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: 

Follow banking procedures to resolve a loss 
SAQA US ID UNIT STANDARD TITLE
7143  Follow banking procedures to resolve a loss 
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 3  NQF Level 03  10 
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 
Persons credited with this unit standard will be able to categorise a loss, limit the size of the loss, take the action necessary to recover the funds and prevent a further loss and complete the necessary documentation. 

LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
This unit standard should be completed ion conjunction with the unit standard to contact a customer in the event of a possible loss (BO024) 

UNIT STANDARD OUTCOME HEADER 
Categorise the loss. 

Specific Outcomes and Assessment Criteria: 

SPECIFIC OUTCOME 1 
Categorise the loss. 

ASSESSMENT CRITERIA
 

ASSESSMENT CRITERION 1 
1. The cause of the loss is established according to laid down procedures. 

ASSESSMENT CRITERION 2 
2. The category in which the loss should be recorded is determined according to bank's requirements. 

ASSESSMENT CRITERION 3 
3. The likelihood of the recovery of the loss is established as required by the bank. 

SPECIFIC OUTCOME 2 
Prevent the customer from increasing the size of the loss. 

ASSESSMENT CRITERIA
 

ASSESSMENT CRITERION 1 
1. All accounts and access to accounts are stopped according to the bank's procedures. 

ASSESSMENT CRITERION 2 
2. Debit items that can be returned are returned according to the bank's procedures. 

ASSESSMENT CRITERION 3 
3. The reasons for blocking funds are attached to online customer records as required by the bank. 

SPECIFIC OUTCOME 3 
Recover all available funds. 

ASSESSMENT CRITERIA
 

ASSESSMENT CRITERION 1 
1. Suspect funds are placed in suspense accounts for the duration of the investigation according to the bank's procedures. 

ASSESSMENT CRITERION 2 
2. The recovery of funds from funds available in other accounts is attempted according to the bank's procedures. 
ASSESSMENT CRITERION RANGE 
Including but not limited to savings accounts, other credit facilities.
 

ASSESSMENT CRITERION 3 
3. Funds paid to branches or other banks are recovered according to the bank's procedures. 

ASSESSMENT CRITERION 4 
4. The balance of the loss is debited to accounts in the customer's name as per the bank's procedures. 

ASSESSMENT CRITERION 5 
5. A possible dispute about the responsibility for the loss is resolved according to the bank's procedures. 
ASSESSMENT CRITERION RANGE 
Including but not limited to ACB procedures, clearance procedures, vouchers lost in transit, YUFIG messages not despatched, incorrect answers to special clearances.
 

SPECIFIC OUTCOME 4 
Take appropriate action. 

ASSESSMENT CRITERIA
 

ASSESSMENT CRITERION 1 
1. The necessary documentation is prepared as required by the bank. 

ASSESSMENT CRITERION 2 
2. Authorisation is obtained as required by standard procedures. 

ASSESSMENT CRITERION 3 
3. Supplementary documentation is prepared as required by the bank. 

ASSESSMENT CRITERION 4 
4. Action appropriate to the nature of the loss is taken as required by the bank. 
ASSESSMENT CRITERION RANGE 
Including but not limited to advising the police, arranging repayment details, writing off the loss, arranging for legal procedings, reporting the customer to a credit bureau.
 

ASSESSMENT CRITERION 5 
5. The customer is advised in writing as required by the bank. 

ASSESSMENT CRITERION 6 
6. The re-occurrence of the loss is prevented by taking appropriate action as per the bank's procedures. 
ASSESSMENT CRITERION RANGE 
Including but not limited to close the account, load control codes.
 

SPECIFIC OUTCOME 5 
Report to the relevant authorities. 

ASSESSMENT CRITERIA
 

ASSESSMENT CRITERION 1 
1. Findings are reported to the relevant authorities as required by the bank. 
ASSESSMENT CRITERION RANGE 
Including but not limited to date, reason for unpaid cheque, action of staff member involved.
 

ASSESSMENT CRITERION 2 
2. Supporting documentation is provided as required by the bank. 

ASSESSMENT CRITERION 3 
3. The relevant authorities are requested to advise further action according to the bank's policy. 


UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
1. Anyone assessing a learner against this unit standard must be registered as an assessor with the relevant ETQA.

2. 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.

3. 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 
  • an understanding of all relevant banking policies and procedures.
  • an understanding of the workflow.
  • operating and computer systems knowledge sufficient to locate the necessary information and complete the task.
  • an understanding of operational risk.
  • relevant security precautions.
  • knowledge of stationery required by the Code of Banking Practice
  • good customer relation skills
  • knowledge of loss control procedures and principles
  • an understanding of the legal implications regarding losses 


  • Critical Cross-field Outcomes (CCFO): 

    UNIT STANDARD CCFO IDENTIFYING 
    To identify and solve problems in which responses display that responsible decisions using critical and creative thinking have been made when the likelihood of the recovery of the loss is established as required by the bank. 

    UNIT STANDARD CCFO WORKING 
    To work effectively with others as a member of a team, group, organisation and community when the relevant authorities are requested to advise further action according to the bank`s policy 

    UNIT STANDARD CCFO ORGANISING 
    To organise and manage oneself and one`s activities responsibly and effectively when the cause of the loss is established according to laid down procedures. 

    UNIT STANDARD CCFO COLLECTING 
    To collect, organise and critically evaluate information when the category in which the loss should be recorded is determined according to bank`s requirements. 

    UNIT STANDARD CCFO COMMUNICATING 
    To communicate effectively using visual, mathematical and language skills in the modes of oral and written presentations when the customer is advised in writing as required by the bank. 

    UNIT STANDARD CCFO SCIENCE 
    To use science and technology effectively and critically (showing responsibility towards the environment and health of others) when the re-occurrence of the loss is prevented by taking appropriate action as per the bank`s procedures. 

    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:

    All procedures must meet recognised codes of practice as well as obligations required under current legislation within South Africa and within the normal parameters of the defined job/task. 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Elective  20184   National Certificate: Banking  Level 3  NQF Level 03  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.
     
    NONE 



    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.