FNSAML812 — Design and assess controls to monitor money laundering and terrorism financing risk

1 Analyse requirements and develop risk evaluation criteria

• 1.1Analyse all stages of risk assessment process, including identification, assessment, evaluation, mitigation and monitoring, related to organisational requirements
• 1.2Analyse relevant industry related typologies including those issued by Australian Transaction Reports and Analysis Centre (AUSTRAC) annually
• 1.3Evaluate and select risk management tools for organisation
• 1.4Develop risk criteria to evaluate risk based on organisation’s vulnerability to ML and TF
• 1.5Formulate and document risk management methodologies, including assessing risk appetite and holistic organisational ML and TF risk review processes

2 Assess organisation’s current exposure

• 2.1Analyse risk exposure in organisation’s operations, including products offered, clients, systems, channels of access and geographical sphere
• 2.2Analyse vulnerability of organisation to ML and TF risks
• 2.3Evaluate overall level of risk posed to organisation and confirm that level is within stated risk appetite tolerance

3 Design and implement controls

• 3.1Evaluate risk mitigation controls already in place and assess if proportionate to nature, size and complexity of organisation
• 3.2Determine risks with ineffective and insufficient controls
• 3.3Discuss risk management deficiencies with relevant stakeholders and identify required controls
• 3.4Allocate responsibility for managing controls to senior managers in organisation
• 3.5Work with stakeholders to implement controls where required

4 Monitor and maintain effectiveness of controls

• 4.1Review organisation’s overall risk assessment addressing methodology, and changes in organisation and regulatory landscape
• 4.2Implement processes to regularly monitor and assess effectiveness of mitigation controls
• 4.3Analyse deficiencies and work with stakeholders to ensure remediation
• 4.4Report deficiencies to relevant internal stakeholders, including management, Board, and audit and risk manager
• 4.5Report significant breaches to relevant authorities, including AUSTRAC
• 4.6Monitor implementation of improvements and changes to mitigation controls
• 4.7Research and analyse changes to industry and environment that may increase risk and necessitate changes to controls

What does an assessment tool for FNSAML812 need to cover?

To satisfy the Principles of Assessment and Rules of Evidence, an assessment for FNSAML812 needs to address all 40 unit components: 4 elements with 20 performance criteria, 5 performance evidence requirements, 8 knowledge evidence requirements, and the foundation skills. A coverage matrix mapping each question and task to these components is what an auditor looks for.

How does Auditori generate an assessment tool for FNSAML812?

Auditori pulls the current release of FNSAML812 from training.gov.au and generates a complete package: candidate assessment, assessor guide with model answers and observation criteria, and a coverage matrix mapping every component. A suitably qualified person then reviews and approves the draft in a built-in workflow — consistent with ASQA's guidance on AI use in VET — before export as branded PDF and editable Word.

Is the first assessment tool really free?

Yes. Every new account includes one free credit — enough to generate the complete assessment tool for FNSAML812 — with no card and no subscription required. After that it's pay-as-you-go per unit.

Can I check my existing FNSAML812 assessment instead of generating a new one?

Yes — upload your existing assessment or learner guide and Auditori maps it against every element, performance criterion, PE and KE of FNSAML812, showing exactly what's covered and what's missing. Mapping costs a quarter of a credit.