Unit of competency Outline

Date retreived
22/07/2026 5:39 AM AWST

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Establish outsourced services and monitor performance

Establish outsourced services and monitor performance

Unit of competency
National Code
FNSORG604A
State Code
D4273
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
24/11/2010
View on TGA
State Implementation and Classification
Approved Date
31/07/2014
Field of Education
080101 - Accounting
Original Release Date
31/07/2014
Nominal Hours
40
Description
This unit describes the performance outcomes, skills and knowledge required to establish a scope and criteria for outsourced services such as accountants, actuaries, solicitors, insurers, call centres, investment managers and fund administrators, select and engage suppliers, and monitor their performance.This unit may apply to job roles subject to licensing, legislative, regulatory or certification requirements so Commonwealth, State or Territory requirements should be confirmed with the relevant body.
Notes
Elements and Performance Criteria
1. Establish scope for outsourced services
  • 1.1. A review is conducted to determine the extent to which selected activities are conducted internally or by outsourced services and identify which activities within the organisation should be outsourced
  • 1.2. Scope of possible outsourced services is identified and documented
  • 1.3. Legislative and regulatory requirements in required services are identified and documented
  • 1.4. Recommendation or decision on scope of outsourced services is made according to organisational requirements
2. Establish criteria for outsourced services
  • 2.1. Scope of expertise required for the outsourced service is defined and performance standards established and documented
  • 2.2. Monitoring and reporting procedures for outsourced services are established and documented
  • 2.3. Procedure for integrating outsourced services with practices is established and documented and briefing and tender documents prepared
3. Select and engage outsourced suppliers
  • 3.1. Tender process is implemented according to organisational guidelines and tender applications assessed according to required criteria with further information obtained if necessary
  • 3.2. Suppliers of outsourced services are selected and engaged formally according to organisational guidelines
  • 3.3. Outsourced supplier is briefed on required service and fund standards and procedures
  • 3.4. Personnel within the organisation are informed about outsourced services and working implications
4. Monitor performance of outsourced services
  • 4.1. Outsourced service performance is assessed against performance outcomes and organisational requirements and further review periods established
  • 4.2. Required changes in service are negotiated
  • 4.3. Supplier performance is documented and communicated internally as required
  • 4.4. Outsourced services are re-engaged or disengaged as required
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.
Outsourced services may include:
actuaries
auditors
communication consultants
employer relationship managers
insurers
investment managers
IT specialists
planners
sales and marketing specialists
solicitors
trustees.
Legislative and regulatory guidelines may include:
anti-discrimination legislation (Commonwealth and State or Territory)
Consumer Affairs Act
Corporations Act
Financial Services Reform Act (FSRA)
Income Tax Assessment Act
industrial legislation
industry codes of practice
Insurance Act
National Guarantee Funds Rules
Privacy Act
stamp duty legislation
Superannuation Industry (Supervision) (SIS)Act
Superannuation Industry Regulations
Trade Practices legislation
Trustee Acts or Trust Acts in each State and Territory.
Performance standards may include:
available personnel
communication and documentation standards
completion dates
data availability
document presentation
experience
interpersonal relations
IT compatibility
location
number of outcomes
performance goals
procedures
reputation
response times
service dedication
staff communication
value for money.
Required changes in service may include:
changes in the way service is implemented
increased communication or documentation
increased or decreased service
increased standards of performance.
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:
interpret and comply with legislative and regulatory requirements
establish criteria for outsourced services and select and effectively and efficiently engage them
effectively monitor performance of outsourced services
implement a tender process and assess applications.

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 financial services information
access to organisational policies and procedures documentation.

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
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
Replaced By
State Code National Code Title Type
AUP50 FNSORG604 Establish outsourced services and monitor performance Unit of competency