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Evidence Guide: FNSCRD501 - Respond to personal insolvency situations

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

FNSCRD501 - Respond to personal insolvency situations

What evidence can you provide to prove your understanding of each of the following citeria?

Monitor status of insolvency and analyse potential risk

  1. Identify factors in client accounts that may contribute to a possible personal insolvency situation and risk factors to the organisation
  2. Assess impact of insolvency options that may be taken by a trustee or other third party
Identify factors in client accounts that may contribute to a possible personal insolvency situation and risk factors to the organisation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assess impact of insolvency options that may be taken by a trustee or other third party

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine appropriate action

  1. Evaluate personal insolvency actions in accordance with legislative rights and obligations of both debtor and creditor
  2. Complete appropriate documentation in accordance with legislative requirements and organisational policy and procedures to implement appropriate action and commence legal proceedings
Evaluate personal insolvency actions in accordance with legislative rights and obligations of both debtor and creditor

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Complete appropriate documentation in accordance with legislative requirements and organisational policy and procedures to implement appropriate action and commence legal proceedings

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review circumstances which led to the personal insolvency situation

  1. Evaluate causes for insolvency and review procedures to prevent recurrence of loss, contributing factors and exposure
  2. Implement outcome of review, as required
Evaluate causes for insolvency and review procedures to prevent recurrence of loss, contributing factors and exposure

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Implement outcome of review, as required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

1. Monitor status of insolvency and analyse potential risk

1.1 Identify factors in client accounts that may contribute to a possible personal insolvency situation and risk factors to the organisation

1.2 Assess impact of insolvency options that may be taken by a trustee or other third party

2. Determine appropriate action

2.1 Evaluate personal insolvency actions in accordance with legislative rights and obligations of both debtor and creditor

2.2 Complete appropriate documentation in accordance with legislative requirements and organisational policy and procedures to implement appropriate action and commence legal proceedings

3. Review circumstances which led to the personal insolvency situation

3.1 Evaluate causes for insolvency and review procedures to prevent recurrence of loss, contributing factors and exposure

3.2 Implement outcome of review, as required

Required Skills and Knowledge

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

1. Monitor status of insolvency and analyse potential risk

1.1 Identify factors in client accounts that may contribute to a possible personal insolvency situation and risk factors to the organisation

1.2 Assess impact of insolvency options that may be taken by a trustee or other third party

2. Determine appropriate action

2.1 Evaluate personal insolvency actions in accordance with legislative rights and obligations of both debtor and creditor

2.2 Complete appropriate documentation in accordance with legislative requirements and organisational policy and procedures to implement appropriate action and commence legal proceedings

3. Review circumstances which led to the personal insolvency situation

3.1 Evaluate causes for insolvency and review procedures to prevent recurrence of loss, contributing factors and exposure

3.2 Implement outcome of review, as required

Evidence of the ability to:

monitor relevant client accounts for possible personal insolvency situations or risks to the organisation

accurately complete relevant documentation relating to taking insolvency action

implement legislative requirements and organisational policy in responding to personal insolvency situations.

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:

identify and describe the factors that lead to personal insolvency

outline potential risks to the organisation of insolvency situations

outline potential insolvency actions that may be taken

explain key features of relevant legislative requirements relating to insolvency

explain the application of organisational policy and procedures on insolvency management

describe the full range of insolvency options within legal requirements

explain relevant industry indicators of insolvency risk.