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Evidence Guide: FNSORG502A - 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

 

FNSORG502A - 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, and existing activities are monitored to establish their impact
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, and existing activities are monitored to establish their impact

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 met
  2. All relevant organisation 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 met

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

All relevant organisation 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:

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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 organisation 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 organisation staff to ensure quality of outcomes against established needs

Completed
Date:

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Implement policy and procedures

  1. Policy documents are disseminated to all relevant staff in an appropriate form and relevant training provided to ensure consistent implementation of new or amended policy and procedures
  2. 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 and relevant training 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:

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Monitor and review compliance with policy statement and operating procedures

  1. Processes are established for regular monitoring of policy and procedures to ensure organisation and industry requirements are met
  2. Policy is monitored against Key Performance Indicators (KPIs) and organisation targets to evaluate currency and ongoing validity in terms of agreed organisation 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 organisation and industry requirements are met

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

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 and implement organisation 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.

Context of and specific resources for assessment

Assessment must ensure:

competency is demonstrated in the context of the financial services 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 information systems and data.

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

setting and reviewing business simulations or scenarios

evaluating samples of work

accessing and validating third party reports.

Guidance information for assessment

Required Skills and Knowledge

Required skills

well-developed communication and interpersonal skills to:

negotiate and clarify policy and procedure requirements, using questioning and active listening as required

inform staff of policy and procedures purpose and implementation processes and deal with issues that arise, providing a constructive working relationship

share information, listen and understand

use language and concepts appropriate to cultural differences

well-developed research and analysis skills for accessing, interpreting and managing complex information

IT skills for accessing and using appropriate systems and databases and using internet information

highly developed literacy skills to:

read and interpret documentation from a variety of sources

prepare clear and accessible policy and procedures documentation

record, consolidate and file information

problem solving skills to identify any issues that have the potential to impact on policy and procedures implementation and to develop options to resolve these issues when they arise

organisational and time management skills to manage and train staff, sequence tasks, meet timelines and arrange meetings

Required knowledge

industry best practice

industry codes of practice

organisation policy and procedures purposes and structures

procedure writing techniques and best practice

relevant legal systems and procedures

relevant acts and regulations impacting on the financial services industry

Range Statement

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.

Industry indicators may include, but are not limited to:

legislation governing business

trading and paying habits of customers

trading conditions

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

new methods and equipment available.

Statutory and legislative requirements may cover:

appropriate sections of the Tax Act

Australian Accounting Standards

Australian Securities and Companies code

Bills of Sale and Other Instruments Act

Cheques and Payment Orders Act

Companies and Securities Code

consumer credit legislation

corporations law

Credit Act/Code

equal opportunities legislation

Evidence Reproduction Act or equivalent

Fair Trading Acts

industry codes of practice

Partnership Act

Privacy Act

occupational health and safety (OHS) Acts

Sales of Goods Act

sales tax legislation

Stamp Duties Act

Trade Practices Act.

Policy and procedures may cover:

computer system documentation

gathering and evaluation of information

information on liaison, information dissemination and marketing

internal control guidelines

legal obligations and framework

operating procedures

operations manuals

overall organisation goals and objectives

procedure and guidelines for daily functions such as maintenance of files

trading terms

training, development and supervision of staff.

Methods by which personnel are consulted may include,:

feedback received via email or fax

informal or formal meetings

personal interviews

written surveys.

An appropriate form may include:

administrative guidelines

manuals

schedules

training materials.

Testing can include:

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