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

FNSIBK606 Mapping and Delivery Guide
Manage compliance requirements for an insurance broking business

Version 1.0
Issue Date: April 2024


Qualification -
Unit of Competency FNSIBK606 - Manage compliance requirements for an insurance broking business
Description
Employability Skills
Learning Outcomes and Application This unit describes the specialist skills and knowledge required to undertake research, implement compliance practices, procedures and systems, complete internal audits, prepare documentation and reports in line with relevant regulatory and legislative requirements, and integrate compliance requirements into work practices. It applies to individuals who provide specialised knowledge, use systematic approaches and have responsibility to ensure quality standards and requirements are met.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

organisational policy and procedures.

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: Identify compliance requirements
  • Identify and document statutory, legislative and regulatory requirements relevant to brokerage
  • Identify and analyse compliance requirements for implementation
  • Maintain up-to-date checklist which includes reporting requirements, time limits and all other statutory operational requirements, and ensure it is observed
  • Identify, regularly update and collate accurate, reliable and up-to-date information on compliance requirements in form suitable for analysis
       
Element: Evaluate compliance factors and assess inherent risk
  • Identify impact of requirements on brokerage
  • Identify and evaluate non-compliance likelihood and intensity in key risk areas in brokerage
  • Evaluate compliance risk factors within context of organisation’s mitigating capabilities
       
Element: Establish compliance strategies
  • Identify compliance strategy and implementation stakeholder parties
  • Identify methods of systematising compliance strategy
  • Review cost–benefit variances of proposed compliance strategy
  • Identify and review existing strategies
  • Identify and assess alternate strategies in consultation with stakeholders
  • Select most appropriate strategy to ensure continued compliance
       
Element: Establish resource requirements for compliance purposes
  • Identify and source technical resources required for compliance purposes
  • Determine personnel requirements for operation of compliance program and assign or recruit appropriate staff where required
  • Identify and document compliance requirements for each role in organisation
  • Identify minimum training standards for all personnel and develop training program in conjunction with appropriate personnel
  • Implement staff supervision and monitoring processes to ensure staff compliance with requirements
       
Element: Implement and maintain compliance systems
  • Ensure regulatory requirements are incorporated into operational procedures
  • Develop documentation and communication systems that ensure compliance
  • Review practices and procedures to ensure compliance
  • Identify non-compliance practices and adopt corrective measures
  • Identify and promptly attend to irregularities, non-compliance and breaches
  • Consult staff to test integrity of systems
  • Identify areas for improvement to systems through consultation with staff and make recommendations to personnel as appropriate
  • Document process for reporting of breaches of laws and regulations
  • Ensure all documentation, operational and communication systems are implemented and checked for viability
  • Integrate new compliance requirements into work systems as required
       
Element: Ensure statutory reporting requirements are met
  • Identify reporting requirements and establish reporting timeframes
  • Ensure that organisational guidelines for preparing statutory reports are accessed and made available to relevant staff
  • Prepare statutory reports according to organisational guidelines and statutory requirements
  • Check statutory reports for compliance
  • Confirm submission of statutory reports with appropriate parties
       


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. Identify compliance requirements

1.1 Identify and document statutory, legislative and regulatory requirements relevant to brokerage

1.2 Identify and analyse compliance requirements for implementation

1.3 Maintain up-to-date checklist which includes reporting requirements, time limits and all other statutory operational requirements, and ensure it is observed

1.4 Identify, regularly update and collate accurate, reliable and up-to-date information on compliance requirements in form suitable for analysis

2. Evaluate compliance factors and assess inherent risk

2.1 Identify impact of requirements on brokerage

2.2 Identify and evaluate non-compliance likelihood and intensity in key risk areas in brokerage

2.3 Evaluate compliance risk factors within context of organisation’s mitigating capabilities

3. Establish compliance strategies

3.1 Identify compliance strategy and implementation stakeholder parties

3.2 Identify methods of systematising compliance strategy

3.3 Review cost–benefit variances of proposed compliance strategy

3.4 Identify and review existing strategies

3.5 Identify and assess alternate strategies in consultation with stakeholders

3.6 Select most appropriate strategy to ensure continued compliance

4. Establish resource requirements for compliance purposes

4.1 Identify and source technical resources required for compliance purposes

4.2 Determine personnel requirements for operation of compliance program and assign or recruit appropriate staff where required

4.3 Identify and document compliance requirements for each role in organisation

4.4 Identify minimum training standards for all personnel and develop training program in conjunction with appropriate personnel

4.5 Implement staff supervision and monitoring processes to ensure staff compliance with requirements

5. Implement and maintain compliance systems

5.1 Ensure regulatory requirements are incorporated into operational procedures

5.2 Develop documentation and communication systems that ensure compliance

5.3 Review practices and procedures to ensure compliance

5.4 Identify non-compliance practices and adopt corrective measures

5.5 Identify and promptly attend to irregularities, non-compliance and breaches

5.6 Consult staff to test integrity of systems

5.7 Identify areas for improvement to systems through consultation with staff and make recommendations to personnel as appropriate

5.8 Document process for reporting of breaches of laws and regulations

5.9 Ensure all documentation, operational and communication systems are implemented and checked for viability

5.10 Integrate new compliance requirements into work systems as required

6. Ensure statutory reporting requirements are met

6.1 Identify reporting requirements and establish reporting timeframes

6.2 Ensure that organisational guidelines for preparing statutory reports are accessed and made available to relevant staff

6.3 Prepare statutory reports according to organisational guidelines and statutory requirements

6.4 Check statutory reports for compliance

6.5 Confirm submission of statutory reports with appropriate parties

Evidence of the ability to:

undertake research to identify and interpret compliance requirements for an insurance broking business, including statutory reporting

develop strategies to manage compliance risks within the organisation

design compliance systems and related documentation to ensure compliance is integrated into work practices

complete internal compliance audits and take corrective action where required.

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:

illustrate and explain the process for design and execution of the internal audit system for the broking organisation against industry and legislative compliance requirements

outline the management accountabilities relating to the operation of the insurance broking business to meet regulatory requirements

outline the process for diagnosing compliance risks within an insurance brokerage and the design of strategies to mitigate identified risks.

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. Identify compliance requirements

1.1 Identify and document statutory, legislative and regulatory requirements relevant to brokerage

1.2 Identify and analyse compliance requirements for implementation

1.3 Maintain up-to-date checklist which includes reporting requirements, time limits and all other statutory operational requirements, and ensure it is observed

1.4 Identify, regularly update and collate accurate, reliable and up-to-date information on compliance requirements in form suitable for analysis

2. Evaluate compliance factors and assess inherent risk

2.1 Identify impact of requirements on brokerage

2.2 Identify and evaluate non-compliance likelihood and intensity in key risk areas in brokerage

2.3 Evaluate compliance risk factors within context of organisation’s mitigating capabilities

3. Establish compliance strategies

3.1 Identify compliance strategy and implementation stakeholder parties

3.2 Identify methods of systematising compliance strategy

3.3 Review cost–benefit variances of proposed compliance strategy

3.4 Identify and review existing strategies

3.5 Identify and assess alternate strategies in consultation with stakeholders

3.6 Select most appropriate strategy to ensure continued compliance

4. Establish resource requirements for compliance purposes

4.1 Identify and source technical resources required for compliance purposes

4.2 Determine personnel requirements for operation of compliance program and assign or recruit appropriate staff where required

4.3 Identify and document compliance requirements for each role in organisation

4.4 Identify minimum training standards for all personnel and develop training program in conjunction with appropriate personnel

4.5 Implement staff supervision and monitoring processes to ensure staff compliance with requirements

5. Implement and maintain compliance systems

5.1 Ensure regulatory requirements are incorporated into operational procedures

5.2 Develop documentation and communication systems that ensure compliance

5.3 Review practices and procedures to ensure compliance

5.4 Identify non-compliance practices and adopt corrective measures

5.5 Identify and promptly attend to irregularities, non-compliance and breaches

5.6 Consult staff to test integrity of systems

5.7 Identify areas for improvement to systems through consultation with staff and make recommendations to personnel as appropriate

5.8 Document process for reporting of breaches of laws and regulations

5.9 Ensure all documentation, operational and communication systems are implemented and checked for viability

5.10 Integrate new compliance requirements into work systems as required

6. Ensure statutory reporting requirements are met

6.1 Identify reporting requirements and establish reporting timeframes

6.2 Ensure that organisational guidelines for preparing statutory reports are accessed and made available to relevant staff

6.3 Prepare statutory reports according to organisational guidelines and statutory requirements

6.4 Check statutory reports for compliance

6.5 Confirm submission of statutory reports with appropriate parties

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 and document statutory, legislative and regulatory requirements relevant to brokerage 
Identify and analyse compliance requirements for implementation 
Maintain up-to-date checklist which includes reporting requirements, time limits and all other statutory operational requirements, and ensure it is observed 
Identify, regularly update and collate accurate, reliable and up-to-date information on compliance requirements in form suitable for analysis 
Identify impact of requirements on brokerage 
Identify and evaluate non-compliance likelihood and intensity in key risk areas in brokerage 
Evaluate compliance risk factors within context of organisation’s mitigating capabilities 
Identify compliance strategy and implementation stakeholder parties 
Identify methods of systematising compliance strategy 
Review cost–benefit variances of proposed compliance strategy 
Identify and review existing strategies 
Identify and assess alternate strategies in consultation with stakeholders 
Select most appropriate strategy to ensure continued compliance 
Identify and source technical resources required for compliance purposes 
Determine personnel requirements for operation of compliance program and assign or recruit appropriate staff where required 
Identify and document compliance requirements for each role in organisation 
Identify minimum training standards for all personnel and develop training program in conjunction with appropriate personnel 
Implement staff supervision and monitoring processes to ensure staff compliance with requirements 
Ensure regulatory requirements are incorporated into operational procedures 
Develop documentation and communication systems that ensure compliance 
Review practices and procedures to ensure compliance 
Identify non-compliance practices and adopt corrective measures 
Identify and promptly attend to irregularities, non-compliance and breaches 
Consult staff to test integrity of systems 
Identify areas for improvement to systems through consultation with staff and make recommendations to personnel as appropriate 
Document process for reporting of breaches of laws and regulations 
Ensure all documentation, operational and communication systems are implemented and checked for viability 
Integrate new compliance requirements into work systems as required 
Identify reporting requirements and establish reporting timeframes 
Ensure that organisational guidelines for preparing statutory reports are accessed and made available to relevant staff 
Prepare statutory reports according to organisational guidelines and statutory requirements 
Check statutory reports for compliance 
Confirm submission of statutory reports with appropriate parties 

Forms

Assessment Cover Sheet

FNSIBK606 - Manage compliance requirements for an insurance broking business
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

FNSIBK606 - Manage compliance requirements for an insurance broking business

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: