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

FNSSUP507A Mapping and Delivery Guide
Review compliance with regulatory and contractual requirements

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSSUP507A - Review compliance with regulatory and contractual requirements
Description This unit describes the performance outcomes, skills and knowledge required to identify performance requirements, develop and implement systems and procedures to meet these requirements, monitor compliance with required performance and reporting and advise on required changes in compliance with regulatory and contractual requirements.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 unit has application to job roles in the superannuation sector including trustees, compliance officers and advisers.
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: Identify performance requirements
  • Performance requirements are identified in accordance with operating guidelines and relevant legislative requirements
  • Performance requirements are documented
  • Performance criteria for meeting requirements are established
       
Element: Develop and implement systems and procedures to meet requirements
  • Action plans to meet requirements are prepared
  • Appropriate operation guidelines, policies and procedures are established and implemented
  • Contingency plans are developed and documented to ensure requirements are met in extraordinary situations
       
Element: Monitor compliance with required performance
  • Performance requirements are reviewed against each fund or plan regularly to ensure compliance
  • Procedures, guidelines and policies are altered in response to changed circumstances and performance variation
       
Element: Report and advise on required changes
  • All fund performance reviews are fully documented
  • Anomalies and variations are identified and reported promptly
  • Advice and recommendations for change are supported by effective action plans
       


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:

identify performance requirements and implement systems and procedures to meet those requirements

monitor compliance with required performance and report and advise on any required changes.

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 organisation 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

highly developed communication skills to:

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

use language and concepts appropriate to cultural differences

engage in negotiation related to superannuation compliance

numeracy skills to accurately analyse, record and store data in accordance with organisation requirements

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

IT skills for accessing and using appropriate software such as word processors, spreadsheets and databases, and using internet information

data analysis and interpretation skills

well-developed interpersonal skills to relate effectively within a team environment

organisation skills, including the ability to plan and sequence work within priorities

learning skills to maintain knowledge of changes to products and relevant legislation

judgement skills for forming recommendations in operational situations

management skills for working effectively in a constantly changing environment

Required knowledge

organisation products and procedures

customer analysis, service focus

relevant tax legislation

Superannuation Industry (Supervision) (SIS) legislation

superannuation systems and procedures

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.

Requirements may be documented in:

policy manuals

agreements

system specifications

contracts

operations guides.

Performance may be determined by:

relevant legislation

trustee requirements

company policy

audit 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
Performance requirements are identified in accordance with operating guidelines and relevant legislative requirements 
Performance requirements are documented 
Performance criteria for meeting requirements are established 
Action plans to meet requirements are prepared 
Appropriate operation guidelines, policies and procedures are established and implemented 
Contingency plans are developed and documented to ensure requirements are met in extraordinary situations 
Performance requirements are reviewed against each fund or plan regularly to ensure compliance 
Procedures, guidelines and policies are altered in response to changed circumstances and performance variation 
All fund performance reviews are fully documented 
Anomalies and variations are identified and reported promptly 
Advice and recommendations for change are supported by effective action plans 

Forms

Assessment Cover Sheet

FNSSUP507A - Review compliance with regulatory and contractual requirements
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

FNSSUP507A - Review compliance with regulatory and contractual requirements

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: