Unit of competency
Modification History
Release |
Comments |
Release 1 |
This version first released with FNS Financial Services Training Package Version 1.0. |
Application
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.
Unit Sector
Organisational skills
Elements and Performance Criteria
ELEMENT |
PERFORMANCE CRITERIA |
Elements describe the essential outcomes. |
Performance criteria describe the performance needed to demonstrate achievement of the element. |
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 |
Foundation Skills
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
Skill |
Performance Criteria |
Description |
Reading |
1.1, 1.2, 1.3, 2.1, 2.2, 2.3, 5.2 |
|
Writing |
1.1,1.2, 2.2, 2.3, 3.1, 3.2, 4.1 |
|
Oral Communication |
2.2, 3.2, 4.1 |
|
Numeracy |
1.1, 1.2 |
|
Navigate the world of work |
1.1, 2.1-2.3, 3.1, 5.1, 5.2 |
|
Interact with others |
2.1, 2.2, 3.2, 4.1 |
|
Get the work done |
1.1-1.3, 2.1-2.3, 3.2, 4.1, 4.2, 5.1-5.3 |
|
Unit Mapping Information
Code and title current version |
Code and title previous version |
Comments |
Equivalence status |
FNSORG502 Develop and monitor policy and procedures |
FNSORG502A Develop and monitor policy and procedures |
Updated to meet Standards for Training Packages |
Equivalent unit |
Links
Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe