Unit of competency Outline

Date retreived
22/07/2026 11:46 PM AWST

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Support trustee in the selection and performance monitoring of outsourced services

Support trustee in the selection and performance monitoring of outsourced services

Unit of competency
National Code
FNSSMS505
State Code
AUT07
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
081105 - Investment And Securities
Original Release Date
16/09/2015
Nominal Hours
50
Description
This unit describes the skills and knowledge required to assist self-managed superannuation fund trustees (the client) in establishing a scope and criteria for outsourced services, selecting and engaging outsourced suppliers, and monitoring the performance of outsourced services. It does not require expertise in the functions of outsourced service providers.It applies to individuals who use research and organisational skills to plan and monitor outsourced or specialist services.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. 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
No information
No information
Replaces
State Code National Code Title Type
D4331 FNSSMS505A Support trustee in the selection and performance monitoring of outsourced services Unit of competency
Replaced By
State Code National Code Title Type
OCI45 FNSSMS515 Support trustees in selecting and monitoring performance of outsourced services Unit of competency
State Code National Code Title Type
AWD2 FNS50715 Diploma of Superannuation Qualification
AWA9 FNS60515 Advanced Diploma of Superannuation Qualification