Thursday, October 19, 2017

Continuous Professional Development

CPD (Continuing Professional Development) is quite simply a means of supporting people in the workplace to understand more about the environment in which they work, the job they do and how to do it better. It is an ongoing process throughout our working lives.

We live in a rapidly changing world where legislative, ASIC CPD Requirements
RG 206 outlines that "Responsible Managers" and "Credit Representatives" undertake 20 hours of CPD per year. The licence condition requires a record of CPD activities.
social and economic developments directly affect the environment in which we live and work, and where technological advances provide radically different ways of working. CPD opportunities provide a means whereby we can keep abreast of these changes, broaden our skills and be more effective in our work.

CPD can be part of an individual’s personal ambition to be a better practitioner, enhance his/her career prospects or to simply feel more confident about their work and make it more personally fulfilling. It can be a step on the ladder to higher qualifications or enhanced job prospects but is also required by professional bodies to maintain professional status and regulatory bodies to maintain compliance. It can be part of meeting targets set by workforce performance management schemes or an opportunity for individuals to change their career paths.

MFAA CPD ProgramsMembership to the Industry Professional body requires applicant to commit to 30 hours of CPD per year. CPD qualifying activities are outlined on the MFAA web portal. Whilst CPD is an important part of our working lives, it also represents a means for employers to support their staff. CPD can facilitate access to specialised structured training, help to review working practices and contribute to a more effective and profitable business. Indeed engaging staff in CPD activities can be invigorating for individuals and the business alike.

The range of CPD activities to achieve these personal or corporate ambitions needs to be diverse, flexible and varied. They can be as simple as developing practical skills through highly focused short courses which can be undertaken online or more organic through an interactive webinars encouraging discussion and self-assessment. Where appropriate CPD programs can lead to qualifications at varying levels to gain recognition of developing skills. For organisations looking for a premium solution CPD can be delivered in group sessions within or away from the workplace, utilising programs designed for individuals to follow on-line or be bespoke work-based programs designed to meet the needs of individuals and their employers.

Failure to comply with CPD requirements may result in expulsion from the industry professional body, cancelation of your “Credit Licence” or “Authorised Representative Status”, registration on the ASIC “Banned and Disqualified Persons” register as well as fines of up to $22,000 for individuals and $220,000 for a corporation.

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