Elements and Performance Criteria
- Assist trustee to establish scope for outsourced services
- Conduct review to determine extent to which selected activities are being conducted by trustees or by outsourced services
- Identify activities within fund that can, or are required to, be outsourced
- Identify scope of possible outsourced services
- Identify legislative requirements relating to required services
- Make recommendation and/or decision on scope of outsourced services according to fund requirements
- Establish engagement criteria in negotiation with trustee
- Assist trustee to establish performance criteria for outsourced services
- Define and document scope of expertise required from outsourced service
- Establish and document performance standards for provision of monitoring service standards and performance outcomes of outsourced service providers
- Establish and document monitoring and measuring processes for performance outcomes of outsourced services
- Establish and document reporting processes of outsourced services
- Prepare briefing documents to supply to outsourced service providers
- Assist trustee to select and engage outsourced suppliers
- Assist trustee to select suppliers of outsourced services against established criteria
- Formally engage outsourced suppliers following operational guidelines
- Brief outsourced suppliers on required service performance standards to ensure clarity of requirements
- Confirm with trustee outsourced services in place and working implications
- Assist trustee to monitor performance outcomes of outsourced services
- Evaluate performance outcomes of outsourced services against performance standards
- Establish further review periods, to revaluate as necessary
- Negotiate required changes in services and document accurately
- Document and communicate supplier performance to trustee
- Disengage outsourced services as required following operational guidelines