Assessor Resource

FNSISV502A
Review operational performance of the portfolio

Assessment tool

Version 1.0
Issue Date: May 2024


This unit applies to job roles involving specialist knowledge and functions in a range of insurance sectors and may be applied within organisations of various sizes and across a range of customer bases.

This unit describes the performance outcomes, skills and knowledge required to conduct an operational review of the portfolio, including identifying problems and determining remedial action.

This unit is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements including legislation administered by the Australian Securities and Investments Commission (ASIC).

You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)

Employability Skills

This unit contains employability skills.



Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

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:

interpret and comply with industry sector and all legal obligations and organisation policy and procedures relating to reviewing portfolio performance

use practical understanding and application of the criteria and methodology for conducting a review of portfolio performance

analyse performance related data and propose remedies for problems are critical

develop and implement a detailed action plans to address problems in portfolio performance

monitor implementation and progress of measures taken to address portfolio performance

complete relevant documentation and adhere to organisation operating guidelines.

Context of and specific resources for assessment

Assessment must ensure:

competency is demonstrated in the context of the 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 organisation records

access to organisation policies and procedures.

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

observing processes and procedures in workplaces

verbal or written questioning on underpinning knowledge and skills

evaluating samples of work

accessing and validating third party reports

setting and reviewing workplace projects and business simulations or scenarios.

Guidance information for assessment

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assingnment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

Required skills

highly developed communication skills to:

determine and confirm information, using questioning and active listening as required

relate effectively to customers

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

well-developed numeracy and IT skills to:

perform calculations related to achieving required outcomes

use computer applications (word processing, spreadsheet, database, specific purpose computer systems) to assist in achieving required outcomes

access and update records electronically

access web-based information services

well-developed literacy skills to read and interpret documentation from a variety of sources and record and consolidate relevant related information

learning skills to maintain knowledge of changes to compliance legislation and requirements

problem solving skills to identify any issues that have the potential to impact on work outcomes and to develop options to resolve these issues when they arise

self-management skills for complying with ethical, legal and procedural requirements research and analysis skills for accessing and interpreting relevant information

organisational skills, including the ability to plan and sequence work

Required knowledge

industry market position relative to product/line of business

industry sector compliance requirements such as the General Insurance Code of Practice

interim cover as it relates to expiry of contracts and cancellations (Insurance Contracts Act. ss. 38, 58)

OHS legislation per industry

organisation or industry sector policy wording

organisation policy, procedures, underwriting guidelines and authorities (e.g. best underwriting and loss control guides)

reinsurance, treaty and facultative

relative industry hazards

relevant common law, legal systems and procedures including:

Insurance Contracts Act

Trade Practices Act

Financial Services Reform Act (FSRA)

Corporations Act

risk prevention methods and application

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.

Performance data may include:

benchmarking against predetermined objectives and/or internal and external business units

claims loss ratio data

density of portfolio per area

general knowledge

number and extent of losses

publications (industry associations and trade journals)

revenue accounts

statistics

stock exchange.

Analysis techniques may include:

a comparative study of variation trends and loss ratios

frequently occurring risks

one-off events or catastrophes.

Procedures may include:

monitoring preferred acceptance criteria

quality assurance testing.

Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Identified key performance data is collated and checked for accuracy 
Data is reviewed against planned outcomes and prior record 
Analysis is conducted to establish whether planned outcomes have been achieved 
Variations in performance are assessed to determine whether remedial action is required 
Performance is benchmarked 
Performance problems are identified from available information 
Unusual circumstances are referred for strategic analysis as required 
Further analysis is undertaken in order to identify improvement measures 
Existing authorities and acceptance criteria are reviewed to assess if amendments are needed 
Action plans to match performance with portfolio profile are prepared within guidelines and established authorities 
Action plans are implemented 
Procedures are developed to monitor remedial action 
The remedial action is monitored to determine its effectiveness 
Results are analysed on an ongoing basis to ensure portfolio performance has stabilised and is moving towards planned outcomes 

Forms

Assessment Cover Sheet

FNSISV502A - Review operational performance of the portfolio
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:

Assessment Record Sheet

FNSISV502A - Review operational performance of the portfolio

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: