Unit of competency Outline
Date retreived
22/07/2026 11:31 PM AWST
22/07/2026 11:31 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.
Develop and monitor policy and procedures
Develop and monitor policy and procedures
Unit of competency
National Code
FNSORG502A
FNSORG502A
State Code
D4263
D4263
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
31/07/2014
Field of Education
080399 - Business And Management, N.e.c.
Original Release Date
31/07/2014
Nominal Hours
50
Description
This unit describes the performance outcomes, skills and knowledge required to conduct research, develop, trial and implement organisational policies and procedures, and monitor and review them periodically.No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement.
Notes
Elements and Performance Criteria
1. Identify business and industry issues that require policy and procedure documentation
- 1.1. Issues are identified based on information on business processes, industry indicators and statutory and legislative requirements
- 1.2. Vulnerable areas are identified to enable the impact of financial loss and non-compliance to be assessed
- 1.3. New activities are evaluated to gauge the impact on policy and procedures, and existing activities are monitored to establish their impact
2. Research requirements for policy and operating procedures
- 2.1. Research is conducted thoroughly, including if necessary seeking advice from external legal personnel and consultants, to ensure that all statutory and legal obligations are met
- 2.2. All relevant organisation personnel are consulted as appropriate to compile a clear picture of policy needs and perspectives
- 2.3. Issues for policy and procedures are ranked in order of priority relative to business performance and compliance requirements
3. Formulate and document policy and procedures
- 3.1. Policy documentation is written in plain English, without unnecessary jargon and documented in an objective manner
- 3.2. Verification of policy and procedures is thoroughly completed with organisation staff to ensure quality of outcomes against established needs
4. Implement policy and procedures
- 4.1. Policy documents are disseminated to all relevant staff in an appropriate form and relevant training provided to ensure consistent implementation of new or amended policy and procedures
- 4.2. Timetable is established to ensure policy and procedures are implemented in an orderly and coordinated way
5. Monitor and review compliance with policy statement and operating procedures
- 5.1. Processes are established for regular monitoring of policy and procedures to ensure organisation and industry requirements are met
- 5.2. Policy is monitored against Key Performance Indicators (KPIs) and organisation targets to evaluate currency and ongoing validity in terms of agreed organisation policy needs
- 5.3. Required changes are implemented following comprehensive testing in a programmed way to ensure expected outcome is delivered
RANGE STATEMENT
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.
Industry indicators may include, but are not limited to:
legislation governing business
trading and paying habits of customers
trading conditions
economic, statistical and other information obtained from external bodies including industry bodies
new methods and equipment available.
Statutory and legislative requirements may cover:
appropriate sections of the Tax Act
Australian Accounting Standards
Australian Securities and Companies code
Bills of Sale and Other Instruments Act
Cheques and Payment Orders Act
Companies and Securities Code
consumer credit legislation
corporations law
Credit Act/Code
equal opportunities legislation
Evidence Reproduction Act or equivalent
Fair Trading Acts
industry codes of practice
Partnership Act
Privacy Act
occupational health and safety (OHS) Acts
Sales of Goods Act
sales tax legislation
Stamp Duties Act
Trade Practices Act.
Policy and procedures may cover:
computer system documentation
gathering and evaluation of information
information on liaison, information dissemination and marketing
internal control guidelines
legal obligations and framework
operating procedures
operations manuals
overall organisation goals and objectives
procedure and guidelines for daily functions such as maintenance of files
trading terms
training, development and supervision of staff.
Methods by which personnel are consulted may include,:
feedback received via email or fax
informal or formal meetings
personal interviews
written surveys.
An appropriate form may include:
administrative guidelines
manuals
schedules
training materials.
Testing can include:
running current system and new or changed system in parallel for a defined period.
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.
Industry indicators may include, but are not limited to:
legislation governing business
trading and paying habits of customers
trading conditions
economic, statistical and other information obtained from external bodies including industry bodies
new methods and equipment available.
Statutory and legislative requirements may cover:
appropriate sections of the Tax Act
Australian Accounting Standards
Australian Securities and Companies code
Bills of Sale and Other Instruments Act
Cheques and Payment Orders Act
Companies and Securities Code
consumer credit legislation
corporations law
Credit Act/Code
equal opportunities legislation
Evidence Reproduction Act or equivalent
Fair Trading Acts
industry codes of practice
Partnership Act
Privacy Act
occupational health and safety (OHS) Acts
Sales of Goods Act
sales tax legislation
Stamp Duties Act
Trade Practices Act.
Policy and procedures may cover:
computer system documentation
gathering and evaluation of information
information on liaison, information dissemination and marketing
internal control guidelines
legal obligations and framework
operating procedures
operations manuals
overall organisation goals and objectives
procedure and guidelines for daily functions such as maintenance of files
trading terms
training, development and supervision of staff.
Methods by which personnel are consulted may include,:
feedback received via email or fax
informal or formal meetings
personal interviews
written surveys.
An appropriate form may include:
administrative guidelines
manuals
schedules
training materials.
Testing can include:
running current system and new or changed system in parallel for a defined period.
EVIDENCE GUIDE
The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.
Overview of assessment
Critical aspects for assessment and evidence required to demonstrate competency in this unit
Evidence of the ability to:
establish and implement organisation policy requirements
draft clear and concise policy and procedures documentation
identify lack of compliance and areas of mismanagement
clarify and disseminate policy and guidance information to a range of personnel.
Context of and specific resources for assessment
Assessment must ensure:
competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment
access to and the use of a range of common office equipment, technology, software and consumables
access to organisation information systems and data.
Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:
evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency
observing processes and procedures in workplaces
verbal or written questioning on underpinning knowledge and skills
setting and reviewing business simulations or scenarios
evaluating samples of work
accessing and validating third party reports.
Guidance information for assessment
The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.
Overview of assessment
Critical aspects for assessment and evidence required to demonstrate competency in this unit
Evidence of the ability to:
establish and implement organisation policy requirements
draft clear and concise policy and procedures documentation
identify lack of compliance and areas of mismanagement
clarify and disseminate policy and guidance information to a range of personnel.
Context of and specific resources for assessment
Assessment must ensure:
competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment
access to and the use of a range of common office equipment, technology, software and consumables
access to organisation information systems and data.
Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:
evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency
observing processes and procedures in workplaces
verbal or written questioning on underpinning knowledge and skills
setting and reviewing business simulations or scenarios
evaluating samples of work
accessing and validating third party reports.
Guidance information for assessment
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| C9765 | FNSICORG506B | Develop and monitor policy and procedures | Unit of competency |
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUS41 | FNSORG502 | Develop and monitor policy and procedures | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
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| D716 | FNS50311 | Diploma of Finance and Mortgage Broking Management | Qualification |
| D725 | FNS51811 | Diploma of Financial Services | Qualification |
| J304 | PSP50512 | Diploma of Government (Financial Services) | Qualification |
| D721 | FNS50811 | Diploma of Integrated Risk Management | Qualification |