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. 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

Skill 

Performance Criteria 

Description 

Reading

1.1, 1.2, 1.3, 2.1, 2.2, 2.3, 5.2

• Extracts and analyses information from a wide range of sources, including structurally complex texts, to identify and determine policy and procedures compliant with organisational and regulatory requirements

Writing

1.1,1.2, 2.2, 2.3, 3.1, 3.2, 4.1

• Uses a range of text types to identify relevant information, gather responses and establish priorities
• Defines and organises the content of policy documents for others using clear organisational structures to suit multiple purposes and formats

Oral Communication

2.2, 3.2, 4.1

• Initiates effective spoken interactions using appropriate listening and questioning techniques to establish and clarify information and elicit the opinions of others
• Demonstrates flexibility in spoken interactions and a range of analytical and inclusive techniques to clearly convey information for implementation of policy and procedure to others

Numeracy

1.1, 1.2

• Comprehends financial terminology and calculations embedded in legislation and operational texts to identify loss and compliance management issues

Navigate the world of work

1.1, 2.1-2.3, 3.1, 5.1, 5.2

• Takes responsibility for developing, implementing and reviewing policies and procedures in accordance with organisational and legislative requirements
• Ensures knowledge of legislation and regulations relevant to role is accurate, comprehensive and current

Interact with others

2.1, 2.2, 3.2, 4.1

• Selects and uses appropriate conventions and protocols to communicate with internal and external stakeholders to gain and provide relevant information
• Plays a lead role in situations requiring effective collaborative skills, demonstrating high level negotiation skills and ability to gather information through consultation

Get the work done

1.1-1.3, 2.1-2.3, 3.2, 4.1, 4.2, 5.1-5.3

• Accepts responsibility for planning and sequencing complex tasks and workload to meet timelines
• Plans and implements processes to monitor achievement of organisational goals
• Applies systematic and analytical decision-making processes to make recommendations in complex and non-routine situations
• Uses digital technologies to access, extract and share relevant information to achieve required outcomes

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

Release 

Comments 

Release 1

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