Assessor Resource

FNSORG502A
Develop and monitor policy and procedures

Assessment tool

Version 1.0
Issue Date: May 2024


This unit may apply to job roles dealing with policy development and implementation in any sector of the financial services industry.

This unit describes the performance outcomes, skills and knowledge required to conduct research, develop, trial and implement organisational policies and procedures, and monitor and review them periodically.

No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement.

You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)

Employability Skills

This unit contains employability skills.



Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the ability to:

establish and implement organisation policy requirements

draft clear and concise policy and procedures documentation

identify lack of compliance and areas of mismanagement

clarify and disseminate policy and guidance information to a range of personnel.

Context of and specific resources for assessment

Assessment must ensure:

competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment

access to and the use of a range of common office equipment, technology, software and consumables

access to organisation information systems and data.

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:

evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency

observing processes and procedures in workplaces

verbal or written questioning on underpinning knowledge and skills

setting and reviewing business simulations or scenarios

evaluating samples of work

accessing and validating third party reports.

Guidance information for assessment

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assingnment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

Required skills

well-developed communication and interpersonal skills to:

negotiate and clarify policy and procedure requirements, using questioning and active listening as required

inform staff of policy and procedures purpose and implementation processes and deal with issues that arise, providing a constructive working relationship

share information, listen and understand

use language and concepts appropriate to cultural differences

well-developed research and analysis skills for accessing, interpreting and managing complex information

IT skills for accessing and using appropriate systems and databases and using internet information

highly developed literacy skills to:

read and interpret documentation from a variety of sources

prepare clear and accessible policy and procedures documentation

record, consolidate and file information

problem solving skills to identify any issues that have the potential to impact on policy and procedures implementation and to develop options to resolve these issues when they arise

organisational and time management skills to manage and train staff, sequence tasks, meet timelines and arrange meetings

Required knowledge

industry best practice

industry codes of practice

organisation policy and procedures purposes and structures

procedure writing techniques and best practice

relevant legal systems and procedures

relevant acts and regulations impacting on the financial services industry

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.

Industry indicators may include, but are not limited to:

legislation governing business

trading and paying habits of customers

trading conditions

economic, statistical and other information obtained from external bodies including industry bodies

new methods and equipment available.

Statutory and legislative requirements may cover:

appropriate sections of the Tax Act

Australian Accounting Standards

Australian Securities and Companies code

Bills of Sale and Other Instruments Act

Cheques and Payment Orders Act

Companies and Securities Code

consumer credit legislation

corporations law

Credit Act/Code

equal opportunities legislation

Evidence Reproduction Act or equivalent

Fair Trading Acts

industry codes of practice

Partnership Act

Privacy Act

occupational health and safety (OHS) Acts

Sales of Goods Act

sales tax legislation

Stamp Duties Act

Trade Practices Act.

Policy and procedures may cover:

computer system documentation

gathering and evaluation of information

information on liaison, information dissemination and marketing

internal control guidelines

legal obligations and framework

operating procedures

operations manuals

overall organisation goals and objectives

procedure and guidelines for daily functions such as maintenance of files

trading terms

training, development and supervision of staff.

Methods by which personnel are consulted may include,:

feedback received via email or fax

informal or formal meetings

personal interviews

written surveys.

An appropriate form may include:

administrative guidelines

manuals

schedules

training materials.

Testing can include:

running current system and new or changed system in parallel for a defined period.

Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Issues are identified based on information on business processes, industry indicators and statutory and legislative requirements 
Vulnerable areas are identified to enable the impact of financial loss and non-compliance to be assessed 
New activities are evaluated to gauge the impact on policy and procedures, and existing activities are monitored to establish their impact 
Research is conducted thoroughly, including if necessary seeking advice from external legal personnel and consultants, to ensure that all statutory and legal obligations are met 
All relevant organisation personnel are consulted as appropriate to compile a clear picture of policy needs and perspectives 
Issues for policy and procedures are ranked in order of priority relative to business performance and compliance requirements 
Policy documentation is written in plain English, without unnecessary jargon and documented in an objective manner 
Verification of policy and procedures is thoroughly completed with organisation staff to ensure quality of outcomes against established needs 
Policy documents are disseminated to all relevant staff in an appropriate form and relevant training provided to ensure consistent implementation of new or amended policy and procedures 
Timetable is established to ensure policy and procedures are implemented in an orderly and coordinated way 
Processes are established for regular monitoring of policy and procedures to ensure organisation and industry requirements are met 
Policy is monitored against Key Performance Indicators (KPIs) and organisation targets to evaluate currency and ongoing validity in terms of agreed organisation policy needs 
Required changes are implemented following comprehensive testing in a programmed way to ensure expected outcome is delivered 

Forms

Assessment Cover Sheet

FNSORG502A - Develop and monitor policy and procedures
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:

Assessment Record Sheet

FNSORG502A - Develop and monitor policy and procedures

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: