Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners

AHCBUS510 Mapping and Delivery Guide
Manage finance, insurance and legal requirements

Version 1.0
Issue Date: April 2024


Qualification -
Unit of Competency AHCBUS510 - Manage finance, insurance and legal requirements
Description
Employability Skills
Learning Outcomes and Application This unit of competency describes the skills and knowledge required to manage finance, insurance and legal requirements.All work must be carried out to comply with organisational requirements, work health and safety legislation and codes and in consultation with the management team.This unit applies to individuals who take responsibility for their own work and provide and communicate solutions to a range of predictable and sometimes unpredictable problems.No occupational licensing, legislative or certification requirements are known to apply to this unit at the time of publication.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.

Competency is to be assessed in the workplace or simulated environment that accurately reflects performance in a real workplace setting.

Assessors must satisfy current standards for RTOs.
Prerequisites/co-requisites
Competency Field
Development and validation strategy and guide for assessors and learners Student Learning Resources Handouts
Activities 		Slides
PPT 		Assessment 1 Assessment 2 Assessment 3 Assessment 4
Elements of Competency Performance Criteria              
Element: Manage the legal requirements of the business
  • Identify, implement and monitor legislative requirements to meet compliance requirements
  • Identify where expert legal advice is required to ensure compliance
  • Identify, maintain and store legal documents
  • Review legislative requirements regularly
       
Element: Process and maintain the insurance requirements for the business
  • Identify insurable items of the business
  • Conduct a risk assessment to determine the likely consequences of adverse risk outcomes
  • Identify suitable insurers or brokers and obtain quotations on price and premium payment options
  • Conduct a cost/benefit analysis to determine the effectiveness of insurance
  • Identify and evaluate the potential for under- or over-insurance
  • Acquire adequate insurance policies and cover
  • Review legislative requirements and insurance cover
  • File documents to ensure security and accessibility
       
Element: Identify sources, types and cost of finance
  • Conduct research on the types of finance for primary production-based businesses
  • Determine costs associated with different forms of finance
  • Identify the opportunity cost of utilising internal funding sources instead of external sources
  • Assess the advantages and disadvantages of each form of finance
  • Assess repayment structures for finance options
  • Assess the taxation implications of finance options
       
Element: Prepare application for finance or investment
  • Access business and financial data and prepare an application for finance or investment
  • Check the finance application for accuracy and submit it to the relevant body
  • Maintain and store documentation
       
Element: Manage finance repayments
  • Develop a budget for the business to demonstrate repayment and interest commitments can be met
  • Establish contingencies to ensure finance costs are met when cashflow is restricted
       


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.

Element

Performance criteria

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Manage the legal requirements of the business

1.1 Identify, implement and monitor legislative requirements to meet compliance requirements

1.2 Identify where expert legal advice is required to ensure compliance

1.3 Identify, maintain and store legal documents

1.4 Review legislative requirements regularly

2. Process and maintain the insurance requirements for the business

2.1 Identify insurable items of the business

2.2 Conduct a risk assessment to determine the likely consequences of adverse risk outcomes

2.3 Identify suitable insurers or brokers and obtain quotations on price and premium payment options

2.4 Conduct a cost/benefit analysis to determine the effectiveness of insurance

2.5 Identify and evaluate the potential for under- or over-insurance

2.6 Acquire adequate insurance policies and cover

2.7 Review legislative requirements and insurance cover

2.8 File documents to ensure security and accessibility

3. Identify sources, types and cost of finance

3.1 Conduct research on the types of finance for primary production-based businesses

3.2 Determine costs associated with different forms of finance

3.3 Identify the opportunity cost of utilising internal funding sources instead of external sources

3.4 Assess the advantages and disadvantages of each form of finance

3.5 Assess repayment structures for finance options

3.6 Assess the taxation implications of finance options

4. Prepare application for finance or investment

4.1 Access business and financial data and prepare an application for finance or investment

4.2 Check the finance application for accuracy and submit it to the relevant body

4.3 Maintain and store documentation

5. Manage finance repayments

5.1 Develop a budget for the business to demonstrate repayment and interest commitments can be met

5.2 Establish contingencies to ensure finance costs are met when cashflow is restricted

The candidate must be assessed on their ability to integrate and apply the performance requirements of this unit in a workplace setting. Performance must be demonstrated consistently over time and in a suitable range of contexts.

