to the financial services industry
  • explain triple bottom line principles used in work planning.

 

Assessment conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the industry capability field and include access to:

  • organisational policy, procedures, legislation, regulations and codes of practice
  • specialist financial services software and data
  • common office equipment, technology, software and consumables.

Feedback

Feedback will be provided throughout the semester in class and/or online discussions.  You are encouraged to ask and answer questions during class time and online sessions so that you can obtain feedback on your understanding of the concepts and issues being discussed. Finally, you can email or arrange an appointment with your teacher to gain more feedback on your progress.

You should take note of all feedback received and use this information to improve your learning outcomes and final performance in the course. 

 

 


Assessment Tasks

You will demonstrate competency by undertaking two assessments. You must successfully complete all assessments to be deemed competent in this unit.  

The assessments for this course have been designed to allow you to apply your learning to particular workplace scenarios and demonstrate your competence in a variety of ways.

Critical Aspects of assessment are described above in the performance evidence for this course.

Assessment Task 1: Prepare a letter to either shareholders or customers on the implications of the Banking Royal Commission to the Swanston Banking Group 

Due: Sunday, 30th August 2020 (Week 8)

Summary and Purpose: This assessment task has been designed to allow you to demonstrate:

  • an understanding of the purpose and implications of the Banking Royal Commission, and
  • your ability to prepare professional communications.

This assessment task is one of two required to demonstrate competency for this unit.

Assessment Instructions: You will need to choose one of the following Stakeholders:

  • Shareholder; or
    Customer.

And prepare a letter to the stakeholder covering the following:

  • What is a Royal Commission;
  • What are the terms of reference for the Banking Royal Commission;
  • What is the timeframe for the Commission to complete its findings;
  • What are the implications of the Commission for the Swanston Banking Group;
  • What is the Swanston Banking Group doing to prepare and co-operate with the Commission; and
  • Where to go to for more information.

The letter should be clear and concise, and written in a manner that will provide comfort to the stakeholders that they have nothing to fear from the Commission.

It will need to be prepared using the Swanston Banking Group standard logo and fonts.

It should be no longer than two pages.

Assessment Task 2: Identifying, analysing, reporting and presenting the relevant legislation and Codes of Practice of the Swanston Banking Group Ltd. 

Due: Sunday, 25th October 2020 (Week 15)

Summary and Purpose: This assessment task has been designed to allow you to demonstrate:

  • Identifying the policies, procedures and codes of practice of the Swanston Banking Group Ltd.
  • Whether these are complete and inclusive
  • Whether they are compliant and appropriate to the industry and workplace and need correcting in any form
  • Concluding on the overall effectiveness of these policies, procedures and codes of practice.

This assessment task is the second of two required to demonstrate competency for this unit.

Assessment Instructions: The assignment involves the preparation of a written report and an in-class presentation. The report will need to be prepared using the Swanston Banking Group standard logo and fonts.

The report will address and answer the following questions. The presentation will be no longer than 5 minutes and is intended to only summarise the report.

Students must download a copy of the document, “Policy and Procedure Document, Swanston Banking group Ltd., (Incorporating SBG Travel) 2019”. This version will be included in CANVAS. The following questions must be answered and the written report should not exceed eight (8) A4, pages in length.

Questions to be answered

  1. From one of the job descriptions, what would be expected of you as an employee of the bank?
  2. Is the code reasonable from the point-of-view of the employer’s expectation of its employees? Why or why not?
  3. Why is it important for employees to receive a complete set of instructions when starting a new position within an organisation?
  4. Refer to the mission statement and the profile of the bank. What message do you think they are trying to get across to it’ staff, customers, shareholders and the general public?
  5. Refer to section 1 of the Policy. How important is this policy in your day-to-day work within the bank and do you think these policies are reasonable? Why/why not?
  6. Refer to section 2 – 4 of the policy. Describe which you think are the most important policies and codes within these sections. Which policies and codes in particular are enshrined in legislation. Do you think they are too strict, not strict enough or maybe to narrow?
  7. The enterprise agreement has 22 sections and a rate of pay scale. In your opinion, does this agreement cover all areas of what you think an agreement between an employee and employer should include? Research similar positions in the banking industry and comment on whether you think the rates of pay for the positions in Appendix A are too low, too high or appropriate. 


Assessment Matrix

The assessment matrix that maps all the assessment is available on Canvas.

Other Information

Submission Requirements

  • Ensure that you submit assessments on or before the due date.
  • Always retain a copy of your assessment tasks. (hard copy and soft copy)
  • When you submit work for assessment at RMIT University you need to use the Assessment task document that includes a declaration and statement of authorship.
  • Each page of your assessment should include a footer with your name, student number, the title of the assessment, unit code and title and page numbers.

Resubmissions (VET Programs)

If you are found to be unsuccessful (Not satisfactory/Unsatisfactory) in a Course Assessment Task you will be allowed one re-submission. Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the re-submission.

If you are still not meeting the assessment requirements you must apply to your Program Manager in writing outlining the steps you will take to demonstrate competence in your course. Your submission will be considered by the Program Team and you will be advised of the outcome as soon as possible.

Penalties for Late Submission 

Late submissions of assignments without special consideration or extension will automatically be considered a re-submission (see above).

Extensions, Special Consideration and Adjustment to Assessments

Extensions:

Extensions are available for unforeseen circumstances of a short-term nature.

An application form must be submitted to the school at least one working day before the due date of the assessment.

Extensions can be approved for a maximum of one week (seven calendar days) past the due date for an assessment. (Where students need an extension exceeding one week they must instead apply for special consideration.)

Special consideration:

Special consideration is available for unexpected circumstances outside students’ control. These include but are not limited to: unexpected short-term ill health, and unavoidable family, work, cultural or religious commitments.

An application for special consideration is made in advance of an assessment wherever possible but will normally be accepted within five working days after the assessment date

For more information, see the Special Consideration page of the RMIT website.

Adjustments to Assessment:

RMIT provides several adjustments to assessment for students experiencing ongoing or long-term circumstances. Find the right one for your circumstances here.

Changes to the Assessment Scheme

Where a change to assessment approved by the dean/head of school changes an assessment due date, students will be given at least five working days’ notice of the new due date.

Feedback

You can expect to receive marks and feedback on in-course assessment work in time to improve your performance in related assessment tasks later in the course.

Academic Integrity and Misconduct

Students demonstrate academic integrity in their assessment practices by:

  • engaging with assessment activities in an honest way;
  • providing accountability for the authorship and originality of work submitted;
  • acknowledging the work of others and the re-use of original work.

Academic misconduct is addressed in accordance with the Student conduct policy

Assessment involving research with human participants, their information or their tissue, or animal subjects is carried out in accordance with the Staff ethics and integrity policy.

For further information see the Academic Integrity website.

Review and Appeal

A student may request a review of an assessment result or appeal a final course grade in accordance with the Conduct of assessment and appeals section of the Assessment Processes.

Grade Criteria

You must demonstrate that you have all the required skills/knowledge/elements in the unit of competency you are studying.

The following grades are available for this course.

Vocational education grades:

CA - Competency Achieved

NYC - Not Yet Competent

DNS - Did Not Submit for assessment

Course Overview: Access Course Overview