Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 1.0.

ELEMENT 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

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

Skill 

Performance Criteria 

Description 

Reading

1.1, 1.2, 2.1-2.3, 3.4

• Researches and analyses detailed and complex textual information and numerical data from a range of sources to identify specific criteria and determine actions required

Writing

1.2, 2.2, 3.1, 3.2, 3.3, 4.1

• Develops documents using appropriate formats and organises information and data logically and sequentially
• Uses clear and concise language, correct spelling and grammar and appropriate terminology to convey information appropriate to the audience and purpose of the documentation

Oral Communication

2.2, 3.3, 4.1

• Participates in verbal exchanges using active listening and questioning techniques to elicit information and confirm understanding
• Provides instructions and presents information structuring tone, pace and content in line with the audience and purpose

Numeracy

2.1, 2.2, 3.1

• Interprets, compares and consolidates numerical and financial information to determine requirements, including the manipulation of data for modelling and benchmarking activities

Navigate the world of work

3.4

• Works autonomously, making high level decisions to achieve and improve organisational goals
• Monitors and reviews organisational policy, procedures and adherence to legislative requirements to implement and manage change

Interact with others

2.2, 3.2, 4.1

• Selects, implements and manipulates communications systems, processes and practices to negotiate outcomes
• Influences and fosters a collaborative culture, facilitating a sense of commitment and workplace cohesion
• Shares knowledge, information and experience openly as an integral part of the working relationship

Get the work done

1.1, 1.2, 2.1-2.3, 3.1-3.4, 4.1, 4.2

• Plans strategic priorities and outcomes within a flexible, efficient and effective context in a diverse environment exposed to competing demands
• Gathers and analyses data, and seeks feedback to improve plans and processes
• Makes high impact decisions in a complex and diverse environment, using input from a range of sources
• Explores and incubates new and innovative ideas through unconstrained analysis and critical thinking to develop and improve organisational goals

Code and title 

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNSPRM602 Improve the practice

FNSPRM602A Improve the practice

Updated to meet Standards for Training Packages

Equivalent unit

Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 1.0.