Unit of competency Outline
Date retreived
22/07/2026 8:58 PM AWST
22/07/2026 8:58 PM AWST
Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.
Support trustees in selecting and monitoring performance of outsourced services
Support trustees in selecting and monitoring performance of outsourced services
Unit of competency
National Code
FNSSMS515
FNSSMS515
State Code
OCI45
OCI45
TGA Status
Current
Current
DTWD Status
Approved
Approved
State Implementation and Classification
Approved Date
11/03/2021
Field of Education
081105 - Investment And Securities
Original Release Date
11/03/2021
Nominal Hours
50
Description
This unit describes the skills and knowledge required to support authorised representatives in assisting self-managed superannuation fund trustees to establish the scope and required performance criteria for an outsourced service. It involves selecting and engaging outsourced suppliers and monitoring the performance of the outsourced services provided. It does not require expertise in the functions of the outsourced service providers.The unit applies to those who use research and organisational skills to plan and monitor outsourced or specialist services.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Assist in establishing scope for outsourced services
- 1.1 Determine extent to which selected activities are currently being conducted by trustees or by outsourced services
- 1.2 Identify activities within fund that can or must be outsourced, and determine scope of prospective outsourced services
- 1.3 Identify legislative requirements relating to prospective outsourced services
- 1.4 Make recommendations on scope of outsourced services according to fund requirements
- 1.5 Discuss recommendations and prepare engagement criteria for authorised representative
2. Assist in establishing performance criteria for outsourced services
- 2.1 Define and document scope of expertise required from outsourced services
- 2.2 Establish and document performance standards for provision of monitoring service standards and performance outcomes of outsourced services
- 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 and supply to outsourced services
3. Assist in selecting and engaging outsourced suppliers
- 3.1 Support authorised representative in assisting trustee to select suppliers of outsourced services against established criteria
- 3.2 Engage outsourced suppliers according to operational guidelines
- 3.3 Brief outsourced suppliers on required service performance standards and ensure clarity of requirements
- 3.4 Obtain trustee confirmation of outsourced services in place and working implications from authorised representative
4. Assist in monitoring performance of outsourced services
- 4.1 Review and evaluate performance outcomes of outsourced services against performance standards
- 4.2 Establish further review periods to re-evaluate as necessary
- 4.3 Negotiate and document required changes in services with authorised representative
- 4.4 Document and assist authorised representative to communicate supplier performance to trustee according to organisational policies and procedures
No information
No information
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUT07 | FNSSMS505 | Support trustee in the selection and performance monitoring of outsourced services | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| BFX2 | FNS60920 | Advanced Diploma of Paraplanning | Qualification |