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. Assist trustee to establish scope for outsourced services

1.1 Conduct review to determine extent to which selected activities are being conducted by trustees or by outsourced services

1.2 Identify activities within fund that can, or are required to, be outsourced

1.3 Identify scope of possible outsourced services

1.4 Identify legislative requirements relating to required services

1.5 Make recommendation and/or decision on scope of outsourced services according to fund requirements

1.6 Establish engagement criteria in negotiation with trustee

2. Assist trustee to establish performance criteria for outsourced services

2.1 Define and document scope of expertise required from outsourced service

2.2 Establish and document performance standards for provision of monitoring service standards and performance outcomes of outsourced service providers

2.3 Establish and document monitoring and measuring processes for performance outcomes of outsourced services

2.4 Establish and document reporting processes of outsourced services

2.5 Prepare briefing documents to supply to outsourced service providers

3. Assist trustee to select and engage outsourced suppliers

3.1 Assist trustee to select suppliers of outsourced services against established criteria

3.2 Formally engage outsourced suppliers following operational guidelines

3.3 Brief outsourced suppliers on required service performance standards to ensure clarity of requirements

3.4 Confirm with trustee outsourced services in place and working implications

4. Assist trustee to monitor performance outcomes of outsourced services

4.1 Evaluate performance outcomes of outsourced services against performance standards

4.2 Establish further review periods, to revaluate as necessary

4.3 Negotiate required changes in services and document accurately

4.4 Document and communicate supplier performance to trustee

4.5 Disengage outsourced services as required following operational guidelines

Skill 

Performance Criteria 

Description 

Reading

1.1, 1.4, 3.1, 4.1

• Interprets complex and detailed documentation from a variety of sources

Writing

1.1, 1.5, 1.6, 2.1, 2.5, 3.2, 3.3, 3.4, 4.1, 4.4, 4.5

• Records and consolidates related information and constructs precise, concise reports for trustees and colleagues

Oral Communication

1.1, 1.6, 3.1, 3.3, 3.4, 4.3, 4.4, 4.5

• Shares information using language and register appropriate to the audience
• Seeks information using active listening and questioning to clarify understanding

Numeracy

1.2, 2.2, 2.3, 4.1

• Interprets and analyses mathematical information from complex reports and documents, and performs basic calculations related to self-managed superannuation fund data

Navigate the world of work

1.4, 2.1-2.4

• Modifies or develops organisational policy, procedures and standards to comply with legislative requirements and organisational goals

Interact with others

1.1, 1.6, 3.4, 4.3

• Selects and uses appropriate conventions and protocols when liaising with trustees, suppliers or colleagues
• Uses a range of strategies to negotiate agreed outcomes with others

Get the work done

1.1, 1.4, 1.6, 2.1-2.5, 3.1-3.4, 4.1-4.5

• Accepts responsibility for planning and sequencing complex tasks and workload, negotiating key aspects with others
• Monitors progress of plans and schedules, and reviews and changes them to meet new demands and priorities
• Applies systematic and analytical processes for complex and non-routine situations to decide on changes to outsourcing requirements
• Uses the main features and functions of digital tools to complete work tasks and to access information

Code and title 

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNSSMS505 Support trustee in the selection and performance monitoring of outsourced services

FNSSMS505A Support trustee in the selection and performance monitoring of outsourced services

Updated to meet Standards for Training Packages.

Minor edits to clarify intent of performance criteria.

Equivalent unit

Release 

Comments 

Release 1

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