Unit of competency Outline

Date retreived
23/07/2026 2:30 AM AWST

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Develop and monitor policy and procedures

Develop and monitor policy and procedures

Unit of competency
National Code
FNSORG502
State Code
AUS41
TGA Status
Replaced
DTWD Status
Transition (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
080399 - Business And Management, N.e.c.
Original Release Date
16/09/2015
Nominal Hours
50
Description
This unit describes the skills and knowledge required to conduct research, develop, trial and implement organisational policy and procedures, and monitor and review them periodically.It applies to individuals who use a range of specialist techniques to carry out work in policy development and implementation in any sector of the financial services industry.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Identify business and industry issues that require policy and procedure documentation
  • 1.1 Identify issues based on business processes, industry indicators and statutory and legislative requirements information
  • 1.2 Identify vulnerable areas to enable assessment of the impact of financial loss and non-compliance
  • 1.3 Evaluate new activities to gauge impact on policy and procedures, and monitor existing activities to establish their impact
2. Research requirements for policy and operating procedures
  • 2.1 Conduct thorough research, and seek advice from external legal personnel and consultants, if necessary, to ensure that all statutory and legal obligations are met
  • 2.2 Consult all relevant organisational personnel to compile clear picture of policy needs and perspectives
  • 2.3 Rank policy and procedures issues in order of priority, relative to business performance and compliance requirements
3. Formulate and document policy and procedures
  • 3.1 Write policy documentation in plain English in an objective manner, without unnecessary jargon
  • 3.2 Verify policy and procedures thoroughly with organisation’s staff to ensure quality of outcomes against established needs
4. Implement policy and procedures
  • 4.1 Disseminate policy documents in an appropriate form to all relevant staff and provide relevant training to ensure consistent implementation of new or amended policy and procedures
  • 4.2 Establish timetable to ensure policy and procedures are implemented in orderly and coordinated way
5. Monitor and review compliance with policy statement and operating procedures
  • 5.1 Establish regular processes to monitor policy and procedures to ensure organisational and industry requirements are met
  • 5.2 Monitor policy against key performance indicators (KPIs) and organisational targets to evaluate its currency and ongoing validity to meet needs of agreed organisational policy
  • 5.3 Conduct comprehensive testing to ensure expected outcome is delivered, and identify and implement required changes systematically
No information
No information
Replaces
State Code National Code Title Type
D4263 FNSORG502A Develop and monitor policy and procedures Unit of competency
Replaced By
State Code National Code Title Type
OBR70 FNSORG512 Develop, implement and monitor policy and procedures Unit of competency