Finance Assessment Task

1. A key requirement of the responsible lending obligations is the ‘unsuitability test.’ What must a mortgage broker do to comply with the unsuitability test?
2. List the sorts of items a client’s requirements and objectives could include (as indicated by ASIC)
3. Leading credit providers and other financial organisations have code of ethics, sometime called codes of conduct. Select one of them and summarise it by itemising its main principles.
4. In point form, list the key information that the NCCP Act requires to be contained in a Credit Guide.
5. It is important to keep up to date with compliance requirements so that the required changes can be made to organization procedures and product offerings.  Suggest three sources that you can use.
6. Explain the requirement for Australian Credit Licensees to keep a training register.
7. Explain APRA’s current attitude towards bank lending for investment properties.???????

Task 1: Identify and Interpret Compliance Requirements

1. Select three tasks you perform on a regular basis that are subject to compliance requirements.
2. Identify the compliance requirements that are relevant to the three tasks selected, indicating the name of the relevant legislation, regulation or code of conduct.
3. How does your organisation monitor your compliance?

Task 2: Deliver and Monitor a Service to Customers

1. Use the internet or any other source to find a definition of empathy.
2. List three open-ended questions that assist in developing empathy with a client? How do such questions indicate empathy?
3. List and explain the steps involved in an ‘active listening approach’.
4. How is client service commonly monitored in your organisation?  What are the two possible outcomes?
5. Describe three ways in which a mortgage broking organisation can attempt to ‘overservice’ clients?
6. How would you keep a client informed about the progress of an application as it passed through a creditor provider’s hands? What approximate timing might be involved?
7. Describe how you might attempt to resolve conflicts with clients.
8. How do you can prepare clients for the hiccups that can happen while their credit application is being processed
9. The chapter on Operating a Mortgage Broking Business contains an example suggesting that a mortgage broker acting in the best interests of clients should act as a Protector rather than an Expert.  What are the implications for this in regard to (i) advice given to clients and (ii) recommending the most suitable loan products?.
10. How could you prepare yourself to deal with client concerns?
11. Give examples of the following legal breaches: breach of the duty of care, false and misleading conduct, unconscionable conduct & conflict of interest without disclosure.
12. Once a desirable market segment has been identified, a mortgage broking business can put its mind o developing suitable marketing strategies. List examples of different strategies that might be used.
13. What steps can be taken to keep up to date with product changes and ensure that this knowledge is properly disseminated?
14. What are the procedures for dealing with client complaints in your organisation?
15. What normal protocols should for protecting the confidentiality of client files?

Task 3:  Contribute to OHS Hazard Identification & Risk Assessment 

1. How would you define workplace stress?
2. Suggest at least two ways in which work-related stress may affect client relationships
3. Suggest at least four approaches you can take to reduce workplace stress?
4. Explain the distinction between ‘job demands’ and ‘job resources’ risk factors.
5. Identify two ‘job demands’ risk factors that are relevant to your workplace and describe what detrimental effect they might have.

Task 4: Manage Personal Work Priorities and Professional Development

One of the challenges we face in a workplace situation is time management. Management theory on the subject began with the Pareto Principle, suggested that only about 20% of the things we do produce 80% of the results we achieve. The challenge than becomes to set time aside for the 20% that matters.

The theory was taken further with Stephen Covey’s Time management matrix

1. Describe Covey’s Quadrant 2
2. List three of your work activities that should belong in Covey’s Quadrant 2
3. Suggest ways that you might utilize to ensure that proper time is spent on Quadrant 2 activities so that stress is avoided.
4. Digital diaries are now available as both computer and mobile phone apps. Describe the place of digital diaries in managing personal work priorities.
5. Describe the importance of setting goals in terms of personal well-being.

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