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

FNSISV502 Mapping and Delivery Guide
Review operational performance of the portfolio

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSISV502 - Review operational performance of the portfolio
Description
Employability Skills
Learning Outcomes and Application This unit describes the skills and knowledge required to conduct an operational review of the portfolio, including identifying problems and determining remedial action.It applies to individuals working in 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 client 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 services field of work and include access to:

organisational records

organisational policy, procedures, legislation and regulations as they relate to contracts of insurance

a range of common technology and software.

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: Analyse performance data
  • Collate and check identified key performance data for accuracy
  • Review data against planned outcomes and prior record
  • Conduct analysis to establish whether planned outcomes have been achieved
  • Assess variations in performance to determine whether remedial action is required
  • Benchmark performance
       
Element: Identify performance problems and remedial action
  • Identify performance problems from available information
  • Refer unusual circumstances for strategic analysis as required
  • Undertake further analysis to identify improvement measures
       
Element: Document, determine and implement remedial action
  • Review existing authorities and acceptance criteria to assess if amendments are needed
  • Prepare action plans to match performance with portfolio profile, within guidelines and established authorities
  • Implement action plans
       
Element: Monitor effectiveness of remedial action
  • Develop procedures to monitor remedial action
  • Monitor remedial action to determine its effectiveness
  • Analyse results on an ongoing basis to ensure portfolio performance has stabilised and is moving towards planned outcomes
       


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. Analyse performance data

1.1 Collate and check identified key performance data for accuracy

1.2 Review data against planned outcomes and prior record

1.3 Conduct analysis to establish whether planned outcomes have been achieved

1.4 Assess variations in performance to determine whether remedial action is required

1.5 Benchmark performance

2. Identify performance problems and remedial action

2.1 Identify performance problems from available information

2.2 Refer unusual circumstances for strategic analysis as required

2.3 Undertake further analysis to identify improvement measures

3. Document, determine and implement remedial action

3.1 Review existing authorities and acceptance criteria to assess if amendments are needed

3.2 Prepare action plans to match performance with portfolio profile, within guidelines and established authorities

3.3 Implement action plans

4. Monitor effectiveness of remedial action

4.1 Develop procedures to monitor remedial action

4.2 Monitor remedial action to determine its effectiveness

4.3 Analyse results on an ongoing basis to ensure portfolio performance has stabilised and is moving towards planned outcomes

Evidence of the ability to:

review portfolio performance by:

accurately interpreting and complying with industry legislative requirements and organisational policy and procedures

applying the criteria and methodology for conducting a review of portfolio performance

analyse performance related data and propose remedies for problems

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

monitor implementation and progress of measures taken to address portfolio performance

complete relevant documentation and adhere to organisational operating guidelines.

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:

describe the industry market position relative to the product and/or line of business

discuss industry sector compliance requirements such as the insurance codes of practice

explain interim cover as it relates to expiry of contracts and cancellations

identify relevant statutory hazard, health and safety legislation

explain the importance of wording of insurance policies in keeping with the organisation or industry sector

outline organisational policy, procedures, underwriting guidelines and levels of authority

define the difference between treaty and facultative reinsurance

identify key features of relevant legislation, regulatory guidelines and industry sector compliance requirements as they apply to:

insurance contracts

competition and consumer practices

financial services

corporations

explain risk prevention methods and application.

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. Analyse performance data

1.1 Collate and check identified key performance data for accuracy

1.2 Review data against planned outcomes and prior record

1.3 Conduct analysis to establish whether planned outcomes have been achieved

1.4 Assess variations in performance to determine whether remedial action is required

1.5 Benchmark performance

2. Identify performance problems and remedial action

2.1 Identify performance problems from available information

2.2 Refer unusual circumstances for strategic analysis as required

2.3 Undertake further analysis to identify improvement measures

3. Document, determine and implement remedial action

3.1 Review existing authorities and acceptance criteria to assess if amendments are needed

3.2 Prepare action plans to match performance with portfolio profile, within guidelines and established authorities

3.3 Implement action plans

4. Monitor effectiveness of remedial action

4.1 Develop procedures to monitor remedial action

4.2 Monitor remedial action to determine its effectiveness

4.3 Analyse results on an ongoing basis to ensure portfolio performance has stabilised and is moving towards planned outcomes

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
Collate and check identified key performance data for accuracy 
Review data against planned outcomes and prior record 
Conduct analysis to establish whether planned outcomes have been achieved 
Assess variations in performance to determine whether remedial action is required 
Benchmark performance 
Identify performance problems from available information 
Refer unusual circumstances for strategic analysis as required 
Undertake further analysis to identify improvement measures 
Review existing authorities and acceptance criteria to assess if amendments are needed 
Prepare action plans to match performance with portfolio profile, within guidelines and established authorities 
Implement action plans 
Develop procedures to monitor remedial action 
Monitor remedial action to determine its effectiveness 
Analyse results on an ongoing basis to ensure portfolio performance has stabilised and is moving towards planned outcomes 

Forms

Assessment Cover Sheet

FNSISV502 - 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

FNSISV502 - 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: