Unit of competency Outline
Date retreived
22/07/2026 7:57 AM AWST
22/07/2026 7:57 AM AWST
Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.
Improve the practice
Improve the practice
Unit of competency
National Code
FNSPRM602A
FNSPRM602A
State Code
D4305
D4305
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
31/07/2014
Field of Education
080303 - Human Resource Management
Original Release Date
31/07/2014
Nominal Hours
60
Description
This unit describes the performance outcomes, skills and knowledge required to analyse and develop and implement plans to improve the business of a financial practice. It requires the application of diagnosis and benchmarking skills not for the technical side of the practice, but to provide strategies for general business improvement.This unit may apply to job roles subject to licensing, legislative, regulatory or certification requirements so Commonwealth, State or Territory requirements should be confirmed with the relevant body.
Notes
Elements and Performance Criteria
1. Diagnose the business
- 1.1. Data required for diagnosis are determined and sourced
- 1.2. Competitive advantage of the practice is determined from the data and a SWOT analysis undertaken
2. Benchmark the business
- 2.1. Sources of relevant benchmarking data are identified and sourced
- 2.2. Key indicators for benchmarking are selected in consultation with key stakeholders
- 2.3. Like indicators of own practice are compared with benchmark indicators and areas for improvement identified
3. Develop plans to improve practice performance
- 3.1. A consolidated list of required improvements is developed with cost-benefit ratios for required improvements determined
- 3.2. Work flow changes resulting from proposed improvements are determined and ranked according to agreed criteria
- 3.3. An action plan to implement the top ranked improvements is developed and agreed
- 3.4. Organisational structures are checked to ensure they are suitable
4. Implement and monitor plan
- 4.1. Implementation plan is developed in consultation with all relevant stakeholders and indicators of success of the plan agreed
- 4.2. Implementation is monitored against agreed indicators and adjusted as required
RANGE STATEMENT
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.
Data required includes:
appropriate business structures
break even data
business environment factors
competitor products, marketing and branding
competitor pricing and response to pricing
demographic factors
economic conditions
expected revenue levels, short-term and long-term
internal policies, procedures and practices
level of client service which can be provided
level of commercial activity
market
changes
segmentation
consolidation
fragmentation
definition
organisation capability
political, legislative and regulative impacts
pricing policy
revenue
assumptions
growth rate
social factors
staff levels, capabilities and structure
technological impacts.
Competitive advantage includes:
services and products
fees
location
timeframe.
SWOT analysis includes:
external opportunities such as:
changing market
economic conditions
external threats such as:
industry fee structures
strategic alliances
competitor marketing
internal strengths such as:
staff capability
recognised quality
internal weaknesses such as:
poor morale
under-capitalisation
limiting technology.
Key indicators may include:
client base
fee structure
number of staff
overhead and overhead control
personnel productivity (particularly of principals)
profitability
salary cost.
Organisational structures include:
legal structure
partnership
limited liability company
organisational structure and hierarchy
reward schemes.
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.
Data required includes:
appropriate business structures
break even data
business environment factors
competitor products, marketing and branding
competitor pricing and response to pricing
demographic factors
economic conditions
expected revenue levels, short-term and long-term
internal policies, procedures and practices
level of client service which can be provided
level of commercial activity
market
changes
segmentation
consolidation
fragmentation
definition
organisation capability
political, legislative and regulative impacts
pricing policy
revenue
assumptions
growth rate
social factors
staff levels, capabilities and structure
technological impacts.
Competitive advantage includes:
services and products
fees
location
timeframe.
SWOT analysis includes:
external opportunities such as:
changing market
economic conditions
external threats such as:
industry fee structures
strategic alliances
competitor marketing
internal strengths such as:
staff capability
recognised quality
internal weaknesses such as:
poor morale
under-capitalisation
limiting technology.
Key indicators may include:
client base
fee structure
number of staff
overhead and overhead control
personnel productivity (particularly of principals)
profitability
salary cost.
Organisational structures include:
legal structure
partnership
limited liability company
organisational structure and hierarchy
reward schemes.
EVIDENCE GUIDE
The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.
Overview of assessment
Critical aspects for assessment and evidence required to demonstrate competency in this unit
Evidence of the ability to:
identify the key indicators of business performance for the practice
source and use a wide range of available information sources including acquiring information not readily available within a practice
analyse data and determine areas of improvement for practice
negotiate required improvements to ensure implementation.
Context of and specific resources for assessment
Assessment must ensure:
competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment
access to and the use of a range of common office equipment, technology, software and consumables
access to relevant legislation, regulations and codes of practice.
Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:
evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency
verbal or written questioning on underpinning knowledge and skills
setting and reviewing workplace projects and business simulations/scenarios
evaluating samples of work
accessing and validating third party reports.
Guidance information for assessment
The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.
Overview of assessment
Critical aspects for assessment and evidence required to demonstrate competency in this unit
Evidence of the ability to:
identify the key indicators of business performance for the practice
source and use a wide range of available information sources including acquiring information not readily available within a practice
analyse data and determine areas of improvement for practice
negotiate required improvements to ensure implementation.
Context of and specific resources for assessment
Assessment must ensure:
competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment
access to and the use of a range of common office equipment, technology, software and consumables
access to relevant legislation, regulations and codes of practice.
Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:
evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency
verbal or written questioning on underpinning knowledge and skills
setting and reviewing workplace projects and business simulations/scenarios
evaluating samples of work
accessing and validating third party reports.
Guidance information for assessment
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| C9896 | FNSPRAC602B | Improve the practice | Unit of competency |
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUS63 | FNSPRM602 | Improve the practice | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| D726 | FNS60311 | Advanced Diploma of Conveyancing | Qualification |
| D716 | FNS50311 | Diploma of Finance and Mortgage Broking Management | Qualification |
| S737 | FNS60410 | Advanced Diploma of Financial Planning | Qualification |
| S734 | FNS60110 | Advanced Diploma of Insurance Broking | Qualification |