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Evidence Guide: FNSSMS515 - Support trustees in selecting and monitoring performance of outsourced services

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

 

FNSSMS515 - Support trustees in selecting and monitoring performance of outsourced services

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

Assist in establishing scope for outsourced services

  1. Determine extent to which selected activities are currently being conducted by trustees or by outsourced services
  2. Identify activities within fund that can or must be outsourced, and determine scope of prospective outsourced services
  3. Identify legislative requirements relating to prospective outsourced services
  4. Make recommendations on scope of outsourced services according to fund requirements
  5. Discuss recommendations and prepare engagement criteria for authorised representative
  6. Define and document scope of expertise required from outsourced services
  7. Establish and document performance standards for provision of monitoring service standards and performance outcomes of outsourced services
  8. Establish and document monitoring and measuring processes for performance outcomes of outsourced services
  9. Establish and document reporting processes of outsourced services
  10. Prepare briefing documents and supply to outsourced services
Determine extent to which selected activities are currently being conducted by trustees or by outsourced services

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify activities within fund that can or must be outsourced, and determine scope of prospective outsourced services

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify legislative requirements relating to prospective outsourced services

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Make recommendations on scope of outsourced services according to fund requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Discuss recommendations and prepare engagement criteria for authorised representative

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Define and document scope of expertise required from outsourced services

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish and document performance standards for provision of monitoring service standards and performance outcomes of outsourced services

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish and document monitoring and measuring processes for performance outcomes of outsourced services

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish and document reporting processes of outsourced services

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare briefing documents and supply to outsourced services

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assist in selecting and engaging outsourced suppliers

  1. Support authorised representative in assisting trustee to select suppliers of outsourced services against established criteria
  2. Engage outsourced suppliers according to operational guidelines
  3. Brief outsourced suppliers on required service performance standards and ensure clarity of requirements
  4. Obtain trustee confirmation of outsourced services in place and working implications from authorised representative
Support authorised representative in assisting trustee to select suppliers of outsourced services against established criteria

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Engage outsourced suppliers according to operational guidelines

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Brief outsourced suppliers on required service performance standards and ensure clarity of requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Obtain trustee confirmation of outsourced services in place and working implications from authorised representative

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assist in monitoring performance of outsourced services

  1. Review and evaluate performance outcomes of outsourced services against performance standards
  2. Establish further review periods to re-evaluate as necessary
  3. Negotiate and document required changes in services with authorised representative
  4. Document and assist authorised representative to communicate supplier performance to trustee according to organisational policies and procedures
Review and evaluate performance outcomes of outsourced services against performance standards

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish further review periods to re-evaluate as necessary

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Negotiate and document required changes in services with authorised representative

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Document and assist authorised representative to communicate supplier performance to trustee according to organisational policies and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Required Skills and Knowledge

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:

assist authorised representative(s) to support at least three different trustees in selecting an outsourced service and in monitoring its performance.

The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:

legislative and regulatory requirements and industry codes of practice relating to engaging with specialist outsourced services, including compliance and reporting requirements for a self-managed superannuation fund under superannuation, taxation and corporations’ laws including:

Superannuation Industry (Supervision) (SIS) Act

organisational policies and procedures relating to selecting and monitoring outsourced services, including communication, documentation and procedure requirements

scope, role and responsibilities of outsourced service providers

performance management procedures relating to outsourced service providers

relationship between actuary, auditor and trustee.