Assessor Resource
FNSSMS505A
Support trustee in the selection and performance monitoring of outsourced services
Assessment tool
Version 1.0
Issue Date: May 2024
This applies to job roles such as an adviser regarding taxation, law or dealing in financial products for a self-managed superannuation fund.
This unit describes the function involved in assisting clients or trustees select and monitor the performance of outcomes from outsourced services such as accountants, actuaries, solicitors, insurers, investment managers and financial planners. It encompasses supporting the client/trustee in establishing a scope for outsourced services, establishing criteria for outsourced services, selecting and engaging outsourced suppliers and monitoring the performance of outsourced services, but does not require expertise in the functions of outsourced service providers.
This unit is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements including legislation administered by the Australian Securities and Investments Commission (ASIC).
You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)