Field Business
Review of Financial Management unit standards
|
Subfield |
Domain |
ID |
|
Financial Management |
Credit Administration |
16757-16759, 21415, 21416 |
|
Credit Management |
16760, 16761, 16958-16960, 17701-17704 |
The Skills Organisation has completed the review of the unit standards listed above.
Date new versions published September 2020
Planned review date December 2025
Summary
From August of 2019 to June of 2020, The Skills Organisation conducted a review of the unit standards listed above.
The review process involved face-to-face meetings, video calls, and email consultation with stakeholders from the Credit Management sector. Stakeholders were consulted for unit standards with awareness of their relevant specialities.
Main changes
· Credit values were decreased where applicable to better reflect the time taken to learn skills and knowledge indicated.
· The level of unit standards 16760 and 16761 decreased, reflecting the updated skills and knowledge requirements.
· Titles were updated to better reflect unit standard content.
· Legislation was updated.
· Unit standards 16757-16761, 16958, 16960, 17701, 17703, 17704 and 21415 and 21416 were updated, but the overall outcomes remain the same.
· Unit standard 16959 was reviewed and replaced with a new unit standard as it was no longer fit for purpose.
· Two new unit standards were developed to meet new needs of the sector.
· Unit standard 17702 was designated expiring without replacement as it was no longer relevant to the sector.
· A last date of assessment of 31 December 2021 was also included for previous versions of standards, where appropriate.
Category C and D unit standards will expire at the end of December 2023
Detailed list of unit standards – classification, title, level, and credits
All changes are in bold.
|
Key to review category |
|
|
A |
Dates changed, but no other changes are made - the new version of the standard carries the same ID and a new version number |
|
B |
Changes made, but the overall outcome remains the same - the new version of the standard carries the same ID and a new version number |
|
C |
Major changes that necessitate the registration of a replacement standard with a new ID |
|
D |
Standard will expire and not be replaced |
Business > Financial Management > Credit Administration
|
ID |
Title |
Level |
Credit |
Review Category |
|
16757 |
Determine applicant’s suitability for credit Determine and communicate credit application outcomes |
3 |
10 |
B |
|
16758 |
Administer financial collection processes Administer the recovery of credit |
3 |
10 |
B |
|
16759 |
Demonstrate telephone techniques for debt collection Demonstrate call skills for debt collection |
3 |
5 |
B |
|
21415 |
Demonstrate knowledge of legislation applicable to credit control Demonstrate knowledge of legislation applicable to credit administration |
3 |
5 |
B |
|
21416 |
Administer credit control |
3 |
10 |
B |
|
32193 |
Monitor client credit behaviour |
3 |
10 |
New |
Business > Financial Management > Credit Management
|
ID |
Title |
Level |
Credit |
Review Category |
|
16760 |
Demonstrate knowledge of credit dispute resolution processes |
4 3 |
5 |
B |
|
16761 |
Demonstrate knowledge of the repossession of goods in accordance with credit repossession legislation |
4 3 |
10 5 |
B |
|
16958 |
Evaluate credit worthiness Evaluate creditworthiness |
4 |
10 |
B |
|
16959 32189 |
Manage credit facilities Manage credit accounts |
4 4 |
10 10 |
C |
|
16960 |
Manage credit policies and procedures Develop, implement, manage, and review credit policy |
5 |
10 |
B |
|
17701 |
Produce and distribute management reports to manage credit risk |
4 |
10 5 |
B |
|
17702 |
Demonstrate knowledge of the Personal Property Securities Act |
5 |
5 |
D |
|
17703 |
Apply legal requirements to credit contracts Interpret and demonstrate knowledge of the legal requirements for contracts in credit management |
4 |
10 |
B |
|
17704 |
Recover debt using legal proceedings Demonstrate knowledge of the recovery of debt using legal proceedings |
4 |
10 5 |
B |
|
32194 |
Gather, maintain and interpret information for the Personal Property Securities Register |
4 |
5 |
New |