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Elements and Performance Criteria

1. Identify business and industry issues that require policy and procedure documentation
   • Identify issues based on business processes, industry indicators and statutory and legislative requirements information
   • Identify vulnerable areas to enable assessment of the impact of financial loss and non-compliance
   • 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
   • Conduct thorough research, and seek advice from external legal personnel and consultants, if necessary, to ensure that all statutory and legal obligations are met
   • Consult all relevant organisational personnel to compile clear picture of policy needs and perspectives
   • Rank policy and procedures issues in order of priority, relative to business performance and compliance requirements
3. Formulate and document policy and procedures
   • Write policy documentation in plain English in an objective manner, without unnecessary jargon
   • Verify policy and procedures thoroughly with organisation’s staff to ensure quality of outcomes against established needs
4. Implement policy and procedures
   • 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
   • 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
   • Establish regular processes to monitor policy and procedures to ensure organisational and industry requirements are met
   • Monitor policy against key performance indicators (KPIs) and organisational targets to evaluate its currency and ongoing validity to meet needs of agreed organisational policy
   • Conduct comprehensive testing to ensure expected outcome is delivered, and identify and implement required changes systematically

Performance Evidence

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.

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Knowledge Evidence

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.

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