Step 1 :Substitute $x=1$ into the function $f(x)=x^{4}-16$ to find $f(1)$
Step 2 :Calculate $f(1)=1^{4}-16=-15$
Step 3 :Substitute $x=-1$ into the function $f(x)=x^{4}-16$ to find $f(-1)$
Step 4 :Calculate $f(-1)=(-1)^{4}-16=-15$
Step 5 :So, $f(1)=\boxed{-15}$ and $f(-1)=\boxed{-15}$