NTISthis.com

Evidence Guide: FNSIBK505A - Undertake risk analysis for an insurance broking client

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

 

FNSIBK505A - Undertake risk analysis for an insurance broking client

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

Select methods to assess clients risks

  1. Risk assessment is completed in compliance with brokerage guidelines
  2. Industry and general environmental information is collected as input to risk analysis
  3. Specialists with relevant expertise to conduct risk assessment and prepare risk report are recommended to client
  4. Relevant criteria for selection of specialist is provided to client
  5. Comprehensive records of risk analysis and actions taken are maintained
Risk assessment is completed in compliance with brokerage guidelines

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Industry and general environmental information is collected as input to risk analysis

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Specialists with relevant expertise to conduct risk assessment and prepare risk report are recommended to client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Relevant criteria for selection of specialist is provided to client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Comprehensive records of risk analysis and actions taken are maintained

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify how risks are managed

  1. Types of risks are identified and ranked as insurable and uninsurable and how they are to be managed
  2. Potential losses identified and probability of loss assessed
  3. Insurable risks classified as standards or above (low risk) or below standard (high risk)
  4. Controls to minimise effect of potential losses are identified
  5. Risks to be managed by insurance are identified
Types of risks are identified and ranked as insurable and uninsurable and how they are to be managed

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Potential losses identified and probability of loss assessed

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Insurable risks classified as standards or above (low risk) or below standard (high risk)

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Controls to minimise effect of potential losses are identified

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Risks to be managed by insurance are identified

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Make recommendation on management of risks to client

  1. Stakeholders are identified
  2. Recommendations for insurance and risk management plan covering resources, timing, responsibilities and monitoring and reporting of impact on overall risk exposure are recommended to client
  3. Views of stakeholders are sought and information is provided to stakeholders at each stage of assessing the organisation's exposure to risks
Stakeholders are identified

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Recommendations for insurance and risk management plan covering resources, timing, responsibilities and monitoring and reporting of impact on overall risk exposure are recommended to client

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Views of stakeholders are sought and information is provided to stakeholders at each stage of assessing the organisation's exposure to risks

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare information for insurer

  1. Information to prepare accurate broking skip is extracted from risk assessment information
  2. Information is presented in a manner that allows an insurer to judge the type and extent of cover
Information to prepare accurate broking skip is extracted from risk assessment information

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Information is presented in a manner that allows an insurer to judge the type and extent of cover

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the ability to:

apply risk management principles and practices

identify risk specialists for additional input.

Context of and specific resources for assessment

Assessment must ensure:

competency is demonstrated in the context of the work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment

access to and the use of a range of common office equipment, technology, software and consumables

access to organisation records

access to organisational policies and procedures.

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:

evaluating an integrated activity, which combines the elements of competency for the unit, or a cluster of related units of competency

observing processes and procedures in workplaces

verbal or written questioning on underpinning knowledge and skills

evaluating samples of work

accessing and validating third party reports

setting and reviewing workplace projects and business simulations or scenarios.

Guidance information for assessment

Required Skills and Knowledge

Required skills

well-developed communication skills to:

determine and confirm information from clients and others, using questioning and active listening techniques

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

numeracy and IT skills to:

perform calculations related to achieving required outcomes

use computer applications (word processing, spreadsheet, database, specific purpose computer systems) to assist in achieving required outcomes

access and update records electronically

access web-based information services

well-developed literacy skills to read and interpret documentation from a variety of sources and record and consolidate relevant related information

research and analysis skills for accessing and interpreting relevant information

interpersonal skills

organisational skills, including the ability to plan and sequence work

Required knowledge

methods of identifying risks

principles of risk management

understanding of the nature and scope of business

Range Statement

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.

Risk may include:

how they can occur and impact on the achievement of business objectives

their area of impact

their nature.

Analysis may include:

mathematical calculations or statistics

qualitative and quantitative data or information.

Risk assessment may include:

based on likelihood, consequences and mitigating effects.

Ranked may include:

according to exposure level

consequences/severity

likelihood of occurrence

management priorities/policies.

Controls may include:

measures which limit the impact of risks.

Stakeholders may include:

those within the organisation who have an interest in the function under consideration, including:

policy makers

those providing services

those receiving services from this organisation.