SAQA 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.
SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED UNIT STANDARD: 

Investigate and resolve irregularities on finance records in a banking environment 
SAQA US ID UNIT STANDARD TITLE
7203  Investigate and resolve irregularities on finance records in a banking environment 
ORIGINATOR
SGB Banking and Micro Finance 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY
BANKSETA - Banking Sector Education and Training Authority 
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 4  NQF Level 04  36 
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 does not replace any other unit standard and is not replaced by any other unit standard. 

PURPOSE OF THE UNIT STANDARD 
This unit standard is intended for people who are responsible for resolving irregularities on moveable asset based accounts. People credited with this unit standard are able to investigate the variance on the account, to determine and effect the required corrective actions and to report on the updated status of the record. 

LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
Open. 

UNIT STANDARD RANGE 
Any irregularity occurring, on a moveable asset account, due to a variance between the current status and details of the finance record and the conditions of the finance contract. 

Specific Outcomes and Assessment Criteria: 

SPECIFIC OUTCOME 1 
Investigate variances on finance records 

ASSESSMENT CRITERIA
 

ASSESSMENT CRITERION 1 
1. Request to attend to variance is received and recorded according to company specifications. 
ASSESSMENT CRITERION RANGE 
Requests may initiate from, but are not limited to system generated exception lists, correspondence from clients and/or branches.
 

ASSESSMENT CRITERION 2 
2. Information regarding the variance is gathered and verified according to company specifications. 
ASSESSMENT CRITERION RANGE 
Information gathering includes, but is not limited to enquiries obtained from system, documentation retrieved from custodian system, reason/code indicated on listings, correspondence to and liaison with branches and customers.
 

ASSESSMENT CRITERION 3 
3. The cause of the variance is determined. 

ASSESSMENT CRITERION 4 
4. Findings of investigation are recorded according to company specific criteria. 
ASSESSMENT CRITERION RANGE 
Criteria include, but are not limited to electronic recording, narrations on original request/listing and registers.
 

SPECIFIC OUTCOME 2 
Resolve variances on finance records 

ASSESSMENT CRITERIA
 

ASSESSMENT CRITERION 1 
1. Actions required to resolve the variance are identified according to company specifications. 

ASSESSMENT CRITERION 2 
2. Approval to effect corrective actions is obtained according to company specific regulations. 

ASSESSMENT CRITERION 3 
3. Corrective actions are taken per variance according to company specifications. 
ASSESSMENT CRITERION RANGE 
Corrective actions include, but are not limited to processing of financial transactions and amendment of finance records.
 

SPECIFIC OUTCOME 3 
Confirm resolved variances 

ASSESSMENT CRITERIA
 

ASSESSMENT CRITERION 1 
1. Corrective actions are recorded according to company specifications. 

ASSESSMENT CRITERION 2 
2. Rectified situation is reflected on the finance record. 

ASSESSMENT CRITERION 3 
3. Interested parties are advised of actions taken to resolve the variance according to company specifications. 
ASSESSMENT CRITERION RANGE 
Interest parties include, but are not limited to customers, internal departments and branches.
 

ASSESSMENT CRITERION 4 
4. A report on the status of identified variances is compiled and submitted according to company specific regulations. 


UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
Accreditation process (including moderation):
  • Anyone assessing a learner against this unit standard must be registered as an assessor with the relevant ETQA.
  • Any institution offering learning that will enable achievement of this unit standard or assessing this unit standard must be accredited as a provider with the relevant ETQA.
  • Moderation of assessment will be overseen by the relevant ETQA according to the moderation guidelines in the relevant qualification and the agreed ETQA procedures.

    Therefore anyone wishing to be assessed against this unit standard may apply to be assessed by any assessment agency, assessor or provider institution which is accredited by the relevant ETQA. 

  • UNIT STANDARD ESSENTIAL EMBEDDED KNOWLEDGE 
    Learners are able to:
  • Conceptualise the financing process and the responsibilities of roleplayers
  • Analyse information and determine appropriate corrective actions to be taken
  • Complete and process company specific financial transactions
  • Interact and liaise with third parties with a focus on solving problems/actions causing irregularities
  • Recognise and apply the requirements of the Credit Agreement Act per type of corrective action
  • Gather and intergrate information from various resources
  • Operate company specific data system to locate, amend and extract information to complete the task 


  • Critical Cross-field Outcomes (CCFO): 

    UNIT STANDARD CCFO IDENTIFYING 
    The learner is able to identify and solve problems when investigating variances on finance records, ensuring decisions regarding corrective actions are only taken once all information and approval had been obtained. 

    UNIT STANDARD CCFO WORKING 
    The learner is able to work effectively with others when gathering information regarding variances on finance records from internal departments, attorneys, insurance companies and/or clients, ensuring timeous corrective actions. 

    UNIT STANDARD CCFO ORGANISING 
    The learner is able to organise and manage his/her activities responsibly and effectively, ensuring accurate and timeous identified and resolved variances. 

    UNIT STANDARD CCFO COLLECTING 
    The learner is able to collect, organise and critically evaluate information when investigating variances on finance records, ensuring appropriate corrective actions at all times. 

    UNIT STANDARD CCFO COMMUNICATING 
    The learner is able to communicate both verbally and in writing when advising interested parties on actions taken to resolve the variance(s). 

    UNIT STANDARD CCFO SCIENCE 
    The learner is able to use science and technology effectively when locating, extracting and amending account information, ensuring complete and accurate information is available on systems. 

    UNIT STANDARD CCFO DEMONSTRATING 
    The learner is able to demonstrate an understanding of the relationship between internal departments, attorneys, insurance companies and clients and the importance of networking to effectively investigate and resolve irregularities on finance records. 

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

    UNIT STANDARD NOTES 
    Legal requirements

    Credit Agreements Act, 1980

    Assessment against unit standard:

    Assessment practices against this unit standard should meet the requirements of established assessment principles, such as validity, reliability and fairness. Assessment activities and tools, which are appropriate to the context in which learners are working, should be used. The assessment should ensure that all the specific outcomes, critical cross-field outcomes, and essential embedded knowledge are assessed. Learners are required to demonstrate that they can perform the specific outcomes with understanding and reflexivity and, where applicable, within all the situations and circumstances defined by the range statement(s). 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Elective  20185   Further Education and Training Certificate: Banking  Level 4  NQF Level 04  Reregistered  2023-06-30  BANKSETA 


    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. Absa Learning & Development 
    2. Bidvest Bank 
    3. Chartall Business College 
    4. Cornerstone Performance Solutions (Pty) Ltd 
    5. Felix Risk Training Consultants 
    6. Firstrand Bank - Benmore 
    7. Nedbank Ltd 
    8. The Facilitation Workshop 



    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.