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 candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:
determine and manage risk exposure strategies for at least two different types of financial products.
In the course of the above, the candidate must:
establish processes to communicate and manage implementation
establish processes to monitor, review and assess the effectiveness of the risk exposure strategy
consult and communicate with appropriate stakeholders.
The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:
key features and purpose of standards for risk management as indicated by regulators
the key features of actuarial and financial principles and processes related to risk exposure strategies
industry hazards and risk exposures
methods of risk assessment, prevention, and application
key features of establishing risk acceptance criteria for low and high hazard risk areas, including meeting market conditions, and accepted levels of exposure within organisations
key organisational products and services, and associated risks and liability loss exposures
different forms that strategy process implementation may take in an organisation
internal and external operational risks
operational capital management
types of inherent risks
key features of industry sector legislation, organisational and regulatory guidelines, and compliance requirements required to produce the performance evidence
organisational policy, procedures, guidelines and authorities related to risk management.
Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.
This includes access to:
office equipment, technology, software and consumables
legislation, regulations and codes of practice required to produce the performance evidence
standards for risk management as indicated by regulators.
Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.