Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners

FNSSMS505A Mapping and Delivery Guide
Support trustee in the selection and performance monitoring of outsourced services

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSSMS505A - Support trustee in the selection and performance monitoring of outsourced services
Description 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).
Employability Skills This unit contains employability skills.
Learning Outcomes and Application This applies to job roles such as an adviser regarding taxation, law or dealing in financial products for a self-managed superannuation fund.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.
Prerequisites/co-requisites
Competency Field
Development and validation strategy and guide for assessors and learners Student Learning Resources Handouts
Activities 		Slides
PPT 		Assessment 1 Assessment 2 Assessment 3 Assessment 4
Elements of Competency Performance Criteria              
Element: Assist client/trustee establish scope for outsourced services
  • A review is conducted to determine the extent to which selected activities are conducted internally by members or by outsourced services
  • Activities within the fund that can or are required to be outsourced are identified
  • Scope of possible outsourced services is identified
  • Legislative and regulatory requirements relating to required services are identified
  • Recommendation and/or decision on scope of outsourced services is made according to fund requirements
  • Engagement criteria are established in negotiation with client/trustee
       
Element: Assist the client/ trustee to establish performance criteria for outsourced services
  • Scope of expertise required from the outsourced service is defined and documented
  • Performance standards for the provision of monitoring service standards and performance outcomes from outsourced services providers are established and documented
  • Monitoring and measuring processes for performance outcomes from outsourced services are established and documented
  • Reporting processes for outsourced services are established and documented
  • Briefing documents are prepared
       
Element: Assist the client/ trustee to select and engage outsourced suppliers
  • Client/trustee is assisted to select suppliers of outsourced services against established criteria
  • Outsourced suppliers are engaged formally
  • Outsourced suppliers are briefed on required service
  • Members are informed about outsourced services and working implications
       
Element: Assist the client/trustee to monitor the performance outcomes of outsourced services
  • Performance outcomes of outsourced services are reviewed against performance criteria and fund requirements
  • Further review periods are established
  • Required changes in services are negotiated
  • Supplier performance is documented and communicated to members
  • Outsourced services are disengaged as required
       


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 scope and criteria for outsourced services and select, engage and monitor outsourced suppliers

implement tendering processes and assess service applications

assess supplier performance and renegotiate as required

review legal contracts.

Context of and specific resources for assessment

Assessment must ensure:

competency is demonstrated in the context of the 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 financial records

access to organisational policies and procedures.

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

evaluating samples of work

accessing and validating third party reports

setting and reviewing workplace business simulations or scenarios.

Guidance information for assessment

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assignment, 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:

liaise with others, share information, using questioning and active listening as required

use language and concepts appropriate to cultural differences

numeracy and IT skills to:

perform calculations related to superannuation fund

access and update account records electronically

use internet information

well-developed literacy skills to read and interpret documentation from a variety of sources and record and consolidate related information

data analysis and interpretation skills

interpersonal skills to relate effectively within a team environment

organisational skills, including the ability to plan and sequence work

Required knowledge

communication and documentation requirements of specialists and procedures for engaging with specialist services

features, compliance and reporting requirements of the Superannuation Industry (Supervision) (SIS) Act, Taxation Act, Corporations Act and other relevant legislation

industry codes of practice and relevant legislation

organisation policy and guidelines

performance management procedures

relationship between actuary/auditor and trustee under SIS

relevant regulatory bodies and legislation

how to determine the reputation and expertise of service providers in the industry

risk management strategies

scope of service provisions

the consequences of non-compliance

the role and responsibilities of specialist services used in superannuation

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

financial planners

IT specialists

insurers

investment managers

sales and marketing specialists

solicitors

trustees.

Legislative and regulatory requirements may include guidelines covered by, as amended:

anti-discrimination legislation

Corporations Act

Family Law Legislation Amendment Superannuation Act

Financial Services Reform Act (FSRA)

Income Tax Assessment Act

industrial legislation

Insurance Act

Privacy Act

Retirement Savings Account Act

stamp duty legislation

Superannuation (Resolution of Complaints) Act

Superannuation (Unclaimed Moneys and Lost Members) Act

Superannuation Contributions Tax (Assessment and Collection) Act (surcharge)

Superannuation Guarantee (Administration) Act (SGAA)

Superannuation Industry (Supervision) Act (SIS)

Superannuation Industry (Supervision) Regulations

trade practices legislation

Trustee Acts or Trust Acts in each State and Territory

other relevant State/Territory and Commonwealth legislation.

Engagement criteria may include:

past experience and performance record of provider

price structure of provider service

public profile of provider

quality of advice from provider

size of outsourced provider.

Performance standards may include:

available personnel

communication and documentation standards

completion dates

data availability

document presentation

experience

information technology (IT) compatibility

interpersonal relations

location

number of outcomes

performance goals

procedures

reputation

response times

service dedication

specific financial position and returns

staff communication

value for money.

Required changes in service may include:

changes in the way service is implemented

increased communication and/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 by members or by outsourced services 
Activities within the fund that can or are required to be outsourced are identified 
Scope of possible outsourced services is identified 
Legislative and regulatory requirements relating to required services are identified 
Recommendation and/or decision on scope of outsourced services is made according to fund requirements 
Engagement criteria are established in negotiation with client/trustee 
Scope of expertise required from the outsourced service is defined and documented 
Performance standards for the provision of monitoring service standards and performance outcomes from outsourced services providers are established and documented 
Monitoring and measuring processes for performance outcomes from outsourced services are established and documented 
Reporting processes for outsourced services are established and documented 
Briefing documents are prepared 
Client/trustee is assisted to select suppliers of outsourced services against established criteria 
Outsourced suppliers are engaged formally 
Outsourced suppliers are briefed on required service 
Members are informed about outsourced services and working implications 
Performance outcomes of outsourced services are reviewed against performance criteria and fund requirements 
Further review periods are established 
Required changes in services are negotiated 
Supplier performance is documented and communicated to members 
Outsourced services are disengaged as required 

Forms

Assessment Cover Sheet

FNSSMS505A - Support trustee in the selection and performance monitoring of outsourced services
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

FNSSMS505A - Support trustee in the selection and performance monitoring of outsourced services

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: