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Evidence Guide: FNSORG604A - Establish outsourced services and monitor performance

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

 

FNSORG604A - Establish outsourced services and monitor performance

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

Establish scope for outsourced services

  1. A review is conducted to determine the extent to which selected activities are conducted internally or by outsourced services and identify which activities within the organisation should be outsourced
  2. Scope of possible outsourced services is identified and documented
  3. Legislative and regulatory requirements in required services are identified and documented
  4. Recommendation or decision on scope of outsourced services is made according to organisational requirements
A review is conducted to determine the extent to which selected activities are conducted internally or by outsourced services and identify which activities within the organisation should be outsourced

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Scope of possible outsourced services is identified and documented

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Legislative and regulatory requirements in required services are identified and documented

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Recommendation or decision on scope of outsourced services is made according to organisational requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish criteria for outsourced services

  1. Scope of expertise required for the outsourced service is defined and performance standards established and documented
  2. Monitoring and reporting procedures for outsourced services are established and documented
  3. Procedure for integrating outsourced services with practices is established and documented and briefing and tender documents prepared
Scope of expertise required for the outsourced service is defined and performance standards established and documented

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitoring and reporting procedures for outsourced services are established and documented

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Procedure for integrating outsourced services with practices is established and documented and briefing and tender documents prepared

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Select and engage outsourced suppliers

  1. Tender process is implemented according to organisational guidelines and tender applications assessed according to required criteria with further information obtained if necessary
  2. Suppliers of outsourced services are selected and engaged formally according to organisational guidelines
  3. Outsourced supplier is briefed on required service and fund standards and procedures
  4. Personnel within the organisation are informed about outsourced services and working implications
Tender process is implemented according to organisational guidelines and tender applications assessed according to required criteria with further information obtained if necessary

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Suppliers of outsourced services are selected and engaged formally according to organisational guidelines

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Outsourced supplier is briefed on required service and fund standards and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Personnel within the organisation are informed about outsourced services and working implications

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor performance of outsourced services

  1. Outsourced service performance is assessed against performance outcomes and organisational requirements and further review periods established
  2. Required changes in service are negotiated
  3. Supplier performance is documented and communicated internally as required
  4. Outsourced services are re-engaged or disengaged as required
Outsourced service performance is assessed against performance outcomes and organisational requirements and further review periods established

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Required changes in service are negotiated

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Supplier performance is documented and communicated internally as required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Outsourced services are re-engaged or disengaged as required

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:

interpret and comply with legislative and regulatory requirements

establish criteria for outsourced services and select and effectively and efficiently engage them

effectively monitor performance of outsourced services

implement a tender process and assess applications.

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 financial services information

access to organisational policies and procedures documentation.

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

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 skills to:

gather information and data by consulting with staff and potential suppliers, using questioning and active listening as required

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

highly developed research and analysis skills for accessing and managing complex information and assessing outsourcing and governance requirements

well-developed literacy skills to:

interpret and analyse complex documentation including regulatory and legal compliance requirements and guidelines

draft outsourcing tender documentation, specification and performance measures

produce management reports

well-developed numeracy skills to accurately analyse, record and store data in accordance with organisational requirements

IT skills for accessing and using appropriate integrated financial system software, spreadsheets and databases and using internet information

problem solving skills to identify any issues that have the potential to impact on organisational quality through outsourcing and to develop options to resolve these issues when they arise

organisational skills, including the ability to plan and sequence work

Required knowledge

features, compliance and reporting requirements of the relevant sector of industry

organisational procedures for ensuring RG146 compliance

performance management procedures

reputation and expertise of service providers in the industry

risk management strategies

scope of service provisions

timeframe requirements for compliance reports for specialist services

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.

Outsourced services may include:

actuaries

auditors

communication consultants

employer relationship managers

insurers

investment managers

IT specialists

planners

sales and marketing specialists

solicitors

trustees.

Legislative and regulatory guidelines may include:

anti-discrimination legislation (Commonwealth and State or Territory)

Consumer Affairs Act

Corporations Act

Financial Services Reform Act (FSRA)

Income Tax Assessment Act

industrial legislation

industry codes of practice

Insurance Act

National Guarantee Funds Rules

Privacy Act

stamp duty legislation

Superannuation Industry (Supervision) (SIS)Act

Superannuation Industry Regulations

Trade Practices legislation

Trustee Acts or Trust Acts in each State and Territory.

Performance standards may include:

available personnel

communication and documentation standards

completion dates

data availability

document presentation

experience

interpersonal relations

IT compatibility

location

number of outcomes

performance goals

procedures

reputation

response times

service dedication

staff communication

value for money.

Required changes in service may include:

changes in the way service is implemented

increased communication or documentation

increased or decreased service

increased standards of performance.