Q-6) Below are the five (5) key areas in the financial services industry. For each key area, two (2) legislations, statutory requirements, or regulations are given. Explain the key requirements of each given legislation, statutory requirement, or regulation as they relate to each key area. Key Area Legislations, Statutory Requirements or Regulations Consumer Credit National Consumer Credit Protection Act 2009 ASIC Regulatory Guide 209 page 13 Privacy Queensland Information Standard 42 New South Wales Workplace Surveillance Act 2005 Financial Transaction Reporting Financial Transaction Reports Act 1988 Anti-Money Laundering and Counter-Terrorism Financing Act 2006 Corporations (including accounting standards) Corporations Act 2001 AASB 1039 Concise Financial Reports Financial Services Financial Services Reform Act 2001 (FSRA) ASIC Policy Statement 146 Q-7) Below are the five (5) key areas in the financial services industry. For each key area, one to two codes of practice are given. Explain the key requirements of each given code of practice as they relate to each key area. Key Area Code of Practice Consumer Credit National Consumer Credit Code Australian Bankers’ Association Code of Banking Practice Privacy Code of Health and Community Rights and Responsibilities (Northern Territory) Victoria approved code of practice Financial Transaction Reporting ASIC code of practice for financial statements ePayments Code Corporations (including accounting standards) Tax Transparency Code Financial Services Insurance Brokers Code of Practice Provide the rationale (a set of reasons or a logical basis for the course of action) behind the following: a. Industry security practices • Personnel security and training • Software security b. Organisational security practices • Daily security practices • Evaluating what data should be treated as confidential Industry security practices Rationale Personnel security and training Software security Organisational security practices Rationale Daily security practices Evaluating what data should be treated as confidential Using bullet points, outline the security practices for the following organisational practices, procedures and systems: a. Strengthening cybersecurity defences b. Reviewing data-breach policies Organisational security practices Description Strengthening cybersecurity defences. Reviewing data-breach policies.
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