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Follow the links below to find material targeted to the unit's elements, performance criteria, required skills and knowledge

Elements and Performance Criteria

1. Assist in establishing scope for outsourced services
   • Determine extent to which selected activities are currently being conducted by trustees or by outsourced services
   • Identify activities within fund that can or must be outsourced, and determine scope of prospective outsourced services
   • Identify legislative requirements relating to prospective outsourced services
   • Make recommendations on scope of outsourced services according to fund requirements
   • Discuss recommendations and prepare engagement criteria for authorised representative
   • Define and document scope of expertise required from outsourced services
   • Establish and document performance standards for provision of monitoring service standards and performance outcomes of outsourced services
   • Establish and document monitoring and measuring processes for performance outcomes of outsourced services
   • Establish and document reporting processes of outsourced services
   • Prepare briefing documents and supply to outsourced services
2. Assist in selecting and engaging outsourced suppliers
   • Support authorised representative in assisting trustee to select suppliers of outsourced services against established criteria
   • Engage outsourced suppliers according to operational guidelines
   • Brief outsourced suppliers on required service performance standards and ensure clarity of requirements
   • Obtain trustee confirmation of outsourced services in place and working implications from authorised representative
3. Assist in monitoring performance of outsourced services
   • Review and evaluate performance outcomes of outsourced services against performance standards
   • Establish further review periods to re-evaluate as necessary
   • Negotiate and document required changes in services with authorised representative
   • Document and assist authorised representative to communicate supplier performance to trustee according to organisational policies and procedures

Performance Evidence

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:

assist authorised representative(s) to support at least three different trustees in selecting an outsourced service and in monitoring its performance.

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Knowledge Evidence

The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:

legislative and regulatory requirements and industry codes of practice relating to engaging with specialist outsourced services, including compliance and reporting requirements for a self-managed superannuation fund under superannuation, taxation and corporations’ laws including:

Superannuation Industry (Supervision) (SIS) Act

organisational policies and procedures relating to selecting and monitoring outsourced services, including communication, documentation and procedure requirements

scope, role and responsibilities of outsourced service providers

performance management procedures relating to outsourced service providers

relationship between actuary, auditor and trustee.

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