Unit of competency Outline

Date retreived
22/07/2026 9:54 PM AWST

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Develop, implement and monitor policy and procedures

Develop, implement and monitor policy and procedures

Unit of competency
National Code
FNSORG512
State Code
OBR70
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
01/07/2020
View on TGA
State Implementation and Classification
Approved Date
02/10/2020
Field of Education
080399 - Business And Management, N.e.c.
Original Release Date
02/10/2020
Nominal Hours
50
Description
This unit describes the skills and knowledge required to develop and implement organisational policy and procedures and systematically monitor and evaluate.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.
Notes
Elements and Performance Criteria
1. Identify and document policy and procedure requirements
  • 1.1 Undertake research and conduct stakeholder consultations to identify organisation policy and procedure requirements
  • 1.2 Identify risks and changes to current practices in an organisation requiring policy and procedure development or adjustment
  • 1.3 Determine priority areas for policy and procedure development
  • 1.4 Assess policy and procedures against key performance indicators and organisational policy and procedures
  • 1.5 Document changes to data relating to risk according to organisational policies and procedures
2. Develop and verify policy and procedure documentation
  • 2.1 Develop policy and procedure documentation for identified practice
  • 2.2 Review and verify developed policy and procedures with appropriate stakeholders
  • 2.3 Respond to feedback and adopt as appropriate with updated documentation
3. Implement policy and procedures
  • 3.1 Establish time frame and plan for policy and procedure implementation
  • 3.2 Disseminate policy and procedure documentation to applicable stakeholders
  • 3.3 Implement training and awareness processes of new or amended policy and procedures
4. Monitor effectiveness of policy and procedures
  • 4.1 Establish regular processes to monitor compliance with policy and procedures
  • 4.2 Review and record business framework and policy exemptions and non-compliance
  • 4.3 Assess developed policy and procedures against key performance indicators (KPIs) and organisational targets
  • 4.4 Evaluate currency and ongoing validity of policy and procedures
5. Manage and monitor effective risk control and compliance practices
  • 5.1 Conduct end to end controls testing
  • 5.2 Conduct monitoring and assurance reviews across business activities
  • 5.3 Report findings of monitoring and assurance activities according to organisational policies and procedures
  • 5.4 Critically review the operating effectiveness and design of monitoring programs
No information
No information
Replaces
State Code National Code Title Type
AUS41 FNSORG502 Develop and monitor policy and procedures Unit of competency