The candidate must provide evidence that they can:

interpret financial reports and business data

maintain basic accounts

administer the legal requirements of the business

obtain professional advice

process and maintain the insurance requirements for the business

identify sources, types and cost of finance

prepare an application for finance or investment.

The candidate must demonstrate knowledge of:

business processes and legal requirements

insurance processes and legal requirements

risk assessment processes

cost/benefit analysis processes

opportunity cost calculation

finance processes and legal requirements

taxation and account keeping requirements.

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assignment, 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.

Element

Performance criteria

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Manage the legal requirements of the business

1.1 Identify, implement and monitor legislative requirements to meet compliance requirements

1.2 Identify where expert legal advice is required to ensure compliance

1.3 Identify, maintain and store legal documents

1.4 Review legislative requirements regularly

2. Process and maintain the insurance requirements for the business

2.1 Identify insurable items of the business

2.2 Conduct a risk assessment to determine the likely consequences of adverse risk outcomes

2.3 Identify suitable insurers or brokers and obtain quotations on price and premium payment options

2.4 Conduct a cost/benefit analysis to determine the effectiveness of insurance

2.5 Identify and evaluate the potential for under- or over-insurance

2.6 Acquire adequate insurance policies and cover

2.7 Review legislative requirements and insurance cover

2.8 File documents to ensure security and accessibility

3. Identify sources, types and cost of finance

3.1 Conduct research on the types of finance for primary production-based businesses

3.2 Determine costs associated with different forms of finance

3.3 Identify the opportunity cost of utilising internal funding sources instead of external sources

3.4 Assess the advantages and disadvantages of each form of finance

3.5 Assess repayment structures for finance options

3.6 Assess the taxation implications of finance options

4. Prepare application for finance or investment

4.1 Access business and financial data and prepare an application for finance or investment

4.2 Check the finance application for accuracy and submit it to the relevant body

4.3 Maintain and store documentation

5. Manage finance repayments

5.1 Develop a budget for the business to demonstrate repayment and interest commitments can be met

5.2 Establish contingencies to ensure finance costs are met when cashflow is restricted

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
Identify, implement and monitor legislative requirements to meet compliance requirements 
Identify where expert legal advice is required to ensure compliance 
Identify, maintain and store legal documents 
Review legislative requirements regularly 
Identify insurable items of the business 
Conduct a risk assessment to determine the likely consequences of adverse risk outcomes 
Identify suitable insurers or brokers and obtain quotations on price and premium payment options 
Conduct a cost/benefit analysis to determine the effectiveness of insurance 
Identify and evaluate the potential for under- or over-insurance 
Acquire adequate insurance policies and cover 
Review legislative requirements and insurance cover 
File documents to ensure security and accessibility 
Conduct research on the types of finance for primary production-based businesses 
Determine costs associated with different forms of finance 
Identify the opportunity cost of utilising internal funding sources instead of external sources 
Assess the advantages and disadvantages of each form of finance 
Assess repayment structures for finance options 
Assess the taxation implications of finance options 
Access business and financial data and prepare an application for finance or investment 
Check the finance application for accuracy and submit it to the relevant body 
Maintain and store documentation 
Develop a budget for the business to demonstrate repayment and interest commitments can be met 
Establish contingencies to ensure finance costs are met when cashflow is restricted 

Forms

Assessment Cover Sheet

AHCBUS510 - Manage finance, insurance and legal requirements
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

AHCBUS510 - Manage finance, insurance and legal requirements

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: