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Evidence Guide: FNSICORG506B - Develop and monitor policy and procedures

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

FNSICORG506B - Develop and monitor policy and procedures

What evidence can you provide to prove your understanding of each of the following citeria?

Identify business and industry issues that require policy and procedure documentation

  1. Issues are identified based on information on business processes, industry indicators and statutory and legislative requirements
  2. Vulnerable areas are identified to enable the impact of financial loss and non-compliance to be assessed
  3. New activities are evaluated to gauge the impact on policy and procedures
  4. Existing activities are monitored to establish their impact on policy and procedures
Issues are identified based on information on business processes, industry indicators and statutory and legislative requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Vulnerable areas are identified to enable the impact of financial loss and non-compliance to be assessed

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

New activities are evaluated to gauge the impact on policy and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Existing activities are monitored to establish their impact on policy and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Research requirements for policy and operating procedures

  1. Research is conducted thoroughly, including if necessary seeking advice from external legal personnel and consultants, to ensure that all statutory and legal obligations are meet
  2. All relevant company personnel are consulted as appropriate to compile a clear picture of policy needs and perspectives
  3. Issues for policy and procedures are ranked in order of priority relative to business performance and compliance requirements
Research is conducted thoroughly, including if necessary seeking advice from external legal personnel and consultants, to ensure that all statutory and legal obligations are meet

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

All relevant company personnel are consulted as appropriate to compile a clear picture of policy needs and perspectives

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Issues for policy and procedures are ranked in order of priority relative to business performance and compliance requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Formulate and document policy and procedures

  1. Policy documentation is written in plain English, without unnecessary jargon and documented in an objective manner
  2. Verification of policy and procedures is thoroughly completed with company staff to ensure quality of outcomes against established needs
Policy documentation is written in plain English, without unnecessary jargon and documented in an objective manner

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Verification of policy and procedures is thoroughly completed with company staff to ensure quality of outcomes against established needs

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Implement policy and procedures

  1. Policy documents are disseminated to all relevant staff in an appropriate form
  2. Relevant training is provided to ensure consistent implementation of new or amended policy and procedures
  3. Timetable is established to ensure policy and procedures are implemented in an orderly and coordinated way
Policy documents are disseminated to all relevant staff in an appropriate form

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Relevant training is provided to ensure consistent implementation of new or amended policy and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Timetable is established to ensure policy and procedures are implemented in an orderly and coordinated way

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor and review compliance with policy statement and operating procedures

  1. Processes are established for regular monitoring of policy and procedures to ensure company and industry requirements are met
  2. Policy is monitored against Key Performance Indicators (KPIs) and company targets to evaluate currency and ongoing validity in terms of agreed company policy needs
  3. Required changes are implemented following comprehensive testing in a programmed way to ensure expected outcome is delivered
Processes are established for regular monitoring of policy and procedures to ensure company and industry requirements are met

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Policy is monitored against Key Performance Indicators (KPIs) and company targets to evaluate currency and ongoing validity in terms of agreed company policy needs

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Required changes are implemented following comprehensive testing in a programmed way to ensure expected outcome is delivered

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

EVIDENCE GUIDE

Assessment of performance requirements in the unit should be undertaken in an industry context. The Evidence Guide identifies the critical aspects, knowledge and skills to be demonstrated to confirm competency for the unit. Competency is demonstrated by performance of all stated criteria including the Range Statement applicable to the workplace.

Overview of assessment requirements

To achieve competency in this unit, a person must be able to demonstrate:

a comprehensive understanding and ability to implement company policy

sound policy and procedures development skills

ability to identify lack of compliance and areas of mismanagement

strong communication skills to clarify and disseminate information

Critical aspects of evidence

Evidence required for demonstration of consistent performance:

Competence in this unit must be assessed over a period of time to ensure consistency of performance over the Range Statement and contexts applicable to the work environment.

Delivery/assessment relationship to other units:

This unit may be assessed on its own or it may be assessed with other units that cover related skills and knowledge.

Evidence is most relevant when provided through an integrated activity that combines the elements of competency for the unit, or a cluster of units of competency.

Assessment requirements

Method of assessment:

For valid and reliable assessment of this unit, evidence should be gathered through a range of methods to indicate consistent performance.

Assessment of this unit of competency will usually include observation of processes and procedures, oral and/or written questioning on underpinning knowledge and skills and other methods as required.

Context of assessment:

Assessment of performance requirements in this unit should be undertaken within the financial services industry context.

Aspects of competency, including the attainment of relevant knowledge and skills, may be assessed in a relevant workplace, a closely simulated work environment, or other appropriate means that clearly meet industry competency requirements.

Resources required for assessment:

Unless otherwise specified, there are no significant resource implications for assessment of this unit, apart from access to a relevant workplace or closely simulated office environment and the use of a range of office equipment, technology and consumables. These may include standard commercial computer hardware, software, telephones, facsimiles, and other relevant office equipment.

Required Skills and Knowledge

REQUIRED KNOWLEDGE&SKILLS

Knowledge requirements include:

existing company policy and procedures

knowledge or awareness of relevant acts and regulations

legal systems and procedures

industry best practice

industry codes of practice

computer systems

procedure writing

Skills requirements include:

organisational skills

research skills

basic administration methods

negotiation skills

writing

strong interpersonal skills

Range Statement

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that will affect performance.

The following variables 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. If bold italicised text is shown in Performance Criteria, details of the text are provided in the Range Statement.

Industry indicators may include, but are not limited to:

changing trading conditions

new methods and equipment available

changing trading and paying habits of customers

changing legislation governing business

economic, statistical and other information obtained from external bodies including industry bodies

Statutory and legislative requirements may cover:

Australian Accounting Standards

relevant Insurance Act

Consumer Credit legislation

industry codes of practice

Australian Securities and Companies Code

Trade Practices Act

Privacy Act

Credit Act/Code

Fair Trading Act

Companies and Securities Code

Partnership Act

Corporations Law

Magistrate's Court Act

Small Debts Court Act or equivalent

Evidence Reproduction Act or equivalent

Bills of Sale and Other Instruments Act

Cheques and Payment Orders Act

equal opportunities

Criminal Act

Sales Tax Legislation

appropriate Sections of the Taxation Act

Stamp Duties Act

Sales of Goods Act

relevant occupational health and safety (OH&S) Act

Policy and procedures may cover:

overall company goals and objectives

operating procedures

operations manuals

computer system documentation

internal control guidelines

legal obligations and framework

information on liaison, information dissemination and marketing

trading terms

training, development and supervision of staff

procedure and guidelines for daily functions such as maintenance of files

gathering and evaluation of information

Methods by which personnel are Consulted may include, but are not limited to:

personal interviews

written surveys

informal or formal meetings

feedback received via email or fax

An appropriate form may include, but is not limited to:

schedules

manuals

training materials

administrative guidelines

Testing can include:

running current system and new/changed system in parallel for a defined period