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SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED UNIT STANDARD: 

Demonstrate knowledge and understanding of globalisation and its implications for financial services in South Africa 
SAQA US ID UNIT STANDARD TITLE
230080  Demonstrate knowledge and understanding of globalisation and its implications for financial services in South Africa 
ORIGINATOR
SGB Insurance and Investment 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY
-  
FIELD SUBFIELD
Field 03 - Business, Commerce and Management Studies Finance, Economics and Accounting 
ABET BAND UNIT STANDARD TYPE PRE-2009 NQF LEVEL NQF LEVEL CREDITS
Undefined  Regular  Level 6  Level TBA: Pre-2009 was L6 
REGISTRATION STATUS REGISTRATION START DATE REGISTRATION END DATE SAQA DECISION NUMBER
Reregistered  2018-07-01  2023-06-30  SAQA 06120/18 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2024-06-30   2027-06-30  

In all of the tables in this document, both the pre-2009 NQF Level and the NQF Level is shown. In the text (purpose statements, qualification rules, etc), any references to NQF Levels are to the pre-2009 levels unless specifically stated otherwise.  

This unit standard replaces: 
US ID Unit Standard Title Pre-2009 NQF Level NQF Level Credits Replacement Status
14508  Demonstrate knowledge and understanding of globalisation and its implications for financial services in South Africa  Level 6  Level TBA: Pre-2009 was L6  Complete 

PURPOSE OF THE UNIT STANDARD 
This Unit Standard is intended to promote an in depth knowledge and understanding of globalisation and the implications of globalisation for South Africa and the world. It requires application of knowledge and the analysis and interpretation of global issues and sustainability to ensure knowledge workers in the global economy of 21st Century.

The qualifying learner is capable of:
  • Demonstrating knowledge and understanding of the origins of globalisation.
  • Analysing important financial issues relating to globalisation.
  • Analysing the positive and negative consequences of globalisation.
  • Explaining the effect of globalisation on the legislative and regulatory environment that applies to financial services. 

  • LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    It is assumed that learners are competent in Communication, Mathematical and Financial Literacy at NQF Level 4. 

    UNIT STANDARD RANGE 
    The typical scope of this Unit Standard is:
  • Reference should be made wherever appropriate to issues of sustainability.
  • Tools include, but are not limited to, GDP, marketing prices, social capital, quality of life and ecological assets.
  • Regulation of the financial services industry includes, but is not limited to, Financial Services and Intermediarries Act (FAIS), Financial Intelligence Centre Act (FICA), Protection of Constitutional Democracy against Terrorism and Related Activities Act, 2004 (POCDTRA), the commonly accepted code relating to governance (King II as at March 2006 and any subsequent Code that subsequently replaces King II), International Monetary Fund (IMF), and Financial Services Board (FSB). 

  • Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Demonstrate knowledge and understanding of the origin of globalisation. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The concept of globalisation is explained with examples. 

    ASSESSMENT CRITERION 2 
    The implications of globalisation for national borders are analysed using examples from Europe and Africa. 

    ASSESSMENT CRITERION 3 
    Trends in the financial services sector in South Africa are analysed for possible indicators of globalisation. 

    ASSESSMENT CRITERION 4 
    The impact of globalisation on the individual and the South African economy is analysed with examples. 

    ASSESSMENT CRITERION 5 
    The role of technology in globalisation is discussed with examples. 

    SPECIFIC OUTCOME 2 
    Analyse important financial issues relating to globalisation. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The consequences of globalisation are explained with reference to free flow of capital, the impact on the South African residents and the economy and the exchange of information between governments. 

    ASSESSMENT CRITERION 2 
    The interconnectedness of international markets is analysed with reference to selected economic indicators. 

    ASSESSMENT CRITERION 3 
    The tools of economic management are assessed for suitability as a means of economic forecasting. 

    SPECIFIC OUTCOME 3 
    Analyse the positive and negative consequences of globalisation. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The impact of globalisation on product development is explained with reference to financial services products. 

    ASSESSMENT CRITERION 2 
    Access to global markets as a result of globalisation is explained with reference to investment diversification. 

    ASSESSMENT CRITERION 3 
    The effects of globalisation on a selected group in South Africa are investigated with reference to the labour market and cost of living. 

    ASSESSMENT CRITERION 4 
    The impact of globalisation on small and large businesses is compared with reference to the consequences of competition. 

    ASSESSMENT CRITERION 5 
    The benefits of globalisation are explained in terms of the liberation of markets. 

    SPECIFIC OUTCOME 4 
    Explain the effect of globalisation on the legislative and regulatory environment that applies to financial services. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    Regulation of the financial services industry is discussed as a consequence of globalisation. 

    ASSESSMENT CRITERION 2 
    The role of government in the globalisation process is analysed and linked to government policies in South Africa. 

    ASSESSMENT CRITERION 3 
    The need for the Financial Services Board to regulate the financial services industry in South Africa is explained with reference to international trends. 

    ASSESSMENT CRITERION 4 
    The role of international and financial institutions such as the International Monetary Fund (IMF) and World Bank in globalisation is explained with reference to the role in developing and less developed countries. 

    ASSESSMENT CRITERION 5 
    The effect of unregulated free trade on the African continent is discussed with examples. 


    UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
  • Anyone assessing a candidate against this Unit Standard must be registered as an assessor with the relevant ETQA or ETQA where a Memorandum of Understanding (MOU) exists with the relevant ETQA.
  • Any institution offering learning that will enable achievement of this Unit Standard must be accredited as a provider through the relevant ETQA or ETQA where a Memorandum of Understanding (MOU) exists with the relevant ETQA.
  • Moderation of assessment will be overseen by the relevant ETQA according to the moderation guidelines and the agreed ETQA procedures. 

  • UNIT STANDARD ESSENTIAL EMBEDDED KNOWLEDGE 
    N/A 

    UNIT STANDARD DEVELOPMENTAL OUTCOME 
    N/A 

    UNIT STANDARD LINKAGES 
    N/A 


    Critical Cross-field Outcomes (CCFO): 

    UNIT STANDARD CCFO COLLECTING 
    The learner is able to collect, organise and critically evaluate information in order to research the implications of globalisation for financial services in South Africa. 

    UNIT STANDARD CCFO COMMUNICATING 
    The learner is able to communicate effectively using visual, mathematics and language skills in the modes of oral and/or written presentations in explaining the concepts and issues required in the standard. 

    UNIT STANDARD CCFO SCIENCE 
    The learner is able to use science and technology effectively and critically showing responsibility towards the environment and the health of others in explaining the connection between globalisation and innovations in technology. 

    UNIT STANDARD CCFO DEMONSTRATING 
    The learner is able to demonstrate an understanding of the world as a set of related systems in explaining the causes and effects or consequences of globalisation. 

    UNIT STANDARD ASSESSOR CRITERIA 
    N/A 

    REREGISTRATION HISTORY 
    As per the SAQA Board decision/s at that time, this unit standard was Reregistered in 2012; 2015. 

    UNIT STANDARD NOTES 
    This unit standard replaces unit standard 14508, " Demonstrate knowledge and understanding of globalisation and its implications for financial services in South Africa ", Level 6, 7 credits.

    Search words: globalisation. 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Elective  57918   National Certificate: Short Term Insurance  Level 5  Level TBA: Pre-2009 was L5  Reregistered  2023-06-30  INSETA 


    PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS UNIT STANDARD: 
    This information shows the current accreditations (i.e. those not past their accreditation end dates), and is the most complete record available to SAQA as of today. Some Primary or Delegated Quality Assurance Functionaries have a lag in their recording systems for provider accreditation, in turn leading to a lag in notifying SAQA of all the providers that they have accredited to offer qualifications and unit standards, as well as any extensions to accreditation end dates. The relevant Primary or Delegated Quality Assurance Functionary should be notified if a record appears to be missing from here.
     
    1. African Resources & Financial Training (Pty) Ltd 
    2. Invuya Institute of Learning (Pty) Ltd 
    3. Masifunde Training Centre (Pty) Ltd 
    4. Ripple Effect 4 (Pty) Ltd 



    All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.