• FNSORG604A - Establish outsourced services and monitor performance

Assessor Resource

FNSORG604A
Establish outsourced services and monitor performance

Assessment tool

Version 1.0
Issue Date: March 2024


This unit may apply to job roles where outsourced services are contracted and monitored as a team process or an individual responsibility in a financial services organisation.

This unit describes the performance outcomes, skills and knowledge required to establish a scope and criteria for outsourced services such as accountants, actuaries, solicitors, insurers, call centres, investment managers and fund administrators, select and engage suppliers, and monitor their performance.

This unit may apply to job roles subject to licensing, legislative, regulatory or certification requirements so Commonwealth, State or Territory requirements should be confirmed with the relevant body.

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:

interpret and comply with legislative and regulatory requirements

establish criteria for outsourced services and select and effectively and efficiently engage them

effectively monitor performance of outsourced services

implement a tender process and assess applications.

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 financial services information

access to organisational policies and procedures documentation.

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

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 skills to:

gather information and data by consulting with staff and potential suppliers, using questioning and active listening as required

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

highly developed research and analysis skills for accessing and managing complex information and assessing outsourcing and governance requirements

well-developed literacy skills to:

interpret and analyse complex documentation including regulatory and legal compliance requirements and guidelines

draft outsourcing tender documentation, specification and performance measures

produce management reports

well-developed numeracy skills to accurately analyse, record and store data in accordance with organisational requirements

IT skills for accessing and using appropriate integrated financial system software, spreadsheets and databases and using internet information

problem solving skills to identify any issues that have the potential to impact on organisational quality through outsourcing and to develop options to resolve these issues when they arise

organisational skills, including the ability to plan and sequence work

Required knowledge

features, compliance and reporting requirements of the relevant sector of industry

organisational procedures for ensuring RG146 compliance

performance management procedures

reputation and expertise of service providers in the industry

risk management strategies

scope of service provisions

timeframe requirements for compliance reports for specialist services

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.

Outsourced services may include:

actuaries

auditors

communication consultants

employer relationship managers

insurers

investment managers

IT specialists

planners

sales and marketing specialists

solicitors

trustees.

Legislative and regulatory guidelines may include:

anti-discrimination legislation (Commonwealth and State or Territory)

Consumer Affairs Act

Corporations Act

Financial Services Reform Act (FSRA)

Income Tax Assessment Act

industrial legislation

industry codes of practice

Insurance Act

National Guarantee Funds Rules

Privacy Act

stamp duty legislation

Superannuation Industry (Supervision) (SIS)Act

Superannuation Industry Regulations

Trade Practices legislation

Trustee Acts or Trust Acts in each State and Territory.

Performance standards may include:

available personnel

communication and documentation standards

completion dates

data availability

document presentation

experience

interpersonal relations

IT compatibility

location

number of outcomes

performance goals

procedures

reputation

response times

service dedication

staff communication

value for money.

Required changes in service may include:

changes in the way service is implemented

increased communication or documentation

increased or decreased service

increased standards of performance.

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
A review is conducted to determine the extent to which selected activities are conducted internally or by outsourced services and identify which activities within the organisation should be outsourced 
Scope of possible outsourced services is identified and documented 
Legislative and regulatory requirements in required services are identified and documented 
Recommendation or decision on scope of outsourced services is made according to organisational requirements 
Scope of expertise required for the outsourced service is defined and performance standards established and documented 
Monitoring and reporting procedures for outsourced services are established and documented 
Procedure for integrating outsourced services with practices is established and documented and briefing and tender documents prepared 
Tender process is implemented according to organisational guidelines and tender applications assessed according to required criteria with further information obtained if necessary 
Suppliers of outsourced services are selected and engaged formally according to organisational guidelines 
Outsourced supplier is briefed on required service and fund standards and procedures 
Personnel within the organisation are informed about outsourced services and working implications 
Outsourced service performance is assessed against performance outcomes and organisational requirements and further review periods established 
Required changes in service are negotiated 
Supplier performance is documented and communicated internally as required 
Outsourced services are re-engaged or disengaged as required 

Forms

Assessment Cover Sheet

FNSORG604A - Establish outsourced services and monitor performance
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

FNSORG604A - Establish outsourced services and monitor performance

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: