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Evidence Guide: FNSSUP507 - Review compliance with regulatory and contractual requirements

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

 

FNSSUP507 - Review compliance with regulatory and contractual requirements

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

Identify performance requirements

  1. Identify performance requirements in accordance with operating guidelines and relevant legislative requirements
  2. Document performance requirements
  3. Establish performance criteria for meeting requirements
Identify performance requirements in accordance with operating guidelines and relevant legislative requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Document performance requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish performance criteria for meeting requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Develop and implement systems and procedures to meet requirements

  1. Prepare action plans to meet requirements
  2. Establish and implement appropriate operational guidelines, policy and procedures
  3. Develop and document contingency plans to ensure requirements are met in extraordinary situations
Prepare action plans to meet requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish and implement appropriate operational guidelines, policy and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Develop and document contingency plans to ensure requirements are met in extraordinary situations

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor compliance with required performance

  1. Regularly review performance requirements against each fund or plan to ensure compliance
  2. Alter procedures, guidelines and policies in response to changed circumstances and performance variation
Regularly review performance requirements against each fund or plan to ensure compliance

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Alter procedures, guidelines and policies in response to changed circumstances and performance variation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Report and advise on required changes

  1. Fully document all fund performance reviews
  2. Identify anomalies and variations, and report promptly
  3. Support advice and recommendations for change with effective action plans
Fully document all fund performance reviews

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify anomalies and variations, and report promptly

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Support advice and recommendations for change with effective action plans

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. Identify performance requirements

1.1 Identify performance requirements in accordance with operating guidelines and relevant legislative requirements

1.2 Document performance requirements

1.3 Establish performance criteria for meeting requirements

2. Develop and implement systems and procedures to meet requirements

2.1 Prepare action plans to meet requirements

2.2 Establish and implement appropriate operational guidelines, policy and procedures

2.3 Develop and document contingency plans to ensure requirements are met in extraordinary situations

3. Monitor compliance with required performance

3.1 Regularly review performance requirements against each fund or plan to ensure compliance

3.2 Alter procedures, guidelines and policies in response to changed circumstances and performance variation

4. Report and advise on required changes

4.1 Fully document all fund performance reviews

4.2 Identify anomalies and variations, and report promptly

4.3 Support advice and recommendations for change with effective action plans

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. Identify performance requirements

1.1 Identify performance requirements in accordance with operating guidelines and relevant legislative requirements

1.2 Document performance requirements

1.3 Establish performance criteria for meeting requirements

2. Develop and implement systems and procedures to meet requirements

2.1 Prepare action plans to meet requirements

2.2 Establish and implement appropriate operational guidelines, policy and procedures

2.3 Develop and document contingency plans to ensure requirements are met in extraordinary situations

3. Monitor compliance with required performance

3.1 Regularly review performance requirements against each fund or plan to ensure compliance

3.2 Alter procedures, guidelines and policies in response to changed circumstances and performance variation

4. Report and advise on required changes

4.1 Fully document all fund performance reviews

4.2 Identify anomalies and variations, and report promptly

4.3 Support advice and recommendations for change with effective action plans

Evidence of the ability to:

identify performance requirements, and implement systems and procedures to meet those requirements

monitor compliance with required performance, and report and advise on any required changes.

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:

outline the key sources of information about organisational performance, products and procedures

outline the key principles of contingency management

explain the importance of customer analysis and service focus within the industry or organisation

describe the impact of relevant tax legislation on compliance activity

describe the key aspects of superannuation industry (supervision) (SIS) legislation

explain the key features of superannuation systems and procedures.