Unit of competency Outline

Date retreived
24/07/2026 6:45 AM AWST

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Improve the practice

Improve the practice

Unit of competency
National Code
FNSPRM602
State Code
AUS63
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
25/03/2015
View on TGA
State Implementation and Classification
Approved Date
16/09/2015
Field of Education
080303 - Human Resource Management
Original Release Date
16/09/2015
Nominal Hours
60
Description
This unit describes the skills and knowledge required to analyse, develop and implement plans to improve the business of a financial practice. It requires the application of diagnosis and benchmarking skills, not for the technical side of the practice but to provide strategies for general business improvement.It applies to individuals who use specialised knowledge, systematic approaches and analytical skills to provide guidance in strategic organisational activity and continuous improvement.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Notes
Elements and Performance Criteria
1. Diagnose business
  • 1.1 Determine and source data required for diagnosis
  • 1.2 Determine competitive advantage of practice from data and undertake SWOT analysis
2. Benchmark business
  • 2.1 Identify and source relevant benchmarking data
  • 2.2 Select key indicators for benchmarking in consultation with key stakeholders
  • 2.3 Compare similar indicators of own practice with benchmark indicators and identify areas for improvement
3. Develop plans to improve practice performance
  • 3.1 Develop consolidated list of required improvements and determine cost–benefit ratios for required improvements
  • 3.2 Determine workflow changes resulting from proposed improvements and rank according to agreed criteria
  • 3.3 Develop and agree on action plan to implement top ranked improvements
  • 3.4 Check organisational structures to ensure they are suitable
4. Implement and monitor plan
  • 4.1 Develop implementation plan in consultation with all relevant stakeholders and agree on indicators of success of plan
  • 4.2 Monitor implementation against agreed indicators and adjust as required
No information
No information
Replaces
State Code National Code Title Type
D4305 FNSPRM602A Improve the practice Unit of competency
Replaced By
State Code National Code Title Type
OCZ24 FNSPRM612 Improve business of financial practices Unit of competency