Course Title: Apply principles of professional practice to work in the financial services industry
Part B: Course Detail
Teaching Period: Term2 2018
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
Andrew Shiangolis
Course Coordinator Financial Services
andrew.shiangolis@rmit.edu.au
+61 3 9925 5982
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 Identify and consider external forces impacting on financial services industry while carrying out activities 1.2 Identify main sectors of financial services industry and interrelationship between sectors in carrying out activities 1.3 Identify roles and responsibilities of other participants in financial services industry in carrying out activities |
Element: |
2. Identify and apply guidelines, procedures and legislation |
Performance Criteria: |
2.1 Collect, apply and analyse information on relevant legislation, regulations and codes of practice as applied to financial services industry 2.2 Clarify own work practice and regularly refine in light of relevant legislation, regulations and codes of practice, and organisational policy, guidelines and procedures 2.3 Apply relevant codes of practice in an ethical approach to workplace practice and decisions |
Element: |
3. Identify sustainability issues |
Performance Criteria: |
3.1 Obtain and analyse information on sustainability policies, strategies and impacts on industry from a range of sources 3.2 Identify and promote environmental sustainability as an integral part of business planning and business opportunity 3.3 Incorporate and support triple bottom line principles in work planning |
Element: |
4. Manage information |
Performance Criteria: |
4.1 Read and discuss with appropriate persons relevant documents and reports that could impact on work effectiveness and compliance 4.2 Analyse, evaluate and check documents, reports, data and numerical calculations to meet customer and organisational requirements 4.3 Present information in format appropriate for 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 Support team to identify and resolve problems which impede its performance 5.4 Ensure own work serves as role model for others and enhances organisation's image and financial services industry |
Element: |
6. Plan work to be completed |
Performance Criteria: |
6.1 Determine tasks to be done and identify relevant conditions to work autonomously or in team environment 6.2 Plan work to manage resources, time and priorities 6.3 Contribute to organisational planning process as required to achieve service improvement 6.4 Adapt to changes in technology and work organisation in timely manner |
Element: |
7. Develop and maintain personal competency |
Performance Criteria: |
7.1 Identify and review personal professional development needs and goals on regular basis 7.2 Clarify and comply with competency, authorisation and licensing requirements 7.3 Seek professional development opportunities that reflect needs and goals in agreed timeframe |
Learning Outcomes
Details of Learning Activities
A range of learning activities are planned for this course including self-paced and collaborative classroom based activities.
The self-paced activities will be delivered thought various technology platforms and include your contribution to wikis and discussion threads, reflective journals, quizzes and interactive sessions.
The collaborative classroom based activities will include group discussion, group problem solving activities and opportunities to practice your skills in a simulated/real workplace environment.
We expect you to participate and contribute in all scheduled learning activities.
Teaching Schedule
This course is comprised of one single competency.
FNSINC401 - Apply principles of professional practice to work in the financial services industry.
Teaching Schedule
The Teaching Schedule for this course is as follows:
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 as follows but please note that it is subject to change.
Course Delivery: Note that this schedule is a guide only and may be altered as deemed necessary by the teacher.
Course schedule
Week
|
Week Commencing |
Course: Apply Principles of professional Practice to work in the Financial Services Industry Course Code: EMPL 7068C National Code: FNSINC601 Topics |
Online activity |
Assessment |
Competencies Delivered |
1 |
02/07/2018 |
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 |
|
FNSINC401 |
2 |
09/07/2018 |
Regulation of the Financial Services Industry in Australia
|
1 hour weekly online learning and submitted online for Teacher Feedback |
FNSINC401 |
|
3 |
16/07/2018 |
Key Legislation |
1 hour weekly online learning and submitted online for Teacher Feedback |
Assessment Task 1 made available |
FNSINC401 |
4 |
23/07/208 |
Practical Presentation Skills I |
1 hour weekly online learning and submitted online for Teacher Feedback |
|
FNSINC401 |
5 |
30/07/2018 |
Practical Presentation Skills II |
1 hour weekly online learning and submitted online for Teacher Feedback |
|
FNSINC401 |
6 |
06/08/2018 |
Sustainability and Financial Services I
|
1 hour weekly online learning and submitted online for Teacher Feedback |
|
FNSINC401 |
7 |
13/08/2018 |
Sustainability and Financial Services II |
1 hour weekly online learning and submitted online for Teacher Feedback |
|
FNSINC401 |
8 |
20/08/2018 |
In-class assessment presentation |
1 hour weekly online learning and submitted online for Teacher Feedback |
Assessment Task 1 Due Date Week 8 26/08/2018 |
FNSINC401
|
9 |
03/09/2018 |
Codes of Conduct I |
1 hour weekly online learning and submitted online for Teacher Feedback |
|
FNSINC401 |
10 |
10/09/2018 |
Codes of Conduct II Discussion of SBGL Policy and Procedure Document and availibility |
1 hour weekly online learning and submitted online for Teacher Feedback |
Assessment Task 2 made available |
FNSINC401 |
11 |
17/09/2018 |
Corporate Communications – Email Etiquette I |
1 hour weekly online learning and submitted online for Teacher Feedback |
|
FNSINC401 |
12 |
24/09/2018 |
Corporate Communications – Email Etiquette II |
1 hour weekly online learning and submitted online for Teacher Feedback |
. |
FNSINC401 |
13 |
01/10/2018 |
Finalising Project Assessment Task 2 |
1 hour weekly online learning and submitted online for Teacher Feedback |
|
FNSINC401 |
14 |
08/10/2018 |
Finalising Project Assessment Task 2 |
1 hour weekly online learning and submitted online for Teacher Feedback |
|
FNSINC401 |
15 |
15/10/2018 |
Finalising Project Assessment Task 2 |
1 hour weekly online learning and submitted online for Teacher Feedback |
Assessment Task 2 Due Date Week 15 21/10/2018 |
FNSINC401 |
16 |
22/10/2018 |
Re-submissions if required |
1 hour weekly online learning and submitted online for Teacher Feedback |
|
FNSINC401 |
Please note that the mid-semester break is between 27/8/2018 and 2/9/2018.
The nominal hours associated with this are a guide only and represent the total teaching time and student effort required to successfully complete this 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.
Learning Resources
Prescribed Texts
References
Other Resources
Online learning materials can be accessed by going into the RMIT web sites Online Learning Hub.
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
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
This course is comprised of one single competency.
FNSINC401 - Apply Principles of Professional Practice to Work in the Financial Services Industry
You will demonstrate competency by undertaking two assessments.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 Week 8, 26/8/2018
For this assessment you will be asked to complete the following:
What
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.
Where
In class time will be provided to explain the basic requirements of the task, and to assist with the layout and expected content of the letter, but students will be expected to complete most of the assessment outside of class time.
How
Students will be assessed according to the criteria outlined in the Criteria for Assessment. All criteria identified must be addressed to satisfactorily complete this Assessment Task.
Assessment Task 2 - Identifying, analysing, reporting and presenting the relevant legislation and Codes of Practice of the Swanston Banking Group Ltd. - Due Week 15, 21/10/2018
Summary and Purpose of Assessment
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 two of two required to demonstrate competency for this unit.
Assessment Instructions
What
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) 2018”. 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
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- From one of the job descriptions, what would be expected of you as an employee of the bank?
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- Is the code reasonable from the point-of-view of the employer’s expectation of its employees? Why or why not?
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- Why is it important for employees to receive a complete set of instructions when starting a new position within an organisation?
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- 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?
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- 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?
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- 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?
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- 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.
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Where
In class time will be provided to explain the basic requirements of the task, and to assist with the layout and expected content of the letter and the power points, but students will be expected to complete most of the assessment outside of class time. The letter must be completed using Microsoft Word and the power points using Microsoft power point.
How
Students will be assessed according to the criteria outlined in the Criteria for Assessment below. All criteria identified must be addressed to satisfactorily complete this Assessment Task.
Assessment Matrix
The assessment matrix that maps all the assessment is available on Canvas.
Other Information
Submission Requirements
You should:
- 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 footer with your name, student number, the title of the assessment, unit code and title and page numbers.
Late Submission Procedures You are required to submit assessment items and/or ensure performance based assessment is completed by the due dates. If you are prevented from submitting an assessment item on time, by circumstances outside your control, you may apply in advance to your teacher for an extension to the due date of up to seven calendar days. More Information: https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/extensions-of-time-for-submission-of-assessable-work Where an extension of greater than seven days is needed, you must apply for Special Consideration. Applications for special consideration must be submitted no later than two working days after the assessment task deadline or scheduled examination. More Information:https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/special-consideration Resubmissions (VET Programs): Resubmissions (VE Programs): If you are found to be unsuccessful in a particular Course Assessment Task (or you do not submit/attend) you will be allowed one resubmission. Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the resubmission. 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. Grading & re-submissions Successful re-submissions will contribute a CAG only (Competency Achieved Grading) result to your overall grade for the course. Adjustments to Assessment In certain circumstances students may be eligible for an assessment adjustment. For more information about the circumstances under which the assessment arrangements might be granted please access the following website:
Marking Guide (Competency):
You must demonstrate that you have all the required skills/knowledge/elements in the unit of competency you are studying.
You will receive feedback on each assessment task that will inform you about your progress and how well you are performing.
Marking Guide (Grading)
After achieving competency we then grade your performance in the unit and you will achieve one of the following grades: Final Grades table: | |||
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CHD |
Competent with High Distinction |
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CDI |
Competent with Distinction |
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CC |
Competent with Credit |
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CAG |
Competency Achieved – Graded |
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CA |
Competency Achieved – Not Graded |
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NYC |
Not Yet Competent |
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DNS |
Did Not Submit for assessment |
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Course Overview: Access Course Overview