This applies to job roles such as an adviser regarding taxation, law or dealing in financial products for a self-managed superannuation fund.

ELEMENT

PERFORMANCE CRITERIA

1. Assist client/trustee establish scope for outsourced services

1.1. A review is conducted to determine the extent to which selected activities are conducted internally by members or by outsourced services

1.2. Activities within the fund that can or are required to be outsourced are identified

1.3. Scope of possible outsourced services is identified

1.4. Legislative and regulatory requirements relating to required services are identified

1.5. Recommendation and/or decision on scope of outsourced services is made according to fund requirements

1.6. Engagement criteria are established in negotiation with client/trustee

2. Assist the client/ trustee to establish performance criteria for outsourced services

2.1. Scope of expertise required from the outsourced service is defined and documented

2.2. Performance standards for the provision of monitoring service standards and performance outcomes from outsourced services providers are established and documented

2.3. Monitoring and measuring processes for performance outcomes from outsourced services are established and documented

2.4. Reporting processes for outsourced services are established and documented

2.5. Briefing documents are prepared

3. Assist the client/ trustee to select and engage outsourced suppliers

3.1. Client/trustee is assisted to select suppliers of outsourced services against established criteria

3.2. Outsourced suppliers are engaged formally

3.3. Outsourced suppliers are briefed on required service

3.4. Members are informed about outsourced services and working implications

4. Assist the client/trustee to monitor the performance outcomes of outsourced services

4.1. Performance outcomes of outsourced services are reviewed against performance criteria and fund requirements

4.2. Further review periods are established

4.3. Required changes in services are negotiated

4.4. Supplier performance is documented and communicated to members

4.5. Outsourced services are disengaged as required

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 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

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.

Unit sector

Self-managed superannuation

This unit contains employability skills.