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Evidence Guide: FNSORG502 - 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

 

FNSORG502 - 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. Identify issues based on business processes, industry indicators and statutory and legislative requirements information
  2. Identify vulnerable areas to enable assessment of the impact of financial loss and non-compliance
  3. Evaluate new activities to gauge impact on policy and procedures, and monitor existing activities to establish their impact
Identify issues based on business processes, industry indicators and statutory and legislative requirements information

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify vulnerable areas to enable assessment of the impact of financial loss and non-compliance

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Evaluate new activities to gauge impact on policy and procedures, and monitor existing activities to establish their impact

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Research requirements for policy and operating procedures

  1. Conduct thorough research, and seek advice from external legal personnel and consultants, if necessary, to ensure that all statutory and legal obligations are met
  2. Consult all relevant organisational personnel to compile clear picture of policy needs and perspectives
  3. Rank policy and procedures issues in order of priority, relative to business performance and compliance requirements
Conduct thorough research, and seek advice from external legal personnel and consultants, if necessary, to ensure that all statutory and legal obligations are met

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Consult all relevant organisational personnel to compile clear picture of policy needs and perspectives

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Rank policy and procedures issues in order of priority, relative to business performance and compliance requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Formulate and document policy and procedures

  1. Write policy documentation in plain English in an objective manner, without unnecessary jargon
  2. Verify policy and procedures thoroughly with organisation’s staff to ensure quality of outcomes against established needs
Write policy documentation in plain English in an objective manner, without unnecessary jargon

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Verify policy and procedures thoroughly with organisation’s staff to ensure quality of outcomes against established needs

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Implement policy and procedures

  1. Disseminate policy documents in an appropriate form to all relevant staff and provide relevant training to ensure consistent implementation of new or amended policy and procedures
  2. Establish timetable to ensure policy and procedures are implemented in orderly and coordinated way
Disseminate policy documents in an appropriate form to all relevant staff and provide relevant training to ensure consistent implementation of new or amended policy and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish timetable to ensure policy and procedures are implemented in orderly and coordinated way

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor and review compliance with policy statement and operating procedures

  1. Establish regular processes to monitor policy and procedures to ensure organisational and industry requirements are met
  2. Monitor policy against key performance indicators (KPIs) and organisational targets to evaluate its currency and ongoing validity to meet needs of agreed organisational policy
  3. Conduct comprehensive testing to ensure expected outcome is delivered, and identify and implement required changes systematically
Establish regular processes to monitor policy and procedures to ensure organisational and industry requirements are met

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor policy against key performance indicators (KPIs) and organisational targets to evaluate its currency and ongoing validity to meet needs of agreed organisational policy

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Conduct comprehensive testing to ensure expected outcome is delivered, and identify and implement required changes systematically

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Identify business and industry issues that require policy and procedure documentation

1.1 Identify issues based on business processes, industry indicators and statutory and legislative requirements information

1.2 Identify vulnerable areas to enable assessment of the impact of financial loss and non-compliance

1.3 Evaluate new activities to gauge impact on policy and procedures, and monitor existing activities to establish their impact

2. Research requirements for policy and operating procedures

2.1 Conduct thorough research, and seek advice from external legal personnel and consultants, if necessary, to ensure that all statutory and legal obligations are met

2.2 Consult all relevant organisational personnel to compile clear picture of policy needs and perspectives

2.3 Rank policy and procedures issues in order of priority, relative to business performance and compliance requirements

3. Formulate and document policy and procedures

3.1 Write policy documentation in plain English in an objective manner, without unnecessary jargon

3.2 Verify policy and procedures thoroughly with organisation’s staff to ensure quality of outcomes against established needs

4. Implement policy and procedures

4.1 Disseminate policy documents in an appropriate form to all relevant staff and provide relevant training to ensure consistent implementation of new or amended policy and procedures

4.2 Establish timetable to ensure policy and procedures are implemented in orderly and coordinated way

5. Monitor and review compliance with policy statement and operating procedures

5.1 Establish regular processes to monitor policy and procedures to ensure organisational and industry requirements are met

5.2 Monitor policy against key performance indicators (KPIs) and organisational targets to evaluate its currency and ongoing validity to meet needs of agreed organisational policy

5.3 Conduct comprehensive testing to ensure expected outcome is delivered, and identify and implement required changes systematically

Required Skills and Knowledge

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Identify business and industry issues that require policy and procedure documentation

1.1 Identify issues based on business processes, industry indicators and statutory and legislative requirements information

1.2 Identify vulnerable areas to enable assessment of the impact of financial loss and non-compliance

1.3 Evaluate new activities to gauge impact on policy and procedures, and monitor existing activities to establish their impact

2. Research requirements for policy and operating procedures

2.1 Conduct thorough research, and seek advice from external legal personnel and consultants, if necessary, to ensure that all statutory and legal obligations are met

2.2 Consult all relevant organisational personnel to compile clear picture of policy needs and perspectives

2.3 Rank policy and procedures issues in order of priority, relative to business performance and compliance requirements

3. Formulate and document policy and procedures

3.1 Write policy documentation in plain English in an objective manner, without unnecessary jargon

3.2 Verify policy and procedures thoroughly with organisation’s staff to ensure quality of outcomes against established needs

4. Implement policy and procedures

4.1 Disseminate policy documents in an appropriate form to all relevant staff and provide relevant training to ensure consistent implementation of new or amended policy and procedures

4.2 Establish timetable to ensure policy and procedures are implemented in orderly and coordinated way

5. Monitor and review compliance with policy statement and operating procedures

5.1 Establish regular processes to monitor policy and procedures to ensure organisational and industry requirements are met

5.2 Monitor policy against key performance indicators (KPIs) and organisational targets to evaluate its currency and ongoing validity to meet needs of agreed organisational policy

5.3 Conduct comprehensive testing to ensure expected outcome is delivered, and identify and implement required changes systematically

Evidence of the ability to:

establish and implement organisational policy requirements

draft clear and concise policy and procedures documentation

identify lack of compliance and areas of mismanagement

clarify and disseminate policy and guidance information to a range of personnel.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

To complete the unit requirements safely and effectively, the individual must:

explain industry best practice in development of policy and procedure

describe key features of industry codes of practice

explain the purposes and structures of organisational policy and procedures

outline the different forms that policy and procedures may take in an organisation

describe procedure writing techniques and explain best practice

identify key requirements of relevant legislation and regulation in the financial services industry

describe the influence these have on organisational policy, procedures and operation.