Unit of competency Outline

Date retreived
22/07/2026 3:35 PM AWST

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Review compliance with regulatory and contractual requirements

Review compliance with regulatory and contractual requirements

Unit of competency
National Code
FNSSUP507
State Code
AUT37
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
25/03/2015
View on TGA
State Implementation and Classification
Approved Date
16/09/2015
Field of Education
080101 - Accounting
Original Release Date
16/09/2015
Nominal Hours
80
Description
This unit describes the skills and knowledge required to identify performance requirements, develop and implement systems and procedures, monitor and report compliance performance, and advise on required changes to regulatory and contractual compliance requirements.It applies to individuals who have responsibility for ensuring quality practices and industry requirements are effectively implemented, maintained and improved.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Notes
Elements and Performance Criteria
1. Identify performance requirements
  • 1.1 Identify performance requirements in accordance with operating guidelines and relevant legislative requirements
  • 1.2 Document performance requirements
  • 1.3 Establish performance criteria for meeting requirements
2. Develop and implement systems and procedures to meet requirements
  • 2.1 Prepare action plans to meet requirements
  • 2.2 Establish and implement appropriate operational guidelines, policy and procedures
  • 2.3 Develop and document contingency plans to ensure requirements are met in extraordinary situations
3. Monitor compliance with required performance
  • 3.1 Regularly review performance requirements against each fund or plan to ensure compliance
  • 3.2 Alter procedures, guidelines and policies in response to changed circumstances and performance variation
4. Report and advise on required changes
  • 4.1 Fully document all fund performance reviews
  • 4.2 Identify anomalies and variations, and report promptly
  • 4.3 Support advice and recommendations for change with effective action plans
No information
No information
Replaces
State Code National Code Title Type
D4349 FNSSUP507A Review compliance with regulatory and contractual requirements Unit of competency
Replaced By
State Code National Code Title Type
OCI13 FNSSUP517 Review performance of superannuation funds against regulatory and contractual requirements Unit of competency
State Code National Code Title Type
AWD2 FNS50715 Diploma of Superannuation Qualification