FNSRSK502 - Assess Risks - Accounting & Finance Assignment Help

Assignment Task

Read the following sections:
Professional Practice (Module 3)
The Credit Industry Participants (Module 1)
1. Provide a description, in your own words, of the following external factors that have an impact on the financial services industry.

FACTOR DESCRIPTION
Economic growth Interest rates Political climate Media/PR 2. For each factor, give an example of how it might affect your everyday work as a broker. HINT: Think about how the external factor might:- change your business opportunities- affect the assistance you can offer clients- change the conversations you have with clients- influence clients’ decision-making

FACTOR POTENTIAL EFFECT TO YOUR BUSINESS
Economic growth Interest rates Political climate Media/PR

Activity 2
The financial system
Before undertaking this activity, download from the course website:
Module 3 Learner Guide
Read the following section:
Professional Practice
Name at least there (3) main sectors of the financial services industry.
Hint: Name the sector, not the participants in a particular sector.
For each of the sectors mentioned above, name another sector that crosses over with it, and the relationship in carrying out activities.
In the first column below (participant), record the name of the financial services industry participant matching the role described.
Hint: This would be the professional that undertakes the role.
PARTICIPANT ROLE
To buy and sell securities such as shares
Provide deposit taking and lending services
To advise clients on investments, insurance and strategy
To provide accounting, tax returns and financial statement preparation.
Use the internet to search for ‘personal loans’. Identify one bank personal loan provider and one non-bank provider. Compare the personal loan products.

Activity 3
Legislation, regulation, and codes of practice
Describe the different conventions and protocols when communicating with:
- A client
- A bank
- A regulator (such as AFCA or ASIC)
Hint: Describe the communication style and any adjustments for values, beliefs or cultural expectation of others.
Name the legislation that applies to the credit industry.
Write the title of the Act
Write a brief summary of what it’s about (one or two sentences is fine)
Describe how you would apply this legislation
Hint: This is about legislation such as Acts, not regulatory guides.
Name two (2) sets of regulatory guides that apply to the credit industry.
Write the title of the regulatory guide
Write a brief summary of what they’re about (one or two sentences is fine)
Describe how you would apply these regulatory guides.
Name a code of practice that applies to mortgage brokers.
- Write the full title of the code of practice.
- Write a brief summary of what it covers; one or two sentences are fine.
- Describe how you would apply this guide
Hint: This can be an industry, profession or banking code.
Give an example of how the first set of regulations you identified above (Q.3.) influences your job as a mortgage broker.
Hint: This is not about client impacts.

Give an example of how your job as a mortgage broker might be different if the second regulation you identified above (Q.3.) didn’t exist.
Hint: This is not about client impacts.
Briefly explain at least two (2) key requirements of the law and codes of practice around:
Consumer credit.
Hint: Think about the NCCP
Privacy
Hint: Think about the Privacy Act
Financial transaction reporting
Hint: Think about AustracCorporations in general (including accounting standards)
Hint: Think about ASIC and its general requirements, not just credit.
Financial services
Hint: Think about ASIC and its role in financial services, not just credit.

Activity 4
An ethical approach to decision-making
Before undertaking this activity, download from the course website:
Module 3 Learner Guide
Read the following section:
Professional Practice
There are several ethical principles and standards in business.An ethical decision must be both legal and meet the shared standards or principles of the community – this is considered good business practice.
ETHICS
LAW
GOOD BUSINESS PRACTICE
ETHICS
LAW
GOOD BUSINESS PRACTICE

What ethical standards or code can be used by mortgage brokers?
Hint: Other than FBAA or MFAA codes.
Describe the three standards of Ethical behaviour listed in the FASEA Code of Ethics.

Describe an example of how you could apply an ethical approach to workplace practice and decisions.
Hint: Perhaps use a client who wants a home loan but has told you verbally that they may change career next year (with a drop in salary that may affect their ability to pay the new home loan). Do you just proceed with the loan application or?
Explain industry and business policy, procedures and ethical behaviours in regard to customer service and administration.

Activity 5
Sustainability in the finance and mortgage broking industry
Download (and read) the following resources from the Course website:
- OECD sustainability
- DHS environmental sustainability policy
- ICD environmental sustainability template
Also read the Professional practice section of the Module 3 Learner Guide.
Define sustainability in your own words.
Describe and discuss the three (3) components of Triple Bottom Line principles with regard to work planning.
How does triple bottom line reporting benefit a business?
For each of the three (3) sustainability policies downloaded, describe briefly the strategies and impact on industry for each of the policies.
Download the resource ‘EPA SA sustainability’ from the Course website.
Discuss or describe this environmental/sustainability code of practice.
Download from the Course website the resource ‘ICD environmental sustainability template’.
Describe the principles and practices in terms of application to finance.
Download the resource ‘OECD sustainability’.
Describe at least 2 tools or techniques used in sustainability management in terms of application to finance.
List at least two (2) ways that a mortgage broking business can recognise and implement sustainability principles and practices.
Hint: Refer to the downloaded resources

Activity 6
Information security and administration
Before undertaking this activity, download from the course website:
Module 1 Learner Guide
Read the following section:
The Credit Industry Participants
Name one law or code, applicable to the finance and mortgage broking industry that relates to handling information securely.
Hint: Think about privacy
What risk(s) is this law/code attempting to control?
Hint: Think about common examples as well as Australian Privacy Principles.
Describe at least two (2) types of internal systems for storing and/or organising client information.HINT: This can include digital and paper-based systems for client information or accounting for the business

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