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Evidence Guide: FNSSMS505 - Support trustee in the selection and performance monitoring 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

 

FNSSMS505 - Support trustee in the selection and performance monitoring of outsourced services

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

Assist trustee to establish scope for outsourced services

  1. Conduct review to determine extent to which selected activities are being conducted by trustees or by outsourced services
  2. Identify activities within fund that can, or are required to, be outsourced
  3. Identify scope of possible outsourced services
  4. Identify legislative requirements relating to required services
  5. Make recommendation and/or decision on scope of outsourced services according to fund requirements
  6. Establish engagement criteria in negotiation with trustee
Conduct review to determine extent to which selected activities are being conducted by trustees or by outsourced services

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify activities within fund that can, or are required to, be outsourced

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify scope of possible outsourced services

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify legislative requirements relating to required services

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Make recommendation and/or decision on scope of outsourced services according to fund requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish engagement criteria in negotiation with trustee

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assist trustee to establish performance criteria for outsourced services

  1. Define and document scope of expertise required from outsourced service
  2. Establish and document performance standards for provision of monitoring service standards and performance outcomes of outsourced service providers
  3. Establish and document monitoring and measuring processes for performance outcomes of outsourced services
  4. Establish and document reporting processes of outsourced services
  5. Prepare briefing documents to supply to outsourced service providers
Define and document scope of expertise required from outsourced service

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

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 to supply to outsourced service providers

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assist trustee to select and engage outsourced suppliers

  1. Assist trustee to select suppliers of outsourced services against established criteria
  2. Formally engage outsourced suppliers following operational guidelines
  3. Brief outsourced suppliers on required service performance standards to ensure clarity of requirements
  4. Confirm with trustee outsourced services in place and working implications
Assist trustee to select suppliers of outsourced services against established criteria

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Formally engage outsourced suppliers following operational guidelines

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Confirm with trustee outsourced services in place and working implications

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assist trustee to monitor performance outcomes of outsourced services

  1. Evaluate performance outcomes of outsourced services against performance standards
  2. Establish further review periods, to revaluate as necessary
  3. Negotiate required changes in services and document accurately
  4. Document and communicate supplier performance to trustee
  5. Disengage outsourced services as required following operational guidelines
Evaluate performance outcomes of outsourced services against performance standards

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish further review periods, to revaluate as necessary

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Negotiate required changes in services and document accurately

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Document and communicate supplier performance to trustee

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Disengage outsourced services as required following operational guidelines

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Assist trustee to establish scope for outsourced services

1.1 Conduct review to determine extent to which selected activities are being conducted by trustees or by outsourced services

1.2 Identify activities within fund that can, or are required to, be outsourced

1.3 Identify scope of possible outsourced services

1.4 Identify legislative requirements relating to required services

1.5 Make recommendation and/or decision on scope of outsourced services according to fund requirements

1.6 Establish engagement criteria in negotiation with trustee

2. Assist trustee to establish performance criteria for outsourced services

2.1 Define and document scope of expertise required from outsourced service

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

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

2.4 Establish and document reporting processes of outsourced services

2.5 Prepare briefing documents to supply to outsourced service providers

3. Assist trustee to select and engage outsourced suppliers

3.1 Assist trustee to select suppliers of outsourced services against established criteria

3.2 Formally engage outsourced suppliers following operational guidelines

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

3.4 Confirm with trustee outsourced services in place and working implications

4. Assist trustee to monitor performance outcomes of outsourced services

4.1 Evaluate performance outcomes of outsourced services against performance standards

4.2 Establish further review periods, to revaluate as necessary

4.3 Negotiate required changes in services and document accurately

4.4 Document and communicate supplier performance to trustee

4.5 Disengage outsourced services as required following operational guidelines

Required Skills and Knowledge

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Assist trustee to establish scope for outsourced services

1.1 Conduct review to determine extent to which selected activities are being conducted by trustees or by outsourced services

1.2 Identify activities within fund that can, or are required to, be outsourced

1.3 Identify scope of possible outsourced services

1.4 Identify legislative requirements relating to required services

1.5 Make recommendation and/or decision on scope of outsourced services according to fund requirements

1.6 Establish engagement criteria in negotiation with trustee

2. Assist trustee to establish performance criteria for outsourced services

2.1 Define and document scope of expertise required from outsourced service

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

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

2.4 Establish and document reporting processes of outsourced services

2.5 Prepare briefing documents to supply to outsourced service providers

3. Assist trustee to select and engage outsourced suppliers

3.1 Assist trustee to select suppliers of outsourced services against established criteria

3.2 Formally engage outsourced suppliers following operational guidelines

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

3.4 Confirm with trustee outsourced services in place and working implications

4. Assist trustee to monitor performance outcomes of outsourced services

4.1 Evaluate performance outcomes of outsourced services against performance standards

4.2 Establish further review periods, to revaluate as necessary

4.3 Negotiate required changes in services and document accurately

4.4 Document and communicate supplier performance to trustee

4.5 Disengage outsourced services as required following operational guidelines

Evidence of the ability to:

establish and document the scope, criteria and performance standards for outsourced services

evaluate, select and engage outsourced service providers

assess outsourced service provider performance, and evaluate and renegotiate performance as required

review and amend service agreement contracts as required.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

To complete the unit requirements safely and effectively, the individual must:

describe communication, documentation and procedure requirements for engaging with specialist services

describe the key features, compliance and reporting requirements of the Superannuation Industry (Supervision) (SIS) Act and taxation, corporations and other relevant legislation

identify the key features of industry codes of practice, relevant legislation and organisational policy and guidelines

explain performance management procedures

discuss the relationship between actuary, auditor and trustee

explain the scope, role and responsibilities of outsourced service providers.