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

FNSIBK405 Mapping and Delivery Guide
Meet industry and legislative guidelines and organisational procedures relating to insurance broking

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSIBK405 - Meet industry and legislative guidelines and organisational procedures relating to insurance broking
Description
Employability Skills
Learning Outcomes and Application This unit describes skills and knowledge required to apply industry and organisational procedures, guidelines, policy and standards in a daily work context within an insurance broking business to meet compliance requirements in line with industry regulations and legislation.It applies to individuals who use learning opportunities to maintain and transfer knowledge into practice to carry out roles in organisations of various sizes and across a range of customer bases. 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.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the insurance broking field of work and include access to:

common office equipment, technology, software and consumables

organisational records.

Assessors must satisfy NVR/AQTF assessor requirements.
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 information
  • Collect and analyse information on relevant legislation, regulations and codes of practice and other relevant industry guidelines and standards
  • Maintain and observe an up-to-date checklist of legislative and regulatory operational requirements
  • Update reference material on a regular basis as amendments to legislative and regulatory requirements occur
       
Element: Apply professional work practices
  • Clarify and refine work practices regularly in light of up-to-date information on relevant legislation, regulations and codes of practice
  • Apply knowledge of organisational philosophy, values, standards and objectives to work practices
  • Use relevant codes of practice to guide an ethical approach to workplace practice and decisions
  • Obtain assistance from appropriate personnel to clarify work practices and obtain relevant information whenever necessary
       
Element: Meet brokerage work requirements
  • Follow established work health and safety procedures, and contribute to eliminating work hazards and reducing risk in work environment
  • Use information management systems and software appropriately to complete work tasks
  • Participate in and facilitate work team activities
  • Plan work to be completed taking into consideration time, resources and other constraints
  • Develop and maintain personal competency in job role
  • Apply sustainability principles to work practices in accordance with organisational policy
       


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 information

1.1 Collect and analyse information on relevant legislation, regulations and codes of practice and other relevant industry guidelines and standards

1.2 Maintain and observe an up-to-date checklist of legislative and regulatory operational requirements

1.3 Update reference material on a regular basis as amendments to legislative and regulatory requirements occur

2. Apply professional work practices

2.1 Clarify and refine work practices regularly in light of up-to-date information on relevant legislation, regulations and codes of practice

2.2 Apply knowledge of organisational philosophy, values, standards and objectives to work practices

2.3 Use relevant codes of practice to guide an ethical approach to workplace practice and decisions

2.4 Obtain assistance from appropriate personnel to clarify work practices and obtain relevant information whenever necessary

3. Meet brokerage work requirements

3.1 Follow established work health and safety procedures, and contribute to eliminating work hazards and reducing risk in work environment

3.2 Use information management systems and software appropriately to complete work tasks

3.3 Participate in and facilitate work team activities

3.4 Plan work to be completed taking into consideration time, resources and other constraints

3.5 Develop and maintain personal competency in job role

3.6 Apply sustainability principles to work practices in accordance with organisational policy

Evidence of the ability to:

follow operational procedures to meet compliance requirements in line with financial services industry regulations and other legislation

interpret and comply with organisational policy and procedures, relevant legislation and insurance broking codes of practice

consult appropriate personnel for guidance and advice when necessary

review training needs and professional development opportunities to perform tasks in line with industry standards and requirements.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

To complete the unit requirements safely and effectively, the individual must:

briefly outline the history of insurance and insurance broking to explain current practices

explain the roles and responsibilities of an insurance broker and the different sectors including underwriters, loss adjusters, risk surveyors and risk managers

describe the application of legislation, regulations and codes of practice, including work health and safety, to the broking role

explain organisational brokerage policy and procedures and their role in compliance

describe the main sectors of the industry and their interrelationships

outline how external industry factors are assessed to determine impact on the compliance procedures

outline the application in the broking role of accepted codes of practice and conduct, including those related to:

maintaining confidentiality

use of company property

duty of care

ethical behaviours

non-discriminatory practices

conflict of interest

compliance with reasonable direction

appropriate dress and hygiene codes, and business etiquette.

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 information

1.1 Collect and analyse information on relevant legislation, regulations and codes of practice and other relevant industry guidelines and standards

1.2 Maintain and observe an up-to-date checklist of legislative and regulatory operational requirements

1.3 Update reference material on a regular basis as amendments to legislative and regulatory requirements occur

2. Apply professional work practices

2.1 Clarify and refine work practices regularly in light of up-to-date information on relevant legislation, regulations and codes of practice

2.2 Apply knowledge of organisational philosophy, values, standards and objectives to work practices

2.3 Use relevant codes of practice to guide an ethical approach to workplace practice and decisions

2.4 Obtain assistance from appropriate personnel to clarify work practices and obtain relevant information whenever necessary

3. Meet brokerage work requirements

3.1 Follow established work health and safety procedures, and contribute to eliminating work hazards and reducing risk in work environment

3.2 Use information management systems and software appropriately to complete work tasks

3.3 Participate in and facilitate work team activities

3.4 Plan work to be completed taking into consideration time, resources and other constraints

3.5 Develop and maintain personal competency in job role

3.6 Apply sustainability principles to work practices in accordance with organisational policy

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
Collect and analyse information on relevant legislation, regulations and codes of practice and other relevant industry guidelines and standards 
Maintain and observe an up-to-date checklist of legislative and regulatory operational requirements 
Update reference material on a regular basis as amendments to legislative and regulatory requirements occur 
Clarify and refine work practices regularly in light of up-to-date information on relevant legislation, regulations and codes of practice 
Apply knowledge of organisational philosophy, values, standards and objectives to work practices 
Use relevant codes of practice to guide an ethical approach to workplace practice and decisions 
Obtain assistance from appropriate personnel to clarify work practices and obtain relevant information whenever necessary 
Follow established work health and safety procedures, and contribute to eliminating work hazards and reducing risk in work environment 
Use information management systems and software appropriately to complete work tasks 
Participate in and facilitate work team activities 
Plan work to be completed taking into consideration time, resources and other constraints 
Develop and maintain personal competency in job role 
Apply sustainability principles to work practices in accordance with organisational policy 

Forms

Assessment Cover Sheet

FNSIBK405 - Meet industry and legislative guidelines and organisational procedures relating to insurance broking
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

FNSIBK405 - Meet industry and legislative guidelines and organisational procedures relating to insurance broking

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: