Assessor Resource

FNSORG507
Manage client service and business information

Assessment tool

Version 1.0
Issue Date: May 2024


This unit describes the skills and knowledge required to implement sound business management practices which support the provision of professional services to clients, and related product and service distribution activities.

It applies to experienced individuals who use a range of specialist and managerial techniques to manage their work and provide support and direction to others. It is particularly relevant to senior managers or principals within financial or insurance distribution contexts.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.

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



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.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Demonstrate business management skills

1.1 Identify administrative tasks relevant to business and follow effective business management practices to operate business

1.2 Develop financial plan covering income, expenditure and cash flow, and monitor financial performance of business against plan

1.3 Provide job descriptions and operation manuals to business areas or units

1.4 Record and store copies of proposals, correspondence, agreements and financial records, and maintain in systematic manner

1.5 Monitor and evaluate commission and other remuneration statements

2. Maintain comprehensive records of client affairs

2.1 Document interview records, contact with clients and other key business relationships accurately in compliance with client service arrangements and other relevant organisational requirements

2.2 Keep records of disclosure of client capacity and terms of engagement

2.3 Maintain up-to-date copies of fact finder and customer advice records, client records and correspondence in systematic manner

3. Maintain relevant reference material

3.1 Update reference material on regular basis and maintain straightforward access for staff

3.2 Maintain accurate information on products, services and distribution channels

4. Develop and maintain competency requirements of staff

4.1 Identify competency requirements for staff to support efficient service and implement professional development at appropriate time

4.2 Reflect identified goals and needs to achieve business outcomes in development plans

4.3 Maintain, evaluate and review development plans against requirements on regular basis

4.4 Meet authorisation requirements relevant to professional development activities

Evidence of the ability to:

apply high level business management, financial planning, personnel management and marketing skills

comply with organisational policy and guidelines, industry codes of practice and relevant legislation and regulations

establish targets, and monitor and review performance of the business and its staff

effectively manage client records and business information

identify and address factors which may affect client service performance.

To complete the unit requirements safely and effectively, the individual must:

outline the principles of business and financial planning

outline the range of professional services provided in the financial services industry

identify and explain the key requirements of relevant legislation, regulations and codes of practice impacting on client service and business information in the financial services industry

describe key administrative processes and systems required to effectively manage client service and business information activity

describe organisational financial authorisation and compliance requirements

describe key financial products relevant to the organisation

explain key features of effective human resource management practices relating to competency requirements and professional development

explain record-keeping principles and systems

explain the use of information management systems in maintaining comprehensive client records.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the organisational skills field of work and include access to:

common office equipment, technology, software and consumables

financial services product information

an integrated financial software system and data

organisational policy and procedures documentation.

Assessors must satisfy NVR/AQTF assessor requirements.


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.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Demonstrate business management skills

1.1 Identify administrative tasks relevant to business and follow effective business management practices to operate business

1.2 Develop financial plan covering income, expenditure and cash flow, and monitor financial performance of business against plan

1.3 Provide job descriptions and operation manuals to business areas or units

1.4 Record and store copies of proposals, correspondence, agreements and financial records, and maintain in systematic manner

1.5 Monitor and evaluate commission and other remuneration statements

2. Maintain comprehensive records of client affairs

2.1 Document interview records, contact with clients and other key business relationships accurately in compliance with client service arrangements and other relevant organisational requirements

2.2 Keep records of disclosure of client capacity and terms of engagement

2.3 Maintain up-to-date copies of fact finder and customer advice records, client records and correspondence in systematic manner

3. Maintain relevant reference material

3.1 Update reference material on regular basis and maintain straightforward access for staff

3.2 Maintain accurate information on products, services and distribution channels

4. Develop and maintain competency requirements of staff

4.1 Identify competency requirements for staff to support efficient service and implement professional development at appropriate time

4.2 Reflect identified goals and needs to achieve business outcomes in development plans

4.3 Maintain, evaluate and review development plans against requirements on regular basis

4.4 Meet authorisation requirements relevant to professional development activities

Evidence of the ability to:

apply high level business management, financial planning, personnel management and marketing skills

comply with organisational policy and guidelines, industry codes of practice and relevant legislation and regulations

establish targets, and monitor and review performance of the business and its staff

effectively manage client records and business information

identify and address factors which may affect client service performance.

To complete the unit requirements safely and effectively, the individual must:

outline the principles of business and financial planning

outline the range of professional services provided in the financial services industry

identify and explain the key requirements of relevant legislation, regulations and codes of practice impacting on client service and business information in the financial services industry

describe key administrative processes and systems required to effectively manage client service and business information activity

describe organisational financial authorisation and compliance requirements

describe key financial products relevant to the organisation

explain key features of effective human resource management practices relating to competency requirements and professional development

explain record-keeping principles and systems

explain the use of information management systems in maintaining comprehensive client records.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the organisational skills field of work and include access to:

common office equipment, technology, software and consumables

financial services product information

an integrated financial software system and data

organisational policy and procedures documentation.

Assessors must satisfy NVR/AQTF assessor requirements.

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
Identify administrative tasks relevant to business and follow effective business management practices to operate business 
Develop financial plan covering income, expenditure and cash flow, and monitor financial performance of business against plan 
Provide job descriptions and operation manuals to business areas or units 
Record and store copies of proposals, correspondence, agreements and financial records, and maintain in systematic manner 
Monitor and evaluate commission and other remuneration statements 
Document interview records, contact with clients and other key business relationships accurately in compliance with client service arrangements and other relevant organisational requirements 
Keep records of disclosure of client capacity and terms of engagement 
Maintain up-to-date copies of fact finder and customer advice records, client records and correspondence in systematic manner 
Update reference material on regular basis and maintain straightforward access for staff 
Maintain accurate information on products, services and distribution channels 
Identify competency requirements for staff to support efficient service and implement professional development at appropriate time 
Reflect identified goals and needs to achieve business outcomes in development plans 
Maintain, evaluate and review development plans against requirements on regular basis 
Meet authorisation requirements relevant to professional development activities 

Forms

Assessment Cover Sheet

FNSORG507 - Manage client service and business information
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

FNSORG507 - Manage client service and business information

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: